Technically 10637.15 is last hope for Bulls amid only a strong Pull Back rally possibility

Technical Analysis,Research & Weekly Outlook

(Mar 09 to Mar 13,2020)

Nifty-EOD Chart Analysis 

(Waves structure)

Nifty-EOD Chart (06-Mar-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 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
7- Wave-5 correction continuation with recent bottom formation at 10827.40 on 06-03-2020

Conclusions from EOD chart analysis

(Waves structure)

As Wave-3 gained 3277.70 points in 1 year and 1 month and after that the correction which started from 11171.50 on 29-01-2018 completed within 1 month and 25 days after loosing only 1220 points therefore this correction was not previously considered price-wise and time-wise correction of Wave-3 but after this 3 impulsive waves(Wave-i,Wave-iii,Wave-v) and 2 corrective waves(Wave-ii and Wave-iv) have been seen therefore now Waves structure is being recounted with this correction consideration as Wave-4.

Now correction of Wave-5 is very much on with its recent bottom formation at 10827.40 on 06-03-2020 and no indication of its completion yet.

Nifty-EOD Chart Analysis 

(5th Wave structure)

Nifty-EOD Chart (06-Mar-2020):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-i of Wave-5 beginning from 9951.90 on 23-03-2018 after corrective Wave-4 completion 
2- Wave-i of Wave-5 completion at 11760.20 on 28-08-2018 and corrective Wave-ii beginning
3- Corrective Wave-ii of Wave-5 completion at 10004.55 on 26-10-2018 and impulsive Wave-iii beginning
4- Wave-iii of Wave-5 completion at 12103.05 on 03-06-2019 and corrective Wave-iv beginning
5- Corrective Wave-iv of Wave-5 completion at 10637.15 on 23-08-2019 and impulsive Wave-v of Wave-5 beginning
6- Impulsive Wave-5 completion after new life time high formation at 12430.50 on 20-01-2020 and its corrcetion beginning
7- Wave-5 correction continuation with recent bottom formation at 10827.40 on 06-03-2020

Conclusions from EOD chart analysis 

(5th Wave structure)

5th Wave is constituted by its 5 Sub waves of which 3 are impulsive(Wave-i,Wave-iii and Wave-v) and 2 are corrective(Wave-ii and Wave-iv),now correction is on after 5th impulsive Sub Wave completion which is a strong indication of whole 5th Wave correction happening which started from 9951.90 on 23-03-2018 

As impulsive Wave-v of Wave-5 started from 10637.15 on 23-08-2019 and now its correction continuation therefore firstly 10637.15 should be watched be watched in next week for the depth and life of on going correction. 

Nifty-EOD Chart Analysis

 (Wave-5 Trend line)

Nifty-EOD Chart (06-Mar-2020):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-i of Wave-5 beginning from 9951.90 on 23-03-2018 after corrective Wave-4 completion 
2- Wave-i of Wave-5 (11760.20 on 28-08-2018)
3- Wave-ii of Wave-5 (10004.55 on 26-10-2018)
4- Wave-iii of Wave-5 (12103.05 on 03-06-2019)
5- Wave-iv of Wave-5 (10637.15 on 23-08-2019)
6- Impulsive Wave-5 completion after new life time high formation at 12430.50 on 20-01-2020 and its corretion beginning
7- Wave-5 correction continuation with recent bottom formation at 10827.40 on 06-03-2020
8- Wave-5 corrections trend line broken down and closing below it on 06-03-2020  

Conclusions from EOD chart analysis 

(Wave-5 Trend line)

A trend line has been drawn at the bottom of both corrective Sub Waves(Wave-ii and Wave-iv) of Wave 5 and this trend line has been broken down on and closing below it on 06-03-2020 which is a strong signal of on going correction continuation 
 

Nifty-EOD Chart Analysis 

(Averages)

Nifty-EOD Chart (06-Mar-2020):-

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Technical Patterns and Formations in EOD charts

1- 5-Day SMA is at 11189.1
2- 13-Day SMA is at 11560.4
3- 55-Day SMA is at 12007.1
4- 200-Day SMA is at 11686.0

Conclusions from EOD chart analysis 

(Averages)

Nifty closed at 10989.45 on 06-03-2020 with recent bottom formation at 10827.40 same day which is much below above mentioned main averages and that is confirmation of Indian markets weakness.

