As not feeling well therefore Stock Market Outlook of today(29-07-2020) is not being updated but tomorrow Outlook will be posted positively.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Crucial levels will firstly indicate and after that confirm deeper correction
Nifty & Bank Nifty Weekly Outlook
(Jul 27 to Jul 31,2020)
Nifty-EOD Chart Analysis
(Wave-B Trendline & Stochastics)
Nifty-EOD Chart (24-Jul-2020):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
2- Wave-B continuation with recent top formation at 11239.8 on 23-07-2020
3- Stochastic-%K(5) is at 87.56 & %D(3) is at 90.65
4- Last 4 sessions sideways trading between 11057-11239
5- Trend line today at 10915
Conclusions from EOD chart analysis
(Wave-B Trend line & Stochastics)
Wave-B continuation with recent top formation at 11239.8 and no confirmation of its completion yet.
As %K(5) of Short Term Indicator Stochastics has intersected downward %D(3) in overbought zone therefore emergence of Short Term correction expectations in the coming week and following levels should be watched for the life and size of expected correction:-
1- Last 4 sessions sideways trading between 11057-11239 and moving below 11057 will be first indication of correction beginning.
2- Trend line of Wave-B is today at 10915 and its valid break down will be correction confirmation.
3- 200-Day SMA is today at 10862 and sustaining below it will mean strong possibility of Wave-C beginning after Wave-B completion.
Nifty
Last 4 Sessions intraday charts analysis
Nifty-Intra Day Chart (Jul 21 to Jul 24,2020):-
Technical Patterns formation in last 4 Sessions intraday charts
1- Selling(Resistances) in last 4 sessions are between:-
A- 11091-11146
B- 11057-11105
2- Consolidation(Supports) in last 4 sessions are sessions:-
A- 11157-11178
B- 11180-11239
3- 4 Sessions actual trading between 11057-11239
Conclusions from 4 Sessions intra day chart analysis
As both lower levels supports and higher levels selling in the last 4 sessions therefore Bank Nifty will firstly trade and prepare for next decisive moves within last 4 Sessions trading range(11057-11239) in coming week,finally sustaining it beyond will confirm next big moves which should be watched in next week.
Nifty-Intra Day Chart Analysi
(24-Jul-2020)
Nifty-Intra Day Chart (24-Jul-2020):-
Technical Patterns formation in today intraday charts
1- Consolidation between 11091-11146(Immediate Supports)
2- Up moves in Bearish Rising Channel
3- Sideways trading between 11177-11208
4- Whole day actual trading between 11091-11225
Conclusions from intra day chart analysis
As firstly lower levels consolidation therefore up moves were seen which were in Bearish Rising Channel hence some selling was also seen at higher levels and sideways trading developed between 11177-11208 in last hour.
Both consolidation and selling was seen last Friday between 11091-11225 and expected that Nifty will firstly trade and prepare for next decisive moves within this range in the beginning of next week but expected that finally Nifty will slip below 11091 after fresh selling in next week.
Bank Nifty-EOD Chart Analysis
(Wave-B Trend line & Stochastics)
Bank Nifty-EOD Chart (24-Jul-2020):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-A completion at 16116..3 on 24-03-2020 and Wave-B beginning
2- Wave-B continuation with recent top formation at 23211.3 on 22-07-2020
3- Trendline today at 21964
4- Stochastic-%K(5) is at 74.93 & %D(3) is at 84.86
5- Last 4 sessions sideways trading between 22418-23211
Conclusions from EOD chart analysis
(Wave-B Trend line & Stochastics)
Wave-B continuation with recent top formation at 23211.3 and no confirmation of its completion yet.
As %K(5) of Short Term Indicator Stochastics has intersected downward %D(3) in overbought zone therefore emergence of Short Term correction expectations in the coming week and following levels should be watched for the life and size of expected correction:-
1- Last 4 sessions sideways trading between 22418-23211 and moving below 22418 will be first indication of correction beginning.
2- Trend line of Wave-B is today at 21964 and its valid break down will be correction confirmation.
3- 55-Day SMA is today at 20706 and sustaining below it will mean strong possibility of Wave-C beginning after Wave-B completion.
