"Modi ji's Victory gap"(11426-11591) will confirm next Trend 

Technical Analysis,Research & Weekly Outlook

(Jul 15 to Jul 19,2019)

Nifty-EOD Chart Analysis(Waves structure)

Nifty-EOD Chart (12-Jul-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- Wave 1 gained 2142.90 points
4- Impulsive Wave-3 beginning after Corrective Wave-2 completion at 7893.80 on 26-12-2016
5- Corrective  Wave-4 beginning after Wave-3 completion at 11760.20 on 28-08-2018 
6- Wave-3 gained 3866.40 points
7- Impulsive Wave-5 beginning after Corrective Wave-4 completion at 10004.55 on 26-10-2018
8- Impulsive Wave-5 Life time top formation at 12103.00 on 03-06-2019
9- Last 39 Sessions sideways correction between 11461-12103

Nifty-EOD Chart Analysis(Fibonacci Retracement levels)

Nifty-EOD Chart (12-Jul-2019):-

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Technical Patterns and Formations in EOD charts

1- Fibonacci Retracement levels of Wave-1 to Wave-5(6825-12103)

Nifty-Previous 5 Sessions intraday charts analysis

Nifty-Intra Day Chart (Jul 08 to Jul 12,2019):-

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Technical Patterns formation in last 5 Sessions intraday charts

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 5 sessions post Budget closing within "Modi ji's Victory gap" support(11426-11591) 

Nifty-Intra Day Chart Analysis(12-07-2019)

Nifty-Intra Day Chart (12-Jul-2019):-

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels
1- Mixed Patterns formation between 11610-11639
3- Sharp fall in last hour
4- Whole day actual trading between 11539-11639

Conclusions from EOD charts analysis 

1- Long Term Trend is up
2- Intermediate Term Trend has turned down after last 5 sessions closing below 55-Day SMA(today at 11719)
3- Short Term Trend is down

Fibonacci Retracement levels of Wave-1 to Wave-5(6825-12103) are as follows:-

1- 13.0%-11,416
2- 23.6%-10,857
3- 27.0%-10,677
4- 38.2%-10,086(Crucial)
5- 50.0%-9,464(Crucial)
6- 61.8%-8,841(Crucial)
7- 70.7%-8,371
8- 76.4%-8,070
9- 78.6%-7,954 
10-88.6%-7,426

Conclusions from 5 Sessions intra day chart analysis 

"Modi ji's Victory gap" support was formed between 11426-11591 on 20-05-2019 after Exit Polls results on 19-05-2019 and after that Nifty traded above it 34 sessions and after slipped within it on 08-07-2019 after post Budget down moves beginning on 05-07-2019.

"Modi ji's Victory gap" support(11426-11591) is the last hope for Bulls and it's final break out will confirm next big moves in Indian stock markets.

Conclusions from intra day chart(12-Jul-2019) analysis 

Although firstly slipping after positive opening but good consolidation was seen through Down moves in Bullish Falling Channels therefore sharp recovery was seen in Mid-session. Although sharp fall in last hour and closing at lower levels of the day but view will not be Bearish because Mixed Patterns formation at higher levels and genuine selling patterns were not seen as well as consolidation developed in last half hour through Down moves in Bullish Falling Channel.

As sufficiently good intraday consolidation patterns formations last Friday and if follow up consolidation develops in next week also then fresh rally will be seen.

Conclusions (After Putting All Studies Together)

Although 165 Points "Modi ji's Victory gap" supports formations between 11426-11591 on 20-05-2019 after Exit Polls results on 19-05-2019 and after that new life time high formations also at 12103 on 03-06-2019 but strong rally was not seen after such strong Government formation and Nifty remained 34 sessions sideways between 11615-12103 which was above the top of gap(11591). 

Sharp down moves which started after Union Budget presentation on 05-07-2019,remain continued on 08-07-2019 and 34 sessions sideways trading range(11615-12103) broken down as well as Nifty closed in all the last 5 sessions within "Modi ji's Victory gap"(11426-11591).

As correction is on and both Short with Intermediate Term Trends have also turned down therefore Fibonacci Retracement levels of whole rally(6825-12103) has been updated above. Next supports/resistances of Nifty are as follows:-

Supports:-

1- 11520-11560
2- 11461-11500
3- Lowest of "Modi ji's Victory gap"(11426)

Resistances:-

1- 11607-11638
2- 11676-11702
3- 11798-11879
4- 11912-11981

As 165 Points "Modi ji's Victory gap"(11426-11591) has shown its significance from on 20-05-2019 and last 5 sessions closing was also within this range after Budget therefore finally break out of this range will confirm next trend through following decisive moves which should be kept in mind:-

1- Sustaining above 11591 for first signal of strong Pull Back rally beginning.
2- Deeper correction beginning confirmation below 11426.

Finally "Modi ji's Victory gap" support(11426-11591) will confirm next decisive moves 

Intra Day Chart Analysis & Market Outlook

(12-07-2019)

Nifty-Intra Day Chart (11-Jul-2019):-

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Technical Patterns formation in today intraday charts

1- Consolidation between 11520-11538
2- Consolidation between 11535-11557
3- Down moves in Bullish Falling Channel
4- Intraday correction
5- Selling between 11581-11599
6- Whole day actual trading between 11520-11599

Conclusions from intra day chart analysis 

As all the Asian markets were blasting today morning after US markets rally yesterday and Dow Jones"s Futures was also trading with good gains therefore strong opening of Indian markets but slipped for consolidation between 11520-11538 because Selling was seen between 11514-11538 yesterday. As consolidation was below 11514 yesterday through Down moves in Bullish Falling Channels therefore Nifty could not slip below it today.

