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.