Firstly Watch 8003 amid Fresh and Decisive Up Moves Expectations
Technical Analysis,Research & Weekly Outlook
(Nov 21 to Nov 25,2016)
Nifty-EOD Chart (18-Nov-2016):-
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1- Impulsive Wave-1 beginning after bottom formation at 6825.80 on 29-02-2016
2- Wave-1(7777.6 on 31-03-2016)
3- Wave-2(7516.90 on 11-04-2016)
4- Wave-i of Wave-3(8294.95 on 07-06-2016)
5- Wave-ii of Wave-3(7927.05 on 24-06-2016)
6- Wave-iii of Wave-3 completion at 8968.70 on 07-09-2016 and corrective Wave-A beginning
7- Wave-A(8506.20 on 17-10-2016)
8- Wave-B(8737.00 on 24-10-2016)
9- Corrective Wave-B continuation with recent bottom formation at 8002.30 on 09-11-2016
Intra Day Chart Analysis(18-11-2016)
Nifty-Intra Day Chart (18-Nov-2016):-
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1- Up moves with intraday corrections
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 8049-8128
Conclusions from intra day chart analysis
Although closing near the lower levels of the day after last 2 hours down moves but view will not be Bearish because intraday selling patterns were not seen and on the contrary consolidation developed through up moves with intraday corrections and last hours down moves in Bullish Falling Channel after slipping of all European markets.As consolidation was seen in last 3 sessions between 8049-8236 therefore it will be understood that Indian markets are in consolidation process and hopes are alive that finally rally will remain continued after on going correction completion within and near about 8049-8236.
Conclusions (After Putting All Studies Together)
Trends of Nifty are as follows:-
1- Long Term Trend is down.
2- Intermediate Term Trend is down.
3- Short Term Trend is at stake which will be down after confirmation of sustaining below its decider 200 Day SMA(8137).
Fibonacci Retracement levels of Wave-iii of Wave-3(7927-8968) are as follows:-
1- 13.0%- 8832(Corrected)
2- 23.6%- 8722(Corrected)
3- 27.0%- 8686(Corrected)
4- 38.2%- 8570(Crucial)(Corrected)
5- 50.0%- 8447(Crucial)(Corrected)
6- 61.8%- 8324(Crucial)(Corrected)
7- 70.7%- 8232(Corrected)
8- 76.4%- 8172(Corrected)
9- 78.6%- 8149(Corrected)
10-88.6%- 8045(Corrected)
Wave-iii of Wave-3 completion at 8968.70 on 07-09-2016 and its corrective Wave-C continuation
with recent bottom formations at 8002.30 as well as no confirmation of its completion yet. Following to retracement levels have been completed till now:-
1- Nifty has retraced 88.6% which is the last level of Fibonacci Retracement levels
2- Wave-C has corrected 161.8% of Wave-A
Last 7 sessions were highly volatile due to Donald Trump victory and Banning of Rs 500 and Rs 1000 notes therefore sudden deep correction and high volatility in last 7 sessions. Although most Global markets recovered after post US Presidential sharp fall but Indian markets are continuously moving down for the last 5 sessions.
As intraday charts of last 4 sessions are showing consolidation patterns formations therefore it seems that Indian markets have moved into consolidation process and will prepare for next decisive up moves between 8003-8236. As 88.6% retracement has been completed and Wave-C has corrected 161.8% of Wave-A therefore expected that finally fresh and decisive up moves will be seen within next 2/3 sessions after follow up consolidation in the beginning of next week. As no confirmation of correction completion yet therefore firstly sustaining beyond 8003 should be watched in next week for next trend confirmations