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03 July 2020 lowest will confirm Short term correction beginning

Nifty & Bank Nifty Weekly Outlook

(Jul 06 to Jul 10,2020)

Nifty-EOD Chart Analysis

(Wave-B structure & Trendline)

Nifty-EOD Chart (03-Jul-2020):-

Conclusions from EOD chart analysis

(Wave-B structure & Trendline)

Wave-c of Wave-B continuation with recent top formation at 10631.30 and no confirmation of its completion yet. As Wave-B continuation on a trendline which is now at 10080 therefore whenever correction starts then sustaining beyond this trendline should be firstly watched for the confirmation Wave-B life.

Nifty-Intra Day Chart Analysis

(03-Jul-2020)

Nifty-Intra Day Chart (03-Jul-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 10587-10631
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 10563-10631

Conclusions from intra day chart analysis

Whole day sideways trading with most time selling and after that Bearish pattern formation of Up moves in Bearish Rising Channel therefore signals of Short Term correction beginning.

Nifty-conclusions

(After Putting All Studies Together)

1- Long term trend is down and it will be up after sustaining above its decider 200-Day SMA(Today at 10889)
2- Intermediate term trend is up
3- Short term trend is up

Next supports of Nifty are as follows:-

1- 10299-10358
2- 10400-10447
3- 10224-10320
4- 10082-10133
5- 9866-9922

Next resistances of Nifty are as follows:-

1- 10587-10631
2- 10751-10827(Gap resistance)

As Short Term indicators have turned overbought and Nifty is testing upper band of Bollinger Band therefore signals of strong Short Term correction beginning because intraday charts of 03-07-2020 have also shown selling patterns formation.

Follow up selling and once sustaining below 10563 will mean Short Term correction beginning towards above mentioned supports.

Trendline of Wave-B is now at 10080 and its valid break down will mean deeper correction beginning because that will be strong signal of Wave-B completion and Wave-C beginning towards and below the origin of Wave-B(7511.10)

Bank Nifty-EOD Chart Analysis

(Wave-B structure)

Bank Nifty-EOD Chart (03-Jul-2020):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 16116.30 on 24-03-2020 and Wave-B beginning
2- Wave-a of Wave-B completion at 21967.00 on 30-04-2020
3- Wave-b of Wave-B completion at 17105.75 on 22-05-2020
4- Wave-c of Wave-B continuation with recent top formation at 22479.5 on 24-06-2020
5- 10 sessions sideways trading between 20926-22479

Conclusions from EOD chart analysis

(Wave-B structure)

Wave-c of Wave-B continuation with recent top formation at 22479.5 and no confirmation of its completion yet but last 10 sessions sideways trading between 20926-22479 and sustaining below 20926 will confirm deeper correction after Wave-B completion.

Bank Nifty-Intra Day Chart Analysis

(03-Jul-2020)

Bank Nifty-Intra Day Chart (03-Jul-2020):-

Technical Patterns formation in today intraday charts

1- Sharp fall after positive opening
2- Selling between 21871-22074
3- Selling between 21808-21096
4- Whole day actual trading between 21768-22130

Conclusions from intra day chart analysis

Although positive opening but after that sharp fall and whole day good selling firstly after some up moves and at lower levels in last 2 hours therefore down moves are expected below day's lowest(21768) in the beginning of next week.

Bank Nifty-conclusions

(After Putting All Studies Together)

1- Long term trend is down and it will be up after sustaining above its decider 200-Day SMA(Today at 26491)
2- Intermediate term trend is up
3- Short term trend is up

Next supports of Bank Nifty are as follows:-

1- 21224-21387
2- 21046-21193

Next resistances of Bank Nifty are as follows:-

1- 21808-22074
2- 22160-22220
3- 22252-22365

As Short Term indicators have moves down from Overbought zone and leading indicators are showing negative divergence also therefore strong signals of Short Term correction beginning.

Last 10 sessions trading between 20926-22479 and its valid break down will mean deeper correction beginning because that will be strong signal of Wave-B completion and Wave-C beginning towards and below the origin of Wave-B(16116.30)

As intraday charts of 03-07-2020 are showing good selling patterns formation therefore expected that weakness and down moves towards above mentioned supports will be seen in the beginning of next week.

conclusions

(After Putting All Studies Together)

If weakness develops in Indian Stock markets in next week then Bank Nifty will lead because good selling was seen in last 2 sessions of previous week.

Firstly sustaining below last Friday(03-07-2020) lowest should be watched in the beginning of next week because that will confirm Short term correction beginning.

