Crucial level will confirm next trend
Technical Analysis,Research & Weekly
Outlook(Jun 21 to Jun 25,2021)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (18-Jun-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
3- Corrective Wave-2 completion at 10790.20 on 24-09-2020
4- Impulsive Wave-3 completion after new life time top formation at 15431.8 on 16-02-2021
5- Corrective Wave-4 completion at 14151.4 on 22-04-2021
6- Impulsive Wave-5 continuation with recent high and new life time top formation at 15901.60 on 15-06-2021
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-5 continuation with new life time top formation at 15901.60 on 15-06-2021 and no indication of its completion yet on EOD charts therefore it will remain continued in the coming weeks/months
Nifty-EOD Chart Analysis
(MACD & Stochastic)
Nifty-EOD Chart (18-Jun-2021):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-5 continuation with recent high and new life time top formation at 15901.60 on 15-06-2021
2- Stochastic %K(5) is at 44.97 & %D(3) is at 60.52
3- Stochastic- %K(5) line has intersected %D(3) line downward and both lines falling from Overbought zone
4- In MACD- MACD line has intersected Average line downward and both lines are falling in positive zone.
5- Last 14 sessions sideways trading between 15451-15901
Conclusions from EOD chart analysis
(Stochastic & MACD)
As in Stochastic %K(5) line has intersected %D(3) line downward and both lines falling from Overbought zone therefore expected that Short Term correction will remain continued in next week
As MACD line has intersected Average line downward and both lines are falling in positive zone therefore confirmation of downward trend formation and emergence of down moves expectations in next week.
Last 14 sessions sideways trading between 15451-15901 and finally sustaining beyond or forceful break out of this range will confirm next big moves which should be firstly watched in the coming week/weeks.
Nifty-Last 14 Sessions intraday
charts analysis
Nifty-Intra Day Chart (Jun 01 to Jun 18,2021):-
Technical Patterns formation in last 14 Sessions intraday charts
1- Selling(Resistances) in last 14 Sessions are as follows:-
A- 15716-15744(Strong resistances)
B- 15770-15835
C- 15873-15894
2- Consolidation(Supports) in last 14 Sessions are as follows:-
A- 15618-15647
B- 15542-15586
C- 15460-15537(Strong supports)
3- Last 14 sessions sideways trading between 15451-15901
Conclusions from 14 Sessions
intra day chart analysis
Nifty closed at 15683.35 on 18-06-2021 and above mentioned equally strong Supports/Resistances are lying just above and below it therefore Nifty will firstly trade and prepare for next trend within last 14 sessions trading range in the beginning of next week.
As finally sustaining beyond or forceful break out of 15451-15901 will form next trend therefore should be firstly watched in next week for its confirmations.
Conclusions (After Putting All Studies Together)
1- Long Term Trend is up
2- Intermediate Term Trend is up
3- Short Term Trend is sideways between 15451-15901 for the last 14 sessions
Impulsive Wave-5 continuation with new life time top formation and no indication of its completion yet on EOD charts but Short Term indicators are suggesting that Short Term correction is on cards and that may be seen in next week/weeks.
Although strong resistances are lying above last Friday closing but equally strong supports have also been developed below it in the last 14 sessions therefore Nifty will firstly trade above last 14 sessions lowest(15451) and prepare for next trend in next week.
As follow up moves and finally sustaining beyond 15451 will form next trend therefore it has become crucial level for next trend confirmations hence should be firstly watched in next week amid firstly down moves expectations towards or below it.
