Correction continuation towards next supports

Intra Day Chart Analysis & Market Outlook

(28-01-2020)

Nifty-Intra Day Chart (27-Jan-2020):-

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Technical Patterns formation in today intraday charts

1- More than 5 hours selling between 12108-12216(Immediate Resistances)
2- Slipping in last hour
3- Whole day actual trading between 12108-12216

Conclusions from intra day chart analysis 

As death toll rises due to Corona viruses and its spreading also all around wourd therefore Dow Jones's Futures was trading more than 200 points down today morning and resultant weaker opening of Indian markets.

Firstly more than 5 hours selling between 12108-12216 and after that slippping till last minutes as well as no consolidation patterns formations therefore correction will remain continued.

Next supports are above 12088 and once sustaining below it will mean Correction continuation towards next supports(11930-12000) and it is expected also.

समस्त हिन्दुस्तानियों को गणतंत्र दिवस की हार्दिक शुभकामनाएं

Firstly watch levels amid Budget expectations and Corona virus fear

Technical Analysis,Research & Weekly Outlook

(Jan 27 to Feb 01,2020)

Nifty-EOD Chart Analysis

(5th Wave structure)

Nifty-EOD Chart (24-Jan-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

Nifty-Last 12 Sessions intraday charts analysis

Nifty-Intra Day Chart (Jan 09 to Jan 24,2020):-

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Technical Patterns formation in last 12 Sessions intraday charts

1- Last 12 sessions sideways trading between 12088-12430 with lower lower levels supports and higher levels selling.
2- 12 Sessions actual trading between 12088-12430

Nifty-Intra Day Chart Analysis 

(24-Jan-2020)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections
2- More than 5 hours trading with Mixed Patterns formation between 12216-12272
3- Whole day actual trading between 12150-12272

Conclusions from EOD chart analysis 

1- Long Term Trend is up.
2- Intermediate Term Trend is sideways between 12088-12430 for the last 12 sessions.
3- Short Term Trend is up.

Conclusions from 12 Sessions intra day chart analysis 

As last 12 sessions sideways trading between 12088-12431 with lower levels supports and higher levels selling therefore Nifty will firstly trade and prepare for next big moves in the coming week and finally sustaining beyond this range will confirm big moves beyond this range which will be seen just before or after Budget in next week.

Conclusions from intra day chart analysis 

Although sharp up moves after opening but more than 5 hours trading was with Mixed Patterns formation between 12216-12272 therefore Nifty will firstly trade and prepare within this range for next decisive moves in the beginning of coming week and finally sustaining beyond this range will generate first strong signal of next big moves.

Conclusions (After Putting All Studies Together)

Indian markets are Bullish and now Impulsive Wave-iii of Wave-5 continuation with minimum target above 12700 which may be seen seen just before or after Budget.

Now Corona virus fear is spreading in all the Global markets and many have started tumbling due to uncertainty but Indian markets out performed and closed in Green in both previous sessions. If Corona virus problem deepens then Indian markets will also not remain untouchable and may moves down.  

Certainly Indian markets have shown technical strength but will roll between Budget expectations and Corona virus fear in next week and finally sustaining beyond last 12 sessions trading range(12088-12430) will confirm next trend which should be watched for:-

1- Above 12430 will mean rally above 12700
2- Below 12088 will mean Correction towards and below next supports 11930-12000

Firstly Watch levels amid Corona virus fear and technical strength of Indian markets  

Intra Day Chart Analysis & Market Outlook

(24-01-2020)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Firstly 81 points sharp recovery from lower levels
2- Down moves in Bullish Falling Channel
3- Up moves with small intraday corrections
4- More than 2 hours trading with Mixed Patterns formation between 12163-12189 
5- Whole day actual trading between 12095-12189

Conclusions from intra day chart analysis 

As news of Corona virus spreading in China today morning therefore most Asian markets were too much weak and Dow's Futures was also trading more than 75 points hence sentiment was depressed and resultant Nifty slipping after positive opening.

