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.

 Watch 12791-13145 for next

 Short Term Trend 

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-11-2020)

Nifty-Intra Day Chart (26-Nov-2020):-

Technical Patterns formation in today intraday charts

1- Consolidation between 12791-12855

2- Consolidation between 12872-12925

3- Last hour Up moves in Bearish Rising Channel  

4- Whole day actual trading between 12791-13018

Conclusions from intra day chart analysis 

Although firstly slipping after positive opening but lower levels consolidation and after that follow up consolidation in Mid-session also therefore up moves remained continued till last minutes. As Last hour Up moves were in Bearish Rising Channel therefore higher levels some profit booking was also seen.

Selling was seen between 12965-13035 yesterday and some profit booking was within and near about this range today also therefore firstly fresh consolidation and after that sustaining above 13035 is required for next up moves. 

As both lower levels buying and higher levels selling between 12791-13145 in last 2 sessions therefore Nifty will trade and prepare and prepare for next decisive moves within and near about this range in the coming 1/2 sessions and finally sustaining it beyond will generate next Short Term Trend which should be firstly watched.

 Firstly watch next 3 supports for the life of today started Global markets led correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(26-11-2020)

Nifty-Intra Day Chart (25-Nov-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 13118-13145(immediate Resistances)

2- Sharp fall

3- Selling between 12965-13035(immediate Resistances)

4- Sharp fall

5- Falling Wedge formation in last hour

6- Whole day actual trading between 12834-13145

Conclusions from intra day chart analysis 

Although Asian markets were mixed but Indian markets opened strong and traded with good gains also. Some selling was seen in first hour but as soon as Dow's Futures started to slip then sharp fall was seen.

 

As follow up selling between 12965-13035 in Mid-session therefore again sharp fall after weaker opening of all European markets but some consolidation was seen in last hour through Falling Wedge formation. 

Next supports below today closing are as follows:-

1- 12840-12886

2- 12737-12782

3- 12605-12690

As Dow Jones is now trading more than 175 points down and now a days all the Global markets are following US markets therefore firstly sustaining beyond above mentioned next 3 supports should be watched in the coming sessions for the life of today started Global markets led correction.

Rally continuation

Nifty-Intra Day Chart Analysis & 

Market Outlook(25-11-2020)

Nifty-Intra Day Chart (24-Nov-2020):-

Technical Patterns formation in today intraday charts

1- Consolidation between 12978-13048

1- Up moves with downward corrections

3- Whole day actual trading between 12978-13079

Conclusions from intra day chart analysis 

As Dow Jones closed 327 points up yesterday and its Futures was also trading with 245 points gains today morning therefore Nifty opened gap up strong above 13000  but consolidated below 13000 because some selling was seen at higher levels yesterday.

Firstly consolidation between 12978-13048 and after that whole day up moves with downward corrections therefore rally will remain continued. Until complete selling patterns will not develop on Intraday and EOD charts till then big correction will not seen,let it happen then firstly Short Term correction will be considered. As selling patterns were not seen today therefore on going rally will remain continued.

Levels will confirm fresh rally or Short Term Correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(24-11-2020)

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

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels

2- Up moves in Bearish Rising Channels

3- Selling between 12941-12968 

4- Whole day actual trading between 12826-12968

Conclusions from intra day chart analysis 

Although strong gap up opening but not sustaining at higher levels and slipping to negative zone. As these one and half hour down moves were in Bullish Falling Channels therefore up moves started which remained continued towards new lifetime highest levels. These up moves were in Bearish Rising Channels and selling was seen at higher levels also therefore firstly fresh consolidation and after that sustaining above today highest is must for fresh rally above 13000.

As selling was seen above 12941 also on 19th Nov 2020 and today closing was below it therefore sustaining below it will generate first signal of Short Term Correction which should be firstly watched tomorrow.     

Next supports below today lowest are as follows:-

1- 12840-12886

2- 12737-12782

3- 12605-12690

As above multiple supports below today closing therefore complete fresh selling is required for sustaining below these supports. Firstly sustaining beyond 12941-12968 should be watched tomorrow for fresh rally above 12968 and Short Term Correction below 12941.

 As still not feeling well therefore Stock Market Outlook of today(23-11-2020) is not being updated but tomorrow Outlook will be posted positively.