Finally 45 sessions range break out Will generate huge moves and till then trade according to given levels

Technical Analysis,Research & 

Weekly Outlook(Apr 12 to Apr 16,2021)

Nifty-EOD Chart Analysis(Averages)

Nifty-EOD Chart (09-Apr-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-3 completion indications at 15431.8 on 16-02-2021

2- Last 45 sessions sideways correction with recent bottom formation at 14264.4 on 25-03-2021

3- Double top formations

4- Averages:-

A- 5-Day SMA is today at  14769

B- 13-Day SMA is today at 14706

C- 55-Day SMA is today at 14785

D- 200-Day SMA is today at 12809 

5- Nifty is hovering around Short and Intermediate Term Average the last 34 sessions(5,13 & 55-Day SMA)

Conclusions from Weekly chart analysis(Averages)

As last 45 sessions sideways correction with recent bottom formation at 14264.4 on 25-03-2021 therefore impulsive Wave-3 completion indications at 15431.8 on 16-02-2021.

Nifty is hovering around Short and Intermediate Term Average the last 34 sessions(5,13 & 55-Day SMA) and decisive direction of these Averages will confirm next big moves.

Nifty-Weekly Chart Analysis 

(Stochastic & MACD)

Nifty-EOD Chart (09-Apr-2021):-

Technical Patterns and Formations in Weekly charts

1- Stochastic %K(5) is at 78.45 & %D(3) is at 70.82

2- Stochastic- %K(5) line has intersected %D(3) line up and moving towards Overbought zone

3- MACD line has intersected Average line upward

4- Last 45 sessions sideways trading between 14265-15431 

 

Conclusions from Weekly chart analysis

(Stochastic & MACD)

As upward intersection in both MACD and Stochastic therefore suggesting some up moves but Stochastic is just below Overbought zone therefore these up moves may fuse also.

Last 45 sessions sideways trading between 14265-15431 and Nifty is preparing for next big moves within this range as well as finally sustaining beyond this range will confirm it which should be watched in the coming week/weeks.

Nifty-Last 3 Sessions intraday charts analysis

Nifty-Intra Day Chart (Apr 07 to Apr 09,2021):-

Technical Patterns formation in last 3 Sessions intraday charts

1- sideways trading between 14717-14805 on 07-04-2021

2- sideways trading between 14777-14879 on 07-04-2021

3- Up moves in Bearish Rising Channel on 08-04-2021

4- Selling between 14929-14984 on 08-04-2021 

5- Selling between 14848-14918 on 09-04-2021

6- Selling between 14822-14857 on 09-04-2021

7- 3 Sessions actual trading between 14650 -14984 

Conclusions from 3 Sessions intra day chart analysis 

As accommodative stance extension by RBI in its Credit Policy therefore up moves were seen despite sideways trading on 07-04-2021 and these up moves remained continued next day also. 

Sufficiently good selling patterns formations in last 2 sessions of previous week and if follow up selling develops then down moves below last 3 sessions lowest(14650) will be seen in the coming 2/3 sessions of next week.

Nifty-Intra Day Chart Analysis(09-Apr-2021)

Nifty-Intra Day Chart (09-Apr-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 14848-14918

2- Sharp fall

3- Selling between 14822-14857

4- Whole day actual trading between 14786-14918

Conclusions from intra day chart analysis 

As whole day good selling last Friday therefore down moves below last Friday lowest are expected in the beginning of next week.

Conclusions (After Putting All Studies Together)

Waves structure of Nifty EOD chart was updated in previous weekly outlook and no material change in its structure since then therefore not being posted in this Weekly Outlook.

1- Long Term Trend is up.

2- Intermediate Term Trend is sideways between 14265-15421 for the last 45 sessions.

3- Short Term Trend is sideways.

That correction which started after impulsive Wave-3 completion at 15431.8 on 16-02-2021,is very much on in sideways manner and no indication of its completion yet because Nifty closed at 14834.85 last Friday which is almost in the middle of last 45 sessions trading range(14265-15421) as well as following multiple supports and resistances are lying below and above last Friday closing.

Next supports of Nifty are as follows:-

1- 14736-14771

2- 14670-14722

3- 14502-14546

4- 14424-14463

5- 14365-14390

6- 14272-14314

Next resistances of Nifty are as follows:-

1- 14848-14918

2- 14929-14984

3- 14997-15046

4- 15158-15196

5- 15201-15241  

6- 15262-15319

7- 15335-15421

As above supports and resistances therefore Nifty has to prepare for any side one sided moves which will be done in coming week/weeks. Let market prepare then will be updated according to coming sessions intraday charts patterns formations and till then trading should be done after keeping in mind above given supports and resistances. 

