Emergence of Short Term Correction possibility

Intra Day Chart Analysis & Market Outlook

(20-12-2019)

Nifty-Intra Day Chart (19-Dec-2019):-

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Technical Patterns formation in today intraday charts

1- Whole day Up moves in Bearish Rising Channels
2- Whole day actual trading between 12192-12268

Conclusions from intra day chart analysis 

Although today closing was at life time highest with 38 points gains also but whole day Up moves were in Bearish Rising Channels therefore emergence of Short Term Correction possibility below today lowest(12192) which may be seen in the next 1/2 sessions.

Rally Continuation with Very Short Term correction possibility

Intra Day Chart Analysis & Market Outlook

(19-12-2019)

Nifty-Intra Day Chart (18-Dec-2019):-

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Technical Patterns formation in today intraday charts

1- Whole day up moves with intraday corrections
2- Whole day actual trading between 12164-12237

Conclusions from intra day chart analysis 

As whole day up moves with intraday corrections therefore on going rally will remain continued but Very Short Term correction is imminent which may be seen any day because Short Term Indicators have become over bought.

Firstly watch levels for next up moves confirmations

Intra Day Chart Analysis & Market Outlook

(18-12-2019)

 Nifty-Intra Day Chart (17-12-2019):-

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Technical Patterns formation in today intraday charts

1- Slow up moves after positive opening
2- More than 5 hours trading with Mixed Patterns formation between 12121-12155
3- Slow up moves in last half hour
4- Whole day actual trading between 12071-12182

Conclusions from intra day chart analysis 

Following lines were told on 14-12-2019 in "Rally continuation towards its maximum target at 13870.95":-

up moves continuation towards next resistances(12120-12158) is expected in the beginning of next week.

Rally was seen today towards and above 12158 was seen today and closing was also at life time highest today but fresh consolidation is required for sustaining above today highest because more than 5 hours trading was with Mixed Patterns formations and up moves were slow.

As Short Term indicators have also turned over bought therefore Short Term correction may be seen any day and firstly sustaining beyond 12121-12155 should be watched in the coming sessions for next up moves confirmations.

As out of station therefore Stock Market Outlook of today(17-12-2019) will not be updated.

Rally continuation towards its maximum

 target at 13870.95

Technical Analysis,Research & Weekly Outlook

(Dec 16 to Dec 20,2019)

Nifty-EOD Chart Analysis 

(Waves structure)

Nifty-EOD Chart (13-Dec-2019):-

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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 11760.20 on 28-08-2018 and corrective Wave-4 beginning
5- Corrective  Wave-4 completion at 10004.55 on 26-10-2018 and impulsive Wave-5 beginning
6- Impulsive Wave-5 continuation with new life time high formation at 12158.80 on 28-11-2019 and no confirmation of its completion yet
7- Last 30 sessions sideways trading near life time highest between 11803-12158 

Nifty-Last 30 Sessions intraday charts analysis

Nifty-Intra Day Chart (Oct 31 to Dec 13,2019):-

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Technical Patterns formation in last 30 Sessions intraday charts

1- 30 Sessions sideways trading with lower levels supports and higher levels last 1 resistance
3- 30 Sessions actual trading between 11803-12158 

Nifty-Intra Day Chart Analysis 

(13-Dec-2019)

Nifty-Intra Day Chart (13-Dec-2019):-

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Technical Patterns formation in today intraday charts

1- Consolidation between 12024-12046
2- Whole day up moves with intraday corrections
3- Whole day actual trading between 12024-12098

Conclusions from EOD chart analysis 

All the trends are up and impulsive Wave-5 continuation with new life time high formation at 12158.80 on 28-11-2019 and no confirmation of its completion yet.

Conclusions from 30 Sessions intra day chart analysis 

30 Sessions like big sideways trading with new life time high formations also within it does indicate that finally sustaining beyond this range will generate a big one sided more than 10% move. As following supports and resistances are lying within this range therefore firstly sustaining it beyond should be watched in next week/weeks/months for 1st indication of those big moves beginning:-

Higher levels last 1 resistance within last 30 sessions trading range:-

1- 12120-12158

Lower levels next 3 supports within last 30 sessions trading range:-

1- 12024-12046
2- 11940-11964
3- 11820-11872

Conclusions from intra day chart analysis 

As most positive news of US-China trade deal therefore most Asian markets were blasting and Dow Jones Futures was also trading more than 100 points up last Friday morning hence firstly gap up opening of Indian markets and whole day up moves with intraday corrections. Selling patterns were not seen therefore up moves continuation towards next resistances(12120-12158) is expected in the beginning of next week.

