Finally rally continuation after Very Short Term correction

Technical Analysis,Research & Weekly Outlook

(Jan 10 to Jan 17,2020)

Nifty-EOD Chart Analysis

 (Waves structure)

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

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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 continuation with new life time high formation at 12311.20 on 10-01-2020.

Nifty-Intra Day Chart Analysis 

(10-Jan-2020)

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

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Up moves in Bearish Rising Channels
3- Selling between 12295-12311(Immediate Resistances)
4- Down moves in Bullish Falling Channel
5- Support between 12214-12242(Immediate Supports)
6- Whole day actual trading between 12214-12311

Conclusions from EOD chart analysis 

All the trends are up and impulsive Wave-5 continuation with new life time high formation at 12311.20 on 10-01-2020 and no confirmation of its completion yet.

Conclusions from intra day chart analysis 

Although gap up opening but down moves started which were in Bullish Falling Channel therefore next 2 hours up moves were seen. As Up moves were in Bearish Rising Channels and higher levels selling was seen between 12295-12311 therefore Down moves begun which were again in Bullish Falling Channel.  

As last hour lower levels support between 12214-12242 and higher levels selling between 12295-12311 therefore these 2 trading ranges will be immediate supports and resistances of Nifty and intraday volatility was also seen whole day hence firstly Nifty has to trade and prepare for next moves within last Friday trading range(12214-12311) which will be seen in the beginning of next week but expected that finally rally will be seen above life time highest after fresh consolidation.

Conclusions (After Putting All Studies Together)

Indian markets are Bullish and new life time highest formation in previous session last Friday as well as no selling pattern formation on EOD and Weekly charts therefore rally continuation will be expected.

Last resistances of Nifty was updated in previous weekly Outlook between 12265-12287 and Nifty closed below it last Friday after making new life time high formation at 12311.20. As fresh selling was also seen just above it between 12295-12311 and now last resistances of Nifty will be understood between 12265-12311 therefore firstly fresh consolidation is firstly required in next week for sustaining above 12311.

As Short Term indicators have turned Over bought and indicators are also showing negative divergence in Over bought zone therefore Short Term correction will be understood on door step but intraday charts of Nifty has not shown sufficient selling patterns hence any deeper correction will not be expected.

Indicators remains Over bought for many months in Bull markets and remains Over sold for many months in Bear markets therefore finally on going rally continuation will be expected after Very Short Term sideways time wise correction because some selling was seen last Friday.  

Rally continuation amid Very Short Term correction and intraday volatility possibility

Intra Day Chart Analysis & Market Outlook

(10-01-2020)

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

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Last 5 hours up moves with downward corrections
3- Whole day actual trading between 12133-12224

Conclusions from intra day chart analysis 

As firstly consolidation through Down moves in Bullish Falling Channel and after that more than 5 hours up moves with intraday corrections and no selling patterns formations today therefore on going rally will remain continued towards next resistances between 12265-12287. Follow up consolidation and once sustaining above 12287 will mean fresh rally with new life time highest formations but Very Short Term correction and intraday volatility can not be ruled out because Very Short Term indicators have turned over bought.

Up moves above today highest

Intra Day Chart Analysis & Market Outlook

(09-01-2020)

Nifty-Intra Day Chart (08-Jan-2020):-

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Technical Patterns formation in today intraday charts

1- Sharp up after gap down opening
2- Down moves in Bullish Falling Channel
3- Last 3 hours up moves with intraday corrections
4- Whole day actual trading between 11930-12044

Conclusions from intra day chart analysis 

As Iran fired a number of missiles at two Iraqi bases housing US troops today morning therefore all the Asian markets including Dow Jones Futures crashed and Crude oil jumped hence Indian markets opened gap down.

Although sentiment was completely depressed today but firstly Indian markets jumped from lower levels and whole day consolidated firstly through Down moves in Bullish Falling Channel and after that last 3 hours up moves with intraday corrections therefore Indian markets are technically well prepared for up moves above today highest(12,044.95)

As busy therefore Stock Market Outlook of today(08-01-2020) will not be updated.

