Finally crucial level will confirm next long Term trend/big moves
Technical Analysis,Research &
Weekly Outlook(Jul 26 to Jul 30,2021)
Nifty-EOD Chart Analysis
(MACD & Stochastic)
Nifty-EOD Chart (23-Jul-2021):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-5 continuation with recent high and new life time top formation at 15962.30 on 16-07-2021
2- Stochastic %K(5) is at 50.08 & %D(3) is at 40.57
3- Stochastic- %K(5) line has intersected %D(3) line upward while %K is rising and %D is falling.
4- In MACD- MACD line has intersected Average line downward and both lines are moving straight near Zero line for the last 7 sessions
6- Last 38 sessions sidewys trading between 15451-15962 from 01-06-2021 to 23-07-2021
Conclusions from EOD chart analysis
(Stochastic & MACD)
Although in Stochastic %K(5) line has intersected %D(3) line upward but %K is rising and %D is falling therefore no clear indication from this indicator
Although in MACD indicator MACD line downward intersection of Average line but both lines are moving straight near Zero line for the last 7 sessions therefore this indicator is also not showing any direction at this moment
Last 38 sessions sideways trading between 15451-15962 with lower levels supports and higher levels resistances therefore Nifty will firstly trade within this range in next week and finally sustaining beyond this range will generate big moves which should be watched in the coming week/weeks.
Nifty-Last 14 Sessions intraday
charts analysis
Nifty-Intra Day Chart (Jul 05 to Jul 23,2021):-
Technical Patterns formation in last 14 Sessions intraday charts
1- Selling(Resistances) in last 14 Sessions are as follows:-
A- 15921-15962
2- Consolidation(Supports) in last 14 Sessions are as follows:-
A- 15653-15687
B- 15579-15620
3- Supports below last 14 Sessions lowest(15579) are as follows
A- 15542-15579
B- 15460-15537(Strong supports)
4- Last 14/23 Sessions sideways trading between 15579-15962
Conclusions from 14/23 Sessions
intra day chart analysis
Last 14/23 Sessions sideways trading between 15579-15962 with above mentioned supports and resistances within it. As supports below last Friday lowest and resistances above last Friday highest are equally strong therefore expected that Nifty will firstly trade and prepare for next trend within last 14/23 sessions trading range(15579-15962) and finally sustaining it beyond will generate first strong signal of next trend which should be firstly watched in next week.
Nifty-Intra Day Chart
Analysis(23-Jul-2021)
Nifty-Intra Day Chart (23-Jul-2021):-
Technical Patterns formation in today intraday charts
1- Volatility in first 2 hours after positive opening
2- Up moves in Bearish Rising Channels
3- Slipping from higher levels in last hour
4- Whole day actual trading between 15769-15899
Conclusions from intra day
chart analysis
Although positive opening but immediately slipping into negative zone and after that volatility was also seen in first 2 hours. As all the up moves were in Bearish Rising Channels therefore Nifty slipped from higher levels in last hour. Although positive closing last Friday with 0.20% gains but selling was also seen therefore fresh consolidation is firstly required in next week for decisive up moves above last Friday highest(15900) and if fresh selling develops in the beginning of next week then Short Term correction will be seen towards 15579.
Conclusions
(After Putting All Studies Together)
1- Long Term Trend is up
2- Intermediate Term Trend is sideways between 15451-15962 for the last 38 sessions
3- Short Term Trend is sideways between 15579-15962 for the last 23 sessions
Last 38 sessions like big sideways trading between 15451-15962 and Short Term indicators are not suggesting any side direction therefore it will be understood that at present Nifty is not prepared for any side big decisive moves and will have to prepare for that which will be firstly done between 15451-15962 in next week/weeks. It should be kept in mind that forceful break out/down or sustaining beyond last 38 sessions trading range is must for next trend and big moves confirmations therefore it has to be watched for confirmations.
Next supports and resistances between last 38 sessions trading range(15451-15962) has been updated above:-
1- As Only 1 resistance above last Friday highest therefore fresh consolidation in next week will mean high possibility of strong rally above 15962
2- but complete selling is required for deeper correction beginning below 15451 because multiple 4 supports are lying below last Friday lowest.
Last 38 sessions like big trading range(15451-15962) has become crucial level and will finally confirm next long Term trend/big moves therefore:-
1- until Nifty is sideways between 15451-15962 till then Short/Intermediate Term view should be of within this range,
2- Let Nifty to sustain beyond 15451-15962 or its forceful break out/down happen then Long term view confirmation should be according to its break out/down direction.