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Watch levels for next trend confirmations

Technical Analysis,Research & Weekly Outlook

(Nov 04 to Nov 08,2019)

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (01-Nov-2019):-

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Nifty-Last 3 Sessions intraday charts

analysis

Nifty-Intra Day Chart (Oct 30 to Nov 01,2019):-

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Technical Patterns formation in last 3 Sessions intraday charts

1- Last 3 Sessions trading with both buying and selling Patterns formation
2- 3 Sessions actual trading between 11785-11945

Conclusions from 3 Sessions intra day chart analysis

As last 3 sessions trading with both buying and selling patterns formation between 11785-11945 therefore Nifty will firstly trade and prepare for next trend within and near about it and finally sustaining beyond this range will confirm next trend.

Nifty-Intra Day Chart Analysis

(01-11-2019)

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

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Technical Patterns formation in today intraday charts

1- Selling between 11890-11918
2- Selling between 11883-11914
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 11844-11918

Conclusions from intra day chart analysis

As most time sideways trading with both buying and selling patterns formation last Friday therefore firstly Nifty will have to trade and prepare for next decisive moves within and near about day's trading range(11844-11918) and finally its valid break out will give first indication of next big moves.

Conclusions (After Putting All Studies Together)

Wave-B continuation with recent top formations at 11945.00 on 31-10-2019 and no signal of its completion yet. Next resistances above 11945 are as follows:-

1- 11954-11990
2- 12034-12092

As whole mood and sentiments changed after Nirmala Sitaraman Press conference on 20-09-2019 therefore sharp rally was seen just after it and since then continuous up moves are seen. Although rally above life time high is expected also without any Intermediate or Long Term correction but technically until Nifty will not move above life time high(12103.00) till then above given corrective waves structure will remain valid and Waves will be recounted only after Nifty Moving above 12103.00.

Now Wave-B continuation with recent top formations at 11945.00 on 31-10-2019 and no confirmation of its completion yet. As last 3 sessions trading with both buying and selling patterns formation between 11785-11945 and next resistances are just above 11945 therefore firstly fresh follow up consolidation is required for moving and sustaining above 11945,let it happen in next week then further Wave-B continuation will be considered.

As Short Term indicators are overbought and fresh selling in the beginning of next week will mean correction beginning towards next supports(11500-11545) and sustaining below 11500 will be first indication of Wave-C formation for moving towards and below Wave-A lowest(10637.15)

As sustaining beyond last 3 sessions trading range(11785-11945) will confirm next trend in above updated manner therefore should be firstly watched in next week.

Short Term Correction expectations

Intra Day Chart Analysis & Market Outlook

(01-11-2019)

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

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Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channels
2- Selling between 11910-11923
3- Sharp fall in last hour
3- Whole day actual trading between 11856-11945

Conclusions from intra day chart analysis

As all the Asian markets were trading with good gains after FOMC rates cut therefore positive opening and 5 hours up moves but not sustaining at higher levels because most up moves were in Bearish Rising Channels and selling was seen in sideways trading also hence sharp fall in last hour.

Follow up selling today after some selling yesterday therefore Short Term Correction is expected tomorrow.

Watch levels also amid Short Term correction possibility

Intra Day Chart Analysis & Market Outlook

(31-10-2019)

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

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels
2- Up moves in Bearish Rising Channels
3- Whole day actual trading between 11785-11883

Conclusions from intra day chart analysis

Although whole day positive zone trading and 57 points up closing also but selling was also seen through Up moves in Bearish Rising Channels. As some consolidation was also seen through Down moves in Bullish Falling Channels therefore today trading will be understood with Mixed patterns formations hence Nifty will firstly trade within and near about today trading range(11785-11883) and finally sustaining beyond today trading range will confirm Short Term correction beginning below 11785 and rally continuation above 11883.

As Short Term indicators have turned overbought and some selling was also seen today therefore emergence of Short Term correction beginning possibility but for precaution sustaining beyond today trading range(11785-11883) should also be firstly watched for confirmations.

Rally continuation amid only a Very Short Term correction possibility

Intra Day Chart Analysis & Market Outlook

(30-10-2019)

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

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Technical Patterns formation in today intraday charts

1- Whole day rally with minor intraday corrections
2- Whole day actual trading between 11628-11809

Conclusions from intra day chart analysis

As whole day up moves with intraday corrections and no selling patterns formations as well as forcefully break out of last 5 sessions highest today therefore today started rally continuation towards life time highest(12103) is expected.

Very Short Term indicators have turned overbought after 1.37% rally today therefore only a Very Short Term correction or sideways trading for consolidation may be seen any day.

