Watch 2 levels one by one for next trend first signal and final confirmation
Technical Analysis,Research & Weekly Outlook
(Oct 26 to Oct 30,2020)
Nifty-EOD Chart Analysis
(Corrective Waves)
Nifty-EOD Chart (23-Oct-2020):-
Technical Patterns and Formations in EOD charts
1- 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
2- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
3- Wave-B continuation with recent top formation at 12025.45 on 15-10-2020
Conclusions from EOD chart analysis
(Corrective Waves)
Wave-B continuation with recent top formation at 12025.45 on 15-10-2020 and no confirmation of its completion yet.
Nifty-EOD Chart Analysis
(MACD)
Nifty-EOD Chart (23-Oct-2020):-
Technical Patterns and Formations in EOD charts
1- Wave-B continuation with recent top formation at 12025.45 on 15-10-2020.
2- MACD line intersected Average line downward
Conclusions from EOD
chart analysis(MACD)
Wave-B continuation with recent top formation at 12025.45 on 15-10-2020 and no confirmation of its completion yet but in MACD indicator MACD line intersected Average line downward therefore emergence of downward trend beginning signal which may be seen in the coming week/weeks.
Nifty-Last 12 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Oct 08 to Oct 23,2020):-
Technical Patterns formation in last 12 Sessions intraday charts
1- Selling(Resistances) in last 12 sessions are between:-
A- 11886-11949
B- 11985-12018
2- Consolidation(Supports) in last 12 sessions are sessions:-
A- 11778-11832
B- 11668-11725
3- Last 2 Sessions sideways trading between 11824-11975
4- 12 Sessions actual trading between 11662-12025
Conclusions from 12 Sessions
intra day chart analysis
As last 12 Sessions trading between 11662-12025 with lower levels supports,higher levels resistances and also last 2 Sessions sideways trading between 11824-11975 therefore Nifty will firstly trade and prepare for next decisive moves within and near about last 2 Sessions trading range in the beginning of next week.
For first signal of next decisive beginning sustaining beyond last 2 Sessions trading range(11824-11975) should be firstly watched in the beginning of coming week and finally sustaining beyond last 12 sessions trading range(11662-12025) should be watched in the coming week for next big moves beginning.
Nifty-Last 2 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Oct 22 & Oct 23,2020)
Technical Patterns formation in last 2 Sessions intraday charts
1- Whole day sideways trading between 11824-11935 on 22-10-2020
2- Whole day sideways trading between 11909-11975 on 23-10-2020
3- 2 Sessions actual trading between 11824-11975
Conclusions from 2 Sessions
intra day chart analysis
As last 2 Sessions sideways trading between 11824-11975 and one sided trading patterns were not seen therefore expected that Nifty will trade and prepare for next decisive moves within this range and finally sustaining it beyond will confirm next moves which should be firstly watched in next week.
Conclusions
(After Putting All Studies Together)
1- Long term trend is up.
2- Intermediate term trend is sideways between 11662-12025 for the last 12 sessions.
3- Short term trend is sideways between 11824-11975 for the last 2 sessions.
Wave-B continuation with recent top formation at 12025.45 on 15-10-2020 and no confirmation of its completion yet but last 12 sessions sideways between 11662-12025 and finally sustaining beyond this range will confirm next big moves in following manner:-
1- Above 12025 will mean Wave-B continuation towards life time highest(12430.50)
2- Below 11662 will mean deeper correction beginning and emergence of Wave-B completion first signal at 12025.45 on 15-10-2020.
As in MACD indicator MACD line intersected Average line downward therefore once sustaining below 12025.45 will mean downward trend formation confirmation which may be deeper also.
Firstly sustaining beyond following 2 levels should be watched one by one in the coming week/weeks for first signal and final confirmations:-
:_
1- 11824-11975
2- 11662-12025