Higher levels selling was seen between 11565-11593 yesterday and higher levels fresh selling again developed today between 11581-11599 therefore 11565-11599 has become immediate resistance range and until Nifty will not sustain above 11599 till then decisive up moves will not be seen. As today up moves were with consolidation therefore if fresh consolidation develops within and near about 11565-11599 then fresh rally will be seen above 11599.

165 Points "Modi ji's Victory gap" supports was formed between 11426-11591 on 20-05-2019 after Exit Polls results on 19-05-2019. Firstly Nifty traded 34 sessions above this range and after that Nifty traded most of the time within this range in last 3 sessions as well as closed also within this range in last 4 sessions. As such long time this range has shown its significance therefore finally break out of this range will confirm following decisive moves:-

1- Sustaining above 11591/11599 for first signal of strong Pull Back rally beginning.
2- Deeper correction beginning confirmation below 11426. 

Today lowest will confirm decisive down moves

Intra Day Chart Analysis & Market Outlook

(11-07-2019)

Nifty-Intra Day Chart (10-Jul-2019):-

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Technical Patterns formation in today intraday charts

1- Selling between 11565-11593
2- Selling between 11514-11538
3- Selling between 11527-11532
4- Minor buying at lower levels through Down moves in Bullish Falling Channels
5- Whole day actual trading between 11476-11593

Conclusions from intra day chart analysis 

Although firstly up moves immediately after opening but fresh selling developed just below yesterday mentioned 1st resistance range(11607-11638) and after that slipping into negative zone.

As follow up selling also developed after higher levels selling therefore emergence of some more down moves expectations but minor buying at lower levels through Down moves in Bullish Falling Channels also hence firstly sustaining below today lowest should be watched for decisive down moves.

Nifty and Bank Nifty weekly expiry tomorrow and higher levels huge selling in first 4 sessions of this week therefore lowest of "Modi ji's Victory gap" (11426-11591) should also be watched because once filling of this gap after slipping below 11426 will mean strong signal of sharp fall and deeper correction beginning.

Pull Back Rally possibility towards next resistances

Intra Day Chart Analysis & Market Outlook

(10-07-2019)

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

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Technical Patterns formation in today intraday charts

1- Whole day many Down moves in Bullish Falling Channels
2- Minor selling at higher level through Up moves in Bearish Rising Channel
3- Whole day actual trading between 11461-11582

Conclusions from intra day chart analysis 

Although firstly slipping after negative opening but whole day good consolidation through many Down moves in Bullish Falling Channels therefore emergence of Pull Back Rally possibility towards following next resistances despite minor selling at higher  level through Up moves in Bearish Rising Channel and all the Global markets are in negative zone today:- 

1- 11607-11638
2- 11676-11702
3- 11798-11879
4- 11912-11981

Firstly watch "Modi ji's Victory gap" support(11426-11591) for next decisive moves 

Intra Day Chart Analysis & Market Outlook

(09-07-2019)

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

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Technical Patterns formation in today intraday charts

1- Selling between 11676-11702
2- Selling between 11607-11638
3- Mixed Patterns formation between 11524-11573
4- Whole day actual trading between 11524-11724

Conclusions from intra day chart analysis 

As crashing like situation in most Asian markets today morning therefore Nifty slipped 87 points in first 15 seconds after weaker opening and after that whole day down moves were seen through selling within sideways trading also. 

Last one hour trading was seen with Mixed Patterns formation between 11524-11573 and once sustaining below it will mean fresh down moves beginning but until complete consolidation will not develop till then decisive up moves will not be seen above 11573.

Emergence of Intermediate Term Trend turning down strong signals today because Nifty slipped below 34 sessions lowest(11592) and 55-Day SMA(today at 11719) and once sustaining below 55-Day SMA will mean Intermediate Term Trend turning down confirmation. 

165 Points "Modi ji's Victory gap" supports developed between 11426-11591 on 20-05-2019 after Exit Polls results on 19-05-2019 and Nifty slipped below 11591 today. It should alse be kept in mind that once slipping below 11427 will mean filling of this gap and emergence of deeper correction possibility. 

Although completely depressed sentiment today but Nifty has not slipped below 11427 yet therefore firstly keep in mind following line also which was told on 29-06-2019 in "Rally above 12103 and towards 13870.95 after Budget-2019":-

Indian markets are well matured and have full faith in Modi ji as well as rally will remain continued above 12103 and towards 13870.95 after Budget-2019 but next one more week may remain sideways between 11427-12103 for consolidation and fresh rally preparation.

"Modi ji's Victory gap" supports was formed between 11426-11591 on 20-05-2019 after Exit Polls results on 19-05-2019 and Nifty closed within this range today. Firstly break out of this range should be watched for deeper correction beginning confirmation below 11426 and sustaining above 11591 for first signal of Pull Back rally beginning. 

Firstly watch next strong supports after crashing like situation in Asian markets

Pre-open Outlook(08-07-2019)

As most Asian markets are trading 1% to 2% down and Dow Jones's Futures is also more than 60 points weak today morning therefore sentiment is completely depressed and resultant negative opening will be seen in indian markets.

Next supports below last Friday lowest are lying between 11642-11727 and firstly sustaining it beyond should be watched after crashing like situation in Asian markets because this supports range is strong and finally sustaining beyond this range will confirm next big trend after
 Budget 2019-20.