Watch lower levels for expected down moves beginning confirmations

Nifty-Intra Day Chart Analysis 

& Market Outlook(11-05-2021)

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

Technical Patterns formation in today intraday charts

1- Slipping in first hour

2- Up moves in Bearish Rising Channels in Mid-session

3- Sideways trading in last hour between 14929-14952

4- Whole day actual trading between 14893-14966

Conclusions from intra day chart analysis 

Although gap up strong opening and whole day Green zone trading also but selling was  seen through up moves in Bearish Rising Channels in Mid-session therefore firstly sustaining beyond today trading range(14893-14966) should be watched tomorrow for next decisive moves beginning beginning confirmations because selling parrens were seen today within resistance range(14871-14957)

As follow up selling within resistance range(14871-14957) today and if more selling develops tomorrow then decisive down moves will be seen below today lowest because selling patterns were seen last Friday also.

As down moves possibilities increased today therefore firstly sustaining below last hour sideways trading range lowest(14929) and finally sustaining below today lowest(14893) should be watched tomorrow for expected down moves beginning confirmations.

 Firstly Pull Back Rally continuation and its completion consideration below 14789

Technical Analysis,Research & Weekly 

Outlook(May 10 to May 14,2021)

Nifty-EOD Chart Analysis 

(Stochastic & MACD)

Nifty-EOD Chart (07-May-2021):-

Technical Patterns and Formations in EOD charts

1- Stochastic %K(5) is at 64.47 & %D(3) is at 43.12

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

3- MACD line has intersected Average line upward

4- Last 64 sessions sideways trading between 14152-15431 

 

Conclusions from EOD chart analysis

(Stochastic & MACD)

As upward intersection in both MACD and Stochastic therefore suggesting some up moves in the beginning of next week.

Last 64 sessions sideways trading between 14152-15431 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 21 Sessions 

intraday charts analysis

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

Technical Patterns formation in last 21 Sessions intraday charts

1- Selling(Resistances) in last 21 Sessions  are as follows:-

A- 14789-14863 

B- 14871-14957

C- 15010-15044

2- Consolidation(Supports) in last 21 Sessions are as follows:-

A- 14674-14707 

B- 14612-14648

C- 14477-14567

D- 14452-14472

E- 14316-14354

F- 14192-14294

3- 21 Sessions sideways trading between 14152-15044  

Conclusions from 21 Sessions 

intra day chart analysis 

Last 64 sessions sideways trading between 14152-15431 and Nifty is trading between 14152-15044 for the last 21 sessions.

Certainly there are multiple resistances above 15000 but now above mentioned 3 resistances are also lying within and above last Friday highest. As above mentioned 6 supports are also below last Friday lowest therefore firstly Nifty will have to trade and prepare for next decisive moves within last 21 sessions sideways trading range(14152-15044).  

As both strong resistances at higher levels and lower levels equally strong supports therefore more or less sideways trading is expected firstly between 14152-15044 and maximum finally between 14152-15431.

Nifty-Intra Day Chart Analysis

(07-May-2021)

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

Technical Patterns formation in today intraday charts

1- Selling Patterns formation between 14820-14863

2- Whole day actual trading between 14766-14863

Conclusions from intra day chart analysis 

Although whole day Green zone trading after gap up opening and 0.67% positive closing also but higher levels selling patterns formation which were within previous resistance range(14789-14855). 

As follow up selling was seen within next resistance(14789-14855) last Friday therefore if fresh selling develops between or near about it in the coming week then previous week started Pull Back rally completion will be considered after sustaining below 14789.

Conclusions

(After Putting All Studies Together)

As 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 14152-15431 for the last 64 sessions.

3- Short Term Trend is up.

Although Indian Corona cases crossed 4 lac mark in previous week but Pull back rally was seen and Nifty closed at the top of last week. 

As Short term indicator Stochastic is moving upward and %K(5) line has also intersected %D(3) line upward as well as not Over bought therefore indications of Pull Back rally continuation in the beginning of next week because MACD is also showing up trend through MACD line upward intersection of Average line.

