Crucial levels will confirm 3% moves

Technical Analysis,Research & Weekly Outlook

(Aug 19 to Aug 23,2019)

Nifty-EOD Chart Analysis(Corrective Waves)

Nifty-EOD Chart (16-Aug-2019):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after life time top formation at 12103.00 on 03-06-2019 and corrective Wave-A of "ABC" correction beginning
2- Corrective Wave-A continuation with recent bottom formation at
3- Last 11 Sessions trading with all means mixed Patterns formations between 10783-11181
4- Last 11 Sessions trading just below and near about Long Term Trend decider 200-Day SMA(today at 11178)

Nifty-Previous 11 Sessions intraday charts analysis

Nifty-Intra Day Chart (Jul 31 to Aug 16,2019):-

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Technical Patterns formation in last 11 Sessions intraday charts

1- Last 11 Sessions trading with lower levels supports,higher levels selling and mixed Patterns formation
2- 11 Sessions actual trading between 10783-11181 

Nifty-Intra Day Chart Analysis(16-08-2019)

Nifty-Intra Day Chart (16-Aug-2019):-

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Slow up moves with intraday corrections
3- Last hour selling between 11039-11058 
4- Whole day actual trading between 10925-11068

Conclusions from EOD chart analysis 

Corrective Wave-A of "ABC" correction continuation after Impulsive Wave-5 completion at 12103.00 on 03-06-2019. During on going correction Nifty slipped below Long Term Trend decider 200-Day SMA(today at 11178) on 30-07-2019 and since then trading just below and near about it for the last 11 sessions between 10783-11181. 

Conclusions from 11 Sessions intra day chart analysis 

As last 11 Sessions trading between 10783-11181 with lower levels supports,higher levels selling and mixed Patterns formations also therefore firstly Nifty will trade and prepare for next decisive moves within this range in next week and finally sustaining beyond this range will confirm it.

Conclusions from intra day chart analysis 

Although firstly consolidation through Down moves in Bullish Falling Channel and after that more then 4 hours up moves also with intraday corrections but up moves were slow and last hour selling was also seen near higher levels therefore trading between 10925-11068 on 16-08-2019 will be understood with Mixed Patterns formations and sustaining beyond this trading range will generate only first signal of next decisive moves.

As multiple resistances are lying above 11068 therefore until nifty will not sustain above those resistances till then decisive up moves will not be seen.

Conclusions (After Putting All Studies Together)

1- Long Term Trend is down.
2- Intermediate Term Trend is down.
3- Short Term Trend is sideways between 10783-11181 for the last 11 sessions. 

Next resistances of Nifty are as follows:-

1- 11070-11121
2- 11140-11181
3- 11270-11361
4- 11467-11493
5- 11511-11543
6- 11637-11700

Next supports of Nifty are as follows:-

1- 10925-10970
2- 10845-10898
3- 10784-10826
4- 10583-10694(strong)
5- 10540-10567
6- 10468-10494
7- 10347-10405

As Nifty has turned sideways between 10783-11181 for the last 11 sessions after slipping below Long Term Trend decider 200-Day SMA(today at 11178) therefore it will confirm the fate of Wave-B because if nifty sustain above 11181 then decisive up moves will be seen after confirmation of Wave-B beginning and Wave-A completion at 10782.60 on 05-08-2019. If fresh selling develops and Nifty sustains below 10783 then Wave-A correction will remain continued towards next supports(10583-10694). 

As last 11 sessions trading range(10783-11181) has become crucial therefore Nifty will firstly trade within this range and finally valid break out of this range will confirm 3% moves in above mentioned manner.

Levels will confirm next decisive moves amid extremely depressed sentiment 

Intra Day Chart Analysis & Market Outlook

(16-08-2019)

Nifty-Intra Day Chart (14-Aug-2019):-

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Technical Patterns formation in today intraday charts

1- Consolidation between 10936-10994
2- Mixed Patterns formation between 11001-11078
3- Whole day actual trading between 10936-11078

Conclusions from intra day chart analysis

As consolidation in first hour after positive opening therefore sharp up but Nifty remained sideways and traded with Mixed Patterns formation between 11001-11078 in last 5 hours hence valid breakout of this range will give first signal of next decisive moves.

