Firstly watch levels for next 

decisive moves confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-06-2021)

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

Technical Patterns formation in today intraday charts

1- Selling at higher levels

2- Down moves in Bullish Falling Channel

3- Up moves with downward corrections

4- Whole day actual trading between 15611-15705

Conclusions from intra day chart analysis 

Although strong opening but selling developed therefore down moves were seen. As these first 4 hours Down moves in Bullish Falling Channel and consolidation developed therefore up moves were seen in last 2 hours.

Last hours Up moves were with downward corrections but some selling was also seen in last half hour therefore whole day today trading will be understood with some selling at higher levels and lower levels good consolidation.

As both both intraday buying selling today therefore Nifty will firstly trade and prepare for next decisive moves within today trading range(15611-15705) and finally sustaining it beyond will be its confirmations hence should be firstly watched tomorrow.

Rally continuation

Nifty-Intra Day Chart Analysis & 

Market Outlook(03-06-2021)

Nifty-Intra Day Chart (02-Jun-2021):-

Technical Patterns formation in today intraday charts

1- More than 5 hours consolidation between 15460-15537(immediate supports)

2- Strong up moves in last hour

3- Whole day actual trading between 15460-15597

Conclusions from intra day chart analysis 

As some selling yesterday therefore Short Term correction was told and Nifty traded almost whole day in negative zone today but follow up selling was not seen. More than 5 hours consolidation between 15460-15537 today and it will be immediate supports hence rally will remain continued tomorrow and until complete selling will not develop till then Nifty will not sustain below today lowest(15460).

Today lowest will confirm for Short Term correction beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(02-06-2021)

Nifty-Intra Day Chart (01-Jun-2021):-

Technical Patterns formation in today intraday charts

1- Volatility in first hour

2- 5 Hours sideways trading between 15529-15615

3- Whole day actual trading between 15529-15660

Conclusions from intra day chart analysis 

Following lines were told at 12:23 AM on 01-06-2021 in " Rally continuation amid 

Short Term correction possibility":-

1- rally continuation is expected

2- Short Term correction may be seen any day and its first signal will be sustaining below today highest after fresh selling near about it.

Although Nifty moved up 72 points after positive opening but not sustaining at higher levels and slipped fast hence first hour trading will be understood with volatility. 

As 5 Hours sideways trading between 15529-15615 and Nifty hovered around last Friday highest(15606) as well as some selling was seen within this range therefore sustaining below today lowest(15529) will mean Short Term correction beginning which should be firstly watched tomorrow for its confirmations.

 Rally continuation amid 

Short Term correction possibility

Nifty-Intra Day Chart Analysis

(31-May-2021)

Nifty-Intra Day Chart (31-May-2021):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 15374-15606

Conclusions from intra day chart analysis 

As whole day up moves with downward corrections and intraday selling patterns were not seen therefore rally continuation is expected but Short Term indicators are Overbought hence Short Term correction may be seen any day and its first signal will be sustaining below today highest after fresh selling near about it.

 Bullish Rally continuation with only a Short Term correction possibility

Technical Analysis,Research & Weekly 

Outlook(May 31 to Jun 04,2021)

Nifty-EOD Chart Analysis 

(Waves structure)

Nifty-EOD Chart (28-May-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

3- Corrective Wave-2 completion at 10790.20 on 24-09-2020

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

5- Corrective Wave-4 completion at 14151.4 on 22-04-2021

6- Impulsive Wave-5 continuation with recent high and new life time top formation at 15469.65 on 28-05-2021

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-5 of that Waves structure continuation which started from 7511.10 on 24-03-2020. As previous life time top of Wave-3(15431.8) broken out and new life time top formation at 15469.65 on 28-05-2021 as well as no selling patterns formation on EOD charts therefore Impulsive Wave-5 will remain continued. 

Nifty-EOD Chart Analysis

(Wave-4 Wave structure)

Nifty-EOD Chart (28-May-2021):-

Technical Patterns and Formations in EOD charts

1- 73 sessions Bullish flag upward broken out confirmations

2- Impulsive Wave-3 completion at 15431.8 on 16-02-2021 and Wave-A of Wave-4 beginning

3- Wave-A completion at 14467.8 on 26-02-2021

4- Wave-B completion at 15336.3 on 12-03-2021

5- Corrective Wave-C of Wave-4 completion at 14151.4 on 22-04-2021 and Impulsive Wave-5 beginning  

6- Impulsive Wave-5 continuation with recent high and formation at 15469.65 on 28-05-2021

Conclusions from EOD chart analysis

(Wave-4 structure)

As 73 sessions "ABC" correction of Wave-4 was with Bullish flag formation and deeper correction like 2020 was not seen despite too much worse condition of Corona in India therefore upward broken out of Bullish Flag was seen after Wave-4 completion at 14151.4 on 22-04-2021.