Just click on Read more for next page:-

Up moves after consolidation

Intra Day Chart Analysis & Market Outlook

(13-12-2019)

Nifty-Intra Day Chart (12-Dec-2019):-

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Technical Patterns formation in today intraday charts

1- More than 4 hours consolidation between 11940-11964
2- Slow up moves in last 2 hours
3- Slipping in last high hour
4- Whole day actual trading between 11935-12005

Conclusions from intra day chart analysis 

As most Asian markets were trading strong therefore positive opening and firstly more than 4 hours consolidation between 11940-11964 and some up moves were also seen after that. Although moving above 12000 but slipping in last high hour because up moves were slow therefore some sellling developed at higher levels near about 12000.

Lower levels good consolidation today therefore up moves towards next resistances(12038-12081) may be seen but higher levels some selling was also seen today therefore firstly Nifty has to trade and consolidate for these up moves near about today highest(12005) because only then these up moves will be seen.

Levels will confirm up moves continuation 

Intra Day Chart Analysis & Market Outlook

(12-12-2019)

Nifty-Intra Day Chart (11-Dec-2019):-

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Technical Patterns formation in today intraday charts

1- Selling between 11896-11906
2- Down moves in Bullish Falling Channels
3- Sharp recovery in last hour
4- Whole day actual trading between 11833-11923

Conclusions from intra day chart analysis 

As selling developed after opening therefore slipping but Down moves were in Bullish Falling Channels hence some consolidation developed and resultant sharp recovery in last hour. Both consolidation and selling patterns formations today therefore firstly sustaining above 11906 should be watched for today started up moves continuation confirmations.

As still busy therefore Stock Market Outlook of today(11-12-2019) is not being updated but Outlook of tomorrow(12-12-2019) will be posted positively.

As busy therefore Stock Market Outlook of tomorrow(10-12-2019) will not be updated.

Firstly Watch next supports for the life of correction

Technical Analysis,Research & Weekly Outlook

(Dec 09 to Dec 13,2019)

Nifty-EOD Chart Analysis 

(Waves 5th  structure)

Nifty-EOD Chart (06-Dec-2019):-

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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 in continuation with recent top formations at 12158.80 on 28-11-2019
5- Short Term Correction continuation with recent bottom formations at 11,888.85 on 06-12-2019 
6- Short tem correction continuation confirmations through Nifty slipping below 13 Day EMA(Today at 12025.10).

Nifty-Intra Day Chart Analysis

 (06-Dec-2019)

Nifty-Intra Day Chart (06-Dec-2019):-

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Technical Patterns formation in today intraday charts

1- Down moves with intraday corrections
2- Last hour Down moves in Bullish Falling Channels
3- Whole day actual trading between 11889-12057

Conclusions from EOD chart analysis 

Impulsive Wave-iii of Wave-5 is on and now its Short tem correction is in continuation with recent botom formations at 11,888.85 on 06-12-2019

Conclusions from intra day chart analysis

As down moves beginning immediately after opening were were with intraday corrections therefore down moves remain continued almost whole day but Last hour Down moves were in Bullish Falling Channels hence some up moves may be seen in the beginning of next week.

Conclusions 

(After Putting All Studies Together)

1- Long Term Trend is up.
2- Intermediate Term Trend is up.
3- Short Term Trend is has turned down amid on going correction. 

Impulsive Wave-iii of Wave-5 in on but Short Term correction is being seen form the last 2 weeks. As Nifty has closed below 13 Day EMA(Today at 12025.10) last Friday and any big intraday consolidation has not been seen yet therefore at present its continuation will be considered.