Watch Levels for next trend confirmations

Technical Analysis,Research & Weekly Outlook

(Oct 29 to Nov 01,2019)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (25-Oct-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 completion at 10637.15 on 23-08-2019
8- Wave-B continuation with recent top formations at 11714.40 on 22-10-2019

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (25-Oct-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 completion at 10637.15 on 23-08-2019
3- Wave-B continuation with recent top formations at 11714.40 on 22-10-2019
5- Last 5 Sessions sideways trading between 11491-11714

Conclusions (After Putting All Studies Together)
.
1- Long Term Trend is up.
2- Intermediate Term Trend is up.
3- Short Term Trend is sideways between 11491-11714 for the last 5 sessions.

Corrective Wave-A of "ABC" correction begun on 03-06-2019 after Impulsive Wave-5 completion at 12103.00 which completed at 10637.15 on 23-08-2019. Now Wave-B continuation with recent top formations at 11714.40 on 22-10-2019 and no confirmation of its completion yet.

Last 5 Sessions sideways trading near the top of Wave-B between 11491-11714 and finally valid break out of this range will confirm the fate of Wave-B in following manner:-

1- Sustaining above 11714 will mean Wave-B continuation and until Nifty will not move above the top of Wave-1(12103.00) till then above charts given Waves structure will remain valid and Waves will be recounted only after Nifty moving above Wave-1(12103.00).

2- Sustaining below 11491 will confirm Wave-C continuation after Wave-B completion at 11714.40 on 22-10-2019 which should below the bottom of Wave-A(10637.15).

As sustaining beyond last 5 Sessions sideways trading range(11491-11714) will give first indication of next trend therefore should be firstly watch in next week for its confirmation.

Up Moves expectations

Intra Day Chart Analysis & Market Outlook

(25-10-2019)

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

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels
2- Up moves in Bearish Rising Channel
3- Minor selling
4- Consolidation between 11535-11576
5- Whole day actual trading between 11535-11679

Conclusions from intra day chart analysis

Although negative closing near the lower levels of the day but most time consolidation was seen through Down moves in Bullish Falling Channels therefore some up moves are expected tomorrow.

As some selling was also seen through Up moves in Bearish Rising Channel therefore follow up consolidation is also required within today trading range and firstly sustaining beyond today trading range should be watched for the confirmation of next decisive move because technical positions reverses during today like Election results led volatility.

Watch Levels amid Assemble Election results led intraday volatility

Intra Day Chart Analysis & Market Outlook(24-10-2019)
Nifty-Intra Day Chart (23-Oct-2019):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels
2- Sharp up after lower levels consolidation
3- Mixed Patterns formation between 11612-11651
4- Sharp fall in last hour
5- Whole day actual trading between 11554-11651

Conclusions from intra day chart analysis

As all the Asian markets were trading in Red therefore firstly slipping after flat opening but lower levels consolidation developed through Down moves in Bullish Falling Channels.

Whole day good consolidation was seen yesterday and lower levels follow up consolidation developed in first hour today therefore sharp up moves were seen in Mid-session.

Although more than 4 hours trading with Mixed Patterns formation between 11612-11651 today but sharp fall was seen in last hour also therefore firstly sustaining beyond this 4 hours trading range(11612-11651) should be watched tomorrow because tomorrow sessions may be highly intraday volatile due to Maharashtra and Haryana Assembly Election results which will be declared during Indian trading hours.

Up moves expectations

Intra Day Chart Analysis & Market Outlook

(23-10-2019)

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

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Technical Patterns formation in today intraday charts

1- Whole day down moves in Bullish Falling Channels
2- Whole day actual trading between 11574-11,714

Conclusions from intra day chart analysis

Although today closing was at lower levels of the day but intraday selling patterns were not seen and whole day down moves were in Bullish Falling Channels which is an indication of consolidation.

As Short Term indicators were overbought therefore Short Term correction correction was expected which was seen today but consolidation patterns have also developed today hence up moves are expected tomorrow and sustaining above today highest will confirm rally continuation towards next resistances(11936-11976).

Remain cautious amid Wave-B rally continuation expectations

Technical Analysis,Research & Weekly Outlook

(Oct 22 to Oct 25,2019)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (18-Oct-2019):-

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Conclusions from EOD chart analysis

All the trends have turned up after previous week rally which closed at the top of Wave-B last Friday. Next resistances above last Friday highest(11684.70) are between 11936-11976 therefore Wave-B rally continuation towards it will be expected.

It should be kept in mind that Short Term indicators have also turned overbought after previous week rally and Short Term correction may begin any day therefore remain cautious in next week.

