ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Short Term correction in the first week of next year
Nifty-Intra Day Chart Analysis &
Market Outlook(01-01-2021)
Nifty-Intra Day Chart (31-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Up moves in Bearish Rising Channels
2- Down moves in Bullish Falling Channel
3- Whole day sideways trading between 13957-14024
4- Whole day actual trading between 13937-14024
Conclusions from intra day chart analysis
Whole day sideways trading between 13957-14024 with higher levels selling through Up moves in Bearish Rising Channels and lower levels buying also through Down moves in Bullish Falling Channel therefore firstly sustaining beyond 13957-14024 should be watched in the coming sessions for next decisive moves beginning confirmations.
Selling process is on for the last 2 sessions and higher levels selling was seen today also. Although some lower levels buying today but expected that follow up selling will develop in the coming sessions and Short Term correction will be seen below 13800 in the first week of next year therefore be cautious.
Short Term correction expectations after coming sessions follow up selling
Nifty-Intra Day Chart Analysis &
Market Outlook(31-12-2020)
Nifty-Intra Day Chart (30-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 13894-13947
2- Sharp slipping
3- Slow up moves in last 3 hours
4- Whole day actual trading between 13865-13997
Conclusions from intra day chart analysis
As most Asian markets were trading strong therefore Indian markets gap up opening but not sustaining and slipping fast to negative zone in first 4 minutes therefore it will be understood that Indian markets under performed Global cues today.
Although firstly 3 hours selling and after that slipping sharply also but up moves in last 3 hours were seen. As these up moves were slow therefore some selling on the back of these slow up moves can not be ruled out.
Selling patterns formations yesterday and again selling was seen today therefore selling process continuation will be understood and Short Term correction will be expected after coming sessions follow up selling.
Short Term correction after next
1/2 sessions follow up selling
Nifty-Intra Day Chart Analysis &
Market Outlook(30-12-2020)
Nifty-Intra Day Chart (29-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 13937-13967
2- Supports and sideways trading between 13860-13916
3- Selling between 13918-13939
4- Whole day actual trading between 13860-13967
Conclusions from intra day chart analysis
As Dow Jones Futures was trading more than 120 points up and most Asian markets were strong therefore strong gap up opening of Indian markets but selling developed hence 100 points fall was seen before 11:00 AM.
Lower levels some supports and 2 hours sideways trading therefore after that some up moves were seen but again selling developed in last 2 hours hence it will be understood that selling process has been started because higher levels selling developed today.
As Short Term Indicators are Over bought therefore Short Term correction will be seen but follow up selling is firstly required in the next 1/2 sessions.
Rally continuation expectations after fresh consolidation near about today highest
Nifty-Intra Day Chart Analysis &
Market Outlook(29-12-2020)
Nifty-Intra Day Chart (28-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channel
2- Slow up moves with downward corrections
3- Whole day actual trading between 13812-13885
Conclusions from intra day chart analysis
As President Donald Trump signed the stimulus deal Sunday night therefore Dow Jones Futures was trading more than 140 points up today morning and resultant Nifty opened gap up and rally continuation with new life time highest.
Although firstly consolidation through Down moves in Bullish Falling Channel but last 3 hours slow up moves with downward corrections therefore some profit booking can not be ruled out at higher levels hence fresh consolidation is firstly required tomorrow for decisive up moves above today highest.
As US markets led Global markets rally is very much on and Indian markets consolidate at higher levels after getting strong Dow Jones closing and/or its positive zone trading Futures in morning hours therefore it also has to be watched for the confirmation of Indian markets opening and initial hours trading.
Correction will be considered only after fresh selling and sustaining below today lowest otherwise at present rally continuation will be expected after fresh consolidation near about today highest.
Watch crucial levels for confirmation after 646 points volatile week
Technical Analysis,Research & Weekly Outlook
(Dec 28 2020 to Jan 01,2021)
Nifty-EOD Chart Analysis
(2020 Rally Waves structure)
Nifty-EOD Chart (24-Dec-2020):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020
2- Wave-1(9889.05 on 30-04-2020)
3- Wave-2(8806.75 on 18-05-2020)
4- Wave-3(11794.30 on 31-08-2020)
5- Wave-4(10790.20 on 24-09-2020)
6- Impulsive Wave-5 continuation with recent top formation at 13777.50 on 21-12-2020
Conclusions from EOD chart analysis
(2020 Rally Waves structure)
Corrective Wave-C completed and Impulsive Wave-1 started from 7511.10 on 24-03-2020. Now its impulsive Wave-5 is in continuation with recent top formation at 13777.50 on 21-12-2020 and no confirmation of its completion yet.
