Crucial levels break out/down will confirm Strong rally or Deeper correction
Technical Analysis,Research & Weekly Outlook
(Jul 12 to Jul 16,2021)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (09-Jul-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
3- Corrective Wave-2 completion at 10790.20 on 24-09-2020
4- Impulsive Wave-3 completion after new life time top formation at 15431.8 on 16-02-2021
5- Corrective Wave-4 completion at 14151.4 on 22-04-2021
6- Impulsive Wave-5 continuation with recent high and new life time top formation at 15915.60 on 28-06-2021.
7- Last 29 sessions sidewys trading between 15451-15915 from 01-06-2021 to 09-07-2021
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-5 continuation with new life time top formation at 15915.60 on 28-06-2021 and no indication of its completion yet on EOD charts. As last 29 sessions like big sideways trading between 15451-15915 and Nifty is preparing for next big moves within this range therefore finally break our/down of this range will form next trend.
Nifty-Last 14 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Jun 22 to Jul 09,2021):-
Technical Patterns formation in last 14 Sessions intraday charts
1- 4 Times resistances above 15880 in last 14 Sessions are as follows:-
A- 15895.8 on 22-06-2021
B- 15915.6 on 28-06-2021
C- 15914.2 on 06-07-2021
D- 15893.5 on 07 & 08-07-2021
2- 3 Times supports below 14700 in last 14 Sessions are as follows:-
A- 15674 on 23-06-2021
B- 15636 on 02-07-2021
C- 15632.8 on 09-07-2021
3- 14 Sessions actual trading between 15636-15915
Conclusions from 14 Sessions intra day chart analysis
Extreme sideways trading within 279 points in last 14 sessions between 15636-15915 and surprisingly Nifty got 3 times supports below 14700 and faced 4 times resistance also above 15880 therefore it will be understood that Nifty is trading within this range for a big move and finally sustaining it beyond will confirm:-
1- Strong rally beginning above 15915.
2- First strong signal of Short Term correction beginning below 15636.
Nifty-Intra Day Chart Analysis
(09-Jul-2021)
Nifty-Intra Day Chart (09-Jul-2021):-
Technical Patterns formation in today intraday charts
1- Up moves with downward corrections
2- Down moves in Bullish Falling Channel
3- Consolidation between 15651-15707
4- Whole day actual trading between 15633-15730
Conclusions from intra day chart analysis
Although whole day negative zone trading and Red closing also last Friday but selling patterns were not seen and on the contrary consolidation developed through above mentioned manner hence up moves will be seen above last Friday highest(15730) in the beginning of next week.
Conclusions (After Putting
All Studies Together)
1- Long Term Trend is up
2- Intermediate Term Trend is sideways between 15451-15915 for the last 29 sessions
3- Short Term Trend is sideways between 15636-15915 for the last 14 sessions
Next resistances(within last 29 sessions range) above last Friday closing are as follows:-
A- 15828-15842
B- 15845-15871
C- 15873-15911
Next supports(within last 29 sessions range) below last Friday closing are as follows:-
A- 15651-15682
B- 15618-15647
C- 15542-15586
D- 15460-15537(Strong supports)
Indian markets are Bullish and Long Term Trend is up but sideways trading between 15451-15915 with above mentioned supports and resistances within this last 29 sessions like big crucial trading range. As both supports and resistances are equally strong within this range therefore Nifty will have to trade and prepare for next decisive moves within it in the coming week.
It is confirm that until Nifty will not completely prepare for those one sided big decisive moves till then this range(15451-15915) will not be broken out/down. Let Nifty prepare then finally sustaining beyond or forceful break out/down of this range should be firstly watched in the coming week/weeks for:-
1- Strong rally above 15915.
or
2- Deeper correction below 15451.