Impulsive Wave-5 rally towards its maximum target at 18793 after Short Term correction completion

Technical Analysis,Research & Weekly Outlook

(Aug 09 to Aug 13,2021)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (06-Aug-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- Last 44 sessions sideways trading range(15451-15962) forcefully broken out on 03-08-2021

7- Impulsive Wave-5 continuation with recent high and new life time top formation at 16349.50 on 05-08-2021

 

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-5 continuation with recent high and new life time top formation at 16349.50 on 05-08-2021. As last 44 sessions like big sideways trading range(15451-15962) forcefully broken out in previous week on 03-08-2021 and no indication of impulsive Wave-5  completion yet on EOD charts therefore its continuation will be expected.

Nifty-EOD Chart Analysis

(MACD & Stochastic)

Nifty-EOD Chart (06-Aug-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 continuation with recent high and new life time top formation at 16349.50 on 05-08-2021

2- Stochastic- %K(5) is at 87.87 & %D(3) is at 92.89

3- Stochastic- %K(5) line has intersected %D(3) line downward and both lines are falling in Over bought zone.

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

5- Last 44 sessions sideways trading range(15451-15962) forcefully broken out on 03-08-2021

 

Conclusions from EOD chart analysis

(Stochastic & MACD)

As in Stochastic indicator %K(5) line has intersected %D(3) line downward and both lines are falling in Over bought zone therefore emergence of Short Term correction indications which may be seen in next week.

As in MACD indicator MACD line  has intersected Average line upward and both lines are rising in positive zone therefore emergence of up trend formations signals.

Indicators are suggesting that finally up moves will be seen after next week Short Term correction.

 

Nifty-Last 3 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Aug 04 to Aug 06,2021):-

Technical Patterns formation in last 3 Sessions intraday charts

1- Selling between 16239-16290 on 04-08-2021

2- Consolidation between 16211-16275 on 05-08-2021

3- Sharp Up moves in Mid-session on 05-08-2021

4- Selling between 16306-16349 on 05-08-2021

5- Selling between 16302-16336 on 06-08-2021

6- Sharp fall on 06-08-2021

7- Selling between 16258-16283 on 06-08-2021

8- Down moves in Bullish Falling Channel in last hour on 06-08-2021

9- Last 3 Sessions actual trading between 16177-16349

Conclusions from 3 Sessions

intra day chart analysis 

Last 44 sessions trading range(15451-15962) forcefully broken out on 04-08-2021 and after that last 3 sessions trading were sideways between 16177-16349 with higher levels good selling and lower levels some consolidation also. Although down moves were seen in last hour on 06-08-2021 but were in Bullish Falling Channel therefore lower levels sufficient good supports formations will also be considered in last 3 sessions.  

As both lower levels consolidation and higher levels selling in last 3 sessions between 16177-16349 therefore firstly Nifty will have to trade and prepare for next Short Term trend within this range and finally sustaining beyond or forceful break out/down of this range will confirm it hence should be firstly watched in the beginning of next week.

Conclusions

(After Putting All Studies Together)

All the trends have turned up after forceful break out of last 44 sessions like big sideways trading range(15451-15962) in previous week and impulsive Wave-5 continuation confirmation towards its maximum target at 18793.00.

Calculation of maximum target of Nifty at 18793.00 is as follows:-                                                                                   

As per Elliott Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5. Now impulsive Wave-5 is on and it should not gain more points than Wave-3 has gained.

Impulsive Wave-1 gained=4283.20 points(11794.30-7511.10)

Impulsive Wave-3 gained=4641.60 points(15431.80-10790.20)

Impulsive Wave-5 has gained 2198.10 points till 28-11-2020(16349.50-14151.40)

As according to Elliott Wave theory Wave-5 can not gain more points than Wave-3 gained therefore on going impulsive Wave-5 will gain lesser points than 4641.60.

Impulsive Wave-5 started from 14151.4 on 22-04-2021 and it has to gain less than 4641.60 points therefore maximum target of on going impulsive Wave-5 is 18793.00(14151.40+4641.60)

Although MACD is showing up trend formations but Stochastic is suggesting Short Term correction and intraday charts of last 3 sessions are also showing good selling therefore expected that firstly Short Term correction will be seen below last 3 sessions lowest(16177) and towards 16000 in next week as well as impulsive Wave-5 will start rally towards its maximum target at 18793.00 after correction completion.

