Finally 45 sessions range break out Will generate huge moves and till then trade according to given levels
Technical Analysis,Research &
Weekly Outlook(Apr 12 to Apr 16,2021)
Nifty-EOD Chart Analysis(Averages)
Nifty-EOD Chart (09-Apr-2021):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-3 completion indications at 15431.8 on 16-02-2021
2- Last 45 sessions sideways correction with recent bottom formation at 14264.4 on 25-03-2021
3- Double top formations
4- Averages:-
A- 5-Day SMA is today at 14769
B- 13-Day SMA is today at 14706
C- 55-Day SMA is today at 14785
D- 200-Day SMA is today at 12809
5- Nifty is hovering around Short and Intermediate Term Average the last 34 sessions(5,13 & 55-Day SMA)
Conclusions from Weekly chart analysis(Averages)
As last 45 sessions sideways correction with recent bottom formation at 14264.4 on 25-03-2021 therefore impulsive Wave-3 completion indications at 15431.8 on 16-02-2021.
Nifty is hovering around Short and Intermediate Term Average the last 34 sessions(5,13 & 55-Day SMA) and decisive direction of these Averages will confirm next big moves.
Nifty-Weekly Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (09-Apr-2021):-
Technical Patterns and Formations in Weekly charts
1- Stochastic %K(5) is at 78.45 & %D(3) is at 70.82
2- Stochastic- %K(5) line has intersected %D(3) line up and moving towards Overbought zone
3- MACD line has intersected Average line upward
4- Last 45 sessions sideways trading between 14265-15431
Conclusions from Weekly chart analysis
(Stochastic & MACD)
As upward intersection in both MACD and Stochastic therefore suggesting some up moves but Stochastic is just below Overbought zone therefore these up moves may fuse also.
Last 45 sessions sideways trading between 14265-15431 and Nifty is preparing for next big moves within this range as well as finally sustaining beyond this range will confirm it which should be watched in the coming week/weeks.
Nifty-Last 3 Sessions intraday charts analysis
Nifty-Intra Day Chart (Apr 07 to Apr 09,2021):-
Technical Patterns formation in last 3 Sessions intraday charts
1- sideways trading between 14717-14805 on 07-04-2021
2- sideways trading between 14777-14879 on 07-04-2021
3- Up moves in Bearish Rising Channel on 08-04-2021
4- Selling between 14929-14984 on 08-04-2021
5- Selling between 14848-14918 on 09-04-2021
6- Selling between 14822-14857 on 09-04-2021
7- 3 Sessions actual trading between 14650 -14984
Conclusions from 3 Sessions intra day chart analysis
As accommodative stance extension by RBI in its Credit Policy therefore up moves were seen despite sideways trading on 07-04-2021 and these up moves remained continued next day also.
Sufficiently good selling patterns formations in last 2 sessions of previous week and if follow up selling develops then down moves below last 3 sessions lowest(14650) will be seen in the coming 2/3 sessions of next week.
Nifty-Intra Day Chart Analysis(09-Apr-2021)
Nifty-Intra Day Chart (09-Apr-2021):-
Technical Patterns formation in today intraday charts
1- Selling between 14848-14918
2- Sharp fall
3- Selling between 14822-14857
4- Whole day actual trading between 14786-14918
Conclusions from intra day chart analysis
As whole day good selling last Friday therefore down moves below last Friday lowest are expected in the beginning of next week.
Conclusions (After Putting All Studies Together)
Waves structure of Nifty EOD chart was updated in previous weekly outlook and no material change in its structure since then therefore not being posted in this Weekly Outlook.
1- Long Term Trend is up.
2- Intermediate Term Trend is sideways between 14265-15421 for the last 45 sessions.
3- Short Term Trend is sideways.
That correction which started after impulsive Wave-3 completion at 15431.8 on 16-02-2021,is very much on in sideways manner and no indication of its completion yet because Nifty closed at 14834.85 last Friday which is almost in the middle of last 45 sessions trading range(14265-15421) as well as following multiple supports and resistances are lying below and above last Friday closing.
Next supports of Nifty are as follows:-
1- 14736-14771
2- 14670-14722
3- 14502-14546
4- 14424-14463
5- 14365-14390
6- 14272-14314
Next resistances of Nifty are as follows:-
1- 14848-14918
2- 14929-14984
3- 14997-15046
4- 15158-15196
5- 15201-15241
6- 15262-15319
7- 15335-15421
As above supports and resistances therefore Nifty has to prepare for any side one sided moves which will be done in coming week/weeks. Let market prepare then will be updated according to coming sessions intraday charts patterns formations and till then trading should be done after keeping in mind above given supports and resistances.
It is confirm that finally sustaining beyond last 45 sessions trading range(14265-15421) will generate huge one sided moves and till then trading should be done according to 45 sessions sideways market levels(supports and resistances).