It is confirm that finally sustaining beyond last 45 sessions trading range(14265-15421) will generate huge one sided moves and till then trading should be done according to 45 sessions sideways market levels(supports and resistances). 

 Follow up complete selling will mean sharp fall

Nifty-Intra Day Chart Analysis & 

Market Outlook(09-04-2021)

Nifty-Intra Day Chart (08-Apr-2021):-

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel

2- Selling between 14929-14984 

3- Sharp fall in last hour

4- Whole day actual trading between 14822-14984

Conclusions from intra day chart analysis 

As most Asian markets were trading strong therefore strong up moves were seen but higher levels selling developed between 14929-14984 and before it up moves were also in Bearish Rising Channel hence sharp fall in last hour.

Although up moves in all four sessions of this week but clear consolidation patterns were not seen and some selling also developed therefore if follow up complete selling develops in the coming sessions then sharp fall will be seen and its confirmation will be sustaining below 14712.

 14712 will confirm  sharp fall

Nifty-Intra Day Chart Analysis & 

Market Outlook(08-04-2021)

Nifty-Intra Day Chart (07-Apr-2021):-

Technical Patterns formation in today intraday charts

1- Pre RBI Credit Policy sideways trading between 14717-14805

2- Jump after accommodative stance extension by RBI 

3- Post RBI Credit Policy sideways trading between 14777-14879

4- Whole day actual trading between 14650-14879

Conclusions from intra day chart analysis 

Selling was seen between 14712-14787 in last 2 sessions and Nifty traded sideways within and little above it up to 14805 before  RBI Credit Policy.

As accommodative stance extension by RBI therefore Nifty jumped and last 4 hours trading was sideways seen 14777-14879.

Although today closing was 132 points up but some selling was also seen therefore if fresh selling develops tomorrow then sharp fall will be seen in the coming sessions and its confirmation will be sustaining below 14712.

 Correction continuation expectations 

towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(07-04-2021)

Nifty-Intra Day Chart (06-Apr-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 14712-14779

2- Up moves in Bearish Rising Channels

3- Whole day actual trading between 14574-14779

Conclusions from intra day chart analysis 

Following lines were told at 01:17 AM on 06-04-2021 in "Immediate Resistances Will confirm today started Pull Back rally continuation":-

Firstly sustaining above 14787 should be watched tomorrow for today started Pull Back rally continuation confirmations towards those resistance 

Firstly sustaining above 14787 was told 

and today highest was just below it at 14779.10.

Selling was seen between 14748-14787 yesterday and follow up selling was seen within and below it today between 14712-14779 therefore yesterday resistance range has become stronger and immediate resistance will be between 14712-14787 and:-

1- Until Nifty will not sustain above 14787 after complete consolidation till then decisive up moves will not be seen above 14787

2- Once sustaining below 14712 will mean Short Term correction towards following next supports:-

1- 14460-14546 

2- 14424-14463

3- 14365-14390

4- 14272-14314

As yesterday resistance range has become stronger today therefore correction continuation is expected towards above mentioned next supports.

 Immediate Resistances Will confirm today started Pull Back rally continuation

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-04-2021)

Nifty-Intra Day Chart (05-Apr-2021):-

Technical Patterns formation in today intraday charts

1- More than 100 points fall in first 2 minutes after negative opening

2- Selling between 14748-14787(immediate Resistances)

3- More than 300 points crash in 20 minutes

4- Support between 4460-14535

5- Slow up moves in last 4 hours

6- Whole day actual trading between 14460-14849

Conclusions from intra day chart analysis 

As panic developed due Corona cases surpassing 1 Lac in India therefore huge more than 400 points crash in first 2 hours. 

Although support between 4460-14535 amid more than 200 points recovery from lower lvels also in last 4 hours but these up moves were slow therefore until Nifty will not sustain above immediate resistances(14787) till then fresh up moves will not be seen. 

Firstly sustaining above 14787 should be watched tomorrow for today started Pull Back rally continuation confirmations towards those resistance which were updated in weekly Outlook on 03-04-2021.

Level will confirm deeper correction 

amid Corona panic

Post-open Outlook(05-04-2021)

As Corona cases crossed 1 Lac in India and panic developed because from previous week Corona cases are increasing at much faster speed than last year therefore nervousness developed and resultant down moves are being seen in Indian markets.

If Corona situation worsen in same previous week like speed then keep in mind following conclusive line and level which was updated on 03-04-2021 in "Fate of next big moves will be according to levels break out"

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.