Firstly watch 11431 for Dow Jones led deeper fall beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-09-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 11550-11569

2- Support between 11508-11527

3- Up moves in Bearish Rising Channel

4- Down moves in Bullish Falling Channels

5- Whole day actual trading between 11508-11584

Conclusions from intra day chart analysis 

Hingh levels selling and lower levels buying as well as whole day both conosoidation and distribution patterns were seen therefore technically whole day today trading will be understood Mixed Patterns formation and finally sustaining beyond last 2 sessions trading range 11431-11584 should be watched for next decisive moves confirmations.

As Dow Jones traded more then 800 points down till this moment today and resultant in reaction SGX Nifty also traded below 22380 therefore finally today performance of Dow Jones should be watched tomorrow because that will impact on Indian markets opening and whole day trading tomorrow.

Good consolidation above 11431 yesterday and firstly sustaining it beyond should be watched tomorrow for Dow Jones led deeper fall beginning confirmations.

 11367-11553 will confirm next decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(03-09-2020)

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

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel

2- Down moves in Bullish Falling Channel

3- Consolidation between 11431-11472

4- Sharp up

5- Selling between 11509-11554

6- Whole day actual trading between 11431-11554

Conclusions from intra day chart analysis 

Sideways market till 02:00 PM with lower levels buying and minor selling therefore sharp up was seen but higher levels again some selling therefore today market will be understood with Mixed Patterns formation.

Whole day yesterday trading was between 11367-11553 with good selling and Nifty traded within this range today with lower levels some buying also therefore firstly sustaining beyond 11367-11553 should be firstly watched tomorrow for next decisive moves beginning confirmations.

 Finally down moves below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(02-09-2020)

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

Technical Patterns formation in today intraday charts

1- Whole day Up moves in Bearish Rising Channels

2- Whole day actual trading between 11367-11553

Conclusions from intra day chart analysis 

As Dow Jones Futures was trading more than 80 points up and most Asian markets were trading in Green today morning therefore positive opening and whole day trading in Green zone also but good selling was seen through Whole day Up moves in Bearish Rising Channels hence finally down moves are expected below today lowest(11367) after follow up selling in the next 1/2 sessions.

Strongest indications of Wave-B 

completion & Nifty towards and

  below the origin level 

of Wave-B(7511.10)

 Nifty-Intra Day Chart Analysis & 

Market Outlook(01-09-2020)

Nifty-Intra Day Chart (31-Aug-2020):-

Technical Patterns formation in today intraday charts

1- Whole day down moves with upward corrections

2- Whole day actual trading between 11326-11794

Conclusions from intra day chart analysis 

As all the Global markets were strong therefore strong gap up opening and traded 146 points up also but as soon as Indo-China border tension news broke out in news channels then started slipping which remained continued till last minutes. Whole day selling was seen through down moves with upward corrections hence today started correction is expected in the coming sessions also because following negative signals have been generated after 406 points crash from higher levels;-

1- Bearish Engulfing candle formation on EOD and Weekly chart today.

2- Wave-B Trend line at 11470 broken down after closing below it at 11387.50 today.

3- 5 supports were updated on 29-08-2020 in "Watch 7 levels for deeper correction beginning confirmations" and Nifty has closed below first 3 supports today.

7 levels were updated for deeper correction beginning confirmations on 29-08-2020 and out of those 4 levels have been broken down today as well as Bearish Engulfing candle formation on EOD and Weekly chart therefore one of the strongest indications of Wave-B completion today and journey towards and below the origin level of Wave-B(7511.10) started after highest formation today at 11,794.25 

 Watch 7 levels for deeper correction beginning confirmations 

Technical Analysis,Research & Weekly Outlook

(Aug 31 to Sep 03,2020)

Nifty-EOD Chart Analysis

(Wave B structure & Stochastics)

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

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning

2- Wave-a of Wave-B(9889.05 on 30-04-2020)

3- Wave-b of Wave-B(8806.75 on 16-05-2020)

4- Wave-c of Wave-B continuation with recent top formation at 11686.00 on 28-08-2020

5- Stochastic-%K(5) is at 86.26 & %D(3) is at 85.44

6- Stochastic is showing negative divergence in Overbought zone  

Conclusions from EOD chart analysis

(Wave B structure & Stochastics)

Wave-A of "ABC correction" completed at 7511.10 on 24-03-2020 and Wave-B started which is in continuation with recent top formation at 11686.00 on 28-08-2020 and no confirmation of its completion yet. 