Rally only after peace and confidence in Middle-East

Intra Day Chart Analysis & Market Outlook

(07-01-2020)

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

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Technical Patterns formation in today intraday charts

1- Sharp fall after weak opening
2- Selling between 12054-12097(Immediate Resistances)
3- Selling between 12012-12036(Immediate Resistances)
4- Last hour support between 11974-12171
5- Whole day actual trading between 11974-12171

Conclusions from intra day chart analysis 

As tension mounted in last 2 holidays between US and Iran therefore all the Global markets including Dow's Futures were trading weaker and Crude was also boiling today morning resultant Indian markets slipped after gap down opening and down moves remained continued with follow up selling in sideways markets as well.

Although last hour support between 11974-12171 and Very Short Term indicators have also turned oversold but until clear consolidation patterns will not develop till then Nifty will not sustain above Immediate Resistances. 

Let some peace and confidence develop in Middle-East and Crude stop increasing then firstly a Pull Back Rally will be seen which will be first signal of correction stopping and decisive up moves beginning. As last hour support between 11974-12171 today therefore this range should be watched for next Very Short Term Trend beginning and continuation. 

Just watch levels for next Short Term Trend confirmations amid US-Iran tension

Technical Analysis,Research & Weekly Outlook

(Jan 06 to Jan 10,2019)

Nifty-EOD Chart Analysis 

(Waves structure)

Nifty-EOD Chart (03-Jan-2020):-

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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 continuation with new life time high formation at 12293.90 on 20-12-2019.

Nifty-Intra Day Chart Analysis

 (03-Jan-2020)

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

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Technical Patterns formation in today intraday charts

1- Whole day Down moves in Bullish Falling Channels
2- Sharp up in last half hour
3- Whole day actual trading between 12192-12265

Conclusions from EOD chart analysis 

All the trends are up and impulsive Wave-5 continuation with new life time high formation at 12293.90 on 20-12-2019 and no confirmation of its completion yet

Conclusions from intra day chart analysis

As Geo-Political tension developed last Friday morning after US killing Iran’s most powerful general in Baghdad airstrike therefore Crude oil jumpled,Dow Jones Futures fell more than 150 points down and all the Asian markets weakened hence Indian markets slipped after negative opening. 

Although most of the time down moves remained continued but were in Bullish Falling Channels therefore sharp recovery from lower levels was seen in last half hour.

As Whole day Down moves were in Bullish Falling Channels which is a consolidation pattern therefore technically signals of fresh rally above life time highest are alive.

Conclusions (After Putting All Studies Together)

As whole day last Friday market was negative news driven and coming week market will again react on next developments in this matter therefore 12160-12287 should be watched in next week for next trend confirmations because immediate supports and resistances are lying within this range and finally sustaining beyond this range will form next Short Term Trend after break out of following immediate supports/resistances:- 

1- Next supports are between 12160-1197 
2- Next resistances are between 12265-12287

Crude rates have a big impact on Indian economy which jumped 3.64% last Friday and closed at 3 months high and if tension escalates in Middle-East region then it will certainly push Crude price which will certainly hurt Indian economy and markets as well.

Although Indian Stock markets are technically well poised for further rally above life time highest(12293.90) but US-Iran clashes can not be ruled out in the coming weeks therefore firstly sustaining beyond 12160-12287 should be watched in the coming week for next Short Term Trend confirmations.

