Follow up selling and today lowest will confirm Short term correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-11-2020)

Nifty-Intra Day Chart (11-Nov-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 12709-12769

2- Sharp fall

3- Consolidation between 12572-12644

4- Slow up moves

5- Selling between 12725-12760

6- Whole day actual trading between 12572-12769

Conclusions from intra day chart analysis 

Although firstly moved up after gap up opening but selling developed at higher levels therefore sharp fall was seen. As lower levels consolidation between 12572-12644 therefore up move were seen which were slow and follow up selling was seen at higher levels hence down moves are expected towards today lowest(12572) in the coming sessions. Once follow up selling and sustaining below today lowest will confirm Short term correction towards 12400.

Nifty above 18000 till Diwali-2021

Technical Analysis,Research & 

Weekly Outlook(Nov 13 to Nov 20,2020)

As new life time high formation above 12430.50 on 09-10-2020 therefore Wave have to be recounted according to Elliott Wave theory which is being done in the following Diwali-2020 Outlook

Nifty-EOD Chart Analysis (Waves structure)

Nifty-EOD Chart (10-Nov-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 11760.20 on 28-08-2018 and corrective Wave-4 beginning

5- Corrective  Wave-4 completion at 10004.55 on 26-10-2018 and impulsive Wave-5 beginning

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

7- Corrective Wave-C completion at 7511.10 on 24-03-2020 

8- Impulsive Wave-1 begun and now its Wave-5 is in  continuation with recent top formation at 12643.90 on 10-11-2020

Conclusions from EOD chart analysis(Waves structure)

Impulsive Wave-1 begun from 6825.80 on 29-02-2016 after 1 financial year(2015-16) correction completion. Its impulsive Wave-5 completed after new life time high formation at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" begun. Its corrective Wave-C completed at 7511.10 on 24-03-2020 and in this manner 29-02-2016 started Waves structure completed after it new Waves structue formed which is in continuation with recent top formation at 12643.90 on 10-11-2020

Nifty-EOD Chart Analysis (2020 Waves structure)

Nifty-EOD Chart (10-Nov-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-C completion at 7511.10 on 24-03-2020 

3- Impulsive Wave-1 begun and now its Wave-5 is in  continuation with recent top formation at 12643.90 on 10-11-2020

Conclusions from EOD chart analysis

(2020 Waves structure)

Impulsive Wave-5 completion after new life time high formation at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" started. As Corona panic all around therefore crashing like situation developed and its corrective Wave-C completed at 7511.10 on 24-03-2020.

Waves structure which developed through Impulsive Wave-1 from 6825.80 on 29-02-2016 completed  at 7511.10 on 24-03-2020 after "ABC" correction completion. After it new 2020 Waves structure formed and now it is in continuation with recent top formation at 12643.90 on 10-11-2020

Nifty-EOD Chart Analysis (2020 Correction Waves)

Nifty-EOD Chart (10-Nov-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-Wave-A (11614.50 on 03-02-2020)

3-Wave-B (12246.70 on 14-02-2020)

4-Corrective Wave-C completion at 7511.10 on 24-03-2020.

5-Impulsive Wave-1 of new Waves structure begun at 7511.10 on 24-03-2020 which is continuation 

Conclusions from EOD chart analysis

(2020 Correction Waves)

"ABC" correction started after new life time high formation at 12430.50 on 20-01-2020. Its  Wave-A completed at 11614.50 on 03-02-2020 and Wave-B finished at 12246.70 on 14-02-2020 but Wave-C was in crashing mode because Covid-19 panic developed Globally and sharp huge fall was seen in all the Global markets which was followed by Indian markets also.

Corrective Wave-C completed at 7511.10 on 24-03-2020 and Impulsive Wave-1 of new Waves structure started.

Nifty-EOD Chart Analysis

(2020 Rally Waves structure)

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

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020  

2- Wave-1 (9889.05 on 30-04-2020)

3- Wave-2 (8806.75 on 18-05-2020)

4- Wave-3 (11794.30 on 31-08-2020)

5- Wave-4 (10790.20 on 24-09-2020)

6- Impulsive Wave-5 continuation with recent top formation at 12643.90 on 10-11-2020

Conclusions from EOD chart analysis

(2020 Rally Waves structure)

Corrective Wave-C completed and Impulsive Wave-1 of new Waves structure started from 7511.10 on 24-03-2020,its impulsive Wave-5 is in continuation now with recent top formation at 12643.90 on 10-11-2020