Impulsive Wave-5 formations confirmations with 73 sessions like big trading range broken out therefore it will remain continued in the coming weeks/months. As Short to Intermediate Term corrections are the nature of Bull markets and those will be seen time to time but rally will remain continued. 

Nifty-EOD Chart Analysis 

(MACD & Stochastic)

Nifty-EOD Chart (28-May-2021):-

Technical Patterns and Formations in EOD charts

1- 73 sessions Bullish flag upward broken out confirmations

1- Stochastic %K(5) is at 91.18 & %D(3) is at 88.42

2- Stochastic- %K(5) line has intersected %D(3) line upward and both lines rising in Overbought zone

3- MACD line is above Average line and its both lines are rising in positive zone.

 

Conclusions from EOD chart analysis

(Stochastic & MACD)

As last 6 sessions continuous up moves and any correction not seen therefore Short Term Indicator Stochastic has turned completely Overbought and ready for Short Term correction but clear selling patterns have not been seen on Eod charts yet therefore let it happen first then it will be seen.

As rally continuation and in MACD Indicator both lines are moving upward in positive zone after MACD line upward intersection of Average line therefore it is showing up trend and rally continuation possibilities.

Conclusions

(After Putting All Studies Together)

All the trends are up,impulsive Wave-5 continuation and no indication of its completion on EOD charts. 

Indian markets have shown huge strength because any type of Wave-4 big correction was not seen despite devastating Corona condition in India therefore Indian markets will be understood completely Bullish and impulsive Wave-5 Rally will remain continued.

Although Short Term Indicator Stochastic has turned completely Overbought and ready for Short Term correction but no big indication of any correction on EOD charts except Doji Candle formation last Friday. Let clear selling patterns develop and Nifty to sustain below last Friday lowest(15395) then Short Term correction will be considered and now it is on cards also because sentiment is too much heated after last 26 sessions strong rally.

 Last resistances will confirm 

next decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-05-2021)

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

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Consolidation between 15280-15296

3- Selling between 15334-15360

4- Consolidation between 15273-15307

5- Sharp up in last half hour

6- Whole day actual trading between 15273-15384

Conclusions from intra day chart analysis 

As good selling at higher levels yesterday therefore firstly consolidation was seen through Down moves in Bullish Falling Channel and between 15280-15296 then up moves were seen. 

Although higher levels selling developed and after that down moves with new intraday lowest formation also but again lower levels consolidation developed between 15273-15307 therefore sharp up in last half hour. Last resistances of Nifty are between 15335-15421 and fresh selling within this range,consolidation below it and closing was seen within it today. 

As both intraday buying selling therefore whole day today trading will be understood with Mixed Patterns formation hence Nifty will firstly trade and prepare for next decisive moves between 15273-15421 and finally sustaining below 15273 will confirm short term correction and sustaining above 15421 will mean strong rally with new life time highest formations.

Post-open Outlook(27-05-2021)

As sellinmg yesterday therefore firstly Nifty slipped and consolidated first 30 minutes in negative zone then moves up. CNXIT is trading more than 1.5% up and at new life time highest also therefore sentiment boosted and up moves are being seen today. 

Last resistances of Nifty are between 15335-15421 and Nifty is now trading within this range. This range break out will confirm short term correction below 15335 and strong rally above 15421.

 Slipping below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-05-2021)

Nifty-Intra Day Chart (26-May-2021):-

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- More than 4 hours up moves in Bearish Rising Channel

3- Whole day actual trading between 15195-15319

Conclusions from intra day chart analysis 

Although first 2 hours some buying through up moves with downward corrections but last more than 4 hours good selling through up moves in Bearish Rising Channel therefore expected that Nifty will not sustain above 15300 and will slip below today lowest(15195) despite today closing was near the higher levels of the day with 93 gains and above 15300. 

As Dow Jones Futures is now trading more than with 90 points gains and European markets are also flat as well as most Asian markets closed in Green today therefore some volatility may be seen tomorrow morning but expected that finally Nifty will slip below 15195 tomorrow.

