Levels will confirm next trend and big moves

Technical Analysis,Research & Weekly Outlook

(Jun 15 to Jun 19,2020)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (12-Jun-2020):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning from 6825.80 on 29-02-2016 after 1 financial year(2015-16) correction completion
2- Impulsive Wave-1 completion at 8968.70 on 07-09-2016 and corrective Wave-2 beginning
3- Corrective Wave-2 completion at 7893.80 on 26-12-2016 and impulsive Wave-3 beginning
4- Impulsive Wave-3 completion at 11171.50 on 29-01-2018 and corrective Wave-4 beginning
5- Corrective Wave-4 completion at 9951.90 on 23-03-2018 and impulsive Wave-5 beginning
6- Impulsive Wave-5 completion after new life time high formation at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves"  beginning
7- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
8- Wave-B continuation with recent top formation at 10328.5 on 08-06-2020
9- Short Term correction of Wave-B continuation with recent bottom formation at 9544.35 on 12-06-2020

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 which started from 6825.80 on 29-02-2016 completed at 12430.50 on 20-01-2020 and its Wave-A of "corrective ABC Waves" begun. Now Wave-B continuation with recent top formation at 10328.5 on 08-06-2020 after Wave-A completion at 7511.10 on 24-03-2020. 

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (12-Jun-2020):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning
2- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
3- Wave-a of Wave-B completion at 9889.05 on 30-04-2020
4- Wave-b of Wave-B completion at 8806.75 on 16-05-2020
5- Wave-c of Wave-B continuation with recent top formation at 10328.5 on 08-06-2020
9- Short Term correction of Wave-c of Wave-B continuation with recent bottom formation at 9544.35 on 12-06-2020

Conclusions from EOD chart analysis

(Corrective Waves)

Wave-A of "ABC" correction which begun after impulsive Wave-5 completion at 12430.50 on 20-01-2020 completed at 7511.10 on 24-03-2020 and Wave-B started. Now Wave-c of Wave-B continuation with recent top formation at 10328.5 on 08-06-2020 and no confirmation of its completion yet but its correction is on with recent bottom formation at 9544.35.75 on 12-06-2020 and no confirmation of its completion yet.  

Nifty

Last 12 Sessions intraday charts analysis

Nifty-Intra Day Chart (May 28 to Jun 12,2020):-

Technical Patterns formation in last 12 Sessions intraday charts

1- Selling(Resistances) in last 12 sessions between
A- 9954-9996
B- 10009-10139 
C- 10234-10328
2- Consolidation(Supports) in last 12 sessions
A- 9660-9775
B- 9445-9520(Strong supports)
3- 9 Sessions sideways trading with closing above 9902 and 10328 
4- 12 Sessions actual trading between 9337-10328 

Conclusions from 12 Sessions intra day chart analysis 

As last 12 Sessions trading between 9337-10328 with above mentioed lower levels good supports and higher levels equally good resistances therefore firstly Nifty will have to trade and prepare for next trend within this range in next week as well as finally sustaining beyond this range will confirm next big trend.

Although huge gap down opening at 9544.95 on on 12-06-2020 but Nifty closed 9902 therefore firstly sustaining beyond last 9 Sessions trading range(9337-10328) should be watched in next week for first signal of decisive moves beginning.

Nifty

Last 2 Sessions intraday charts analysis 

Nifty-Intra Day Chart (Jun 11 & Jun 12,2020)

Technical Patterns formation in last 2 Sessions intraday charts

1- More than 3 hours selling between 10009-10112 on 11-06-2020(Immediate Resistances)
2- Down moves in Bullish Falling Channel on 11-06-2020 in last 2 hours on 11-06-2020 
3- Up moves with downward corrections on 12-06-2020
4- Down moves in Bullish Falling Channel on 12-06-2020
5- Mid-Session Up moves in Bearish Rising Channel on 12-06-2020
6- Selling between 9954-9996 in last 45 minutes on 12-06-2020
7- 2 Sessions actual trading between 9545-10112 

Conclusions from 2 Sessions intra day chart analysis 

As More than 3 hours selling between 10009-10112 on 11-06-2020 therefore down moves were seen in last hours. Although these down moves were in Bullish Falling Channel but up moves could not be seen next day because most depressing Global markets news led huge gap down opening was seen on that next day.