As Short Term indicator has turned Overbought therefore emergence of Short Term correction expectations which may begin in the next week/weeks.

Nifty-EOD Chart Analysis

(Trendline & Average)

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

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning

2- Wave-B continuation with recent top formation at 11686.00 on 28-08-2020  

3- Wave-B Trend line at 11470

4- Long Term Trend decider 200-Day SMA is today at 10819

Conclusions from EOD chart analysis

(Trendline & Average)

As indicators are Overbought therefore correction is expected hence firstly Wave-B Trend line(11470) and Long Term Trend decider 200-Day SMA(today at 10819) should be firstly watched in the coming week/weeks for the life of expected correction. 

Nifty-Intra Day Chart Analysis

(28-Aug-2020)

Nifty-Intra Day Chart (28-Aug-2020):-

Technical Patterns formation in today intraday charts

1- Whole day Up moves in Bearish Rising Channels

2- Whole day Down moves in Bullish Falling Channels

3- Whole day actual trading between 11590-11686

Conclusions from intra day chart analysis 

Although whole day positive zone trading but only volatility was seen. As selling developed through Whole day Up moves in Bearish Rising Channels and buying was seen through Whole day Down moves in Bullish Falling Channels therefore last Friday trading will be understood Mixed Patterns formation between 11590-11686 

Expected that Nifty will firstly trade and prepare for next moves within last Friday trading range(11590-11686) and finally sustaining it beyond will confirm next decisive moves which should be firstly watched  in the beginning of coming week.

Conclusions

(After Putting All Studies Together)

1- Long term trend is up.

2- Intermediate term trend is up.

3- Short term trend is up. 

Wave-B continuation and no confirmation of its completion yet but Short Term Indicator Stochastics has turned Overbought therefore Short Term correction is expected which may begin any day. 

As sufficient selling patterns have not been seen in previous week therefore until complete selling patterns will not develop on EOD and Intraday charts till then deeper down moves will not be seen. 

Both intraday buying and selling was seen between 11590-11686 last Friday therefore sustaining beyond this range should be firstly watched in the beginning of next week and next supports below 11590 are as follows:-

1- 11541-11563

2- 11462-11494

3- 11427-11446

4- 11375-11394

5- 11290-11330

As Wave-B is more than 5 months old therefore generating a signal of Wave-B time-wise completion. Weekly Stochastics is also showing negative divergence in Overbought zone hence suggesting that Wave-B is well riped for correction which may be deeper also. Life and size of correction will be decided by following 2 Crucial levels:-

1- Wave-B Trend line at 11470.

2- Long Term Trend decider 200-Day SMA is today at 10819.

As Wave-B is well matured for completion and Wave-C beginning towards and below the origin level of Wave-B(7511.10) therefore above mentioned 7 levels(2 Crucial levels and 5 supports) should be watched for Wave-B completion and deeper correction beginning confirmations.

 Sustaining beyond 11541-11617 

will generate first signal

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-08-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 11590-11617

2- Down moves in Bullish Falling Channels 

3- Volatility in last hour

4- Whole day actual trading between 11541-11617

Conclusions from intra day chart analysis 

As selling in first 4 hours therefore slipping in Mid-session but consolidation and support was also seen at lower levels through Down moves in Bullish Falling Channels.

Although volatility in last hour but both higher levels selling and lower levels some buying also therefore firstly sustaining beyond day's trading range(11541-11617) should be watched tomorrow for first signal of next decisive moves beginning after August derivative expiry.

