59 Sessions correction with Bullish flag formation amid Corona tsunami led most depressed sentiments 

Technical Analysis,Research & Weekly Outlook

(May 03 to May 07,2021)

Nifty-EOD Chart Analysis 

(Waves structure)

Nifty-EOD Chart (30-Apr-2021):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020  

2- Impulsive Wave-1 completion at 11794.30 on 31-08-2020 and corrective Wave-2 beginning

3- Corrective Wave-2 completion at 10790.20 on 24-09-2020 and Impulsive Wave-3 beginning

4- Impulsive Wave-3 completion after new life time top formation at 15431.8 on 16-02-2021

5- Corrective Wave-4 continuation in last 59 sessions with recent bottom formation at 14151.4 on 22-04-2021 and Bullish flag formation during this correction

6- Post Budget day last 59 sessions from 02-02-2021 to 30-04-2021 sideways trading between 14152-15431.

Conclusions from EOD chart analysis(Waves structure)

Impulsive Wave-3 completion after new life time top formation at 15431.8 on 16-02-2021 and after that corrective Wave-4 started which is in continuation with Bullish flag formation for last 59 sessions with recent bottom formation at 14151.4 on 22-04-2021.

Nifty-Weekly Chart Analysis

(Stochastic)

Nifty-EOD Chart (30-Apr-2021):-

Technical Patterns and Formations in Weekly charts

1- Stochastic %K(5) is at 70.27 & %D(3) is at 84.55

2- Stochastic- %K(5) line has intersected %D(3) line downward and started to move down from Overbought zone

3- Last 59 sessions sideways trading between 14152-15431 

 

Conclusions from Weekly chart analysis

(Stochastic)

Last 59 sessions sideways trading between 14152-15431 and in Short term indicator Stochastic %K(5) line has intersected %D(3) line downward as well as started to move down from Overbought zone therefore down moves towards last sessions lowest(14152) is expected in next week.

Nifty-Intra Day Chart Analysis

(30-Apr-2021)

Nifty-Intra Day Chart (30-Apr-2021):-

Technical Patterns formation in today intraday charts

1- 4 Hours selling between 14789-14855(immediate Resistances)

2- Down moves with upward corrections

3- Whole day actual trading between 14602-14855

Conclusions from intra day chart analysis 

As firstly 4 Hours good selling therefore down moves started which remained continued till last minute because selling continuation through upward corrections. As whole day selling last Friday therefore down moves will be seen in the beginning of next week. 

As good selling between 14789-14855 therefore this range will be immediate resistances of Nifty and until Nifty will not sustain above 14855 till then decisive up moves will not be seen. 

Conclusions

(After Putting All Studies Together)

1- Long Term Trend is up.

2- Intermediate Term Trend is sideways between 14152-15431 for the last 59 sessions.

3- Short Term Trend is sideways between 14152-15044 for the last 15 sessions

Although most depressed sentiments due to Corona tsunami in India which is far more dangerous than 2020 but indian markets have not crashed like 2020 but traded sideways between 14152-15431 for the last 59 sessions after impulsive Wave-3 completion at 15431.8 on 16-02-2021. As following equally strong supports and resistances are lying beyond last Friday closing therefore Nifty will trade within last 59 sessions trading range in next week:- 

Next supports are as follows:- 

1-14566-14592

2-14457-14523

3-14316-14359

4-14192-14294

Next resistances are as follows:- 

1- 14789-14855

2- 14871-14957

3- 15010-15044

4- 15158-15196

5- 15201-15241  

6- 15262-15319

7- 15335-15421

As Wave-4 correction with Bullish flag formation therefore at present deeper correction will not be considered and finally sustaining beyond or forceful break out of last 59 sessions trading range(14152-15431) should be watched for:- 

1- Impulsive Wave-5 beginning above 15431

2- Wave-4 correction continuation with deeper correction possibility below 14152

 Expectations of down moves below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-04-2021)

Nifty-Intra Day Chart (29-Apr-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 15010-15044 in first 20 minutes

2- Sharp fall

3- Last 6 hours sideways trading between 14815-14957 with selling patterns between 14871-14957

4- Whole day actual trading between 14815-15044

Conclusions from intra day chart analysis 

Following lines were told on 29-04-2021 in "Sideways market expectations":-

1- up moves are expected towards 14970

2- sideways market is expected tomorrow

3- Resistances between 14821-14970

As was told 100% same happened in following manner:-

1- Up moves were seen towards and above 14970 

2- 6 Hours sideways trading was seen between 14815-14957

3- Most time trading and closing(14894.90) within resistances(14821-14970)

As all the Asian markets were trading in Green and Dow Jones Futures was more than 100 points up therefore strong opening of Indian markets but selling developed hence sharp fall was seen.

Although 6 hours sideways trading between 14815-14957 but selling patterns formations within this range between 14871-14957 therefore emergence of down moves beginning strong signals  because these selling patterns were within above mentioned resistances(14821-14970) which have turned strong after follow up selling within this range today.

As follow up selling within resistance ranges therefore expected that down moves will be seen below today lowest(14815)

 Sideways market expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-04-2021)

Nifty-Intra Day Chart (28-Apr-2021):-

Technical Patterns formation in today intraday charts

1- Consolidation between 14731-14762

2- Whole day up moves with downward corrections

3- Whole day actual trading between 14695-14890

Conclusions from intra day chart analysis 

As firstly consolidation after strong gap up opening therefore whole day up moves were seen with downward corrections and closing was near the higher levels of the day with 1.44% gains. 

Following resistances were updated on 24-04-2021 in "Forceful break down will confirm deeper correction and break out will generate 1st signal of up moves beginning":-

F- 14821-14970 

Nifty consolidated last 3 hours between above resistance range and closed also within it therefore up moves are expected towards 14970 but resistances are strong hence sideways market is expected tomorrow because complete fresh consolidation is required for sustaining above today highest.

 14649-14697 will confirm next trend

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-04-2021)

Nifty-Intra Day Chart (27-Apr-2021):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 14485-14667

 

Conclusions from intra day chart analysis 

As whole day up moves with downward corrections and selling patterns were not seen therefore on going Pull back rally continuation will be expected tomorrow but following resistances should be firstly watched tomorrow which were updated on 24-04-2021 in "Forceful break down will confirm deeper correction and break out will generate 1st signal of up moves beginning":-

D- 14649-14697(Strong resistances) 

Nifty traded some time in last hour within above mentioned strong resistances and closed also within it but complete fresh consolidation and sustaining above 14697 is firstly required for on going rally continuation. As very Short Term indicators have turned over bought and strong resistances above today closing therefore if fresh selling develops tomorrow then correction of last 4 sessions rally will be seen.

As next trend confirmation will be sustaining beyond 14649-14697 therefore should be firstly watched in the coming sessions.

 As busy therefore Stock Market Outlook of today(27-04-2021) is not being updated.