3rd Resistance range will decide the fate of Pull Back Rally

Nifty-Intra Day Chart Analysis & 

Market Outlook(31-03-2021)

Nifty-Intra Day Chart (30-Mar-2021):-

Technical Patterns formation in today intraday charts

1- Up moves after gap up opening

2- 3 Hours consolidation between 14709-14781(immediate supports)

3- Rally continuation in Mid-session

4- Last hours sideways trading between 14827-14876

5- Whole day actual trading between 14618-14876

Conclusions from intra day chart analysis 

Following conclusive lines were told on 28-03-2021 in "Crucial levels will confirm the life of on going correction":-

intraday charts of last 2 sessions are showing consolidation therefore some up moves will be seen in the beginning of next week towards following resistances:-

1- 14610-14675

2- 14711-14752

3- 14792-14875

Up moves were seen today after gap up opening and rally remained continued in Mid-session also after fresh 3 hours consolidation within and near about above mentioned 2nd resistance range.

3rd Resistance was updated between 14792-14875 and Nifty traded sideways last hours within this resistance range as well as closed within it at 14845.10 therefore firstly sustaining it beyond should be watched tomorrow for last 2 sessions Pull Back Rally continuation/completion.

As following multiple resistances are lying above today highest therefore complete fresh consolidation is required for rally continuation above it(14876.30):- 

1- 14901-14949

2- 14997-15046

3- 15158-15196

4- 15201-15241  

5- 15262-15319

6- 15335-15421 

Fresh selling between or near about 14792-14875 will mean down moves towards following supports after Pull Back Rally completion:-

1- 14709-14781

2- 14424-14463

3- 14365-14390

4- 14272-14314

5- 13817-13865 

6- 13725-13776

7- 13606-13701

As finally sustaining beyond 3rd resistance range(14792-14875) will decide the fate of last 2 sessions Pull Back Rally therefore should be firstly watched in the coming sessions for its confirmations

Crucial levels will confirm the 

life of on going correction

Technical Analysis,Research & Weekly Outlook

(Mar 30 to Apr 01,2021)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart(26-Mar-2021):-

Technical Patterns and Formations in EOD charts

1- Stochastic %K(5) is at 29.03 & %D(3) is at 42.29

2- %K(5) line has intersected %D(3) line downward

3- MACD line has intersected Average line downward

4- Last 37 sessions sideways trading range between 14468-15421 which was broken down 3 times in last 2 weeks  but closing was within at 14507.30 after on 26-03-2021 after lowest formation at 14264.4 on 25-03-2021  

Conclusions from EOD chart analysis

(Stochastic & MACD)

As Waves structure from Impulsive Wave-1 beginning(7511.10 on 24-03-2020) was updated in previous weekly Outlook and no material change in it since then therefore not being posted in this Outlook.

Last 37 sessions trading will be understood sideways between 14468-15421 because 36 sessions including last Friday closing was within this range and only one session closing was below it on 25-03-2021 as well only 3 sessions of previous 2 weeks lowests were below 14468. 

As 37 sessions like big trading range valid break out will generate huge one sided moves therefore should be firstly watched in the coming week/weeks for its confirmations.

As indicators indicators are showing downward signals in following manner therefore down moves are expected in next week:-

1- As Stochastic is moving down from overbought zone and  %K(5) line has intersected %D(3) line downward therefore suggesting more down moves in Short Term.

2- MACD line has intersected Average line downward therefore showing downward trend.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (26-Mar-2021:-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-3 completion after new life time highest top formation at 15431.75 on 16-02-2021 and corrective Wave-4 beginning

2- Corrective Wave-4 continuation with recent bottom formation at 14264.4 on 25-03-2021

3- Double top formations

4- Averages:-

A- 5-Day SMA is today at  14586

B- 21-Day SMA is today at 14839

C- 55-Day SMA is today at 14733

D- 200-Day SMA is today at 12623

5- Last 5 sessions closing below Short Term Averages(5 & 21-Day SMA)

6- Last 2 sessions hovering around Intermediate Term Average(55-Day SMA)

Conclusions from EOD

chart analysis (Averages)

As last 37 sessions corrective Wave-4 continuation with Double top formations and previous 10 sessions closing was also below Short Term Averages(5 & 21-Day SMA) therefore giving Short Term trend turning down confirmations. 

Strong signals of Intermediate Term trend turning down also because last 3 sessions closing was below its decider 55-Day SMA. Let Nifty to sustain below 55-Day SMA then deeper correction will be seen because that will be breaking down confirmation of last 37 sessions like big trading range also.