Today highest will confirm more up moves

Nifty-Intra Day Chart Analysis &

 Market Outlook(27-08-2020)

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

Technical Patterns formation in today intraday charts

1- Consolidation between 11462-11494

2- Slow up moves in last 2 hours

3- Whole day actual trading between 11462-11561

Conclusions from intra day chart analysis 

As firstly consolidation therefore up moves were seen in last 2 hours which were slow hence some profit booking can not be ruled out at higher levels. 

Short Term Indicators are overbought and some pofit booking also today therefore fistly sustaining above today highest(11561) should be watched for immedite more up moves confirmations.

As busy therefore Stock Market Outlook of today(26-08-2020) is not being updated.

 Break out of today trading range will confirm next decisive moves

Nifty-Intra Day Chart Analysis &

Market Outlook(25-08-2020)

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

Technical Patterns formation in today intraday charts

1- Consolidation between 11411-11448

2- Sharp up

3- Selling between 11476-11497

4- Whole day actual trading between 11411-11497

Conclusions from intra day chart analysis 

As Dow Jones Futures was trading more than 80 points up and all the Asian markets were trading with good gains today morning therefore strong opening of Indian markets today. Although up moves in Mid-session after more than 2 hours consolidation but higher levels selling was also seen in last hours therefore Nifty will firstly trade and prepare for next moves within today range and finally valid break out of today trading range will confirm next decisive moves.

 Be cautions amid sudden forceful Wave-C correction beginning possibility

Technical Analysis,Research & Weekly Outlook

(Aug 24 to Aug 28,2020)

Nifty-EOD Chart Analysis

(Wave B structure)

Nifty-EOD Chart (21-Aug-2020):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning

2- Wave-a of Wave-B(9889.05 on 30-04-2020)

3- Wave-b of Wave-B(8806.75 on 16-05-2020)

4- Wave-c of Wave-B continuation with recent top formation at 11460.40 on 19-08-2020

5- Stochastic-%K(5) is at 71.51 & %D(3) is at 75.86

6- Stochastic is showing negative divergence in Overbought zone  

Conclusions from EOD chart analysis

(Wave B structure)

Wave-A of "ABC correction" completed at 7511.10 on 24-03-2020 and Wave-B started which is in continuation with recent top formation at 11460.40 on 19-08-2020 and no confirmation of its completion yet. 

Although Nifty is moving up but Stochastics is showing negative divergence in Overbought zone through moving down which is an indication of correction which may begin in the coming week/weeks. 

Nifty-Last 5 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Aug 17 to Aug 21,2020):-

Technical Patterns formation in last 5 Sessions intraday charts

1- Selling(Resistances) in last 5 sessions are between:- 

A- 11425-11460

B- 11393-11418

2- Consolidation(Supports) in last 5 sessions are sessions:-

A- 11296-11320

B- 11190-11225

3- 5 Sessions actual trading between 11145-11460 

Conclusions from 5 Sessions

intra day chart analysis 

Last 5 Sessions trading between 11145-11460 with lower levels supports and higher levels equally strong resistances also therefore Nifty will firstly trade and prepare for next decisive moves within last 5 sessions trading range in next week. Sustaining beyond this range should be watched in the coming week/weeks because that will give first signal of next decisive moves beginning.

Nifty-Intra Day Chart Analysis

(21-Aug-2020)

Nifty-Intra Day Chart (21-Aug-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 11393-11418

2- Sharp down

3- Whole day actual trading between 11363-11418

Conclusions from intra day chart analysis 

As some selling in sideways market therefore sharp down was seen just before 03:00 PM and closing near the lower levels of the day and expected that some down moves will be seen towards next supports(11290-11325) 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 up.

Although still Wave-B continuation no confirmation of its completion yet but it is almost 5 months old therefore generating a signal of time-wise correction completion. As Short and Intermediate Term indicators have turned over bought and showing negative divergence also therefore suggesting deeper correction signals which will begin in the coming week/weeks. 