Remain cautious after overbought Short Term indicators

Intra Day Chart Analysis & Market Outlook

(18-10-2019)

Nifty-Intra Day Chart (17-Oct-2019):-

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Technical Patterns formation in today intraday charts

1- More than 3 hours consolidation between 11450-11482
2- Last 3 hours up moves with intraday corrections
3- Whole day actual trading between 11450-11599

Conclusions from intra day chart analysis

As selling between 11446-11466 yesterday therefore Firstly 3 hours fresh consolidation between 11450-11482 and after that last 3 hours up moves with intraday corrections as well as selling patterns were not seen therefore on going rally continuation will be considered.

Last resistances of post Nirmala Sitaraman Press conference rally are between 11590-11660 and sustaining above 11660 after follow up consolidation will confirm rally towards 12000. As Short Term indicators have also turned overbought and Short Term correction may be seen any day therefore remain cautious also.

11412-11481 will confirm next decisive moves

Intra Day Chart Analysis & Market Outlook

(17-10-2019)

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

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Selling between 11446-11466
3- Consolidation between 11412-11436
4- Whole day actual trading between 11412-11481

Conclusions from intra day chart analysis

Although closing was near the higher levels of the day after lower levels consolidation but some selling was also seen in Mid-session therefore intraday trading will be understood with Mixed patterns formations and firstly valid break out of Day's trading range(11412-11481) should be watched for next decisive moves confirmations.

Rally continuation towards next resistances

Intra Day Chart Analysis & Market Outlook

(16-10-2019)

Nifty-Intra Day Chart (15-Oct-2019):-

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Technical Patterns formation in today intraday charts

1- Slow up moves after flat opening
2- Consolidation between 11387-11414
3- Volatility between 11422-11462 in last 2 hours
4- Whole day actual trading between 11343-11462

Conclusions from intra day chart analysis

As Dow Futures was trading in Green and most Asian markets were also trading in positive zone therefore firstly flat opening and after that more than 3 hours continuation slow up moves up tp yesterday highest because selling was seen at these levels yesterday.

Although consolidation between 11387-11414 in Mid-Sessions but higher levels volatility was also seen in last 2 hours therefore fresh consolidation is required near about today highest for on going rally continuation. Next resistances are as follows:-

1- 11486 11510
2- 11521- 11581
3- 11590- 11660

As clear selling patterns were not seen and consolidation developed also today therefore rally continuation is expected towards above mentioned next resistances in the coning sessions.

Fresh down moves expectations

Intra Day Chart Analysis & Market Outlook

(15-10-2019)

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

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Technical Patterns formation in today intraday charts

1- Minor supports at lower levels
2- Selling between 11392-11420
3- Selling between 11353-11378
4- Sharp fall in last hour
5- Whole day actual trading between 11290-11420

Conclusions from intra day chart analysis

As positive development in US-China Trade War last Friday therefore Asian markets were blasting today morning resultant positive opening of Indian markets.

Although firstly slipping and getting supports at lower levels but higher levels good selling therefore fresh down moves below today lowest are expected in the coming sessions.

Levels will confirm big moves in next week

Technical Analysis,Research & Weekly Outlook

(Oct 14 to Oct 18,2019)

Nifty-EOD Chart Analysis(Corrective Waves)

Nifty-EOD Chart (11-Oct-2019):-

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Nifty-Last 6 Sessions intraday charts analysis

Nifty-Intra Day Chart (Oct 03 to Oct 11,2019):-

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Technical Patterns formation in last 6 Sessions intraday charts

1- Last 6 Sessions trading with lower levels supports,higher levels selling and mixed Patterns formation
2- 6 Sessions actual trading between 11091-11400

Nifty-Intra Day Chart Analysis(11-10-2019)

Nifty-Intra Day Chart (11-Oct-2019):-

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Technical Patterns formation in today intraday charts

1- Sharp up after opening
2- Selling between 11332-11362
3- Selling between 11300-11318
4- Mixed Patterns formation between 11232-11278
5- Whole day actual trading between 11190-11362

Conclusions from EOD chart analysis

Wave-A of "ABC" correction begun on 03-06-2019 from 12103.00 which completed at 10637.15 on 23-08-2019 and after that Wave-B started which is in continuation with recent top formations at 11694.85 on 23-09-2019. Now correction of Wave-B is on with recent bottom formations at 11090.15 on 09-10-2019.

Conclusions from 6 Sessions intra day chart analysis

As last 6 sessions trading between 11091-11400 with all consolidation,selling and mix patterns formations therefore firstly Nifty has to trade and prepare for next decisive moves within this range which will be done in next week and finally sustaining beyond or forceful break out of this range will be next decisive moves confirmations.