Nifty-EOD Chart Analysis

(Wave-3 Fibonacci retracement)

Nifty-EOD Chart (26-Mar-2021):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-2 completion at 10790.20 on 24-09-2020 and Impulsive Wave-3 beginning

2- Impulsive Wave-3 completion after new life time highest top formation at 15431.75 on 16-02-2021

3- Corrective Wave-4 continuation with recent bottom formation at 14264.4 on 25-03-2021 

Conclusions from EOD chart analysis 

(Fibonacci retracement levels)

Corrective Wave-4 continuation which will be seen according to following Fibonacci Retracement levels of Wave-3(10790.20-15431.75):-

1- 13.0%- 14,828.40(Corrected)

2- 23.6%- 14,336.34(Corrected)

3- 27.0%- 14,178.60

4- 38.2%- 13,658.68(Crucial)

5- 50.0%- 13,110.97(Crucial)

6- 61.8%- 12,563.27(Crucial)

7- 70.7%- 12,150.20

8- 76.4%- 11,885.60

9- 78.6%- 11,783.50 

10-88.6%- 11,319.30 

Nifty-Last 2 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Mar 25 & Mar 26,2021):-

Technical Patterns formation in last 2 Sessions intraday charts

1- More than 100 points sharp fall in first 15 minutes on 25-03-2021

2- Down moves in Bullish Falling Channels on 25-03-2021

3- Huge volatility in last 3 hours on 25-03-2021

4- Down moves in Bullish Falling Channels on 25-03-2021

5- Down moves in Bullish Falling Channels on 25-03-2021

6- 181 Points strong opening on 26-03-2021

7- Whole day Down moves in Bullish Falling Channels on 26-03-2021 

8- Whole day slow up moves on 26-03-2021

9- 2 Sessions actual trading between 14265-14575 

Conclusions from 2 Sessions

intra day chart analysis 

As good consolidation through more than 3 hours Down moves in Bullish Falling Channels therefore 235 points jump and after that huge volatility was seen on 25-03-2021.  

Although again good consolidation through whole day Down moves in Bullish Falling Channels but higher levels selling was also seen through whole day slow up moves on 26-03-2021 therefore sustaining above last 2 sessions highest(14575) is must with fresh consolidation for last Friday started rally continuation confirmations.

Conclusions (After Putting All Studies Together)

1- Long Term Trend is up.

2- Intermediate Term Trend is down.

3- Short Term Trend turning down Strong signals.

Wave-3 correction started after double top formations which is very much on and 23.6% retracement(14336.34) has been completed during this correction. 

Although 37 sessions like big trading range(14468-15421) was sharply broken down on 25-03-2021 and closing was much below it at 14324.9 also that day but Nifty again closed within this range next day i.e. 25-03-2021 which means that 37 sessions trading range broken down confirmation is still required. As last 37 sessions trading range breaking down confirmation will mean much deeper correction therefore firstly sustaining beyond 14468 should be firstly watched in the coming week.

Indicators are suggesting more down moves and Averages are also telling more weakness  but intraday charts of last 2 sessions are showing consolidation therefore some up moves will be seen in the beginning of next week towards following resistances:-

1- 14610-14675

2- 14711-14752

3- 14792-14875

Next supports below last Friday highest are as follows:-

1- 14424-14463

2- 14365-14390

3- 14272-14314

4- 13817-13865 

5- 13725-13776

6- 13606-13701

As Nifty is still trading within crucial range between 14468-15421 for the last 37 sessions and will trade also within this range in next week for next decisive moves preparation therefore sustaining it beyond this  should be firstly watched for the life of on going correction confirmations.

Firstly watch today lowest for next decisive moves confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(26-03-2021)

Nifty-Intra Day Chart (25-Mar-2021):-

Technical Patterns formation in today intraday charts

1- More than 100 points fall in first 15 minutes

2- Down moves in Bullish Falling Channels

3- 235 Points jump from lower

4- 210 Points sharp fall

5- Huge volatility in last 3 hours

6- Whole day actual trading between 14265-14575

Conclusions from intra day chart analysis 

Although more than 100 points fall in first 15 minutes but after that consolidation through more than 3 hours Down moves in Bullish Falling Channels therefore 235 points jump from lower levels was seen after that which could not sustain at higher levels also and immediately fallen 210 points sharply .

As huge volatility in last 3 hours and technical positions reverses also during such volatility therefore firstly sustaining beyond today lowest(14265) should be firstly watched tomorrow for next decisive moves confirmations.