Watch level for the life confirmation of on going rally

Nifty-Intra Day Chart Analysis &

Market Outlook(03-07-2020)

Nifty-Intra Day Chart Analysis(02-Jul-2020)

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Consolidation between 10486-10517
2- Slow up moves
3- Selling between 10560-10598
4- Whole day actual trading between 10486-10598

Conclusions from intra day chart analysis

Following lines were told yesterday in "10426 will confirm more Up moves ":-

more up moves are expected towards

next resistances(10553-10596).

As Nifty traded last 2 hours within yesterday mentioned next resistances(10553-10596) and today highest was just above it at 10598.20 and today closing was just below it at 10551.70 therefore this resistance range has become most crucial because follow up selling was seen within this range today also and once sustaining below it(10553) will mean emergence of deeper correction possibility.

Although some supports at lower levels today but after that up moves were slow and higher levels selling also therefore firstly follow up moves and finally sustaining beyond 10553 should be watched in the coming sessions for the life confirmation of on going rally.

10426 will confirm more Up moves

Nifty-Intra Day Chart Analysis &

Market Outlook(02-07-2020)

Nifty-Intra Day Chart Analysis(01-Jul-2020)

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Consolidation between 10299-10358
2- Consolidation between 10400-10447
3- Whole day actual trading between 10299-10447

Conclusions from intra day chart analysis

As Dow Jones closed more than 200 points up yesterday therefore all the Asian markets were trading in Green hence positive opening of Indian markets and consolidated between 10299-10358 and after that up moves were seen.

Previous resistances were between 10402-10426 and selling was seen between Selling between 10353-10401 also yesterday also therefore Nifty traded within and near about these levels and consolidated in last more than 2 hours between 10400-10447 and closed above previous resistance at 10430 hence more up moves are expected towards next resistances(10553-10596).

As nowadays all the Global markets remains highly volatile and react also sharply on Covid-19 new development therefore firstly sustaining above previous resistances(10426) should also be watched for more up moves confirmations.

Follow up selling tomorrow will mean huge fall possibility

Nifty-Intra Day Chart Analysis &

Market Outlook(01-07-2020)

Nifty-Intra Day Chart Analysis(01-Jun-2020)

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 10353-10401(Immediate Resistances)
2- Sharp fall
3- Sideways trading in last hour between 10268-10320
4- Whole day actual trading between 10268-10401

Conclusions from intra day chart analysis

Following lines were told yesterday in "Up moves towards following next resistances":-

up moves are expected above today highest and towards following next resistances:-

1- 10402-10426
2- 10596-10553

As was told 100% same happened and Up moves were seen towards first resistances(10402-10426) and today highest was just below it at 10401.05.

As firstly good selling therefore sharp fall was seen after 02:00 PM and more down moves are expected tomorrow.

Sideways trading was seen in last hour between 10268-10320 and next supports are just below it between 10224-10276 hence Nifty will firstly trade and prepare for next decisive moves between and near about 10224-10320 tomorrow.

As higher levels good selling today and follow up selling tomorrow will mean emergence of huge fall possibility,its confirmation will be after sustaining below 10224

Up moves towards following next resistances

Nifty-Intra Day Chart Analysis &

Market Outlook(30-06-2020)

Nifty-Intra Day Chart Analysis(29-Jun-2020)

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Consolidation between 10224-10276
3- Whole day actual trading between 10224-10337

Conclusions from intra day chart analysis

Following conclusive lines were told at 11:13 PM on 26-06-2020 in "Short Term correction continuation towards next supports":-

expected that Short Term correction will remain continued towards following next supports in next week.

Next supports of Nifty are as follows:-

1- 10312-10340
2- 10210-10244
3- 10082-10133
4- 9866-9922

As was told 100% same happened and correction remained continued towards 2nd supports range(10210-10244) at 10312.40 as well as Nifty closed 70.60% down today.

Although whole day sideways trading was seen with lower consolidation also between 10224-10276 therefore up moves are expected above today highest and towards following next resistances:-

1- 10402-10426
2- 10596-10553

As last 6 sessions trading between 10195-10553 with lower levels supports and higher levels selling within this range therefore expected that Nifty will remain sideways within this range and prepare for next big moves in the coming sessions. Let it happen and get Nifty prepared then will be understood and updated according to intraday patterns formations of the coming sessions.

Short Term correction continuation towards next supports

Technical Analysis,Research & Weekly Outlook

(Jun 29 to Jul 03,2020)

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (26-Jun-2020):-

Conclusions from EOD chart analysis

(Corrective Waves)

Wave-B of "corrective ABC" continuation and no confirmation of its completion yet.

