Wave-C deeper correction confirmations from 3 levels

Technical Analysis,Research & Weekly Outlook

(Aug 10 to Aug 14,2020)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (07-Aug-2020):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning from 6825.80 on 29-02-2016 after 1 financial year(2015-16) correction completion

2- Impulsive Wave-1 completion at 8968.70 on 07-09-2016 and corrective Wave-2 beginning

3- Corrective Wave-2 completion at 7893.80 on 26-12-2016 and impulsive Wave-3 beginning

4- Impulsive Wave-3 completion at 11171.50 on 29-01-2018 and corrective Wave-4 beginning

5- Corrective Wave-4 completion at 9951.90 on 23-03-2018 and impulsive Wave-5 beginning

6- 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

7- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning

8- Wave-B continuation with recent top formation at 11341.40 on 29-07-2020

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 which started from 6825.80 on 29-02-2016 completed at 12430.50 on 20-01-2020 and its Wave-A of "corrective ABC Waves" begun. Corrective Wave-A 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. 

Nifty-EOD Chart Analysis 

(Wave B structure)

Nifty-EOD Chart (07-Aug-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-a of Wave-B(9889.05 on 30-04-2020)

3- Wave-b of Wave-B(8806.75 on 16-05-2020)

4- Wave-c of Wave-B continuation with recent top formation at 11341.40 on 29-07-2020

5- Last 15 sessions sideways trading between 10883-11341

Conclusions from EOD chart analysis (Wave B structure)

Corrective Wave-A of "ABC correction" 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 15 sessions sideways trading between 10883-11341 and once sustaining below 10883 will mean first strong signals of Wave-B completion and Wave-C beginning towards and below the bottom of Wave-B(7511.10) because that will be break down confirmation of 15 sessions like big trading range.

Nifty-EOD Chart Analysis

(Average & Trendline)

Nifty-EOD Chart (07-Aug-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 at 10915

4- Long Term Trend decider 200-Day SMA is today at 10850

Conclusions from EOD chart analysis

(Average & Trendline)

Last 15 sessions lowest is at 10883 and once sustaining below it will mean break down of Wave-B Trend line also which is today at 10915 and that will be strong signal of Wave-B completion and Wave-C beginning. 

Long Term Trend decider 200-Day SMA is today at 10850 and sustaining below it will mean Long Term Trend  turning down confirmation also which will be mean decisive down moves beginning towards and below the bottom of Wave-B(7511.10) .

Nifty

Last 15 Sessions intraday charts analysis

Nifty-Intra Day Chart (Jul 20 to Aug 07,2020):-

Technical Patterns formation in last 15 Sessions intraday charts

1- Selling(Resistances) in last 15 sessions are between:- 

A- 11211-11256

B- 11244-11341

2- Consolidation(Supports) in last 15 sessions are sessions:-

A- 11027-11068

B- 10957-10998

C- 10883-10934

3- 15 Sessions actual trading between 10883-11341 

Conclusions from 15 Sessions intra day chart analysis 

Last 15 Sessions trading between 10883-11341 with lower levels supports and higher levels equally strong resistances also therefore Nifty will firstly trade and prepare for next decisive big moves within last 15 sessions trading range in next week. 

As 15 sessions like big trading range therefore finally sustaining beyond this range will certainly generate big moves which will begin in the coming week/weeks and that should be also watched for those big moves confirmations.

Nifty

Intra Day Chart Analysis(07-Aug-2020)

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

Technical Patterns formation in today intraday charts

1- Sharp up after weaker opening

2- More than 5 hours sideways trading between 11169-11231

3- Whole day actual trading between 11143-11231

Conclusions from intra day chart analysis 

As most Asian markets were weak and some were more than 1% down last Friday morning therefore negative opening of Indian markets but sharply up after 15 minutes and after that whole day trading was sideways between 11169-11231. 

Although closing was near the higher levels of the day but clear intraday trading patterns were not seen therefore firstly sustaining beyond 11169-11231 should be watched in the coming week for first strong signal of next decisive moves beginning.

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 10883-11341 for the last 15 Sessions.

"ABC correction" of that rally is very much on which started from 6825.80 on 29-02-2016 completed at 12430.50 on 20-01-2020. Corrective Wave-A of this correction completed at 7511.10 and Wave-B begun which IS moving up with recent top formation at 11341.40 on 29-07-2020.

