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.

 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.