Nifty-EOD Chart Analysis

(Wave-B structure)

Nifty-EOD Chart (26-Jun-2020):-

Conclusions from EOD chart analysis

(Wave-B structure)

Wave-c of Wave-B continuation and no confirmation of its completion yet.

Nifty-EOD Chart Analysis

(Bollinger Band & Stochastic)

Nifty-EOD Chart (26-Jun-2020):-

Technical Patterns and Formations in EOD charts

1- Hovering around upper band of Bollinger Band
2- Stochastics moving down from oversold zone.
3- Stochastic-%K(5) is at 54.18 & %D(3) is at 68.99

Conclusions from EOD chart analysis

(Bollinger Band & Stochastic)

As Nifty is hovering around upper band of Bollinger Band for the last 4 sessions and Short Term indicator Stochastics has started to move down from oversold zone therefore strong signals of Short Term correction beginning.

Nifty-Intra Day Chart Analysis

(26-Jun-2020)

Nifty-Intra Day Chart (26-Jun-2020):-

Technical Patterns formation in today intraday charts

1- Mixed Patterns formation between 10353-10406
2- Selling between 10340-10384
3- Down moves in Bullish Falling Channel
4- Up moves with downward corrections
5- Whole day actual trading between 10312-10409

Conclusions from intra day chart analysis

Although firstly Mixed Patterns formation and selling also between 10340-10384 but after that consolidation was also seen in last 3 hours through Down moves in Bullish Falling Channel and Up moves with downward corrections therefore whole day last Friday trading will be understood with Mixed Patterns formation between 10312-10409 hence sustaining it beyond should be watched in the beginning in next week for next decisive moves confirmations.

Conclusions

(After Putting All Studies Together)

1- Long term trend is down and it will be up after sustaining above its decider 200-Day SMA(Today at 10901.4)
2- Intermediate term trend is up
3- Short term trend is up

As both consolidation and selling patterns formations were seen between 10312-10409 in the intraday chart of 26-06-2020 therefore expected that nifty will firstly trade and prepare for next decisive moves within and near about this trading range and finally sustaining it beyond will confirm the life of on going Short Term correction hence should be firstly watched in next week for its confirmations.

Wave-c of Wave-B continuation and no confirmation of its completion yet but Short Term correction begun after its recent top formation at 10553.1 on 24-06-2020 and no confirmation of its completion also therefore expected that Short Term correction will remain continued towards following next supports in next week.

Next supports of Nifty are as follows:-

1- 10312-10340
2- 10210-10244
3- 10082-10133
4- 9866-9922

Next resistances of Nifty are as follows:-

1- 10402-10426
2- 10596-10553

Watch levels for first signal of next decisive moves beginning

Nifty-Intra Day Chart Analysis &

Market Outlook(26-06-2020)

Dow Jones Futures Chart on Indian trading time-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- 25 Candles of 15 Minutes(From 09:15 AM to 03:30 PM)
2- Volatility waves of Dow Jones Futures today(26-06-2020)

Nifty-Volatility Chart (25-Jun-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- 25 Candles of 15 Minutes
2- Volatility waves like Dow Jones Futures of today

Nifty-Intra Day Chart (25-Jun-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Global markets led whole day volatility
2- Whole day actual trading between 10195-10361

Conclusions from intra day chart analysis

As Global markets were weak today morning therefore negative opening on Indian markets but only intraday volatility was seen and Nifty danced whole day on the tunes of Dow Jones Futures.

One sided technical positions formation was not seen and Nifty closed almost in the center of today trading range at 10288.90 therefore firstly sustaining beyond today trading range(10195-10361)should be watched in the coming sessions for first signal of next decisive moves beginning.

As not feeling well therefore Stock Market Outlook of today(25-06-2020) is not being updated.

Be cautious because strong resistance sabove today highest & overbought indicators

Nifty-Intra Day Chart Analysis &

Market Outlook(24-06-2020)

Nifty-Intra Day Chart (23-Jun-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Whole day Up moves with downward corrections
2- Whole day actual trading between 10302-10484

Conclusions from intra day chart analysis

As sentiment is extremely depressed due to Coronavirus and Indo-China border tensions therefore general traders sells in panic after little fall in price and operators covers their short positions,until complete selling patterns will not be developed on intraday and EOD charts till then decisive down moves will not be seen.

As whole day today Up moves with continuous downward corrections and selling patterns were not seen therefore on going rally continuation will be expected. Although Short Term indicators have turned overbought but intraday selling patterns were not seen today therefore correction will not be considered now. Let selling patterns develop on intraday charts then correction will be seen.

