Nifty above 50,000 if Modi ji continue as Prime Minister of India till 2034
Technical Analysis,Research & Weekly
Outlook(Jun 07 to Jun 11,2021)
Nifty-Weekly Chart Analysis
(Waves structure)
Nifty-Weekly Chart (04-Jun-2021):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-5 completion after new life time high formation at 12430.50 on 20-01-2020 and Wave-A of "ABC" correction beginning
2- Wave-A (11614.50 on 03-02-2020)
3- Wave-B (12246.70 on 14-02-2020)
4- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020
5- Impulsive Wave-1 completion at 11794.30 on 31-08-2020
6- Corrective Wave-2 completion at 10790.20 on 24-09-2020
7- Impulsive Wave-3 completion after new life time top formation at 15431.8 on 16-02-2021
8- Corrective Wave-4 completion at 14151.4 on 22-04-2021
9- Impulsive Wave-5 continuation with recent high and new life time top formation at 15,733.60 on 04-06-2021
10- Weekly white Candle formation at life time highest
Conclusions from Weekly chart
analysis(Waves structure)
As Weekly white Candle formation at life time highest and no selling pattern formation on weekly charts therefore indications of on going impulsive Wave-5 continuation in the coming weeks and months. It should also be kept in mind that Short to Intermediate Term corrections are parts of Bullish rallies and those will also be seen time to time but rally will remain continued.
Nifty-EOD Chart Analysis
(MACD & Stochastic)
Nifty-EOD Chart (04-Jun-2021):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-5 continuation with recent high and new life time top formation at 15,733.60 on 04-06-2021
2- Stochastic %K(5) is at 85.38 & %D(3) is at 85.10
3- Stochastic- Stochastic- %K(5) line and %D(3) line are kissing Overbought zone
4- Stochastic is showing negative divergence in over bought zone through moving down when Nifty is moving up.
5- In MACD- MACD line is above Average line and its both lines are rising in positive zone.
Conclusions from EOD chart analysis
(Stochastic & MACD)
Although MACD is showing up trend through MACD line is above Average line and its both lines are rising in positive zone but Short Term indicator Stochastic is showing stronger indications of Short Term correction because;-
1- Both %K(5) line and %D(3) line are kissing Overbought zone
2- Stochastic is showing negative divergence in over bought zone
Therefore fresh selling patterns on intraday and EOD charts in the beginning of next week will mean
Short Term correction will be seen in next week.
Nifty-Last 2 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Jun 03 & Jun 04,2021):-
Technical Patterns formation in last 2 Sessions intraday charts
1- Selling at higher levels on 03-06-2021
2- Down moves in Bullish Falling Channel on 03-06-2021
3- Up moves with downward corrections on 03-06-2021
4- Up moves in Bearish Rising Channel on 04-06-2021
5- Sharp fall on 04-06-2021
6- Up moves in Bearish Rising Channel on 04-06-2021
7- Down moves in Bullish Falling Channel on 04-06-2021
8- Up moves in Bearish Rising Channel on 04-06-2021
9- 2 Sessions actual trading between 15611-15733
Conclusions from 2 Sessions
intra day chart analysis
As both consolidation and selling patterns formations in last 2 sessions and Nifty closed also in the middle of last 2 sessions trading range(15611-15733) therefore expected that Nifty will firstly trade and prepare for next decisive moves within it. Firstly sustaining it beyond should be watched in the beginning of next week for rally continuation above 15733 and first indication of Short Term correction beginning below 15611.
Conclusions
(After Putting All Studies Together)
It is the confidence of Indian Stock markets on our greatest Prime Minister Shri Narendra Modi ji that Nifty gained 25% from last year despite 2 violent Corona Virus attacks on India. It means that if Shri Narendra Modi ji will continue as PM of India till 2034 then Nifty will be above 50,000 because Shri Narendra Modi ji like person comes on this earth after millions of years.
All trends are up and strong rally continuation with new life time highest formations as well as no indication of its completion yet.
As Short Term indicator Stochastic is showing Short Term correction signals and last 2 sessions intraday charts are also showing some intraday selling patterns formations therefore if more intraday selling develops in the beginning of next week then Short Term correction will be seen and its first indication will be sustaining below last 2 sessions lowest(15611) which should be firstly watched if correction starts in next week.