Firstly watch levels amid Budget expectations and Corona virus fear
Technical Analysis,Research & Weekly Outlook
(Jan 27 to Feb 01,2020)
Nifty-EOD Chart Analysis
(5th Wave structure)
Nifty-EOD Chart (24-Jan-2020):- |
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1- Impulsive Wave-i of Wave-5 beginning at 10004.55 on 26-10-2018 after Wave-4 completion
2- Wave-i of Wave-5 completion at 12103.00 on 03-06-2019 and corrective Wave-ii beginning
3- Corrective Wave-ii of Wave-5 completion at 10637.10 on 23-08-2019 and impulsive Wave-iii beginning
4- Impulsive Wave-iii of Wave-5 continuation with recent top formations at 12430.50 on 20-01-2020
Nifty-Last 12 Sessions intraday charts analysis
Nifty-Intra Day Chart (Jan 09 to Jan 24,2020):- |
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1- Last 12 sessions sideways trading between 12088-12430 with lower lower levels supports and higher levels selling.
2- 12 Sessions actual trading between 12088-12430
Nifty-Intra Day Chart Analysis
(24-Jan-2020)
Nifty-Intra Day Chart (24-Jan-2020):- |
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1- Up moves with downward corrections
2- More than 5 hours trading with Mixed Patterns formation between 12216-12272
3- Whole day actual trading between 12150-12272
Conclusions from EOD chart analysis
1- Long Term Trend is up.
2- Intermediate Term Trend is sideways between 12088-12430 for the last 12 sessions.
3- Short Term Trend is up.
Conclusions from 12 Sessions intra day chart analysis
As last 12 sessions sideways trading between 12088-12431 with lower levels supports and higher levels selling therefore Nifty will firstly trade and prepare for next big moves in the coming week and finally sustaining beyond this range will confirm big moves beyond this range which will be seen just before or after Budget in next week.
Conclusions from intra day chart analysis
Although sharp up moves after opening but more than 5 hours trading was with Mixed Patterns formation between 12216-12272 therefore Nifty will firstly trade and prepare within this range for next decisive moves in the beginning of coming week and finally sustaining beyond this range will generate first strong signal of next big moves.
Conclusions (After Putting All Studies Together)
Indian markets are Bullish and now Impulsive Wave-iii of Wave-5 continuation with minimum target above 12700 which may be seen seen just before or after Budget.
Now Corona virus fear is spreading in all the Global markets and many have started tumbling due to uncertainty but Indian markets out performed and closed in Green in both previous sessions. If Corona virus problem deepens then Indian markets will also not remain untouchable and may moves down.
Certainly Indian markets have shown technical strength but will roll between Budget expectations and Corona virus fear in next week and finally sustaining beyond last 12 sessions trading range(12088-12430) will confirm next trend which should be watched for:-
1- Above 12430 will mean rally above 12700
2- Below 12088 will mean Correction towards and below next supports 11930-12000