Although such dampened mood but firstly 81 points sharp recovery from lower levels. Nifty could not sustain at higher levels and again slipped into negative zone but these down moves were in Bullish Falling Channel which was a positive signal. 

As MId-session up moves were with small intraday corrections therefore signals of more up moves but last more than 2 hours trading were with Mixed Patterns formation between 12163-12189 hence follow up consolidation is also required for sustaining above today highest.

Next supports are between 12090-12110
Next supports are between 12190-12220

Although Indian markets have shown strength and out performed all the Global markets today but Dow Jones traded more then 200 points down today and all the European markets also closed much weaker due to Corona virus spreading fear therefore sustaining beyond above mentioned supports and resistances(12090-12220)should be watched in the coming sessions for next decisive moves beginning because Indian markets are technically prepared for rally but Corona virus repercussions are not known to us.

As still busy therefore Stock Market Outlook of today(23-01-2020) is not being updated but tomorrow Outlook will be posted positively.

As busy therefore Stock Market Outlook of today(22-01-2020) is not being updated.

Correction continuation towards next supports

Intra Day Chart Analysis & Market Outlook

(21-01-2020)

Nifty-Intra Day Chart (20-Jan-2020):-

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Technical Patterns formation in today intraday charts
1- Slipping 55 points in first minute after gap up opening
2- Down moves continuation
3- More than 4 hours selling between 12238-12320(Immediate Resistances)
4- Whole day actual trading between 12217-12430

Conclusions from intra day chart analysis 

Following lines were told on 18-01-2020 in "Good Budget will mean strong rally towards 13870.95":-

1- As Short Term indicators have turned overbought and Oscillators are also showing negative divergence therefore emergence of Short Term correction possibility. 
2- Nifty traded sideways within 110 points between 12279-12389 in last 5 sessions of previous week which is a signal of time wise correction beginning and that may remain continued in next week also

Correction continuation possibility was told on 18-01-2020 for this week and that seen today 

Although gap up opening but Nifty slipped 55 points in first minute and after that whole day down moves with more than 4 hours selling between 12238-12320 as well as closing below last 5 sessions trading range(12279-12389) therefore today started correction will remain continued and until Nifty will not sustain above 12320 after complete consolidation till then decisive up moves will not be seen.

As next supports are lying above 11960 therefore correction should stop above or near about it and Nifty will prepare for Post Budget decisive moves within 11960-12279 in the coming weeks. 

Complete fresh consolidation is required for next rally beginning and that will be finally seen also but before that correction continuation is expected towards next supports(11960).

Good Budget will mean strong rally towards 13870.95

Technical Analysis,Research & Weekly Outlook

(Jan 20 to Jan 24,2020)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (17-Jan-2020):-

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 continuation with new life time high formation at 12389 on 16-01-2020

Nifty-Last 5 Sessions intraday charts analysis

Nifty-Intra Day Chart (Jan 13 to Jan 17,2020):-

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Technical Patterns formation in last 5 Sessions intraday charts

1- Last 5 sessions sideways trading within 110 points between 12279-12389 with lower lower levels supports,higher levels selling and Mixed Patterns formation.
2- 5 Sessions actual trading between 12279-12389

Nifty-Intra Day Chart Analysis

(17-Jan-2020)

Nifty-Intra Day Chart (17-Jan-2020):-

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Technical Patterns formation in today intraday charts

1- Sharp up after weak opening
2- Selling between 12370-12385
3- More than 4 hours trading with Mixed Patterns formation between 12345-12371
4- Whole day actual trading between 12322-12385

Conclusions from EOD chart analysis 

1- Long Term Trend is up.
2- Intermediate Term Trend is up.
3- Short Term Trend is sideways between 12279-12389 for the last 5 sessions.