 Levels will confirm next 

Short Term moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(26-05-2021)

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

Technical Patterns formation in today intraday charts

1- Selling between 15233-15293

2- Down moves in Bullish Falling Channel

3- Sideways trading between 15198-15221

4- Whole day actual trading between 15164-15293

Conclusions from intra day chart analysis 

Following lines were told at 12:39 AM on 25-05-2021 in " Firstly watch today trading range for next Short Term moves confirmations":-

expected that Nifty will trade and prepare for next decisive moves within today trading range

Yesterday trading range was 15146-15256 and Nifty traded in last 3 hours as well as closed within this range at 15208.45 today

As all the Asian markets were trading with good gains today morning therefore strong opening of Indian markets but selling developed hence down moves were seen in Mid-session. As these down moves were in Bullish Falling Channel therefore supports formations at lower levels and last hour sideways trading between 15198-15221 after little up moves

Both higher levels selling and lower levels supports therefore today trading will also be understood with Mixed Patterns formation like yesterday therefore Nifty will trade and prepare for next decisive moves within last 2 sessions trading range(15146-15293) and finally sustaining beyond this range will confirm next Short Term moves which should be firstly watched in the coming sessions. 

 Firstly watch today trading range for next Short Term moves confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(25-05-2021)

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

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Selling between 15201-15229

3- Down moves in Bullish Falling Channels

4- Consolidation between 15189-15214

5- Volatility in last hours

6- Down moves in Bullish Falling Channel

7- Whole day actual trading between 15146-15256

Conclusions from intra day chart analysis 

As whole day trading was with both consolidation and selling patterns formations and Volatility in last hours also therefore whole day today trading will be understood with Mixed Patterns formation between 15189-15214 therefore expected that Nifty will trade and prepare for next decisive moves within today trading range and finally sustaining beyond today trading range will confirm next Short Term moves which should be firstly watched tomorrow. 

 Finally rally above life time highest expectations after Short Term correction

Technical Analysis,Research & Weekly Outlook

(May 24 to May 28,2021)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (21-May-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 completion indications at 14151.4 on 22-04-2021 and Impulsive Wave-5 beginning indications

6- Up moves continuation with recent high formation at 15190.00 on 21-05-2021

7- Last 73 sessions sideways trading between 14152-15431 with Bullish flag formation .

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. 

Although last 73 sessions like big sideways correction between 14152-15431 but with Bullish flag formation within it therefore emergence of up moves expectations above 15431. 

As now Pull back rally continuation after bottom formations at 14151.4 on 22-04-2021 and its recent top formations at 15190.00 on 21-05-2021 as well as no indication of its completion yet on EOD charts therefore on going Pull back rally continuation is expected. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (21-May-2021):-

Technical Patterns and Formations in EOD charts

1- 73 sessions Bullish flag upward broken out

1- Stochastic %K(5) is at 78.26 & %D(3) is at 81.19

2- Stochastic- %K(5) line and %D(3) line are kissing Overbought zone

3- MACD line is above Average line and its both lines are moving up.

4- Last 64 sessions sideways trading between 14152-15431 

 

Conclusions from EOD chart analysis

(Stochastic & MACD)

As Bullish flag pattern developed in the last 73 sessions sideways trading between 14152-15431 and its upward falling trend line has been broken out therefore strong indications of rally continuation above life time highest(15431.8) in the coming week/weeks

As in Stochastic Indicator %K & %D both lines are kissing in Overbought zone therefore first indication Short Term correction beginning but before it selling patterns are required on EOD charts which has not been seen yet hence let selling patterns firstly develop then Short Term correction will be seen.

As in MACD Indicator both lines are moving upward and MACD line has intersected Average line upward therefore it's showing upward trend hence rally continuation expectations

Nifty-Intra Day Chart Analysis

(21-May-2021)

Nifty-Intra Day Chart (21-May-2021):-

Technical Patterns formation in today intraday charts

1- Up moves after strong opening

2- Up moves in Bearish Rising Channel

3- Consolidation between 15078-15117 

4- Up moves continuation

5- Whole day actual trading between 14986-15190

Conclusions from intra day chart analysis 

Although firstly up moves continuation after positive opening but some selling was also seen through Up moves in Bearish Rising Channel. As selling absorbed and consolidation developed between 15078-15117 therefore Up moves continuation and closing was at the top of the day. 

As intraday selling patterns were not seen last Friday therefore immediate big down moves will not be considered but sentiment turned heated after strong rally hence some down moves towards consolidation range(15078-15117) can not be ruled out next Monday. 

Expected that Nifty will firstly trade and prepare for next moves above 15078 and finally sustaining it beyond will confirm next Short Term Trend which should be firstly watched in next week.