Levels will confirm next 

decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-08-2021)

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

Technical Patterns formation in today intraday charts

1- Consolidation between 16211-16275

2- Sharp Up moves in Mid-session

2- Selling between 16306-16349

3- Whole day actual trading between 16211-16349

Conclusions from intra day chart analysis 

Although good selling between 16239-16290 yesterday but follow up selling was not seen and fresh consolidation developed within this range between 16211-16275 today therefore Nifty moved up sharply in Mid-session. As selling developed at higher between 16306-16349 therefore Nifty moved down in last hour and closed below 16300 today. 

As both buying and selling has been seen between 16177-16349 in last 2 sessions therefore Nifty will firstly trade and prepare for next decisive moves within this range as well as finally sustaining beyond this range will confirm next decisive moves hence should be firstly watched tomorrow.

 Follow up selling tomorrow will mean 

Short Term correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-08-2021)

Nifty-Intra Day Chart (04-Aug-2021):-

Technical Patterns formation in today intraday charts

1- Selling Patterns formation between 16239-16290

2- Whole day actual trading between 16177-16290

Conclusions from intra day chart analysis 

Although strong opening and 0.79% Green closing also after whole day positive zone trading but higher levels clear selling Patterns formation between 16239-16290 therefore follow up selling tomorrow will mean Short Term correction will be seen below today lowest(16177) and towards 16000. 

 Rally continuation amid only Short Term correction possibility

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-08-2021)

Nifty-Intra Day Chart (03-Aug-2021):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with small intraday corrections

2- Whole day actual trading between 15915-16146

Conclusions from intra day chart analysis 

As good intraday correction was seen within 2nd last resistance was seen yesterday therefore following line was told yesterday in "Follow up consolidation tomorrow will mean new life time highest formation and rally above 16000":-

high possibility of new life time highest formation and rally above 16000 in this week

As was told yesterday 100% same happened today and:-

1- Strong rally with 1.55% gains was seen today.

2- New life time highest above 15962.30 was formed today.

3- Rally was seen above 16000 with today highest at 16146.9.

As last 44 Sessions trading range has been forcefully broken out and no intraday selling patterns formations today therefore rally will remain continued but Short Term indicators have been Overbought hence only Short Term correction may be seen any day.

 Follow up consolidation tomorrow 

will mean new life time highest 

formation and rally above 16000

Nifty-Intra Day Chart Analysis & 

Market Outlook(03-08-2021)

Nifty-Intra Day Chart (02-Aug-2021):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Up moves with downward corrections

3- Slow up moves

4- Sharp downward corrections

5- Whole day actual trading between 15835-15892

Conclusions from intra day chart analysis 

As firstly consolidation through Down moves in Bullish Falling Channel and Up moves with downward corrections after strong opening therefore after that up moves seen. 

Following next resistances were updated on 31-07-2021 in " Last 43 sessions trading range break out/down will generate next big moves":-

1- 15854-15890 

2- 15921-15962 

Nifty traded almost whole day within 1st resistance range between 15854-15890. As Mid-session up moves were slow therefore sharp downward corrections were also seen and Nifty got supports also below 15854 below last hour sharp up. 

Consolidation patterns were seen within resistance range today and follow up consolidation tomorrow will mean high possibility of new life time highest formation and rally above 16000 in this week.

 Last 43 sessions trading range 

break out/down will generate 

next big moves

Nifty & Bank Nifty Weekly Outlook

(Aug 02 to Aug 30,2021)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (30-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 15962.30 on 16-07-2021.

7- Last 43 sessions sideways trading between 15451-15962 from 01-06-2021 to 30-07-2021

Conclusions from EOD chart

analysis(Waves structure)

Impulsive Wave-5 continuation with recent high and new life time top formation at 15962.30 on 16-07-2021 and no confirmation of its completion yet. 

As last 43 sessions sideways trading between 15451-15962 and finally sustaining beyond this range will form next big moves therefore should be firstly watched for its confirmations in the coming week/weeks. 

