03 July 2020 lowest will confirm Short term correction beginning

Nifty & Bank Nifty Weekly Outlook

(Jul 06 to Jul 10,2020)

Nifty-EOD Chart Analysis 

(Wave-B structure & Trendline)

Nifty-EOD Chart (03-Jul-2020):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
2- Wave-a of Wave-B completion at 9889.05 on 30-04-2020
3- Wave-b of Wave-B completion at 8806.75 on 16-05-2020
4- Wave-c of Wave-B continuation with recent top formation at 10631.30 on 03-07-2020
5- Trendline now at 10080

Conclusions from EOD chart analysis

(Wave-B structure & Trendline)

Wave-c of Wave-B continuation with recent top formation at 10631.30 and no confirmation of its completion yet. As Wave-B continuation on a trendline which is now at 10080 therefore whenever correction starts then sustaining beyond this trendline should be firstly watched for the confirmation Wave-B life.

Nifty-Intra Day Chart Analysis

(03-Jul-2020)

Nifty-Intra Day Chart (03-Jul-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 10587-10631 
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 10563-10631

Conclusions from intra day chart analysis 

Whole day sideways trading with most time selling and after that Bearish pattern formation of Up moves in Bearish Rising Channel therefore signals of Short Term correction beginning.

Nifty-conclusions

(After Putting All Studies Together)

1- Long term trend is down and it will be up after sustaining above its decider 200-Day SMA(Today at 10889)
2- Intermediate term trend is up
3- Short term trend is up

Next supports of Nifty are as follows:-

1- 10299-10358
2- 10400-10447
3- 10224-10320
4- 10082-10133
5- 9866-9922

Next resistances of Nifty are as follows:-

1- 10587-10631
2- 10751-10827(Gap resistance)

As Short Term indicators have turned overbought and Nifty is testing upper band of Bollinger Band therefore signals of strong Short Term correction beginning because intraday charts of 03-07-2020 have also shown selling patterns formation. 

Follow up selling and once sustaining below 10563 will mean Short Term correction beginning towards above mentioned supports. 

Trendline of Wave-B is now at 10080 and its valid break down will mean deeper correction beginning because that will be strong signal of Wave-B completion and   Wave-C beginning towards and below the origin of Wave-B(7511.10) 

Bank Nifty-EOD Chart Analysis

(Wave-B structure)

Bank Nifty-EOD Chart (03-Jul-2020):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 16116.30 on 24-03-2020 and Wave-B beginning
2- Wave-a of Wave-B completion at 21967.00 on 30-04-2020
3- Wave-b of Wave-B completion at 17105.75 on 22-05-2020
4- Wave-c of Wave-B continuation with recent top formation at 22479.5 on 24-06-2020
5- 10 sessions sideways trading between 20926-22479

Conclusions from EOD chart analysis

(Wave-B structure)

Wave-c of Wave-B continuation with recent top formation at 22479.5 and no confirmation of its completion yet but last 10 sessions sideways trading between 20926-22479 and sustaining below 20926 will confirm deeper correction after Wave-B completion.

Bank Nifty-Intra Day Chart Analysis

(03-Jul-2020)

Bank Nifty-Intra Day Chart (03-Jul-2020):-

Technical Patterns formation in today intraday charts

1- Sharp fall after positive opening
2- Selling between 21871-22074
3- Selling between 21808-21096
4- Whole day actual trading between 21768-22130

Conclusions from intra day chart analysis 

Although positive opening but after that sharp fall and whole day good selling firstly after some up moves and at lower levels in last 2 hours therefore down moves are expected below day's lowest(21768) in the beginning of next week.

Bank Nifty-conclusions

(After Putting All Studies Together)

1- Long term trend is down and it will be up after sustaining above its decider 200-Day SMA(Today at 26491)
2- Intermediate term trend is up
3- Short term trend is up 

Next supports of Bank Nifty are as follows:-

1- 21224-21387
2- 21046-21193

Next resistances of Bank Nifty are as follows:-

1- 21808-22074
2- 22160-22220
3- 22252-22365

As Short Term indicators have moves down from Overbought zone and leading indicators are showing negative divergence also therefore strong signals of Short Term correction beginning.

Last 10 sessions trading between 20926-22479 and its valid break down will mean deeper correction beginning because that will be strong signal of Wave-B completion and Wave-C beginning towards and below the origin of Wave-B(16116.30) 

As intraday charts of 03-07-2020 are showing good selling patterns formation therefore expected that weakness and down moves towards above mentioned supports will be seen in the beginning of next week. 

conclusions

(After Putting All Studies Together)

If weakness develops in Indian Stock markets in next week then Bank Nifty will lead because good selling was seen in last 2 sessions of previous week.

