Finally Rally continuation above life time highest after fresh consolidation
Technical Analysis,Research & Weekly Outlook
(Jun 17 to Jun 21,2019)
Nifty-EOD Chart Analysis(Waves structure)
Nifty-EOD Chart (14-Jun-2019):- |
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Nifty-EOD Chart Analysis(Modi ji's Victory gap)
Nifty-EOD Chart (14-Jun-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- Impulsive Wave-5 continuation with new life time top formation at 12103.00 on 03-06-2019
7- 165 Points "Modi ji's Victory gap" supports formations between 11426-11591 on 20-05-2019 after Exit Polls results on 19-05-2019
8- Last 19 Sessions sideways trading between 11592-12103
9- Last 14 Sessions sideways trading between 11770-12103
Nifty-Previous 14 Sessions intraday charts analysis
Nifty-Intra Day Chart (May 27 to Jun 14,2019):- |
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1- Crucial supports are at 11808
2- 14 sessions bottom at 11770
3- 14 sessions top at 12103
4- Buying,selling and mixed Patterns formation above 11808 in last 14 sessions
5- 14 Sessions trading between 11770-12103
Nifty-Intra Day Chart Analysis(14-06-2019)
Nifty-Intra Day Chart (14-Jun-2019):- |
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1- Firstly fast slipping after flat opening
2- Mixed Patterns formation between 11842-11882
3- Sharp fall in last half hour
4- Whole day actual trading between 11798-11911
Conclusions from EOD chart analysis
1- Long Term Trend is up
2- Intermediate Term Trend is up
3- Short Term Trend is sideways between 11592-12103 for the last 19 Sessions
Conclusions from 14 Sessions intra day chart analysis
Last 14 sessions most time trading above 11808 with all Buying,selling and mixed Patterns formation and Nifty slipped below it last Friday but closed above it without slipping below 14 sessions bottom(11770) therefore finally sustaining below following 2 levels should be watched in next week for deeper correction beginning towards 11592 confirmations:-
1- 11808
2- 11770
Conclusions from intra day chart analysis
As all the Asian markets were in Red therefore firstly fast slipping after flat opening and Sharp fall in last half hour also but more than 5 hours trading with Mixed Patterns formation between 11842-11882 and genuine selling patterns formations were not seen therefore firstly sustaining below 11842 should be watched in the beginning of next week for decisive down moves confirmations.
Conclusions (After Putting All Studies Together)
Long and Intermediate Term Trends are up and Short Term Trend is sideways between 11592-12103 for the last 19 Sessions because Indian markets are preparing for next big moves within this range after 165 Points "Modi ji's Victory gap"(11426-11591) formation on 20-05-2019.
As last 14 sessions most time trading was above 11808 and Nifty slipped below it last Friday also but Mixed Patterns formation was seen above it and clear selling patterns were not seen therefore firstly sustaining beyond 11808 should be firstly watched in next week for fresh rally after on going correction completion or correction continuation towards 11592.
As Budget for the current financial year(2019-20) will be presented in the Lok Sabha on July 5th and Finance Minister Nirmala Sitharaman capacities are not known yet therefore Indian markets may wait and prepare for post Budget decisive moves in the coming weeks.
It is confirm that Budget will fulfil Growth policies of Modi ji and finally rally will remain continued above life time highest(12103) after fresh consolidation between 11592-12103 in the coming weeks.