Although 356 points weaker opening on 12-06-2020 but consolidation was seen in first 3 hours through Up moves with downward corrections and Down moves in Bullish Falling Channel therefore whole day good up moves seen. 

As Dow Jones Futures was trading more than 570 points up and all the European markets were also trading strong therefore sentiment turned heated in last hours hence selling developed at higher levels between 9545-10112 after Mid-Session Up moves in Bearish Rising Channel.  

As higher levels good selling between 10009-10112 and lower levels good consolidation between 9660-9775 in last 2 sessions therefore Nifty will firstly trade and prepare for next moves between 9660-10112 in the beginning of next week and finally sustaining beyond this range will produce first strong signal of next decisive moves. 

Conclusions

(After Putting All Studies Together)

1- Long term trend is down.
2- Intermediate term trend is up.
3- Short term trend is sideways between 9902-10328 for the last 9 Sessions.

Now Short Term correction of Wave-c of Wave-B continuation with recent bottom formation at 9544.35 on 12-06-2020 and no confirmation of its completion yet. As Sharp surge from lower levels was seen on 12-06-2020 and Nifty closed within last 9 Sessions trading range(9902-10328) therefore finally sustaining beyond this range will generate strong signal of the life of on going Short Term correction of Wave-c of Wave-B in following manner:-

1- Above 10328 will mean Wave- B continuation after Short Term correction completion 9544.35 on 12-06-2020 
2- Below 9902 will mean on going correction continuation towards above mentioned supports.

As strong supports are lying between 9445-9520 therefore finally sustaining beyond this range will suggest the life of Wave-c of Wave-B because below 9445 will mean strong signals of its completion.

As 12 Sessions sideways trading between 9337-10328 with both storng supports and resistances within this range therefore if any big Covid-19 news does not come then Nifty will firstly trade and prepare for next trend within this range and finally sustaining beyond this range will confirm next trend and big moves which should be firstly watched in next week.

Rally continuation amid only Short Term Correction expectations

Technical Analysis,Research & Weekly Outlook

(Jun 08 to Jun 12,2020)

Nifty-EOD Chart Analysis

(Wave-B structure)

Nifty-EOD Chart (05-Jun-2020):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
2- Wave-a of Wave-B completion at 9889.05 on 30-04-2020
3- Wave-b of Wave-B completion at 8806.75 on 16-05-2020
4- Wave-c of Wave-B continuation with recent top formation at 10177.8 on 05-06-2020

Conclusions from EOD chart analysis

(Wave-B structure)

Wave-c of Wave-B continuation with recent top formation last Friday at 10177.8 and no indication of its completion yet.

Nifty-EOD Chart Analysis

(Bollinger Band & Stochastic)

Nifty-EOD Chart (05-Jun-2020):-

Technical Patterns and Formations in EOD charts

1- Hovering around upper band of Bollinger Band
2- Stochastics showing negative divergence 
3- Stochastic-%K(5) is at 86.79 & %D(3) is at 88.89

Conclusions from EOD chart analysis

(Bollinger Band & Stochastics)

Nifty is hovering around upper band of Bollinger Band for the last 3 sessions and Short Term indicator Stochastics is also showing negative divergence in Overbought zone because Nifty is moving up and Stochastics is moving down therefore caution and Short Term Correction signals are being generated by these 2 indicators 

Nifty-EOD Chart Analysis

(Fibonacci Extension levels)

Nifty-EOD Chart (05-Jun-2020):-

Technical Patterns and Formations in EOD charts

1- Wave-A(7511.10 on 24-03-2020)
2- Wave-a of Wave-B(9889.05 on 30-04-2020)
3- Wave-a of Wave-B gained 2377.95 points
4- Wave-b of Wave-B(8806.75 on 16-05-2020)
5- Wave-c of Wave-B continuation with recent top formation at 10177.8 on 05-06-2020
6- 61.8% Fibonacci Extension Target of Wave-c of Wave-B is at 10276.32{8806.75+1469.57(61.8% of 2377.95)}
7- 100% Fibonacci Extension Target of Wave-c of Wave-B is at 11184.70{8806.75+2377.95(100% of 2377.95)}

Conclusions from EOD chart analysis

(Fibonacci Extension levels)