As Last hour Down moves were in Bullish Falling Channels last Friday and Short Term indicators have also turned oversold therefore some up moves may be seen in the beginning of next week but following resistances have been developed at higher levels therefore until Nifty will not sustain above them after complete consolidation till then decisive up moves will not be seen:-

1- 12038-12081
2- 12120-12158

Next supports below last Friday lowest are as follows:-

1- 11875-11914
2- 11820-11856

As sufficiently good supports below last Friday lowest therefore firstly sustaining beyond 11820 should be watched for the life of on going correction in the next week/weeks and finally sustaining it beyond will generate next Big Moves which should be watched for its confirmations.

Fresh down moves expectations

Intra Day Chart Analysis & Market Outlook

(06-12-2019)

Nifty-Intra Day Chart (05-Dec-2019):-

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Technical Patterns formation in today intraday charts

1- Selling between 12046-12081
2- Selling between 12038-12074
3- Whole day actual trading between 11999-12081

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Up moves contimuation towards next resistances":-

up moves were seen in last hours which are expected to remain continued towards next resistances near 12100

Up moves were told "towards next resistances near 12100" were told yesterday and up moves were seen upto "12081.20" today.

As higher levels good selling today therefore fresh down moves are expected below lowest(11,998.75)

Up moves contimuation towards next resistances

Intra Day Chart Analysis & Market Outlook

(05-12-2019)

Nifty-Intra Day Chart (04-Dec-2019):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Consolidation between 11936-11971
3- Up moves in last hour
4- Whole day actual trading between 11936-12054

Conclusions from intra day chart analysis 

As all the Asian were trading in Red today morning therefore weaker opening of Indian markets but more than 2 hours Down moves were in Bullish Falling Channel hence up moves were seen in last hours which are expected to remain continued towards next resistances near 12100.

Firstly watch levels amid crashing
 US markets

Intra Day Chart Analysis & Market Outlook

(04-Dec-2019)

Nifty-Intra Day Chart (03-Dec-2019):-

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Consolidation between 11957-11988
3- Whole day actual trading between 11957-12068

Conclusions from intra day chart analysis 

As Dow Jones closed more than 250 points down yesterday therefore down moves started after positive opening. First 2 hours trading was with Down moves in Bullish Falling Channel and last 4 hours trading was with consolidation patterns formations between 11957-11988 therefore technically Indian markets are prepared for decisive up moves above today highest(12068).

Dow Jones is trading more than 450 points today and such weak closing will mean Indian markets will firstly react through opening below 12000. As Indian markets will have to react in next 2 days on RBI Credit Policy and crashing US markets therefore firstly reaction of these 2 developments will have to be understood during trading hours and Outlook will be formed accordingly as well as following levels will have to be watched for confirmations:- 

1- Firstly sustaining beyond 11950 should be watched tomorrow after US markets led weak opening.
2- Below 11950 will mean deeper correction beginning.
3- Above 11950 will mean firstly watching sustaining above 12000 for fresh up moves beginning confirmations.

Finally Credit Policy announcements will decide Short Term Trend therefore should also be watched in next 2 days amid US markets led depressing sentiments.

Rally continuation expectations

Intra Day Chart Analysis & Market Outlook

(03-12-2019)

Nifty-Intra Day Chart (02-Dec-2019):-

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels
2- Mixed Patterns formation between 12024-12061
3- Whole day actual trading between 12024-12122

Conclusions from intra day chart analysis 

Although today closing was near the lower levels of the day but consolidation was seen in first 4 hours through Down moves in Bullish Falling Channels therefore rally continuation expectations above today highest(12137.15) are alive.

As Mixed Patterns formation between 12024-12061 in last 2 hours and Dow Jones is now trading more than 200 points despite its Futures was trading more than 100 point up at the time of Indian Stock Markets closing therefore weaker opening canot be ruled but until Nifty will not sustaining below today lowest(12123.70) till then view will not be Bearish and once sustaining above 12061 will mean rally continuation above life time highest.