Conclusions from 5 Sessions intra day chart analysis 

Following lines were told in previous Weekly Outlook(Jan 10 to Jan 17,2020) on 11-01-2020 in "Finally rally continuation after Very Short Term correction":-

finally on going rally continuation will be expected after Very Short Term sideways time wise correction

Very Short Term sideways time wise correction was  told for this week and Nifty corrected sideways in all 5 previous sessions of this week between 12279-12389.

As last 5 sessions trading was with lower lower levels supports,higher levels selling and Mixed Patterns formation between 12279-12389 therefore Nifty will firstly trade and prepare for next trend within and near about this range as well as finally sustaining beyond this range will form next Short/Intermediate Term Trend which should be watched in next week for confirmations.

Conclusions from intra day chart analysis 

Although sharp up moves were seen after weaker opening but higher levels selling developed therefore slipped into negative zone and last more than 4 hours trading with Mixed Patterns formation was seen between 12345-12371.

As firstly  volatility and after that Mixed Patterns formation therefore one sided trading positions formations will not be considered and firstly Nifty will have to trade and prepare for next decisive moves within and near about this range as well finally valid break out of last Friday trading range(12322-12385) will generate first strong signal of next trend.

Conclusions (After Putting All Studies Together)

Impulsive Wave-5 is on and Nifty is moving towards its maximum target at 13870.95.

Calculation of maximum target of Nifty at 13870.95 is as follows:-  
Impulsive Wave-1 gained=2142.90 points(8968.70-6825.80)
Impulsive Wave-3 gained=3866.40 points(11760.20-7893.80)
Impulsive Wave-5 has gained 2154.25 points till 28-11-2019(12158.80-10004.55)

As according to Elliott Wave theory Wave-5 can not gain more points than Wave-3 gained therefore on going impulsive Wave-5 will gain lesser points than 3866.40.

Impulsive Wave-5 started from 10004.55 on 26-10-2018 and it has to gain less than 3866.40 points therefore maximum target of on going impulsive Wave-5 is 13870.95(10004.55+3866.40)

Bulls are ruling in Indian Stock Markets and new life time highest was formed last Thursday. As no selling pattern formation on EOD charts till now therefore technically on going rally continuation will be considered and until complete selling patterns will not develop on EOD charts till then any deeper correction will not be seen.

As Short Term indicators have turned overbought and Oscillators are also showing negative divergence therefore emergence of Short Term correction possibility. Nifty traded sideways within 110 points between 12279-12389 in last 5 sessions of previous week which is a signal of time wise correction beginning and that may remain continued in next week also. In fact Indian markets are now preparing for post Union Budget 2020-21 moves and now first indication of those moves will be derived from sustaining beyond last 5 sessions trading range(12279-12389).

As on going impulsive Wave-5 may move up to 13870.95 therefore good Budget on 1st Feb 2020 will mean strong rally will be seen towards it and before that nifty may prepare within and near about last 5 sessions trading range(12279-12389).

Levels will confirm next big decisive moves

Intra Day Chart Analysis & Market Outlook

(17-01-2020)

Nifty-Intra Day Chart (16-Jan-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 12364-12389
2- Up moves with corrections
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 12316-12389

Conclusions from intra day chart analysis 

Following lines were told in Weekly Outlook(Jan 10 to Jan 17,2020) on 11-01-2020 in "Finally rally continuation after Very Short Term correction":-

finally on going rally continuation will be expected after Very Short Term sideways time wise correction

Very Short Term sideways time wise correction was  told for this week and Nifty is correcting sideways in all 4 previous sessions of this week between 12279-12389.

Following lines were told yesterday in "Levels will confirm next decisive moves after US-China trade deal ":-

firstly sustaining beyond 12279-12355 should be watched tomorrow for next decisive moves after trade deal actual impact on Indian industry and Stock Markets.

As good news of US-China trade deal therefore moved up firstly but could not sustain above and closed exactly at 12355.50 after slipping to 12,315.80

Although firstly up moves after flat opening but higher levels selling developed therefore slipping from higher levels. As last 4 hours up moves were with intraday corrections and last hour Down moves in Bullish Falling Channel therefore some consolidation will also be considered.