Nifty-EOD Chart Analysis

 (Fibonacci retracement levels)

Nifty-EOD Chart (06-Mar-2020):-

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Technical Patterns and Formations in EOD charts

Nifty-Fibonacci Retracement levels of Wave-5(9951-12430):-

1- 13.0%- 12107 (Retraced)
2- 23.6%- 11845 (Retraced)
3- 27.0%- 11760 (Retraced)
4- 38.2%- 11483 (Retraced)
5- 50.0%- 11190 (Retraced)
6- 61.8%- 10898 (Retraced)
7- 70.7%- 10677
8- 76.4%- 10536
9- 78.6%- 10481
10-88.6%- 10233 

Conclusions from EOD chart analysis 

(Fibonacci retracement levels)

61.8% retracement of Wave-5 has been completed last Friday after slipping below 10898. Next 70.7%(10677) is much important because it is just above Wave-iv of Wave-5(10637.15 on 23-08-2019) .As 70.7% retracement level has become crucial there it should be firstly watched in next weak for the life and length of on going correction.

Conclusions 

(After Putting All Studies Together)

Correction is very much on and all the trends are down. As such forceful correction after Wave-v of Wave-5 completion therefore it may correct whole 5 waves rally which started from 6825.80 on 29-02-2016 and finished at 12430.50 on 20-01-2020.

Following calculation as per Elliott Wave theory is suggesting that 12430.50 may be the final top of that rally which  from 6825.80 on 29-02-2016

As per Elliott Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5. Now impulsive Wave-5 is on and it should not gain more points than Wave-3  gained.

Impulsive Wave-1 gained=2142.90 points(8968.70-6825.80)
Impulsive Wave-3 gained=3277.70 points(11171.50-7893.80)
Impulsive Wave-5 has gained 2478.60 points(12430.50-9951.90)

As according to Elliott Wave theory Wave-1 and Wave-5 can not gain more points than Wave-3 gained. Wave-5 correction started after gaining lesser points than  Wave-3 gained as well as Wave-5 correction begun from 12430.50 after completing 5th Sub wave of Wave-5 therefore it means correction begun from 12430.50 after completing all targets of price and waves which means strong signal of Nifty correcting whole rally which started from 6825.80 on 29-02-2016 and this correction will be both Price-wise and time-wise.    

Sub Wave-v of Wave-5 started from 10637.15 on 23-08-2019 and 70.7% retracement level is just above it is at 10677 which should be firstly watched in the coming week for the life and length of on going correction because slipping below it will mean next target of correction at the bottom of Wave-5(9951.90).

Only hope for the bulls is that Short Term indicators have turned oversold and if any positive news come regarding Corona Virus then a strong Pull Back rally will be seen and if such news comes before slipping below 10637.15 then will be good for the health of Nifty because:-

1- Wave-v of Wave-5 will remain intact.  
2- 10637.15 is one of the strongest support because Wave-v of Wave-5 rally started from here after 33 sessions consolidation.
3- Forceful rally started from here after Corporate Tax cut announcements on 20-09-2019. 

Technically 10637.15 is last hope for Bulls amid only a strong Pull Back rally possibility which should be firstly watched in the coming weeks. 

11083 will confirm fresh down moves amid Yes Bank negative news and crashing US markets

Intra Day Chart Analysis & Market Outlook

(06-03-2020)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Consolidation between 11245-11292
2- Selling between 11138-11389
3- Last hours down moves in Bullish Falling Channels
4- Whole day actual trading between 11245-11389

Conclusions from intra day chart analysis 

Although firstly slipping after strong opening but lower levels consolidation developed therefore sharp up was seen in Mid-Session. As selling developed at higher levels therefore down moves were seen in last hours which were in Bullish Falling Channels hence lower levels buying and higher levels selling will be understood for today and that will mean Mixed Patterns formation between 11245-11389.

As RBI sets Rs 50,000 withdrawal limit on Yes Bank accounts and Dow Jones is trading more than 1000 points down today therefore SGX Niftry is trading more than 300 points weak below 10950 at this moment but lower levels buying today and immediate supports below today lowest are between 11083-11144 therefore firstly sustaining beyond 11083 should be watched tomorrrow for fresh down moves beginning confirmations.