Wave-c of Wave-B is very much on and no confirmation of its completion yet as well as its continuation is expected towards its following next Fibonacci Extension Targets:-

1- 61.8%-10276.32 
2- 100.0%-11184.70

Nifty-Intra Day Chart Analysis

(05-Jun-2020)

Nifty-Intra Day Chart (05-Jun-2020):-

Technical Patterns formation in today intraday charts

1- Minor selling between 120123-10145
2- Sharp fall in first hour
3- Up moves with downward corrections
4- Consolidation in last hour between 10116-10150
5- Whole day actual trading between 10041-10177

Conclusions from intra day chart analysis 

Although sharp fall in first hour after minor selling but after that nore than 3 hours up moves with downward corrections and consolidation was also seen in last hour therefore up moves above last Friday highest(10,177.80) will be seen in the beginning of next week because whole day good consolidation and only minor selling last Friday.

Conclusions

(After Putting All Studies Together)

1- Long term trend is down and it will be up after sustaining above its decider 200-Day SMA(Today at 10965.1)
2- Intermediate term trend is up
3- Short term trend is up

Corrective Wave-A of "ABC" correction completed at 7511.10 on 24-03-2020 and now its Wave-c of Wave-B continuation with recent top formation at 10177.8 on 05-06-2020 and no indication of its completion yet,its Fibonacci Extension Targets with calculations{61.8%(10276.32) and 100%(11184.70)} has been updated above and its continuation is expected towards them.

As Short Term indicator Stochastics is also showing negative divergence in Overbought zone therefore Short Term correction may be seen any day but firstly on going rally will remain continued in the beginning of next week because intraday charts of last Friday are showing good consolidation and very little selling patterns formations. Let selling patterns develop on intraday charts then correction will be considered which may be sideways also and deeper correction will be seen only after complete selling patterns formations.

Next resistances of Nifty are as follows:-

1- 10159-10294(Gap Resistance)
2- 10401-10520
3- 10752-11828(Gap Resistance)
4- 10893-11007
5- 11184-11409(Strong Resistances)

Next supports of Nifty are as follows:-

1- 10116-10150 
2- 9945-9984 
3- 9875-9907
4- 9599-9706(Gap support)
5- 9445-9520(Strong supports)

Rally is on and its continuation is expected in the beginning of next week towards above mentioned levels but emergence of Short Term Correction expectations only which may be sideways also and deeper correction will be considered only after complete selling patterns formations on intraday charts.

45 Sessions sideways market suggesting to follow next supports,resistances and Short Term Trend/Indicators 

Technical Analysis,Research & Weekly Outlook

(May 26 to May 29,2020)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (22-May-2020):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning from 6825.80 on 29-02-2016 after 1 financial year(2015-16) correction completion
2- Impulsive Wave-1 completion at 8968.70 on 07-09-2016 and corrective Wave-2 beginning
3- Corrective Wave-2 completion at 7893.80 on 26-12-2016 and impulsive Wave-3 beginning
4- Impulsive Wave-3 completion at 11171.50 on 29-01-2018 and corrective Wave-4 beginning
5- Corrective Wave-4 completion at 9951.90 on 23-03-2018 and impulsive Wave-5 beginning
6- Impulsive Wave-5 completion after new life time high formation at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves"  beginning
7- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
8- Wave-B continuation with recent top formation at 9889.05 on 30-04-2020
9- Short Term correction of Wave-B continuation with recent bottom formation at 8806.75 on 18-05-2020

Conclusions from EOD chart analysis

(Waves structure)

The rally which started from 6825.80 on 29-02-2016 completed at 12430.50 on 20-01-2020 and then corrective Wave-A of its "ABC" correction begun which completed at 7511.10 on 24-03-2020.

Now impulsive Wave-B of "ABC" correction is in continuation with recent top formation at 9889.05 on 30-04-2020 and no confirmation of its completion yet.Now Short Term correction of Wave-B continuation with recent bottom formation at 8806.75 on 18-05-2020.

