Firstly watch level in next week for the life and length of expected correction

Technical Analysis,Research & Weekly Outlook

(Feb 10 to Feb 14,2020)

Nifty-EOD Chart Analysis

(5th Wave structure)

Nifty-EOD Chart (07-Feb-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
5- Wave-A completion at 11614.50 on 03-02-2020
6- Wave-B completion at 12160.60 on 06-02-2020

Nifty-Intra Day Chart Analysis 

(07-Feb-2020)

Nifty-Intra Day Chart (07-Feb-2020):-

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Technical Patterns formation in today intraday charts

1- Selling between 12104-12136
2- Selling between 12098-12108
3- Selling between 12096-12113
4- Whole day actual trading between 12074-12154

Conclusions from EOD chart analysis 

1- Long Term Trend is up after moving above its decider 200 Day SMA(today at 11663.40)
2- Intermediate Term Trend sideways.
3- Short Term Trend has turned up after last week rally.

Conclusions from intra day chart analysis 

As higher levels good selling therefore down moves below last Friday lowest(12073.95) is expected in the beginning of next week.

Conclusions (After Putting All Studies Together)

Following lines were told on 01-02-2020 in "Strong rally after Global markets recovery from Corona virus fear":-

27.0% retracement has been completed and Short Term Indicators have also turned Oversold therefore some up moves towards following resistances can not be ruled out and until Nifty will sustain above 12216 till then correction completion will not be considered.

1- 11808-111842
2- 11900-12017
3- 12003-12048
4- 12125-12169
5- 12160-12216

Strong rally was seen in previous week which completed near the top of above mentioned 4th resistance at 12160.60 on 06-02-2020. 

Next and last 2 resistances above 12216 are as follows:-

1- 12220-12262
2- 12317-12378

Although strong rally in first 3 sessions of previous week but some selling was also seen at higher levels in last 2 sessions between 12096-12160 as well as Short Term Indicators have turned over bought therefore down moves are firstly expected in th ebeginning of next week.

As above mentioned multiple resistances are also lying above last week highest therefore until complete consolidation will not develop till then fresh rally above life time highest will not be seen and follow up selling in the beginning of next week will mean correction continuation towards the bottom of Wave-A(11614.50).

Next supports below last Friday lowest are as follows:-

1- 11983-12021
2- 11922-11951
3- 11615-11705

Follow up selling and correction continuation below 11922 will mean Wave-C formation for moving below the bottom of Wave-A(11614.50) therefore sustaining beyond 11922 should be firstly watched in next week for the life and length of expected correction. 

Fresh selling will mean sharp down moves

Intra Day Chart Analysis & Market Outlook

(07-02-2020)

Nifty-Intra Day Chart (06-Feb-2020):-

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Mixed Patterns formation in last 4 hours between 12102-12160 
3- Whole day actual trading between 12085-12160

Conclusions from intra day chart analysis 

Following resistances were updated yesterday in "Firstly fresh consolidation and only after that rally continuation towards following next resistances":-

1- 12125-12169
2- 12160-12216 

Firstly consolidation was seen through Down moves in Bullish Falling Channel and after that up moves wre seen but last 4 hours trading was with Mixed Patterns formation and RBI Credit policy led volatility was also seen which means that one sided technical positions have not developed today. 

As today closing was within yesterday mentioned first resistance range(12125-12169) at 12137.95 and above it more resistances are lying up to 12216 therefore more consolidation is required for fresh up moves above 12216. 

Expected that Nifty will firstly trade within 12085-12216 in the coming sessions and finally sustaining beyond this range will form next trend. As Short Term Indicators have turned over bought and minor selling was also seen at higher levels today as well as resistances are lying above today highest therefore if fresh selling develop tomorrow then sharp down moves may be seen below today lowest(12085),be cautious.

Firstly fresh consolidation and only after that rally continuation towards following next resistances

Intra Day Chart Analysis & Market Outlook

(06-02-2020)

Nifty-Intra Day Chart (05-Feb-2020):-

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Technical Patterns formation in today intraday charts

1- More than 4 hours Mixed Patterns formation between 11980-12050
2- Slow up moves in last 2 hours
3- Whole day actual trading between 11954-12098

Conclusions from intra day chart analysis 

Although today closing was at the higher levels of the day but before that genuine consolidation patterns were not seen because firstly more than 4 hours trading was with Mixed Patterns formations and after that last 2 hours up moves were slow which is an indication of some selling also therefore firstly fresh consolidation near about today highest and after that sustaining above it should be watched tomorrow for rally continuation towards following next resistances:-

1- 12125-12169
2- 12160-12216 

As busy therefore Stock Market Outlook of today(05-02-2020) is not being updated.

Watch levels for next decisive moves confirmations

Intra Day Chart Analysis & Market Outlook

(04-02-2020)

Nifty-Intra Day Chart (03-Feb-2020):-

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Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channels
2- Selling between 11616-11749
3- Support between 11648-11705
4- Up moves in Bearish Rising Channel
5- Whole day actual trading between 11615-11749

Conclusions from intra day chart analysis 

As both selling and consolidation patterns formations therefore whole day today trading will be understood with Mixed Patterns formation between 11615-11749 hence firstly Nifty will trade and prepare for next decisive moves within this range tomorrow and finally sustaining it beyond should be watched for next decisive moves confirmations.