Although 1 hour consolidation between 10936-10994 at lower levels last Wednesday but US markets led crashing like situation in all the Global markets and SGX Nifty ia also more than 125 points down therefore firstly sustaining beyond 10936 should be watched tomorrow for  next decisive moves beginning  confirmations because sentiment may remain extremely depressed tomorrow morning.

Finally correction continuation towards next supports

Intra Day Chart Analysis & Market Outlook

(14-08-2019)

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

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Technical Patterns formation in today intraday charts

1- Selling between 11010-11121(Immediate Resistances)
2- Bullish Falling wedge pattern formations in last half hour
3- Whole day actual trading between 10902-11121

Conclusions from intra day chart analysis 

As most positive announcements in Reliance Industries AGM therefore RIL traded more than 10% also but Indian markets are in Bearish mode hence huge selling was done on this news led heated sentiments and Nifty closed 1.65% down today.

Bullish Falling wedge pattern formations in last half hour therefore only some up moves may be seen because Very Short Term Indicators have turned oversold after today sharp fall.

Next supports below today lowest are lying between 10784-10826 and finally correction continuation will be seen towards these next supports because 5 hours selling was seen today.

Finally 200-Day SMA will confirm next decisive moves

Technical Analysis,Research & Weekly Outlook

(Aug 13 to Aug 16,2019)

Nifty-EOD Chart Analysis(Corrective Waves)

Nifty-EOD Chart (09-Aug-2019):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after life time top formation at 12103.00 on 03-06-2019 and corrective Wave-A of "ABC" correction beginning
2- Corrective Wave-A continuation with recent bottom formation at 10782.60 on 05-08-2019
3- Supports getting at lower levels
4- Testing of Long Term Trend decider 200-Day SMA(today at 11166)

Nifty-Previous 5 Sessions intraday charts analysis

Nifty-Intra Day Chart (Aug 05 to Aug 09,2019):-

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Technical Patterns formation in last 5 Sessions intraday charts

1- Last 5 sessions trading with consolidation,selling and Mixed Patterns formation between 10097-11181 at higher levels on 09-08-2019 
2- 5 Sessions actual trading between 10783-11181 

Nifty-Intra Day Chart Analysis(09-Aug-2019)

Nifty-Intra Day Chart (09-Aug-2019):-

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Technical Patterns formation in today intraday charts

1- Consolidation between 11086-11120
2- More than 3 hours slow up moves with intraday corrections
3- Volatility in last 2 hours between 11097-11160
4- Whole day actual trading between 11063-11181

Conclusions (After Putting All Studies Together)

As Waves structure of Nifty-EOD Chart,its Fibonacci Retracement levels,next supports and resistances have already been updated in previous weekly analysis and no material change in previous week therefore not being updated.

Nifty consolidated in previous week between 10783-10903 therefore it will be immediate supports of Nifty. As good consolidation developed at lower levels therefore Nifty crossed all the resistances of previous week and closed at highest level of the week. 

As it is the tendency of correction therefore during Pull Back Rally Nifty tested Long Term Trend decider 200-Day SMA(today at 11166) on 09-08-2019 and if Nifty sustains above it only then decisive up moves will be seen after Wave-B beginning confirmation and failing it will mean correction continuation below lowest(10782.60) of on going correction.

As more than 3 hours slow up moves with intraday corrections and volatility in last 2 hours between 11097-11160 on 09-08-2019 therefore some selling also can not be ruled out between 11097-11160 and firstly sustaining beyond this range should be watched in next week for the life of Previous week Pull back Rally and finally sustaining beyond 200-Day SMA(today at 11166) will be next decisive moves confirmations. 