Firstly up moves are expected towards above mentioned next resistances but some intraday selling patterns were seen last Friday which were within next resistances(14789-14855).If follow up selling develops in next week then on going Pull Back Rally completion and decisive down moves beginning will be considered as well as its first signal will be after sustaining below 14789.

 Rally continuation towards next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(07-05-2021)

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

Technical Patterns formation in today intraday charts

1- Volatility in first hour

2- Consolidation between 14612-14648

3- Up moves with downward corrections

4- Consolidation between 14674-14707 

5- Up moves in last hour

6- Whole day actual trading between 14612-14743

Conclusions from intra day chart analysis 

As most Asian markets were trading strong therefore positive opening but slipped and only volatility in first hour. Firstly lower levels consolidation and after that up moves with downward corrections as well as follow up consolidation in Mid-sessions therefore up moves in last hour and closing near higher levels of the day.

Next resistances above today highest are between 14789-14855 and rally continuation towards it will be seen because only consolidation and selling patterns were not seen today.

 Down moves expectations

Nifty-Intra Day Chart Analysis &

 Market Outlook(06-05-2021)

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

Technical Patterns formation in today intraday charts

1- RBI Governor Press conference led volatility

2- Up moves in Bearish Rising Channel

3- Selling

4- Whole day actual trading between 14507-14637

Conclusions from intra day chart analysis 

Although firstly RBI Governor Press conference led volatility but after that up moves were seen. As intraday selling patterns formations in the last more than 3 hours therefore down moves below today lowest(14507) is expected in the coming 1/2 sessions despite today closing at the top of the day.

 Levels will confirm next Short 

Term trend after RBI Governor 

Press conference 

Pre-open Outlook(05-05-2021)

As unscheduled Press conference by RBI Governor at 10 AM today therefore firstly market will remain volatile before and after its completion. As decisive moves will be seen according to its announcements therefore firstly sustaining beyond following supports and resistances should be firstly watched after Post Press conference next Short Term trend confirmations:- 

Next resistances:-

1- 14588-14634

2- 14643-14697

Next supports:- 

1-14457

2-14316-14359

3-14192-14294

 Correction continuation towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-05-2021)

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

Technical Patterns formation in today intraday charts

1- Sharp fall after strong opening

2- Selling between 14643-14697

3- Down moves in Mid-session

3- Selling between 14588-14634

4- Sharp fall in last hour

5-  Sideways trading in last hour between 14462-14513

6- Whole day actual trading between 14462-14723

Conclusions from intra day chart analysis 

Following lines were told on 01-05-2021 in "59 Sessions correction with Bullish flag formation amid Corona tsunami led most depressed sentiments":-

As whole day selling last Friday therefore down moves will be seen in the beginning of next week. 

As was told 100% same happened and 

1- Nifty opened 149 points down on Monday(03-05-2021) 

2- Nifty closed 137 points down today(04-05-2021)

Although Nifty traded 88 points up after gap up opening today but not sustaining at higher levels and fallen sharply.

As more than 3 hours selling therefore down moves were seen in Mid-session and after that again follow up selling hence shrtp fall in last hour. 

Although sideways trading at lower levels in last hour but higher levels good selling therefore correction will remain continued towards following next supports tomorrow. 

1-14457

2-14316-14359

3-14192-14294

 As busy therefore Stock Market Outlook of today(04-05-2021) is not being updated.

59 Sessions correction with Bullish flag formation amid Corona tsunami led most depressed sentiments 

Technical Analysis,Research & Weekly Outlook

(May 03 to May 07,2021)

Nifty-EOD Chart Analysis 

(Waves structure)

Nifty-EOD Chart (30-Apr-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 after new life time top formation at 15431.8 on 16-02-2021

5- Corrective Wave-4 continuation in last 59 sessions with recent bottom formation at 14151.4 on 22-04-2021 and Bullish flag formation during this correction

6- Post Budget day last 59 sessions from 02-02-2021 to 30-04-2021 sideways trading between 14152-15431.

