Rally continuation amid only 

Short Term correction signals

Technical Analysis,Research & Weekly Outlook

(Aug 30 to Sep 03,2021)

Nifty & Bank Nifty Weekly Outlook

(Aug 30 to Sep 03,2021)

Nifty-EOD Chart (27-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 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 16722.00 on 27-08-2021

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-5 continuation with recent high and new life time top formation at 16722.00 on 27-08-2021. As last Friday closing was above last 10 sessions trading range and no indication of impulsive Wave-5  completion on EOD charts yet therefore its continuation above life time top(16722) is expected in next week.

Nifty-EOD Chart Analysis

(MACD & Stochastic)

Nifty-EOD Chart (27-Aug-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 continuation with recent high and new life time top formation at 16722.00 on 27-08-2021

2- Stochastic- %K(5) is at 83.08 & %D(3) is at 74.45

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

4- Stochastic is showing negative divergence.

5- In MACD- MACD line  has intersected Average line upward.

6- In MACD- MACD line  has flattened and Average line is rising in positive zone.

 

Conclusions from EOD chart analysis

(Stochastic & MACD)

Although Stochastic is showing negative divergence but its both lines are rising within and towards Over bought zone and has not been completely Over bought yet as well as %K(5) line has not intersected %D(3) line downward therefore indications of some more up moves which will be firstly seen in the beginning of next week. As %K(5) is completely Overbought and & %D(3) is just below Overbought zone therefore cautious approach is required because this indicator will be completely Overbought after some more up moves and start to give selling signals also.  

In MACD indicator MACD line  has intersected Average line upward. Although Average line is rising in positive zone but it  has flattened therefore indicating that Downward trend may begin in Short term hence Bulls should remain cautious.'

Nifty-Last 10 Sessions intraday 

charts analysis

Nifty-Intra Day Chart (Aug 13 to Aug 27,2021):-

Technical Patterns formation in last 10 Sessions intraday charts

1- Selling(Resistances) in last 10 Sessions are as follows:-

A- 16661-16701

B- 16631-16652(Minor resistances)  

2- Consolidation(Supports) in last 10 Sessions are as follows:-

A- 16674-16722

B- 16625-16642(Minor support)

C- 15527-15542

D- 15509-15526

E- 15407-15465 

3- Last 10 Sessions actual trading between 16376-16722 

Conclusions from 10 Sessions 

intra day chart analysis 

As lower levels good supports and higher levels equally good resistances were seen in previous 9 sessions before last Friday therefore almost whole day up moves were with consolidation through downward corrections and closing was near the top of the day and at life time highest also.

Although firstly up moves will be seen in the beginning of next week but strong resistances were below 16701 and sustaining above it should also watched for rally continuation.

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-08-2021)

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

Technical Patterns formation in today intraday charts

1- 76 Points sharp fall below 16600 after flat opening in first 15 minutes

2- Up moves with downward corrections

3- Last 4 hours slow up moves with downward corrections between 16674-16722

4- Whole day actual trading between 16565-16722

Conclusions from intra day chart analysis 

As good selling above 16631 in last 6 sessions therefore firstly 76 Points sharp fall below 16600 last Friday but consolidation started through Up moves with downward corrections which remained continued till last hour. 

Strong resistances were between 16661-16701 and fresh consolidation was required for decisive up moves therefore last 4 hours up moves between 16674-16722 were slow and with downward corrections and last Friday closing was at life time highest after new life time top formation. 

As whole day good intraday consolidation last Friday therefore firstly up moves above last Friday(16722) will be seen in the beginning of next week.

Conclusions

(After Putting All Studies Together)

All the trends are up,Bullish rally continuation and no indication of rally completion on EOD and intraday charts yet therefore rally continuation is expected in the beginning of next week. 

As indicators are showing that Short Term correction is on cards and good resistances were below 16701 therefore fresh consolidation is also required near about it for sustaining above it.

Although rally continuation but Short Term indicators are showing only Short Term correction signals therefore it may be seen if fresh selling patterns develops on intraday and EOD charts.