Signal of Pull Back Rally continuation

Intra Day Chart Analysis & Market Outlook

(09-08-2019)

Nifty-Intra Day Chart (08-Aug-2019):-

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Technical Patterns formation in today intraday charts

1- Consolidation between 10922-11058
2- Sharp up moves in last hour
3- Whole day actual trading between 10843-11058

Conclusions from intra day chart analysis 

As good selling yesterday therefore we were expecting correction continuation and Nifty slipped also in first hour but signal of consolidation therefore we told following lines today at 10:16 AM in "Firstly watch 10843 for fresh down moves beginning":-

1- First 40 minutes Down moves of today were In Bullish Falling channel and it is first signal of consolidation 
2- firstly sustaining below today lowest(10843) should be watched for fresh down moves beginning confirmations 
3- Nifty got supports below it between 10784-10826 on 05-08-2019 also

As 5 hours fresh consolidation between 10922-11058 therefore sharp up moves were seen in last hour and Nifty closed at 5 sessions highest therefore it is a signal of Pull Back Rally continuation towards Long Term Trend decider 200-Day SMA(today at 11162)

Firstly watch 10843 for fresh down moves beginning

Post-open Outlook(08-08-2019)

As Dow jones's Futures was trading more than 75 points up and all the Asian markets were in Green and some were trading with good gains therefore positive opening of Indian markets but correction remained continued and Nifty slipped into negative zone also as well as traded at 10843 today.

First 40 minutes Down moves of today were In Bullish Falling channel and it is first signal of consolidation therefore firstly sustaining below today lowest(10843) should be watched for fresh down moves beginning confirmations because Nifty got supports below it between 10784-10826 on 05-08-2019 also.

Correction continuation towards next supports

Intra Day Chart Analysis & Market Outlook

(08-08-2019)

Nifty-Intra Day Chart (07-Aug-2019):-

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Technical Patterns formation in today intraday charts

1- Selling between 10927-10975(Immediate Resistances)
2- Selling between 10892-10932(Immediate Resistances)
3- Whole day actual trading between 10836-10975

Conclusions from intra day chart analysis

As whole day selling firstly on Repo rate cutting expectations and  follow up selling on good news of 35 bps cut announcement therefore correction continuation will be seen towards next supports at 10784

Levels will confirm Post RBI Credit Policy decisive moves

Intra Day Chart Analysis & Market Outlook

(07-08-2019)

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

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Technical Patterns formation in today intraday charts

1- Sharp up in first minute after negative opening
2- Down moves in Bullish Falling Channel
3- Up moves in Bearish Rising Channels
4- Slipping from higher levels in last hour
5- Whole day actual trading between 10814-11018

Conclusions from intra day chart analysis 

As Repo rate cut expectations from RBI Credit policy tomorrow therefore Bank Nifty recovered  strongly from lower levels resultant sharp up moves were seen in Nifty also in first minute after negative opening.

Although some consolidation in first sessions through Down moves in Bullish Falling Channel but after that most Up moves were in Bearish Rising Channels therefore Nifty slipped 90 points in last hour.

As lower levels supports above 10784 yesterday and selling through Up moves in Bearish Rising Channels below 11018 therefore Nifty will firstly trade and prepare for Post RBI Credit Policy moves within 10784-11018 and finally sustaining beyond this range will confirm post Policy decisive moves which may be according to its announcements also.

Down moves expectations

Intra Day Chart Analysis & Market Outlook

(06-08-2019)

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

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Technical Patterns formation in today intraday charts

1- Support between 10784-10826
2- Selling between 10827-10889
3- Whole day actual trading between 10784-10889

Conclusions from intra day chart analysis 

159 Points sharp down in first minute after weak opening and after that some supports also at lower levels but in last 3 hours good selling therefore down moves are expected because Indian markets are in Bear phase and until complete consolidation will not develop till then decisive up moves will not be seen.

11080 will confirm only a strong Pull Back Rally amid finally correction continuation expectations

Technical Analysis,Research & Weekly Outlook

(Aug 05 to Aug 09,2019)

Nifty-EOD Chart Analysis(Waves structure)

Nifty-EOD Chart (02-Aug-2019):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning from 6825.80 on 29-02-2016 after 1 financial year(2015-16) correction completion.
2- Impulsive Wave-1 completion at 8968.70 on 07-09-2016 and corrective Wave-2 beginning
3- Corrective Wave-2 completion at 7893.80 on 26-12-2016 and impulsive Wave-3 beginning
4- Impulsive Wave-3 completion at 11760.20 on 28-08-2018 and corrective Wave-4 beginning
5- Corrective  Wave-4 completion at 10004.55 on 26-10-2018 and impulsive Wave-5 beginning
6- Impulsive Wave-5 completion after life time top formation at 12103.00 on 03-06-2019 and corrective Wave-A beginning
7- Corrective Wave-A continuation with recent bottom formation at 10848.95 on 02-08-2019