Conclusions from EOD chart analysis(Waves structure)

Impulsive Wave-3 completion after new life time top formation at 15431.8 on 16-02-2021 and after that corrective Wave-4 started which is in continuation with Bullish flag formation for last 59 sessions with recent bottom formation at 14151.4 on 22-04-2021.

Nifty-Weekly Chart Analysis

(Stochastic)

Nifty-EOD Chart (30-Apr-2021):-

Technical Patterns and Formations in Weekly charts

1- Stochastic %K(5) is at 70.27 & %D(3) is at 84.55

2- Stochastic- %K(5) line has intersected %D(3) line downward and started to move down from Overbought zone

3- Last 59 sessions sideways trading between 14152-15431 

 

Conclusions from Weekly chart analysis

(Stochastic)

Last 59 sessions sideways trading between 14152-15431 and in Short term indicator Stochastic %K(5) line has intersected %D(3) line downward as well as started to move down from Overbought zone therefore down moves towards last sessions lowest(14152) is expected in next week.

Nifty-Intra Day Chart Analysis

(30-Apr-2021)

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

Technical Patterns formation in today intraday charts

1- 4 Hours selling between 14789-14855(immediate Resistances)

2- Down moves with upward corrections

3- Whole day actual trading between 14602-14855

Conclusions from intra day chart analysis 

As firstly 4 Hours good selling therefore down moves started which remained continued till last minute because selling continuation through upward corrections. As whole day selling last Friday therefore down moves will be seen in the beginning of next week. 

As good selling between 14789-14855 therefore this range will be immediate resistances of Nifty and until Nifty will not sustain above 14855 till then decisive up moves will not be seen. 

Conclusions

(After Putting All Studies Together)

1- Long Term Trend is up.

2- Intermediate Term Trend is sideways between 14152-15431 for the last 59 sessions.

3- Short Term Trend is sideways between 14152-15044 for the last 15 sessions

Although most depressed sentiments due to Corona tsunami in India which is far more dangerous than 2020 but indian markets have not crashed like 2020 but traded sideways between 14152-15431 for the last 59 sessions after impulsive Wave-3 completion at 15431.8 on 16-02-2021. As following equally strong supports and resistances are lying beyond last Friday closing therefore Nifty will trade within last 59 sessions trading range in next week:- 

Next supports are as follows:- 

1-14566-14592

2-14457-14523

3-14316-14359

4-14192-14294

Next resistances are as follows:- 

1- 14789-14855

2- 14871-14957

3- 15010-15044

4- 15158-15196

5- 15201-15241  

6- 15262-15319

7- 15335-15421

As Wave-4 correction with Bullish flag formation therefore at present deeper correction will not be considered and finally sustaining beyond or forceful break out of last 59 sessions trading range(14152-15431) should be watched for:- 

1- Impulsive Wave-5 beginning above 15431

2- Wave-4 correction continuation with deeper correction possibility below 14152

 Expectations of down moves below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-04-2021)

Nifty-Intra Day Chart (29-Apr-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 15010-15044 in first 20 minutes

2- Sharp fall

3- Last 6 hours sideways trading between 14815-14957 with selling patterns between 14871-14957

4- Whole day actual trading between 14815-15044

Conclusions from intra day chart analysis 

Following lines were told on 29-04-2021 in "Sideways market expectations":-

1- up moves are expected towards 14970

2- sideways market is expected tomorrow

3- Resistances between 14821-14970

As was told 100% same happened in following manner:-

1- Up moves were seen towards and above 14970 

2- 6 Hours sideways trading was seen between 14815-14957

3- Most time trading and closing(14894.90) within resistances(14821-14970)

As all the Asian markets were trading in Green and Dow Jones Futures was more than 100 points up therefore strong opening of Indian markets but selling developed hence sharp fall was seen.