Nifty-EOD Chart Analysis

(MACD & Stochastic)

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

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 continuation with recent high and new life time top formation at 15962.30 on 16-07-2021

2- Stochastic %K(5) is at 61.67 & %D(3) is at 59.56

3- Stochastic- Both %K(5) line and %D(3) line are kissing just above equilibrium line.

4- In MACD- Both MACD line  and Average line are kissing just above zero line.

5- Last 43 sessions sideways trading between 15451-15962 from 01-06-2021 to 30-07-2021

 

Conclusions from EOD chart 

analysis(Stochastic & MACD)

Same situation in Stochastic and MACD because in these 2 indicators both lines kissing just above equilibrium line therefore it will be understood that at present Indian markets are directionless and preparing next big moves as well as it will be done in the coming week.

Nifty-Last 2 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Jul 29 & Jul 30,2021):-

Technical Patterns formation in last 20 Sessions intraday charts

1- Volatility in first hour on 29-07-2021

2- Sharp up on 29-07-2021

3- Selling between 15783-15817 on 29-07-2021

4- Selling between 15794-15820 on 30-07-2021

5- Volatility in last 2 hours on 30-07-2021

6- Last 2 Sessions actual trading between 15738-15862

Conclusions from 2 Sessions

intra day chart analysis 

More than 8 hours selling between 15783-15820 in last 2 sessions and closing was also below it at 15763.05 last Friday but high volatility was also seen in last 2 hours on 30-07-2021. As technical positions reverses during such high last Friday like high volatility in which 

1- Nifty formed last 2 sessions intraday highest and 

2- also Nifty came near to last 2 sessions lowest 

Therefore firstly sustaining beyond last 2 sessions trading range(15738-15862) should be watched in the coming week for next decisive moves beginning confirmations.

Conclusions

(After Putting All Studies Together)

1- Long Term Trend is up

2- Intermediate Term Trend is sideways between 15451-15962 for the last 43 sessions(Jun 01 to Jul 30,2021) 

3- Short Term Trend is sideways between 15579-15962 for the last 28 sessions(Jun 22 to Jul 30,2021)

Next resistances within last 43 Sessions trading range are as follows:-

A- 15783-15820

B- 15854-15890(Strong resistances)

C- 15921-15962(Strong resistances)  

Next supports within last 43 Sessions trading range are as follows:-

A- 15606-15661

B- 15542-15579

C- 15460-15537(Strong supports)

Bullish rally is very much on and Long Term Trend is up also but Intermediate Term Trend is sideways between 15451-15962 for the last 43 sessions from Jun 01 to Jul 30,2021 and Nifty is preparing next big moves within this range. 

Next 3 supports and resistances have been updated above which are equally strong therefore firstly Nifty will have to prepare for those big moves within last 43 sessions trading range and that will be done in the coming week/weeks as well as until Nifty will not sustain beyond it or forcefully break out/down it till then we shall not get confirmations of those big moves. 

As 43 sessions like big trading range and its break out/down will certainly generate one sided big moves as well as form next trend therefore let it happen then next trend will get confirmations according to its  break out/down direction and till then Outlook should remain Short Term and within last 43 sessions trading range.

15783 will confirm decisive 

down moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-07-2021)

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

Technical Patterns formation in today intraday charts

1- Volatility in first hour

2- Sharp up

3- Selling between 15783-15817

4- Whole day actual trading between 15738-15817

Conclusions from intra day chart analysis 

Although firstly volatility after positive opening and after that sharp up moves were also seen but higher levels selling between 15783-15817. If follow up selling develops tomorrow also then decisive down moves will be seen towards yesterday lowest and its confirmation will be sustaining below 15783.

 15711 will confirm next 

decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-07-2021)

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

Technical Patterns formation in today intraday charts

1- Whole day only volatility

2- Whole day actual trading between 15514-15767

Conclusions from intra day chart analysis 

Previous 26 Sessions trading between 15579-15962 and last supports within this range between 15460-15537 was updated in this week Outlook. Nifty got supports within this suppport range at 15514 today after 253 points sharp fall from higher levels and after that up moves were seen in last 5 hours.