Nifty-EOD Chart Analysis(Corrective Waves)

Nifty-EOD Chart (02-Aug-2019):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after life time top formation at 12103.00 on 03-06-2019 and corrective Wave-A of "ABC" correction beginning
2- Corrective Wave-A continuation with recent bottom formation at 10848.95 on 02-08-2019
4- Long Term Trend decider 200-Day SMA(today at 11154)
5- Short Term Indicator "Stochastic" is showing positive divergence in Oversold zone.

Nifty-Intra Day Chart Analysis(02-Aug-2019)

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

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Technical Patterns formation in today intraday charts

1- Consolidation between 10849-10892(Immediate Supports)
2- Down moves in Bullish Falling Channel
3- Mixed Patterns formation between 10971-11080
4- Whole day actual trading between 10849-11080

Conclusions from EOD chart analysis(Waves structure) 

As correction begun after 5 impulsive Waves completion therefore it will correct whole 27 months rally which started on 29-02-2016 from 6825.80 and completed at 12103.00 on 03-06-2019 and will correct 5278 points of this rally in "ABC Waves structure". Now the journey of its corrective Wave-A is on and no confirmation of its completion yet because lowest of on going correction was formed recently on last Friday.

Conclusions from EOD chart analysis(Corrective Waves) 

Corrective Wave-A of "ABC" correction continuation and with forceful down moves last 4 consecutive sessions closing below Long Term Trend decider 200-Day SMA(today at 11154) therefore Long Term Trend turning down confirmation. 

As Nifty is moving down and Short Term Indicator "Stochastic" is moving up in Oversold zone therefore positive divergence development which is an indication of Pull Back rally in the coming sessions.

Conclusions from intra day chart analysis(02-Aug-2019) 

Although firstly slipping after 50 points weaker opening but lower levels consolidation developed therefore 231 points strong recovery was seen. As Indian markets are in the grip of Bears therefore higher levels selling was also seen in last 2 hours.

As both lower levels supports and higher levels selling on 02-08-2019 therefore firstly nifty has to trade and prepare within and near about 10849-11080 in the beginning of next week and finally valid break out of this range will confirm next decisive moves.

Conclusions (After Putting All Studies Together)

All the trends have turned down during corrective Wave-A of "ABC" correction journey and no indication of its Wave-B beginning because firstly down moves have to stop and consolidation patterns have to develop on intraday and EOD charts,until it will not happen till then corrective Wave-A continuation will be considered.  

Corrective Wave-A of that 5 Waves rally is very much on which started from 6825.80 on 29-02-2016 and finished at 12103.00 on 03-06-2019 after gaining 5278 points in 27 months and Nifty will correct whole this rally points-wise and time-wise.

Fibonacci Retracement levels of Wave-1 to Wave-5(6825-12103) are as follows which were updated in 2 previous Weekly Outlooks also:-

1- 13.0%-11,416(Retraced)
2- 23.6%-10,857(Retraced)
3- 27.0%-10,677
4- 38.2%-10,086(Crucial)
5- 50.0%-9,464(Crucial)
6- 61.8%-8,841(Crucial)
7- 70.7%-8,371
8- 76.4%-8,070
9- 78.6%-7,954 
10-88.6%-7,426

Next supports of Nifty are as follows:-

1- 10583-10694(strong)
2- 10540-10567
3- 10468-10494
4- 10347-10405

Next resistances of Nifty are as follows:-

1- 11086-11145
2- 11270-11361
3- 11467-11493
4- 11511-11543
5- 11637-11700

Expected that on going correction will stay long within above mentioned 1st supports(10583-10694) because multiple supports are lying between and just below it as well as 27.0% retracement levels is also within it at 10,677.

As good consolidation between and above 10849-10892 last Friday therefore this range will be immediate supports of Nifty and if follow up supports develops in the beginning of next week then only a strong Pull Back Rally will be seen because consolidation was seen between 10881-11005 last Thursday also. As valid break out of last 2 sessions highest(11080) will be its beginning confirmation therefore should also be watched amid finally correction continuation expectations.