Although no confirmation of Wave-B completion yet but Nifty has turned sideways for the last 15 sessions at the top of Wave-B between 10883-11341 and finally sustaining beyond this 15 sessions trading range will decide the life of Wave-B in following manner:-     

1- Sustaining above 11341 will mean Wave-B continuation towards the top of Wave-A(12430.50)

2- Sustaining below 10883 will mean strong possibility Wave-B completion and Wave-C beginning towards and below the origin of Wave-B(7511.10)   

As both supports and resistances have been developed between 10883-11341 in the last 15 sessions therefore firstly Nifty will have to trade and prepare for those next above mentioned one sided decisive moves in the coming week. As Wave-B is more than 4 months old therefore generating a signal of time-wise correction completion also hence sustaining below 10883 and/or its forceful break down will mean much bigger down moves confirmations. 

As Wave-B seems to be mature for completion therefore finally sustaining below following 3 levels should be watched in the coming week/weeks for Wave-B completion and Wave-C beginning for deeper correction:-

1- 15 sessions trading range lowest at 10883

2- Wave-B Trend line at 10915

3- Long Term Trend decider 200-Day SMA is today at 10850 

Fresh selling will mean huge fall possibility. 

Nifty-Intra Day Chart Analysis & 

Market Outlook(07-08-2020)

Technical Patterns formation in today intraday charts

1- 3 Hours sideways trading between 11137-11188

2- Up moves after RBI Credit policy

3- Selling between 11211-11256

4- Sharp fall 

5- Slow Up moves in last hours

6- Whole day actual trading between 11128-11256

Conclusions from intra day chart analysis 

Firstly 3 Hours sideways trading and after that post RBI Credit policy Up moves but higher levels good selling therefore sharp fall after 02:15 PM. 

Although 98.5 points positive closing after slow Up moves in last hours but higher levels selling was seen within and below next resistances therefore it will be understood that follow up selling is being continuously developed at higher levels and once fresh selling tomorrow will mean huge fall possibility. 

Watch levels amid RBI Credit Policy led volatility

Post-open Outlook(06-08-2020)

As Dow Jones closed 373 points up therefore sentiment was positive today morning hence indian markets are trading in Green zone since opening. 

RBI Credit Policy at 12:00 noon today and next big moves will be according to its announcements therefore sustaining beyond following levels of Nifty and Bank Nifty should be watched today for those big moves confirmations because volatility may be high just before and after Policy announcements:-  

Bank Nifty- 21445-21920

Nifty- 11072-11224

Down moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-08-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 11178-11225

2- Selling between 11103-11141

3- Sharp fall

4- Whole day actual trading between 11065-11225

Conclusions from intra day chart analysis 

Although first half hour strong 130 points rally but fresh selling was seen between 11178-11225 which was below previous resistances between 11247-11299 therefore sharp fall was seen in Mid-session. As follow up selling in last 3 hours between 11103-11141 therefore down moves are expected below today lowest(11,064.05) in the coming sessions

11075-11150 will confirm next 1% moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-08-2020)

Nifty-Intra Day Chart (04-Aug-2020):-

Technical Patterns formation in today intraday charts

1- Whole day Up moves with downward corrections

2- Last 2 hours trading within resistance range between 11075-11112

3- Whole day actual trading between 10909-11112

Conclusions from intra day chart analysis 

As strong Global cues therefore up moves were seen after Green Opening and whole day intraday rally remain continued. Last 2 hours trading was within next resistance range(11075-11150) and finally sustaining beyond this range will confirm the life of today started rally which should be firstly watched tomorrow. 

1- Next resistances above 11150 are between 11247-11299 

2- Next supports below 11075 are between 10883-10934  

As finally sustaining beyond 11075-11150 will confirm next 1% moves towards above mentioned supports and resistances therefore should be firstly watched tomorrow.

Firstly watch 10953-11006 after strong Global Cues today 

Post-open Outlook(04-08-2020)

As all the Asian markets are strong after 0.89% positive Closing of Dow Jones yesterday therefore Indian markets are trading in Green and firstly sustaining beyond 10953-11006 should be watched today for next decisive moves confirmations.

Finally down moves continuation expectations 

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-08-2020)

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

Technical Patterns formation in today intraday charts

1- 86 Points sharp fall in first 5 minutes

2- Selling between 10953-11006(Immediate Resistances)

3- supports in last hour between 10883-10934

4- Whole day actual trading between 10883-11058

Conclusions from intra day chart analysis 

Following lines were told at 00:00 AM on 00-00-2020 in "3 Crucial levels will confirm next big corrective moves":-

down moves are expected below last Friday lowest in the beginning of next week.

Last Friday lowest was at 11026.50 and Nifty traded at 11007 within first 20 seconds today

Firstly 86 Points sharp fall was seen in first 5 minutes and after that 3 hours selling between 10953-11006 therefore down moves were seen till last half hour but minor supports at lower levels hence some up moves towards 10953 can not be ruled out tomorrow but finally correction continuation is expected below today(10883).