As all the Global markets including Dow Jones Futures remained whole day strong therefore up moves were seen today and if Global markets weaken tomorrow then be cautious because:-

1- Next strong resistances above today highest are between 10491-10578
2- Short Term indicators are overbought

Finally decisive down moves below today lowest

Nifty-Intra Day Chart Analysis &

Market Outlook(23-06-2020)

Nifty-Intra Day Chart (22-Jun-2020):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Selling between 10360-10393
3- Selling between 10336-10363
4- Up moves in Bearish Rising Channel
5- Whole day actual trading between 10278-10393

Conclusions from intra day chart analysis

As firstly consolidation through Down moves in Bullish Falling Channel therefore up moves were seen in Mid-session but higher levels good selling developed hence sharp down moves in last hour.

Although some selling in last hour also through Up moves in Bearish Rising Channel but some consolidation was seen in first 2 hours therefore firstly Nifty will trade within today trading range and prepare for next decisive moves.

As good selling at higher levels and some selling at lower levels also therefore expected that finally decisive down moves will be seen below today lowest(10277.60) in the coming 1/2 sessions after fresh selling within and near about today trading range.

Firstly watch crucial level for first strong signal of deeper correction beginning

Technical Analysis,Research & Weekly Outlook

(Jun 22 to Jun 26,2020)

Nifty-EOD Chart Analysis

(Corrective Waves & Averages)

Nifty-EOD Chart (19-Jun-2020):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning
2- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
3- Wave-B continuation with recent top formation at 10328.5 on 08-06-2020
4- SMA(Simple Moving Averages)
A- 5-Day SMA is at 9988
B- 13-Day SMA is at 10029
C- 55-Day SMA is at 9336
D- 200-Day SMA is at 10917

Conclusions from EOD chart analysis

(Corrective Waves & Averages)

Wave-A of "corrective ABC Waves" started after Impulsive Wave-5 completion at 12430.50 on 20-01-2020. Corrective Wave-A completed at 7511.10 on 24-03-2020 and Wave-B begun which is in continuation with recent top formation at 10328.5 on 08-06-2020 and no confirmation of its completion yet.

Nifty closed above the Short Term(5,13) and Intermediate Term(55) averages last Friday therefore Short and Intermediate Term trends are up but Long Term Trend is down because Nifty closed below its decider 200-Day SMA(200).

Nifty-EOD Chart Analysis

(Waves B structure)

Nifty-EOD Chart (19-Jun-2020):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
2- Wave-a of Wave-B completion at 9889.05 on 30-04-2020
3- Wave-b of Wave-B completion at 8806.75 on 16-05-2020
4- Wave-c of Wave-B continuation with recent top formation at 10328.5 on 08-06-2020
5- Short Term correction of Wave-c of Wave-B completed at 9544.35 on 12-06-2020
6- Wave-c of Wave-B continuation with recent top formation at 10272.4 on 19-06-2020 after Short Term correction completion.

Conclusions from EOD chart analysis

(Waves B structure)

Wave-B started after Wave-A completion at 7511.10 on 24-03-2020 and now its Wave-c of Wave-B is on with recent top formation at 10328.5 on 08-06-2020.

Short Term correction of Wave-c of Wave-B begun which completed at 9544.35 on 12-06-2020. Now Wave-c of Wave-B continuation with recent top formation at 10272.4 on 19-06-2020 after Short Term correction completion and no signal of its completion yet on EOD Charts.

Nifty-Intra Day Chart Analysis

(19-06-2020)

Nifty-Intra Day Chart (19-Jun-2020):-

Technical Patterns formation in today intraday charts

1- Consolidation between 10073-10136 with Down moves in Bullish Falling Channel within it
1- Up moves in Bearish Rising Channel
3- Selling between 10184-10224
4- Selling between 10231-10272
5- Whole day actual trading between 10073-10272

Conclusions from intra day chart analysis

Although last Friday closing was at the top of the day and also at the highest of last 6 sessions that Pull Back Rally which started from 9544.25 on 12-06-2020 but higher levels good selling was seen and up moves after 11:00 AM were also in Bearish Rising Channel therefore signals of on going Pull Back Rally completion and its correction beginning.

As more than first one hour consolidation between 10073-10136 with Down moves in Bullish Falling Channel within it therefore firstly sustaining it beyond should be watched in the beginning of next week for correction and decisive big down moves beginning confirmations.

Conclusions

(After Putting All Studies Together)

1- Long term trend is down.
2- Intermediate term trend is up.
3- Short term trend is up.

Impulsive Wave-5 completed at 12430.50 on 20-01-2020 and after that Wave-A begun which completed at 7511.10 on 24-03-2020 and Wave-B begun which is on.