Last 5 Sessions trading between 11145-11460 and finally sustaining beyond this range will generate following next decisive moves beginning signals:-

1- Above 11460 will mean Wave-B continuation towards the top of gap resistance(11433-11536)

2- Below 11145 will mean correction beginning which may be deeper also in the situation of sustaining below following 2 levels and that should also be watched for Wave-B completion confirmations and Wave-C beginning  towards ane below 7511.11:- 

A- Wave-B Trend line at 10915

B- Long Term Trend decider 200-Day SMA is today at 10829.

Although continuous new top formation of Wave-B but up moves are slow and without force therefore be cautions because sudden forceful Wave-C correction may begin any day in the coming week/weeks. 

 Watch levels amid some up moves are expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-08-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 1325-11352

2- Sharp fall

3- Down moves in Bullish Falling Channels

4- Whole day actual trading between 11290-11361

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Just watch next supports amid down moves expectations":-

1- 11367-11380

2- 11296-11320

Just watch above next supports amid down moves expectations below today lowest(11395)

As was told 100% same happened and down moves were seen as well as Nifty got supports just below 2nd supports at 11289.80.

As firstly selling after gap down opening but some consolidation was seen in last hours therefore today trading should be understood with Mixed patterns formations and finally sustaining beyond day's trading range(11290-11361) should be watched for next decisive moves beginning confirmations. As Indian markets outperformed Global markets therefore firstly some up moves are expected.Watch 

 Just watch next supports amid down moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-08-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 11425-11460(Immediate Resistances)

2- Down moves in last hour

3- Whole day actual trading between 11395-11460

Conclusions from intra day chart analysis 

Although whole day positive zone trading after gap up opening but good selling between 11425-11460 therefore it will be immediate resistances of Nifty and Until Nifty will not sustain above 11460 after complete consolidation till then decisive up moves will not be seen.

Once sustaining below today lowest will mean(11395) down moves towards following next supports:-

1- 11367-11380

2- 11296-11320

Just watch above next supports amid down moves expectations below today lowest(11395)

Sustaining above today highest will confirm rally continuation

Nifty-Intra Day Chart Analysis & 

Market Outlook(19-08-2020)

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

Technical Patterns formation in today intraday charts

1- Sideways trading between 11296-11339

2- Slow up moves

3- Sideways trading between 11367-11401

4- Whole day actual trading between 11254-11401

Conclusions from intra day chart analysis 

Although today closing was at the top of on going rally with its new highest formations but one sided intra day patterns were not seen and sideways trading developed 2 times as well as Mid-session up moves were slow therefore selling also can not be ruled out.

As clear consolidation patterns were not seen today therefore firstly fresh consolidation and after that sustaining above today highest(11401) should be watched in the coming 1/2 sessions for rally continuation confirmation above today highest .

As busy therefore Stock Market Outlook of today(18-08-2020) is not being updated.

समस्त हिन्दुस्तानियों को 

स्वतन्त्रता दिवस की 

हार्दिक शुभकामनायें 

Wishing all Indians 

Happy Independence Day

 Nifty 3 Levels will confirm Wave-C beginning towards and below 7511.11

Nifty-Technical Analysis,Research

 & Weekly Outlook

 (Aug 17 to Aug 21,2020)

Nifty-Weekly Chart Analysis

(Corrective Waves & Stochastics)

Nifty-Weekly Chart (14-Aug-2020):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after new life time high formation at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves"  beginning

2- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning

3- Wave-B continuation with recent top formation at 11373.60 on 11-08-2020 

4- Stochastic-%K(5) is at 78.53 & %D(3) is at 84.43

5- Stochastic is showing negative divergence in Overbought zone  

Conclusions from Weekly chart analysis

(Corrective Waves & Stochastics)

Impulsive Wave-5 completed after new life time high formation at 12430.50 on 20-01-2020 and after that Wave-A of "corrective ABC Waves" started which completed at 7511.10 on 24-03-2020. Now Wave-B continuation with recent top formation at 11373.60 on 11-08-2020 and no confirmation of its completion yet.

Although Nifty is moving up but Stochastics is showing negative divergence in Overbought zone through moving down which is strong indication of Wave-B big correction because this development is on Weekly Chart. 