Finally rally after 1/2 sessions consolidation

Technical Analysis,Research & Weekly Outlook

(Dec 02 to Dec 06,2019)

Nifty-EOD Chart Analysis

 (Waves structure)

Nifty-EOD Chart (29-Nov-2019):-

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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 11760.20 on 28-08-2018 and corrective Wave-4 beginning
5- Corrective  Wave-4 completion at 10004.55 on 26-10-2018 and impulsive Wave-5 beginning
6- Impulsive Wave-5 continuation with new life time high formation at 12158.80 on 28-11-2019 and no confirmation of its completion yet

Conclusions from EOD chart analysis 

All trends are up and Wave-5 continuation with new life time high formation at 12158.80 on 28-11-2019 and no confirmation of its completion yet

Nifty-Intra Day Chart Analysis 

(29-Nov-2019)

Nifty-Intra Day Chart (29-Nov-2019):-

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Consolidation between 12018-12074
3- Whole day actual trading between 12018-12147

Conclusions from intra day chart analysis 

Although down moves beginning immediately after opening and 0.78% negative closing also but view wil not be Bearish because down moves were in Bullish Falling Channel and last 3 hours consolidation patterns formations was seen between 12018-12074.

As negative news of GDP slipping to 4.5%(QoQ) therefore some weakness may be seen in the beginning of next week but until Nifty will not sustain below 12018 till then decisive down moves will not be seen and once sustaining above 12074 will mean rally continuation possibility above life time highest(12158.80).

Conclusions 

(After Putting All Studies Together)

As new life time high formation above 12103 on 26-11-2019 therefore as per Eliot Wave theory Waves have to be recounted and post 12103 correction after 03-06-2019 will be understood only a Wave-5 correction and not Wave-A of "ABC" beginning.

As whole mood and sentiments changed after Nirmala Sitaraman Press conference on 20-09-2019 therefore sharp rally was seen immediately after that and since then continuous up moves were seen which resulted new waves structure formations after new life time highest formation above 12103.

As complete selling patterns have not developed on EOD charts therefore last Friday down moves will be considered only Very Short Term correction and finally rally above 12158.80 is expected after 1/2 sessions consolidation.

Rally continuation amid Very Short Term correction possibility 

Intra Day Chart Analysis & Market Outlook

(29-11-2019)

Nifty-Intra Day Chart (28-Nov-2019):-

Technical Patterns formation in today intraday charts

1- Consolidation between 12100-12129
2- Sharp up in last hour
3- Whole day actual trading between 12100-12158

Conclusions from intra day chart analysis 

As good consolidation therefore sharp up in last hour and closing at higher levels of the day as well as finally rally continuation is expected but Very Short Term correction may be seen any day because Very Short Term indicators have also turned over bought.

Rally continuation expectations

Intra Day Chart Analysis & Market Outlook

(28-11-2019)

Nifty-Intra Day Chart (27-Nov-2019):-

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Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channels
2- Last hour up moves with intraday corrections
3- Whole day actual trading between 12056-12114

Conclusions from intra day chart analysis 

As higher levels selling yesterday therefore Nifty traded and consolidated whole day within yesterday trading range but could not move above yesterday highest despite today closing was near higher levels of the day after last hour up moves with intraday corrections.

Finally rally continuation is expected but firstly sustaining above yesterday highest(12132) should also be watched for confirmations because selling was seen below that level yesterday.

Finally fresh up moves  after 1/2 sessions consolidation 

Intra Day Chart Analysis & Market Outlook

(27-11-2019)

Nifty-Intra Day Chart (26-Nov-2019):-

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Technical Patterns formation in today intraday charts

1- Selling between 12064-12132
2- Maharashtra Govt. news led volatility in last hour
3- Whole day actual trading between 12007-12132

Conclusions from intra day chart analysis 

Although new life time highest formation immediately after opening but fresh selling developed and market slipped from higher levels as well as Nifty closed in negative zone today.

As some intraday selling today and Short Term Indicators have also turned over bought therefore Very Short Term correction may be seen but until complete selling patterns will not develop on intraday and EOD charts till then decisive down moves will not be seen and finally fresh up moves are expected after 1/2 sessions consolidation. 

12103 will open the gate of
 fresh strong rally

Intra Day Chart Analysis & Market Outlook

(26-11-2019)

Nifty-Intra Day Chart (25-Nov-2019):-

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Technical Patterns formation in today intraday charts

1- Whole day up moves with minor intraday corrections.
2- Whole day actual trading between 11920-12084

Conclusions from intra day chart analysis 

As whole day up moves with minor intraday corrections after flat opening and forceful break out of last 16 Sessions highest(12038) therefore rally continuation is expected and once moving above life time highest(12103) will mean opening the gate of fresh strong rally which should also be watched tomorrow.