Although 646 points huge fall on 21-12-2020 after new life time highest formation at 13777.50 but strong recovery in the next 3 sessions and previous closing was at 13749.3 on 24-12-2020 which is just below life time high therefore view will not be Bearish but 13777.75 is most crucial level for the validity of Waves structure and it should be firstly watched in next week because down moves without moving above 13777.75 will mean correction of whole that rally which started from 7511.10 on 24-03-2020.
Nifty-Last 6 Sessions intraday charts analysis
Nifty-Intra Day Chart (Dec 17 to Dec 24,2020):-
Technical Patterns formation in last 6 Sessions intraday charts
1- 3 Sessions selling between 13715-13777 from 17th Dec to 21st Dec 2020
2- Consolidation between 13194-13345 on 22-12-2020(immediate supports)
3- Trading between 13715-13772 on 24-12-2020
4- 6 Sessions actual trading between 13131.5-13777.50
Conclusions from 6 Sessions
intra day chart analysis
As 3 sessions selling between 13715-13777 therefore huge fall on 21-12-2020 but good consolidation between 13194-13345 on 22-12-2020 and it will be immediate supports hence at present Nifty will be understood sideways between 13194-13777.
Nifty traded more than 3 hours within 3 Sessions selling range(13715-13777) on 24-12-2020 and closed also within it but intraday patterns are not showing any clear patterns therefore firstly 13715-13777 should be watched in the beginning of next week for first signal of next decisive moves beginning.
Nifty-Intra Day Chart Analysis
(24-Dec-2020)
Nifty-Intra Day Chart (24-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Up moves with downward corrections
2- Down moves in Bullish Falling Channel
3- Last 4 hours slow up moves with downward corrections
4- Whole day actual trading between 13627-13771
Conclusions from intra day chart analysis
As gap up opening and after that consolidation in first 2 hours through Up moves with downward corrections and Down moves in Bullish Falling Channel therefore rally continuation in last 4 hours.
Although closing was near the top of the day but last 4 hour up moves were slow and 3 times downward corrections were also seen therefore some profit booking can not be ruled out hence firstly Nifty has to consolidate within last Thursday trading range(13627-13771) in next week for fresh up moves which should be firstly watched in the beginning of next week for its confirmations.
Conclusions
(After Putting All Studies Together)
All trends are up and impulsive Wave-5 continuation with recent top formation at 13777.50 on 21-12-2020 as well as no confirmation of its completion yet.
Immediate maximum target of Nifty was posted at 13777.75 on 05-12-2020 in "Rally continuation towards its immediate maximum target at 13777.75" and Nifty crashed 646 points on 21-12-2020 after recent top formation at 13777.50. It means that if correction remains continued without Nifty moving above 13777.75 then "ABC" correction of whole that rally will be seen which started from 7511.10 on 24-03-2020.
Previous week was highly volatile because first day was of 646 points huge fall and next 3 days were of almost whole 646 points recovery. As Short term technical positions reverses fast in such high volatility therefore firstly following crucial levels should be watched in next week for the confirmation of next decisive moves beginning;-
1- Nifty closed just below 13777.75 at 13749.25 therefore 13777.75 should be firstly watched in next week for the validity of Waves structure because moving above 13777.75 will mean recalculation of Waves structure.
2- Immediate resistances are between 13715-13777 and sustaining below 13715 will confirm correction continuation towards next supports between 13194-13345
Watch 13564-13715 for next decisive moves confirmations
Nifty-Intra Day Chart Analysis &
Market Outlook(24-12-2020)
Nifty-Intra Day Chart (23-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Whole day up moves with downward corrections
2- Whole day actual trading between 13433-13619
Conclusions from intra day chart analysis
As whole day up moves were with downward corrections therefore only some up moves will be considered above today highest(13619) because:-
1- Fresh selling was above 13564 before sharp fall on 21-12-2020
2- Strong resistances are lying between 13715-13777
As Very Short Term indicators have turned overbought and above mentioned resistances are above today highest therefore firstly Nifty has to consolidate near about today highest for more decisive up moves.Fresh selling and down moves without moving above 13715 will mean correction towards the lowest of last Monday(13132).