Levels will confirm next big moves

Intra Day Chart Analysis & Market Outlook

(05-03-2020)

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

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Technical Patterns formation in today intraday charts

1- 79 Points down in first 8 minutes
2- More than 3 hours trading with mixed Patterns formation between 11232-11328
3- Consolidation between 11083-11140
4- Up moves in last 2 hours
5- Whole day actual trading between 11083-11356

Conclusions from intra day chart analysis 

Although positive opening but not sustaining and slipping 79 Points down in first 8 minutes. As more than 3 hours trading with mixed Patterns formation and not pure consolidation therefore slipping after some more Corona Virus cases finding news but clear consolidation at lower levels therefore up moves were seen in last 2 hours

Supports between 11100-11144 has been updated several times in previous sessions Outlooks and Nifty has not closed below in yet and recover sharply after slipping below it. As follow up consolidation developed within and below it therefore this support range has become stronger and now immediate supports will be understood between 11083-11144 and until Nifty will not sustain below it till then decisive down moves will not be seen.

Last 4 sessions most time trading between 11083-11428 and finally sustaining beyond or forceful break out of this range will confirm next big moves which may be according to final solution or extension of Corona Virus problem and that should be watched otherwise sideways trading within this range will be seen amid uncertainty. 

Firstly watch 11100-11428 amid Corona Virus led all Global markets high uncertainty and volatility

Intra Day Chart Analysis & Market Outlook

(04-03-2020)

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

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels
2- Last 3 hours up moves with downward corrections
3- Whole day actual trading between 11153-11342

Conclusions from intra day chart analysis 

As all the Asian markets were trading strong after more than 4% US markets rally yesterday therefore good opening of Indian markets and consolidated also whole day firstly through Down moves in Bullish Falling Channels and after that last 3 hours up moves with downward corrections hence Indian markets will be understood well prepared for more up moves.

Nifty traded 5 Hours with Mixed Patterns formation between 11315-11428 yesterday therefore more follow up consolidation is firstly required for strong rally above 11428. As all Global markets are being affected from Corona Virus news therefore its next developments should also be firstly watched tomorrow.

Supports range between 11100-11144 was updated on 29-02-2020 and it was repeated yesterday also . As supports above 11100 and resistances below 11428 therefore firstly Nifty will trade within 11100-11428 and finally sustaining beyond this range will confirm next big moves and that will be according to next big developments of Corona Virus which should be firstly watched amid this disease led high uncertainity and volatility in all Global markets. 

Firstly watch next supports range amid Corona Virus panic 

Intra Day Chart Analysis & Market Outlook(03-03-2020)
Nifty-Intra Day Chart (02-Mar-2020):-

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Technical Patterns formation in today intraday charts

1- 5 Hours trading with Mixed Patterns formation between 11315-11428
2- 381 Points sharp fall in last hours
3- Whole day actual trading between 11037-11428

Conclusions from intra day chart analysis 

As all Asian markets with Dow's Futures were trading  strong therefore gap up opening and traded also with more than 1% gains but first 5 hours trading was with Mixed Patterns formation therefore 381 Points sharp fall was seen in last hours because 2 new cases of Corona Virus were found in India.

Next supports range between 11100-11144 was updated on 29-02-2020 in "Just watch next 2 levels for the life of on going correction" and Nifty closed within it at 11132.75 today,firstly sustaining it beyond should be watched for next trend confirmations amid Corona Virus panic led high volatility and huge fall in most Global markets.

Live Proofs or 100% accurate Outlooks

Only we told for deeper correction on 15-02-2020 and Nifty crashed 900 points in last 2 weeks. 

We again told on 21-02-2020 for correction below 11615/11460.70 was and that was seen up to 11175 on 28-02-2020.

When Nifty was trading above 12100 then following conclusive line was told in the Weekly Outlook of Feb 17 to Feb 21,2020 with its topic name of "Strong signals of deeper correction beginning from next week"

correction is expected in next week which may be deeper also.

When Nifty was trading above 12000 then following conclusive line was told in the Weekly Outlook of Feb 24 to 28,2020 with its topic name of "Correction continuation towards and below next supports"

First strong signal of deeper correction beginning  will be after sustaining below 11909 and that will mean correction continuation towards and below 11615/11460.70 also which will be seen in the coming weeks/months.

