Fresh Rally expectations in next week

Technical Analysis,Research & Weekly Outlook

(May 13 to May 17,2019)

Nifty-EOD Chart Analysis
Nifty-EOD Chart (10-May-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- Short Term Correction beginning after new life time top formation at 11856.15 on 18-04-2018
7- Correction continuation with recent bottom formations at 11251.00 on 10-05-2019 

Nifty-Previous 2 Sessions intraday charts analysis
Nifty-Intra Day Chart (May 09 & May 10,2019)

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Technical Patterns formation in last 2 Sessions intraday charts

1- 3 Hours Down moves in Bullish Falling Channel on 09-05-2019 
2- Down moves in Bullish Falling Channels on 10-05-2019 
3- Intraday volatility in both sessions
4- 2 Sessions actual trading between 11251-11357 

Conclusions from EOD chart analysis 

1- Long Term Trend is up
2- Intermediate Term Trend is up
3- Short Term Trend is down.

Conclusions from Previous 2 Sessions intra day chart analysis 

As all the Global markets were highly volatile due to fast developments in US-China trade talks and Donald Trump statements therefore volatility was seen in Indian markets also and it should be kept in mind that technical positions reverses in previous week like news based high volatility. 

Although both previous sessions have closed in Red but genuine selling patterns were not seen and on the contrary consolidation was seen through Down moves in Bullish Falling Channels therefore emergence of Pull Back Rally possibility in the beginning of next week.

Conclusions (After Putting All Studies Together)

Long and Intermediate Term Trends are up and Short Term Trend has turned down in previous week but in the flow of crashing Global markets which was due to US-China tarrif war news. As previous week correction was only due to that negative news which don't have direct impact on Indian economy therefore once settlement of US-China tarrif war will mean fresh rally beginning.

As last 2 sessions trading was sidewways with consolidation patterns formations between 11251-11357 therefore expected that fresh Rally above 11357 will be seen in next week.  

Rally expectations after final settlement of US-China trade talks 

Intra Day Chart Analysis & Market Outlook

(10-05-2019)

Nifty-Intra Day Chart (09-May-2019):-

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Technical Patterns formation in today intraday charts

1- 3 Hours Down moves in Bullish Falling Channel 
2- Intraday volatility
3- Whole day actual trading between 11256-11357

Conclusions from intra day chart analysis 

As following  most negative news today morning therefore Dow's Futures was trading more than 150 points down today morning and all the Asian markets were in deep Red resultant weaker opening of Indian markets and slipping below crucial supports range

Trump: China 'broke the deal' in trade talks

As above mentioned most negative news therefore all the Global markets are being crashed in this weeek and indian markets are also participating despite consolidation patterns formations.

Although consolidation was also seen through 3 hours Down moves in Bullish Falling Channel today but closing is just below crucial supports(11315) therefore emergence of correction continuation signals.

Lets wait for final settlement of US-China trade talks and then life of correction will be considered but still expected that finally on going rally will remain continued and sharp up moves  

may be seen any day which will be correction completion strong indication.

Firstly Watch 11375 amid emergence of Pull Back rally possibility

Intra Day Chart Analysis & Market Outlook

(09-05-2019)

Nifty-Intra Day Chart (08-May-2019):-

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel 
2- Whole day actual trading between 11347-11447

Conclusions from intra day chart analysis 

As all the Asian markets were trading in Red after Dow Jones slipping 473 points therefore gap down opening of Indian markets. Although today closing was at lower levels of the day but all the down moves were in Bullish Falling Channels therefore emergence of Pull Back rally possibility in the coming sessions.

Following lines were told yesterday in "Levels will confirm deeper correction amid crashing like Global markets":-

Next supports below today lowest are as follows:- 

1- 11425-11460
2- 11315-11375(55-Day SMA is lying within this range)

As 55-Day SMA is lying within 2nd supports range therefore it has become crucial supports range and finally sustaining it beyond will confirm deeper correction beginning or correction completion.

As today closing is also within above mentioned 2nd supports range therefore firstly sustaining beyond 11315-11375 should be watched in the coming sessions. As emergence of Pull Back rally possibility also therefore once sustaining above 11375 will mean fresh rally after on going correction completion.  

Levels will confirm deeper correction amid crashing like Global markets

Intra Day Chart Analysis & Market Outlook

(08-05-2019)

Nifty-Intra Day Chart (07-May-2019):-

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Technical Patterns formation in today intraday charts

1- Selling between 11592-11647(immediate resistances)
2- Down moves in last hours
3- Whole day actual trading between 11485-11657

Conclusions from intra day chart analysis 

As Dow's Futures was trading in Red and most Asian markets were also in negative zone therefore fresh selling was seen between 11592-11647 and Nifty slipped below 23 previous sessions lowest(11550) in last hours down moves because all the European markets also opened weak.  

As last 2 sessions down moves were due to negative news(US-China trade tariff) led and resultant all the Global markets were also weak therefore sustaining below 23 previous sessions lowest(11550) should also be watched for strong signals of deeper correction beginning. Next supports below today lowest are as follows:- 

1- 11425-11460
2- 11315-11375(55-Day SMA is lying within this range)

As 55-Day SMA is lying within 2nd supports range therefore it has become crucial supports range and finally sustaining it beyond will confirm deeper correction beginning or correction completion.

अक्षय तृतीया की हार्दिक शुभकामनाएं !!!

Firstly watch levels amid rally continuation expectations

Intra Day Chart Analysis & Market Outlook

(07-05-2019)

Nifty-Intra Day Chart (06-May-2019):-

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Technical Patterns formation in today intraday charts

1- Mixed Patterns formation between 11609-11632
2- Sideways trading in last hours
3- Whole day actual trading between 11572-11632

Conclusions from intra day chart analysis 

As following most negative news and all the Asian markets were in deep Red today morning resultant gap down opening of Indian markets today:-  

Dow futures drop more than 450 points as China considers skipping trade talks after Trump threat

(Just click at above topic link and go through whole news)

Although closing near the lower levels of the day but whole day today trading was news based and Mixed Patterns formation as well therefore firstly sustaining beyond today trading range(11572-11632) should be firstly watched in the coming sessions for next decisive moves first signal/confirmations.

As strong supports are lying above 11550 therefore until Nifty will not sustain below it till then any type of depper correction will not be seen but still expected that finally on going rally will remain continued without sustaining below 11550.