45 Sessions sideways market suggesting to follow next supports,resistances and Short Term Trend/Indicators 

Technical Analysis,Research & Weekly Outlook

(May 26 to May 29,2020)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (22-May-2020):-

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 11171.50 on 29-01-2018 and corrective Wave-4 beginning
5- Corrective Wave-4 completion at 9951.90 on 23-03-2018 and impulsive Wave-5 beginning
6- Impulsive Wave-5 completion after new life time high formation at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves"  beginning
7- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
8- Wave-B continuation with recent top formation at 9889.05 on 30-04-2020
9- Short Term correction of Wave-B continuation with recent bottom formation at 8806.75 on 18-05-2020

Conclusions from EOD chart analysis

(Waves structure)

The rally which started from 6825.80 on 29-02-2016 completed at 12430.50 on 20-01-2020 and then corrective Wave-A of its "ABC" correction begun which completed at 7511.10 on 24-03-2020.

Now impulsive Wave-B of "ABC" correction is in continuation with recent top formation at 9889.05 on 30-04-2020 and no confirmation of its completion yet.Now Short Term correction of Wave-B continuation with recent bottom formation at 8806.75 on 18-05-2020.

Nifty-EOD Chart Analysis

(Waves structure of Wave-B)

Nifty-EOD Chart (27-Mar-2020):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 of Wave-B beginning after corrective Wave-A completion at 7511.10 on 24-03-2020
2- Impulsive Wave-1 completion at 9038.90 on 27-03-2020 and corrective Wave-2 beginning
3- Corrective Wave-2 completion at 8055.80 on 03-04-2020 and impulsive Wave-3 beginning
4- Impulsive Wave-3 completion at 9390.85 on 20-04-2020 and corrective Wave-4 beginning
5- Corrective Wave-4 completion at 8909.40 on 21-04-2020 and impulsive Wave-5 beginning
6- Impulsive Wave-5 of Wave-B continuation with recent top formation at 9889.05 on 30-04-2020
7- Short Term correction of Wave-B continuation with recent bottom formation at 8806.75 on 18-05-2020 
8- Last 15 Sessions sideways trading between 8807-9584 

Conclusions from EOD chart analysis

(Waves structure of Wave-B)

Impulsive Wave-1 of Wave-B begun after corrective Wave-A completion at 7511.10 on 24-03-2020. Now Impulsive Wave-5 of Wave-B continuation with recent top formation at 9889.05 on 30-04-2020.

At present Short Term correction of impulsive Wave-5 of Wave-B is on with recent bottom formation at 8806.75 on 18-05-2020. 

Nifty

Last 15 Sessions intraday charts analysis 

Nifty-Intra Day Chart (May 04 to May 22,2020):-

Technical Patterns formation in last 15 Sessions intraday charts

1- Down moves in Bullish Falling Channels in first 4 sessions
2- Selling(Resistances) in last 15 sessions between
A- 9095-9120
B- 9147-9178 
C- 9200-9231
D- 9250-9281
E- 9300-9355
F- 9352-9426
3- Consolidation(Supports) in last 15 sessions
A- 8920-8968
B- 8860-8905
C- 8807-8835
4- 15 Sessions actual trading between 8807-9584

Conclusions from 15 Sessions

intra day chart analysis 

As lower levels 3 supports and higher levels 6 resistances in last 15 sessions sideways trading range therefore firstly Nifty will have to trade and prepare for next decisive big moves between 8807-9584 and finally sustaining beyond this range should be watched in the coming week for next one sided big moves beginning confirmations. 

Nifty-Intra Day Chart Analysis

(22-May-2020)

Nifty-Intra Day Chart (22-May-2020):-

Technical Patterns formation in today intraday charts

1- Sharp up after opening
2- Selling between 9095-9120
3- Volatility during RBI Governor Press Conference
4- Sharp fall after RBI Governor Press Conference
5- Sideways trading in last 5 hours between 8969-9072
6- Whole day actual trading between 8969-9149

Conclusions from intra day chart analysis 

As positive announcements expectations from RBI Governor Press Conference at 10;00 AM on 22-05-2020 therefore firstly sharp up after opening but selling developed on these expectations hence Volatility during Press Conference and sharp fall was seen after Press Conference. 

Although last 5 hours sideways trading between 8969-9072 and negative closing also but some consolidation was also seen within this range therefore if Nifty sustains above 9072 after follow up consolidation then more up moves will be seen in next week.

Conclusions

(After Putting All Studies Together)

1- Long term trend is down.
2- Intermediate term trend is sideways
3- Short term trend is sideways between 8807-9584 for the last 15 sessions

As Coronavirus panic therefore extremely fast Price-wise correction of Wave-A was seen which completed at 7511.10 on 24-03-2020 but Time-wise is still left which is being seen in on going Wave-B for the last 39 sessions between 7511-9889. It is confirm that Time-wise correction will remain continued till longer period because market will firstly wait for complete normalization Coronavirus situation and after that economic and Industrial growth coming on track which will take its own time and that may be much longer also.