As technical positions changes fast during such high volatility therefore firstly sustaining beyond 15711 should be watched tomorrow for next decisive moves confirmations because Nifty got supports above it yesterday. 

Sustaining above 15711 will confirm decisive sharp up moves and sustaining below it will confirm correction continuation towards next supports between 15460-15537.

Sideways trading expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-07-2021)

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

Technical Patterns formation in today intraday charts

1- Selling between 15828-15881

2- Down moves with upward corrections

3- Consolidation between 15711-15736

4- Whole day actual trading between 15701-15881

Conclusions from intra day chart analysis 

Although strong opening but selling developed therefore down moves were seen which were with upward corrections hence sharp fall also seen in Mid-session. As lower levels consolidation also in last hours therefore some up moves can not be ruled out towards 15828 and sideways trading is expected between 15701-15828 tomorrow.

 Level will confirm Short/Intermediate 

Term correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-07-2021)

Nifty-Intra Day Chart (26-Jul-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 15854-15881

2- Down moves in Bullish Falling Channel in last hour

3- Whole day actual trading between 15894-15797

Conclusions from intra day chart analysis 

As selling between 15854-15881 in first more than 4 hours therefore down moves were seen in last hour but these down moves were in Bullish Falling Channel hence some up moves towards 15881 can not be ruled out tomorrow.

Clear selling patterns have been seen below 15900 in last 2 sessions and if fresh selling develops in the coming 1/2 sessions also then Short/Intermediate Term correction will be seen and its confirmation will be sustaining below/forceful break down of 15757.

 Finally crucial level will confirm next long Term trend/big moves

Technical Analysis,Research & 

Weekly Outlook(Jul 26 to Jul 30,2021)

Nifty-EOD Chart Analysis

(MACD & Stochastic)

Nifty-EOD Chart (23-Jul-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 continuation with recent high and new life time top formation at 15962.30 on 16-07-2021

2- Stochastic %K(5) is at 50.08 & %D(3) is at 40.57

3- Stochastic- %K(5) line has intersected %D(3) line upward while %K is rising and %D is falling.

4- In MACD- MACD line  has intersected Average line downward and both lines are moving straight near Zero line for the last 7 sessions 

6- Last 38 sessions sidewys trading between 15451-15962 from 01-06-2021 to 23-07-2021

 

Conclusions from EOD chart analysis

(Stochastic & MACD)

Although in Stochastic %K(5) line has intersected %D(3) line upward but %K is rising and %D is falling therefore no clear indication from this indicator

Although in MACD indicator MACD line downward intersection of Average line but both lines are moving straight near Zero line for the last 7 sessions therefore this indicator is also not showing any direction at this moment

Last 38 sessions sideways trading between 15451-15962 with lower levels supports and higher levels resistances therefore Nifty will firstly trade within this range in next week and finally sustaining beyond this range will generate big moves which should be watched in the coming week/weeks.

Nifty-Last 14 Sessions intraday 

charts analysis

Nifty-Intra Day Chart (Jul 05 to Jul 23,2021):-

Technical Patterns formation in last 14 Sessions intraday charts

1- Selling(Resistances) in last 14 Sessions are as follows:-

A- 15921-15962   

2- Consolidation(Supports) in last 14 Sessions are as follows:-

A- 15653-15687 

B- 15579-15620 

3- Supports below last 14 Sessions lowest(15579) are as follows

A- 15542-15579

B- 15460-15537(Strong supports)

4- Last 14/23 Sessions sideways trading between 15579-15962 

Conclusions from 14/23 Sessions 

intra day chart analysis 

Last 14/23 Sessions sideways trading between 15579-15962 with above mentioned supports and resistances within it. As supports below last Friday lowest and resistances above last Friday highest are equally strong therefore expected that Nifty will firstly trade and prepare for next trend within last 14/23 sessions trading range(15579-15962) and finally sustaining it beyond will generate first strong signal of next trend which should be firstly watched in next week.