Now Wave-c of Wave-B continuation with recent top formation at 10328.5 on 08-06-2020 and no confirmation of its completion yet. Short Term correction of Wave-c of Wave-B developed which completed at 9544.35 on 12-06-2020 and up moves of Wave-c of Wave-B begun which are in continuation with recent top formation at 10272.4 on 19-06-2020.

As good selling patterns formations at higher levels of the day on 19-06-2020 and firstly down moves will be seen in the beginning of next week therefore firstly following supports should be watched in next week:-

1- 10073-10136
2- 9966-9987
3- 9729-9818
4- 9660-9775
5- 9445-9520

Immediate resistances of Nifty(updated in previous weekly Outlook also) are lying between 10234-10328 and Nifty closed near the lower levels of this range at 10244.40 after fresh selling within and below(10231-10272 and 10184-10224) this range on 19-06-2020. As firstly down moves are expected in the beginning of next week therefore firstly sustaining beyond 10184 should be watched in next week because if Nifty will sustain below it then it will give first strong signal of Wave-B completion at 10328.5 on 08-06-2020 after almost double top formation at 10272.4 on 19-06-2020.

As 10184 will generate first strong signal of Wave-B completion at 10328.5 on 08-06-2020 and resultant correction will be considered towards and below the bottom of Wave-A(7511.10) therefore it has become crucial level hence should be firstly watched in the coming week for it.

Short Term correction expectations

Nifty-Intra Day Chart Analysis &
Market Outlook(19-06-2020)

Nifty-Intra Day Chart (18-Jun-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- whole day up moves with intraday corrections
2- Bearish Rising Wedge formation at higher levels in last hour
3- Whole day actual trading between 9846-10111

Conclusions from intra day chart analysis

Although negative opening but whole day up moves were seen with intraday corrections. As Bearish Rising Wedge formation at higher levels in last hour and Very Short Term indicators have also turned Over bought therefore Short Term correction is expected tomorrow.

Sharp down if follow up selling develops

Nifty-Intra Day Chart Analysis & Market Outlook(18-06-2020)
Nifty-Intra Day Chart (17-Jun-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 9915-9955
2- Support between 9966-9987
3- Selling between 9934-10003
4- Support between 9970-9986
5- Whole day actual trading between 9834-10003

Conclusions from intra day chart analysis

Although lower levels some supports but higher levels good selling therefore if follow up selling develops then sharp down moves will be seen in the coming sessions towards following next supports:-

1- 9729-9818
2- 9660-9775
3- 9445-9520

Down moves towards today lowest

Nifty-Intra Day Chart Analysis & Market Outlook

(17-06-2020)

Nifty-Intra Day Chart (16-Jun-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 9970-10046(Immediate Resistances)
2- Sharp fall after the news of 3 army personnals martyring on Indo-China border.
3- Support between 9729-9818
4- Selling between 9900-9931
5- Whole day actual trading between 9729-10046

Conclusions from intra day chart analysis

As all the global markets were blasting therefore huge gap up opening but selling developed hence sharp fall was seen after breaking out the news of 3 army persons martyring on Indo-China border.

Although supports at lower levels but selling was also seen in last hour after some Mid-session up moves therefore down moves are expected towards today lowest(9729) and finally sustaining it beyond will confirm the life of on going Short Term correction.

up moves towards next resistances

Nifty-Intra Day Chart Analysis & Market Outlook

(16-06-2020)

Nifty-Intra Day Chart Analysis(16-06-2020)

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Up moves with downward corrections
3- Whole day actual trading between 9727-9943

Conclusions from intra day chart analysis

Indian markets danced on Dow Jones's Futures tunes today in this manner that at the time of Indian markets opening Dow Jones's Futures was trading more than 300 points down therefore weaker opening on Indian markets was seen.

When Dow Jones's Futures started to slip traded more than 900 points down then fall was seen in Indian markets also. As soon as up moves started in Dow Jones's Futures and was trading motr than 500 pointd down at the time of Indian markets closing then some up moves were seen in Indian markets also.

As consolidation was seen firstly through Down moves in Bullish Falling Channel and after that Up moves with downward corrections therefore some up moves are expected towards next resistances(9954-9996) in the coming session.