As %K(5) of Stochastics has also intersected downward %D(3) in overbought zone therefore emergence of correction expectations in the coming week/weeks which may deeper also because this development is on Weekly Chart.

Nifty-EOD Chart Analysis

(Trendline,Average & Indicators)

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

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning

2- Wave-B continuation with recent top formation at 11373.60 on 11-08-2020  

3- Wave-B Trend line at 10915

4- Long Term Trend decider 200-Day SMA is today at 10842

5- ROC and RSI are showing negative divergence

Conclusions from EOD chart analysis

(Trendline,Average & Indicators)

Corrective Wave-A completed at 7511.10 on 24-03-2020 and Wave-B started which is in continuation with recent top formation at 11373.60 on 11-08-2020.

Although Nifty is moving up but ROC and RSI Indicators are showing negative divergence in Overbought zone through moving down which is strong indication of Wave-B big correction.

As correction is expected therefore Wave-B Trend line(10915) and Long Term Trend decider 200-Day SMA(today at 10842) should be firstly watched in the coming week/weeks for the life of expected correction. 

NiftyLast 5 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Aug 10 to Aug 14,2020):-

Technical Patterns formation in last 5 Sessions intraday charts

1- Higher levels good selling in first 4 sessions

2- Good selling between 11292-11373 in first 4 sessions

3- 4 Hours selling between 11311-11366 on 14-08-2020

4- Sharp fall on 14-08-2020 

5- First 4 Sessions actual trading between 11238-11373 

Conclusions from 5 Sessions

intra day chart analysis 

As higher levels good selling in first 4 sessions of previous week and follow up selling on last day also therefore sharp fall was seen on last day of previous week.

As such huge selling in previous week therefore last Friday started down moves will remain continued in next week/weeks also.

Nifty Intra Day Chart

Analysis(14-Aug-2020)

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

Technical Patterns formation in today intraday charts

1- 4 Hours selling between 11311-11366(Immediate Resistances)

2- Sharp fall

3- Slow up moves in last hour

4- Whole day actual trading between 11112-11366

Conclusions from

intra day chart analysis 

As 4 hours good selling therefore sharp fall was seen in Mid-session. Slow up moves in last hour after minor supports at lower levels hence some up moves may be seen in the beginning of next week but until complete consolidation will not be seen till then those up moves will not be able to move or sustain above today highest(11366). 

Fresh 1/2 sessions selling below 11311 will mean more down down moves below last Friday lowest(11112) and it is finally expected also in next week.

Conclusions

(After Putting All Studies Together)

1- Long term trend is up.

2- Intermediate term trend is up.

3- Short term trend has turned down after sharp fall on 14-Aug-2020.

Although Wave-b continuation and no confirmation of its completion yet but following strong indications of Wave-B completion and Wave-C beginning towards and below the origin level of Wave-B(7511.10):- 

1- Last 4 sessions trading range(11238-11373) broken down forcefully on 14-Aug-2020 and higher levels good selling in last 5 sessions. 

2- Stochastics on weekly chart is showing negative divergence in Overbought zone and %K(5) of Stochastics has also intersected downward %D(3). 

3- ROC and RSI Indicators are showing negative divergence in Overbought zone.

4- Wave-B is more than 4 months old therefore generating a signal of time-wise correction completion. 

As first indication through forceful break down of last 4 sessions trading range last Friday and Wave-B is also mature for its completion and deeper correction beginning therefore finally sustaining below following 3 levels should be watched in the coming week/weeks for Wave-B completion and Wave-C beginning towards and below 7511.11:-

1- Last 4 sessions lowest at 11238

2- Wave-B Trend line at 10915

3- Long Term Trend decider 200-Day SMA is today at 10842 

 Remain cautious Crucial levels will confirm huge fall  

Nifty-Intra Day Chart Analysis & 

Market Outlook(14-08-2020)

Nifty-Intra Day Chart Analysis(13-Aug-2020)

Technical Patterns formation in today intraday charts

1- Selling between 11341-11359

2- Selling between 11300-11321

3- Whole day actual trading between 11270-11359

Conclusions from intra day chart analysis 

As whole day good selling therefore strong indications of down moves below today lowest(11270). Good selling and little consolidation has been seen above 11243 in last 4 sessions and this levels has become crucial as well as once sustaining below it will mean huge fall beginning possibility therefore remain cautious.