Bank Nifty
Last 4 Sessions intraday charts analysis
Bank Nifty-Intra Day Chart (Jul 21 to Jul 24,2020):-
Technical Patterns formation in last 4 Sessions intraday charts
1- Selling(Resistances) in last 4 sessions are between:-
A- 22628-22774
B- 22775-23211
2- Consolidation(Supports) in last 4 sessions are sessions:-
A- 22418-22565
B- 22630-22709
3- 4 Sessions actual trading between 22418-23211
Conclusions from 4 Sessions intra day chart analysis
As both lower levels supports and higher levels selling in the last 4 sessions therefore Bank Nifty will firstly trade and prepare for next decisive moves within last 4 Sessions trading range(22418-23211) in coming week,finally sustaining it beyond will confirm next big moves which should be watched in next week.
Bank Nifty
Intra Day Chart Analysis(24-Jul-2020)
Bank Nifty-Intra Day Chart (24-Jul-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 22628-22774(Immediate Resistances)
2- Down moves
3- Consolidation between 22417-22565(Immediate Supports)
4- Up moves in Bearish Rising Channel
5- Sideways trading between 22610-22704
6- Whole day actual trading between 22417-22854
Conclusions from intra day chart analysis
As firstly selling after much weaker opening therefore more down moves were seen but lower levels some consolidation hence some up moves after 01:30 PM. Up moves in Bearish Rising Channel and Sideways trading in last hour hence good selling will be understood last Friday.
Some consolidation was also seen at lower levels therefore expected that Nifty will firstly trade and prepare for next decisive moves between 22417-22774 in the beginning of next week but expected that finally Nifty will slip below 11091 after fresh selling in next week.
Conclusions
(After Putting All Studies Together)
Although Wave-B continuation with recent top formation at 11239.8 & 23211.3 and no confirmation of its completion yet but now this rally is very much mature for a deeper correction and Short Term indicators have also turned overbought therefore once sustaining below above mentioned 4 sessions lowest(11057 & 22418) will mean strong indications of that deeper correction beginning.
All the crucial levels for next moves beginning of Nifty and Bank Nifty has been updated above in EOD Charts analysis which should be watched in the coming week/weeks for that deeper correction beginning indications/confirmations.
11057 will confirm sharp fall
Nifty-Intra Day Chart Analysis &
Market Outlook(24-07-2020)
Nifty-Intra Day Chart (23-Jul-2020):- |
| Just click on chart for its enlarged view |
1- Up moves in Bearish Rising Channel
2- Selling between 11180-11239
3- Whole day actual trading between 11128-11239
Conclusions from intra day chart analysis
Following lines were told yesterday in "Follow up selling will mean sharp fall possibility":-
follow up selling tomorrow and sustaining below today lowest(11057) will mean emergence of sharp fall possibility therefore be cautious.
As follow up selling was seen firstly through Up moves in Bearish Rising Channel and after that selling between 11180-11239 today therefore sustaining below 11057 should be firstly watched tomorrow for sharp fall confirmations.
Follow up selling will mean sharp fall possibility
Nifty-Intra Day Chart Analysis &
Market Outlook(23-07-2020)
Nifty-Intra Day Chart (22-Jul-2020):- |
1- Up moves in Bearish Rising Channel
2- Down moves with upward corrections
3- Up moves in last hour
4- Whole day actual trading between 11057-11238
Conclusions from intra day chart analysis
Following lines were told yesterday in "Firstly watch 11244 amid rally continuation expectations":-
rally will remain continued towards 11244
As was told yesterday 100% same happened today and rally will remain continued with today highest formation at 11238.10 which is just below 11244.
As firstly selling was seen through Up moves in Bearish Rising Channel down moves were seen with upward corrections which means that with follow up selling. Although Up moves in last hour but good selling today therefore Nifty will not be able to move above today highest(11238) and once follow up selling tomorrow and sustaining below today lowest(11057) will mean emergence of sharp fall possibility therefore be cautious.
Firstly watch 11244 amid rally continuation expectations
Nifty-Intra Day Chart Analysis &
Market Outlook(22-07-2020)
Nifty-Intra Day Chart (21-Jul-2020):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Consolidation between 11136-11154(Immediate Supports)
3- Consolidation between 11157-11163
4- Whole day actual trading between 11114-11179
Conclusions from intra day chart analysis
Following lines were told on 18-07-2020 in "Finally Rally towards next resistances ":-
100.0% Fibonacci Extension Target of Wave-B is at 11184.70 and and rally continuation is expected towards and just above it in next week.
Rally continuation was told towards 11184.70 and today highest was just below it at 11,179.55.