Levels will confirm next trend and
big moves

Technical Analysis,Research & Weekly Outlook

(Jun 15 to Jun 19,2020)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (12-Jun-2020):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning from 6825.80 on 29-02-2016 after 1 financial year(2015-16) correction completion
2- Impulsive Wave-1 completion at 8968.70 on 07-09-2016 and corrective Wave-2 beginning
3- Corrective Wave-2 completion at 7893.80 on 26-12-2016 and impulsive Wave-3 beginning
4- Impulsive Wave-3 completion at 11171.50 on 29-01-2018 and corrective Wave-4 beginning
5- Corrective Wave-4 completion at 9951.90 on 23-03-2018 and impulsive Wave-5 beginning
6- Impulsive Wave-5 completion after new life time high formation at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning
7- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
8- Wave-B continuation with recent top formation at 10328.5 on 08-06-2020
9- Short Term correction of Wave-B continuation with recent bottom formation at 9544.35 on 12-06-2020

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 which started from 6825.80 on 29-02-2016 completed at 12430.50 on 20-01-2020 and its Wave-A of "corrective ABC Waves" begun. Now Wave-B continuation with recent top formation at 10328.5 on 08-06-2020 after Wave-A completion at 7511.10 on 24-03-2020.

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (12-Jun-2020):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning
2- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
3- Wave-a of Wave-B completion at 9889.05 on 30-04-2020
4- Wave-b of Wave-B completion at 8806.75 on 16-05-2020
5- Wave-c of Wave-B continuation with recent top formation at 10328.5 on 08-06-2020
9- Short Term correction of Wave-c of Wave-B continuation with recent bottom formation at 9544.35 on 12-06-2020

Conclusions from EOD chart analysis

(Corrective Waves)

Wave-A of "ABC" correction which begun after impulsive Wave-5 completion at 12430.50 on 20-01-2020 completed at 7511.10 on 24-03-2020 and Wave-B started. Now Wave-c of Wave-B continuation with recent top formation at 10328.5 on 08-06-2020 and no confirmation of its completion yet but its correction is on with recent bottom formation at 9544.35.75 on 12-06-2020 and no confirmation of its completion yet.

Nifty

Last 12 Sessions intraday charts analysis

Nifty-Intra Day Chart (May 28 to Jun 12,2020):-

Technical Patterns formation in last 12 Sessions intraday charts

1- Selling(Resistances) in last 12 sessions between
A- 9954-9996
B- 10009-10139
C- 10234-10328
2- Consolidation(Supports) in last 12 sessions
A- 9660-9775
B- 9445-9520(Strong supports)
3- 9 Sessions sideways trading with closing above 9902 and 10328
4- 12 Sessions actual trading between 9337-10328

Conclusions from 12 Sessions intra day chart analysis

As last 12 Sessions trading between 9337-10328 with above mentioed lower levels good supports and higher levels equally good resistances therefore firstly Nifty will have to trade and prepare for next trend within this range in next week as well as finally sustaining beyond this range will confirm next big trend.

Although huge gap down opening at 9544.95 on on 12-06-2020 but Nifty closed 9902 therefore firstly sustaining beyond last 9 Sessions trading range(9337-10328) should be watched in next week for first signal of decisive moves beginning.

Nifty

Last 2 Sessions intraday charts analysis

Nifty-Intra Day Chart (Jun 11 & Jun 12,2020)

Technical Patterns formation in last 2 Sessions intraday charts

1- More than 3 hours selling between 10009-10112 on 11-06-2020(Immediate Resistances)
2- Down moves in Bullish Falling Channel on 11-06-2020 in last 2 hours on 11-06-2020
3- Up moves with downward corrections on 12-06-2020
4- Down moves in Bullish Falling Channel on 12-06-2020
5- Mid-Session Up moves in Bearish Rising Channel on 12-06-2020
6- Selling between 9954-9996 in last 45 minutes on 12-06-2020
7- 2 Sessions actual trading between 9545-10112

Conclusions from 2 Sessions intra day chart analysis

As More than 3 hours selling between 10009-10112 on 11-06-2020 therefore down moves were seen in last hours. Although these down moves were in Bullish Falling Channel but up moves could not be seen next day because most depressing Global markets news led huge gap down opening was seen on that next day.

Although 356 points weaker opening on 12-06-2020 but consolidation was seen in first 3 hours through Up moves with downward corrections and Down moves in Bullish Falling Channel therefore whole day good up moves seen.

As Dow Jones Futures was trading more than 570 points up and all the European markets were also trading strong therefore sentiment turned heated in last hours hence selling developed at higher levels between 9545-10112 after Mid-Session Up moves in Bearish Rising Channel.

As higher levels good selling between 10009-10112 and lower levels good consolidation between 9660-9775 in last 2 sessions therefore Nifty will firstly trade and prepare for next moves between 9660-10112 in the beginning of next week and finally sustaining beyond this range will produce first strong signal of next decisive moves.

Conclusions

(After Putting All Studies Together)

1- Long term trend is down.
2- Intermediate term trend is up.
3- Short term trend is sideways between 9902-10328 for the last 9 Sessions.