As both higher levels selling and lower levels consolidation today therefore Nifty will firstly trade within last 4 sessions trading range(12279-12389) and finally sustaining beyond this range will generate next big decisive moves.

Levels will confirm next decisive moves after US-China trade deal 

Intra Day Chart Analysis & Market Outlook

(16-01-2020)

Nifty-Intra Day Chart (15-Jan-2020):-

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Technical Patterns formation in today intraday charts

1- Slipping 32 points in first 15 seconds
2- Down moves in first hour
3- Support between 12279-12310
4- Sharp up in last half hour
5- Whole day actual trading between 12279-12355

Conclusions from intra day chart analysis 

Although news today morning regarding US-China set to sign phase one of trade deal and easing of trade war but Dow Jones Futures was more than 50 points down and all the Asian markets were also trading weak therefore Nifty slipped 32 points in first 15 seconds and after that down moves remain continued in 1st hour. 

As some supports at lower levels and US-China trade deal signing expectations therefore sharp up moves were seen in last half hour despite. 

Although US and China has signed phase one trade deal but whole day today trading was volatile and affected from US-China trade deal led sentiments therefore firstly sustaining beyond 12279-12355 should be watched tomorrow for next decisive moves after trade deal actual impact on Indian industry and Stock Markets.

Firstly watch levels for up moves continuation confirmations

Intra Day Chart Analysis & Market Outlook

(15-01-2020)

Nifty-Intra Day Chart (14-Jan-2020):-

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Technical Patterns formation in today intraday charts

1- Mixed Patterns formation between 12309-12348
2- Sharp up in last hour
3- Whole day actual trading between 12309-12374

Conclusions from intra day chart analysis 

Although today closing was near the top of the day but before that more than 5 hours trading was with Mixed Patterns formation between 12309-12348 therefore firstly sustaining above it should be watched tomorrow for immediate up moves continuation confirmations.

Rally continuation hopes are alive

Intra Day Chart Analysis & Market Outlook

(14-01-2020)

Nifty-Intra Day Chart (13-Jan-2020):-

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Technical Patterns formation in today intraday charts

1- Minor selling between 12330-12337
2- Down moves in Bullish Falling Channels
3- Consolidation between 12317-12337
4- Whole day actual trading between 12295-12337

Conclusions from intra day chart analysis 

Whole day trading within 42 points between 12295-12337 with higher levels minor selling and lower levels good consolidation therefore rally continuation hopes  above today highest are alive(12337).

As Short Term indicators have turned Over bought therefore Short Term correction may start any day but till now intraday charts of Nifty has not shown sufficient selling patterns hence any deeper correction will not be expected.

Finally rally continuation after Very Short Term correction

Technical Analysis,Research & Weekly Outlook

(Jan 10 to Jan 17,2020)

Nifty-EOD Chart Analysis

 (Waves structure)

Nifty-EOD Chart (10-Jan-2020):-

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 continuation with new life time high formation at 12311.20 on 10-01-2020.

Nifty-Intra Day Chart Analysis 

(10-Jan-2020)

Nifty-Intra Day Chart (10-Jan-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Up moves in Bearish Rising Channels
3- Selling between 12295-12311(Immediate Resistances)
4- Down moves in Bullish Falling Channel
5- Support between 12214-12242(Immediate Supports)
6- Whole day actual trading between 12214-12311

Conclusions from EOD chart analysis 

All the trends are up and impulsive Wave-5 continuation with new life time high formation at 12311.20 on 10-01-2020 and no confirmation of its completion yet.

Conclusions from intra day chart analysis 

Although gap up opening but down moves started which were in Bullish Falling Channel therefore next 2 hours up moves were seen. As Up moves were in Bearish Rising Channels and higher levels selling was seen between 12295-12311 therefore Down moves begun which were again in Bullish Falling Channel.  