As good intraday consolidation and no selling pattern formations today therefore rally will remain continued towards 11244 but sustaining above it should be firstly watched in the coming sessions because:-
1- Gap resistances are between 11036-11244.
2- Multiple resistances are lying above 11244.
3- Short Term indicators are about to be Overbought.
Finally Rally towards next resistances
Nifty & Bank Nifty Weekly Outlook
(Jul 20 to Jul 24,2020)
Nifty-EOD Chart Analysis
(Wave-B structure)
Nifty-EOD Chart (17-Jul-2020):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
2- Wave-a of Wave-B(9889.05 on 30-04-2020)
3- Wave-a of Wave-B gained 2377.95 points
4- Wave-b of Wave-B(8806.75 on 16-05-2020)
5- Wave-c of Wave-B continuation with recent top formation at 10933.45 on 17-07-2020
6- 100% Fibonacci Extension Target of Wave-c of Wave-B is at 11184.70{8806.75+2377.95(100% of 2377.95)}
Conclusions from EOD chart analysis
(Wave-B structure)
Wave-c of Wave-B is very much on and no confirmation of its completion yet as well as its continuation is expected towards its next 100.0% Fibonacci Extension Target at 11184.70.
Nifty-EOD Chart Analysis
(Averages & Stochastics)
Nifty-EOD Chart (17-Jul-2020):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
2- Wave-B continuation with recent top formation at 10933.45 on 17-07-2020
3- SMA(Simple Moving Averages)
A- 5-Day SMA is at 10734
B- 13-Day SMA is at 10700
C- 55-Day SMA is at 9930
D- 200-Day SMA is at 10870
4- Stochastic-%K(5) is at 53.86 & %D(3) is at 37.03
Conclusions from EOD chart analysis
(Averages & Stochastics)
Wave-B continuation with recent top formation at 10933.45 on 17-07-2020 and no indication of its completion yet.
As %K(5) of Short Term Indicator Stochastics has intersected upward %D(3) from just above oversold zone therefore indications of more up moves in the coming week.
Short term averages are trading above longer term averages and Nifty has closed above Long Term Trend decider 200-Day SMA(today at 10870) last Friday therefore strength will be understood in Indian markets. Although Nifty has closed above Long Term Trend decider 200-Day SMA but sustaining above it must for Long Term Trend turning up confirmations which should also be watched for further decisive up moves continuation confirmations because many times corrective rally completes near about 200-Day SMA also.
Nifty-Intra Day Chart Analysis
(17-Jul-2020)
Nifty-Intra Day Chart (17-Jul-2020):-
Technical Patterns formation in today intraday charts
1- Consolidation between 10781-10840(Immediate Supports)
2- Sharp up in last hour
3- Whole day actual trading between 10749-10933
Conclusions from intra day chart analysis
As more than 5 hours consolidation between 10781-10840 therefore strong up moves were seen in last hour and until Nifty will not sustain below 10781 after complete selling till then decisive down moves will not be seen as well as up moves will be seen above last Friday highest(10933.45) after follow up consolidation between and near about 10840-10933.
Nifty-conclusions
(After Putting All Studies Together)
1- Signals of Long term trend turning up after Nifty closing above it last Friday.
2- Intermediate term trend is up
3- Short term trend is up
Next supports of Nifty are as follows:-
1- 10781-10840
2- 10630-10696
3- 10498-10535
4- 10400-10447
5- 10299-10358
6- 10224-10320
7- 10082-10133
8- 9866-9922
Next resistances of Nifty are as follows:-
1- 11036-11244(Gap resistance)
As Nifty closed at the top of Wave-B last Friday after lower levels good consolidation same day and no intraday selling patterns formations therefore rally continuation will be expected in next week. As very Short Term indicators have turned Overbought therefore very Short Term correction may be seen in the beginning of next week but finally up moves will remain continued after maximum 1/2 sessions corrections because short Term indicator has started to move up from just above Oversold zone.
100.0% Fibonacci Extension Target of Wave-B is at 11184.70 and and rally continuation is expected towards and just above it in next week. As next gap resistance is between 11036-11244 therefore firstly this range should be watched in next week/weeks because strong resistances are lying above it and once sustaining below 11036 after complete selling patterns on Intraday and EOD charts will mean strong signals of Wave-B completion and Wave-C beginning towards and below the origin of Wave-B(7511.10)
Bank Nifty-EOD Chart Analysis
(Wave-B structure & Stochastics)
Bank Nifty-EOD Chart (17-Jul-2020):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-A completion at 16116..3 on 24-03-2020 and Wave-B beginning
2- Wave-a of Wave-B completion at 21967.0 on 30-04-2020
3- Wave-b of Wave-B completion at 17105.0 on 22-05-2020
4- Wave-c of Wave-B continuation with recent top formation at 23080.6 on 08-07-2020
5- Stochastic-%K(5) is at 31.92 & %D(3) is at 18.74
Conclusions from EOD chart analysis
(Wave-B structure & Stochastics)
Wave-c of Wave-B continuation with recent top formation at 10631.30 and no confirmation of its completion yet.
