Watch Levels for next trend confirmations

Technical Analysis,Research & Weekly Outlook

(Oct 29 to Nov 01,2019)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (25-Oct-2019):-

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Technical Patterns and Formations in EOD charts

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 completion after life time top formation at 12103.00 on 03-06-2019 and corrective Wave-A beginning
7- Corrective Wave-A  completion at 10637.15 on 23-08-2019
8- Wave-B continuation with recent top formations at 11714.40 on 22-10-2019

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (25-Oct-2019):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after life time top formation at 12103.00 on 03-06-2019 and corrective Wave-A of "ABC" correction beginning
2- Corrective Wave-A  completion at 10637.15 on 23-08-2019
3- Wave-B continuation with recent top formations at 11714.40 on 22-10-2019
5- Last 5 Sessions sideways trading between 11491-11714

Conclusions (After Putting All Studies Together)
.
1- Long Term Trend is up.
2- Intermediate Term Trend is up.
3- Short Term Trend is sideways between 11491-11714 for the last 5 sessions. 

Corrective Wave-A of "ABC" correction begun on 03-06-2019 after Impulsive Wave-5 completion at 12103.00 which completed at 10637.15 on 23-08-2019. Now  Wave-B continuation with recent top formations at 11714.40 on 22-10-2019 and no confirmation of its completion yet.

Last 5 Sessions sideways trading near the top of Wave-B between 11491-11714 and finally valid break out of this range will confirm the fate of Wave-B in following manner:-

1- Sustaining above 11714 will mean Wave-B continuation and until Nifty will not move above the top of Wave-1(12103.00) till then above charts given Waves structure will remain valid and Waves will be recounted only after Nifty moving above Wave-1(12103.00).

2- Sustaining below 11491 will confirm Wave-C continuation after Wave-B completion at 11714.40 on 22-10-2019 which should below the bottom of Wave-A(10637.15).

As sustaining beyond last 5 Sessions sideways trading range(11491-11714) will give first indication of next trend therefore should be firstly watch in next week for its confirmation.

Up Moves expectations 

Intra Day Chart Analysis & Market Outlook

(25-10-2019)

Nifty-Intra Day Chart (24-Oct-2019):-

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels
2- Up moves in Bearish Rising Channel
3- Minor selling
4- Consolidation between 11535-11576 
5- Whole day actual trading between 11535-11679

Conclusions from intra day chart analysis 

Although negative closing near the lower levels of the day but most time consolidation was seen through Down moves in Bullish Falling Channels therefore some up moves are expected tomorrow. 

As some selling was also seen through Up moves in Bearish Rising Channel therefore follow up consolidation is also required within today trading range and firstly sustaining beyond today trading range should be watched for the confirmation of next decisive move because technical positions reverses during today like Election results led volatility.

Watch Levels amid Assemble Election results led intraday volatility

Intra Day Chart Analysis & Market Outlook(24-10-2019)
Nifty-Intra Day Chart (23-Oct-2019):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels
2- Sharp up after lower levels consolidation
3- Mixed Patterns formation between 11612-11651
4- Sharp fall in last hour
5- Whole day actual trading between 11554-11651

Conclusions from intra day chart analysis 

As all the Asian markets were trading in Red therefore firstly slipping after flat opening but lower levels consolidation developed through Down moves in Bullish Falling Channels.

Whole day good consolidation was seen yesterday and lower levels follow up consolidation developed in first hour today therefore sharp up moves were seen in Mid-session. 

Although more than 4 hours trading with Mixed Patterns formation between 11612-11651 today but sharp fall was seen in last hour also therefore firstly sustaining beyond this 4 hours trading range(11612-11651) should be watched tomorrow because tomorrow sessions may be highly intraday volatile due to Maharashtra and Haryana Assembly Election results which will be declared during Indian trading hours.

Up moves expectations

Intra Day Chart Analysis & Market Outlook

(23-10-2019)

Nifty-Intra Day Chart (22-Oct-2019):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Whole day down moves in Bullish Falling Channels
2- Whole day actual trading between 11574-11,714

Conclusions from intra day chart analysis 

Although today closing was at lower levels of the day but intraday selling patterns were not seen and whole day down moves were in Bullish Falling Channels which is an indication of consolidation.

As Short Term indicators were overbought therefore Short Term correction correction was expected which was seen today but consolidation patterns have also developed today hence up moves are expected tomorrow and sustaining above today highest will confirm rally continuation towards next resistances(11936-11976).