Finally Rally towards next resistances 

 Nifty & Bank Nifty Weekly Outlook

(Jul 20 to Jul 24,2020)

Nifty-EOD Chart Analysis

(Wave-B structure)

Nifty-EOD Chart (17-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(9889.05 on 30-04-2020)
3- Wave-a of Wave-B gained 2377.95 points
4- Wave-b of Wave-B(8806.75 on 16-05-2020)
5- Wave-c of Wave-B continuation with recent top formation at 10933.45 on 17-07-2020
6- 100% Fibonacci Extension Target of Wave-c of Wave-B is at 11184.70{8806.75+2377.95(100% of 2377.95)}

Conclusions from EOD chart analysis

(Wave-B structure)

Wave-c of Wave-B is very much on and no confirmation of its completion yet as well as its continuation is expected towards its next 100.0% Fibonacci Extension Target at 11184.70.

Nifty-EOD Chart Analysis

(Averages & Stochastics)

Nifty-EOD Chart (17-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-B continuation with recent top formation at 10933.45 on 17-07-2020
3- SMA(Simple Moving Averages)
A- 5-Day SMA is at 10734
B- 13-Day SMA is at 10700
C- 55-Day SMA is at 9930
D- 200-Day SMA is at 10870
4- Stochastic-%K(5) is at 53.86 & %D(3) is at 37.03

Conclusions from EOD chart analysis

(Averages & Stochastics)

Wave-B continuation with recent top formation at 10933.45 on 17-07-2020 and no indication of its completion yet. 

As %K(5) of Short Term Indicator Stochastics has intersected upward %D(3) from just above oversold zone therefore indications of more up moves in the coming week.

Short term averages are trading above longer term averages and Nifty has closed above  Long Term Trend decider 200-Day SMA(today at 10870) last Friday therefore strength will be understood in Indian markets. Although Nifty has closed above Long Term Trend decider 200-Day SMA but sustaining above it must for Long Term Trend turning up confirmations which should also be watched for further decisive up moves continuation confirmations because many times corrective rally completes near about 200-Day SMA also.

Nifty-Intra Day Chart Analysis

(17-Jul-2020)

Nifty-Intra Day Chart (17-Jul-2020):-

Technical Patterns formation in today intraday charts

1- Consolidation between 10781-10840(Immediate Supports)
2- Sharp up in last hour
3- Whole day actual trading between 10749-10933

Conclusions from intra day chart analysis 

As more than 5 hours consolidation between 10781-10840 therefore strong up moves were seen in last hour and until Nifty will not sustain below 10781 after complete selling till then decisive down moves will not be seen as well as up moves will be seen above last Friday highest(10933.45) after follow up consolidation between and near about 10840-10933.

Nifty-conclusions

(After Putting All Studies Together)

1- Signals of Long term trend turning up after Nifty closing above it last Friday.
2- Intermediate term trend is up
3- Short term trend is up

Next supports of Nifty are as follows:-

1- 10781-10840
2- 10630-10696
3- 10498-10535
4- 10400-10447
5- 10299-10358
6- 10224-10320
7- 10082-10133
8- 9866-9922

Next resistances of Nifty are as follows:-

1- 11036-11244(Gap resistance)

As Nifty closed at the top of Wave-B last Friday after lower levels good consolidation same day and no intraday selling patterns formations therefore rally continuation will be expected in next week. As very Short Term indicators have turned Overbought therefore very Short Term correction may be seen in the beginning of next week but finally up moves will remain continued after maximum 1/2 sessions corrections because short Term indicator has started to move up from just above Oversold zone.

100.0% Fibonacci Extension Target of Wave-B is at 11184.70 and and rally continuation is expected towards and just above it in next week. As next gap resistance is between 11036-11244 therefore firstly this range should be watched in next week/weeks because strong resistances are lying above it and once sustaining below 11036 after complete selling patterns on Intraday and EOD charts will mean strong signals 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 & Stochastics)

Bank Nifty-EOD Chart (17-Jul-2020):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 16116..3 on 24-03-2020 and Wave-B beginning
2- Wave-a of Wave-B completion at 21967.0 on 30-04-2020
3- Wave-b of Wave-B completion at 17105.0 on 22-05-2020
4- Wave-c of Wave-B continuation with recent top formation at 23080.6 on 08-07-2020
5- Stochastic-%K(5) is at 31.92 & %D(3) is at 18.74

Conclusions from EOD chart analysis

(Wave-B structure & Stochastics)

Wave-c of Wave-B continuation with recent top formation at 10631.30 and no confirmation of its completion yet.

As %K(5) of Short Term Indicator Stochastics has intersected upward %D(3) from oversold zone therefore indications of more up moves in the coming week.

Bank Nifty-Intra Day Chart Analysis

(17-Jul-2020)

Nifty-Intra Day Chart (17-Jul-2020):-

Technical Patterns formation in today intraday charts

1- Consolidation between 21551-21830(Immediate Supports)
2- Sharp up in last hour
3- Whole day actual trading between 21551-22065

Conclusions from intra day chart analysis 

As more than 5 hours consolidation between 21551-21830 therefore strong up moves were seen in last hour and until Nifty will not sustain below 21551 after complete selling till then decisive down moves will not be seen as well as up moves will be seen above last Friday highest(10933.45) after follow up consolidation between and near about 21830-22065.