As %K(5) of Short Term Indicator Stochastics has intersected upward %D(3) from oversold zone therefore indications of more up moves in the coming week.
Bank Nifty-Intra Day Chart Analysis
(17-Jul-2020)
Nifty-Intra Day Chart (17-Jul-2020):-
Technical Patterns formation in today intraday charts
1- Consolidation between 21551-21830(Immediate Supports)
2- Sharp up in last hour
3- Whole day actual trading between 21551-22065
Conclusions from intra day chart analysis
As more than 5 hours consolidation between 21551-21830 therefore strong up moves were seen in last hour and until Nifty will not sustain below 21551 after complete selling till then decisive down moves will not be seen as well as up moves will be seen above last Friday highest(10933.45) after follow up consolidation between and near about 21830-22065.
Bank Nifty-conclusions
(After Putting All Studies Together)
1- Long term trend is down
2- Intermediate term trend is sideways
3- Short term trend is sideways
Next supports of Bank Nifty are as follows:-
1- 21551-21830
2- 21030-21341
Next resistances of Bank Nifty are as follows:-
1- 22320-22502
2- 22742-22866
3- 22970-23065
As very Short Term indicators have turned Overbought therefore very Short Term correction may be seen in the beginning of next week but finally up moves will remain continued towards above mentioned resistances after maximum 1/2 sessions corrections because short Term indicator has started to move up from Oversold zone.
Bank Nifty is completely under performing Nifty and NIFTYTIT and sideways for the last 20 sessions between 20927-23080 as well as much below Long Term trend decider 200-Day SMA(today at 26176) while Nifty and NIFTYTIT have closed above it last Friday. As such weakness therefore remain cautious in Bank Nifty because much deeper and faster correction will be seen in it after corrective Wave-C beginning.
Conclusions
(After Putting All Studies Together)
Although firstly Very Short Term and intraday correction expectation in the beginning of next week but finally up moves of Wave-B will remain continued towards above mentioned next resistances.
Expected that Nifty will not be able to sustain above next resistance(11244) and Bank Nifty will also not be able to sustain above next resistance(23065) and finally corrective Wave-C will begin towards and below the origin of Wave-B(7511.10 & 16116.3) after complete selling patterns formation on intradaay and EOD charts.
Break out of 10596-10827 will generate next decisive moves
Nifty-Intra Day Chart Analysis &
Market Outlook(17-07-2020)
Nifty-Intra Day Chart Analysis(16-Jul-2020) |
| Just click on chart for its enlarged view |
1- Consolidation between 10596-10625(Immediate Supports)
2- Consolidation between 10630-10696(Immediate Supports)
3- Sharp up in last half hour
4- Whole day actual trading between 10596-10755
Conclusions from intra day chart analysis
As whole day good consolidation therefore sharp up in last half hour was seen but equally good selling at higher levels between 10768-10827 yesterday hence could not move above it today.
Last 2 sessions trading between 10596-10827 with lower levels good consolidation and higher levels good selling therefore Nifty will trade within this range tomorrow and prepare for next decisive moves within this range and finally break out this range will generate next decisive moves which should be firstly watched in the coming sessions.
Follow up selling tomorrow will mean deeper correction
Nifty-Intra Day Chart Analysis &
Market Outlook(16-07-2020)
Nifty-Intra Day Chart (15-Jul-2020):- |
| Just click on chart for its enlarged view |
1- Up moves in Bearish Rising Channel
2- Selling between 10768-10827(Immediate Resistances)
3- Sharp fall in last hours
4- Whole day actual trading between 10578-10827
Conclusions from intra day chart analysis
As strong closing of US markets yesterday and most Asian markets were also trading with good gains as well as expectations from AGM of RIL at 02:00 PM today therefore up moves were seen after strong opening but Up moves were in Bearish Rising Channel and selling developed at higher levels.