Although 6 hours sideways trading between 14815-14957 but selling patterns formations within this range between 14871-14957 therefore emergence of down moves beginning strong signals  because these selling patterns were within above mentioned resistances(14821-14970) which have turned strong after follow up selling within this range today.

As follow up selling within resistance ranges therefore expected that down moves will be seen below today lowest(14815)

 Sideways market expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-04-2021)

Nifty-Intra Day Chart (28-Apr-2021):-

Technical Patterns formation in today intraday charts

1- Consolidation between 14731-14762

2- Whole day up moves with downward corrections

3- Whole day actual trading between 14695-14890

Conclusions from intra day chart analysis 

As firstly consolidation after strong gap up opening therefore whole day up moves were seen with downward corrections and closing was near the higher levels of the day with 1.44% gains. 

Following resistances were updated on 24-04-2021 in "Forceful break down will confirm deeper correction and break out will generate 1st signal of up moves beginning":-

F- 14821-14970 

Nifty consolidated last 3 hours between above resistance range and closed also within it therefore up moves are expected towards 14970 but resistances are strong hence sideways market is expected tomorrow because complete fresh consolidation is required for sustaining above today highest.

 14649-14697 will confirm next trend

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-04-2021)

Nifty-Intra Day Chart (27-Apr-2021):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 14485-14667

 

Conclusions from intra day chart analysis 

As whole day up moves with downward corrections and selling patterns were not seen therefore on going Pull back rally continuation will be expected tomorrow but following resistances should be firstly watched tomorrow which were updated on 24-04-2021 in "Forceful break down will confirm deeper correction and break out will generate 1st signal of up moves beginning":-

D- 14649-14697(Strong resistances) 

Nifty traded some time in last hour within above mentioned strong resistances and closed also within it but complete fresh consolidation and sustaining above 14697 is firstly required for on going rally continuation. As very Short Term indicators have turned over bought and strong resistances above today closing therefore if fresh selling develops tomorrow then correction of last 4 sessions rally will be seen.

As next trend confirmation will be sustaining beyond 14649-14697 therefore should be firstly watched in the coming sessions.

 As busy therefore Stock Market Outlook of today(27-04-2021) is not being updated.

Forceful break down will confirm deeper correction and break out will generate 1st signal of up moves beginning

Technical Analysis,Research & Weekly Outlook

(Apr 26 to Apr 30,2021)

Nifty-EOD Chart Analysis 

(Corrective Waves)

Nifty-EOD Chart (23-Apr-2021):-

Technical Patterns and Formations in EOD charts

1- Nifty closed 646 Points up and closed at 14281.2 on Union Budget day(01-02-2021).

2- 132 Points gap support formation between 14337-14469 on 02-02-2021

3- Impulsive Wave-3 completion after new life time top formation at 15431.8 on 16-02-2021 and correction begun.

4- Corrective Wave-4 continuation with recent bottom formation at 14151.4 on 22-04-2021 and 7 new lowest formation in this correction.

A- 14635.0 on 22-02-2021 (1) 

B- 14467.8 on 26-02-2021 (2)

C- 14350.1 on 19-03-2021 (3)

D- 14264.4 on 25-03-2021 (4)

E- 14248.7 on 12-04-2021 (5)

F- 14191.4 on 19-04-2021 (6)

G- 14151.4 on 22-04-2021 (7)

5- 3 Falling trendlines

6- Gap of 02-02-2021(14337-14469) has been filled up after Nifty moving below 14337 on 25-03-2021.

7- Post Budget day 54 sessions sideways trading between 14152-15431 from 02-02-2021 to 23-04-2021.

Conclusions from EOD chart analysis 

(Corrective Waves)

As Nifty closed at 14281.2 on Union Budget day(01-02-2021) after gaining 646 Points and on next day 132 Points gap support formation between 14337-14469 also therefore impulsive Wave-3 remained continued. 

Impulsive Wave-3 completed after new life time top formation at 15431.8 on 16-02-2021 corrective Wave-4 started which is in continuation with recent bottom formation at 14151.4 on 22-04-2021.