Nifty-Intra Day Chart 

Analysis(23-Jul-2021)

Nifty-Intra Day Chart (23-Jul-2021):-

Technical Patterns formation in today intraday charts

1- Volatility in first 2 hours after positive opening

2- Up moves in Bearish Rising Channels

3- Slipping from higher levels in last hour

4- Whole day actual trading between 15769-15899

Conclusions from intra day

chart analysis 

Although positive opening but immediately slipping into negative zone and after that volatility was also seen in first 2 hours. As all the up moves were in Bearish Rising Channels therefore Nifty slipped from higher levels in last hour. Although positive closing last Friday with 0.20% gains but selling was also seen therefore fresh consolidation is firstly required in next week for decisive up moves above last Friday highest(15900) and if fresh selling develops in the beginning of next week then Short Term correction will be seen towards 15579. 

Conclusions

(After Putting All Studies Together)

1- Long Term Trend is up

2- Intermediate Term Trend is sideways between 15451-15962 for the last 38 sessions 

3- Short Term Trend is sideways between 15579-15962 for the last 23 sessions 

Last 38 sessions like big sideways trading between 15451-15962 and Short Term indicators are not suggesting any side direction therefore it will be understood that at present Nifty is not prepared for any side big decisive moves and will have to prepare for that which will be firstly done between 15451-15962 in next week/weeks. It should be kept in mind that forceful break out/down or sustaining beyond last 38 sessions trading range is must for next trend and big moves confirmations therefore it has to be watched for confirmations.

Next supports and resistances between last 38 sessions trading range(15451-15962) has been updated above:-  

1- As Only 1 resistance above last Friday highest therefore fresh consolidation in next week will mean high possibility of strong rally above 15962 

2- but complete selling is required for deeper correction beginning below 15451 because multiple 4 supports are lying below last Friday lowest.

Last 38 sessions like big trading range(15451-15962) has become crucial level and will finally confirm next long Term trend/big moves therefore:-

1- until Nifty is sideways between 15451-15962 till then Short/Intermediate Term view should be of within this range,

2- Let Nifty to sustain beyond 15451-15962 or its forceful break out/down happen then Long term view confirmation should be according to its break out/down direction. 

As going out of station to attend 

a marriage therefore

1- Perhaps will be able to post Outlooks from or after 19-07-2021.

but 

2- will post uninterrupted positively from 26-07-2021.

Finally 15845-15877 will confirm the fate of on going rally

Nifty-Intra Day Chart Analysis & 

Market Outlook(15-07-2021)

Nifty-Intra Day Chart (14-Jul-2021):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Sharp up

3- Up moves with downward corrections

4- Mixed Patterns formation between 15845-15877

5- Whole day actual trading between 15764-15877

Conclusions from intra day chart analysis 

Although firstly Very Short Term correction through down moves were seen but were in  Bullish Falling Channel therefore Nifty moved up sharply. As Mid sesssion up moves with downward corrections and last 3 hours trading with Mixed Patterns formation between 15845-15877 therefore Nifty will have to trade and prepare for next decisive moves between and near about 15845-15877 and finally sustaining it beyond will confirm the fate of on going rally.

Very Short Term correction expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(14-07-2021)

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

Technical Patterns formation in today intraday charts

1- Consolidation between 15745-15774

2- Up moves with downward corrections

3- Whole day actual trading between 15745-15820

Conclusions from intra day chart analysis 

As 4 hours selling between 15750-15789 yesterday therefore firstly Nifty consolidated in first 2 hours within and near about it and then after that up moves started. Although last 4 hours up moves with downward corrections but Very Short Term indicators have turned overbought and multiple resistances are lying above today highest  between 15828-15911 therefore Very Short Term correction is expected tomorrow.

 Break out of 15645-15789 will generate next decisive moves 

Nifty-Intra Day Chart Analysis & 

Market Outlook(13-07-2021)

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

Technical Patterns formation in today intraday charts

1- First 4 hours selling between 15750-15789

2- Sharp fall

3- Down moves in Bullish Falling Channel

4- Up moves in last hour

5- Whole day actual trading between 15645-15789

Conclusions from intra day chart analysis 

Following line was told on 10-07-2021 in "Crucial levels break out/down will confirm Strong rally or Deeper correction":-

up moves will be seen above last Friday highest(15730) in the beginning of next week.

As was told 100% same happened and up moves were seen after strong opening today but selling developed in first 4 hours therefore fallen Sharply in Mid-session. 

