Firstly watch levels amid expectations of Rally continuation above life time highest
Technical Analysis,Research & Weekly Outlook
(Jun 24 to Jun 28,2019)
Nifty-EOD Chart Analysis(Modi ji's Victory gap)
Nifty-EOD Chart (21-Jun-2019):- |
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1- 165 Points "Modi ji's Victory gap" supports formations between 11426-11591 on 20-05-2019 after Exit Polls results on 19-05-2019
2- Last 24 Sessions sideways trading between 11592-12103
Nifty-Previous 24 Sessions intraday charts analysis
Nifty-Intra Day Chart (May 20 to Jun 24,2019):- |
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1- Buying,selling and mixed Patterns formation in last 24 sessions
2- 24 Sessions actual trading between 11592-12103
Nifty-Intra Day Chart Analysis((21-06-2019)
Nifty-Intra Day Chart (21-Jun-2019):- |
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1- Selling between -11759-11809(Immediate Resistances)
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 11705-11827
Conclusions from EOD chart analysis
Short Term Trend is sideways between 11592-12103 for the last 24 Sessions
Conclusions from 24 Sessions intra day chart analysis
As last 24 sessions trading between 11592-12103 with lower levels Buying and higher levels selling as well as one sideed technical positions not formations yet therefore Nifty has to trade and prepare for next decisive moves within this range and finally sustaining beyond this range will confirm big moves.
Conclusions from intra day chart analysis
As firstly more than 4 hours selling in sideways trading range and after that up moves from lower levels in Bearish Rising Channel therefore last Friday trading will be understood from selling patterns formation and firstly some down moves are expected in the beginning of 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 sideways between 11592-12103 for the last 24 Sessions
Although Short Term Trend is sideways between 11592-12103 but Intermediate Term Trend decider (55-Day SMA is today at 11684) is at at stake because Nifty is hovering around 11684 for the last 5 sessions and finally sustaining it beyond will confirmation of Intermediate Term Trend which will means its continuation from 3 weeks to 3 months.
As high expectations from Modi's Government therefore Nifty opened gap up by 165 points on 20-05-2019 after strong signals of Modi ji victory from exit Polls results on 19-05-2019. Until these expectations are alive till then this gap(11426-11591) will not be filled up and rally will remain continued without slipping below 11427 despite whatsoever negative news and sentiments from national and international forums.
Next supports of Nifty are as follows:-
1- 1642-11727
2- 55-Day SMA(today at 11684)
3- "Modi ji's Victory gap"(11426-11591)
Next resistances of Nifty are as follows:-
1- 11759-11809
2- 11842-11934
3- 11968-12000
4- 12045-12097
Indian Stock markets reacted surprisingly on following news:-
1- No rally after Modi ji strong victory on 23rd May 2019.
2- Sharp fall after Smt Nirmala Sitaraman announcement as Finance minister on 31-05-2019
As above reactions and Nifty has turned sideway in the last 24 sessions between 11592-12103 as well as Union Budget on 05-07-2019 therefore expected that Indian markets will finally react on Budget and till then may remain sideways between 11427-12103 and finally sustaining beyond this range will confirm more than 10% move.As Short Term correction is on and and Volatility may remain high on Budget day or before also therefore lowest level of 23rd May 2019 gap(11427) has been updated.
Although supports,resistances and all the crucial levels have been updated above and should be firstly watched also but expected that finally rally will remain continued above life time highest(12103) after follow up consolidation within last 24 sessions trading range(11592-12103).