Rally above life time high after Modi ji strong victory on 23-05-2019

Technical Analysis,Research & Weekly Outlook

(May 20 to May 24,2019)

Nifty-EOD Chart Analysis(Retracement levels)

Nifty-EOD Chart (17-May-2019):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave 5 beginning from 10004.55 on 26-10-2018
2- Short Term Correction beginning after new life time top formation at 11856.15 on 18-04-2018
3- Got supports near 38.2% retracement level after recent bottom formations at 11108.30 on 14-05-2019 

Nifty-EOD Chart Analysis(Averages)
Nifty-EOD Chart (17-May-2019):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave 5 beginning from 10004.55 on 26-10-2018
2- Short Term Correction beginning after new life time top formation at 11856.15 on 18-04-2018
3- Got supports near 100-Day DMA after recent bottom formations at 11108.30 on 14-05-2019 

Nifty-Previous 7 Sessions intraday charts analysis
Nifty-Intra Day Chart (May 09 to May 17,2019):-

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Technical Patterns formation in last 7 Sessions intraday charts

1- Consolidation Patterns formation on 9th and 10th May
2- Mixed Patterns formation on 13th May
3- Consolidation on 14th May
4- Mixed Patterns formation on 15th May
5- Consolidation on 16th May
6- Whole day consolidation on 17th May
7- 7 Sessions actual trading between 11109-11426 

Nifty-Intra Day Chart Analysis(17-05-2019)
Nifty-Intra Day Chart (17-May-2019):-

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Technical Patterns formation in today intraday charts

1- Consolidation between 11287-22325
2- Intraday correction
3- Down moves in Bullish Falling Channel
4- Sharp up in last hour
5- Whole day actual trading between 11260-11426

Conclusions from EOD chart analysis(Retracement levels & Averages) 

The Short Term Correction which begun after new life time top formation at 11856.15 on 18-04-2018 stopped at 11108.30 on 14-05-2019. As correction paused near crucial 38.2% retracement level and 100-Day DMA therefore strong indications of correction completion at 11108.30 on 14-05-2019.   

Conclusions from 7 Sessions intra day chart analysis

As crashing like situation in all the Global markets in previous weeks due to US-China trade war therefore Indian markets also slipped fast but without intraday selling patterns formation and with consolidation/Mixed patterns formations also hence strong rally was seen last Friday which is strong signal of correction completion after closing above last 7 sessions trading range.

Conclusions from intra day chart analysis(17-05-2019) 

Firstly consolidation through sideways trading between 11287-22325 and after that whole day up moves through intraday correction and follow up consolidation through down moves in Bullish Falling Channel as well as sharp up in last hour therefore last Friday started rally continuation is expected in the beginning of next week.

Conclusions (After Putting All Studies Together)

As all the Global markets started to crash after US-China tariff war therefore correction started in Indian markets also but following developments on EOD and intraday charts are suggesting strong indications of correction completion at 11108.30 on 14-05-2019:-

1- Nifty got supports near crucial 38.2% retracement level   
2- Nifty got supports near 100-Day DMA 
3- 7 Previous sessions trading range broken out on 17-05-2017
4- Last Friday closing was above 7 sessions highest after whole day intraday consolidation.

It is confirm that fresh rally above life time highest will be seen in the coming weeks because as per our own analysis Modi ji strong victory with following results will be seen on 23-05-2019:-

1- BJP will win more than 290 seats.
2- NDA will win more than 340 seats.

Markets are prepared for fresh,strong and powerful rally

Intra Day Chart Analysis & Market Outlook

(17-05-2019)

Nifty-Intra Day Chart (16-May-2019):-

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Technical Patterns formation in today intraday charts

1- Consolidation between 11144-11190 
2- Intraday correction in last hour
3- Whole day actual trading between 11144-11281

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Firstly watch levels for the life of on going correction":-

firstly sustaining beyond 11109-11286 should be watched in the coming sessions for the life of on going correction

Nifty traded whole day today within above mentioned trading range with good consolidation between 11144-11190. As good consolidation was between 11109-11155  on 14-05-2019 and Nifty consolidated within and above it today therefore supports above 11109 have been strengthened and until complete selling will not develop till then Nifty will not sustain below 11109.

As Indian markets will react in next week on Exit Poll results and Election results therefore volatility may remain high during uncertainity but once sustaining above 11190 will mean fresh rally after ongoing correction completion. 

As Indian markets have formed base at lower levels in this week therefore Indian markets are well prepared for fresh,strong and powerful rally which will be seen after Modi ji's confirmation on PM post.

Firstly watch levels for the life of on going correction

Intra Day Chart Analysis & Market Outlook

(16-05-2019)

Nifty-Intra Day Chart (15-May-2019):-

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Technical Patterns formation in today intraday charts
1- Mixed Patterns formation between 11202-11286
2- Sharp fall in last hour
3- Whole day actual trading between 11137-11286

Conclusions from intra day chart analysis 

Although almost whole day positive zone trading but sharp fall in last hour because fast slipping of Dow Jones's Futures and all European markets was seen in last hour. 

As good consolidation between 11109-11155 yesterday therefore it will be immediate supports of Nifty but more than 5 hours trading with Mixed Patterns formation between 11202-11286 also today hence Nifty has to trade and prepare for next decisive moves within 11109-11286.

Correction is on and no confirmation of its completion yet as well as all the Global markets are dancing on the tunes of US-China trade war therefore firstly sustaining beyond 11109-11286 should be watched in the coming sessions for the life of on going correction because indian markets will have to react in next week on Exit Poll results and Election results also. 

Today started rally continuation expectations

Intra Day Chart Analysis & Market Outlook

(15-05-2019)

Nifty-Intra Day Chart (14-May-2019):-

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Technical Patterns formation in today intraday charts

1- Consolidation between 11109-11155
2- Sharp up moves
3- Volatility in last hour
4- Whole day actual trading between 11109-11294

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Let Global markets crashing stop then sharp rally in Indian markets":-

Let Global markets crashing stop then sharp rally will be seen in Indian markets because good intraday consolidation in last 3 sessions. 

As soon as Dow Jones'S futures started to trade positive today morning then indian markets started to consolidate and sharp rally started immediately after strong opening of European markets.

As more than 3 hours consolidation between 11109-11155 therefore it will be immwdiate support of Nifty and expected that today today started rally will remain continued in the coming sessions also. 

Let Global markets crashing stop then sharp rally in Indian markets

Intra Day Chart Analysis & Market Outlook

(14-05-2019)

Nifty-Intra Day Chart (13-May-2019):-

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Technical Patterns formation in today intraday charts

1- More than 6 hours trading with Mixed Patterns formation between 11225-11300
2- Sharp fall in last half hour
3- Whole day actual trading between 11126-11300

Conclusions from intra day chart analysis 

As following most negative news today morning therefore Dow Jones"s Futures was traded whole day today more than 250 points down and resultant all the Asian markets and European markets were trading in Deep Red therefore initial weakness was seen in Indian markets also.

China Trade War Escalates, Korean Missile Test, Is Biden A Threat To Trump

Although more than 6 hours trading with Mixed Patterns formation but sudden fall in last half hour because sharp down moves started in Dow Jones"s Futures due to following news break out:- 

1- US-China trade war heats up as Trump hikes tariffs
2- Trade war: Wall Street tumbles to two-month low as China hits back

As above mentioned most negative news and resultant all the US and European markets are now crashing therefore in reaction Indian markets may also trade in negative zone despite but let Global markets crashing stop then sharp rally will be seen in Indian markets because good intraday consolidation in last 3 sessions.