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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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 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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Technical Patterns formation in last 30 Sessions intraday charts

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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Up moves after consolidation

Intra Day Chart Analysis & Market Outlook

(13-12-2019)

Nifty-Intra Day Chart (12-Dec-2019):-

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Technical Patterns formation in today intraday charts

1- More than 4 hours consolidation between 11940-11964
2- Slow up moves in last 2 hours
3- Slipping in last high hour
4- Whole day actual trading between 11935-12005

Conclusions from intra day chart analysis 

As most Asian markets were trading strong therefore positive opening and firstly more than 4 hours consolidation between 11940-11964 and some up moves were also seen after that. Although moving above 12000 but slipping in last high hour because up moves were slow therefore some sellling developed at higher levels near about 12000.

Lower levels good consolidation today therefore up moves towards next resistances(12038-12081) may be seen but higher levels some selling was also seen today therefore firstly Nifty has to trade and consolidate for these up moves near about today highest(12005) because only then these up moves will be seen.

Levels will confirm up moves continuation 

Intra Day Chart Analysis & Market Outlook

(12-12-2019)

Nifty-Intra Day Chart (11-Dec-2019):-

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Technical Patterns formation in today intraday charts

1- Selling between 11896-11906
2- Down moves in Bullish Falling Channels
3- Sharp recovery in last hour
4- Whole day actual trading between 11833-11923

Conclusions from intra day chart analysis 

As selling developed after opening therefore slipping but Down moves were in Bullish Falling Channels hence some consolidation developed and resultant sharp recovery in last hour. Both consolidation and selling patterns formations today therefore firstly sustaining above 11906 should be watched for today started up moves continuation confirmations.

As still busy therefore Stock Market Outlook of today(11-12-2019) is not being updated but Outlook of tomorrow(12-12-2019) will be posted positively.

As busy therefore Stock Market Outlook of tomorrow(10-12-2019) will not be updated.