Only Pull Back rally if follow up consolidation develop

Intra Day Chart Analysis & Market Outlook

(02-08-2019)

Nifty-Intra Day Chart (01-Aug-2019):-

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Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel
2- More than 2% slipping
3- Consolidation Patterns formation in last 4 hours between 10881-11005
4- Whole day actual trading between 10881-11076

Conclusions from intra day chart analysis 

As firstly selling through Up moves in Bearish Rising Channel after weak opening and Indian markets are in Bear phase therefore more than 2% slipping in first 5 hours. Consolidation Patterns formation also developed in last 4 hours hence sharp recovery was seen in last half hour.

Indian markets are Bearish and Long Term Trend has also turned down after 3 consecutive sessions closing below its decider 200-Day SMA(today at 11150). 

As more than 1% recovery in last 45 minutes and 4 hours consolidation Patterns formation also therefore if Nifty sustains above today lowest and follow up consolidation also develops between or near about 10881-11005 then only Pull Back rally will be considered.

11056-11145 Will confirm next moves

Intra Day Chart Analysis & Market Outlook

(01-08-2019)

Nifty-Intra Day Chart (31-Jul-2019):-

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels
2- Consolidation between 11056-11105 
3- Minor selling at higher levels through Up moves in Bearish Rising Channel 
4- Up moves in Bearish Rising Channel
5- High volatility in last hours between 11095-11145
6- Whole day actual trading between 11000-11145

Conclusions from intra day chart analysis 

Although firstly slipping after weaker opening but lower levels good condolidation therefore whole day up moves were seen.

As minor selling at higher levels also built up through Up moves in Bearish Rising Channel therefore slipping from intraday higher levels.

Some volatility in last hours between 11095-11145 and technical positions reverses in volatility as well as consolidation was below it between 11056-11105 therefore sustaining beyond 11056-11145 will confirm following next moves:-

1- Above 11145 will mean Pull Back rally towards next resistances(11190-11215)
2- Below 11056 will mean correction continuation after Long Term Trend turning down confirmations because in that situation 3 sessions  continuous closing will be its decider 200-Day SMA(today at 11148)

As still out out of station therefore Stock Market Outlook of tomorrow(31-07-2019) will not be updated but Outlook of 01-08-2019 will be posted positively.

As out of station therefore Stock Market Outlook of 30-07-2019 is not beng updated.

Finally corrective Wave-A continuation expectations

Technical Analysis,Research & Weekly Outlook

(Jul 29 to Aug 02,2019)

Nifty-EOD Chart Analysis(Corrective Waves)

Nifty-EOD Chart (26-Jul-2019):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after life time top formation at 12103.00 on 03-06-2019 and corrective Wave-A of "ABC" correction beginning
2- Corrective Wave-A continuation with recent bottom formation at 11210.00 on 26-07-2019
3- Support between 11109-11172(Immediate Supports)
4- Long Term Trend decider 200-Day SMA(today at 11135)
5- Short Term Indicator "Stochastic" is Oversold

Nifty-Intra Day Chart Analysis(26-07-2019)

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

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Technical Patterns formation in today intraday charts

1- Consolidation between 11211-11235(Immediate Supports)
2- Up moves in Bearish Rising Channel
3- Mixed Patterns formation between 11257-11308
4- Whole day actual trading between 11211-11308

Conclusions (After Putting All Studies Together)

As corrective Wave-A of "ABC" correction beginning confirmation after Impulsive Wave-5 completion therefore Nifty will correct whole rally which started from 6825.80 on 29-02-2016 and completed at 12103.00 on 03-06-2019. Fibonacci Retracement levels of Wave-1 to Wave-5(6825-12103) with Waves structure has already been updated in previous weekly Outlook(Jul 21 to Jul 26,2019).

Nifty has not slipped below Long Term Trend decider 200-Day SMA(today at 11135) and it is still up as well as Short Term Indicator "Stochastic" has turned Oversold therefore emergence of Pull Back Rally beginning possibility because lower levels some consolidation was seen yesterday and previous sessions also.