Just watch next 2 levels for the life of on going correction

Technical Analysis,Research & Weekly Outlook

(Mar 02 to Mar 06,2020)

Nifty-EOD Chart Analysis

 (Waves structure)

Nifty-EOD Chart (28-Feb-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 12430.50 on 20-01-2020
7- Wave-5 correction continuation with recent bottom formation at 11175.05 on 28-02-2020

Nifty-EOD Chart Analysis 

(5th Wave structure)

Nifty-EOD Chart (28-Feb-2020):-

Just click on chart for its enlarged view

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 completion after life time top formations at 12430.50 on 20-01-2020 and ABC correction beginning
5- Wave-A completion at 11614.50 on 03-02-2020
6- Wave-B completion at 12246.70 on 14-02-2020
7- Wave-C continuation with recent bottom formation at 11175.05 on 28-02-2020

Nifty-EOD Chart Analysis 

(Wave-iii of Wave-5 structure)

Nifty-EOD Chart (28-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Corrective Wave-ii of Wave-5 completion at 10637.10 on 23-08-2019 and impulsive Wave-iii beginning
2- Impulsive Wave-iii of Wave-5 completion after life time top formations at 12430.50 on 20-01-2020 and ABC correction beginning
3- Wave-A completion at 11614.50 on 03-02-2020
4- Wave-B completion at 12246.70 on 14-02-2020
5- Wave-C continuation with recent bottom formation at 11175.05 on 28-02-2020

Conclusions from EOD chart analysis

(Waves structure) 

Short and Intermediate Term Trends were already down and Long Term Trend has turned down on 28-02-2020 after forceful breaking down of its decider 200-Day SMA(today at 11687.20) but confirmation is required also through sustaining below it.

Conclusions from EOD chart analysis

(5th Wave structure) 

Impulsive Wave-iii of Wave-5 completion after life time top formations at 12430.50 on 20-01-2020 and now Wave-C of its ABC correction correction continuation with recent bottom formation at 11175.05 on 28-02-2020 and no indication of its completion yet.

Conclusions from EOD chart analysis

(Wave-iii of Wave-5 structure) 

Wave-iii of Wave-5 begun from 10637.10 on 23-08-2019 and and now its corrective Wave-C continuation with recent bottom formation at 11175.05 on 28-02-2020. As per Wave theory on going Wave-C correction should not slip below the beginning levels of Wave-iii of Wave-5(10637.10) otherwise whole Waves structure will be recounted which should be firstly watched in next week for the validity of Wave-iii of Wave-5 and life of ongoing correction.

Conclusions 

(After Putting All Studies Together)

When Nifty was trading above 12100 then following conclusive line was told in the Weekly Outlook of Feb 17 to Feb 21,2020 with its topic name of "Strong signals of deeper correction beginning from next week"

correction is expected in next week which may be deeper also.

When Nifty was trading above 12000 then following conclusive line was told in the Weekly Outlook of Feb 24 to Feb 28,2020 with its topic name of "Correction continuation towards and below next supports"

First strong signal of deeper correction beginning  will be after sustaining below 11909 and that will mean correction continuation towards and below 11615/11460.70 also which will be seen in the coming weeks/months.

As was told in both previous weekly outlooks 100% same happened and Nifty slipped more than 800 points after our above Outlooks and formed lowest at 11175.05 on 28-02-2020.

Next supports below last Friday lowest are between 11100-11144 which should be firstly watched in the coming week because once sustaining above it will mean strong signal of Wave-C correction completion because as per Waves structure Nifty should not slip below 10637.10 and once its happening will mean first signal of fresh rally beginning for moves above life time highest(12430.50).

As Short Term indicators have turned oversold therefore a sharp Pull Back Rally or "V Shaped recovery" may be seen any day and its confirmation will be after sustaining above next supports range(11100-11144). 

Although correction is very much on and no indication of its completion yet but following 2 levels should be firstly watched in next week for the life of on going correction and its its importance has already been described above:-

1- 11100-11144
2- 10637.10

Next target of Nifty at 11217

Pre-open Outlook(28-02-2020)

As most Asian markets are more than 2% down after more than 4% negative closing of most US Indices therefore crashing like situation has been developed in all the Global markets hence  gap down opening will be seen in Indian markets also.

50.0% Fibonacci Retracement levels of Wave-5(10004-12430) on Nifty is at 11217 and technically this level should be watched for next target of on going correction after Long Term Trend turning down confirnation because forceful break down of its decider 200-Day SMA(today at 11687.60) will be seen after huge gap down opening of Indian markets today.