Firstly watch levels after Geo-Political tension development today morning

Pre-open Outlook(03-01-2020)

As Geo-Political tension mounted today morning after following negative news today morning therefore all the Asian markets slipped as well as Dow Jones Futures is also trading more than 150 points down hence weaker opening will be seen in Indian markets also and firstly sustaining beyond last resistance range(12265-12287) should be watched to understand this negative news impact on Indian markets

Iran says powerful general killed in US airstrike in Iraq

Rally continuation with new life time highest formation

Intra Day Chart Analysis & Market Outlook

(03-01-2020)

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

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Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections
2- Whole day actual trading between 12196-12289

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Up moves towards next resistances":-

up moves are expected tomorrow towards next resistances(12265-12287)

As was told 100% same happened today and whole day up moves were seen towards next resistances(12265-12287) and Nifty closed today witin mentioned resistances at 12,282.20

As whole day up moves with intraday corrections and no selling patterns formations as well as today closing at life time highest therefore rally continuation will be seen with new life time highest formation tomorrow.

Up moves towards next resistances

Intra Day Chart Analysis & Market Outlook

(02-01-2020)

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

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Consolidation between 12166-1197
3- Whole day actual trading between 12166-12222

Conclusions from intra day chart analysis 

As more than 5 hours selling yesterday therefore firstly down moves were seen after positive opening but those down moves were in Bullish Falling Channel and after that more than 4 hours consolidation developed between 12166-1197 hence up moves are expected tomorrow towards next resistances(12265-12287)

Down moves continuation expectations

Down moves continuation expectations

Intra Day Chart Analysis & Market Outlook

(01-01-2020)

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

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Technical Patterns formation in today intraday charts

1- Selling between 12197-12240
2- Down moves in last hours
3- Whole day actual trading between 12152-12240

Conclusions from intra day chart analysis 

As more than 5 hours selling therefore down moves were seen in last hours and its continuation is expected in the coming sessions.

Levels will confirm next 
Short Term Trend

Intra Day Chart Analysis & Market Outlook

(31-12-2019)

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

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Technical Patterns formation in today intraday charts

1- Selling between 12265-12286
2- Consolidation between 12214-12240
3- Whole day actual trading between 12214-12286

Conclusions from intra day chart analysis 

Following lines were told on 28-12-2019 in "Levels will confirm the life and size of on going previous week correction":-

Firstly sustaining beyond 12236-12293 should be watched in next week for next decisive moves beginning confirmations.

Although firstly selling(12265-12286) near the higher levels of above given range(12236-12293) but consolidation was also seen just below given range between 12214-12240 and today closing was also within given range at 12255.85 today therefore it will be understood that no one sided technical position formations and firstly Nifty has to trade and prepare for next decisive moves between 12214-12293 and finally sustaining beyond this range will confirm next Short Term Trend which should be firstly watched in the coming sessions.

Levels will confirm the life and size of on going previous week correction

Technical Analysis,Research & Weekly Outlook

(Dec 30,2019 to Jan 03,2020)

Nifty-EOD Chart Analysis (Waves structure)

Nifty-EOD Chart (27-Dec-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 continuation with new life time high formation at 12293.90 on 20-12-2019.

Nifty-Last 5 Sessions intraday charts analysis

Nifty-Intra Day Chart (Dec 20 to Dec 27,2019):-

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Technical Patterns formation in last 5 Sessions intraday charts

1- 3 Sessions selling between 12236-12293 from 20 Dec to 24 Dec,2019
2- Whole day down moves with upward corrections on 26-12-2019
3- Whole day up moves with downward corrections on 27-12-2019
4- 5 Sessions actual trading between 12119-12293 

Nifty-Intra Day Chart Analysis (27-Dec-2019)

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

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Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections
2- Whole day actual trading between 12158-12258

Conclusions from EOD chart analysis 

All the trends are up and impulsive Wave-5 continuation with new life time high formation at 12293.90 on 20-12-2019 and no confirmation of its completion yet.

Conclusions from 5 Sessions intra day chart analysis 

Although Nifty closed at the top of the day last Friday but resistances are lying just above last Friday highest between 12236-12293 therefore firstly Nifty has to consolidate for decisive up moves above 12293. 

As Short Term Indicators are Over bought therefore fresh selling and sustaining below 12236 will mean Short Term correction beginning.