Conclusions

(After Putting All Studies Together)

1- Long Term Trend is up.

2- Intermediate Term Trend is up

3- Short Term Trend is up.

1- Next resistances are as follows:-

A- 15201-15241  

B- 15262-15319

C- 15335-15421

2- Next supports are as follows:-

A- 15078-15117

B- 14833-14856(Weak supports)

C- 14787-14814(Weak supports)

D- 14732-14754(Weak supports)

E- 14592-14650

F- 14527-14578(Strong supports)

As corrective Wave-4 continuation with sideways trading between 14152-15431 for the last 73 sessions and Bullish flag pattern developed within it as well as its upward falling trend line broken out in previous week therefore strong signals of Wave-4 completion at 14151.4 on 22-04-2021 and Impulsive Wave-5 formations for fresh rally above life time highest(15431.8). 

As in Short Term indicator Stochastic both lines are moving into Overbought zone,sentiment has turned heated up after last one month rally and above mentioned 3 resistances above last week highest therefore indications of Short Term correction but selling patterns have not developed yet on intraday charts and EOD charts therefore correction will not be seen immediately.Let firstly selling patterns develop accordingly then correction will be considered.

Although finally rally above life time highest(15431.8) expectations but after Short Term correction(1 to 3 weeks) and fresh consolidation which will be seen in the coming week/weeks. 

Fresh up moves after next 

1-2 sessions consolidation

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-05-2021)

Nifty-Intra Day Chart (20-May-2021):-

Technical Patterns formation in today intraday charts

1- Sharp fall after flat opening

2- More than 4 hours selling between 14963-15023

3- Down moves in Bullish Falling Channel

4- Whole day actual trading between 14885-15069

Conclusions from intra day chart analysis 

Although firstly sharp fall after flat opening and after that more than 4 hours selling between 14963-15023 but some consolidation was also seen in last hour through Down moves in Bullish Falling Channel therefore deeper correction is not expected and fresh up moves will be expected after next 1-2 sessions consolidation within today trading range

 As still busy therefore Stock Market 

Outlook of today(20-05-2021) 

is not being updated but 

tomorrow(21-05-2021) Outlook 

will be posted positively.

 As busy therefore Stock Market Outlook of today(19-05-2021) is not being updated.

 Next 2 levels will confirm strong rally

Nifty-Intra Day Chart Analysis & 

Market Outlook(18-05-2021)

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

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 14726-14938

Conclusions from intra day chart analysis 

As whole day up moves with downward corrections after positive opening and selling patterns were not seen therefore rally continuation will be expected.

Resistances between 14929-14957 were updated in previous Outlook and Nifty closed just below it today. As Very Short term indicators have turned Overbought also after today strong rally therefore firstly Nifty will consolidate for sustaining above 14957. 

Let it happen then strong rally will be seen because next resistances(15010-15044) above 14957 are much weaker and sustaining above 15044 will be break out confirmation of last 41 sessions trading range.

As 14957 will create first strong signal of next strong rally and 15010 will confirm it therefore firstly watch sustaining beyond these 2 levels in the coming sessions.

 Sideways trading for next big moves preparation

Technical Analysis,Research & Weekly Outlook

(May 17 to May 21,2021)

Nifty-EOD Chart Analysis 

(Stochastic & MACD)

Nifty-EOD Chart (14-May-2021):-

Technical Patterns and Formations in EOD charts

1- Bullish flag pattern formation in last 68 sessions sideways trading between 14152-15431

1- Stochastic %K(5) is at 40.52 & %D(3) is at 64.04

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

3- MACD line is above Average line but its both lines has flattened.

4- Last 68 sessions sideways trading between 14152-15431 

 

Conclusions from EOD chart analysis

(Stochastic & MACD)

As Bullish flag pattern has been developed in the last 68 sessions sideways trading between 14152-15431 therefore on going Wave-4 correction completion possibility within or near about this range can not ruled out but its confirmation will be after sustaining above or forceful break out of 15431.

As in Stochastic Indicator %K(5) line has intersected %D(3) line downward and moving towards Oversold zone therefore indications of some more down moves below last week lowest(14591)in next week.

Although in MACD Indicator MACD line is above Average line and showing upward trend also but its both lines has flattened therefore creating cautioning signals. Let these lines move towards any side then next Short Term trend will get confirmations accordingly.