Next supports below today lowest are as follows:-

1- 13817-13865 

2- 13725-13776

3- 13606-13701

Next resistances above today lowest are as follows:-

1- 14610-14675

2- 14711-14752

3- 14792-14875

 Levels will indicate & confirm 

huge fall one by one

Nifty-Intra Day Chart Analysis & 

Market Outlook(25-03-2021)

Nifty-Intra Day Chart (24-Mar-2021):-

Technical Patterns formation in today intraday charts

1- More than 100 points fall in first 10 seconds

2- Selling between 14711-14752

3- Down moves

4- 5 Hours sideways trading between 14581-14675

5- Sharp fall in last hour

6- Whole day actual trading between 14535-14752

Conclusions from intra day chart analysis 

As selling developed after first 10 seconds 100 points fall therefore down moves were seen after Selling between 14711-14752. 

5 Hours sideways trading between 14581-14675 and after that sharp fall in last hour therefore sustaining below 14581 will be first strong indication of huge fall beginning and its confirmation will be sustaining below 14492 because supports were seen above it on 19-03-2021.  

 Levels will generate first signal of next big moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(24-03-2021)

Nifty-Intra Day Chart (23-Mar-2021):-

Technical Patterns formation in today intraday charts

1- Loan moratorium judgement led volatility

2- Up moves with downward corrections

3- Down moves in last hour

4- Whole day actual trading between 14707-14878

Conclusions from intra day chart analysis 

As loan moratorium judgement in Supreme Court at 10:30 AM today therefore high volatility was seen during and after judgement. Although 3 hours Mid-session up moves were with downward corrections but down moves in last hour therefore whole day whole day today trading will be understood  only with intraday volatility and as such one sided technical positions formations were not seen.

Good consolidation between 14598-14571 yesterday and good selling between 14761-14875 last Friday also therefore expected that Nifty will firstly trade and prepare for next decisive moves between and near about 14598-14875 tomorrow as well as finally sustaining beyond this range will generate first signal of next big moves.

 As busy therefore Stock Market Outlook of today(23-03-2021) is not being updated.

 Levels will confirm fresh big down 

moves or next decisive up moves

Technical Analysis,Research & 

Weekly Outlook(Mar 22 to Mar 26,2021)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (19-Mar-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 14350.1 on 19-03-2021

Conclusions from EOD chart

analysis(Waves structure)

The rally which started on 24-03-2020 from 7511.10 is in continuation and its impulsive Wave-3 completion strong indications after new life time top formation at 15431.8 on 16-02-2021. 

Now Wave-3 correction continuation with recent bottom formation at 14350.1 on 19-03-2021 and no confirmation of its completion yet.

Nifty-EOD Chart Analysis 

(Stochastic & MACD)

Nifty-EOD Chart (19-Mar-2021):-

Technical Patterns and Formations in EOD charts

1- Stochastic %K(5) is at 23.11 & %D(3) is at 19.25

2- %K(5) line has intersected %D(3) line upward

3- MACD line has intersected Average line downward

4- Last 32 sessions sideways trading range(14468-15421) broken down on 19-03-2021 but closing within it same day at 14744.00 after lowest formation at 14350.1  

Conclusions from EOD chart

analysis (Stochastic & MACD)

As indicators and Nifty price action are not showing one sided moves in following manner therefore firstly Nifty has to prepare for next decisive moves in next week:-

1- As Stochastic has moves into Oversold zone and  %K(5) line has intersected %D(3) line upward therefore suggesting some up moves in Short Term.

2- MACD line has intersected Average line downward therefore showing downward trend.

3- Although last 32 sessions sideways trading range(14468-15421) broken down on 19-03-2021 but closing was within it same day at 14744.00 after lowest formation at 14350.1 and strong recovery from lower levels therefore sustaining beyond last 33 sessions trading range(14468-15351) is firstly required for next trend formation confirmations.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (19-Mar-2021):-

Technical Patterns and Formations in EOD charts

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

2- Last 33 sessions correction continuation with recent bottom formation at 14350.1 on 19-03-2021

3- Double top formations

4- Averages:-

A- 5-Day SMA is today at  14772

B- 21-Day SMA is today at 14912

C- 55-Day SMA is today at 14688

D- 200-Day SMA is today at 12509 

5- Last 5 sessions closing below Short Term Averages(5 & 21-Day SMA)

6- Last 2 sessions hovering around Intermediate Term Average(55-Day SMA)

Conclusions from EOD chart

analysis (Averages)

Last 33 sessions correction continuation with Double top formations and previous 5 sessions closing below Short Term Averages(5 & 21-Day SMA) are showing that Short Term trend has turned down but Intermediate Term trend is at stake because Nifty is hovering around its decider 55-Day SMA. Let Nifty to sustain beyond 55-Day SMA then life of on going correction and next big moves will get confirmations accordingly. 

