3 Crucial levels will confirm next big corrective moves
Technical Analysis,Research & Weekly Outlook
(Aug 03 to Aug 07,2020)
Nifty-EOD Chart Analysis
(Corrective Waves)
Nifty-EOD Chart (31-Jul-2020):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-5 completion at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning
3- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
4- Wave-a of Wave-B(9889.05 on 30-04-2020)
6- Wave-b of Wave-B(8806.75 on 16-05-2020)
7- Wave-c of Wave-B continuation with recent top formation at 11341.40 on 29-07-2020
8- Last 9 sessions sideways trading between 11027-11341
Conclusions from EOD chart analysis
(Corrective Waves)
The corrective Wave-A of "ABC correction" begun from 12430.50 on 20-01-2020 completed at 7511.10 on 24-03-2020 and Wave-B started which is in continuation with recent top formation at 11341.40 on 29-07-2020.
Last 9 sessions sideways trading between 11027-11341 and once sustaining below 11027 will mean first strong signals of deeper correction beginning.
Nifty-EOD Chart Analysis
(Average & Trendline)
Nifty-EOD Chart (31-Jul-2020):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
2- Wave-B continuation with recent top formation at 11341.40 on 29-07-2020
3- Wave-B Trend line today at 10915
4- Long Term Trend decider 200-Day SMA is today at 10860
Conclusions from EOD chart analysis
(Average & Trendline)
If Nifty sustains below last 9 sessions lowest(11027) then sustaining below following levels will confirm next moves:-
1- Trend line of Wave-B(today at 10915) will confirm deeper correction.
2- 200-Day SMA(today at 10862) will confirm Wave-C beginning after Wave-B completion.
Nifty-Last 9 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Jul 21 to Jul 31,2020):-
Technical Patterns formation in last 9 Sessions intraday charts
1- Selling(Resistances) in last 9 sessions are between:-
A- 11075-11150
B- 11244-11341
2- Consolidation(Supports) in last 9 sessions are sessions:-
A- 11027-11068
3- 9 Sessions actual trading between 11027-11341
Conclusions from 9 Sessions intra day chart analysis
As lower level minor support and higher levels good selling therefore strong indications of fresh decisive moves beginning below 11027 in the beginning of next week.
Nifty-Intra Day Chart Analysis &
Market Outlook(31-07-2020)
Nifty-Intra Day Chart (31-Jul-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 11075-11150
2- Support between 11027-11068
3- Whole day actual trading between 11027-11150
Conclusions from intra day chart analysis
Although some supports at lower levels in last hours but whole day good selling at higher levels therefore down moves are expected below last Friday lowest 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 sideways between 11027-11328 for the last 9 Sessions.
Wave-B continuation with recent top formation at 11341.40 on 29-07-2020 and no confirmation of its completion yet but last 9 sessions sideways trading between 11027-11341 with higher levels good selling and lower levels minor supports therefore strong possibility of slipping below 11027 hence firstly sustaining beyond following 2 crucial levels should also be watched :-
1- Trend line of Wave-B(today at 10915) for deeper correction confirmation.
2- 200-Day SMA(today at 10862) for Wave-C beginning after Wave-B completion confirmation.
Corrective Wave-B is now mature for a deeper correction after 3817 points strong rally and above mentioned 3 crucial levels(11027/10915/10862) will confirm next big corrective moves one by one which should be watched in the coming week/weeks.