Nifty-Last 13 sessions 

intraday charts analysis

Nifty-Intra Day Chart (Apr 27 & May 14,2021):-

Technical Patterns formation in last 13 sessions intraday charts

1- Selling(Resistances) in last 13 Sessions  are as follows:-

A- 14728-14777

B- 14824-14900

C- 14929-14957

D- 15010-15044

2- Consolidation(Supports) in last 13 Sessions are as follows:-

A- 14477-14567

B- 14452-14472

3- Mixed Patterns formation between 14592-14749 on 14-05-2021

4- 13 Sessions sideways trading between 14417-15044   

Conclusions from 13 sessions intra day chart analysis 

Last 68 sessions sideways trading between 14152-15431 and Nifty is trading between 14417-15044 for the last 13 sessions. 

As above mentioned equally strong supports and resistances are lying above and below last Friday closing therefore Nifty will firstly trade and prepare for next decisive moves within this 13 sessions trading range(14417-15044) and sustaining beyond/forceful break out of this range will indicate first strong signal of next big moves beginning hence should be firstly watched in the coming week/weeks 

Nifty-Intra Day Chart Analysis

(14-May-2021)

Nifty-Intra Day Chart (14-May-2021):-

Technical Patterns formation in today intraday charts

1- Sharp fall

2- Selling between 14664-14726

3- Sharp fall

4- Up moves with downward corrections

5- Whole day actual trading between 14592-14749

Conclusions from intra day chart analysis 

As all the Asian markets were trading with good gains last Friday morning therefore Indian markets positive opening but not sustaining and sharp fall was seen. Although strong 100 points recovery from lower levels but after that almost 2 hours selling hence again sharp fall was seen. As last more than 3 hours up moves with downward corrections which means that some buying also therefore last Friday whole day trading will be understood with Mixed Patterns formation and firstly sustaining beyond last Friday trading range(14592-14749) should be watched in next week for first signal of next decisive moved beginning.

Conclusions 

(After Putting All Studies Together)

1- Long Term Trend is up.

2- Intermediate Term Trend is sideways between 14152-15431 for the last 68 sessions.

3- Short Term Trend is sideways between 14417-15044 for the last 13 sessions.

Supports are resistances between last 13 sessions trading range has been updated above and:- 

1- Next resistances above last 13 sessions highest(15044) are as follows:-

A- 15158-15196

B- 15201-15241  

C- 15262-15319

D- 15335-15421

2- Next supports below last 13 sessions lowest(14417) are as follows:-

A- 14316-14354

B- 14192-14294

As Bullish flag pattern formation is being developed in last 68 sessions sideways trading therefore indications of upward break out of this range but let it happen then will get confirmation.

As Nifty is not trending and trading sideways for 68 like big sessions therefore it will be understood that Nifty is preparing for next big moves within this range(14152-15431). Above mentioned equally strong supports and resistances have been developed above and below last Friday closing therefore expected that Nifty will trade and prepare for next big moves within this range in next week also.

Down moves towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(14-05-2021)

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

Technical Patterns formation in today intraday charts

1- Sharp fall after weak opening

2- Selling between 14728-14777

3- Sharp fall in last hour

3- Whole day actual trading between 14650-14824

Conclusions from intra day chart analysis 

As firstly sharp fall after weak opening and after that more than 5 hours selling therefore again sharp fall in last hour and closing was near the lower levels of the day. Good selling  last Wednesday and no consolidation therefore down moves towards following next supports will be seen in the coming sessions:-

1- 14612-14648

2- 14477-14567

3- 14452-14472

Crucial levels will confirm next 

more than 2% one sided moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-05-2021)

Nifty-Intra Day Chart (11-May-2021):-

Technical Patterns formation in today intraday charts

1- 50 Points jump in first 15 minutes after gap dpwn opening

2- Selling between 14870-14900

3- Sideways trading between 14824-14856

4- Whole day actual trading between 14772-14900

Conclusions from intra day chart analysis 

Although Nifty closed 119 points up near the higher levels of the day yesterday but following lines were told in "Watch lower levels for expected down moves beginning confirmations":-

1- down moves possibilities increased today

2- if more selling develops tomorrow then decisive down moves will be seen below today lowest because selling patterns were seen last Friday also.

As was told yesterday 100% same happened and Nifty slipped firstly 170 points after gap down opening but jumped 50 Points also in first 15 minutes. 

Although some selling at higher levels but sideways trading was seen between 14824-14856 in first and last 2 hours which is between last Friday selling range(14820-14863). 

As Nifty traded more than 5 hours and closed between 14820-14863 last Friday and today therefore this range has become most crucial and next big moves decider also. Forceful break out or sustaining beyond 14820-14863 should be firstly watched tomorrow for more than 2% one sided moves confirmations.

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.