Firstly watch Levels for the next 5% decisive moves

Technical Analysis,Research & Weekly Outlook

(Sep 03 to Sep 06,2019)

Nifty-EOD Chart Analysis(Corrective Waves)

Nifty-EOD Chart (30-Aug-2019):-

Just click on chart for its enlarged view

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 10637.15 on 23-08-2019
3- 21 Sessions sideways trading between 10638-11181

Nifty-Last 21 Sessions intraday charts analysis

Nifty-Intra Day Chart (Jul 31 to Aug 30,2019):-

Just click on chart for its enlarged view

Technical Patterns formation in last 21 Sessions intraday charts

1- Last 21 Sessions trading with lower levels supports,higher levels selling and mixed Patterns formation
2- 21 Sessions actual trading between 10638-11181 

Nifty-Intra Day Chart Analysis(30-08-2019)

Nifty-Intra Day Chart (30-Aug-2019):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 11003-11022
2- Consolidation in negative zone(below previous close(10948.30) between 10875-10948
2- Consolidation in positive zone(above previous close(10948.30) between 10948-10992
3- Whole day actual trading between 10875-11042

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 got supports within those strong supports(10583-10694) levels which were updated on 03-08-2019 in "11080 will confirm only a strong Pull Back Rally amid finally correction continuation expectations" and Nifty is sustaining above it for the last 6 sessions after 505 points sharp jump in the next 3 sessions.

Conclusions from 21 Sessions intra day chart analysis 

As last 21 Sessions trading between 10638-11181 with lower levels supports,higher levels selling and mixed Patterns formations also therefore Nifty will firstly 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

As firstly selling therefore nifty slipped 149 points in first 3 hours and traded also 73 points down but Consolidated more than 1 hour in negative zone. Follow up consolidation also developed in positive zone therefore closing was seen near higher levels after sharp up moves in last hour. 

As lower levels good consolidation last Friday therefore up moves towards next resistances are expected in the beginning of next week.

Conclusions (After Putting All Studies Together)

Long and Intermediate Term Trends are down and Short Term Trend is sideways between 10638-11181 for the last 21 sessions. 

As last 21 sessions lowest(10638) is between those strong supports(10583-10694) levels which were updated on 03-08-2019 and 27.0% retracement levels(10677) is also lying within mentioned strong supports range as well as Nifty jumped 505 points in the next 3 sessions after the lowest formation at 10638 therefore Wave-B formation first signal emerged to correct the fall of Wave-A.

Next supports within last 21 sessions trading range are as follows:-

1- 10875-10992
2- 10810-10860
3- 10739-10772

Next resistances within last 21 sessions trading range are as follows:-

1- 11100-11141
1- 11147-11181

As above supports and resistances are within last 21 sessions trading range(10638-11181) therefore Nifty will firstly trade and prepare for next decisive moves within this range in next week and finally sustaining beyond this range will confirm following next more than 5% moves which should be firstly watched in next week:-

1- Above 11181 will be first strong signal and sustaining above Long Term Trend decider 200-Day SMA(today at 11209) will confirm formation of Wave-B to correct Wave-A fall from 12103 to 10638.
2- Below 10638 will mean Wave-A continuation towards 38.2% retracement level which is at 10086. 

Correction continuation expectations

Intra Day Chart Analysis & Market Outlook

(30-08-2019)

Nifty-Intra Day Chart (29-Aug-2019):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 10974-11019
2- Selling between 10982-11021
3- Down moves in Bullish Falling Channels
4- Whole day actual trading between 10922-11021

Conclusions from intra day chart analysis 

Although some consolidation at lower levels through Down moves in Bullish Falling Channels but higher levels good selling was also seen therefore correction continuation is expected.

As lower levels consolidation therefore valid break down of today lowest should also be watched because that will confirm sharp fall.

As busy therefore Stock Market Outlook of today(29-08-2019) is not being updated.

Follow up selling tomorrow will mean decisive down moves

Intra Day Chart Analysis & Market Outlook

(28-08-2019)

Nifty-Intra Day Chart (27-Aug-2019):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Most time sideways trading between 11080-11141
2- At higher levels up moves in Bearish Rising Channels
3- Lower levels supports
4- Whole day actual trading between 11050-11141

Conclusions from intra day chart analysis

1st Resistances between 11086-11181 were updated yesterday in "Watch levels for rally continuation confirmations" and Nifty traded most time within this range today.