Firstly sustaining below last Friday(03-07-2020) lowest should be watched in the beginning of next week because that will confirm Short term correction beginning.

Watch level for the life confirmation of on going rally

Nifty-Intra Day Chart Analysis &

Market Outlook(03-07-2020)

Nifty-Intra Day Chart Analysis(02-Jul-2020)

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Consolidation between 10486-10517
2- Slow up moves
3- Selling between 10560-10598
4- Whole day actual trading between 10486-10598

Conclusions from intra day chart analysis 

Following lines were told yesterday in "10426 will confirm more Up moves ":-

more up moves are expected towards

next resistances(10553-10596).

As Nifty traded last 2 hours within yesterday mentioned next resistances(10553-10596) and today highest was just above it at 10598.20 and today closing was just below it at 10551.70 therefore this resistance range has become most crucial because follow up selling was seen within this range today also and once sustaining below it(10553) will mean emergence of deeper correction possibility. 

Although some supports at lower levels today but after that up moves were slow and higher levels selling also therefore firstly follow up moves and finally sustaining beyond 10553 should be watched in the coming sessions for the life confirmation of on going rally.

10426 will confirm more Up moves 

Nifty-Intra Day Chart Analysis & 

Market Outlook(02-07-2020)

Nifty-Intra Day Chart Analysis(01-Jul-2020)

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Consolidation between 10299-10358
2- Consolidation between 10400-10447
3- Whole day actual trading between 10299-10447

Conclusions from intra day chart analysis 

As Dow Jones closed more than 200 points up yesterday therefore all the Asian markets were trading in Green hence positive opening of Indian markets and consolidated between 10299-10358 and after that up moves were seen. 

Previous resistances were between 10402-10426 and selling was seen between  Selling between 10353-10401 also yesterday also therefore Nifty traded within and near about these levels and consolidated in last more than 2 hours between 10400-10447 and closed above previous resistance at 10430 hence more up moves are expected towards next resistances(10553-10596).

As nowadays all the Global markets remains highly volatile and react also sharply on Covid-19 new development therefore firstly sustaining above previous resistances(10426) should also be watched for more up moves confirmations.

Follow up selling tomorrow will mean huge fall possibility

Nifty-Intra Day Chart Analysis & 

Market Outlook(01-07-2020)

Nifty-Intra Day Chart Analysis(01-Jun-2020)

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 10353-10401(Immediate Resistances)
2- Sharp fall
3- Sideways trading in last hour between 10268-10320
4- Whole day actual trading between 10268-10401

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Up moves towards following next resistances":-

up moves are expected above today highest and towards following next resistances:-

1- 10402-10426
2- 10596-10553

As was told 100% same happened and Up moves were seen towards first resistances(10402-10426) and today highest was just below it at 10401.05.

As firstly good selling therefore sharp fall was seen after 02:00 PM and more down moves are expected tomorrow. 

Sideways trading was seen in last hour between 10268-10320 and next supports are just below it between 10224-10276 hence Nifty will firstly trade and prepare for next decisive moves between and near about 10224-10320 tomorrow. 

As higher levels good selling today and follow up selling tomorrow will mean emergence of huge fall possibility,its confirmation will be after sustaining below 10224 

Up moves towards following next resistances

Nifty-Intra Day Chart Analysis &

Market Outlook(30-06-2020)

Nifty-Intra Day Chart Analysis(29-Jun-2020)

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Consolidation between 10224-10276
3- Whole day actual trading between 10224-10337

Conclusions from intra day chart analysis 

Following conclusive lines were told at 11:13 PM on 26-06-2020 in "Short Term correction continuation towards next supports":-

expected that Short Term correction will remain continued towards following next supports in next week.

Next supports of Nifty are as follows:-

1- 10312-10340
2- 10210-10244
3- 10082-10133
4-  9866-9922

As was told 100% same happened and correction remained continued towards 2nd supports range(10210-10244) at 10312.40 as well as Nifty closed 70.60% down today.

Although whole day sideways trading was seen with lower consolidation also between 10224-10276 therefore up moves are expected above today highest and towards following next resistances:-

1- 10402-10426
2- 10596-10553

As last 6 sessions trading between 10195-10553 with lower levels supports and higher levels selling within this range therefore expected that Nifty will remain sideways within this range and prepare for next big moves in the coming sessions. Let it happen and get Nifty prepared then will be understood and updated according to intraday patterns formations of the coming sessions.