As soon as AGM of RIL begins then sharp fall started which remain continued till last 15 Minutes because good selling was done on the back of heated sentiments which developed due to above mentioned positive developments.
As higher levels good selling today and once follow up selling tomorrow will mean correction continuation towards and below yesterday mentioned supports. Some supports was seen at lower levels(10563) yesterday and today also got supports just above it therefore firstly sustaining it beyond should be watched tomorrow for correction continuation confirmations which may be deeper also.
Finally correction after fresh selling in the coming 1/2 selling
Nifty-Intra Day Chart Analysis &
Market Outlook(15-07-2020)
Nifty-Intra Day Chart Analysis(14-Jul-2020) |
| Just click on chart for its enlarged view |
1- Selling between 10700-10741
2- Selling between 10622-10667
3- Down moves in Bullish Falling Channel
4- Sideways trading between 10595-10642
5- Whole day actual trading between 10563-10755
Conclusions from intra day chart analysis
As all the Asian markets were weak after US markets sharp fall from higher levels therefore Indian markets slipped sharply after minor gap down opening and selling was seen in first 3 hours. Some supports was also seen at lower levels after some consolidation through Down moves in Bullish Falling Channel and sideways trading was seen in last 2 hours between 10595-10642 therefore Firstly Nifty will trade and prepare for next moves between and near about 10563-10642 tomorrow.
Next supports below today lowest are as follows:-
1- 10498-10535
2- 10400-10447
3- 10299-10358
4- 10224-10320
5- 10082-10133
6- 9866-9922
Expected that finally correction will be seen below today lowest(10563) and towards above supports after fresh selling in the coming 1/2 selling.
Watch Levels for deeper correction confirmations after US markets weakness
Pre-open Outlook(14-07-2020)
As Dow Jones was trading more than 500 points up and some supports was at lower levels yesterday therefore firstly up moves were expected for today but Dow Jones closed only 10 points up after loosing 554 points from higher levels and Nasdaq closed 226 points down after loosing 434 points from higher levels yesterday and resultant all the Asian markets are now trading in Red.
Sentiment is weaker today morning therefore negative opening will be seen in Indian markets today hence firstly sustaining below yesterday lowest(10757) for first indication and finally sustaining below below 10676 should be watched today for deeper correction confirmations.
10894 will confirm more up moves
Nifty-Intra Day Chart Analysis &
Market Outlook(14-07-2020)
Nifty-Intra Day Chart Analysis(13-Jul-2020) |
| Just click on chart for its enlarged view |
1- Selling between 10850-10894
2- Down moves in Bullish Falling Channels
3- Whole day actual trading between 10757-10894
Conclusions from intra day chart analysis
Although firstly selling after strong opening and after that down moves were also seen till 02:30 PM but Down moves in Bullish Falling Channels therefore some supports were seen at lower levels.
As Dow Jones is now trading more than 500 points up and some supports at lower levels today therefore firstly up moves will be seen tomorrow. Short Term Indicators are Over bought and some selling at higher levels also today therefore sustaining above today highest(10894) will confirm more up moves which should be firstly watched tomorrow.
Watch levels also amid strong indications of Short Term Correction
Nifty & Bank Nifty Weekly Outlook
(Jul 13 to Jul 17,2020)
Nifty-EOD Chart Analysis
(Averages & Stochastics)
Nifty-EOD Chart (10-Jul-2020):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
2- Wave-B continuation with recent top formation at 10847.9 on 08-07-2020
3- SMA(Simple Moving Averages)
A- 5-Day SMA is at 10770
B- 13-Day SMA is at 10540
C- 55-Day SMA is at 9803
D- 200-Day SMA is at 10884
4- Stochastic-%K(5) is at 67.37 & %D(3) is at 77.48
Conclusions from EOD chart analysis
(Averages & Stochastics)
Corrective Wave-B continuation and no confirmation of its completion yet. As Short Term Indicator Stochastics have turned overbought and started to slip also therefore emergence of short Term correction possibility.
Short term averages are trading above longer term averages which is a signal of strength because Nifty traded just below Long Term Trend decider 200-Day SMA(today at 10884) in last week but firstly sustaining above it should be watched in next weeks after expected short Term correction completion.