Sharp Pull Back Rally If no big crash in Asian markets 

Intra Day Chart Analysis & Market Outlook

(28-02-2020)

Nifty-Intra Day Chart (27-Feb-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- Whole day actual trading between 11537-11663

Conclusions from intra day chart analysis 

Following lines were told on 15-02-2020 in "Strong signals of deeper correction beginning from next week":-

strong signal of Wave-C formation in next week for slipping below the bottom of Wave-A(11614.50)

As was told 100% same happened and Nifty slipped below 11614.50 today as well as today lowest was at 11536.70

Nifty crashed 141 points in first 1 hour and 15 minutes after weak opening but these Down moves were in Bullish Falling Channel and some consolidation developed therefore whole day up moves were seen and today closing was at the higher levels of the day. As Up moves in last 5 hours were in Bearish Rising Channels also therefore some profit booking also can not be ruled out. 

It was only a volatile day today with lower levels some supports and higher levels some selling also therefore expected that Nifty will firstly trade within today trading range(11537-11663) tomorrow and prepare for next moves.

Nifty again closed below Long Term Trend decider 200-Day SMA(today at 11687.60) and once sustaining below it will mean more deep correction but Short Term indicators have turned oversold therefore a sharp Pull Back Rally is very much due which may be seen any day and its confirmation will be after sustaining above today highest(11663). If no big crash in Asian markets tomorrow only then sharp Pull Back Rally will be seen after some consolidation within and near about today trading range.

Firstly watch 200-Day SMA for next big moves 

Intra Day Chart Analysis & Market Outlook

(27-02-2020)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- High volatility in last 4 hours
3- Whole day actual trading between 11640-11783

Conclusions from intra day chart analysis 

As crashing like situation developed in all the Asian markets after more than 800 points Dow Jones fall yesterday therefore sentiment was much depressed hence huge gap down opening of Indian markets.

Although some consolidation was seen through Down moves in Bullish Falling Channel in first 2 hours but after that high volatility in last 4 hours with new intraday highest and lowest formations therefore no final view can be formed only from intraday patterns formations because technical positions reverses sharply during such high volatility.

3rd Supports range between 11615-11705 was updated 3 times in following outlooks;-

1- On 15-02-2020 in "Strong signals of deeper correction beginning from next week"
2- On 21-02-2020 in "Correction continuation towards and below next supports"
3- On 25-02-2020 in "Correction continuation expectations amid intraday volatility"

(Just click above topic links and see on yours own)

Above topics names since 15-02-2020 are clearly telling that we are continuously telling only and only for Correction which is being seen. We updated 3rd and last supports between 11615-11705 and Nifty closed within it at 11678.50 today.

Nifty tested and closed below Long Term Trend decider 200-Day SMA(today at 11685.90) today and finally it will confirm next big moves of Indian markets because it will decide Long Term Trend and firstly sustaining it beyond should be watched in the coming sessions.

Correction continuation expectations

Intra Day Chart Analysis & Market Outlook

(26-02-2020)

Nifty-Intra Day Chart (25-Feb-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- Up moves in Bearish Rising Channel
3- Whole day actual trading between 11780-11883

Conclusions from intra day chart analysis 

Although Whole day Down moves were in Bullish Falling Channels which is an indication of consolidation development but good selling was also seen through Up moves in Bearish Rising Channel which was at that time when Modi ji and Trump meeting was being held and sentiment was boiling therefore Nifty closed near the lower levels of the day.

As whole day intraday volatility and only up and down moves were seen amid US-India trade agreement expectations therefore this news based selling also cant not be ruled out. Any final coclusion can not be drawn only from today intraday charts patterns formations because today whole day trading was news affected. 

Correction is very much on and until complete consolidation will not develop till then decisive up moves will not be seen and once sustaining below today lowest will mean correction continuation towards and below 11615/11460.70 which is expected also. 

Correction continuation expectations amid intraday volatility

Intra Day Chart Analysis & Market Outlook

(25-02-2020)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- 140 Points down in first 2 minutes
2- 5 Hours selling between 11915-11977(Immediate Resistances)
3- More than 100 points fall in last 2 hours
4- Whole day actual trading between 11814-11977

Conclusions from intra day chart analysis 

Following conclusive lines were told on 21-02-2020 in "Correction continuation towards and below next supports":-

As more than 4 hours selling last Thursday therefore more down moves are expected in next week towards following supports:-

1- 12043-12063 
2- 11909-11948
3- 11615-11705

First strong signal of deeper correction beginning  will be after sustaining below 11909 and that will mean correction continuation towards and below 11615/11460.70 also which will be seen in the coming weeks/months.