Firstly Nifty has to prepare for next decisive moves within and near about 13564-13715 and its valid break out/down will confirm it therefore should be watched tomorrow for confirmations.
Sideways between 13193-13564 in the next 1/2 sessions
Nifty-Intra Day Chart Analysis &
Market Outlook(23-12-2020)
Nifty-Intra Day Chart (22-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Sharp fall after positive opening
2- Down moves in Bullish Falling Channels
3- Up moves with downward corrections
4- Slow up moves
5- Sideways trading between 13395-13485
6- Whole day actual trading between 13193-13492
Conclusions from intra day chart analysis
As sentiment was weak after huge crash yesterday therefore sharp fall after positive opening today but lower levels good consolidation through Down moves in Bullish Falling Channels. Although again consolidation through Up moves with downward corrections but some profit booking can not be rued out because last hours Up moves were slow and sideways trading in last hour between 13395-13485.
Yesterday last hour trading was with volatility between 13248-13430 and Nifty traded whole day within and near about it as well as closed just above it at 13466.30. As more than 7 and half hour trading between 13193-13492 with lower levels supports therefore until fresh selling will not develop tomorrow till then Nifty will not sustain below today lowest(13193).
As good selling above 13564 yesterday and good consolidation above 13193 today therefore Nifty will remain sideways between 13193-13564 in the coming 1/2 sessions and prepare next decisive moves. Let Nifty prepare then break out/break down will be considered according to intraday patterns formations.
Firstly watch 13248-13430 for next decisive moves beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(22-12-2020)
Nifty-Intra Day Chart (21-Dec-2020):-
Technical Patterns formation in today intraday charts
1- 5 Hours selling between 13564-13777(immediate Resistances)
2- 470 Points crash in 30 minutes
3- Last hour volatility between 13248-13430
4- Whole day actual trading between 13132-13777
Conclusions from intra day chart analysis
Following lines were told on 05-12-2020 in "Rally continuation towards its immediate maximum target at 13777.75":-
maximum target of on going impulsive
Wave-5(rally) of Nifty is at 13777.75
Immediate maximum target was given at 13777.75 on 05-12-2020 and today highest was at 13777.50 before crashing 645 points.
As firstly 5 Hours selling between 13564-13777 and after that 470 points crash therefore it will be immediate resistance of Nifty. Last hour volatility between 13248-13430 and technical positions changes fast in such today like sentiments hence firstly sustaining beyond this range should be watched in the coming sessions for next decisive moves beginning.
Finally sustaining below 13564 will be first signal of that rally completion which started from 7511.10 on 24-03-2020. Let more confirmation come then "ABC" correction of rally between 7511.10- 13777.50 will be considered. Although "ABC" correction is expected now but for precaution will be better to wait for more confirmations
Levels will confirm more up moves or Very Short Term correction
Nifty-Intra Day Chart Analysis &
Market Outlook(17-12-2020)
Nifty-Intra Day Chart (16-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Selling Patterns between 13639-13660
2- Slipping from higher levels
3- Sharp up after strong opening of European markets
4- Selling Patterns between 13669-13692
5- Whole day actual trading between 13607-13692
Conclusions from intra day chart analysis
As Dow Jones closed more than 300 points up yesterday therefore most Asian markets were trading strong hence gap up opening of Indian markets but selling patterns formation in the first 3 hours and slipping from higher levels.
Sharp up after strong opening of European markets and today closing was also 0.85% up but again selling Patterns were seen between 13669-13692 in last 2 hours therefore Firstly Nifty has to consolidate for more decisive up moves above today highest and follow up selling tomorrow will mean down moves below today lowest(13607).
Firstly sustaining beyond 13669-13692 should be watched tomorrow for more up moves or Very Short Term correction confirmations.
Sustaining above 13589 is must for next decisive up moves beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(16-12-2020)
Nifty-Intra Day Chart (15-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Down moves with upward corrections
2- Up moves with downward corrections
3- Sideways trading between 13553-13589 in last hours
4- Whole day actual trading between 13448-13589
Conclusions from intra day chart analysis
As selling in previous sessions therefore firstly slipping more than 100 points with follow up selling through upward corrections but getting supports at levels and after that continuous up moves were seen with consolidation through downward corrections hence today trading will be understood with intraday volatility and without any side technical position formations.