Nifty
Last 5 Sessions intraday charts analysis
Nifty-Intra Day Chart (Jul 06 to Jul 10,2020):-
Technical Patterns formation in last 5 Sessions intraday charts
1- Resistances in last 5 sessions are between 10788-10845
2- Supports in last 5 sessions are sessions 10690-10732
3- 5 Sessions actual trading between 10676-10847
Conclusions from 5 Sessions intra day chart analysis
Nifty traded sideways within 171 points in last 5 sessions with above mentioned supports and resistances. As both are sufficiently strong therefore Nifty will firstly trade and prepare for next decisive moves within last 5 Sessions trading range(10676-10847) in the beginning of coming week,finally sustaining it beyond will confirm next big moves which should be watched in next week.
Nifty-Intra Day Chart Analysis
(10-Jul-2020)
Nifty-Intra Day Chart (10-Jul-2020):-
Technical Patterns formation in today intraday charts
1- Up moves in Bearish Rising Channels
2- Down moves in Bullish Falling Channels
3- Whole day actual trading between 10713-10819
Conclusions from intra day chart analysis
As most time sideways trading with both selling through Up moves in Bearish Rising Channels and consolidation also with Down moves in Bullish Falling Channels therefore whole day trading will be understood with Mixed Patterns formation between 10713-10819 and finally sustaining it beyond will generate first signal of next big moves which should firstly watched in the coming week.
Bank Nifty
EOD Chart Analysis Averages & Stochastics)
Bank Nifty-EOD Chart (10-Jul-2020):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-A completion at 16116.30 on 24-03-2020 and Wave-B beginning
2- Wave-B continuation with recent top formation at 23080.6 on 08-07-2020
3- SMA(Simple Moving Averages)
A- 5-Day SMA is at 22543
B- 13-Day SMA is at 21981
C- 55-Day SMA is at 20330
D- 200-Day SMA is at 26364
4- Stochastic-%K(5) is at 61.14 & %D(3) is at 74.56
Conclusions from EOD chart analysis
(Averages & Stochastics)
Corrective Wave-B continuation and no confirmation of its completion yet. As Short Term Indicator Stochastics have turned overbought and started to slip also therefore emergence of short Term correction possibility.
Short term averages are trading above longer term averages but Bank Nifty trading much below Long Term Trend decider 200-Day SMA(today at 26364) therefore not showing much strength and firstly sustaining beyond 5-Day SMA(today at 22543) should be watched in the coming weeks after expected short Term correction completion.
Bank Nifty
Last 5 Sessions intraday charts analysis
Bank Nifty-Intra Day Chart (Jul 06 to Jul 10,2020):-
Technical Patterns formation in last 5 Sessions intraday charts
1- Selling(Resistances) in last 5 sessions are between:-
A- 22736-22812
B- 22878-22952
C- 22990-23069
2- Consolidation(Supports) in last 5 sessions are sessions:-
A- 22230-22302
B- 22320-22476
C- 22060-22145
3- 5 Sessions actual trading between 22040-23080
Conclusions from 5 Sessions intra day chart analysis
As both lower levels supports and higher levels selling in the last 5 sessions therefore Bank Nifty will firstly trade and prepare for next decisive moves within last 5 Sessions trading range(22040-23080) in coming week,finally sustaining it beyond will confirm next big moves which should be watched in next week.
Bank Nifty
Intra Day Chart Analysis(10-Jul-2020)
Bank Nifty-Intra Day Chart (10-Jul-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 22714-22835
2- Down moves
3- Support between 22320-22476
4- Whole day actual trading between 22320-22835
Conclusions from intra day chart analysis
Although Nifty traded sideways after opening last Friday but Bank Nifty under performed and remained more than 0.25% weaker also and firstly selling developed therefore down moves were seen in Mid-session. As some intraday supports were seen in last 3 hours also between 22320-22476 therefore firstly sustaining it beyond should be watched in the beginning of next week for the life of last Friday beginning correction.
Conclusions
(After Putting All Studies Together)
1- Long term trend is down and it will be up after sustaining above its decider 200-Day SMA(In Nifty at 10884)(In Bank Nifty at 26364)
2- Intermediate term trend is up
3- Short term trend is up
Wave-B continuation in both Nifty and Bank Nifty and no indication of its completion yet. Let complete selling patters develop on EOD and Intraday charts and sustain below crucial levels then its completion will be considered.
Next supports and resistances of both Nifty and Bank Nifty have been updated above therefore should be watched one by one in next week for decisive moves beginning amid more weakness possibility in bank Nifty if deeper correction begins.
