Finally rally continuation with new life time high formations 

Technical Analysis,Research & Weekly Outlook

(Apr 30 to May 03,2019)

Nifty-EOD Chart (26-Apr-2019):-

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Technical Patterns and Formations in EOD charts

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 11811.15 on 18-04-2018

Previous 19 Sessions intraday charts analysis

Nifty-Intra Day Chart (Mar 29 to Apr 26,2019):-

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Technical Patterns formation in last 19 Sessions intraday charts
1- 19 Sessions sideways trading with lower levels supports and higher levels resistances
2- Supports between 11550-11611(Immediate Supports)
3- Resistances between 11754-11811
4- 19 Sessions actual trading between 11550-11811 

Intra Day Chart Analysis(26-04-2019)

Nifty-Intra Day Chart (26-Apr-2019):-

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Technical Patterns formation in today intraday charts

1- More than 4 hours consolidation between 11662-11693
2- Sharp up moves
3- Whole day actual trading between 11662-11762

Conclusions from EOD chart analysis 

1- Long Term Trend is up
2- Intermediate Term Trend is up
3- Short Term Trend is sideways between 11550-11811 for the last 19 Sessions

Rally is very much on and no signal of its completion yet but Short Term Trend is sideways between 11550-11811 for the last 19 sessions therefore finally sustaining it beyond will confirm next big moves which should be firstly watched in next month.

Conclusions from 19 Sessions intra day chart analysis 

Last 19 Sessions like big sideways trading between 11550-11811 is suggesting that Indian markets are preparing for next big moves. As lower levels supports and higher levels resisatnces have also developed within this range therefore nifty will firstly trade and prepare for next decisive moves within this range in the beginning of next week.

Conclusions from intra day chart(26-04-2019) analysis 

As firstly More than 4 hours consolidation between 11662-11693 and after that sharp moves and intraday selling was not seen therefore expected that last Friday started rally will remain continued in the beginninng of next week.

Conclusions (After Putting All Studies Together)

Finaly sustaining beyond last 19 Sessions trading range(11550-11851) will confirm next big trend which will be seen in next month just before or after Parliamentary Elections 2019 results date(23-05-2019) 

In fact Indian markets are preparing for post Election results next decisive moves within 11550-11811 and it will take its own time but expected that finally rally with new life time high formations will remain continued after follow up consolidation in the coming sessions.

Finally rally above 11811 after follow up consolidation

Intra Day Chart Analysis & Market Outlook

(26-04-2019)

Nifty-Intra Day Chart (25-Apr-2019):-

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Technical Patterns formation in today intraday charts

1- More than 5 hours selling between 11712-11796
2- Sharp fall
3- Whole day actual trading between 11625-11796

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Finally rally continuation after few sessions follow up consolidation":-

1- market has to cool down through sideways trading near about today highest and that will be firstly done tomorrow.
2- Nifty will firstly trade and prepare for next decisive moves between 11611-11811

As was told yesterday,100% same happened today and firstly Nifty traded sideways more that 5 hours near about yesterday highest levels as well traded today whole within yesterday mentioned trading range(11611-11811).

Last 18 sessions trading between 11550-11811 with sharp rally after lower levels consolidation yesterday and Sharp fall after higher levels selling today therefore following next strong resistances and supports of Nifty has developed:- 

1- Supports between 11550-11611
2- Resistances between 11712-11811

In fact Indian markets are preparing for post Election results next decisive moves within 11550-11811 and it will take its own time but expected that finally rally above 11811 will remain continued after follow up consolidation in the coming sessions.

Finally rally continuation after few sessions follow up consolidation

Intra Day Chart Analysis & Market Outlook

(25-04-2019)

Nifty-Intra Day Chart (24-Apr-2019):-

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Technical Patterns formation in today intraday charts

1- Consolidation between 11579-11611
2- More than 1% strong Pull back rally
3- Whole day actual trading between 11579-11740

Conclusions from intra day chart analysis 

Following line was told yesterday in "Pull back rally expectations":-

Pull back rally is expected tomorrow 

As was told yesterday,100% same happened and Nifty closed after gaining 150 points.

As very Short Term indicators have turned overbought after strong rally today and sentiment has been heated up also therefore market has to cool down through sideways trading near about today highest and that will be firstly done tomorrow.

Next last resistances of Nifty are lying just above today highest between 11739-11811 and market has to consolidate also for fresh rally therefore follow up moves should be firstly watched in the coming sessions.

As resistances just below 11811 and supports just below 11611 therefore Nifty will firstly trade and prepare for next decisive moves between 11611-11811 but expected that finally rally will remain continued after follow up consolidation in the next few sessions.

Pull back rally expectations

Intra Day Chart Analysis & Market Outlook

(24-04-2019)

Nifty-Intra Day Chart (23-Apr-2019):-

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Technical Patterns formation in today intraday charts

1- 5 Hours trading with Mixed Patterns formation between 11607-11645 
2- Slipping in last hour
3- Whole day actual trading between 11565-11645

Conclusions from intra day chart analysis 

Following 2 levels were updated yesterday in "Just watch next supports for the life of on going correction":- 

1- Selling between 11626-11692
2- Supports between 11550-11603

As Nifty traded whole day within above mentioned levels with 5 Hours trading with Mixed Patterns formation between 11607-11645 and clear selling or buying patterns were not seen therefore expected that nifty will trade and prepare for next decisive moves within yesterday mentioned above crucial levels(11550-11692).

Although nifty closed near the lower levels of the day after slipping in last hour but view will not be Bearish because today closing was within supports range(11550-11603) and Very Short Term indicators have turned oversold therefore a Pull back rally is expected tomorrow and sustaining above following levels will suggest fresh rally after on going correction completion:-

1- 11645
2- 11692 

Just watch next supports for the life of on going correction 

Intra Day Chart Analysis & Market Outlook

(23-04-2019)

Nifty-Intra Day Chart (22-Apr-2019):-

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Technical Patterns formation in today intraday charts

1- Selling between 11626-11692
2- Whole day actual trading between 11584-11692

Conclusions from intra day chart analysis 

Following conlcusive line was told on 20-04-2019 in "Rally continuation amid only a Very Short Term correction possibility":-

As some selling was seen on 18-04-2018 therefore eruption of Very Short Term correction possibility 

As was told 100% same happened and correction was seen immediately after opening through gap down opening and slippping 70 points in first minute.

As more than 5 hours selling between 11626-11692 therefore some more down moves can not be ruled out and until complete consolidation will not develop till then Nifty will not sustain above 11692. 

Supports between 11550-11603 were updated on 13-04-2019 in "Minimum 10% rally after more than 350 seats victory of NDA on 23-05-2019" and Nifty closed within this range as well as firstly sustaining beyond this range should be watched in the coming sessions for the life of on going correction.