As firstly 5 hours selling between 11915-11977 after 140 Points down in first 2 minutes therefore Nifty slipped and closed below 2nd supports range hence strong signal of deeper correction beginning has been generated which has further opened the doors for correction continuation towards and below 11615/11460.70 also.

It may be a volatile day tomorrow because of Indian-US business agreements in Trump visit tomorrow and Very Short Term Indicators have also turned oversold but still correction continuation is expected and until Nifty will not sustained above 11977 after complete consolidation till then decisive up moves will not be seen.

Correction continuation towards and below next supports

Technical Analysis,Research & Weekly Outlook

(Feb 24 to Feb 28,2020)

Nifty-EOD Chart Analysis

(5th Wave structure)

Nifty-EOD Chart (20-Feb-2020):-

Just click on chart for its enlarged view

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
5- Wave-A completion at 11614.50 on 03-02-2020
6- Wave-B completion at 12246.70 on 14-02-2020

Nifty-Last 24 Sessions intraday charts analysis

Nifty-Intra Day Chart (Jan 21 to Feb 20,2020):-

Just click on chart for its enlarged view

Technical Patterns formation in last 24 Sessions intraday charts

1- Previous 24 Sessions trading with lower levels supports and higher levels good selling
2- 24 Sessions actual trading between 11615-12272 

Nifty-Intra Day Chart Analysis 

(20-Feb-2020)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 12118-12152(Immediate Resistances)
2- Sharp fall in last hour
3- Whole day actual trading between 12072-12152

Conclusions from EOD chart analysis 

1- Long Term Trend is up after moving above its decider 200 Day SMA(today at 11682.00)
2- Intermediate Term Trend is sideways between 11615-12272 for the last 24 sessions.
3- Short Term Trend is sideways between 11909-12246 for the last 5 sessions.

Conclusions from 24 Sessions intra day chart analysis 

Nifty slipped 213 points on 21-01-2019 after new life time high formation at 12430.50 and after that Nifty is trading sideways between 11615-12272 for the last 24 Sessions. Although lower levels some supports but higher levels good selling in last 24 sessions therefore emergence of more down moves possibilities and once sustaining below last 24 sessions lowest will mean huge fall hence remain cautious also.

Conclusions from intra day chart analysis 

As more than 4 hours selling between 12118-12152 therefore sharp fall was seeen in last hour. No intraday consolidation patterns formations and good selling last Thursday therefore more down moves are expected in next week.

Conclusions 

(After Putting All Studies Together)

Following lines were told on 15-02-2020 in "Strong signals of deeper correction beginning from next week":-

fresh down moves are expected below last Friday lowest(12,091.20) in the beginning of next week

As was told 100% same happened and Nifty slipped 185 points in first 2 sessions of previous week.

As Nifty has closed above Long Term Trend decider 200 Day SMA in last 14 sessions therefore it is still up but Intermediate Term Trend is sideways between 11615-12272 for the last 24 sessions and finally sustaining beyond this range will confirm next big moves which should be firstly watched in the coming week/months.

Next resistances above last Thursday closing and last 24 sessions trading range are as follows:-

1- 12118-12152
2- 12194-12264

Wave-B of Wave-iii of Wave-5 continuation with recent top formation at 12246.70 on 14-02-2020 but slipped sharply same day from there and after that Nifty slipped to 11909 in first 2 sessions of previous week also therefore Short Term Trend will be understood sideways between 11909-12246 and finally sustaining beyond this range will generate first strong signal of next decisive moves. As more than 4 hours selling last Thursday therefore more down moves are expected in next week towards following supports:-

1- 12043-12063 
2- 11909-11948
3- 11615-11705

As strong signals of  corrective Wave-C formation has been developed in previous weeks therefore correction is expected in next week also. First strong signal of deeper correction beginning  will be after sustaining below 11909 and that will mean correction continuation towards and below 11615/11460.70 also which will be seen in the coming weeks/months.