Next supports within last 6 sessions range are as follows:-

1- 11091-11141
2- 11209-11245

Next resistances within last 6 sessions range are as follows:-

1- 11300-11318
2- 11332-11362
3- 11362-11391

Conclusions from intra day chart analysis

Although most time positive zone trading after strong opening but higher levels good selling therefore signals of some weakness in the beginning of next week.

As lower levels Mixed Patterns formation between 11232-11278 therefore silpping below 11232 after follow up selling will be 2nd signal of decisive down moves beginning and confirmation will be after sustaining below immediate support(11209)

Conclusions (After Putting All Studies Together)

1- Long Term Trend is at stake because Nifty is hovering around its decider 200-Day SMA(today at 112270) for the last 7 sessions
2- Intermediate Term Trend is sideways
3- Short Term Trend is sideways for the last 6 sessions.

As continuation of Wave-B correction and no signal of its completion yet as well as more down moves are expected in the beginning of next week because intraday charts of last Friday(11-10-2019) are showing higher levels selling therefore firstly sustaining beyond above mentioned supports should be watched next Monday.

Although US markets and all except one European markets closed with more than 1% gains on the back of most positive cues on US-China trade talks but we are not Bullish and still expecting that finally Indian markets will slip in the beginning of next week.

As last 6 Sessions sideways trading between 11091-11400 and finally valid break out of this range will confirm fate of Wave-B therefore it should be firstly watched in next week for next big moves confirmations because above 11400 will signal Wave-B continuation after correction completion and below 11091 will be strong signal of Wave-C formations for slipping below Wave-A lowest(10637.15).

Up moves expectations

Intra Day Chart Analysis & Market Outlook

(11-10-2019)

Nifty-Intra Day Chart (10-Oct-2019):-

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Technical Patterns formation in today intraday charts

1- Mixed Patterns formation between 11255-11293
2- Consolidation between 11209-11245
3- Whole day actual trading between 11209-11293

Conclusions from intra day chart analysis

As yesterday rally was positive Global cues led and intraday consolidation patterns formations were not seen therefore our view was not Bullish and resultant we updated next resistance levels for rally continuation confirmations.

As no intraday consolidation patterns formations yesterday therefore whole day negative zone trading after weaker opening was seen today.

Although 0.70% weaker closing today but no intraday selling patterns formations and lower levels consolidation was seen today therefore up moves are expected tomorrow.

As Mixed Patterns formation between 11255-11293 therefore once sustaining above it after follow up consolidation will mean rally continuation towards and above following resistances:-

1- 11306-11317
2- 11346-11391

Next resistances will confirm rally continuation

Intra Day Chart Analysis & Market Outlook

(10-10-2019)

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

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Technical Patterns formation in today intraday charts

1- Correction continuation in first hour
2- Whole day up moves with minor intraday corrections.
3- Whole day actual trading between 11091-11321

Conclusions from intra day chart analysis

Although firstly correction continuation in first hour but after that whole day up moves were seen because Dow Jones Futures recovered from lower levels and was trading 250 points up at the time of Indian markets closing as well as most European markets were trading strong after positive opening.

As today rally was Global cues led therefore firstly sustaining above next resistances(11346-11391) should be watched for today started rally continuation confirmations.

Firstly correction continuation towards next supports

Intra Day Chart Analysis & Market Outlook

(09-10-2019)

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

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Technical Patterns formation in today intraday charts

1- More than 4 hours selling between 11186-11233(Immediate Resistances)
2- Sharp fall in last hour
3- Whole day actual trading between 11113-11233

Conclusions from intra day chart analysis

As more than 4 hours selling between 11186-11233 therefore it will be immediate resistance of Nifty and until Nifty will not sustain above it after complete consolidation till then decisive up moves will not be seen above last Monday highest.

As Short Term Correction is on and no signal of its completion yet as well as next supports below last Monday lowest are near 10700 therefore now correction continuation will be considered towards it and if fresh consolidation develops only then a Pull Back rally will be seen towards 11233 because Short Term Indicators have also turned oversold.

As not feeling well therefore could not update Market Outlooks for the last 3 sessions and will not be able to post for tomorrow(07-10-2019) also but shall positively update Market Outlook of
09-10-2019.

Up moves expectations towards next resistances

Intra Day Chart Analysis & Market Outlook

(01-10-2019)

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

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Technical Patterns formation in today intraday charts

1- More than 4 hours consolidation between 11391-11440(immediate supports)
2- Mixed Patterns formation in last hour between 11458-11508
3- Whole day actual trading between 11391-11508

Conclusions from intra day chart analysis

As lower levels good consolidation between 11391-11440 therefore up moves are expected towards next resistances(11540-11610)because clear selling patterns were not seen and Mixed Patterns formation in last hour.

Trading Calls

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