Now Short Term correction of Wave-c of Wave-B continuation with recent bottom formation at 9544.35 on 12-06-2020 and no confirmation of its completion yet. As Sharp surge from lower levels was seen on 12-06-2020 and Nifty closed within last 9 Sessions trading range(9902-10328) therefore finally sustaining beyond this range will generate strong signal of the life of on going Short Term correction of Wave-c of Wave-B in following manner:-

1- Above 10328 will mean Wave- B continuation after Short Term correction completion 9544.35 on 12-06-2020
2- Below 9902 will mean on going correction continuation towards above mentioned supports.

As strong supports are lying between 9445-9520 therefore finally sustaining beyond this range will suggest the life of Wave-c of Wave-B because below 9445 will mean strong signals of its completion.

As 12 Sessions sideways trading between 9337-10328 with both storng supports and resistances within this range therefore if any big Covid-19 news does not come then Nifty will firstly trade and prepare for next trend within this range and finally sustaining beyond this range will confirm next trend and big moves which should be firstly watched in next week.

Firstly watch next strong supports amid crashing like Global markets situation

Nifty Outlook(12-Jun-2020)

Global markets have crashed today in following manner:-

1- Most European markets closed more than 4% down today.
2- Dow Jones is now trading more than 1500 points down.
3- SGX Nifty is now trading 288 points down at 9565.

As such high depressing sentiment therefore huge gap down opening will be seen in Indian Stock Markets tomorrow and firstly next supports between 9445-9520 should be firstly watched in the coming sessions for the life of that correction which started from 10328.50 on 08-06-2020.

As Indian markets will react on such high boiling sentiments and intraday charts patterns of today will not have any importance after huge gap down opening tomorrow therefore only tomorrow outlook has been posted in place of Nifty-Micro Analysis of Intra Day Chart(12-Jun-2020)

10139 Will confirm decisive up moves

Intra Day Chart Analysis & Market Outlook

(11-06-2020)

Nifty-Intra Day Chart (10-Jun-2020):-

Technical Patterns formation in today intraday charts

1- Support between 10037-10066
2- Selling between 10088-10139
3- Support between 10054-10080
4- Whole day actual trading between 10037-10148

Conclusions from intra day chart analysis

Although today closing was near the higher levels of the day after sharp up moves in last half hour but good selling at higher levels today therefore sustaining above 10139 is must for up moves continuation towards next resistances between 10234-10328. As some supports was also seen at lower levels between 10037-10080 today therefore until fresh selling will not develop till then Nifty will not sustain below 10037.

When the European markets were trading in Red and Dow Jones's Futures was also trading more than 100 points down then Nifty out perfrmed and closed 0.69% up therefore if Nifty sustains above 10139 after fresh consolidation then decisive up moves will be seen.

Immediate supports will confirm next decisive moves

Intra Day Charts Analysis & Market Outlook
(10-06-2020)

Nifty-Intra Day Chart (Jun 08 & Jun 09,2020)

Just click on chart for its enlarged view

Technical Patterns formation in last 2 Sessions intraday charts

1- Selling between 10276-10328 on 08-06-2020
2- Support between 10121-10184 on 08-06-2020
3- Support between 10150-10176 on 09-06-2020
4- Selling between 10234-10291 on 09-06-2020
5- Sharp fall in last hour on 09-06-2020
6- Support between 10022-10052 on 09-06-2020(Immediate Supports)
7- 2 Sessions actual trading between 10022-10328

Conclusions from 2 Sessions intra day chart analysis

As selling between 10276-10328 on yesterday and follow up selling was seen within and below this range today therefore Nifty slipped below the lower levels supports of yesterday and today and after that sharp fall developed in last hour today.

Support between 10022-10052 was seen today and once sustaining below it will mean decisive down moves towards next supports between 9945-9984.

Calculation of 2 targets of Nifty(10361 & 10276.32) as follows:-

1- Nifty traded 18 Sessions(May 04 to May 28,2020) within 777 points between 8807-9584 and when this range was broken out on 29-05-2020 then its immediate target was at 10361(9584+777).
2- 61.8% Fibonacci Extension Target of Wave-c of Wave-B was at 10276.32{8806.75+1469.57(61.8% of 2377.95)}(It has been explained with EOD chart in previous topic-"Rally continuation amid only Short Term Correction expectations".

As last 2 sessions selling just below and near about above mentioned 2 targets therefore complete consolidation is firstly required for on going rally continuation above 10361.

Lower levels immediate support between 10022-10052 today and firstly sustaining it beyond should be watched tomorrow for:-

1- Above 10052 will mean up moves towards 10234
2- Below 10022 will mean down moves towards next supports between 9945-9984

As not feeling well therefore Stock Market Outlook of today(09-06-2020) is not being updated.

