Bullish rally continuation and Short Term correction only after fresh selling patterns formations

Technical Analysis,Research & Weekly Outlook

(Aug 16 to Aug 20,2021)

Nifty-EOD Chart Analysis

(MACD & Stochastic)

Nifty-EOD Chart (13-Aug-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 continuation with recent high and new life time top formation at 16543.60 on 13-08-2021

2- Stochastic- %K(5) is at 83.94 & %D(3) is at 73.43

3- Stochastic- %K(5) line has intersected %D(3) line upward and both lines are rising within and towards Over bought zone.

4- In MACD- MACD line  has intersected Average line upward and both lines are rising in positive zone.

 

Conclusions from EOD chart analysis

(Stochastic & MACD)

As in Stochastic indicator %K(5) line has intersected %D(3) line upward and both lines are rising within and towards Over bought zone therefore some more up moves are firstly expected in the beginning of next week. Let some selling develop on intraday and EOD charts and both lines of Stochastic to move into overbought zone as well as %K(5) line to intersect %D(3) downward then Short term correction will be considered.

As in MACD indicator MACD line  has intersected Average line upward and both lines are rising in positive zone therefore emergence of some more up moves expectations in next week.

Nifty-Intra Day Chart Analysis

(13-Aug-2021)

Nifty-Intra Day Chart (13-Aug-2021):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 16377-16543

Conclusions from intra day chart analysis 

As whole day up moves with downward corrections after positive opening and selling patterns were not seen therefore on going rally continuation is expected in the beginning of next week. 

Although sentiment has turned heated but selling patterns were not seen last Friday therefore let intraday selling patterns develop then Short Term correction will be considered.

Conclusions

(After Putting All Studies Together)

All the trends are up and Bullish rally continuation as well as no selling patterns formations on EOD and intraday charts therefore on going rally continuation is expected in the beginning of next week because indicators are also suggesting some more immediate up moves.

As in Stochastic both lines are rising within and towards Over bought zone therefore some more up moves are firstly expected in the beginning of next week but this indicator may turn Overbought after some more up moves then Short Term correction will be seen but only after complete fresh selling patterns formations minimum on intraday charts.

Levels will confirm next 

Short term trend

Nifty-Intra Day Chart Analysis & 

Market Outlook(13-08-2021)

Nifty-Intra Day Chart (12-Aug-2021):-

Technical Patterns formation in today intraday charts

1- Whole day slow up moves

2- Whole day actual trading between 16287-16375

Conclusions from intra day chart analysis 

Selling was seen between 16301-16359 on 10-08-2021 and Nifty traded within this range with slow up moves almost whole day today. 

As clear buying and selling patterns were not seen between 16287-16375 today therefore firstly sustaining it beyond should be watched tomorrow for next Short term trend confirmations.

Next resistances range will 

confirm rally or correction

Nifty-Intra Day Chart (11-Aug-2021):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels

2- Sharp up moves

3- Whole day actual trading between 16163-16338

Conclusions from intra day chart analysis 

As good selling yesterday therefore down moves were seen below 16200 today but these down moves were in Bullish Falling Channels hence sharp up moves also seen above today lowest. 

Expected that up moves will be seen towards next resistances between 16301-16359 and firstly sustaining it beyond should be watched tomorrow for rally continuation above 16359 and correction continuation below 16301. 

Fresh selling will mean 

Short Term correction 

below 16200 and towards 16000

Nifty-Intra Day Chart Analysis &

Market Outlook(11-08-2021)

Nifty-Intra Day Chart (10-Aug-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 16301-16359(immediate resistances)

2- Sharp fall

3- Slow up moves

4- Whole day actual trading between 16203-16359

Conclusions from intra day chart analysis 

Although up moves started after positive opening but more than 4 hours selling between 16301-16359 hence sharp fall was seen in Mid-session. As minor supports at lower levels therefore slow up moves in last hour but until complete consolidation will not develop till then Nifty will not be able to sustain above today highest and fresh selling in the coming 1/2 sessions will mean Short Term correction below 16200 and towards 16000.

16179-16320 will confirm 

next decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(10-08-2021)

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

Technical Patterns formation in today intraday charts

1- Selling between 16280-16320

2- Selling between 16244-16264

3- Down moves in Bullish Falling Channel

4- Up moves with downward corrections

5- Whole day actual trading between 16179-16320

Conclusions from intra day chart analysis 

As selling in first 3 hours therefore down moves were seen till 01:45 PM but after this 15 minutes down moves were in Bullish Falling Channel and last 2 hours up moves were with downward corrections hence lower levels good consolidation will also be understood today.

Both lower levels consolidation and higher levels selling between 16179-16320 therefore Nifty will firstly trade and prepare for next decisive moves within this range and finally sustaining it beyond will confirm it hence should be firstly watched in the coming sessions.