Last more than 1 hour sideways trading between 13553-13589 which is at the top of on going rally and today closing was at life time highest as well as only intraday volatility was seen today therefore firstly sustaining beyond 13553-13589 should be watched tomorrow because good selling was seen within and below this range in previous sessions and sustaining above 13589 is must for next decisive up moves beginning.
Just Watch 2 levels for first signal and confirmation of Short Term Correction
Nifty-Intra Day Chart Analysis &
Market Outlook(15-12-2020)
Nifty-Intra Day Chart (14-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Most time trading between 13505-13576
2- Down moves in Bullish Falling Channel
3- Up moves in Bearish Rising Channels
4- Whole day actual trading between 13473-13597
Conclusions from intra day chart analysis
As Dow Jones Futures was trading more than 190 points up at the time of Indian Stock markets opening therefore strong opening but not sustaining at higher levels because good selling was seen between 13542-13579 last Friday and Nifty most time traded within and below yesterday selling range between 13505-13576 as well as closed within it at 13558.15 today.
Selling was seen between 13525-13548 on 09-12-2020 also which means that 3 out of 4 previous sessions good selling has been developed between 13505-13579 but some consolidation also today within this range through Down moves in Bullish Falling Channel therefore valid break out of this range will generate strong signal of next big decisive move.
As overbought indicators have started to show negative divergence on EOD charts and intraday charts are also showing selling patterns formations therefore Short Term Correction is expected and its first signal will be valid break down of 13505 as well as confirmation will be sustaining below 13400.
Just Watch above 2 levels for first signal and confirmation of Short Term Correction which may be deeper also.
Sharp correction expectations
Nifty-Intra Day Charts Analysis &
Market Outlook(14-12-2020)
Nifty-Intra Day Chart (Dec 10 & Dec 11,2020)
Technical Patterns formation in last 2 Sessions intraday charts
1- Consolidation between 13400-13442 on 09-12-2020(immediate supports)
2- Sharp up on 09-12-2020
4- Selling between 13542-13579 10-12-2020(immediate Resistances)
5- Sharp down on 10-12-2020
6- Sharp up on 10-12-2020
7- 2 Sessions actual trading between 13400-13579
Conclusions from 2 Sessions
intra day chart analysis
Last 2 Sessions trading between 13400-13579 with lower levels good consolidation 13400-13442 and higher levels equally Selling between 13542-13579 as well as last Friday closing was within these 2 ranges therefore Nifty is not prepared for any side decisive moves at this moment. Firstly Nifty will have to trade and prepare for next decisive moves between 13400-13579 which will be done in the beginning of next week.
As last 3 sessions trading was between 13400-13579 and Short Term indicators are Overbought as well as selling was seen at higher levels of this range on 9th and 11th Dec therefore forceful break down/gap down/once sustaining below below 13400 will mean sharp more than 3% correction which is expected also in next week.
Watch 2 levels for Short term correction beginning confirmation
Nifty-Intra Day Chart Analysis &
Market Outlook(10-12-2020)
Nifty-Intra Day Chart (09-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channels
2- Slow up moves
3- Selling between 13525-13548
4- Whole day actual trading between 13450-13548
Conclusions from intra day chart analysis
As firstly more than 3 hours consolidation through Down moves in Bullish Falling Channels therefore after that up moves were seen which were slow and some selling was also seen at higher levels hence firstly Nifty has to consolidate within and near about today trading range for decisive up moves above today highest(13548).
Some selling was also seen through slow up moves and higher levels selling also in last hour therefore sustaining below 13525 will mean first signal of Short term correction beginning and confirmation will be after sustaining below today lowest(13450) hence these 2 levels should be firstly watched tomorrow for it.
Levels will confirm Short Term correction after selling process beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(09-12-2020)
Nifty-Intra Day Chart (08-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 13409-13435
2- Sharp down
3- Slow up moves with intraday corrections
4- Whole day actual trading between 13312-13435
Conclusions from
intra day chart analysis
As selling in first 2 hours therefore sharp down moves were seen after that but slow up moves with intraday corrections in last 3 hours therefore finally concluded that today trading will be understood with Mixed patterns formation.
As selling patterns were seen in last 2 sessions therefore emergence of selling process beginning and if more selling develops in the coming 1/2 sessions then decisive down moves will start. Let more selling develop in the coming sessions then Short Term correction will be seen and its confirmation will be sustaining below 13312/13272.