As higher levels good selling below 15789 in first 4 hours and lower levels good consolidation also in last hours above 15645 therefore it will be understood that Nifty is technically not prepared for one sided decisive moves and firstly Nifty will have to trade and prepare for next one sided big moves within and near about today trading range(15645-15789),let Nifty prepare then finally sustaining it beyond or forceful break out/down will generate next decisive moves in the coming sessions.

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.

 Last 24 Sessions trading range break out will confirm more than 3% one sided big moves

Technical Analysis,Research & 

Weekly Outlook(Jul 05 to Jul 09,2021)

Nifty-EOD Chart Analysis

(MACD & Stochastic)

Nifty-EOD Chart (02-Jul-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 continuation with recent high and new life time top formation at 15915.60 on 28-06-2021

2- Stochastic %K(5) is at 14.95 & %D(3) is at 20.84

3- Stochastic- %K(5) line has intersected %D(3) line downward and both lines are falling towards Oversold zone

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

6- Last 24 sessions sidewys trading between 15451-15915 from 01-06-2021 to 02-07-2021

 

Conclusions from EOD chart analysis

(Stochastic & MACD)

As in Stochastic both %K(5) & %D(3) have moved into Oversold zone therefore signalling that Short Term up moves are on cards.

In MACD both lines are falling after MACD line downward intersection of Average line therefore showing downward trend and no indication of upward trend formation.

Last 24 sessions sideways trading between 15451-15915 with lower levels supports and higher levels resistances of last Friday closing therefore Nifty will firstly trade within this range in next week and finally sustaining beyond this range will generate big moves which should be watched in the coming week/weeks.

Nifty-Last 24 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Jun 01 to Jul 02,2021):-

Technical Patterns formation in last 24 Sessions intraday charts

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

A- 15810-15839  

B- 15840-15874

C- 15873-15894

2- Consolidation(Supports) in last 24 Sessions are as follows:-

A- 15656-15709

B- 15618-15647

C- 15542-15586

D- 15460-15537(Strong supports)

3- Sideways trading in last 24 Sessions are between 15451-15915

Conclusions from 24 Sessions 

intra day chart analysis 

As good intraday consolidation in last 2 sessions therefore Nifty closed near the top of last 2 sessions and some up moves will be seen in the beginning of next week also but above mentioned multiple and strong resistances are lying above 15810 hence complete fresh consolidation is firstly required for sustining and decisive up moves above 15915.

Above mentioned equally strong supports are below last Friday closing also therefore Nifty will trade and prepare for next trend within last 24 sessions trading range in the next week and finally sustaining it beyond or forceful break out of 15451-15915 will form next big moves hence should be firstly watched in next week/weeks for its confirmations 

Nifty-Last 2 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Jul 01 & Jul 02,2021):-

Technical Patterns formation in last 24 Sessions intraday charts

1- Down moves in Bullish Falling Channels on 01-07-2021

2- Up moves with downward corrections on 01-07-2021

3- Sharp fall on 02-07-2021  

4- Down moves in Bullish Falling Channels on 02-07-2021

5- Up moves with downward corrections on 02-07-2021

6- Last 2 Sessions actual trading between 15626-15755 

Conclusions from 2 Sessions

intra day chart analysis 

Although sharp fall on 02-07-2021 but most of the time consolidation was seen in last 2 sessions through Down moves in Bullish Falling Channels and Up moves with downward corrections therefore up moves are expected in the beginning of next week above last 2 sessions highest(15755) and towards next resistances.

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 15451-15915 for the last 24 sessions 

Although previous week opening was with new life time highest formation at 15915.60 on 28-06-2021 but after that whole week intrday down moves were seen with higher levels selling and Weekly lowest formation last Friday also. 

As Short Term indicator Stochastic has moved into Oversold zone and lower levels consolidation also developed in last 2 sessions hence up moves are expected in the beginning of next week.

Last 24 Sessions sideways trading between 15451-15915 and above mentioned equally strong supports and resistances are also lying below and above last Friday closing therefore Nifty will firstly trade and prepare for the next big moves within this range. Let Nifty to sustain beyond or forceful break out of 15451-15915 then more than 3% one sided big moves will be seen in the coming week/weeks.