 

Nifty-EOD Chart Analysis (Stochastic)

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

Technical Patterns and Formations in EOD charts

1- Wave-5 continuation with new life time high formation at 12643.90 on 10-11-2020

2- Stochastic- %K(5) is at 98.16 & %D(3) is at 97.67

Conclusions from EOD chart analysis (Stochastic)

Rally continuation with new life time high formation at 12643.90 but Short Term indicator Stochastic has moved into Over bought zone therefore Short Term correction has become due. As intraday charts and EOD charts have not shown any selling patterns till now therefore some more up moves can not be ruled out but expected that Short Term correction will be seen after fresh selling patterns in the next 2/3 sessions. 

Conclusions (After Putting All Studies Together)

All Trends are up just before Diwali-2020 and continuous new life time high formation for the last 2 sessions in that situation when GDP IS -25.2 and whole country is in Corona pandemic grip as well as its cases have started to increase. 

Main reason of strong recovery of Nifty from 7511.10 to new life time high in 2020 are as follows:-

1- Jump of profits in IT sector due to new work culture of "Work at Home" and resultant NiftyIT Index rallied 105% in only 7 months from 10992 on 19-03-2020 to 22619 on 13-10-2020.

2- As China conspired Corona therefore high Global anger against it and resultant many countries have decided to shift their companies from China to other countries and resultant many multinational companies may come and start business in India   

3- "Make in India" concept will develop industrial production in India,resultant Exports and GDP will increase as well as India Rupee will also strengthen.

Although new life time high formations but Short to Long Term indicators have turned Over bought therefore correction is very much due which will be seen. As selling patterns have not been developed yet on EOD charts and intraday charts therefore immediate deeper correction will not be seen,let it happen then Short to Long Term correction will be seen but finally rally will remain continued towards and above 18000 in the coming year till Diwali-2021.

More consolidation & today highest will confirm fresh rally

Nifty-Intra Day Chart Analysis &

Market Outlook(11-11-2020)

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

Technical Patterns formation in today intraday charts

1- Consolidation between 12476-12500

2- Sharp up

3- Up moves in Bearish Rising Channels

4- Intraday corrections

5- Whole day actual trading between 12476-12643

Conclusions from intra day chart analysis 

As firstly consolidation after gap up opening therefore sharp up moves were seen. Although after that whole day up moves were in Bearish Rising Channel and consolidation was also seen through continuous correction but last hour Up moves were in Bearish Rising Channels therefore more consolidation is firstly required tomorrow for sustaining above today highest(12643.90) which should be watched tomorrow for fresh rally above this level.

On going rally continuation

Nifty-Intra Day Chart Analysis & 

Market Outlook(10-11-2020)

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

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Up moves with downward corrections

3- Whole day actual trading between 12368-12474

Conclusions from intra day chart analysis 

Firstly huge gap up opening with new life time high formation and after that whole day consolidation through Down moves in Bullish Falling Channel and Up moves with downward corrections therefore on going rally will remain continued in the coming sessions.

As following Corona vaccine most positive news therefore Dow Jones and SGX Nifty are trading more than 4.5% up and more than 250 points up respectively hence rally continuation with huge gap up opening will be seen tomorrow.

Firstly watch 2 levels for next trend confirmations

Technical Analysis,Research & Weekly Outlook

(Nov 09 to Nov 13,2020)

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (06-Nov-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 12280.40 on 06-11-2020

Conclusions from EOD chart analysis

(Corrective Waves)

Impulsive Wave-5 completed after new life time high formation at 12430.50 on 20-01-2020 and 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 and no confirmation of its completion yet.

As Wave-B recent top formation at 12280.40 last Friday and closing was just below it at 12263.55 which is little below life time highest and top of Wave-A(12430.50) therefore firstly moving above 12430.50 should be watched in the coming sessions because once moving above it will mean recounting of Waves will have to be done as per Elliott Wave theory. 