As busy therefore Stock Market Outlook of today(13-08-2020) is not being updated.

 Emergence of down moves possibility

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-08-2020)

Nifty-Intra Day Chart Analysis(11-Aug-2020)

Technical Patterns formation in today intraday charts

1- Selling between 11350-11373

2- Down moves in Bullish Falling Channel

3- Selling between 11342-11363

4- Support between 11312-11326

5- Whole day actual trading between 11300-11373

Conclusions from intra day chart analysis 

As Dow Jones closed 357 points up yesterday and its Futures was trading more than 90 points up therefore all the Asian markets were trading strong hence good opening of Indian markets.

Although whole day positive zone trading and closing with 0.46% gains but higher levels selling was seen today and Indian markets completely under performed Global markets today because when most European markets were trading more than 2% up and Dow Jones Futures was also more than 250 points up then Indian markets closed with lesser gains therefore good selling on such strong cues can not be ruled out and sustaining above today highest after complete consolidation is must for fresh up moves above today highest. 

Follow up selling and once sustaining below today lowest(11300) will mean sharp down moves possibility because intraday selling was seen yesterday also and today up moves were only strong Global markets led.

Although lower levels some supports but higher levels good selling today therefore emergence of down moves possibility because Short Term indicators have turned overbought also.

 Levels will confirm decisive down moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(11-08-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 11306-11337

2- Sharp fall

3- Sideways trading between 11264-11296

4- Whole day actual trading between 11238-11337

Conclusions from intra day chart analysis 

Resistances 11244-11341 was was updated on 08-08-2020 in "Wave-C deeper correction confirmations from 3 levels" and Nifty traded almost whole day trading was within this range(11238-11337) with higher levels selling. 

As higher levels more than 3 hours selling therefore sharp fall in Mid-sessions and after that last one hours sideways trading does mean that if follow up selling develops then decisive down moves will be seen.

Two sessions selling within today trading range and once sustaining below today lowest will mean decisive down moves beginning which should be firstly watched in the coming sessions for its confirmations.

  Wave-C deeper correction confirmations from 3 levels

Technical Analysis,Research & Weekly Outlook

(Aug 10 to Aug 14,2020)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (07-Aug-2020):-

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 and Wave-A of "corrective ABC Waves"  beginning

7- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning

8- Wave-B continuation with recent top formation at 11341.40 on 29-07-2020

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 which started from 6825.80 on 29-02-2016 completed at 12430.50 on 20-01-2020 and its Wave-A of "corrective ABC Waves" begun. Corrective Wave-A completed at 7511.10 on 24-03-2020 and Wave-B started which is in continuation with recent top formation at 11341.40 on 29-07-2020. 

Nifty-EOD Chart Analysis 

(Wave B structure)

Nifty-EOD Chart (07-Aug-2020):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning

2- Wave-a of Wave-B(9889.05 on 30-04-2020)

3- Wave-b of Wave-B(8806.75 on 16-05-2020)

4- Wave-c of Wave-B continuation with recent top formation at 11341.40 on 29-07-2020

5- Last 15 sessions sideways trading between 10883-11341

Conclusions from EOD chart analysis (Wave B structure)

Corrective Wave-A of "ABC correction" completed at 7511.10 on 24-03-2020 and Wave-B started which is in continuation with recent top formation at 11341.40 on 29-07-2020. 

Last 15 sessions sideways trading between 10883-11341 and once sustaining below 10883 will mean first strong signals of Wave-B completion and Wave-C beginning towards and below the bottom of Wave-B(7511.10) because that will be break down confirmation of 15 sessions like big trading range.

