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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Technical Patterns and Formations in EOD charts

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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Technical Patterns formation in last 12 Sessions intraday charts

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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Technical Patterns formation in today intraday charts

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

Firstly Watch levels amid Corona virus fear and technical strength of Indian markets  

Intra Day Chart Analysis & Market Outlook

(24-01-2020)

Nifty-Intra Day Chart (23-Jan-2020):-

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Technical Patterns formation in today intraday charts

1- Firstly 81 points sharp recovery from lower levels
2- Down moves in Bullish Falling Channel
3- Up moves with small intraday corrections
4- More than 2 hours trading with Mixed Patterns formation between 12163-12189 
5- Whole day actual trading between 12095-12189

Conclusions from intra day chart analysis 

As news of Corona virus spreading in China today morning therefore most Asian markets were too much weak and Dow's Futures was also trading more than 75 points hence sentiment was depressed and resultant Nifty slipping after positive opening.

Although such dampened mood but firstly 81 points sharp recovery from lower levels. Nifty could not sustain at higher levels and again slipped into negative zone but these down moves were in Bullish Falling Channel which was a positive signal. 

As MId-session up moves were with small intraday corrections therefore signals of more up moves but last more than 2 hours trading were with Mixed Patterns formation between 12163-12189 hence follow up consolidation is also required for sustaining above today highest.

Next supports are between 12090-12110
Next supports are between 12190-12220

Although Indian markets have shown strength and out performed all the Global markets today but Dow Jones traded more then 200 points down today and all the European markets also closed much weaker due to Corona virus spreading fear therefore sustaining beyond above mentioned supports and resistances(12090-12220)should be watched in the coming sessions for next decisive moves beginning because Indian markets are technically prepared for rally but Corona virus repercussions are not known to us.

As still busy therefore Stock Market Outlook of today(23-01-2020) is not being updated but tomorrow Outlook will be posted positively.

As busy therefore Stock Market Outlook of today(22-01-2020) is not being updated.

Correction continuation towards next supports

Intra Day Chart Analysis & Market Outlook

(21-01-2020)

Nifty-Intra Day Chart (20-Jan-2020):-

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Technical Patterns formation in today intraday charts
1- Slipping 55 points in first minute after gap up opening
2- Down moves continuation
3- More than 4 hours selling between 12238-12320(Immediate Resistances)
4- Whole day actual trading between 12217-12430

Conclusions from intra day chart analysis 

Following lines were told on 18-01-2020 in "Good Budget will mean strong rally towards 13870.95":-

1- As Short Term indicators have turned overbought and Oscillators are also showing negative divergence therefore emergence of Short Term correction possibility. 
2- Nifty traded sideways within 110 points between 12279-12389 in last 5 sessions of previous week which is a signal of time wise correction beginning and that may remain continued in next week also

Correction continuation possibility was told on 18-01-2020 for this week and that seen today 

Although gap up opening but Nifty slipped 55 points in first minute and after that whole day down moves with more than 4 hours selling between 12238-12320 as well as closing below last 5 sessions trading range(12279-12389) therefore today started correction will remain continued and until Nifty will not sustain above 12320 after complete consolidation till then decisive up moves will not be seen.

As next supports are lying above 11960 therefore correction should stop above or near about it and Nifty will prepare for Post Budget decisive moves within 11960-12279 in the coming weeks. 

Complete fresh consolidation is required for next rally beginning and that will be finally seen also but before that correction continuation is expected towards next supports(11960).