Nifty-EOD Chart Analysis

(Wave-B structure & Stochastic)

Nifty-EOD Chart (06-Nov-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-1 (9889.05 on 30-04-2020)

3- Wave-2 (8806.75 on 18-05-2020)

4- Wave-3 (11794.30 on 31-08-2020)

5- Wave-4 (10790.20 on 24-09-2020)

6- Wave-5 of Wave-B continuation with recent top formation at 12280.40 on 06-11-2020

7- Stochastic %K(5) is at 96.83 & %D(3) is at 83.67

Conclusions from EOD chart analysis

(Wave-B structure & Stochastic)

Wave-5 of Wave-B continuation with recent top formation at 12280.40 on 06-11-2020 and no indication of its completion yet. As Short Term Indicator Stochastic has become Overbought therefore first signal of short Term correction but Intraday charts have not shown complete selling patterns hence if fresh selling patterns develops and Nifty sustains below last Friday highest(12280.40) only then Short Term Correction will be considered.

Nifty-Last 24 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Oct 06 to Nov 06,2020):-

Technical Patterns formation in last 24 Sessions intraday charts

1- 22 Sessions sideways trading between 11536-12025

2- 22 Sessions trading range broken out on 05-11-2020

3- 24 Sessions actual trading between 11536-12280

Conclusions from 24 Sessions

intra day chart analysis 

22 Sessions sideways trading between 11536-12025 and this range was broken out forcefully through gap up opening on 05-11-2020 and Nifty sustained above it in last 2 sessions which is a strong indication of 22 sessions range valid break out and resultant decisive up moves will be considered.

Nifty-Intra Day Chart Analysis

(06-Nov-2020)

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

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channels

2- Up moves with downward corrections

3- Whole day actual trading between 12132-12280

Conclusions from intra day chart analysis 

Although up moves were in Bearish Rising Channels but intraday consolidation was also seen through downward corrections and last Friday closing was at the top of on going rally therefore more up moves can not be ruled out in the beginning of next week. Let Nifty sustain above last Friday highest(12280.40) then decisive up moves will be seen towards life time highest(12430.50).

Conclusions (After Putting All Studies Together)

All trends are up,Wave-5 of Wave-B continuation and no indication of its completion yet.

Life time highest/top of Wave-A is at 12430.50 and last Friday highest was at 12280.40 which is little below it. Once moving above it will mean Waves will have to be recounted according to Elliott Wave theory which should be firstly watched in the coming sessions because it will completely change Nifty Outlook.  

As 22 Sessions sideways trading range(11536-12025) forcefully broken out in previous week and strong indications of sustaining above it also therefore more up moves will be seen in next week because intraday consolidation patterns also developed last Friday.

Short term indicator Stochastic has moved into overbought zone but negative divergence and downward cross over is not seen yet therefore view will be cautiously Bullish. 

As both more up moves and Short Term correction indications therefore firstly sustaining beyond 12025 should be firstly watched in the coming weeks. Once moving above 12430.50 will mean on going rally continuation with revised upward targets according to Elliott Wave theory waves recounting. As these 2 levels will confirm next trend therefore should be firstly watched in the coming weeks

 As busy therefore Stock Market Outlook of next 2 sessions(5th and 6th Nov) will not not be posted.

 As busy therefore Stock Market Outlook of today(04-11-2020) is not being updated.

 As busy therefore Stock Market Outlook of today(03-11-2020) is not being updated.

 11526 will confirm downward trend formation

Technical Analysis,Research & Weekly Outlook 

(Nov 02 to Nov 06,2020)

Nifty-EOD Chart Analysis (Wave-B structure)

Nifty-EOD Chart (30-Oct-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-1 (9889.05 on 30-04-2020)

3- Wave-2 (8806.75 on 18-05-2020)

4- Wave-3 (11794.30 on 31-08-2020)

5- Wave-4 (10790.20 on 24-09-2020)

6- Wave-5 of Wave-B continuation with recent top formation at 12025.45 on 15-10-2020

7- Last 19 Sessions sideways trading between 11536-12025 

Conclusions from EOD chart analysis(Wave-B structure)

Corrective Wave-A completed at 7511.10 on 24-03-2020 and after that Wave-B started. Now Wave-5 of Wave-B continuation with recent top formation at 12025.45 and no confirmation of its completion yet.

Last 19 Sessions sideways trading between 11565-12025 and finally sustaining beyond this range will confirm next big moves which should be firstly watched in the coming week/weeks.

 

Nifty-EOD Chart Analysis

(Averages,MACD & Stochastic)

Nifty-EOD Chart (30-Oct-2020):-

Technical Patterns and Formations in EOD charts

1- Wave-B continuation with recent top formation at 12025.45 on 15-10-2020.