As short term indicators have started to move down from overbought zone in both Nifty and Bank Nifty therefore strong indications of Short Term correction beginning but both the Indices remained sideways in last 5 sessions therefore sustaining beyond last 5 sessions trading ranges(updated above) should be firstly watched in next week for the life and types of correction because correction may be sideways also.
Firstly watched immediate Supports tomorrow
Nifty-Intra Day Chart Analysis &
Market Outlook(10-07-2020)
Nifty-Intra Day Chart (09-Jul-2020):- |
| Just click on chart for its enlarged view |
1- Consolidation between 10755-10799(Immediate Supports)
2- Up moves in Bearish Rising Channels
3- Whole day actual trading between 10733-10836
Conclusions from intra day chart analysis
Although firstly consolidation after positive opening but after that selling also in last hours through Up moves in Bearish Rising Channels therefore sustaining beyond immediate Supports(10755-10799) should be firstly watched tomorrow amid than 2% slipping of Dow Jones at this moment today.
Next Gap supports will decide the life of today started correction
Nifty-Intra Day Chart Analysis &
Market Outlook(09-07-2020)
Nifty-Intra Day Chart Analysis(08-Jul-2020) |
| Just click on chart for its enlarged view |
1- Selling between 10807-10847
2- Sharp fall in last hour
3- Whole day actual trading between 10677-10847
Conclusions from intra day chart analysis
Rally continuation was expected and it was seen also today but when Nifty was trading at 10820 then we saw some selling indications therefore told following lines at 02:25 PM today in"Mid-session Outlook(08-07-2020)":-
some selling indications developed today therefore firstly sustaining beyond today trading range of at this time(10766-10847) should be watched now for next moves confirmations.
As sharp fall in last hour after higher levels selling and got support within next Gap supports range(10632-10695) and closed just above it therefore firstly sustaining beyond this supports range should be watched tomorrow for the life of today started correction.
Rally continuation towards 11184.70
Nifty-Intra Day Chart Analysis &
Market Outlook(08-07-2020)
Nifty-Intra Day Chart (07-Jul-2020):- |
| Just click on chart for its enlarged view |
1- Selling between 10754-10793
2- Down moves in Bullish Falling Channel
3- Consolidation between 10690-10720
4- Consolidation between 10742-10792
5- Whole day actual trading between 10690-10813
Conclusions from intra day chart analysis
Although firstly selling after positive opening but after that Down moves in Bullish Falling Channel and lower levels consolidation therefore up moves were seen in Mid-Session.
As again good consolidation after 12:30 PM therefore today closing was near the higher levels of the day. Indian markets out performed all the Global markets in following manner today because Nifty closed in Green at that time when:-
1- Dow Jones Futures was trading more than 280 points down.
2- Most European Markets were trading more than 1% down
3- Most Asian markets closed in Red and some more than 1% down.
As Indian markets out performed all the Global markets and good intraday consolidation was seen today therefore Rally continuation is expected towards 11184.70(100% Fibonacci Extension Target of Wave-c of Wave-B):-
Calculation of 11184.70 was updated on 06-06-2020 in "Rally continuation amid only Short Term Correction expectations"
(Just click on above topic link and go through full Outlook)
Levels will confirm next decisive moves beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(07-07-2020)
Nifty-Intra Day Chart (06-Jul-2020):- |
| Just click on chart for its enlarged view |
1- More than 4 hours slow up moves
2- Sharp fall
3- Last 2 hours sideways trading between 10750-10785
4- Whole day actual trading between 10696-10811
Conclusions from intra day chart analysis
As Dow Jones Futures was trading more than 250 points up and all the Asian markets were also more than 1% up therefore sentiment was blasting today morning hence strong gap up opening of Indian markets. First 4 hours up moves were slow in such heated sentiment and some profit booking at higher levels therefore sharp fall was seen in Mid-session.
Last 2 hours sideways trading was between 10750-10785 and some selling was seen above it as well as Short Term Indicators have turned Overbought therefore firstly Nifty will trade and prepare for next moves within and near about 10750-10785,firstly sustaining it beyond should be watched tomorrow for next decisive moves beginning confirmations.