Firstly sustaining beyond 12236-12293 should be watched in next week for next decisive moves beginning confirmations.

Conclusions from intra day chart analysis 

As very short term indicators have turned over sold after whole day down moves on 26-12-2019 therefore Pull Back Rally was seen next day on 27-12-2019 which closed at the top of the day.

Last 2 sessions of previous week remained highly volatile between 12119-12258 and resistances are lying above last Friday highest as well as Very Short Term Indicators have also turned Over bought therefore firstly Nifty has consolidate for next up moves and sustaining above 12258 should be watched in the beginning of next week for first signal of up moves beginning.

Conclusions (After Putting All Studies Together)

Although Very Short Term correction of more than 1% was seen in previous week but strong up moves were also seen last Friday which closed within last resistances(12236-12293) of Nifty. 

As Bullish rally is continued in Indian markets therefore expected that finally rally will be seen after fresh consolidation within 12236-12293 but Short Term Indicators are slipping from Over bought zone therefore at present only a Short Term correction will be considered which may be sideways also.

Last 5 sessions trading between 12119-12293 with higher levels resistances and no supports at lower levels,this range will decide the life and size of on going previous week correction. Expected that Nifty will firstly trade and prepare for next moves within and near about this range and finally break out of this range will confirm fresh rally after sideways correction within this range or after little deeper correction below this range.

Finally more down moves amid a very short term Pull Back Rally possibility

Intra Day Chart Analysis & Market Outlook
(27-12-2019)

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

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Technical Patterns formation in today intraday charts

1- Whole day down moves with upward corrections
2- Whole day actual trading between 12119-12221

Conclusions from intra day chart analysis 

Following lines were told on 25-12-2019 in "Down moves continuation expectations":-

down moves continuation is expected in the coming sessions.

As today closing was at lowest of the day after whole day down moves therefore a very short term Pull Back Rally may be seen because Very short term indicators have turned over sold but finally more down moves below today lowest are expected because lower levels consolidation patterns formations have not been seen yet.

Down moves continuation expectations

Intra Day Chart Analysis & Market Outlook

(26-12-2019)

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

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Technical Patterns formation in today intraday charts

1- Selling between 12236-12283
2- Down moves in last hour
3- Whole day actual trading between 12203-12283

Conclusions from intra day chart analysis 

Following lines were told  on 23-12-2019 in "Firstly watch levels for next trend confirmations":-

1- last 2 Sessions trading between 12214-12293
2- firstly Nifty will trade and prepare for next decisive moves within and near about this range tomorrow
3- finally sustaining beyond this range will confirm next trend which should be firstly watched in the coming sessions.

Nifty traded more than 5 hours within mentioned range(12214-12293) with follow up selling between 12236-12283 last Tuesday and closed also below this range after slipping in last hour therefore down moves continuation is expected in the coming sessions.

Firstly watch levels for next trend confirmations

Intra Day Chart Analysis & Market Outlook

(24-12-2019)

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

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Technical Patterns formation in today intraday charts

1- Selling between 12259-12287
2- Consolidation between 12214-12243
3- Sharp recovery in last hour
4- Whole day actual trading between 12214-12287

Conclusions from intra day chart analysis 

As most time selling between 12266-12293 last Friday therefore Nifty could not move above it today and follow up selling was also seen within it today hence down moves were seen in 3 last hours. 

Although sentiment turned much depressed during Mid-Session today due to BJP loosing Jharkhand Assembly election but consolidation developed amid this negative news and resultant sharp recovery was seen in last hour.

As last 2 Sessions trading between 12214-12293 with lower levels negative news led good support today and higher levels selling in last 2 sessions within it therefore firstly Nifty will trade and prepare for next decisive moves within and near about this range tomorrow and finally sustaining beyond this range will confirm next trend which should be firstly watched in the coming sessions.