Fresh rally above 12246 only after complete follow up consolidation

Intra Day Chart Analysis & Market Outlook

(20-02-2020)

Nifty-Intra Day Chart (19-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Volatility in first half hour
2- Down moves in Bullish Falling Channels
3- Up moves with downward corrections
4- Whole day actual trading between 12043-12134

Conclusions from intra day chart analysis 

Following lines were told yesterday in "11948 will confirm fresh rally towards next resistances":-

finally if Nifty sustains above 11948 amid Corona virus fear then fresh up moves will be seen towards following resistances:-

1- 12124-12183
2- 12194-12246

Rally was seen towards 1st resistance range and today closing was also within it after whole day good consolidation through Down moves in Bullish Falling Channels and Up moves with downward corrections despite volatility in first half hour through slipping from higher levels.

Although good intraday consolidation today but resistance are lying up to 12246 therefore complete follow up consolidation is firstly required which should be firstly watched tomorrow for fresh rally to move and sustain above 12246.

11948 will confirm fresh rally towards next resistances

Intra Day Chart Analysis & Market Outlook

(19-02-2020)

Nifty-Intra Day Chart (18-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- 50 Points down in first 3 minutes
2- Down moves in Bullish Falling Channels
3- Up moves with downward corrections
4- Consolidation between 11909-11948
5- Whole day actual trading between 11909-12030

Conclusions from intra day chart analysis 

As all the Asian markets and Dow's Futures were in deep Red therefore Nifty slipped 50 Points in first 3 minutes but after that next 4 hours Down moves were in Bullish Falling Channels therefore some consolidation developed at lower levels hence next 2 hours Up moves were seen.

Last 2 hours Up moves were with downward corrections therefore consolidation will be understood between 11909-11948 and it will be immediate supports on Nifty and until Nifty will not sustain below it after fresh selling till then decisive down moves will not be seen.

When Indian markets closed at that time all the European markets were trading more than 0.50% down and Dow'Jones future was also trading more 120 points weak but Indian markets recovered more that 100 points from lower levels therefore finally if Nifty sustains above 11948 amid Corona virus fear then fresh up moves will be seen towards following resistances:-

1- 12124-12183
2- 12194-12246

Next decisive moves confirmations through levels

Intra Day Chart Analysis & Market Outlook(18-02-2020)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Sharp down after positive opening
2- Whole day Down moves in Bullish Falling Channels
3- Whole day actual trading between 12037-12159

Conclusions from intra day chart analysis 

Following lines were told on 15-02-2020 in "Strong signals of deeper correction beginning from next week":-

fresh down moves are expected below last Friday lowest(12,091.20) in the beginning of next week

As was told 100% same happened and Nifty closed at 12,045.80 today.

Although today closing was near the lower levels of the day after whole day continuous slipping from higher levels but most of the down moves were Bullish Falling Channels which is 
indicating consolidation and suggesting up moves.

As most of the Global markets with Dow Jones's futures traded and closed in positive zone today while Indian markets most time traded and closed in negative zone therefore under performance by Indian markets will be understood which is indicating selling and suggesting down moves also.

Finally whole day today trading will be understood Mixed Patterns formation between 12037-12121 and firstly sustaining beyond this range should be watched tomorrow for next decisive moves confirmations.

Strong signals of deeper correction beginning from next week

Technical Analysis,Research & Weekly Outlook

(Feb 17 to Feb 21,2020)

Nifty-EOD Chart Analysis 

(Waves structure)

Nifty-EOD Chart (14-Feb-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 12430.50 on 20-01-2020

Nifty-EOD Chart Analysis 

(Wave-iii of Wave-5 structure)

Nifty-EOD Chart (14-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Corrective Wave-ii of Wave-5 completion at 10637.10 on 23-08-2019 and impulsive Wave-iii beginning
2- Impulsive Wave-iii of Wave-5 continuation with recent top formations at 12430.50 on 20-01-2020
3- Wave-A completion at 11614.50 on 03-02-2020
4- Wave-B completion at 12246.70 on 14-02-2020

Nifty-Intra Day Chart Analysis 

(14-Feb-2020)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 12194-12246
2- Sharp fall
3- Selling between 12124-12183
4- Whole day actual trading between 12092-12246

Conclusions from EOD chart analysis 

1- Long Term Trend is up after moving above its decider 200 Day SMA(today at 11663.40)
2- Intermediate Term Trend sideways.
3- Short Term Trend has turned sideways.

