Watch levels with expectations of up moves towards next resistances
Technical Analysis,Research & Weekly Outlook
(May 11 to May 15,2020)
Nifty-EOD Chart Analysis
(Waves structure of Wave-B)
Nifty-EOD Chart (30-Apr-2020):-
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 beginning with recent bottom formation at 9116.50 on 06-05-2020
Conclusions from EOD chart analysis
(Waves structure of Wave-B)
Short Term correction begun after impulsive Wave-5 of Wave-B recent top formation at 9889.05 on 30-04-2020 and now its continuation with recent bottom formation at 9116.50 on 06-05-2020.
Nifty-EOD Chart Analysis
(Averages & Stochastic)
Nifty-EOD Chart (08-May-2020):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-5 completion at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning
2- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
3- Wave-B continuation with recent top formation at 9889.05 on 30-04-2020
4- SMA(Simple Moving Averages)
A- 5-Day SMA is at 9244
B- 13-Day SMA is at 9302
C- 55-Day SMA is at 9781
D- 200-Day SMA is at 11140
5- Stochastic-%K(5) is at 21.01 & %D(3) is at 13.85
Conclusions from EOD chart analysis
(Averages & Stochastic)
Nifty is hovering around 5-Day SMA and 13-Day SMA and Short Term Indicator Stochastic has moved into Over sold zone therefore emergence of up moves indications.
Nifty
Last 5 Sessions intraday charts analysis
Nifty-Intra Day Chart (May 04 to May 08,2020):-
Technical Patterns formation in last 5 Sessions intraday charts
1- Down moves in Bullish Falling Channels most times in last 5 sessions
2- Most time trading between 9183-9450 in last 5 sessions
3- 4 Sessions closing at lower levels of the day in last week
4- Last 5 Sessions actual trading between 9117-9533
Conclusions from 5 Sessions intra day chart analysis
Although previous week candle is Red and almost whole week Nifty slipped from higher levels as well as closed in 4 Sessions at lower levels of the day but view will not be Bearish.
As most times Down moves were in Bullish Falling Channels in all the 5 sessions of previous week and that is a consolidation indication therefore firstly sustaining beyond 9183-9450 should be watched in the coming weeks for next big moves beginning confirmations because Nifty traded most time within this range.
Nifty-Intra Day Chart Analysis
(08-May-2020)
Nifty-Intra Day Chart (08-May-2020):-
Technical Patterns formation in today intraday charts
1- 5 Hours trading with Mixed Patterns formation between 9300-9355
2- Down moves in Bullish Falling Channel in last 2 hours
3- Whole day actual trading between 9239-9382
Conclusions from intra day chart analysis
Although strong 177 points gap up opening but not sustaining at higher levels and closing at lower levels of the day with only 52 points gains last Friday.
As first 5 Hours trading with Mixed Patterns and after that Down moves in Bullish Falling Channel in last 2 hours therefore view will not be Bearish and first signal for next decisive moves will be drawn from sustaining beyond last Friday trading range(9239-9382)
Conclusions
(After Putting All Studies Together)
1- Long term trend is down.
2- Intermediate term trend is up
3- Short term trend is sideways.
Short term trend has turned sideways between in last 5 sessions between 9183-9450 after 595 points fall last Monday because Nifty traded most time within this range in previous week.
Although Weekly Red Candle formation with closing near the lower levels in previous week but view will not be Bearish because good consolidation indication also developed through most times Down moves were in Bullish Falling Channels and firstly sustaining beyond 9183-9450 will be watched in the coming week for next decisive moves beginning towards following next resistances above 9450 and supports below 9183:-
Resistances:-
1- 9850-9889
2- 9955-10142
Supports:-
1- 8913-8972
2- 8700-8750
3- 8361-8449
4- 8056-8107
5- 7512-7970
As situation are changing fast due to Coronavirus led huge Global uncertainity therefore keep an eye on those developments also because markets are not working only on technical and reacting sharply on its daily basis news also hence just watch above levels with expectations of up moves towards next resistances.