More than 3% Short Term correction
 on cards   

Technical Analysis,Research & Weekly Outlook

(Dec 23 to Dec 27,2019)

Nifty-EOD Chart Analysis 

(Waves 5th  structure)

Nifty-EOD Chart (20-Dec-2019):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-i of Wave-5 beginning at 10004.55 on 26-10-2018 after Wave-4 completion
2- Wave-i of Wave-5 completion at 12103.00 on 03-06-2019 and corrective Wave-ii beginning
3- Corrective Wave-ii of Wave-5 completion at 10637.10 on 23-08-2019 and impulsive Wave-iii beginning
4- Impulsive Wave-iii of Wave-5 continuation with recent top formations at 12293.90 on 20-12-2019

Nifty-Last 2 Sessions intraday

 charts analysis

Nifty-Intra Day Chart (Dec 19 & Dec 20,2019)

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Technical Patterns formation in last 2 Sessions intraday charts

1- Whole day Up moves in Bearish Rising Channels on 19-12-2019
2- Most time selling between 12266-12293 on 20-12-2019
3- 2 Sessions actual trading between 12192-12293 

Conclusions from EOD chart analysis 

All the trends are up and impulsive Wave-iii of Wave-5 continuation with recent top formations at 12293.90 on 20-12-2019 and on EOD charts no confirmation of its completion yet.

Conclusions from 2 Sessions intra day chart analysis 

Although last 2 sessions positive closing was at life time highest with 50 points gains also but clear selling patterns formations were seen in both previous sessions therefore emergence of Short Term Correction possibility below last 2 sessions lowest(12192) in the beginning of next week.

Conclusions (After Putting All Studies Together)

Bullish rally is very much on with continuous new life time highest formations but Short Term indicators have turned overbought and last 2 sessions intraday charts are showing sufficiently good selling patterns formations also therefore Short Term correction will be seen in the beginning of next week which may result Nifty slipping more than 3% downwards.

Emergence of Short Term Correction possibility

Intra Day Chart Analysis & Market Outlook

(20-12-2019)

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

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Technical Patterns formation in today intraday charts

1- Whole day Up moves in Bearish Rising Channels
2- Whole day actual trading between 12192-12268

Conclusions from intra day chart analysis 

Although today closing was at life time highest with 38 points gains also but whole day Up moves were in Bearish Rising Channels therefore emergence of Short Term Correction possibility below today lowest(12192) which may be seen in the next 1/2 sessions.

Rally Continuation with Very Short Term correction possibility

Intra Day Chart Analysis & Market Outlook

(19-12-2019)

Nifty-Intra Day Chart (18-Dec-2019):-

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Technical Patterns formation in today intraday charts

1- Whole day up moves with intraday corrections
2- Whole day actual trading between 12164-12237

Conclusions from intra day chart analysis 

As whole day up moves with intraday corrections therefore on going rally will remain continued but Very Short Term correction is imminent which may be seen any day because Short Term Indicators have become over bought.

Firstly watch levels for next up moves confirmations

Intra Day Chart Analysis & Market Outlook

(18-12-2019)

 Nifty-Intra Day Chart (17-12-2019):-

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Technical Patterns formation in today intraday charts

1- Slow up moves after positive opening
2- More than 5 hours trading with Mixed Patterns formation between 12121-12155
3- Slow up moves in last half hour
4- Whole day actual trading between 12071-12182

Conclusions from intra day chart analysis 

Following lines were told on 14-12-2019 in "Rally continuation towards its maximum target at 13870.95":-

up moves continuation towards next resistances(12120-12158) is expected in the beginning of next week.

Rally was seen today towards and above 12158 was seen today and closing was also at life time highest today but fresh consolidation is required for sustaining above today highest because more than 5 hours trading was with Mixed Patterns formations and up moves were slow.

As Short Term indicators have also turned over bought therefore Short Term correction may be seen any day and firstly sustaining beyond 12121-12155 should be watched in the coming sessions for next up moves confirmations.

As out of station therefore Stock Market Outlook of today(17-12-2019) will not be updated.