2- MACD line intersected Average line downward 

3- -%K(5) is at 19.72 & %D(3) is at 26.84

4-Averages

A- 5-Day SMA is today at 11740

B- 21-Day SMA is today at 11789

C- 55-Day SMA is today at 11526

D- 200-Day SMA is today at 10703

Conclusions from EOD chart analysis

(Averages,MACD & Stochastic)

Following indicators are suggesting downward trend formation is beginning:-

1- 5-Day SMA(today at 11740) has moved below 21-Day SMA(11789) 

2- MACD line clearly intersected Average line downward 

Nifty got support just above 55-Day SMA(today at 11526) therefore Intermediate Term Trend is still intact and Stochastic is moving into Over sold zone as well as Long Term Trend is very much up therefore some up moves may be seen in the beginning of next week.

Nifty-Last 19 Sessions intraday charts analysis

Nifty-Intra Day Chart (Oct 06 to Oct 30,2020):-

Technical Patterns formation in last 19 Sessions intraday charts

1- Selling(Resistances) in last 19 sessions are between:-

A- 11710-11744

B- 11875-11945 

C- 11974-12025 

2- Consolidation(Supports) in last 19 sessions are sessions:-

A- 11536-11600

B- 11565-11607

3- 19 Sessions actual trading between 11536-12025 

Conclusions from 19 Sessions intra day chart analysis 

Previous supports were between 11565-11607 and some consolidation was seen within and near about this range between 11536-11600 last Friday therefore some up moves can not be ruled out in the beginning of next week.

As sufficiently strong resistances also have been developed at higher levels in the last 19 sessions therefore until Nifty will not sustain above 12025 after complete fresh consolidation till then next rally will not be considered. 

Fresh selling and once sustaining below 11536 will mean sharp down moves therefore firstly sustaining it beyond should be watched in next week because last Friday closing was little above this level.

Nifty-Intra Day Chart Analysis

(30-Oct-2020)

Nifty-Intra Day Chart (30-Oct-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 11717-11748

2- Down moves with upward corrections

3- Support between 11536-11600

4- Up moves with downward corrections

5- Whole day actual trading between 11536-11748

Conclusions from intra day chart analysis 

As selling in first hour therefore down moves were seen after that but got supports at lower levels hence up moves in last 2 hours.

Although last 2 hours up moves were with downward corrections and resultant some more up moves will be seen in the beginning of next week but good selling was seen between 11717-11748 therefore until Nifty will not sustaining above 11748 after fresh consolidation till then decisive up moves will not be seen.

Conclusions (After Putting All Studies Together)

1- Long term trend is up.

2- Intermediate term trend is up and will be down after sustaining below its decider 55-Day SMA(today at 11526)

3- Short term trend is down.

Last 19 sessions sideways trading between 11536-12025 at the top of on going Wave-B OF which 5th Wave is on and once sustaining below it will mean correction of whole that wave which started from 7511.10 on 24-03-2020

As last 19 sessions lowest is at 11536 and Intermediate term trend decider 55-Day SMA is just below it at 11526 therefore sustaining below 11526 will confirm next big down moves which should be firstly watched in next week because MACD is also confirming downward trend formation.

 Today lowest(11607) will confirm deeper correction

Nifty-Intra Day Chart Analysis &

Market Outlook(30-10-2020)

Nifty-Intra Day Chart (29-Oct-2020):-

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel

2- Selling between 11680-11744 

3- Down moves in Bullish Falling Channel

4- Whole day actual trading between 11607-11744

Conclusions from intra day chart analysis 

When US markets and SGX Nifty were crashing then following lines were told on 28-10-2020 in "Sustaining below 11662 will confirm sharp fall":-

technically sustaining beyond 11662-11756 should be firstly watched tomorrow for next big moves confirmations.

As Asian markets were also trading weak therefore gap down opening of Indian markets and closed also in Red above 11662 at 11670.80.

Firstly selling was seen at higher levels but minor consolidation was also seen at lower levels in last hours therefore sustaining below today lowest(11607) should also be firstly watched for deeper correction confirmations.

Sustaining below 11662 will confirm sharp fall

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-10-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 11814-11929

2- Supports between 11685-11756 

3- Whole day actual trading between 11685-11929

Conclusions from intra day chart analysis 

Following lines were told on 24-10-2020 in "Watch 2 levels one by one for next trend first signal and final confirmation":-

Firstly sustaining beyond following 2 levels should be watched one by one in the coming week/weeks for first signal and final confirmations:- 

1- 11824-11975 

2- 11662-12025

Nifty traded within above mentioned 2nd range(11662-12025) in last 3 sessions and selling was seen at higher levels but some supports was also seen at lower levels today between 11685-11756 therefore technically sustaining beyond 11662-11756 should be firstly watched tomorrow for next big moves confirmations.