Levels will confirm Short Term correction or rally continuation
Nifty-Intra Day Chart Analysis &
Market Outlook(08-12-2020)
Nifty-Intra Day Chart (07-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Sideways trading between 13272-13320
2- Up moves in Bearish Rising Channels
3- Whole day actual trading between 13242-13366
Conclusions from intra day chart analysis
Although today closing was at the top of the day but intraday consolidation patterns were not seen and firstly 3 hours trading was sideways as well as last 3 hours selling patterns formations were through up moves in Bearish Rising Channels therefore if fresh selling develops tomorrow then Short Term correction will be seen.
Firstly sustaining beyond today highest(13366) and if sustains below today highest then sustaining beyond 13272-13366 should be watched tomorrow Short Term correction or rally continuation confirmations.
Rally continuation towards its immediate maximum target at 13777.75
Technical Analysis,Research & Weekly Outlook
(Dec 07 to Dec 11,2020)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (04-Dec-2020):-
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- Corrective Wave 2 beginning after Wave 1 completion at 8968.70 on 07-09-2016
3- Impulsive Wave 3 beginning after Corrective Wave-2 completion at 7893.80 on 26-12-2016
4- Corrective Wave 4 beginning after Wave 3 completion at 11760.20 on 28-08-2018
5- Impulsive Wave 5 beginning after Corrective Wave-4 completion at 10004.55 on 26-10-2018
6- Impulsive Wave-5 completion after new life time high formation at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning
7-Wave-A (11614.50 on 03-02-2020)
8-Wave-B (12246.70 on 14-02-2020)
9-Corrective Wave-C completion at 7511.10 on 24-03-2020.
10-Impulsive Wave-1 of new Waves structure begun at 7511.10 on 24-03-2020 which is in continuation with recent top formation at 13280.05 on 04-12-2020
Conclusions from EOD chart analysis
(Waves structure)
Waves structure which started from 6825.80 on 29-02-2016 completed its impulsive moves after 5th wave completion at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" started.
Wave-C of "ABC" correction completed at 7511.10 on 24-03-2020 and new waves structure begun which is in continuation with recent top formation at 13280.05 on 04-12-2020.
Nifty-EOD Chart Analysis
(2020 Rally Waves structure)
Nifty-EOD Chart (04-Dec-2020):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020
2- Wave-1(9889.05 on 30-04-2020)
3- Wave-2(8806.75 on 18-05-2020)
4- Wave-3(11794.30 on 31-08-2020)
5- Wave-4(10790.20 on 24-09-2020)
6- Impulsive Wave-5 continuation with recent top formation at 13280.05 on 04-12-2020
Conclusions from EOD chart analysis
(2020 Rally Waves structure)
Corrective Wave-C completed and Impulsive Wave-1 started from 7511.10 on 24-03-2020. Now its impulsive Wave-5 is in continuation with recent top formation at 13280.05 on 04-12-2020 and no indication of its completion yet.
Nifty-Weekly Chart Analysis
(Stochastic)
Nifty-Weekly Chart (04-Dec-2020):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020
2- Impulsive Wave-5 continuation with recent top formation at 13280.05 on 04-12-2020
3- Stochastic at %K(5) is at 93.49 & %D(3) is at 93.93
Conclusions from Weekly chart analysis
(Stochastic)
Although Impulsive Wave-5 continuation with recent top formation at 13280.05 on 04-12-2020 and no indication of its completion yet on EOD and Weekly charts but Weekly Stochastic indicator is in Overbought zone therefore emergence of 1st indicator of correction beginning.
As %K has not intersected downward %D yet therefore more indications are required for Intermediate Term correction beginning.
Nifty-Intra Day Chart Analysis
(04-Dec-2020)
Nifty-Intra Day Chart (04-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Up moves after positive opening
2- Down moves in Bullish Falling Channels
3- Up moves with downward corrections
4- Whole day actual trading between 13153-13280
Conclusions from intra day chart analysis
Firstly up moves after positive opening and after that Down moves in Bullish Falling Channels therefore finally up moves were seen in last hours which were with downward corrections.
As whole day consolidation through above mentioned intraday patterns formations and selling patterns were not seen last Friday therefore on going rally continuation is expected in the beginning of next week.