Although today closing was near the higher levels of the day but higher levels selling was also seen through up moves in Bearish Rising Channels. As today selling was within above mentioned resistance range therefore emergence of down moves possibility

As some supports were also seen at lower levels today therefore once follow up selling tomorrow will mean decisive down moves will be seen below today lowest. 

Watch levels for rally continuation confirmations

Intra Day Chart Analysis & Market Outlook

(27-08-2019)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Sharp down after strong gap up opening.
2- Whole day up moves with intraday consolidations
3- Whole day actual trading between 10757-11070

Conclusions from intra day chart analysis 

Although firstly sharp down after gap up opening but after that whole day up moves with intraday consolidations and selling patterns were not seen today therefore last Friday started rally continuation is expected. 

As Very Short Term indicators have turned overbought after last 2 sessions strong rally and following next resistances are lying just above today highest therefore fresh consolidation is firstly required for rally continuation:-

1- 11086-11181
2- 11200-11292
3- 11311-11393

Strong supports were told between 10583-10694 on 03-08-2019 in "11080 will confirm only a strong Pull Back Rally amid finally correction continuation expectations" and 27.0% retracement level(at 10677) is also within these supports as well as Nifty completed 27.0% retracement through lowest formation at 10637.15 last Friday therefore emergence of Wave-B beginning possibility because Nifty jumped 433 points in last 2 sessions after forming bottom within mentioned supports range and testing of 27.0% retracement level.

Long Term Trend decider 200-Day SMA is today at 11200 and above  mentioned multiple resistances after lying below and above 11200 therefore firstly sustaining beyond it should be watched for 1st strong signal of Wave-B beginning.

As above mentioned resistances are above 11086 therefore follow up complete consolidation is must and firstly its happening as well as sustaining above it should be watched for last Friday started rally continuation confirmations.

Levels will confirm Pull Back relief rally for testing 11000

Technical Analysis,Research & Weekly Outlook

(Aug 26 to Aug 30,2019)

Nifty-EOD Chart Analysis(Corrective Waves)

Nifty-EOD Chart (23-Aug-2019):-

Just click on chart for its enlarged view

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 10637.15 on 23-08-2019
3- Long Term Trend turning down confirmations through last 17 Sessions closing below Long Term Trend decider 200-Day SMA(today at 11196)

Nifty-Last 2 Sessions intraday charts analysis

Nifty-Intra Day Chart (Aug 23 & Aug 24,2019)

Just click on chart for its enlarged view

Technical Patterns formation in last 2 Sessions intraday charts

1- Selling between 10815-10890(Immediate Resistances) on 22-08-2019
2- Follow up selling in last  hours on 22-08-2019
3- firstly 104 points sharp fall in first 30 minutes on 23-08-2019  
4- Up moves with consolidation on 23-08-2019
5- Consolidation between 10728-10792(Immediate Supports) on 23-08-2019
6- Consolidation between 10801-10860(Immediate Supports) on 23-08-2019
7- 2 Sessions actual trading between 10638-10908 

Conclusions (After Putting All Studies Together) 

Corrective Wave-A of "ABC" correction is very much on after Impulsive Wave-5 completion at 12103.00 on 03-06-2019. As during on going correction Nifty has closed 17 sessions below Long Term Trend decider 200-Day SMA(today at 11196) therefore Long Term Trend turning down 100% confirmation which means that correction will remain continued in the next months or may be year also.

Now Wave-A of "ABC" correction continuation and finally Wave-C will slip below the bottom of Wave-A also but between these 2 waves Wave-B will also develop which will move up but not cross the top of Wave-5(12103)

Following lines with levels were updated on 03-08-2019 in "11080 will confirm only a strong Pull Back Rally amid finally correction continuation expectations":-

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.

Strong supports were told between 10583-10694 on 03-08-2019 and Nifty jumped 225 points on 23-08-2019 after forming bottom within this range at 10637.15. 

Although good selling on 22-08-2019 but equally good consolidation also on 23-08-2019 and 225 points like sharp rally was also seen after getting supports within strong supports(10583-10694) therefore if follow up consolidation develop in the beginning of next week then Pull Back relief rally will be seen for testing 11000 because next resistances above 10890 after are lying near about 11000.

