Firsly Watch Levels amid rally continuation expectations after fresh consolidation
Technical Analysis,Research & Weekly Outlook
(Jun 03 to Jun 07,2019)
Nifty-EOD Chart Analysis(Gap on 20-05-2019)
Nifty-EOD Chart (31-May-2019):-
 |
| Just click on chart for its enlarged view |
Technical Patterns and Formations in EOD charts
1- Impulsive Wave 5 beginning from 10004.55 on 26-10-2018
2- Strong 165 points gap support formations between 11426-11591 on 20-05-2019
3- Slow up moves in last 10 sesions after 165 points gap formations on 20-05-2019
Nifty-Previous 5 Sessions intraday charts analysis
Nifty-Intra Day Chart (May 27 to May 31,2019):-
 |
| Just click on chart for its enlarged view |
Technical Patterns formation in last 5 Sessions intraday charts
1- Lower levels consolidation and higher levels Mixed Patterns formation on 27-05-2019
2- Whole day consolidation through Down moves in Bullish Falling Channel on 28-05-2019
3- Higher levels Mixed Patterns formation and last hours consolidation through Down moves in Bullish Falling Channel on 29-05-2019
4- Whole day up moves with sideways consolidation and intraday corrections on 30-05-2019
5- Higher levels selling and lower levels Mixed Patterns formation on 31-05-2019
6- 5 Sessions actual trading between 11812-12039
Nifty-Intra Day Chart Analysis(31-05-2019)
Nifty-Intra Day Chart (31-May-2019):-
 |
| Just click on chart for its enlarged view |
Technical Patterns formation in today intraday charts
1- Selling between 12003-12039
2- More than 3 hours trading with Mixed Patterns formation between 11876-11956
3- Whole day actual trading between 11830-12039
Conclusions from EOD chart analysis
Rally is very much on but last 10 sessions up move are slow after Exit Poll results led 165 points gap up opening on 20-05-2019.
Conclusions from 5 Sessions intra day chart analysis
Almost whole week consolidation and only some selling above 12000 last Friday therefore Nifty will firstly trade and prepare for next decisive moves within last 5 sessions trading range(11812-12039) and finally sustaining beyond this range with confirm next trend.
Conclusions from intra day chart analysis
Although most Asian markets were weak after more than 150 points fall in Dow Jones's Futures but Inidan markets moved up fast because sentiment was Bullish after Modi ji's cabinet formations. As market mood was heated therefore some selling developed above 12000 and resultant sharp fall in Mid-Session.
As more than last 3 hours negative zone trading with Mixed Patterns formation between 11876-11956 therefore sustaining beyond this range will give first indication of next decisive move.
Conclusions (After Putting All Studies Together)
All trends are up and rally continuation but reuqired forceful up moves were not seen and slow up moves in last 10 sessions after most encouraging Exit Poll results led strong gap up opening on 20-05-2019. As Short Term indicators have turned overbought and indicators are showing negative divergence also therefore view has turned cautious.
1- Immediate and last resistances of Nifty are between 12003-12039
2- Immediate supports of Nifty are between 11854-11599
Multiple supports develpoed between 11854-11968 in first 4 sessions of previous week but Nifty traded more than 3 hours within it with Mixed Patterns formation between 11876-11956 last Friday therefore possibility of supports weakening between 11854-11968 can not be ruled out.
As crashing like situation in most Global markets and Indian markets slipped fast after higher levels selling last Friday therefore expected that Nifty will firstlly trade and prepare for next trend between previous week trading range(11812-12039) and finally sustaining beyond this range will confirm next trend which should be firstly watched in next week amid rally continuation expectations after fresh consolidation between 11812-12039.
Events in next week
1- Holiday- Ramzan Id on June 05,2019
2- RBI Credit Policy on Jun 06, 2019