Nifty-Last 2 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Mar 18 & Mar 19,2021):-

Technical Patterns formation in last 2 Sessions intraday charts

1- 4 Hours selling between 14761-14875 on 18-03-2021

2- Sharp fall on 18-03-2021

3- Last hours support between 14479-14590 on 18-03-2021

4- 207 Points sharp fall in first 15 minutes after gap down opening on 19-03-2021 

5- Up moves with downward corrections on 19-03-2021

6- Down moves in Bullish Falling Channel on 19-03-2021

7- Up moves with downward corrections on 19-03-2021

8- Last 2 sessions actual trading between 14351-14875 

Conclusions from 2 Sessions

intra day chart analysis 

As 4 hours selling developed between 14761-14875 after strong opening on 18-03-2021 therefore sharp fall was seen after that but Nifty got supports in last hours between 14479-14590 and closed also within this support range.

As all the Asian markets were trading in deep Red on 19-03-2021 morning therefore 207 Points sharp fall in first 15 minutes after gap down opening but 186 points positive closing after strong recovery from lower levels with consolidations thorough Up moves with downward corrections and Down moves in Bullish Falling Channel.  

4 Hours selling between 14761-14875 on 18-03-2021 and this range will be immediate resistances of Nifty as well as complete consolidation is firstly required for sustaining above 14875. As whole day consolidation on 19-03-2021 therefore complete fresh selling is also required for sustaining below last 2 sessions lowest(14351.10)

As both lower levels consolidation and higher levels selling was seen in last 2 sessions between 14351-14875 therefore Nifty will firstly trade and prepare for next decisive moves within this range and firstly sustaining beyond this range should be watched in next week for next decisive moves beginning.

Conclusions

(After Putting All Studies Together)

1- Long Term Trend is up.

2- Intermediate Term Trend is sideways between 14351-15421 for the last 33 sessions.

3- Short Term Trend is down

As last 33 sessions correction continuation with double top formations therefore strong indications of impulsive Wave-3 completion at 15431.8 on 16-02-2021. Although last 32 sessions trading range(14468-15421) was broken down on 19-03-2021 but strong recovery was seen from lower levels and Nifty closed within this range at 14744.00 after lowest formation at 14350.1 same day therefore 32 sessions trading range broken down no confirmation. 

As finally sustaining beyond last 33 sessions range(14351-15421) will confirm life of on going correction and Intermediate Term Trend as well as big moves in following manner therefore should be firstly watched in next week:-

1- Sustaining above 15421 will mean fresh rally after correction completion.

2- Sustaining below 14351 will mean 33 sessions like big range broken down confirmation and resultant huge more than 10% correction of impulsive Wave-3

Next resistances above last Friday highest are as follows:-

1- 14761-14875

2- 14901-14949

3- 14997-15046

4- 15158-15196

5- 15201-15241  

6- 15262-15319

7- 15335-15421 

Next supports below last Friday lowest are as follows:-

1- 13817-13865 

2- 13725-13776

3- 13606-13701

As sustaining below last 2 sessions trading lowest(14351) will generate strong indications of fresh big down moves beginning and sustaining above last 2 sessions trading highest(14875) will confirm next decisive up moves beginning therefore should be firstly watched in next moves for its confirmations.

 Levels will confirm life of 5 sessions 

correction amid huge fall possibility

Nifty-Intra Day Chart Analysis & 

Market Outlook(19-03-2021)

Nifty-Intra Day Chart (18-Mar-2021):-

Technical Patterns formation in today intraday charts

1- 4 Hours selling between 14761-14875(immediate Resistances)

2- Sharp fall

3- Last hours support between 14479-14590

4- Whole day actual trading between 14479-14875

Conclusions from intra day chart analysis 

Although strong opening but selling developed and sharp fall was seen after 4 Hours selling between 14761-14875. 

Next supports between 14504-14615 was updated in previous outlook which is last supports of previous 32 sessions sideways trading range(14468-15421) and Nifty closed between it after slipping below it. 

As Nifty got supports in last hours between 14479-14590 and closed also within it therefore sustaining it beyond should be firstly watched tomorrow for the life of last 5 sessions correction as well as remain cautious because sustaining below today lowest will confirm huge fall after last 32 sessions trading range breaking down confirmations.

 Watch levels for next trend confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(18-03-2021)

Nifty-Intra Day Chart (17-Mar-2021):-

Technical Patterns formation in today intraday charts

1- Only volatility in first 2 hours

2- Sideways trading between 14818-14857

3- Sideways trading between 14755-14801

4- Sharp fall in last hour

5- Whole day actual trading between 14697-14956

Conclusions from intra day chart analysis 

Although closing was at the lowest of the day after sharp fall in last hour but intraday selling patterns were not seen because only sideways trading developed after volatility in first 2 hours.

