Finally rally after 1/2 sessions consolidation
Technical Analysis,Research & Weekly Outlook
(Dec 02 to Dec 06,2019)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (29-Nov-2019):- |
| Just click on chart for its enlarged view |
1- Impulsive Wave-1 beginning from 6825.80 on 29-02-2016 after 1 financial year(2015-16) correction completion.
2- Impulsive Wave-1 completion at 8968.70 on 07-09-2016 and corrective Wave-2 beginning
3- Corrective Wave-2 completion at 7893.80 on 26-12-2016 and impulsive Wave-3 beginning
4- Impulsive Wave-3 completion at 11760.20 on 28-08-2018 and corrective Wave-4 beginning
5- Corrective Wave-4 completion at 10004.55 on 26-10-2018 and impulsive Wave-5 beginning
6- Impulsive Wave-5 continuation with new life time high formation at 12158.80 on 28-11-2019 and no confirmation of its completion yet
Conclusions from EOD chart analysis
All trends are up and Wave-5 continuation with new life time high formation at 12158.80 on 28-11-2019 and no confirmation of its completion yet
Nifty-Intra Day Chart Analysis
(29-Nov-2019)
Nifty-Intra Day Chart (29-Nov-2019):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Consolidation between 12018-12074
3- Whole day actual trading between 12018-12147
Conclusions from intra day chart analysis
Although down moves beginning immediately after opening and 0.78% negative closing also but view wil not be Bearish because down moves were in Bullish Falling Channel and last 3 hours consolidation patterns formations was seen between 12018-12074.
As negative news of GDP slipping to 4.5%(QoQ) therefore some weakness may be seen in the beginning of next week but until Nifty will not sustain below 12018 till then decisive down moves will not be seen and once sustaining above 12074 will mean rally continuation possibility above life time highest(12158.80).
Conclusions
(After Putting All Studies Together)
As new life time high formation above 12103 on 26-11-2019 therefore as per Eliot Wave theory Waves have to be recounted and post 12103 correction after 03-06-2019 will be understood only a Wave-5 correction and not Wave-A of "ABC" beginning.
As whole mood and sentiments changed after Nirmala Sitaraman Press conference on 20-09-2019 therefore sharp rally was seen immediately after that and since then continuous up moves were seen which resulted new waves structure formations after new life time highest formation above 12103.
As complete selling patterns have not developed on EOD charts therefore last Friday down moves will be considered only Very Short Term correction and finally rally above 12158.80 is expected after 1/2 sessions consolidation.