Firstly sideways sideways trading between 11103-11400 and finally corrective Wave-A continuation is expected below 11103.

11230 will confirm fresh down moves

Intra Day Chart Analysis & Market Outlook

(26-07-2019)

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

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Technical Patterns formation in today intraday charts

1- 90 Points Up moves in first 30 minutes but in Bearish Rising Channel 
2- Fall after fresh selling at higher levels
3- Selling between 11270-11325
4- Whole day actual trading between 11240-11361

Conclusions from intra day chart analysis 

As 6 Hours trading of yesterday was showing condolidation patterns formation therefore 90 Points sharp Up moves in first 30 minutes but Bearish Rising Channel formation was also seen at higher levels. As no follow up consolidation and fresh selling also developed at higher levels therefore not sustaining at higher levels and slipping in the next 40 minutes.

Although follow up selling in next 5 hours between 11270-11325 but consolidation was seen also above 11230 yesterday therefore sustaining below it after follow up selling should be firstly watched for fresh down moves confirmations.

11230-11300 will generate more than 1% one sided moves

Intra Day Chart Analysis & Market Outlook

(25-07-2019)

Nifty-Intra Day Chart (24-Jul-2019):-

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Technical Patterns formation in today intraday charts

1- 79 Points fall in 6 minutes
2- 6 Hours trading with Mixed Patterns formation between 11230-11300 
3- Whole day actual trading between 11230-11359

Conclusions from intra day chart analysis 

Immediately after opening 79 Points sharp fall in 6 minutes and after that last 6 Hours trading with Mixed Patterns formation between 11230-11300 therefore valid break out of this range will confirm a Pull Back rally and its valid break down will confirm Wave-A of "ABC" correction continuation towards Long Term Trend decider 200-Day SMA(today at 11130) which is still up and last hope for Bulls.

Although last 6 hours intraday patterns formation are showing condolidation but this trading was in more than 0.50% negative zone and complete consolidation can not be developed at such intraday lower levels therefore follow up consolidation is must and after this once valid break out of 11300 will mean a strong Pull Back rally which may be sharp also because Short Term Indicators have also turned oversold now.

As 6 Hours like sufficiently big trading between 11230-11300 therefore its valid break out will generate more than 1% one sided moves acoording to above mentioned manner.

Firstly watch levels for next decisive moves

Intra Day Chart Analysis & Market Outlook

(24-07-2019)

Nifty-Intra Day Chart (23-Jul-2019):-

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Technical Patterns formation in today intraday charts

1- Mixed Patterns formation between 11340-11368
2- Minor consolidation at lower levels between 11317-11333
3- Slow up moves in Mid-session
4- Sharp fall in last hour
5- Whole day actual trading between 11303-11398

Conclusions from intra day chart analysis 

As whole day good consolidation patterns formations yesterday therefore Pull Back rally possibility was told and it was seen also today but follow up fresh buying could not develop and selling was done through slow up moves in Mid-session therefore sharp fall in last hour and negative closing today.

As last 2 sessions trading between 11302-11398 with both consolidation and selling therefore finally sustaining beyond this range will form next decisive moves which should be firstly watched in the coming sessions.

Signals of Pull Back Rally

Intra Day Chart Analysis & Market Outlook

(23-07-2019)

Nifty-Intra Day Chart (22-Jul-2019):-

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Technical Patterns formation in today intraday charts

1- Firstly more than 1% down in 20 minutes after weaker opening
2- Up moves with intraday corrections
3- Down moves in Bullish Falling Channel
4- Intraday corrections in last hour
5- Whole day actual trading between 11302-11398

Conclusions from intra day chart analysis 

Although firstly sharp down and slipping more than 1% after weaker opening but whole day good consolidation patterns formations also therefore signals of Pull Back rally because Very Short Term indicators have turned oversold.