Although extreme panic due to sharp rise of Corona cases in India but 2020 like crashing situation was not seen and Corrective Wave-4 is being seen through 7 times new lowest with little new down moves during this correction.

As Corrective Wave-4 continuation and forceful break down is not being seen as well as down moves are slow therefore following patterns and levels should be watched in the coming weeks for next big moves confirmations:-

1- Sustaining above 3 Falling trend lines one by one will be strong indication of correction completion and confirmation will be sustaining above 15431.

2- Forceful break down of last 54 sessions lowest(14152) will be strong indication of deeper correction beginning.

Nifty-Last 11 Sessions intraday charts analysis

Nifty-Intra Day Chart (Apr 07 to Apr 23,2021):-

Technical Patterns formation in last 11 Sessions intraday charts

1- Selling(Resistances) in last 11 Sessions  are as follows:-

A- 14354-14466

B- 14486-14509

C- 14528-14559

D- 14649-14697(Strong resistances)

E- 14698-14785(Gap resistances)  

F- 14821-14970 

2- Consolidation(Supports) in last 11 Sessions are as follows:-

A-14316-14354

B- 14192-14294

3- 11 Sessions actual trading between 14152-14984 

Conclusions from 11 Sessions intra day chart analysis 

Last 54 sessions trading between 14152-15431 and Nifty is trading at lower levels of this range below 15000 between 14152-14984 for the last 11 sessions.

Certainly there are multiple resistances above 15000 and above mentioned 6 resistances are also lying between 14354-14970 but above mentioned 2 supports are also between 14192-14354. 

As strong resistances at higher levels and lower levels comparatively much weaker supports therefore in fresh selling develops in next week then huge down moves will be seen subject to the condition of forceful breaking down of last 11 sessions trading range lowest(14152).

Nifty-Intra Day Chart Analysis(23-Apr-2021)

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

Technical Patterns formation in today intraday charts

1- Consolidation in first hour between 14324-14354

2- Up moves with downward corrections

3- Selling between 14396-14461

4- Selling between 14354-14388

5- Volatility in last hour between 14274-14359

6- Whole day actual trading between 14274-14461

Conclusions from intra day chart analysis 

Although weaker opening last Friday but consolidation developed therefore up were seen which were with downward corrections hence remain continued. 

As higher levels selling in Mid-session and  again follow up selling after slipping from higher levels therefore sharp down moves below intraday lowest were seen.

85 points volatility in last hour was seen in which following points were observed:-

1- Lower levels supports were seen.

2- Last hour volatility(14274-14359) was below and above first hour consolidation range(14324-14354)

As lower levels supports and higher levels selling was seen last Friday therefore Nifty will firstly trade and prepare for next decisive moves within and near about last Friday trading range(14274-14461) as well as sustaining it beyond will generate first indication of next decisive moves beginning.

Conclusions (After Putting All Studies Together)

1- Long Term Trend is up.

2- Intermediate Term Trend is sideways between 14152-15421 for the last 54 sessions.

3- Short Term Trend is sideways between 14152-14697 for the last 8 sessions.

Corrective Wave-4 continuation and no indication of its completion yet. Although more than 3 times Corona cases this time in compassion to 2020 Corona cases but crashing like situation is not being seen and Wave-4 correction is without required force therefore supports getting at lower levels can not be ruled out. 

Nifty sideways trading ranges are as follows:-

1- Last 8 sessions trading between 14152-14697.

2- Last 24 sessions trading between 14152-14984.

3- Last 54 sessions trading between 14152-15431.

As 14152 is lowest of all 3 trading ranges and no immediate strong supports below it therefore its forceful break down will confirm deeper correction. Multiple resistances are lying above last Friday closing(14341.35) and up to 15431 therefore complete consolidation is required for fresh rally above it.

