Rally above life time high after Modi ji strong victory on 23-05-2019
Technical Analysis,Research & Weekly Outlook
(May 20 to May 24,2019)
Nifty-EOD Chart Analysis(Retracement levels)
Nifty-EOD Chart (17-May-2019):- |
| Just click on chart for its enlarged view |
1- Impulsive Wave 5 beginning from 10004.55 on 26-10-2018
2- Short Term Correction beginning after new life time top formation at 11856.15 on 18-04-2018
3- Got supports near 38.2% retracement level after recent bottom formations at 11108.30 on 14-05-2019
Nifty-EOD Chart Analysis(Averages)
Nifty-EOD Chart (17-May-2019):-
 |
| Just click on chart for its enlarged view |
1- Impulsive Wave 5 beginning from 10004.55 on 26-10-2018
2- Short Term Correction beginning after new life time top formation at 11856.15 on 18-04-2018
3- Got supports near 100-Day DMA after recent bottom formations at 11108.30 on 14-05-2019
Nifty-Previous 7 Sessions intraday charts analysis
Nifty-Intra Day Chart (May 09 to May 17,2019):-
 |
| Just click on chart for its enlarged view |
1- Consolidation Patterns formation on 9th and 10th May
2- Mixed Patterns formation on 13th May
3- Consolidation on 14th May
4- Mixed Patterns formation on 15th May
5- Consolidation on 16th May
6- Whole day consolidation on 17th May
7- 7 Sessions actual trading between 11109-11426
Nifty-Intra Day Chart Analysis(17-05-2019)
Nifty-Intra Day Chart (17-May-2019):-
 |
| Just click on chart for its enlarged view |
1- Consolidation between 11287-22325
2- Intraday correction
3- Down moves in Bullish Falling Channel
4- Sharp up in last hour
5- Whole day actual trading between 11260-11426
Conclusions from EOD chart analysis(Retracement levels & Averages)
The Short Term Correction which begun after new life time top formation at 11856.15 on 18-04-2018 stopped at 11108.30 on 14-05-2019. As correction paused near crucial 38.2% retracement level and 100-Day DMA therefore strong indications of correction completion at 11108.30 on 14-05-2019.
Conclusions from 7 Sessions intra day chart analysis
As crashing like situation in all the Global markets in previous weeks due to US-China trade war therefore Indian markets also slipped fast but without intraday selling patterns formation and with consolidation/Mixed patterns formations also hence strong rally was seen last Friday which is strong signal of correction completion after closing above last 7 sessions trading range.
Conclusions from intra day chart analysis(17-05-2019)
Firstly consolidation through sideways trading between 11287-22325 and after that whole day up moves through intraday correction and follow up consolidation through down moves in Bullish Falling Channel as well as sharp up in last hour therefore last Friday started rally continuation is expected in the beginning of next week.
Conclusions (After Putting All Studies Together)
As all the Global markets started to crash after US-China tariff war therefore correction started in Indian markets also but following developments on EOD and intraday charts are suggesting strong indications of correction completion at 11108.30 on 14-05-2019:-
1- Nifty got supports near crucial 38.2% retracement level
2- Nifty got supports near 100-Day DMA
3- 7 Previous sessions trading range broken out on 17-05-2017
4- Last Friday closing was above 7 sessions highest after whole day intraday consolidation.
It is confirm that fresh rally above life time highest will be seen in the coming weeks because as per our own analysis Modi ji strong victory with following results will be seen on 23-05-2019:-
1- BJP will win more than 290 seats.
2- NDA will win more than 340 seats.