As most time trading was in more than 0.50% negative zone therefore Pull Back rally beginning confirmation is also required through valid break out of 11380 and its next targets will be following resistances:-

1- 11422-11447
2- 11470-11494
3- 11511-11544

Wave-A of "ABC" correction beginning confirmations

Technical Analysis,Research & Weekly Outlook

(Jul 21 to Jul 26,2019)

Nifty-EOD Chart Analysis(Waves structure)

Nifty-EOD Chart (19-Jul-2019):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning from 6825.80 on 29-02-2016 after 1 financial year(2015-16) correction completion.
2- Impulsive Wave-1 completion at 8968.70 on 07-09-2016 and corrective Wave-2 beginning
3- Corrective Wave-2 completion at 7893.80 on 26-12-2016 and impulsive Wave-3 beginning
4- Impulsive Wave-3 completion at 11760.20 on 28-08-2018 and corrective Wave-4 beginning
5- Corrective  Wave-4 completion at 10004.55 on 26-10-2018 and impulsive Wave-5 beginning
6- Impulsive Wave-5 completion after life time top formation at 12103.00 on 03-06-2019 and corrective Wave-A beginning
7- Corrective Wave-A continuation with recent bottom formation at 11399.30 on 19-07-2019

Nifty-EOD Chart Analysis(Modi ji's Victory gap)

Nifty-EOD Chart (19-Jul-2019):-

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Technical Patterns and Formations in EOD charts

1- 165 Points "Modi ji's Victory gap" supports formations between 11426-11591 on 20-05-2019 after Exit Polls results on 19-05-2019
2- "Modi ji's Victory gap" filled up on 19-07-2019 after Nifty slipping below 11426 and on that day intraday lowest formation was at 11399.30.

Nifty-EOD Chart Analysis(Averages)

Nifty-EOD Chart (19-Jul-2019):-

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Technical Patterns and Formations in EOD charts

1- 5-Day SMA(today at 11590)
2- 13-Day SMA(today at 11644)
3- 55-Day SMA(today at 11698)
4- 200-Day SMA(today at 11125)

Conclusions (After Putting All Studies Together)

1- Long Term Trend is up which will be down after sustaining below 200-Day SMA(today at 11125) 
2- Intermediate Term Trend has turned down after last 10 sessions closing and sustaining below below 55-Day SMA(today at 11698)
3- Short Term Trend is down

Although 165 Points "Modi ji's Victory gap" supports formations between 11426-11591 on 20-05-2019 after Exit Polls results on 19-05-2019 but this gap filled up after slipping below 11426 therefore strong rally hopes after Modi ji's Victory have come to an end.

As real disappointment erupted from Union Budget 2019-20 therefore the correction which begun on very that day remained continued on next trading day(08-07-2019) in crashing like situation and Nifty closed on that day below 55-Day SMA. Last 10 sessions closing is below 55-Day SMA and it means that Intermediate Term Trend has turned down. As life of Intermediate Term Trend is minimum from 3 weeks to 3 months therefore this trend will remain down for this period and may be more than it also. 

Wave-A beginning confirmation of that 5 Waves rally which started from 6825.80 on 29-02-2016 and finished at 12103.00 on 03-06-2019 after gaining 5278 points. Fibonacci Retracement levels of Wave-1 to Wave-5(6825-12103) are as follows:-

1- 13.0%-11,416
2- 23.6%-10,857
3- 27.0%-10,677
4- 38.2%-10,086(Crucial)
5- 50.0%-9,464(Crucial)
6- 61.8%-8,841(Crucial)
7- 70.7%-8,371
8- 76.4%-8,070
9- 78.6%-7,954 
10-88.6%-7,426

Wave-A of "ABC" correction is on and 13.0%(11416) retracement level has been tested last friday as well as testing of above mentioned lower levels can not be ruled out in next weeks and months because it is just beginning of correction and Nifty has to correct those 5278 points which it gained in 5 Waves rally of 40 months. 

Last hope for the Bulls is only Long Term Trend which is still up and that will be down after sustaining below 200-Day SMA(today at 11125) as well as its testing can not be ruled out in the coming weeks. 

As and when Short Term Indicators will turn oversold then Pull Back Rallies will be seen which will fuse near about following resistances:- 

1- 11467-11493
2- 11511-11543
3- 11637-11700

Correction is on and "investments in Bear markets is like catching a falling knief which results own hand is full of own blood" therefore firstly wait for trend reversal after complete consolidation and correction completion. Although short term trading opportunities through buying will remain avalable after Short Term Indicators turning oversold and emergence of Pull Back rally beginning signals..