As immediate supports and resistances are lying between last 8 sessions trading range(14152-14697) and Nifty will have to trade and prepare for next decisive moves within this range therefore its preparation will be done in next week. Finally forceful break down of 14152 will confirm deeper correction and sustaining above 14697 will confirm first signal of next up moves beginning therefore should be firstly watched for its confirmations in next week.

 Follow up consolidation will generate up moves towards next resistances 

Nifty-Intra Day Chart Analysis & Market 

Outlook(23-04-2021)

Nifty-Intra Day Chart (22-Apr-2021):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

3- Whole day actual trading between 14152-14424

Conclusions from intra day chart analysis 

Following conclusive lines were told on 19-04-2021 in "Today trading range will confirm next decisive moves":-

1- Mixed Patterns formation between 14192-14382. 

2- firstly Nifty will have to trade and prepare for next decisive moves within and near about today trading range

3- finally sustaining it beyond should be firstly watched tomorrow for next decisive moves beginning confirmations.

Nifty closed between 14192-14382 after huge fall from higher levels on 20-04-2021 and closed little above it at 14406.15 after almost 6 hours trading within this range on 22-04-2021.

Although whole day consolidation was seen on 22-04-2021 through up moves with downward corrections but Nifty closed within resistances between 14369-14420. If follow up consolidation develops then rally will be seen towards following resistances:-

1- 14449-14466

2- 14486-14509

3- 14649-14697(Strong resistances)

 As busy therefore Stock Market Outlook of today(22-04-2021) is not being updated.

 Today trading range will confirm next decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-04-2021)

Nifty-Intra Day Chart (19-Apr-2021):-

Technical Patterns formation in today intraday charts

1- Consolidation between 14192-14248

2- Up moves with downward corrections

3- Consolidation between 14251-14294

4- Up moves in Bearish Rising Channel

5- Selling between 14339-14382

6- Whole day actual trading between 14192-14382

Conclusions from intra day chart analysis 

Following lines were told on 17-04-2021 in "Watch levels for mentioned implications in 49 sessions sideways market":-

As good selling between 14649-14697 last Friday therefore expected that down moves will be seen below last Friday lowest(14560) in the beginning of next week. 

As was told on 17-04-2021 100% same happened today and Nifty opened,traded and closed below 14560 today after loosing 258.40(1.77%) points. 

Although huge gap down opening because panic developed due to sharp rise in Corona cases in India but lower levels consolidation between 14192-14248 and after that Up moves with downward corrections was seen therefore whole day up moves remained continued and closing was near the top of the day.

As firstly lower levels buying and selling also in the last two and half hour through up moves in Bearish Rising Channel and Selling between 14339-14382 therefore whole day today trading will be understood with Mixed Patterns formation between 14192-14382. It means that  firstly Nifty will have to trade and prepare for next decisive moves within and near about today trading range and finally sustaining it beyond should be firstly watched tomorrow for next decisive moves beginning confirmations.

Watch levels for mentioned implications in 49 sessions sideways market

Technical Analysis,Research & Weekly Outlook

(Apr 19 to Apr 23,2021)

Nifty-EOD Chart Analysis 

(Waves structure)

Nifty-EOD Chart (16-Apr-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 after new life time top formation at 15431.8 on 16-02-2021

5- Corrective Wave-4 continuation with recent bottom formation at 14248.7 on 12-04-2021

6- Last 49 sessions sideways trading between 14249-15431.

Conclusions from EOD chart analysis

(Waves structure)

Waves structure which started through impulsive Wave-1 on 24-03-2020 from 7511.10 is in continuation. Its impulsive Wave-3 completed after new life time top formation at 15431.8 on 16-02-2021 and now its Corrective Wave-4 continuation with recent bottom formation at 14248.7 on 12-04-2021

Corrective Wave-4 continuation through last 49 sessions sideways trading between 14249-15431 and finally sustaining beyond this range will decide the life and length of on going correction which should be watched in the coming week/weeks for its confirmations.