Correction continuation towards next supports

Intra Day Chart Analysis & Market Outlook

(23-08-2019)

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

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 10815-10890(Immediate Resistances)
2- Follow up selling in last  hours
3- Whole day actual trading between 10719-10908

Conclusions from intra day chart analysis 

As most Asian markets were weak and Hang Seng was more than 1% down therefore sentiment dampened today morning and resultant Nifty slipped 40 points in first 7 minutes.

Firstly more than 4 hours fresh selling within previous supports and between 10815-10890 as well as follow up selling in last  hours therefore today closing was at lowest level of on going correction. 

As Short Term indicators have turned oversold therefore dead cat jump may be seen but will not be able to sustain above 10890 because correction is very much on and finally will remain continued towards next supports between 10583-10694 which are strong enough.

Sideways market expectations

Intra Day Chart Analysis & Market Outlook

(22-08-2019)

Nifty-Intra Day Chart (21-Aug-2019):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 10988-11034
2- Selling between 10965-10982
3- Down moves in Bullish Falling Channel
4- Support between 10907-10924
5- Whole day actual trading between 10907-11034

Conclusions from intra day chart analysis 

As firstly good selling after opening and follow up selling in Mid-session also therefore whole day down moves. Some consolidation in last hours and supports getting at lower levels as well as following supports below today lowest therefore firstly some up moves are expected towards 10965 tomorrow:-

1- Supports between 10845-10898
2- Supports between 10784-10826

Immediate supports are above 10845 and immediate resistances are lying below 10965 therefore firstly sideways market is expected tomorrow between 10845-10965 and finally 10784-11034 will confirm next decisive moves 

As busy therefore Stock Market Outlook of today(21-08-2019) is not being updated.

11038 will confirm correction continuation

Intra Day Chart Analysis & Market Outlook

(20-08-2019)

Nifty-Intra Day Chart (19-Aug-2019):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- More than 3 hours selling between 11115-11146
2- Follow up selling in Mid-session
3- Mixed Patterns formation between 11038-11072
4- Whole day actual trading between 11038-11146

Conclusions from intra day chart analysis 

As all the Asian markets were trading with good gains after triple century gains by Dow Jones last Friday and its Futures was trading more than 150 points positive today morning therefore firstly up moves were seen in Indian markets after Green opening.

Although such strong Global sentiments today but Indian markets could not sustain at higher levels and closed near lower levels of the day after fresh selling at higher levels of the day and follow up selling in Mid-session of the day.

6 Resistances were updated on 17-08-2019 in "Crucial levels will confirm 3% moves" and Nifty could not sustain above 1st resistance(11070-11121) as well as closed below it after follow up selling within and below it therefore this resistance range has become stronger and correction continuation is expected towards those supports which have already been posted on 17-08-2019 in "Crucial levels will confirm 3% moves" 

As last hour trading at lower levels of the day with Mixed Patterns formation between 11038-11072 therefore firstly for precaution valid break out of this range should be watched for above mentioned correction continuation.

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):-

Just click on chart for its enlarged view

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):-

Just click on chart for its enlarged view

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):-

Just click on chart for its enlarged view

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):-

Just click on chart for its enlarged view

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):-

Just click on chart for its enlarged view

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):-

Just click on chart for its enlarged view

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):-

Just click on chart for its enlarged view

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):-

Just click on chart for its enlarged view

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):-

Just click on chart for its enlarged view

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):-

Just click on chart for its enlarged view

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):-

Just click on chart for its enlarged view

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):-

Just click on chart for its enlarged view

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):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning from 6825.80 on 29-02-2016 after 1 financial year(2015-16) correction completion.
2- Impulsive Wave-1 completion at 8968.70 on 07-09-2016 and corrective Wave-2 beginning
3- Corrective Wave-2 completion at 7893.80 on 26-12-2016 and impulsive Wave-3 beginning
4- Impulsive Wave-3 completion at 11760.20 on 28-08-2018 and corrective Wave-4 beginning
5- Corrective  Wave-4 completion at 10004.55 on 26-10-2018 and impulsive Wave-5 beginning
6- Impulsive Wave-5 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):-

Just click on chart for its enlarged view

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):-

Just click on chart for its enlarged view

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.