Bank Nifty-conclusions

(After Putting All Studies Together)

1- Long term trend is down 
2- Intermediate term trend is sideways
3- Short term trend is sideways 

Next supports of Bank Nifty are as follows:-

1- 21551-21830
2- 21030-21341

Next resistances of Bank Nifty are as follows:-

1- 22320-22502
2- 22742-22866
3- 22970-23065

As very Short Term indicators have turned Overbought therefore very Short Term correction may be seen in the beginning of next week but finally up moves will remain continued towards above mentioned resistances after maximum 1/2 sessions corrections because short Term indicator has started to move up from Oversold zone.

Bank Nifty is completely under performing Nifty and NIFTYTIT and sideways for the last 20 sessions between 20927-23080 as well as much below Long Term trend decider 200-Day SMA(today at 26176) while  Nifty and NIFTYTIT have closed above it last Friday. As such weakness therefore remain cautious in Bank Nifty because much deeper and faster correction will be seen in it after corrective Wave-C beginning.

Conclusions

(After Putting All Studies Together)

Although firstly Very Short Term and intraday correction expectation in the beginning of next week but finally up moves of Wave-B will remain continued towards above mentioned next resistances. 

Expected that Nifty will not be able to sustain above next resistance(11244) and Bank Nifty will also not be able to sustain above next resistance(23065) and finally corrective Wave-C will begin towards and below the origin of Wave-B(7511.10 & 16116.3) after complete selling patterns formation on intradaay and EOD charts.

Break out of 10596-10827 will generate next decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(17-07-2020)

Nifty-Intra Day Chart Analysis(16-Jul-2020)

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Consolidation between 10596-10625(Immediate Supports)
2- Consolidation between 10630-10696(Immediate Supports)
3- Sharp up in last half hour
4- Whole day actual trading between 10596-10755

Conclusions from intra day chart analysis 

As whole day good consolidation therefore sharp up in last half hour was seen but equally good selling at higher levels between 10768-10827 yesterday hence could not move above it today. 

Last 2 sessions trading between 10596-10827 with lower levels good consolidation and higher levels good selling therefore Nifty will trade within this range tomorrow and prepare for next decisive moves within this range and finally break out this range will generate next decisive moves which should be firstly watched in the coming sessions.

Follow up selling tomorrow will mean deeper correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-07-2020)

Nifty-Intra Day Chart (15-Jul-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel
2- Selling between 10768-10827(Immediate Resistances)
3- Sharp fall in last hours
4- Whole day actual trading between 10578-10827

Conclusions from intra day chart analysis 

As strong closing of US markets yesterday and most Asian markets were also trading with good gains as well as expectations from AGM of RIL at 02:00 PM today therefore up moves were seen after strong opening but Up moves were in Bearish Rising Channel and selling developed at higher levels. 

As soon as AGM of RIL begins then sharp fall started which remain continued till last 15 Minutes because good selling was done on the back of heated sentiments which developed due to above mentioned positive developments.

As higher levels good selling today and once follow up selling tomorrow will mean correction continuation towards and below yesterday mentioned supports. Some supports was seen at lower levels(10563) yesterday and today also got supports just above it therefore firstly sustaining it beyond should be watched tomorrow for correction continuation confirmations which may be deeper also. 

Finally correction after fresh selling in the coming 1/2 selling

Nifty-Intra Day Chart Analysis & 

Market Outlook(15-07-2020)

Nifty-Intra Day Chart Analysis(14-Jul-2020)

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 10700-10741
2- Selling between 10622-10667
3- Down moves in Bullish Falling Channel
4- Sideways trading between 10595-10642
5- Whole day actual trading between 10563-10755

Conclusions from intra day chart analysis 

As all the Asian markets were weak after US markets sharp fall from higher levels therefore Indian markets slipped sharply after minor gap down opening and selling was seen in first 3 hours. Some supports was also seen at lower levels after some consolidation through Down moves in Bullish Falling Channel and sideways trading was seen in last 2 hours between 10595-10642 therefore Firstly Nifty will trade and prepare for next moves between and near about 10563-10642 tomorrow.

Next supports below today lowest are as follows:- 

1- 10498-10535
2- 10400-10447
3- 10299-10358
4- 10224-10320
5- 10082-10133
6- 9866-9922

Expected that finally correction will be seen below today lowest(10563) and towards above supports after fresh selling in the coming 1/2 selling.

Watch Levels for deeper correction confirmations after US markets weakness

Pre-open Outlook(14-07-2020)

As Dow Jones was trading more than 500 points up and some supports was at lower levels yesterday therefore firstly up moves were expected for today but Dow Jones closed only 10 points up after loosing 554 points from higher levels and Nasdaq closed 226 points down after loosing 434 points from higher levels yesterday and resultant all the Asian markets are now trading in Red.

Sentiment is weaker today morning therefore negative opening will be seen in Indian markets today hence firstly sustaining below yesterday lowest(10757) for first indication and finally sustaining below below 10676 should be watched today for deeper correction confirmations. 

10894 will confirm more up moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(14-07-2020)

Nifty-Intra Day Chart Analysis(13-Jul-2020)

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 10850-10894
2- Down moves in Bullish Falling Channels
3- Whole day actual trading between 10757-10894

Conclusions from intra day chart analysis 

Although firstly selling after strong opening and after that down moves were also seen till 02:30 PM  but Down moves in Bullish Falling Channels therefore some supports were seen at lower levels.

As Dow Jones  is now trading more than 500 points up and some supports at lower levels today therefore firstly up moves will be seen tomorrow. Short Term Indicators are Over bought and some selling at higher levels also today therefore sustaining above today highest(10894) will confirm more up moves which should be firstly watched tomorrow.