Firstly consolidation and then Rally continuation after good Budget
Technical Analysis,Research & Weekly Outlook
(Jul 08 to Jul 12,2019)
Nifty-EOD Chart Analysis(Modi ji's Victory gap)
Nifty-EOD Chart (05-Jul-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 34 Sessions sideways trading between 11592-12103
Nifty-Intra Day Chart Analysis(05-07-2019)
Nifty-Intra Day Chart (05-Jul-2019):- |
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1- Selling between 11912-11981(Immediate Resistances)
2- Sharp fall after Budget
3- Mixed Patterns formation between 11798-11879
4- Whole day actual trading between 11798-11981
Conclusions from EOD chart analysis
Although 1.14% fall on Budget 2019-20 day last Friday but Short Term Trend is still sideways because closing was within last 34 Sessions range(11592-12103) at 11811.15.
165 Points "Modi ji's Victory gap" was formed between 11426-11591 on 20-05-2019 after Exit Polls results on 19-05-2019 and this gap is a symbol on Indian Stock markets faith on Modi ji's Government. Until this gap will not be filled up after slipping below 11426 till then big strong rally expectation will remain alive.
Conclusions from intra day chart analysis
As high expectations from Budget and most of the general traders have come for buying therefore huge selling on Budget expectations led heated sentiments resultant sharp fall after Budget and closing at lower levels of the day.
As last 2 hours trading with Mixed Patterns formation between 11798-11879 therefore firstly follow up moves within and near about this range and finally sustaining beyond this range should be watched in the beginning of next week for real reaction of markets on Budget 2019-20.
Conclusions (After Putting All Studies Together)
Waves structure of Nifty-EOD Chart was updated in previous weekly analysis and no material change since then because Nifty remained sideways within last 34 Sessions range(11592-12103) and no signal of its break out till now therefore Waves structure of Nifty-EOD Chart is not being posted in this Weekly Outlook.
Next resistance of Nifty are as follows:-
1- 11912-12000
2- 12045-12097
Next supports of Nifty below last Friday lowest are as follows:-
1- 11642-11727(Strong supports)
2- "Modi ji's Victory gap"(11426-11591)
As good Budget(2019-20) was presented therefore finally rally will remain continued above life time highest(12103) but firstly consolidation will be seen between 11727-11912in the next few sessions because heated sentiments led huge selling developed yesterday between 11912-11981.