When no selling patterns formations despite 189 Points negative closing then next supports below day's lowest and next resistances above day's highest should be watched for next trend confirmations after sustaining beyond day's trading range(14697-14956)

1- Next supports are between 14504-14615

2- Next resistances are between 14978-15051

 Firstly watch levels for next decisive moves beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(17-03-2021)

Nifty-Intra Day Chart (16-Mar-2021):-

Technical Patterns formation in today intraday charts

1- Sideways trading between 14941-15009

2- Sharp up

3- Selling between 15025-15051

4- Selling between 14978-14991

5- Sharp fall

6- Consolidation between 14891-14944

7- Whole day actual trading between 14891-15051

Conclusions from intra day chart analysis 

Although rally remained continued and gained more than 120 points also after positive opening but higher levels selling developed and follow up selling was seen in Mid-session also therefore closing with minor losses after last hours negative zone trading.

As lower levels some consolidation was also seen in last hours therefore today trading will be understood with Mixed Patterns formation between 14891-15051 and finally sustaining it beyond should be firstly watched in the coming sessions for next decisive moves beginning confirmations. 

 Rally continuation towards next resistances

Nifty-Intra Day Chart Analysis & Market Outlook

(16-03-2021)

Nifty-Intra Day Chart (15-Mar-2021):-

Technical Patterns formation in today intraday charts

1- 225 Points sharp fall in first 30 minutes

2- 4 Hours consolidation between 14746-14845(immediate supports)

3- Up moves in last hours

4- Whole day actual trading between 14746-15048

Conclusions from intra day chart analysis 

Firstly 225 Points sharp fall in 30 minutes after positive opening but lower levels 4 Hours consolidation therefore Up moves were seen in last hours.

3rd Supports between 14663-14742 were updated yesterday in "Levels will indicate and confirm next big moves" and Nifty consolidated just above it between 14746-14845 today. It means that previous supports have been strengthen therefore expected that today started rally will remain continued towards following next resistances:-

1- 15201-15241

2- 15262-15319 

 Levels will indicate and confirm

 next big moves

Technical Analysis,Research & Weekly Outlook

(Mar 15 to Mar 19,2021)

Nifty-EOD Chart Analysis (Averages)

Nifty-EOD Chart (12-Mar-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning from 7511.10 on 24-03-2020  

2- Impulsive Wave-3 completion indications after its top formation at 15431.8 on 16-02-2021

3- Long Black candle formation with lowest at 14953.60 on 12-3-2021

4-Averages

A- 5-Day SMA is today at 15039

B- 13-Day SMA is today at 14963

C- 21-Day SMA is today at 15022 

D- 55-Day SMA is today at 14602   

Conclusions from EOD 

chart analysis (Averages)

As Waves structure from Impulsive Wave-1 beginning(7511.10 on 24-03-2020) was updated in previous weekly Outlook and no material change in it since then not being posted now.

Although Impulsive Wave-3 continuation and no confirmation of its completion yet but indications of its completion after recent top formation at 15431.8 on 16-02-2021. 

Short Term Averages(5,13 and 21 Day SMA) are flat and and last Friday long Black candle lowest formation was at 14953.60  which was below all these short Term Averages therefore if Nifty sustains below it in next week then it will be first indication correction beginning on EOD charts.

Nifty-EOD Chart Analysis 

(Stochastic & MACD)

Nifty-EOD Chart (12-Mar-2021):-

Technical Patterns and Formations in EOD charts

1- Stochastic %K(5) is at 60.28 & %D(3) is at 56.33

2- Stochastic is showing negative divergence from over bought zone through moving down when Nifty is moving up.

3- MACD line intersected Average line downward

4- Last 28 sessions sideways trading between 14468-15421

Conclusions from EOD chart analysis 

(Stochastic & MACD)

Stochastic and MACD are indication Short Term correction in following manner:-

1- Stochastic is showing negative divergence from over bought zone.

2- MACD line intersected Average line downward.

As 28 sessions like big sideways trading between 14468-15421 therefore sustaining beyond this range will generate big moves which should be finally watched in the coming week/weeks for confirmations.

Nifty-Last 28 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Feb 02 to Mar 12,2021):-

Technical Patterns formation in last 28 Sessions intraday charts

1- Union-Budget day rally on 01-02-2021

2- Last 28 sessions sideways trading between 14468-15421

3- Selling(Resistances) in last 28 sessions are between:-

A- 15201-15241  

B- 15262-15319

C- 15335-15431 

4- Sideways trading last Friday between 14954-15057    

5- Consolidation(Supports) in last 28 sessions are sessions:-

A- 14866-14906

B- 14788-14855

C- 14663-14742

D- 14504-14615

6- Supports below last 28 sessions trading range are as follows:-

A- 13817-13865 

B- 13725-13776

C- 13606-13701

Conclusions from 28 Sessions 

intra day chart analysis 

Last 28 sessions sideways trading between 14468-15421 after 701 points huge rally on Union-Budget day(01-02-2021) with higher levels 3 resistances and lower levels 4 supports and valid break out of this range will confirm next big moves which will be seen in the coming week/weeks.