03 July 2020 lowest will confirm Short term correction beginning
Nifty & Bank Nifty Weekly Outlook
(Jul 06 to Jul 10,2020)
Nifty-EOD Chart Analysis
(Wave-B structure & Trendline)
Nifty-EOD Chart (03-Jul-2020):-
1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
2- Wave-a of Wave-B completion at 9889.05 on 30-04-2020
3- Wave-b of Wave-B completion at 8806.75 on 16-05-2020
4- Wave-c of Wave-B continuation with recent top formation at 10631.30 on 03-07-2020
5- Trendline now at 10080
Conclusions from EOD chart analysis
(Wave-B structure & Trendline)
Wave-c of Wave-B continuation with recent top formation at 10631.30 and no confirmation of its completion yet. As Wave-B continuation on a trendline which is now at 10080 therefore whenever correction starts then sustaining beyond this trendline should be firstly watched for the confirmation Wave-B life.
Nifty-Intra Day Chart Analysis
(03-Jul-2020)
Nifty-Intra Day Chart (03-Jul-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 10587-10631
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 10563-10631
Conclusions from intra day chart analysis
Whole day sideways trading with most time selling and after that Bearish pattern formation of Up moves in Bearish Rising Channel therefore signals of Short Term correction beginning.
Nifty-conclusions
(After Putting All Studies Together)
1- Long term trend is down and it will be up after sustaining above its decider 200-Day SMA(Today at 10889)
2- Intermediate term trend is up
3- Short term trend is up
Next supports of Nifty are as follows:-
1- 10299-10358
2- 10400-10447
3- 10224-10320
4- 10082-10133
5- 9866-9922
Next resistances of Nifty are as follows:-
1- 10587-10631
2- 10751-10827(Gap resistance)
As Short Term indicators have turned overbought and Nifty is testing upper band of Bollinger Band therefore signals of strong Short Term correction beginning because intraday charts of 03-07-2020 have also shown selling patterns formation.
Follow up selling and once sustaining below 10563 will mean Short Term correction beginning towards above mentioned supports.
Trendline of Wave-B is now at 10080 and its valid break down will mean deeper correction beginning because that will be strong signal of Wave-B completion and Wave-C beginning towards and below the origin of Wave-B(7511.10)
Bank Nifty-EOD Chart Analysis
(Wave-B structure)
Bank Nifty-EOD Chart (03-Jul-2020):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-A completion at 16116.30 on 24-03-2020 and Wave-B beginning
2- Wave-a of Wave-B completion at 21967.00 on 30-04-2020
3- Wave-b of Wave-B completion at 17105.75 on 22-05-2020
4- Wave-c of Wave-B continuation with recent top formation at 22479.5 on 24-06-2020
5- 10 sessions sideways trading between 20926-22479
Conclusions from EOD chart analysis
(Wave-B structure)
Wave-c of Wave-B continuation with recent top formation at 22479.5 and no confirmation of its completion yet but last 10 sessions sideways trading between 20926-22479 and sustaining below 20926 will confirm deeper correction after Wave-B completion.
Bank Nifty-Intra Day Chart Analysis
(03-Jul-2020)
Bank Nifty-Intra Day Chart (03-Jul-2020):-
Technical Patterns formation in today intraday charts
1- Sharp fall after positive opening
2- Selling between 21871-22074
3- Selling between 21808-21096
4- Whole day actual trading between 21768-22130
Conclusions from intra day chart analysis
Although positive opening but after that sharp fall and whole day good selling firstly after some up moves and at lower levels in last 2 hours therefore down moves are expected below day's lowest(21768) in the beginning of next week.
Bank Nifty-conclusions
(After Putting All Studies Together)
1- Long term trend is down and it will be up after sustaining above its decider 200-Day SMA(Today at 26491)
2- Intermediate term trend is up
3- Short term trend is up
Next supports of Bank Nifty are as follows:-
1- 21224-21387
2- 21046-21193
Next resistances of Bank Nifty are as follows:-
1- 21808-22074
2- 22160-22220
3- 22252-22365
As Short Term indicators have moves down from Overbought zone and leading indicators are showing negative divergence also therefore strong signals of Short Term correction beginning.
Last 10 sessions trading between 20926-22479 and its valid break down will mean deeper correction beginning because that will be strong signal of Wave-B completion and Wave-C beginning towards and below the origin of Wave-B(16116.30)
As intraday charts of 03-07-2020 are showing good selling patterns formation therefore expected that weakness and down moves towards above mentioned supports will be seen in the beginning of next week.
conclusions
(After Putting All Studies Together)
If weakness develops in Indian Stock markets in next week then Bank Nifty will lead because good selling was seen in last 2 sessions of previous week.
Firstly sustaining below last Friday(03-07-2020) lowest should be watched in the beginning of next week because that will confirm Short term correction beginning.
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