Fresh Rally expectations in next week
Technical Analysis,Research & Weekly Outlook
(May 13 to May 17,2019)
Nifty-EOD Chart AnalysisNifty-EOD Chart (10-May-2019):-
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1- Impulsive Wave-1 beginning from 6825.80 on 29-02-2016 after 1 financial year(2015-16) correction completion.
2- Corrective Wave 2 beginning after Wave 1 completion at 8968.70 on 07-09-2016
3- Impulsive Wave 3 beginning after Corrective Wave-2 completion at 7893.80 on 26-12-2016
4- Corrective Wave 4 beginning after Wave 3 completion at 11760.20 on 28-08-2018
5- Impulsive Wave 5 beginning after Corrective Wave-4 completion at 10004.55 on 26-10-2018
6- Short Term Correction beginning after new life time top formation at 11856.15 on 18-04-2018
7- Correction continuation with recent bottom formations at 11251.00 on 10-05-2019
Nifty-Previous 2 Sessions intraday charts analysis
Nifty-Intra Day Chart (May 09 & May 10,2019)
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1- 3 Hours Down moves in Bullish Falling Channel on 09-05-2019
2- Down moves in Bullish Falling Channels on 10-05-2019
3- Intraday volatility in both sessions
4- 2 Sessions actual trading between 11251-11357
Conclusions from EOD chart analysis
1- Long Term Trend is up
2- Intermediate Term Trend is up
3- Short Term Trend is down.
Conclusions from Previous 2 Sessions intra day chart analysis
As all the Global markets were highly volatile due to fast developments in US-China trade talks and Donald Trump statements therefore volatility was seen in Indian markets also and it should be kept in mind that technical positions reverses in previous week like news based high volatility.
Although both previous sessions have closed in Red but genuine selling patterns were not seen and on the contrary consolidation was seen through Down moves in Bullish Falling Channels therefore emergence of Pull Back Rally possibility in the beginning of next week.
Conclusions (After Putting All Studies Together)
Long and Intermediate Term Trends are up and Short Term Trend has turned down in previous week but in the flow of crashing Global markets which was due to US-China tarrif war news. As previous week correction was only due to that negative news which don't have direct impact on Indian economy therefore once settlement of US-China tarrif war will mean fresh rally beginning.
As last 2 sessions trading was sidewways with consolidation patterns formations between 11251-11357 therefore expected that fresh Rally above 11357 will be seen in next week.