Levels will confirm next trend 
and big moves 

Technical Analysis,Research & Weekly Outlook

(Nov 25  to Nov 29,2019)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (22-Nov-2019):-

Just click on chart for its enlarged view

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 11760.20 on 28-08-2018 and corrective Wave-4 beginning
5- Corrective  Wave-4 completion at 10004.55 on 26-10-2018 and impulsive Wave-5 beginning
6- Impulsive Wave-5 completion after life time top formation at 12103.00 on 03-06-2019 and corrective Wave-A of "ABC" correction beginning
7- Corrective Wave-A  completion at 10637.15 on 23-08-2019
8- Wave-B continuation with recent top formations at  12038.60 on 20-11-2019

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (22-Nov-2019):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after life time top formation at 12103.00 on 03-06-2019 and corrective Wave-A of "ABC" correction beginning
2- Corrective Wave-A  completion at 10637.15 on 23-08-2019 and Wave-B beginning
3- Wave-B continuation with recent top formations at 12038.60 on 20-11-2019
4- Last 16 Sessions sideways trading between 11803-12038

Nifty-Last 16 Sessions intraday charts analysis

Nifty-Intra Day Chart (Oct 31 to Nov 22,2019):-

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Technical Patterns formation in last 16 Sessions intraday charts

1- Last 16 Sessions trading with both lower levels buying and higher levels selling.
2- 16 Sessions actual trading between 11803-12038

Conclusions from EOD chart(Waves structure) analysis

1- Long Term Trend is up.
2- Intermediate Term Trend is up.
3- Short Term Trend is sideways between 11803-12038 for the last 16 sessions. 

Conclusions from EOD chart(Corrective Waves) analysis

Wave-B of "ABC" correction is on with recent top formations at 12038.60 on 20-11-2019 and no confirmation of its completion yet. Last 16 Sessions sideways trading between 11803-12038 and valid break out of this range will confirm the life of Wave-B. 

Conclusions from 11 Sessions intra day chart analysis 

Last 16 sessions sideways trading between 11803-12034 and it is confirm that finally valid break out of this this trading range will generate next big moves.As both lower levels buying and higher levels selling within this range therefore therefore firstly Nifty has to trade and prepare for next decisive moves within this range which will be done in next week and finally sustaining beyond or forceful break out of this range will confirm next big decisive moves.

Conclusions 

(After Putting All Studies Together)

Next supports within last 16 sessions trading range are as follows:- 

1- 11881-11900
2- 11850-11870 
33- 11803-11840

Next resistances within last 16 sessions trading range are as follows:- 

1- 11986-12005
2- 12015-12038

Wave-B of "ABC" correction is in continuation with recent top formations at 12038.60 on 20-11-2019 and no confirmation of its completion yet. Last 16 sessions sideways trading is between 11803-12038 and finally sustaining beyond or forceful break out of this range will confirm the life of Wave-B as well as will generate big decisive in following manner:- 

1- Above 12038 will mean fresh rally beginning after new life time highest formations above 12103 and in that situation Waves structure will be recounted. 
2- Below 11803 will mean fresh down moves beginning towards the bottom of Wave-B(10637.15) but Wave-C formation for moving below 10637.15 will get confirmation after sustaining below Long Term average(200 Day SMA)

As sustaining beyond or forceful break out of last 16 Sessions trading range(11803-12038) is next trend and big moves decider therefore should be firstly watched in the coming week/weeks.

Down moves expectations

Intra Day Chart Analysis & Market Outlook

(22-11-2019)

Nifty-Intra Day Chart (21-Nov-2019):-

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Technical Patterns formation in today intraday charts

1- Selling between 11986-12028
2- Selling between 11987-12005
3- Up moves in Bearish Rising Channel
4- Whole day actual trading between 11957-12028

Conclusions from intra day chart analysis 

As follow up selling today after yesterday selling and consolidation was not seen today therefore down moves are expected towards next supports(11881-11900) but sustaining below 11966 should also be watched for confirmations because some consolidation was seen above it yesterday and Nifty could not slip below it today.