Rally continuation towards its maximum
target at 13870.95
Technical Analysis,Research & Weekly Outlook
(Dec 16 to Dec 20,2019)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (13-Dec-2019):- |
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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
7- Last 30 sessions sideways trading near life time highest between 11803-12158
Nifty-Last 30 Sessions intraday charts analysis
Nifty-Intra Day Chart (Oct 31 to Dec 13,2019):- |
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1- 30 Sessions sideways trading with lower levels supports and higher levels last 1 resistance
3- 30 Sessions actual trading between 11803-12158
Nifty-Intra Day Chart Analysis
(13-Dec-2019)
Nifty-Intra Day Chart (13-Dec-2019):- |
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Technical Patterns formation in today intraday charts
1- Consolidation between 12024-12046
2- Whole day up moves with intraday corrections
3- Whole day actual trading between 12024-12098
Conclusions from EOD chart analysis
All the trends are up and 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 30 Sessions intra day chart analysis
30 Sessions like big sideways trading with new life time high formations also within it does indicate that finally sustaining beyond this range will generate a big one sided more than 10% move. As following supports and resistances are lying within this range therefore firstly sustaining it beyond should be watched in next week/weeks/months for 1st indication of those big moves beginning:-
Higher levels last 1 resistance within last 30 sessions trading range:-
1- 12120-12158
Lower levels next 3 supports within last 30 sessions trading range:-
1- 12024-12046
2- 11940-11964
3- 11820-11872
Conclusions from intra day chart analysis
As most positive news of US-China trade deal therefore most Asian markets were blasting and Dow Jones Futures was also trading more than 100 points up last Friday morning hence firstly gap up opening of Indian markets and whole day up moves with intraday corrections. Selling patterns were not seen therefore up moves continuation towards next resistances(12120-12158) is expected in the beginning of next week.
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Conclusions (After Putting All Studies Together)
Rally is very much in continuation after Short Term correction completion in next week . Impulsive Wave-5 is on and Nifty is moving towards its maximum target at 13870.95.
Calculation of maximum target of Nifty at 13870.95 is as follows:-
Impulsive Wave-1 gained=2142.90 points(8968.70-6825.80)
Impulsive Wave-3 gained=3866.40 points(11760.20-7893.80)
Impulsive Wave-5 has gained 2154.25 points till 28-11-2019(12158.80-10004.55)
As according to Elliott Wave theory Wave-5 can not gain more points than Wave-3 gained therefore on going impulsive Wave-5 will gain lesser points than 3866.40.
Impulsive Wave-5 started from 10004.55 on 26-10-2018 and it has to gain less than 3866.40 points therefore maximum target of on going impulsive Wave-5 is 13870.95(10004.55+3866.40)
As Nifty is trading within 11803-12158 for the last 30 Sessions and finally sustaining beyond this range will confirm more than 10% one sided moves which may be seen before of after Union Budget(2020-2021) announcements on 01-02-2020. As lower levels good supports and higher levels only one resistance in last 30 sessions and Nifty traded with good intraday consolidation last Friday also therefore rally continuation with new life time highest formations is expected in next week but a Very Short Term Correction may be also be seen before that for cooling down of sentiments and Very Short Term indicators.