As Nifty got intraday supports and traded sideways between 14468-15421 in last 2 hours on 12-03-2021 therefore sustaining beyond this range will generate first signal of next big moves which should be firstly watched in the beginning of next week.

Nifty-Intra Day Chart Analysis

(12-Mar-2021)

Nifty-Intra Day Chart (12-Mar-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 15262-15319 in first 3 hours

2- Selling between 15201-15241

3- Sideways trading between 14954-15057

4- Whole day actual trading between 14954-15336

Conclusions from intra day chart analysis 

As US markers closed strong in last 2 sessions and Indian markets could not react on it due to Indian Stock markets closing on 11th March therefore in its reaction huge gap up opening of Indian markets on 12-03-2021. 

Last resistances between 15335-15431 were updated in previous weekly Outlook(Mar 08 to Mar 12,2021) and Nifty crashed 382 points last Friday after intraday highest formation at 15336.30 which means that Nifty honored its last resistance.

As good selling in first 3 hours and after that follow up selling in Mid-session therefore sharp fall was seen last Friday.Some supports developed at lower levels and last hours sideways trading between 14954-15057 are suggesting that firstly sustaining beyond this range should be watched in next week for the life of last Friday started correction.

Keep in mind that until complete consolidation will not develop till then Nifty will not be able to move above last Friday highest(15336.30) because good selling was seen below it that day and Fresh selling in the beginning of next week will mean correction continuation towards above mentioned next supports.

Conclusions

(After Putting All Studies Together)

1- Long Term Trend is up.

2- Intermediate Term Trend is up.

3- Short Term Trend is sideways between 14468-15421 for the last 28 sessions.

As stimulus package in USA therefore strong rally was seen in US markets and resultant some up moves were seen in Indian markets also but Indian markets completely under performed US markets and Nifty weekly closing was with less than 100 points gains while Dow Jones formed new life time highs daily in previous week which is a sign of Short Term weakness in Indian markets.

Although Averages and Indicators are showing weakness in Short Term  but some supports are also lying at lower levels as well as last 28 sessions sideways trading between 14468-15421  therefore Nifty will trade within this range in the beginning of next week and prepare for next big moves. 

3 Next Resistances and 4 next supports between 14468-15421 has been updated above and sustaining them beyond should be firstly watched in next week/weeks in following manner:-

1- Sustaining beyond 14954-15057 will give first indication of next big moves.

2- Sustaining beyond 14468-15421 will give final confirmation of next big moves.

 Firstly watch 15100 for the life of on going rally after fresh selling and honoring next resistances today

Mid-session Outlook(12-03-2021)

Following conclusive lines were told yesterday in "Rally continuation towards next resistances":-

rally continuation will be seen towards following next resistances:-

 

1- 15274-15315

2- 15335-15431  

Second resistance was given from 15335 and today highest was formed at 15336.3 amid rally continuation after gap up opening today.

As Nifty has honored this resistance range(15335-15431) today and slipped 140 points from this level till this moment today after fresh good selling therefore firstly sustaining beyond 15100 will be watched in the coming sessions for the life of on going rally because consolidation was seen above it on 10-03-2021.

Rally continuation towards next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-03-2021)

Nifty-Intra Day Chart (10-Mar-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 15176-15193

2- Down moves in Bullish Falling Channels

3- Up moves with downward correction 

4- Whole day actual trading between 15100-15218

Conclusions from intra day chart analysis 

As firstly some selling after positive opening but after that consolidation was seen through down moves in Bullish Falling Channels hence Up moves begun in Mid-Session.

Follow up consolidation was seen in last hours also through up moves with downward correction and down moves in Bullish Falling Channel therefore rally continuation will be seen towards following next resistances:-

 

1- 15274-15315

2- 15335-15431  

 Sustaining above 15126 will confirm 

rally towards next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(10-03-2021)

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

Technical Patterns formation in today intraday charts

1- Selling between 15064-15126

2- Consolidation between 14926-15025

3- Sharp up moves in last hour

4- Whole day actual trading between 14926-15126

Conclusions from intra day chart analysis 

As Dow Jones Futures was trading 180 points up and all the Asian markets were trading with good gains today morning therefore strong opening of Indian markets but higher levels selling developed and down moves were seen in Mid-session.