Conclusions from EOD chart(Impulsive Wave-iii of Wave-5) analysis 

Although impulsive Wave-iii of Wave-5 continuation with recent top formations at 12430.50 on 20-01-2020 but its correction is on of which Wave-A completed at 11614.50. Now its Wave-B continuation with signals of its completion at 12246.70 on 14-02-2020 because last Friday lowest was below the lowest of last 4 sessions after same day new top formations of Wave-B at 12246.70.

Conclusions from intra day chart analysis 

Although strong up move after positive opening but selling developed in first hour therefore sharp fall was seen in Mid-Session. 3 Hours follow up selling was also seen after that therefore almost whole day trading will be understood with good selling hence fresh down moves are expected below last Friday lowest(12,091.20) in the beginning of next week.

Conclusions

 (After Putting All Studies Together)

As Nifty-EOD Chart Analysis(5th Wave structure) has already been updated in previous weekly Outlook(Feb 10 to Feb 14,2020) therefore waves structure of its Wave-iii of Wave-5 has been updated in next week weekly Outlook because that is in continuation now.

Following line was told on 08-02-2020 in "Firstly watch level in next week for the life and length of expected correction":-

until Nifty will sustain above 12216 till then correction completion will not be considered.

Although Nifty moves up to 12246.70 but could not sustain and sharp fall was seen last Friday as well as Nifty closed at 12113.45 after loosing 133 points from higher levels.

Wave-B of Wave-iii of Wave-5 continuation with recent top formation at 12246.70 last Friday but slipped sharply same day from there and formed last 4 sessions lowest at 12091.20 and closed also just above last 4 sessions lowest therefore it will be understood strong signal of Wave-C formation in next week for slipping below the bottom of Wave-A(11614.50)

Firstly sustaining beyond 12099 should be watched next Monday because sustaining below it will mean sharp fall towards following next supports:-

1- 11983-12021
2- 11922-11951
3- 11615-11705

As strong signals of  Wave-C formation developed last Friday therefore correction is expected in next week which may be deeper also.

Watch 12140-12180 for next decisive moves amid Coronavirus fear

Intra Day Chart Analysis & Market Outlook

(14-02-2020)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Slipped 32 points in first 2 minutes after positive opening
2- Down moves in Bullish Falling Channels
3- Last 3 hours up moves with downward corrections
4- Whole day actual trading between 12140-12225

Conclusions from intra day chart analysis 

As spike in Coronavirus new cases and sentiment was depressed therefore all the Asian markets are flat to weak and Dow Jones's Futures is also trading more than 70 points down today morning hence Nifty slipped 32 points in first 2 minutes after positive opening

Some intraday consolidation was seen at lower levels today through Down moves in Bullish Falling Channels and last 3 hours up moves with downward corrections therefore if follow up consolidation develop tomorrow then decisive up moves will be seen. As most time today trading was between 12140-12180 therefore sustaining it beyond should be watched 

As Coronavirus fear and no one knows about the seriousness of its consequences therefore its  reactions on asian markets should also be watched in the morning.

As most time today trading was between 12140-12180 therefore sustaining it beyond should be watched tomorrow for next decisive moves amid Coronavirus fear.

Firstly watch 12188-12217 for next decisive moves 

Pre-open Outlook(13-02-2020)

As spike in Coronavirus new cases and 242 death cases counted in a single day therefore all the Asian markets are flat to weak and Dow Jones's Futures is also trading more than 70 points down today morning.

Sentiment turned little suppressed today therefore Nifty will firstly trade and prepare for next decisive moves within most time trading range(12188-12217) of yesterday and firstly sustaining beyond should be watched for next moves. 

Rally continuation towards next resistances

Intra Day Chart Analysis & Market Outlook

(13-02-2020)

Nifty-Intra Day Chart (12-Feb-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- 72 Points jump in first 4 minutes
2- More than 5 hours trading at 0.60% higher levels within 45 points between 12188-12231
3- Most time trading 12188-12217 
4- Whole day actual trading between 12145-12231

Conclusions from intra day chart analysis 

5th Resistance range between 12160-12216 was updated on 08-02-2020 in "Firstly watch level in next week for the life and length of expected correction"

Nifty traded at and above 0.60% higher levels within and near about 8th Feb mentioned resistance range. 

As whole day today trading was above 0.60% higher levels with consolidation patterns indications therefore expected that up moves will be seen above today highest(12231) and once sustaining above it will mean rally continuation towards next resistances(12327-12375).   

As busy therefore Stock Market Outlook of today(12-02-2020) is not being updated.