Nifty-Weekly Chart Analysis

(Stochastic & MACD)

Nifty-Weekly Chart (16-Apr-2021):-

Technical Patterns and Formations in Weekly charts

1- Impulsive Wave-5 completion at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning

2-Wave-A (11614.50 on 03-02-2020)

3-Wave-B (12246.70 on 14-02-2020)

4- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020 

5-Wave-1 (11794.30 on 31-08-2020)

6-Wave-2 (10790.20 on 24-09-2020)

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

8- Corrective Wave-4 continuation with recent bottom formation at 14248.7 on 12-04-2021

9- Stochastic %K(5) is at 51.81 & %D(3) is at 44.75

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

11- MACD line has intersected Average line downward

 

Conclusions from Weekly chart analysis

(Stochastic & MACD)

2020 Corona crash like "ABC" correction started after Impulsive Wave-5 completion at 12430.50 on 20-01-2020 and its Wave-C completed at 7511.10 on 24-03-2020.

Impulsive Wave-1 of new Waves structure begun from 7511.10 on 24-03-2020 and its Impulsive Wave-3 finished after new life time top formation at 15431.8 on 16-02-2021. Now its corrective Wave-4 continuation with recent bottom formation at 14248.7 on 12-04-2021 and no indication of its completion yet.

As weekly MACD line has intersected Average line downward and both the lines are moving downward therefore showing downward trend but in Stochastic %K(5) line has intersected %D(3) line upward and showing up moves in Short Term. As both the indicators are showing adverse direction therefore directionless and sideways market will be firstly understood in next week.

Nifty-Last 19 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Mar 18 to Apr 16,2021):-

Technical Patterns formation in last 19 Sessions intraday charts

1- Selling(Resistances) in last 19 Sessions  are as follows:-

A- 14649-14697

B- 14698-14785(Gap resistances) 

C- 14704-14778 

D- 14821-14970 

2- Consolidation(Supports) in last 19 Sessions are as follows:-

A- 14354-14457

B- 14307-14357 

C- 14249-14360

3- 132 Points gap down previous week opening and after that trading between 14249-14697 with first 3 sessions lower levels buying and last session higher selling.

4- Sideways trading in last 19 Sessions are between 14249-14984

5- 19 Sessions actual trading between 14249-14984 

Conclusions from 19 Sessions 

intra day chart analysis 

Last 49 sessions sideways trading between 14249-15431 and Nifty is trading at lower levels of this range below 15000 between 14249-14984 for the last 19 sessions.

Certainly there are multiple resistances above 15000 and above mentioned 4 resistances are also lying between 14649-14970 but above mentioned 3 supports are also between 14249-14457. 

As Nifty traded between 14249-14697 after 132 Points gap down in previous week and after that lower levels consolidation was seen in first 3 sessions and good selling was seen in last session therefore immediate supports and resistances are lying within last week trading range. 

Blank zone will be understood between 14457-14649 because resistances are above it and supports are below it. As firstly follow up moves within and near about 14457-14649 as well as finally sustaining it beyond  will generate first signal of next big moves beginning therefore should be firstly watched in next week. 

As finally sustaining beyond or forceful break out/down of last 19 Sessions trading range(14249-14984) will confirm next big moves beginning therefore should be watched in the coming week/weeks. 

Nifty-Intra Day Chart Analysis

(16-Apr-2021)

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

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel(immediate Resistances)

2- Selling between 14649-14697

3- Whole day actual trading between 14560-14697

Conclusions from intra day chart analysis 

Although most time positive zone trading after Green opening and closing with 0.25% gains also last Friday but good selling was seen at higher levels between 14560-14697 therefore this range will be immediate Resistances of Nifty. 

Until Nifty will not sustain above 14697 after complete consolidation till then decisive up moves will not be seen and once sustaining below 14649 after fresh selling will mean Short Term Correction beginning. 

As good selling between 14649-14697 last Friday therefore expected that down moves will be seen below last Friday lowest(14560) in the beginning of next week.  

Conclusions 

(After Putting All Studies Together)

1- Long Term Trend is up.

2- Intermediate Term Trend is sideways between 14249-15421 for the last 49 sessions.