As last 2 sessions good selling above 14991 therefore slipped below it and consolidation was seen below and above it between 14926-15025 hence sharp up moves in last hour. 

Last 3 sessions trading between 14863-15126 with higher levels selling and lower levels consolidation today therefore sustaining above today highest(15126) will confirm rally towards following next resistances:-

1- 15145-15196

2- 15213-15245 

3- 15274-15315

4- 15335-15431  

 Sharp fall expectations despite most Bullish US & European markets

Nifty-Intra Day Chart Analysis & 

Market Outlook(09-03-2021)

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

Technical Patterns formation in today intraday charts

1- Up moves after strong opening

2- Selling between 15070-15111

3- Sharp fall

4- Selling between 14991-15042

5- Whole day actual trading between 14920-15111

Conclusions from intra day chart analysis 

Although firstly up moves after strong opening but selling developed therefore sharp fall was seen. Follow up selling was seen in Mid-sessions therefore closing was near the lower levels of the day.

4 Hours selling was seen between 15007-15092 on 05-03-2021 and follow up selling was seen just below and above it today also therefore last 2 sessions good selling will be understood between 14991-15111 and once sustaining below 14991 will mean sharp big fall.

Although Dow Jones is now trading 490 points up and all the European markets are also 1.30% to 3.25% up as well as SGX Nifty has also trading 142 points positive but view will not be Bullish and until Nifty will not sustain above 15111 after complete consolidation till then decisive up moves will not be seen.

Fresh selling tomorrow and once sustaining below 14991 will mean sharp fall and it is expected also in the coming sessions.

 Levels will confirm next big moves amid US Bond yield led huge volatility

Technical Analysis,Research & Weekly Outlook

(Mar 08 to Mar 12,2021)

Nifty-EOD Chart Analysis 

(Waves structure)

Nifty-EOD Chart (05-Mar-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- Wave-1 gained 4283.20 points

4- Corrective Wave-2 completion at 10790.20 on 24-09-2020 and Impulsive Wave-3 beginning

5- Impulsive Wave-3 completion indications after new life time highest top formation at 15431.8 on 16-02-2021

7- Wave-3 has gained 4641.60 points which are more than Wave-1 gained

8- Correction continuation with recent last Friday bottom formation at 14467.75 on 26-02-2021 which is below last 24 sessions lowest.

9- Last 24 sessions sideways trading between 14468-15421

Conclusions from EOD chart analysis(Waves structure)

Impulsive Wave-3 continuation and no confirmation of its completion yet but indications of its completion after new life time highest top formation at 15431.8 on 16-02-2021 because:-

1- last Friday closing is below Short Term averages(5,13,and 21 SMA) 

2- Last 24 sessions sideways trading between 14468-15421 with higher levels good intraday selling within this range.

3- As Wave-3 has gained more points than Wave-1 then it may correct to form Wave-4.

Nifty-EOD Chart Analysis 

(Wave-3 Fibonacci retracement )

Nifty-EOD Chart (05-Mar-2021):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-2 completion at 10790.20 on 24-09-2020 and Impulsive Wave-3 beginning

2- Impulsive Wave-3 completion indications after new life time highest top formation at 15431.8 on 16-02-2021

Conclusions from EOD chart analysis (Wave-3 Fibonacci retracement Fibonacci retracement levels)

Wave-3 correction beginning confirmation will mean its continuation according to following Fibonacci Retracement levels of Wave-3(10790.20-15431.8):-

1- 13.0%- 14,828.40(Corrected)

2- 23.6%- 14,336.34

3- 27.0%- 14,178.60

4- 38.2%- 13,658.68(Crucial)

5- 50.0%- 13,110.97(Crucial)

6- 61.8%- 12,563.27(Crucial)

7- 70.7%- 12,150.20

8- 76.4%- 11,885.60

9- 78.6%- 11,783.50 

10-88.6%- 11,319.30 

Nifty-EOD Chart Analysis (Stochastic)

Nifty-EOD Chart (05-Mar-2021):-

Technical Patterns and Formations in EOD charts

1- Stochastic %K(5) is at 73.29 & %D(3) is at 73.10

2- Stochastic is showing negative divergence from over bought zone through moving down when Nifty is moving up.

3- Last 24 sessions sideways trading between 14468-15421

Conclusions from EOD 

chart analysis (Stochastic)

As Stochastic is showing negative divergence from over bought zone therefore signalling Short Term Correction and its beginning confirmation will be after sustaining below last 24 sessions sideways trading range lowest(14468).