As Dow Jones is now 800 points down and and SGX Nifty is also trading more than 100 points down at this moment therefore if such Bearish sentiment maintains till tomorrow morning then huge gap down opening will be seen below 11662 and once sustaining below it will mean valid break down of last 15 sessions trading range(11662-12025) and confirmation of sharp fall of Indian markets.  

As still not feeling well therefore Stock Market Outlook of today(28-10-2020) is not being updated but tomorrow Outlook will be posted positively.

 As not feeling well therefore Stock Market Outlook of today(27-10-2020) is not being updated.

Watch 2 levels one by one for next trend first signal and final confirmation

Technical Analysis,Research & Weekly Outlook

(Oct 26 to Oct 30,2020)

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (23-Oct-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 12025.45 on 15-10-2020

Conclusions from EOD chart analysis

(Corrective Waves)

Wave-B continuation with recent top formation at 12025.45 on 15-10-2020 and no confirmation of its completion yet.

Nifty-EOD Chart Analysis

(MACD)

Nifty-EOD Chart (23-Oct-2020):-

Technical Patterns and Formations in EOD charts

1- Wave-B continuation with recent top formation at 12025.45 on 15-10-2020.

2- MACD line intersected Average line downward 

Conclusions from EOD 

chart analysis(MACD)

Wave-B continuation with recent top formation at 12025.45 on 15-10-2020 and no confirmation of its completion yet but in MACD indicator MACD line intersected Average line downward therefore emergence of downward trend beginning signal which may be seen in the coming week/weeks.

Nifty-Last 12 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Oct 08 to Oct 23,2020):-

Technical Patterns formation in last 12 Sessions intraday charts

1- Selling(Resistances) in last 12 sessions are between:-

A- 11886-11949 

B- 11985-12018 

2- Consolidation(Supports) in last 12 sessions are sessions:-

A- 11778-11832 

B- 11668-11725

3- Last 2 Sessions sideways trading between 11824-11975

4- 12 Sessions actual trading between 11662-12025 

Conclusions from 12 Sessions

intra day chart analysis 

As last 12 Sessions trading between 11662-12025 with lower levels supports,higher levels resistances and also last 2 Sessions sideways trading between 11824-11975 therefore Nifty will firstly trade and prepare for next decisive moves within and near about last 2 Sessions trading range in the beginning of next week. 

For first signal of next decisive beginning sustaining beyond last 2 Sessions trading range(11824-11975) should be firstly watched in the beginning of coming week and finally sustaining beyond last 12 sessions trading range(11662-12025) should be watched in the coming week for next big moves beginning.

Nifty-Last 2 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Oct 22 & Oct 23,2020)

Technical Patterns formation in last 2 Sessions intraday charts

1- Whole day sideways trading between 11824-11935 on 22-10-2020

2- Whole day sideways trading between 11909-11975 on 23-10-2020

3- 2 Sessions actual trading between 11824-11975 

Conclusions from 2 Sessions

intra day chart analysis 

As last 2 Sessions sideways trading between 11824-11975 and one sided trading patterns were not seen therefore expected that Nifty will trade and prepare for next decisive moves within this range and finally sustaining it beyond will confirm next moves which should be firstly watched in next week.

Conclusions

(After Putting All Studies Together)

1- Long term trend is up.

2- Intermediate term trend is sideways between 11662-12025 for the last 12 sessions.

3- Short term trend is sideways between 11824-11975 for the last 2 sessions.

Wave-B continuation with recent top formation at 12025.45 on 15-10-2020 and no confirmation of its completion yet but last 12 sessions sideways between 11662-12025 and finally sustaining beyond this range will confirm next big moves in following manner:-

1- Above 12025 will mean Wave-B continuation towards life time highest(12430.50) 

2- Below 11662 will mean deeper correction beginning and emergence of Wave-B completion first signal at 12025.45 on 15-10-2020.

As in MACD indicator MACD line intersected Average line downward therefore once sustaining below 12025.45 will mean downward trend formation confirmation which may be deeper also.