3- Short Term Trend is sideways between 14249-14984 for the last 19 sessions.

Now corrective Wave-4 continuation with recent bottom formation at 14248.7 on 12-04-2021 and no indication of its completion yet. 

As corrective Wave-4 correction is sideways between 14249-15421 for the last 49 sessions therefore finally sustaining beyond this range will decide the life and length of Wave-4 in following manner:-  

1- Sustaining above 15421 will confirm corrective Wave-4 completion and Impulsive Wave-5 beginning.

2- Sustaining below 14249 will confirm breaking down of last 49 sessions like big trading range and resultant deeper correction of Wave-4 beginning.

 

Although lower levels consolidation was seen in first 3 sessions of previous week but whole day good selling developed in the 4th session of previous week i.e. last Friday as well as immediate supports and resistances are lying within previous week trading range(14249-14697) therefore firstly sustaining it beyond should be watched in next week for 1st strong signal of next above mentioned moves beginning. 

As 49 sessions sideways market therefore just note down and Watch above mentioned levels one by one according to above mentioned implications.

 Rally continuation towards next gap resistance

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-04-2021)

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

Technical Patterns formation in today intraday charts

1- 100 Points sharp fall in 7 minutes after positive opening

2- Down moves in Bullish Falling Channels

3- Consolidation between 14406-14457(immediate supports)

4- Bullish Falling Wedge pattern formations

5- Strong up moves in last hour 

6- Whole day actual trading between 14354-14597

Conclusions from intra day chart analysis 

Following lines were told at 02:26 AM on 13-04-2021 in "Level will confirm next big moves":-

 

"Sustaining above 14360 will confirm a 

Pull Back rally towards next resistances"

Although sentiment was too much depressed due to more than 2 Lac cases of Corona in India but positive opening and firstly traded also 15 minutes in Green zone with moderate gains but 100 Points sharp fall in 7 minutes was also seen after that.

As consolidation developed firstly through Down moves in Bullish Falling Channels and after that between 14406-14457 as well as Bullish Falling Wedge pattern formations therefore strong  up were seen moves in last hour. Until Nifty will not sustain below 14406 after complete selling till then decisive down moves will not be seen because lower levels good consolidation today and rally will remain continued towards next gap resistances between 14653-14785.

 As busy therefore Stock Market Outlook of today(15-04-2021) is not being updated.

 Level will confirm next big moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(13-04-2021)

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

Technical Patterns formation in today intraday charts

1- 330 Points crash in first 6 minutes

2- Down moves with upward corrections

3- Last 3 hours sideways trading between 14249-14360

4- Whole day actual trading between 14249-14652

Conclusions from intra day chart analysis 

Following lines were told on 10-03-2021 in "Finally 45 sessions range break out Will generate huge moves and till then trade according to given levels":-

1- 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.

2- down moves below last Friday lowest are expected in the beginning of next week.

Although up moves were seen in previous week but intraday patterns were showing selling patterns therefore we posted following topics in last week:-

Topic name for 09-03-2021 Outlook was- "Follow up complete selling will mean sharp fall"

Topic name for 08-03-2021 Outlook was- "14712 will confirm  sharp fall"

Topic name for 07-03-2021 Outlook was- "Correction continuation expectations towards next supports"

We daily told in last week only and only for Correction continuation and sharp fall which was seen on 12-03-2021 when Nifty was once 586 points down.

Nifty crashed 330 Points in first 6 minutes and after that selling remained continued through Down moves with upward corrections. 

As minor supports at lower levels and last 3 hours sideways trading between 14249-14360 also therefore firstly sustaining beyond this range sgould be watched in the coming sessions because:-

1- Sustaining above 14360 will confirm a Pull Back rally towards next resistances.

2- Sustaining below 14249 will confirm breaking down of last 46 sessions like big trading range which will result huge fall.

As sustaining beyond 14249 will confirm next big moves therefore should be firstly watched in the coming sessions.

 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).