At present Nifty is sideways between 8807-9584 for the last 15 sessions and expected that Nifty will firstly trade and prepare for next decisive big moves within this range,let it happen then will be understood and updated according to coming sessions intraday charts patterns formations. Supports and resistances within last 15 sessions trading range have already been updated above and beyond this range are as follows:-. 

Next resistances above 9584 are as follows:- 

1- 9850-9889
2- 9955-10142

Next supports below 8807 are as follows:-

1- 8700-8750
2- 8361-8449
3- 8056-8107
4- 7512-7970

As Nifty is sideways between 7512-9889 and not trending for the last 45 sessions therefore trading should be done according to:-

1- Short Term Trend 
2- Short Term Indicators
3- Above mentioned 7 supports and 8 resistances within last 45 sessions 

As Coronavirus news/Global markets big moves led huge volatility may also be seen any day therefore it should also be cautiously kept in mind. 

Sustaining beyond 9057 will confirm next decisive moves 

Intra Day Chart Analysis & Market Outlook

(22-05-2020)

Nifty-Intra Day Chart (21-May-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Consolidation between 9108-9150
2- Selling between 9147-9178 
3- Down moves with upward corrections
4- Whole day actual trading between 9057-9178

Conclusions from intra day chart analysis 

Following lines were told on 19-05-2020 in "Fresh consolidation between 8807-8918 will mean Pull Back rally":-

Short Term indicators have turned Oversold and if fresh consolidation develops between 8807-8918 then Pull Back rally will be seen in the next 2/3 sessions.

Pull Back rally was seen and Nifty closed in Green in both previous sessions 

Although firstly almost 3 hours consolidation and some up moves also seen after that but higher levels some selling was also seen at higher levels and after that Down moves with upward corrections therefore today closing was near the lower levels of the day. 

Next resistances above today highest are between 9200-9231 and fresh selling was seen below it today but fresh follow up selling is firstly required tomorrow for decisive down moves beginning because Indian markets out performed all Global markets and whole day traded in Green despite too much weakness in Dow Jones's Futures and all European markets. 

Expected that Nifty will firstly trade and prepare for next moves near about today lowest(9057) and finally sustaining it beyond will confirm next decisive moves.

As busy therefore Stock Market Outlook of today(21-05-2020) is not being updated.

Fresh consolidation between 8807-8918 will mean Pull Back rally

Intra Day Chart Analysis & Market Outlook

(20-05-2020)

Nifty-Intra Day Chart (19-May-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Volatility in first half hour after Green opening
2- Up moves in Bearish Rising Channel
3- Selling between 8957-9002
4- Sideways trading between 8858-8918 in last 2 hours
5- Whole day actual trading between 8856-9030

Conclusions from intra day chart analysis 

When most Bullish sentiments then we were cautious and told following conclusive lines at 12:34 AM today in "Firstly watch 8807-8948 after most Bullish Global markets sentiment due to hopes for potential coronavirus vaccine":-

firstly sustaining beyond 8807-8948 should be watched in the coming sessions for next decisive moves beginning confirmations. 

Although strong opening today but not sustaining above 8948 and Nifty closed below it at 8879.10 today after selling at higher levels. 

As sideways trading between 8858-8918 in last 2 hours today and minor consolidation was also seen within this range therefore firstly sustaining it beyond should be watched in the coming sessions for next decisive moves beginning confirmations because Short Term indicators have turned Oversold and if fresh consolidation develops between 8807-8918 then Pull Back rally will be seen in the next 2/3 sessions.

Firstly watch 8807-8948 after most Bullish Global markets sentiment due to hopes for potential coronavirus vaccine

Intra Day Chart Analysis & Market Outlook

(19-05-2020)

Nifty-Intra Day Chart (18-May-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- 76 Points fall in first 2 minutes
2- 200 Points fall in first 43 minutes 
3- Last more than 5 hours sideways trading between 8807-8948
4- Whole day actual trading between 8807-9158

Conclusions from intra day chart analysis 

Although Dow Jones's Futures was trading more than 250 points up and all the Asian markets except Taiwan were trading in Green today morning but sharp fall was seen in Indian markets through 76 Points fall in first 2 minutes and 200 Points fall in first 43 minutes. In this manner Indian markets completely under performed all the Global markets because Nifty traded almost whole day more than 2% down despite more than 2% positive and strong trading of most European markets.

As Nifty traded sideways more than 5 hours at 2% to 3% down rates between 8807-8948 with such huge under performing Global markets therefore good selling can not be ruled out here and finally down moves below Day's lowest(8807) is expected despite following most Bullish Global markets at this moment today:-

1- Dow Jones is trading more than 900 points up.
2- Most European markets closed more than 4% up 
3- SGX Nifty is now trading more than 200 points up.

As all the Global markets have surged on hopes for potential coronavirus vaccine therefore sentiment has turned most Bullish hence firstly sustaining beyond 8807-8948 should be watched in the coming sessions for next decisive moves beginning confirmations.