Short Term correction below 16600

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-08-2021)

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

Technical Patterns formation in today intraday charts

1- Selling between 16650-16683

2- Selling between 16631-16652

3- Whole day actual trading between 16604-16683

Conclusions from intra day chart analysis 

Previous resistances were between 16661-16701 and fresh selling was seen within this range today also therefore expected that Short Term correction will be seen below 16600 in the coming sessions.

 Short Term correction expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(26-08-2021)

Nifty-Intra Day Chart (25-Aug-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 16661-16695

2- Support between 16625-16642

3- Whole day actual trading between 16618-16712

Conclusions from intra day chart analysis 

Selling was seen between 16661-16701 on 26-08-2021 and follow up selling developed within this range between 16661-16695 today also therefore closing was near lower levels of the day after slipping from higher levels.

As some support in last hour between 16625-16642 therefore some up moves can not be ruled out towards 16700 but expected that finally Short Term correction will be seen below today lowest 16618.

  As busy therefore Stock Market Outlook of today(25-08-2021) is not being updated but tomorrow(26-08-2021) Outlook will be posted positively.

  As still out of station therefore Stock Market Outlook of today(24-08-2021) is not being updated.

 As out of station therefore Stock Market Outlook of today(23-08-2021) is not being updated.

 Firstly watch 16481 for Short Term 

Correction beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-08-2021)

Nifty-Intra Day Chart (18-Aug-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 16661-16701

2- Down moves in Bullish Falling Channels

3- Whole day actual trading between 16536-16701

Conclusions from intra day

chart analysis 

Although higher levels selling after positive opening but lower levels consolidation was also seen in last 3 hours through Down moves in Bullish Falling Channels. 

Nifty traded between 16481-16589 on on 16-08-2021 

Nifty traded between 16496-16628 on on 17-08-2021

Nifty traded between 16536-16701 on on 18-08-2021

Although higher bottom and higher top formations in last 3 sessions but last Wednesday closing(16568.85) was within all the last 3 sessions trading range because both intraday buying and selling was seen in last 3 sessions.  

As all the Global markets are down today therefore SGX Nifty traded more then 300 points. As lower levels consolidation was seen in last 3 sessions therefore sustaining below last 3 sessions lowest(16481) should be firstly watched in the coming sessions for Short Term correction beginning confirmations amid Global markets led depressed sentiments.

 Levels will confirm next 

Short Term moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(18-08-2021)

Nifty-Intra Day Chart (17-Aug-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 16568-16585

2- Sharp fall

3- Up moves with downward corrections

4- Sharp up

5- Lat half hour selling between 16604-16628

6- Whole day actual trading between 16496-16628

Conclusions from intra day chart analysis 

Although closing at life time highest but intraday selling patterns were also seen in first 2 hours and last half hour. As Mid-session up moves were with downward corrections therefore lower levels some buying will also be considered hence expected that Nifty will trade between 16481-16628 tomorrow becuse some buying was seen above 16481 in last 2 sessions.

As both buying and selling between 16481-16628 in last 2 sessions therefore firstly fresh technical positions formations within this range finally sustaining it beyond will confirm next Short Term moves which should be watched for its confirmations in the coming sessions. 

16526-16589 will confirm next 

Short Term moves

Nifty-Intra Day Chart (16-Aug-2021):-

Technical Patterns formation in today intraday charts

1- Mixed Patterns formation between 16526-16589 

2- Whole day actual trading between 16481-16589

Conclusions from intra day chart analysis 

Although firstly slipping after flat opening but recovery from lower levels also and almost whole day trading with Mixed Patterns formation between 16526-16589 therefore expected that Nifty will firstly trade and prepare for next Short Term moves within and near about this trading range tomorrow. 

Let Nifty to sustain beyond 16526-16589 and then confirm next Short Term moves.

 75 वें स्वन्त्रता दिवस के 

सुनहरे पर्व पर 

शहीदों के दिल में जो जली थी ज्वाला 

उसे भी आज याद कर लें !!!!

बलिदानियों के खून की जो बही थी धारा

उसे भी आज याद कर लें !!!!!

जिस खून की नदी की धारा में बहकर हमारे 

हिन्दुस्थान की आजादी किनारे पर पहुंची

उसे भी आज याद कर लें !!!!!

आपको और आपके परिवार को 

स्वतन्त्रता दिवस की 

हार्दिक बधाई एवंम शुभकामनाएं 

 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.

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.