Conclusions
(After Putting All Studies Together)
1- Long term trend is up.
2- Intermediate term trend is up.
3- Short term trend is up.
Impulsive Wave-5 continuation with recent top formation at 13280.05 on 04-12-2020 and no indication of its completion yet on intraday,EOD and Weekly charts therefore rally continuation is expected in the beginning of next week.
Although Stochastic indicator is Overbought in EOD and Weekly charts but %K has not intersected downward %D in both therefore more some more indications are required for Short and Intermediate Term correction beginning.
As per Elliott Wave theory maximum target of on going impulsive Wave-5 of Nifty is at 13777.75. Its calculation is as follows:-
As per Elliott Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5. Now impulsive Wave-5 is on and it should not gain more points than Wave-3 gained.
Impulsive Wave-1 gained=2377.95 points(9889.05-7511.10)
Impulsive Wave-3 gained=2987.55 points(11794.30-8806.75)
Impulsive Wave-5 has gained 2154.25 points till 04-12-2020(13280.05-10790.20)
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 2987.55.
Impulsive Wave-5 started from 10790.20 on 24-09-2020 and it has to gain less than 2987.55 points therefore maximum target of on going impulsive Wave-5 is 13777.75(10790.20+2987.55)
As per above given calculation maximum target of on going impulsive Wave-5(rally) of Nifty is at 13777.75 but till now no selling patterns formations. If selling patterns develops on intraday,EOD and weekly charts in the coming week/weeks but without moving above 13777.75 then correction of whole rally which started from 7511.10 on 24-03-2020 will be considered.
Rally continuation towards its immediate maximum target 13777.75 is expected in next week.
Rally continuation expectations
Nifty-Intra Day Chart Analysis &
Market Outlook(04-12-2020)
Nifty-Intra Day Chart (03-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Whole day down moves in Bullish Falling Channels
2- Whole day sideways trading between 13108-13180
3- Whole day actual trading between 13108-13180
Conclusions from intra day chart analysis
Following lines were told at 02:32 AM on 03-12-2020 in " Levels will confirm rally continuation or correction beginning":-
Expected that Nifty will firstly trade near about today highest and finally sustaining beyond 13070-13125 will confirm rally continuation or correction beginning
Yesterday highest was at 13128.50 and Nifty traded whole day sideways below and above it between 13108-13180 with consolidation through whole day down moves in Bullish Falling Channels therefore rally continuation is expected tomorrow and sustaining above 13180 will confirm strong up moves.
Levels will confirm rally continuation or correction beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(03-12-2020)
Nifty-Intra Day Chart (02-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 13070-13125
2- Sharp fall
3- Down moves in Bullish Falling Channel
4- Up moves with downward corrections
5- Whole day actual trading between 12984-13128
Conclusions from intra day chart analysis
As firstly more than 3 hours good selling therefore sharp fall after that but lower levels consolidation was seen through Down moves in Bullish Falling Channel. Although last hour up moves were with downward corrections and closing was at the top of the day but good selling was in first 3 hours therefore more consolidation is firstly required near about today lowest for immediate rally.
Expected that Nifty will firstly trade near about today highest and finally sustaining beyond 13070-13125 will confirm rally continuation or correction beginning which should be firstly watched tomorrow.
Short term correction expectations
Nifty-Intra Day Chart Analysis &
Market Outlook(02-12-2020)
Nifty-Intra Day Chart (01-Dec-2020):-
Technical Patterns formation in today intraday charts
1- Whole day up moves in Bearish Rising Channels
2- Whole day actual trading between 12963-13128
Conclusions from intra day chart analysis
As Dow John's Futures was trading more than 200 points up today morning and most Asian markets were also trading positive therefore positive opening of Indian markets.
Dow John's Futures remained moving up and most European were also trading with good gains hence whole day rally continuation as well as closing was near the top of the day but up moves were in Bearish Rising Channels therefore firstly consolidation is required for sustaining above today highest(13128) despite SGX Nifty now trading more than 70 points up above 13200.
As Short term indicators are over bought and today intraday charts are showing selling indications also therefore fresh selling and sustaining below today lowest will mean Short term correction beginning which is expected in the coming 1/2 sessions.
