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):-

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 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. 

Levels will confirm next big decisive moves 

Intra Day Chart Analysis & Market Outlook

(08-05-2020)

Nifty-Intra Day Chart (07-May-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel
2- Down moves in Bullish Falling Channels
3- Last 2 hours sideways trading between 9180-9222
4- Whole day actual trading between 9180-9277

Conclusions from intra day chart analysis 

Although firstly some selling through up moves in Bearish Rising Channel but good consolidation was also seen in Mid-Session through Down moves in Bullish Falling Channels therefore view will not be Bearish despite 0.78% weaker today closing. As both buying and selling patterns formations therefore today trading will be understood with Mixed patterns formations and finally levels break out will confirm next decisive moves.

As last 2 sessions and today trading also with Mixed Patterns formation between 9125-9450 therefore Nifty will trade and prepare for next big decisive moves within this range and finally sustaining beyond this range will form next Short term trend which should be watched in the coming sessions/week.

As not feeling well therefore Stock Market Outlook of today(07-05-2020) is not being updated.

Firstly up moves expectation but watch given levels if negative news led Global and Indian markets fall begins

Intra Day Chart Analysis & Market Outlook

(06-05-2020)

Nifty-Intra Day Chart (05-May-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- More than 4 hours trading with Mixed Patterns formation between 9305-9450
2- Down moves in Bullish Falling Channel in last 2 hours
3- Whole day actual trading between 9191-9450

Conclusions from intra day chart analysis 

Following lines were told at 12:42 AM on 05-05-2020 in "Up moves towards immediate Resistances if Global markets not crashing":-

1- up moves towards immediate Resistances(9350-9407) are expected
2- Next supports between 9154-9227

Up moves were seen towards and above immediate Resistances(9350-9407) but could not sustain at higher levels and Down moves were see in last 2 hours and today closing was within above mentioned supports(9154-9227) at 9205.60.

More than 4 hours trading was with Mixed Patterns formation(clear selling patterns were not seen) and last 2 hours down moves were in Bullish Falling Channel as well as these down moves were due to more then 200 points fall of Dow Jones's Futures therefore view will not be Bearish immediately despite today closing at lower levels of the day.

As last 2 hours down moves were in Bullish Falling Channel in last 2 hours which is a consolidation indication and today closing is within above mentioned next supports(9154-9227) therefore firstly sustaining it beyond should be watched tomorrow for following next moves:-

1- Above 9227 will mean up moves towards 9450
2- Below 9154 will mean down moves towards:-
A- Next supports between 8913-8972 
B- 38.2% Retracement level(8980) which is crucial also

As last 2 hours down moves were in Bullish Falling therefore firstly up moves above 9227 and towards 9450 are expected but above given levels should be watched also if any negative news led Global and Indian markets fall begins.

Up moves towards immediate Resistances if Global markets not crashing

Intra Day Chart Analysis & Market Outlook

(05-05-2020)

Nifty-Intra Day Chart (04-May-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Slipped 500 points in first hour after 325 points gap down opening
2- Selling between 9350-9407(Immediate Resistances)
3- Down moves in Bullish Falling Channel in last hours
4- Supports at lower levels in last hour
5- Whole day actual trading between 9267-9533

Conclusions from intra day chart analysis 

As crashing like situation in all the Global markets therefore firstly 325 points gap down opening and after that slipping also upto 500 points. Fresh selling between 9350-9407 in Mid-session but last hours Down moves were in Bullish Falling Channel and supports at lower levels in last hour therefore if crashing like situation does not develop in Global markets on 05-05-2020 then up moves towards immediate Resistances(9350-9407) are expected because:-

1- Very Short Term indicators have become Oversold
2- 27.0% retracement levels is just below day's lowest(9267) is at 9247.00  
3- Next supports between 9154-9227 are also lying just below day's lowest(9267)