As last hour lower levels support between 12214-12242 and higher levels selling between 12295-12311 therefore these 2 trading ranges will be immediate supports and resistances of Nifty and intraday volatility was also seen whole day hence firstly Nifty has to trade and prepare for next moves within last Friday trading range(12214-12311) which will be seen in the beginning of next week but expected that finally rally will be seen above life time highest after fresh consolidation.

Conclusions (After Putting All Studies Together)

Indian markets are Bullish and new life time highest formation in previous session last Friday as well as no selling pattern formation on EOD and Weekly charts therefore rally continuation will be expected.

Last resistances of Nifty was updated in previous weekly Outlook between 12265-12287 and Nifty closed below it last Friday after making new life time high formation at 12311.20. As fresh selling was also seen just above it between 12295-12311 and now last resistances of Nifty will be understood between 12265-12311 therefore firstly fresh consolidation is firstly required in next week for sustaining above 12311.

As Short Term indicators have turned Over bought and indicators are also showing negative divergence in Over bought zone therefore Short Term correction will be understood on door step but intraday charts of Nifty has not shown sufficient selling patterns hence any deeper correction will not be expected.

Indicators remains Over bought for many months in Bull markets and remains Over sold for many months in Bear markets therefore finally on going rally continuation will be expected after Very Short Term sideways time wise correction because some selling was seen last Friday.  

Rally continuation amid Very Short Term correction and intraday volatility possibility

Intra Day Chart Analysis & Market Outlook

(10-01-2020)

Nifty-Intra Day Chart (09-Jan-2020):-

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Last 5 hours up moves with downward corrections
3- Whole day actual trading between 12133-12224

Conclusions from intra day chart analysis 

As firstly consolidation through Down moves in Bullish Falling Channel and after that more than 5 hours up moves with intraday corrections and no selling patterns formations today therefore on going rally will remain continued towards next resistances between 12265-12287. Follow up consolidation and once sustaining above 12287 will mean fresh rally with new life time highest formations but Very Short Term correction and intraday volatility can not be ruled out because Very Short Term indicators have turned over bought.

Up moves above today highest

Intra Day Chart Analysis & Market Outlook

(09-01-2020)

Nifty-Intra Day Chart (08-Jan-2020):-

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Technical Patterns formation in today intraday charts

1- Sharp up after gap down opening
2- Down moves in Bullish Falling Channel
3- Last 3 hours up moves with intraday corrections
4- Whole day actual trading between 11930-12044

Conclusions from intra day chart analysis 

As Iran fired a number of missiles at two Iraqi bases housing US troops today morning therefore all the Asian markets including Dow Jones Futures crashed and Crude oil jumped hence Indian markets opened gap down.

Although sentiment was completely depressed today but firstly Indian markets jumped from lower levels and whole day consolidated firstly through Down moves in Bullish Falling Channel and after that last 3 hours up moves with intraday corrections therefore Indian markets are technically well prepared for up moves above today highest(12,044.95)

As busy therefore Stock Market Outlook of today(08-01-2020) will not be updated.

Rally only after peace and confidence in Middle-East

Intra Day Chart Analysis & Market Outlook

(07-01-2020)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Sharp fall after weak opening
2- Selling between 12054-12097(Immediate Resistances)
3- Selling between 12012-12036(Immediate Resistances)
4- Last hour support between 11974-12171
5- Whole day actual trading between 11974-12171

Conclusions from intra day chart analysis 

As tension mounted in last 2 holidays between US and Iran therefore all the Global markets including Dow's Futures were trading weaker and Crude was also boiling today morning resultant Indian markets slipped after gap down opening and down moves remained continued with follow up selling in sideways markets as well.

Although last hour support between 11974-12171 and Very Short Term indicators have also turned oversold but until clear consolidation patterns will not develop till then Nifty will not sustain above Immediate Resistances. 