Nifty-Last 25 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Febr 01 to Mar 05,2021):-

Technical Patterns formation in last 25 Sessions intraday charts

1- Union-Budget day rally on 01-02-2021

2- Last 24 sessions sideways trading between 14468-15421

3- Selling(Resistances) in last 24 Sessions are between:-

A- 15007-15092  

B- 15145-15196

C- 15213-15245 

D- 15274-15315

E- 15335-15431  

3- Consolidation(Supports) in last 24 Sessions are sessions:-

A- 14788-14855

B- 14663-14742

C- 14504-14615

Supports below last 24 sessions trading range are as follows:-

 

A- 13817-13865 

B- 13725-13776

C- 13606-13701

Conclusions from 25 Sessions 

intra day chart analysis 

Strong 701 points rally was seen on Union-Budget day(01-02-2021) and after that Nifty traded sideways last 24 sessions between 14468-15421. 

As above mentioned 5 resistances and 3 supports exists in last 24 sessions trading range therefore expected that Nifty will firstly trade and prepare for next trend within this range and finally sustaining beyond last 24 sessions trading range(14468-15421) will generate big moves which will be seen in next week/weeks.

Nifty-Intra Day Chart Analysis

(05-Mar-2021)

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

Technical Patterns formation in today intraday charts

1- 4 Hours selling between 15007-15092(immediate Resistances)

2- Sharp fall

3- Up moves in Bearish Rising Channels 

4- Whole day actual trading between 14863-15092

Conclusions from intra day chart analysis 

As firstly 4 Hours selling between 15007-15092 therefore sharp fall was seen after that. Although some up moves were seen in last hour but in  Bearish Rising Channels hence these up moves will be understood follow up selling. 

Immediate resistances of Nifty have been developed between 15007-15092 last Friday and until Nifty will not sustain above 15092 after complete consolidation till then decisive up moves will not be seen. 

As last Friday whole day trading will be understood with selling patterns formations therefore sustaining below 14863 will mean sharp fall towards next supports.

Conclusions (After Putting All Studies Together)

1- Long Term Trend is up.

2- Intermediate Term Trend is up.

3- Short Term Trend is sideways between 14468-15421.

Nifty has turned sideways for the last 24 sessions between 14468-15421 after Union-Budget day(01-02-2021) strong 701 points rally and finally sustaining beyond this range will form following next trend:-

1- Above 15421 will mean strong rally but complete consolidation is firstly required because multiple resistances are lying below it.

2- Below 14468 will mean Short Term correction continuation towards above given next supports and Fibonacci Retracement levels of Wave-3(10790.20-15431.8).

As intraday charts of last Friday are showing good selling therefore firstly some down moves are expected in the beginning of next week hence sustaining beyond next supports should be firstly watched in next week. 

US Bond yield led huge volatility is being seen in all the Global and Indian markets and finally sustaining beyond last 24 sessions trading range(14468-15421) will confirm its impact on Indian markets which should be watched for next big moves confirmations.

 Firstly watch levels amid Global 

markets led huge volatility

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-03-2021)

Nifty-Intra Day Chart (04-Mar-2021):-

Technical Patterns formation in today intraday charts

1- Global cues led whole day only intraday volatility

2- Whole day actual trading between 14981-15202

Conclusions from intra day chart analysis 

As Global markets led too much depressed sentiments today morning therefore firstly weaker opening of Indian markets and after that whole day only intraday volatility and as such one sided trading positions formations were not seen therefore firstly sustaining beyond following immediate supports and resistances should be watched tomorrow for next trend confirmations because Dow Jones which was trading more than 200 points up 2 hours before is now trading more than 390 points down also:-

Supports:-

1- 15062-15081

2- 15016-15034

3- 14788-14855(Strong supports)

   

Resistances:-

1- 15274-15315

2- 15335-15431 

 Down moves towards next supports after Global markets led depressed sentiments

Pre-open Outlook(04-03-2021)

As Bond yield increased in USA yesterday therefore Dow Jones futures is trading in Red today morning after negative closing yesterday hence all the Asian markets are trading 1% to 1.60% weak today and resultant now SGX Nifty is also more than 220 points down.

As Global markets led such depressed sentiments today morning therefore firstly down moves will be seen in Indian markets also towards following next supports and sustaining beyond should be firstly watched today:-

1- 15062-15081

2- 15016-15034

3- 14788-14855(Strong supports)

 Rally continuation towards next resistances 

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-03-2021)

Nifty-Intra Day Chart (03-Mar-2021):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 14996-15273

Conclusions from intra day chart analysis 

As whole day up moves with downward corrections after gap up opening and intraday selling patterns were not seen therefore on going rally continuation will be considered towards following next resistances.

1- 15274-15315

2- 15335-15431