45 Sessions sideways market suggesting to follow next supports,resistances and Short Term Trend/Indicators
Technical Analysis,Research & Weekly Outlook
(May 26 to May 29,2020)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (22-May-2020):-
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- Impulsive Wave-1 completion at 8968.70 on 07-09-2016 and corrective Wave-2 beginning
3- Corrective Wave-2 completion at 7893.80 on 26-12-2016 and impulsive Wave-3 beginning
4- Impulsive Wave-3 completion at 11171.50 on 29-01-2018 and corrective Wave-4 beginning
5- Corrective Wave-4 completion at 9951.90 on 23-03-2018 and impulsive Wave-5 beginning
6- Impulsive Wave-5 completion after new life time high formation at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning
7- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
8- Wave-B continuation with recent top formation at 9889.05 on 30-04-2020
9- Short Term correction of Wave-B continuation with recent bottom formation at 8806.75 on 18-05-2020
Conclusions from EOD chart analysis
(Waves structure)
The rally which started from 6825.80 on 29-02-2016 completed at 12430.50 on 20-01-2020 and then corrective Wave-A of its "ABC" correction begun which completed at 7511.10 on 24-03-2020.
Now impulsive Wave-B of "ABC" correction is in continuation with recent top formation at 9889.05 on 30-04-2020 and no confirmation of its completion yet.Now Short Term correction of Wave-B continuation with recent bottom formation at 8806.75 on 18-05-2020.
Nifty-EOD Chart Analysis
(Waves structure of Wave-B)
Nifty-EOD Chart (27-Mar-2020):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-1 of Wave-B beginning after corrective Wave-A completion at 7511.10 on 24-03-2020
2- Impulsive Wave-1 completion at 9038.90 on 27-03-2020 and corrective Wave-2 beginning
3- Corrective Wave-2 completion at 8055.80 on 03-04-2020 and impulsive Wave-3 beginning
4- Impulsive Wave-3 completion at 9390.85 on 20-04-2020 and corrective Wave-4 beginning
5- Corrective Wave-4 completion at 8909.40 on 21-04-2020 and impulsive Wave-5 beginning
6- Impulsive Wave-5 of Wave-B continuation with recent top formation at 9889.05 on 30-04-2020
7- Short Term correction of Wave-B continuation with recent bottom formation at 8806.75 on 18-05-2020
8- Last 15 Sessions sideways trading between 8807-9584
Conclusions from EOD chart analysis
(Waves structure of Wave-B)
Impulsive Wave-1 of Wave-B begun after corrective Wave-A completion at 7511.10 on 24-03-2020. Now Impulsive Wave-5 of Wave-B continuation with recent top formation at 9889.05 on 30-04-2020.
At present Short Term correction of impulsive Wave-5 of Wave-B is on with recent bottom formation at 8806.75 on 18-05-2020.
Nifty
Last 15 Sessions intraday charts analysis
Nifty-Intra Day Chart (May 04 to May 22,2020):-
Technical Patterns formation in last 15 Sessions intraday charts
1- Down moves in Bullish Falling Channels in first 4 sessions
2- Selling(Resistances) in last 15 sessions between
A- 9095-9120
B- 9147-9178
C- 9200-9231
D- 9250-9281
E- 9300-9355
F- 9352-9426
3- Consolidation(Supports) in last 15 sessions
A- 8920-8968
B- 8860-8905
C- 8807-8835
4- 15 Sessions actual trading between 8807-9584
Conclusions from 15 Sessions
intra day chart analysis
As lower levels 3 supports and higher levels 6 resistances in last 15 sessions sideways trading range therefore firstly Nifty will have to trade and prepare for next decisive big moves between 8807-9584 and finally sustaining beyond this range should be watched in the coming week for next one sided big moves beginning confirmations.
Nifty-Intra Day Chart Analysis
(22-May-2020)
Nifty-Intra Day Chart (22-May-2020):-
Technical Patterns formation in today intraday charts
1- Sharp up after opening
2- Selling between 9095-9120
3- Volatility during RBI Governor Press Conference
4- Sharp fall after RBI Governor Press Conference
5- Sideways trading in last 5 hours between 8969-9072
6- Whole day actual trading between 8969-9149
Conclusions from intra day chart analysis
As positive announcements expectations from RBI Governor Press Conference at 10;00 AM on 22-05-2020 therefore firstly sharp up after opening but selling developed on these expectations hence Volatility during Press Conference and sharp fall was seen after Press Conference.
Although last 5 hours sideways trading between 8969-9072 and negative closing also but some consolidation was also seen within this range therefore if Nifty sustains above 9072 after follow up consolidation then more up moves will be seen in next week.
Conclusions
(After Putting All Studies Together)
2- Intermediate term trend is sideways
3- Short term trend is sideways between 8807-9584 for the last 15 sessions
As Coronavirus panic therefore extremely fast Price-wise correction of Wave-A was seen which completed at 7511.10 on 24-03-2020 but Time-wise is still left which is being seen in on going Wave-B for the last 39 sessions between 7511-9889. It is confirm that Time-wise correction will remain continued till longer period because market will firstly wait for complete normalization Coronavirus situation and after that economic and Industrial growth coming on track which will take its own time and that may be much longer also.
At present Nifty is sideways between 8807-9584 for the last 15 sessions and expected that Nifty will firstly trade and prepare for next decisive big moves within this range,let it happen then will be understood and updated according to coming sessions intraday charts patterns formations. Supports and resistances within last 15 sessions trading range have already been updated above and beyond this range are as follows:-.
Next resistances above 9584 are as follows:-
1- 9850-9889
2- 9955-10142
Next supports below 8807 are as follows:-
1- 8700-8750
2- 8361-8449
3- 8056-8107
4- 7512-7970
As Nifty is sideways between 7512-9889 and not trending for the last 45 sessions therefore trading should be done according to:-
1- Short Term Trend
2- Short Term Indicators
3- Above mentioned 7 supports and 8 resistances within last 45 sessions
As Coronavirus news/Global markets big moves led huge volatility may also be seen any day therefore it should also be cautiously kept in mind.