Short Term correction continuation towards next supports
Technical Analysis,Research & Weekly Outlook
(Jun 29 to Jul 03,2020)
Nifty-EOD Chart Analysis
(Corrective Waves)
Nifty-EOD Chart (26-Jun-2020):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-5 completion at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning
2- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
3- Wave-B continuation with recent top formation at 10553.1 on 24-06-2020
Conclusions from EOD chart analysis
(Corrective Waves)
Wave-B of "corrective ABC" continuation and no confirmation of its completion yet.
Nifty-EOD Chart Analysis
(Wave-B structure)
Nifty-EOD Chart (26-Jun-2020):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
2- Wave-a of Wave-B completion at 9889.05 on 30-04-2020
3- Wave-b of Wave-B completion at 8806.75 on 16-05-2020
4- Wave-c of Wave-B continuation with recent top formation at 10553.1 on 24-06-2020
Conclusions from EOD chart analysis
(Wave-B structure)
Wave-c of Wave-B continuation and no confirmation of its completion yet.
Nifty-EOD Chart Analysis
(Bollinger Band & Stochastic)
Nifty-EOD Chart (26-Jun-2020):-
Technical Patterns and Formations in EOD charts
1- Hovering around upper band of Bollinger Band
2- Stochastics moving down from oversold zone.
3- Stochastic-%K(5) is at 54.18 & %D(3) is at 68.99
Conclusions from EOD chart analysis
(Bollinger Band & Stochastic)
As Nifty is hovering around upper band of Bollinger Band for the last 4 sessions and Short Term indicator Stochastics has started to move down from oversold zone therefore strong signals of Short Term correction beginning.
Nifty-Intra Day Chart Analysis
(26-Jun-2020)
Nifty-Intra Day Chart (26-Jun-2020):-
Technical Patterns formation in today intraday charts
1- Mixed Patterns formation between 10353-10406
2- Selling between 10340-10384
3- Down moves in Bullish Falling Channel
4- Up moves with downward corrections
5- Whole day actual trading between 10312-10409
Conclusions from intra day chart analysis
Although firstly Mixed Patterns formation and selling also between 10340-10384 but after that consolidation was also seen in last 3 hours through Down moves in Bullish Falling Channel and Up moves with downward corrections therefore whole day last Friday trading will be understood with Mixed Patterns formation between 10312-10409 hence sustaining it beyond should be watched in the beginning in next week for next decisive moves confirmations.
Conclusions
(After Putting All Studies Together)
1- Long term trend is down and it will be up after sustaining above its decider 200-Day SMA(Today at 10901.4)
2- Intermediate term trend is up
3- Short term trend is up
As both consolidation and selling patterns formations were seen between 10312-10409 in the intraday chart of 26-06-2020 therefore expected that nifty will firstly trade and prepare for next decisive moves within and near about this trading range and finally sustaining it beyond will confirm the life of on going Short Term correction hence should be firstly watched in next week for its confirmations.
Wave-c of Wave-B continuation and no confirmation of its completion yet but Short Term correction begun after its recent top formation at 10553.1 on 24-06-2020 and no confirmation of its completion also therefore expected that Short Term correction will remain continued towards following next supports in next week.
Next supports of Nifty are as follows:-
1- 10312-10340
2- 10210-10244
3- 10082-10133
4- 9866-9922
Next resistances of Nifty are as follows:-
1- 10402-10426
2- 10596-10553