Firstly sustaining beyond following 2 levels should be watched one by one in the coming week/weeks for first signal and final confirmations:-

:_

1- 11824-11975 

2- 11662-12025

Levels will confirm next moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-10-2020)

Nifty-Intra Day Chart (22-Oct-2020):-

Technical Patterns formation in today intraday charts

1- Whole day sideways trading between 11824-11935

2- Whole day actual trading between 11824-11939

Conclusions from intra day chart analysis 

As whole day sideways trading between 11824-11935 and one sided trading patterns were not seen therefore expected that Nifty will trade and prepare for next decisive moves within this range and finally sustaining it beyond will confirm next moves which should be firstly watched tomorrow. 

Firstly watch levels for

 first strong signal

Nifty-Intra Day Chart Analysis & 

Market Outlook(22-10-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 11985-12018

2- Violent volatility in last two and half hour

3- Whole day actual trading between 11776-12018

Conclusions from intra day chart analysis 

Selling was seen between 11923-12025 on 15-10-2020 and follow up selling was seen within this range between 11985-12018 today therefore resistances at higher levels have turned stronger today.  

As selling was seen in previous 2 sessions therefore down moves below 11820.40 and 11838 were told in previous 2 Outlooks and Nifty slipped below these 2 levels also today but amid last two and half hour violent volatility therefore view will cautious and levels will be firstly watched tomorrow because technical positions reverses in such high volatility also. 

As previous 2 sessions selling between 11985-12025 therefore firstly sustaining it beyond should be watched tomorrow for first strong signal of next decisive moves beginning. 

Finally Nifty will fall after 

follow up selling

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-10-2020)

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

Technical Patterns formation in today intraday charts

1- Selling Patterns formation between 11886-11949

2- Whole day actual trading between 11838-11949

Conclusions from intra day chart analysis 

As whole day selling Patterns formation between 11886-11949 today therefore Nifty will not sustain above today highest(11949) and finally Nifty will fall below today lowest(11838) after follow up selling in the coming 1/2 sessions despite Dow Jones is now trading more than 250 points up and SGX Nifty is also now 51 points up.

 Correction continuation expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-10-2020)

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

Technical Patterns formation in today intraday charts

1- Whole day up moves in Bearish Rising Channels

2- Whole day actual trading between 11821-11898

Conclusions from intra day chart analysis 

Although closing was near the higher levels of the day but selling patterns were seen through whole day up moves in Bearish Rising Channels therefore last Thursday started correction continuation is expected below day's lowest(11820.40) in the coming sessions. 

Previous week started correction continuation expectations towards next supports

Technical Analysis,Research & Weekly Outlook

(Oct 19 to Oct 23,2020)

Nifty-EOD Chart Analysis 

(Fibonacci retracement levels)

Nifty-EOD Chart (16-Oct-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 completion indications with recent top formation at 12025.45 on 15-10-2020 and correction beginning.

3- Fibonacci retracement levels of correction:-

1- 13.0%- 11438 

2- 23.6%- 10960 

3- 27.0%- 10806

4- 38.2%- 10301(Crucial)

5- 50.0%-  9768(Crucial)

6- 61.8%-  9235(Crucial)

7- 70.7%-  8833

8- 76.4%-  8576

9- 78.6%-  8477

10-88.6%-  8025

Conclusions from EOD chart analysis

(Fibonacci retracement levels)

As 363 points sharp fall from higher levels on 15-10-2020 and Nifty closed below the lowest of last 5 sessions after testing psychological level of 12000 therefore first strong signal 

Wave-B completion and Wave-C beginning.

Once confirmation of Wave-C formation will mean correction continuation according to  above mentioned Fibonacci retracement levels and that should be watched for supports getting and next moves in coming weeks/months/years.

Nifty-EOD Chart Analysis

((Averages)

Nifty-EOD Chart (16-Oct-2020):-

Technical Patterns and Formations in EOD charts

1- 5-Day SMA is today at 11855

2- 13-Day SMA is today at 11678

3- 55-Day SMA is today at 11421

4- 200-Day SMA is today at 10721

Conclusions from EOD chart analysis

(Averages)

Short Term Trend has turned down after after slipping 363 points from higher levels on 15-10-2020 and last 2 sessions closing below its decider 5-Day SMA(today at 11855).

Although Nifty tested 13-Day SMA(today at 11678) in last 2 sessions but closed above it. Once sustaining below it will mean first signal of Intermediate Term Trend turning down and its confirmation will be after sustaining below its decider 55-Day SMA(today at 11421)

Long Term Trend is very much up because Nifty closed more than 1000 points up its decider 200-Day SMA(10721) last Friday and even it was not tested in Sep 2020 fall also.  

