Fate of next big moves will be according to levels break out
Technical Analysis,Research & Weekly Outlook
(Apr 05 to Apr 09,2021)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (01-Apr-2021):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020
2- Impulsive Wave-1 completion at 11794.30 on 31-08-2020 and corrective Wave-2 beginning
3- Corrective Wave-2 completion at 10790.20 on 24-09-2020 and Impulsive Wave-3 beginning
4- Impulsive Wave-3 completion indications after new life time top formation at 15431.8 on 16-02-2021
5- Correction continuation with recent bottom formation at 14264.4 on 25-03-2021
6- Last 40 sessions sideways trading between 14265-15431.
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-1 started on 24-03-2020 from 7511.10 and its impulsive Wave-3 completion strong indications developed after new life time top formation at 15431.8 on 16-02-2021.
The correction which started from 15431.8 is in continuation for the last 30 sessions with recent bottom formations at 14264.4 on 25-03-2021 and no confirmation of its completion yet.
Last 40 sessions sideways trading between 14265-15431 and finally sustaining beyond this range will confirm the life and length of on going correction which should be watched in the coming week/weeks.
Nifty-Weekly Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (01-Apr-2021):-
Technical Patterns and Formations in Weekly charts
1- Stochastic %K(5) is at 38.44 & %D(3) is at 44.41
2- Stochastic- %K(5) line has intersected %D(3) line downward and moving towards Oversold zone
3- Stochastic- %K(5) line has flattened
4- MACD line has intersected Average line downward
5- MACD line has flattened
Conclusions from Weekly chart analysis
(Stochastic & MACD)
Although in Weekly Stochastic %K(5) line has intersected %D(3) line downward and moving towards Oversold zone also but %K(5) line has flattened therefore suggesting to wait for next decisive moves beginning confirmations.
Same situation is in Weekly MACD also because MACD line has intersected Average line downward and MACD line has flattened therefore MACD is also suggesting to wait for next decisive moves beginning confirmations.
Nifty-Last 10 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Nar 18 to Apr 01,2021):-
Technical Patterns formation in last 10 Sessions intraday charts
1- Last 10 sessions actual trading between 14265-14883
2- Consolidation(Supports) in last 10 Sessions are as follows:-
A- 14794-14825
B- 14670-14722
C- 14502-14546
D- 14424-14463
E- 14365-14390
F- 14272-14314
3- Last Thursday closing at the top of last 10 Sessions
Conclusions from 10
Sessions intra day chart analysis
Previous 10 sessions actual trading between 14265-14883 and last Thursday closing was at the top of last 10 Sessions as well as multiple above given lower levels supports have been developed therefore up moves will be seen in the beginning of next week.
Nifty-Intra Day Chart Analysis
(01-Apr-2021)
Nifty-Intra Day Chart (01-Apr-2021):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channels
2- Up moves with downward corrections
3- Whole day actual trading between 14693-14883
Conclusions from intra day chart analysis
Although first 2 hours down moves after more than 100 points positive opening but in Bullish Falling Channels therefore after that whole day strong up moves were seen which were with downward corrections hence whole day consolidation will be understood last Thursday and firstly rally continuation will be seen in next week.
Conclusions
(After Putting All Studies Together)
1- Long Term Trend is up.
2- Intermediate Term Trend is sideways between 14265-15421 for the last 40 sessions.
3- Short Term Trend is up.
Last 40 sessions sideways trading between 14265-15431 and last Thursday closing was near the center of this range at 14867.35 which means that Intermediate Term Trend is completely sideways. 6 Supports within this range below 14867.35 have been updated above and 6 resistances above it are as follows:-
1- 14901-14949
2- 14997-15046
3- 15158-15196
4- 15201-15241
5- 15262-15319
6- 15335-15421
As multiple supports and resistance are below and above previous weekly closing(14867.35) as well as Weekly indicators(Stochastic and MACD) are suggesting to wait for next decisive moves beginning confirmations therefore last 40 sessions sideways Nifty will have to trade and prepare for next decisive moves between 14265-15421 which will be done in next week also. Let Nifty prepare then will be firstly decided according to intraday charts patterns formations and finally sustaining beyond 14265-15421 in following manner:-
1- Finally sustaining above 15421 will mean fresh strong rally after Intermediate Term correction completion.
2- Finally sustaining below 14265 will mean more than 10% down moves after more than 40 sessions like big trading range broken down and resultant deeper correction beginning confirmations.
At finally fate of next big moves will be according to sustaining beyond last 40 sessions trading range(14265-15421) therefore should be watched in the coming week/weeks and till then sideways market will be understood and not trending.