Nifty-EOD Chart Analysis

(Average & Trendline)

Nifty-EOD Chart (07-Aug-2020):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning

2- Wave-B continuation with recent top formation at 11341.40 on 29-07-2020 

3- Wave-B Trend line at 10915

4- Long Term Trend decider 200-Day SMA is today at 10850

Conclusions from EOD chart analysis

(Average & Trendline)

Last 15 sessions lowest is at 10883 and once sustaining below it will mean break down of Wave-B Trend line also which is today at 10915 and that will be strong signal of Wave-B completion and Wave-C beginning. 

Long Term Trend decider 200-Day SMA is today at 10850 and sustaining below it will mean Long Term Trend  turning down confirmation also which will be mean decisive down moves beginning towards and below the bottom of Wave-B(7511.10) .

Nifty

Last 15 Sessions intraday charts analysis

Nifty-Intra Day Chart (Jul 20 to Aug 07,2020):-

Technical Patterns formation in last 15 Sessions intraday charts

1- Selling(Resistances) in last 15 sessions are between:- 

A- 11211-11256

B- 11244-11341

2- Consolidation(Supports) in last 15 sessions are sessions:-

A- 11027-11068

B- 10957-10998

C- 10883-10934

3- 15 Sessions actual trading between 10883-11341 

Conclusions from 15 Sessions intra day chart analysis 

Last 15 Sessions trading between 10883-11341 with lower levels supports and higher levels equally strong resistances also therefore Nifty will firstly trade and prepare for next decisive big moves within last 15 sessions trading range in next week. 

As 15 sessions like big trading range therefore finally sustaining beyond this range will certainly generate big moves which will begin in the coming week/weeks and that should be also watched for those big moves confirmations.

Nifty

Intra Day Chart Analysis(07-Aug-2020)

Nifty-Intra Day Chart (07-Aug-2020):-

Technical Patterns formation in today intraday charts

1- Sharp up after weaker opening

2- More than 5 hours sideways trading between 11169-11231

3- Whole day actual trading between 11143-11231

Conclusions from intra day chart analysis 

As most Asian markets were weak and some were more than 1% down last Friday morning therefore negative opening of Indian markets but sharply up after 15 minutes and after that whole day trading was sideways between 11169-11231. 

Although closing was near the higher levels of the day but clear intraday trading patterns were not seen therefore firstly sustaining beyond 11169-11231 should be watched in the coming week for first strong signal of next decisive moves beginning.

Conclusions (After Putting All Studies Together)

1- Long term trend is up.

2- Intermediate term trend is up.

3- Short term trend is sideways between 10883-11341 for the last 15 Sessions.

"ABC correction" of that rally is very much on which started from 6825.80 on 29-02-2016 completed at 12430.50 on 20-01-2020. Corrective Wave-A of this correction completed at 7511.10 and Wave-B begun which IS moving up with recent top formation at 11341.40 on 29-07-2020.

Although no confirmation of Wave-B completion yet but Nifty has turned sideways for the last 15 sessions at the top of Wave-B between 10883-11341 and finally sustaining beyond this 15 sessions trading range will decide the life of Wave-B in following manner:-     

1- Sustaining above 11341 will mean Wave-B continuation towards the top of Wave-A(12430.50)

2- Sustaining below 10883 will mean strong possibility Wave-B completion and Wave-C beginning towards and below the origin of Wave-B(7511.10)   

As both supports and resistances have been developed between 10883-11341 in the last 15 sessions therefore firstly Nifty will have to trade and prepare for those next above mentioned one sided decisive moves in the coming week. As Wave-B is more than 4 months old therefore generating a signal of time-wise correction completion also hence sustaining below 10883 and/or its forceful break down will mean much bigger down moves confirmations. 

As Wave-B seems to be mature for completion therefore finally sustaining below following 3 levels should be watched in the coming week/weeks for Wave-B completion and Wave-C beginning for deeper correction:-

1- 15 sessions trading range lowest at 10883

2- Wave-B Trend line at 10915

3- Long Term Trend decider 200-Day SMA is today at 10850