Rally continuation amid only Short Term Correction expectations

Technical Analysis,Research & Weekly Outlook

(Jun 08 to Jun 12,2020)

Nifty-EOD Chart Analysis

(Wave-B structure)

Nifty-EOD Chart (05-Jun-2020):-

Conclusions from EOD chart analysis

(Wave-B structure)

Wave-c of Wave-B continuation with recent top formation last Friday at 10177.8 and no indication of its completion yet.

Nifty-EOD Chart Analysis

(Bollinger Band & Stochastic)

Nifty-EOD Chart (05-Jun-2020):-

Technical Patterns and Formations in EOD charts

1- Hovering around upper band of Bollinger Band
2- Stochastics showing negative divergence
3- Stochastic-%K(5) is at 86.79 & %D(3) is at 88.89

Conclusions from EOD chart analysis

(Bollinger Band & Stochastics)

Nifty is hovering around upper band of Bollinger Band for the last 3 sessions and Short Term indicator Stochastics is also showing negative divergence in Overbought zone because Nifty is moving up and Stochastics is moving down therefore caution and Short Term Correction signals are being generated by these 2 indicators

Nifty-EOD Chart Analysis

(Fibonacci Extension levels)

Nifty-EOD Chart (05-Jun-2020):-

Technical Patterns and Formations in EOD charts

1- Wave-A(7511.10 on 24-03-2020)
2- Wave-a of Wave-B(9889.05 on 30-04-2020)
3- Wave-a of Wave-B gained 2377.95 points
4- Wave-b of Wave-B(8806.75 on 16-05-2020)
5- Wave-c of Wave-B continuation with recent top formation at 10177.8 on 05-06-2020
6- 61.8% Fibonacci Extension Target of Wave-c of Wave-B is at 10276.32{8806.75+1469.57(61.8% of 2377.95)}
7- 100% Fibonacci Extension Target of Wave-c of Wave-B is at 11184.70{8806.75+2377.95(100% of 2377.95)}

Conclusions from EOD chart analysis

(Fibonacci Extension levels)

Wave-c of Wave-B is very much on and no confirmation of its completion yet as well as its continuation is expected towards its following next Fibonacci Extension Targets:-

1- 61.8%-10276.32
2- 100.0%-11184.70

Nifty-Intra Day Chart Analysis

(05-Jun-2020)

Nifty-Intra Day Chart (05-Jun-2020):-

Technical Patterns formation in today intraday charts

1- Minor selling between 120123-10145
2- Sharp fall in first hour
3- Up moves with downward corrections
4- Consolidation in last hour between 10116-10150
5- Whole day actual trading between 10041-10177

Conclusions from intra day chart analysis

Although sharp fall in first hour after minor selling but after that nore than 3 hours up moves with downward corrections and consolidation was also seen in last hour therefore up moves above last Friday highest(10,177.80) will be seen in the beginning of next week because whole day good consolidation and only minor selling last Friday.

Conclusions

(After Putting All Studies Together)

1- Long term trend is down and it will be up after sustaining above its decider 200-Day SMA(Today at 10965.1)
2- Intermediate term trend is up
3- Short term trend is up

Corrective Wave-A of "ABC" correction completed at 7511.10 on 24-03-2020 and now its Wave-c of Wave-B continuation with recent top formation at 10177.8 on 05-06-2020 and no indication of its completion yet,its Fibonacci Extension Targets with calculations{61.8%(10276.32) and 100%(11184.70)} has been updated above and its continuation is expected towards them.

As Short Term indicator Stochastics is also showing negative divergence in Overbought zone therefore Short Term correction may be seen any day but firstly on going rally will remain continued in the beginning of next week because intraday charts of last Friday are showing good consolidation and very little selling patterns formations. Let selling patterns develop on intraday charts then correction will be considered which may be sideways also and deeper correction will be seen only after complete selling patterns formations.

Next resistances of Nifty are as follows:-

1- 10159-10294(Gap Resistance)
2- 10401-10520
3- 10752-11828(Gap Resistance)
4- 10893-11007
5- 11184-11409(Strong Resistances)

Next supports of Nifty are as follows:-

1- 10116-10150
2- 9945-9984
3- 9875-9907
4- 9599-9706(Gap support)
5- 9445-9520(Strong supports)

Rally is on and its continuation is expected in the beginning of next week towards above mentioned levels but emergence of Short Term Correction expectations only which may be sideways also and deeper correction will be considered only after complete selling patterns formations on intraday charts.

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