Firstly watch levels amid Short to Intermediate term correction beginning possibility
Technical Analysis,Research & Weekly Outlook
(Dec 01 to Dec 04,2020)
Nifty-EOD Chart Analysis
(2020 Rally Waves structure)
Nifty-EOD Chart (27-Nov-2020):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020
2- Wave-1(9889.05 on 30-04-2020)
3- Wave-2(8806.75 on 18-05-2020)
4- Wave-3(11794.30 on 31-08-2020)
5- Wave-4(10790.20 on 24-09-2020)
6- Impulsive Wave-5 continuation with recent top formation at 13145.90 on 25-11-2020
Conclusions from EOD chart analysis
(2020 Rally Waves structure)
Corrective Wave-C completed and Impulsive Wave-1 started from 7511.10 on 24-03-2020. Now its impulsive Wave-5 is on with recent top formation at 13145.90 on 25-11-2020.
Nifty-EOD Chart Analysis
(Bearish Rising Wedge & Stochastic)
Nifty-EOD Chart (27-Nov-2020):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-5 continuation with recent top formation at 13145.90 on 25-11-2020
2- Stochastic showing negative divergence with %K(5) is at 47.61 & %D(3) is at 59.42
Conclusions from EOD chart analysis
(Corrective Waves)
As Bearish Rising Wedge formations therefore signals developed of Short to Medium Term correction. Short Term indicator Stochastic is showing negative divergence and %K intersected %D downward therefore it is also indicating that Short Term correction is on cards.
Nifty-Last 9 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Nov 17 to Nov 27,2020):-
Technical Patterns formation in last 9 Sessions intraday charts
1- Selling(Resistances) in last 9 sessions are between:-
A- 12965-13035
B- 13118-13145
2- Consolidation(Supports) in last 9 sessions are sessions:-
A- 12854-12887
B- 12791-12830
C- 12731-12772
3- 9 Sessions actual trading between 12731-13145
Conclusions from 9
Sessions intra day chart analysis
Although selling at higher levels but buying was also seen at lower levels in last 9 sessions therefore expected that Nifty will firstly trade and prepare for next Short to Medium Term trend in next week between 12731-13145 and finally sustaining it beyond will generate big moves which should be watched in the coming week/weeks.
Nifty-Intra Day Chart Analysis
(27-Nov-2020)
Nifty-Intra Day Chart (27-Nov-2020):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channel
2- Selling between 12971-13035
3- Volatility in last hour between 12915-12983
4- Whole day actual trading between 12915-13035
Conclusions from intra day chart analysis
As firstly buying through Down moves in Bullish Falling Channel therefore some up moves were seen Mid-Session but good selling developed therefore last Friday trading will be understood with Mixed Patterns formation.
Although Volatility in last hour but no material change in intraday technical positions therefore sustaining beyond last Friday trading range(12915-13035) will generate first strong signal of next decisive moves beginning which should be firstly watched in next week amid downward moves possibility below 12915 because good selling in Mid-Session.
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 12731-13145 for the last(9 Sessions)
Nifty will firstly trade between 12731-13145 in the coming 1/2 sessions on next week. As Bearish Rising Wedge formations and Short Term indicator Stochastic is also showing correction beginning signals therefore fresh selling and sustaining below 12731 will mean short Term correction towards next crucial supports between 12605-12690.
As sustaining below 11605 will confirm deeper correction possibility therefore must be finally watched in the situation of correction beginning.
Firstly watch sustaining beyond 12731-13145 amid Short to Intermediate term correction beginning possibility according to above given levels.
Watch 12791-13145 for next
Short Term Trend
Nifty-Intra Day Chart Analysis &
Market Outlook(27-11-2020)
Nifty-Intra Day Chart (26-Nov-2020):-
Technical Patterns formation in today intraday charts
1- Consolidation between 12791-12855
2- Consolidation between 12872-12925
3- Last hour Up moves in Bearish Rising Channel
4- Whole day actual trading between 12791-13018
Conclusions from intra day chart analysis
Although firstly slipping after positive opening but lower levels consolidation and after that follow up consolidation in Mid-session also therefore up moves remained continued till last minutes. As Last hour Up moves were in Bearish Rising Channel therefore higher levels some profit booking was also seen.
Selling was seen between 12965-13035 yesterday and some profit booking was within and near about this range today also therefore firstly fresh consolidation and after that sustaining above 13035 is required for next up moves.
