Firstly watch levels
amid Short term correction possibility
Technical Analysis,Research &
Weekly Outlook(Feb 15 to Feb 19,2021)
Live Proofs of our accuracy
Following topic was updated in previous Weekly Outlook on 06-02-2021
Rally continuation above 15000 was told and 100% same happened in previous week in following manner:-
1- Nifty closed above 15000 in all 5 sessions of previous week.
2- Nifty traded most time above 15000 between 14977-15257 in previous week.
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (12-Feb-2021):-
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- Impulsive Wave-1 completion at 11794.30 on 31-08-2020 and corrective Wave-2 beginning
3- Corrective Wave-2 completion at 10790.20 on 24-09-2020 and Impulsive Wave-3 beginning
4- Impulsive Wave-3 continuation with new life time highest top formation at 15257.10 on 09-02-2021
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-3 continuation with recent top formation at 15257.10 on 09-02-2021 and no indication of its completion yet.
Nifty-EOD Chart Analysis(Stochastic)
Nifty-EOD Chart (12-Feb-2021):-
Technical Patterns and Formations in EOD charts
1- Wave-3 continuation with new life time highest top formation at 15257.10 on 09-02-2021
2- Last 5 sessions trading between 14977-15257
3- Stochastic- %K(5) is at 72.45 & %D(3) is at 76.75
4- Stochastic is showing negative divergence in over bought through moving down when Nifty is moving up
Conclusions from EOD chart analysis(Stochastic)
Although Wave-3 continuation with new life time highest top formation at 15257.10 on 09-02-2021 but Short term indicator Stochastic is showing short term correction possibility through:-
1- Slipping form over bought zone.
2- Showing negative divergence through Stochastic moving down when Nifty is moving up
3- %K(5) has intersected downward %D.
Last 5 sessions trading was between 14977-15257 which is at the top of rally and Stochastic is showing short term correction possibility therefore once sustaining below 14977 will mean short term correction beginning which should be firstly watched in next week.
Nifty-Last 5 Sessions intraday charts analysis
Nifty-Intra Day Chart (Feb 08 to Feb 12,2021):-
Technical Patterns formation in last 5 Sessions intraday charts
1- Selling(Resistances) in last 5 sessions are between:-
A- 15193-15257
2- Consolidation(Supports) in last 5 sessions are sessions:-
A- 15007-15065
B- 15106-15135
3- Sideways trading in last 5 sessions are between:-
4- 5 Sessions actual trading between 14977-15257
Conclusions from 5 Sessions intra day chart analysis
As last 5 Sessions of previous week trading was between 14977-15257 with some selling at higher levels and some buying also at lower levels therefore expected that Nifty will firsly trade and prepare for next decisive moves within last 5 sessions trading range and finally sustaining it beyond will form next Short term trend which should be firstly watched in next week.
Nifty-Intra Day Chart Analysis(12-Feb-2021)
Nifty-Intra Day Chart (12-Feb-2021):-
Technical Patterns formation in today intraday charts
1- Selling between 15193-15243(immediate Resistances)
2- Down moves in Bullish Falling Channel
3- Slow up moves in last hour
4- Whole day actual trading between 15081-15243
Conclusions from intra day chart analysis
As first 4 hours selling between 15193-15243 therefore more than 100 points fall was seen after that but these Down moves were in Bullish Falling Channel hence some consolidation will be understood and resultant up moves in last hour but those up moves were slow.
Although minor supports at lower levels but good selling also at higher levels therefore if follow up selling develops in the beginning of next week then sharp fall will be seen.
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 14977-15257
Impulsive Wave-3 continuation with recent top formation at 15257.10 on 09-02-2021 and no indication of its completion yet but emergence of Short Term correction possibility because last 5 sessions sideways between 14977-15257 with higher levels selling and Short term indicator Stochastic has also shown Short term correction beginning above mentioned signals therefore follow up selling and sustaining below 14977 will mean correction beginning towards following supports:-
1- 14811-14913
2- 14717-14765
3- 14504-14615
As technically Nifty is not mature for immediate one sided moves therefore firstly prepare for it in the beginning of next week between 14977-15257 and sustaining it beyond should be watched in next week for confirmations amid Short term correction possibility below 14977.