Firstly Pull Back Rally continuation and its completion consideration below 14789
Technical Analysis,Research & Weekly
Outlook(May 10 to May 14,2021)
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (07-May-2021):-
Technical Patterns and Formations in EOD charts
1- Stochastic %K(5) is at 64.47 & %D(3) is at 43.12
2- Stochastic- %K(5) line has intersected %D(3) line upward and moving towards Overbought zone
3- MACD line has intersected Average line upward
4- Last 64 sessions sideways trading between 14152-15431
Conclusions from EOD chart analysis
(Stochastic & MACD)
As upward intersection in both MACD and Stochastic therefore suggesting some up moves in the beginning of next week.
Last 64 sessions sideways trading between 14152-15431 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 21 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Apr 07 to May 07,2021):-
Technical Patterns formation in last 21 Sessions intraday charts
1- Selling(Resistances) in last 21 Sessions are as follows:-
A- 14789-14863
B- 14871-14957
C- 15010-15044
2- Consolidation(Supports) in last 21 Sessions are as follows:-
A- 14674-14707
B- 14612-14648
C- 14477-14567
D- 14452-14472
E- 14316-14354
F- 14192-14294
3- 21 Sessions sideways trading between 14152-15044
Conclusions from 21 Sessions
intra day chart analysis
Last 64 sessions sideways trading between 14152-15431 and Nifty is trading between 14152-15044 for the last 21 sessions.
Certainly there are multiple resistances above 15000 but now above mentioned 3 resistances are also lying within and above last Friday highest. As above mentioned 6 supports are also below last Friday lowest therefore firstly Nifty will have to trade and prepare for next decisive moves within last 21 sessions sideways trading range(14152-15044).
As both strong resistances at higher levels and lower levels equally strong supports therefore more or less sideways trading is expected firstly between 14152-15044 and maximum finally between 14152-15431.
Nifty-Intra Day Chart Analysis
(07-May-2021)
Nifty-Intra Day Chart (07-May-2021):-
Technical Patterns formation in today intraday charts
1- Selling Patterns formation between 14820-14863
2- Whole day actual trading between 14766-14863
Conclusions from intra day chart analysis
Although whole day Green zone trading after gap up opening and 0.67% positive closing also but higher levels selling patterns formation which were within previous resistance range(14789-14855).
As follow up selling was seen within next resistance(14789-14855) last Friday therefore if fresh selling develops between or near about it in the coming week then previous week started Pull Back rally completion will be considered after sustaining below 14789.
Conclusions
(After Putting All Studies Together)
As 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 14152-15431 for the last 64 sessions.
3- Short Term Trend is up.
Although Indian Corona cases crossed 4 lac mark in previous week but Pull back rally was seen and Nifty closed at the top of last week.
As Short term indicator Stochastic is moving upward and %K(5) line has also intersected %D(3) line upward as well as not Over bought therefore indications of Pull Back rally continuation in the beginning of next week because MACD is also showing up trend through MACD line upward intersection of Average line.
Firstly up moves are expected towards above mentioned next resistances but some intraday selling patterns were seen last Friday which were within next resistances(14789-14855).If follow up selling develops in next week then on going Pull Back Rally completion and decisive down moves beginning will be considered as well as its first signal will be after sustaining below 14789.