As both lower levels buying and higher levels selling between 12791-13145 in last 2 sessions therefore Nifty will trade and prepare and prepare for next decisive moves within and near about this range in the coming 1/2 sessions and finally sustaining it beyond will generate next Short Term Trend which should be firstly watched.
Firstly watch next 3 supports for the life of today started Global markets led correction
Nifty-Intra Day Chart Analysis &
Market Outlook(26-11-2020)
Nifty-Intra Day Chart (25-Nov-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 13118-13145(immediate Resistances)
2- Sharp fall
3- Selling between 12965-13035(immediate Resistances)
4- Sharp fall
5- Falling Wedge formation in last hour
6- Whole day actual trading between 12834-13145
Conclusions from intra day chart analysis
Although Asian markets were mixed but Indian markets opened strong and traded with good gains also. Some selling was seen in first hour but as soon as Dow's Futures started to slip then sharp fall was seen.
As follow up selling between 12965-13035 in Mid-session therefore again sharp fall after weaker opening of all European markets but some consolidation was seen in last hour through Falling Wedge formation.
Next supports below today closing are as follows:-
1- 12840-12886
2- 12737-12782
3- 12605-12690
As Dow Jones is now trading more than 175 points down and now a days all the Global markets are following US markets therefore firstly sustaining beyond above mentioned next 3 supports should be watched in the coming sessions for the life of today started Global markets led correction.
Rally continuation
Nifty-Intra Day Chart Analysis &
Market Outlook(25-11-2020)
Nifty-Intra Day Chart (24-Nov-2020):-
Technical Patterns formation in today intraday charts
1- Consolidation between 12978-13048
1- Up moves with downward corrections
3- Whole day actual trading between 12978-13079
Conclusions from intra day chart analysis
As Dow Jones closed 327 points up yesterday and its Futures was also trading with 245 points gains today morning therefore Nifty opened gap up strong above 13000 but consolidated below 13000 because some selling was seen at higher levels yesterday.
Firstly consolidation between 12978-13048 and after that whole day up moves with downward corrections therefore rally will remain continued. Until complete selling patterns will not develop on Intraday and EOD charts till then big correction will not seen,let it happen then firstly Short Term correction will be considered. As selling patterns were not seen today therefore on going rally will remain continued.
Levels will confirm fresh rally or Short Term Correction
Nifty-Intra Day Chart Analysis &
Market Outlook(24-11-2020)
Nifty-Intra Day Chart (23-Nov-2020):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channels
2- Up moves in Bearish Rising Channels
3- Selling between 12941-12968
4- Whole day actual trading between 12826-12968
Conclusions from intra day chart analysis
Although strong gap up opening but not sustaining at higher levels and slipping to negative zone. As these one and half hour down moves were in Bullish Falling Channels therefore up moves started which remained continued towards new lifetime highest levels. These up moves were in Bearish Rising Channels and selling was seen at higher levels also therefore firstly fresh consolidation and after that sustaining above today highest is must for fresh rally above 13000.
As selling was seen above 12941 also on 19th Nov 2020 and today closing was below it therefore sustaining below it will generate first signal of Short Term Correction which should be firstly watched tomorrow.
Next supports below today lowest are as follows:-
1- 12840-12886
2- 12737-12782
3- 12605-12690
As above multiple supports below today closing therefore complete fresh selling is required for sustaining below these supports. Firstly sustaining beyond 12941-12968 should be watched tomorrow for fresh rally above 12968 and Short Term Correction below 12941.
Levels will confirm next
Short Term Trend
Nifty-Intra Day Chart Analysis &
Market Outlook(19-11-2020)
Nifty-Intra Day Chart (18-Nov-2020):-
Technical Patterns formation in today intraday charts
1- Consolidation between 12820-12887(immediate supports)
2- Slow up moves in last 2 hours
3- Whole day actual trading between 12820-12948
Conclusions from intra day chart analysis
As selling was seen between 12842-12865 yesterday therefore firstly Nifty consolidated within and near about this range today and after that up moves were seen.
Although today closing was at the top of the day and rally as well but some selling can not be ruled out in last 2 hours slow up moves amid heated sentiments therefore until Nifty will not sustain above today(12948) after fresh consolidation till then next immediate up moves will not be seen.
Expected that Nifty will firstly trade and prepare for next Short Term Trend within and near about 12798-12948 and finally sustaining it beyond will confirm it hence should be firstly watched in the next 1/2 sessions.
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