Let some peace and confidence develop in Middle-East and Crude stop increasing then firstly a Pull Back Rally will be seen which will be first signal of correction stopping and decisive up moves beginning. As last hour support between 11974-12171 today therefore this range should be watched for next Very Short Term Trend beginning and continuation. 

Just watch levels for next Short Term Trend confirmations amid US-Iran tension

Technical Analysis,Research & Weekly Outlook

(Jan 06 to Jan 10,2019)

Nifty-EOD Chart Analysis 

(Waves structure)

Nifty-EOD Chart (03-Jan-2020):-

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 continuation with new life time high formation at 12293.90 on 20-12-2019.

Nifty-Intra Day Chart Analysis

 (03-Jan-2020)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Whole day Down moves in Bullish Falling Channels
2- Sharp up in last half hour
3- Whole day actual trading between 12192-12265

Conclusions from EOD chart analysis 

All the trends are up and impulsive Wave-5 continuation with new life time high formation at 12293.90 on 20-12-2019 and no confirmation of its completion yet

Conclusions from intra day chart analysis

As Geo-Political tension developed last Friday morning after US killing Iran’s most powerful general in Baghdad airstrike therefore Crude oil jumpled,Dow Jones Futures fell more than 150 points down and all the Asian markets weakened hence Indian markets slipped after negative opening. 

Although most of the time down moves remained continued but were in Bullish Falling Channels therefore sharp recovery from lower levels was seen in last half hour.

As Whole day Down moves were in Bullish Falling Channels which is a consolidation pattern therefore technically signals of fresh rally above life time highest are alive.

Conclusions (After Putting All Studies Together)

As whole day last Friday market was negative news driven and coming week market will again react on next developments in this matter therefore 12160-12287 should be watched in next week for next trend confirmations because immediate supports and resistances are lying within this range and finally sustaining beyond this range will form next Short Term Trend after break out of following immediate supports/resistances:- 

1- Next supports are between 12160-1197 
2- Next resistances are between 12265-12287

Crude rates have a big impact on Indian economy which jumped 3.64% last Friday and closed at 3 months high and if tension escalates in Middle-East region then it will certainly push Crude price which will certainly hurt Indian economy and markets as well.

Although Indian Stock markets are technically well poised for further rally above life time highest(12293.90) but US-Iran clashes can not be ruled out in the coming weeks therefore firstly sustaining beyond 12160-12287 should be watched in the coming week for next Short Term Trend confirmations.

Firstly watch levels after Geo-Political tension development today morning

Pre-open Outlook(03-01-2020)

As Geo-Political tension mounted today morning after following negative news today morning therefore all the Asian markets slipped as well as Dow Jones Futures is also trading more than 150 points down hence weaker opening will be seen in Indian markets also and firstly sustaining beyond last resistance range(12265-12287) should be watched to understand this negative news impact on Indian markets

Iran says powerful general killed in US airstrike in Iraq

Rally continuation with new life time highest formation

Intra Day Chart Analysis & Market Outlook

(03-01-2020)

Nifty-Intra Day Chart (02-Jan-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections
2- Whole day actual trading between 12196-12289

Conclusions from intra day chart analysis 

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

up moves are expected tomorrow towards next resistances(12265-12287)

As was told 100% same happened today and whole day up moves were seen towards next resistances(12265-12287) and Nifty closed today witin mentioned resistances at 12,282.20

As whole day up moves with intraday corrections and no selling patterns formations as well as today closing at life time highest therefore rally continuation will be seen with new life time highest formation tomorrow.

Up moves towards next resistances

Intra Day Chart Analysis & Market Outlook

(02-01-2020)

Nifty-Intra Day Chart (01-Jan-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Consolidation between 12166-1197
3- Whole day actual trading between 12166-12222

Conclusions from intra day chart analysis 

As more than 5 hours selling yesterday therefore firstly down moves were seen after positive opening but those down moves were in Bullish Falling Channel and after that more than 4 hours consolidation developed between 12166-1197 hence up moves are expected tomorrow towards next resistances(12265-12287)