Crucial levels break out/down will confirm Strong rally or Deeper correction

Technical Analysis,Research & Weekly Outlook

(Jul 12 to Jul 16,2021)

Nifty-EOD Chart Analysis 

(Waves structure)

Nifty-EOD Chart (09-Jul-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 15915.60 on 28-06-2021.

7- Last 29 sessions sidewys trading between 15451-15915 from 01-06-2021 to 09-07-2021

 

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-5 continuation with new life time top formation at 15915.60 on 28-06-2021 and no indication of its completion yet on EOD charts. As last 29 sessions like big sideways trading between 15451-15915 and Nifty is preparing for next big moves within this range therefore finally break our/down of this range will form next trend.

Nifty-Last 14 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Jun 22 to Jul 09,2021):-

Technical Patterns formation in last 14 Sessions intraday charts

1- 4 Times resistances above 15880 in last 14 Sessions are as follows:-

A- 15895.8 on 22-06-2021 

B- 15915.6 on 28-06-2021   

C- 15914.2 on 06-07-2021

D- 15893.5 on 07 & 08-07-2021   

2- 3 Times supports below 14700 in last 14 Sessions are as follows:-

A- 15674 on 23-06-2021

B- 15636 on 02-07-2021

C- 15632.8 on 09-07-2021

3- 14 Sessions actual trading between 15636-15915 

Conclusions from 14 Sessions intra day chart analysis 

Extreme sideways trading within 279 points in last 14 sessions between 15636-15915 and surprisingly Nifty got 3 times supports below 14700 and faced 4 times resistance also above 15880 therefore it will be understood that Nifty is trading within this range for a big move and finally sustaining it beyond will confirm:-

1- Strong rally beginning above 15915.    

2- First strong signal of Short Term correction beginning below 15636.

Nifty-Intra Day Chart Analysis

(09-Jul-2021)

Nifty-Intra Day Chart (09-Jul-2021):-

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- Down moves in Bullish Falling Channel

3- Consolidation between 15651-15707

4- Whole day actual trading between 15633-15730

Conclusions from intra day chart analysis 

Although whole day negative zone trading and Red closing also last Friday but selling patterns were not seen and on the contrary consolidation developed through above mentioned manner hence up moves will be seen above last Friday highest(15730) in the beginning of next week.

Conclusions (After Putting 

All Studies Together)

1- Long Term Trend is up

2- Intermediate Term Trend is sideways between 15451-15915 for the last 29 sessions 

3- Short Term Trend is sideways between 15636-15915 for the last 14 sessions 

Next resistances(within last 29 sessions range) above last Friday closing are as follows:-

A- 15828-15842  

B- 15845-15871

C- 15873-15911

Next supports(within last 29 sessions range) below last Friday closing are as follows:-

A- 15651-15682

B- 15618-15647

C- 15542-15586

D- 15460-15537(Strong supports)

Indian markets are Bullish and Long Term Trend is up but sideways trading between 15451-15915 with above mentioned supports and resistances within this last 29 sessions like big crucial trading range. As both supports and resistances are equally strong within this range therefore Nifty will have to trade and prepare for next decisive moves within it in the coming week.

It is confirm that until Nifty will not completely prepare for those one sided big decisive moves till then this range(15451-15915) will not be broken out/down. Let Nifty prepare then finally sustaining beyond or forceful break out/down of this range should be firstly watched in the coming week/weeks for:-

1- Strong rally above 15915. 

or 

2- Deeper correction below 15451.

 Firstly watch 15682-15885 for the life of today started correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(09-07-2021)

Nifty-Intra Day Chart (08-Jul-2021):-

Technical Patterns formation in today intraday charts

1- Whole day Down moves with upward corrections

2- Support between 15682-15730

3- Whole day actual trading between 15682-15885

Conclusions from intra day chart analysis 

Although Nifty closed at day's top and life time highest also yesterday but we were cautions because selling was also seen in last hours therefore we told following lines yesterday in "Firstly watch today highest for Rally above new Life time highest":-

1- fresh consolidation is firstly required tomorrow for rally above today highest

2- firstly sustaining above it should be watched tomorrow for rally continuation above new life time highest.

As follow up selling developed today therefore down moves remained continued with upward corrections. Lower levels some supports was also seen in last hours between 15682-15885 which should be firstly watched tomorrow for the life of today started correction.

 Firstly watch today highest for Rally above new Life time highest

Nifty-Intra Day Chart Analysis & 

Market Outlook(08-07-2021)

Nifty-Intra Day Chart (07-Jul-2021):-

Technical Patterns formation in today intraday charts

1- Consolidation between 15797-15820

2- Consolidation between 15814-15845

3- Up moves in Bearish Rising Channels

4- Whole day actual trading between 15780-15893

Conclusions from intra day chart analysis 

Although weaker opening but firstly more than 4 hours consolidation was seen therefore up moves remain continued till last minutes and closing was near the higher levels of the day.

As some selling was also seen in last hours through up moves in Bearish Rising Channels therefore fresh consolidation is firstly required tomorrow for rally above today highest and firstly sustaining above it should be watched tomorrow for rally continuation above new life time highest.

Down moves towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(07-07-2021)

Nifty-Intra Day Chart (06-Jul-2021):-

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channels

2- Selling between 15876-15914 

3- Sharp down moves in last 2 hours

4- Whole day actual trading between 15801-15914

Conclusions from intra day chart analysis 

Multiple resistances were updated between 15810-15894 yesterday and fresh selling was seen within it today therefore Sharp down moves in last 2 hours and no consolidation pattern formations hence more down moves will be seen below 15801 and towards following next supports:-

1- 15656-15709

2- 15618-15647

3- 15542-15586

15803-15845 will confirm 

next decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-07-2021)

Nifty-Intra Day Chart (05-Jul-2021):-

Technical Patterns formation in today intraday charts

1- Sharp up after gap up opening 

2- More than 6 hours trading between 15803-15845 with Up moves in Bearish Rising Channels and downward corrections

3- Whole day actual trading between 15763-15845

Conclusions from intra day chart analysis 

Following lines were told on 03-07-2021 in "Last 24 Sessions trading range break out will confirm more than 3% one sided big moves":-

1- Short Term up moves are on cards.

2- up moves are expected in the beginning of next week above last 2 sessions highest(15755)

3- up moves are expected in the beginning of next week.

4- Selling(Resistances) in last 24 Sessions  are as follows:-

A- 15810-15839  

B- 15840-15874

C- 15873-15894

As was told on 03-07-2021 and 100% same happened today firstly through sharp up after gap up opening and after that more than 6 hours trading within and near about above mentioned 1st resistance range between 15803-15845.

As both selling through Up moves in Bearish Rising Channels and consolidation also was seen with downward corrections in last 6 hours today therefore Nifty will firstly trade between 15803-15845 tomorrow and finally sustaining it beyond will confirm next decisive moves beginning hence should be firstly watched for:- 

1- Decisive up moves beginning above 15845 but firstly more consolidation is required because above mentioned 2 resistances are lying above it. 

2- Sustaining below 15803 will mean sharp fall.