Nifty-Intra Day Chart Analysis

(16-Oct-2020)

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

Technical Patterns formation in today intraday charts

1- Sharp down after positive opening

2- Sideways trading between 11717-11768

3- Up moves in Bearish Rising Channel

4- Sideways trading between 11747-11789

5- Whole day actual trading between 11668-11789

Conclusions from intra day chart analysis 

Although firstly sharp down after strong opening but after that whole day slow up moves were seen and some selling also through Up moves in Bearish Rising Channel.

As up moves were slow and 2 times sideways trading as well as one sided trading patterns were not seen therefore Nifty will firstly trade and prepare for next decisive moves between and near about 11717-11789 in the beginning of next week and firstly sustaining it beyond should be watched in next week for next decisive moves beginning confirmations.

Conclusions

(After Putting All Studies Together)

Although Wave-B continuation and no confirmation of its completion yet but first signal of its completion and Wave-C beginning had been generated after Long Black Engulfing Candle formation on 15-10-2020. As Very-Very Short Term indicators have turned Oversold after 15th Oct 2020 big fall therefore some up moves towards following next resistances can not be ruled out in the beginning of next week:-

1- 11823-11883

2- 11923-12025

Once failing to sustain above resistances will mean correction continuation towards and below following next supports:-

1- 11565-11607

2- 11391-11417

3- 11201-11270

4- 11073-11099(Gap support)

5- 10963-11006

6- 10791-10833

Long Term Trend decider 200-Day SMA is today at 10721 which is just below 6th support lowest and once sustaining below it will mean Long Term Trend turning down confirmation as well as Wave-C formation confirmation to move below the origin of Wave-B(7511.10).

Although some up moves can not be ruled out in the beginning of next week but expected that Nifty will not be able to sustain above resistances and finally Nifty will slip below last week lowest(11661.3) and previous week started correction will remain continued towards above mentioned next supports one by one. 

 Finally correction continuation after follow up selling 

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-10-2020)

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

Technical Patterns formation in today intraday charts

1- Selling between 11841-12025

2- Sharp down moves in last 3 hours

3- Whole day actual trading between 11662-12025

Conclusions from intra day chart analysis 

Although Nifty closed at the top of the day yesterday but we were not Bullish because before that more than 4 hours trading between 11823-11883 was not with consolidation patterns but only with volatility therefore we were cautious hence told following lines yesterday in "Levels will confirm next decisive moves "

firstly sustaining beyond 12000 and after that 11782-11883 should be watched for next decisive moves confirmations.

Our Previous Outlooks on "Home Page" are live proofs of this fact that we are continuously telling that Nifty will not sustain above 12000 and it has been seen in this week.

As intraday patterns of previous sessions were showing selling patterns and today was its reaction day therefore sharp fall was seen with huge follow up selling and Nifty closed at the lower levels of the day after slipping 363 points from higher levels.

As Very-Very Short Term indicators have turned Oversold after today huge fall therefore some up moves can not be ruled out but expected that finally today started correction will remain continued after follow up selling in the coming 1/2 sessions.

 Levels will confirm next decisive moves 

Nifty-Intra Day Chart Analysis & 

Market Outlook(15-10-2020)

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

Technical Patterns formation in today intraday charts

1- More than 4 hours volatile trading between 11823-11883

2- Sharp up in last hours

3- Whole day actual trading between 11823-11997

Conclusions from intra day chart analysis 

Following line was told at 12:47 AM on 14-10-2020 in "Correction continuation towards next supports":-

correction continuation is expected below day's lowest and towards next supports between 11782-11840

Nifty got supports within yesterday mentioned supports(11782-11840) and after that sharp up was seen in last hours but firstly more than 4 hours volatile trading between 11823-11883 because:-

Whole day today was full of following misleading news from media channels regarding Supreme Court hearing on Loan Moratorium:-

1- Firstly news was hearing will begin from 10:30 AM.

2- After that news came that hearing will start after Lunch Break.

3- After 02:30 PM channels told that Loan Moratorium case will be heard in the last.

4- After 03:00 PM this news was broadcasted that Judgement will not be announced today.

As such misleading news flow therefore 4 hours volatile trading between 11823-11883 and after that sharp up in last hours therefore firstly sustaining beyond 12000 and after that 11782-11883 should be watched for next decisive moves confirmations.