Nifty-EOD Chart Analysis

(Waves structure of Wave-B)

Nifty-EOD Chart (27-Mar-2020):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 of Wave-B beginning after corrective Wave-A completion at 7511.10 on 24-03-2020
2- Impulsive Wave-1 completion at 9038.90 on 27-03-2020 and corrective Wave-2 beginning
3- Corrective Wave-2 completion at 8055.80 on 03-04-2020 and impulsive Wave-3 beginning
4- Impulsive Wave-3 completion at 9390.85 on 20-04-2020 and corrective Wave-4 beginning
5- Corrective Wave-4 completion at 8909.40 on 21-04-2020 and impulsive Wave-5 beginning
6- Impulsive Wave-5 of Wave-B continuation with recent top formation at 9889.05 on 30-04-2020
7- Short Term correction of Wave-B continuation with recent bottom formation at 8806.75 on 18-05-2020 
8- Last 15 Sessions sideways trading between 8807-9584 

Conclusions from EOD chart analysis

(Waves structure of Wave-B)

Impulsive Wave-1 of Wave-B begun after corrective Wave-A completion at 7511.10 on 24-03-2020. Now Impulsive Wave-5 of Wave-B continuation with recent top formation at 9889.05 on 30-04-2020.

At present Short Term correction of impulsive Wave-5 of Wave-B is on with recent bottom formation at 8806.75 on 18-05-2020. 

Nifty

Last 15 Sessions intraday charts analysis 

Nifty-Intra Day Chart (May 04 to May 22,2020):-

Technical Patterns formation in last 15 Sessions intraday charts

1- Down moves in Bullish Falling Channels in first 4 sessions
2- Selling(Resistances) in last 15 sessions between
A- 9095-9120
B- 9147-9178 
C- 9200-9231
D- 9250-9281
E- 9300-9355
F- 9352-9426
3- Consolidation(Supports) in last 15 sessions
A- 8920-8968
B- 8860-8905
C- 8807-8835
4- 15 Sessions actual trading between 8807-9584

Conclusions from 15 Sessions

intra day chart analysis 

As lower levels 3 supports and higher levels 6 resistances in last 15 sessions sideways trading range therefore firstly Nifty will have to trade and prepare for next decisive big moves between 8807-9584 and finally sustaining beyond this range should be watched in the coming week for next one sided big moves beginning confirmations. 

Nifty-Intra Day Chart Analysis

(22-May-2020)

Nifty-Intra Day Chart (22-May-2020):-

Technical Patterns formation in today intraday charts

1- Sharp up after opening
2- Selling between 9095-9120
3- Volatility during RBI Governor Press Conference
4- Sharp fall after RBI Governor Press Conference
5- Sideways trading in last 5 hours between 8969-9072
6- Whole day actual trading between 8969-9149

Conclusions from intra day chart analysis 

As positive announcements expectations from RBI Governor Press Conference at 10;00 AM on 22-05-2020 therefore firstly sharp up after opening but selling developed on these expectations hence Volatility during Press Conference and sharp fall was seen after Press Conference. 

Although last 5 hours sideways trading between 8969-9072 and negative closing also but some consolidation was also seen within this range therefore if Nifty sustains above 9072 after follow up consolidation then more up moves will be seen in next week.

Conclusions

(After Putting All Studies Together)

1- Long term trend is down.
2- Intermediate term trend is sideways
3- Short term trend is sideways between 8807-9584 for the last 15 sessions

As Coronavirus panic therefore extremely fast Price-wise correction of Wave-A was seen which completed at 7511.10 on 24-03-2020 but Time-wise is still left which is being seen in on going Wave-B for the last 39 sessions between 7511-9889. It is confirm that Time-wise correction will remain continued till longer period because market will firstly wait for complete normalization Coronavirus situation and after that economic and Industrial growth coming on track which will take its own time and that may be much longer also.

At present Nifty is sideways between 8807-9584 for the last 15 sessions and expected that Nifty will firstly trade and prepare for next decisive big moves within this range,let it happen then will be understood and updated according to coming sessions intraday charts patterns formations. Supports and resistances within last 15 sessions trading range have already been updated above and beyond this range are as follows:-. 

Next resistances above 9584 are as follows:- 

1- 9850-9889
2- 9955-10142

Next supports below 8807 are as follows:-

1- 8700-8750
2- 8361-8449
3- 8056-8107
4- 7512-7970

As Nifty is sideways between 7512-9889 and not trending for the last 45 sessions therefore trading should be done according to:-

1- Short Term Trend 
2- Short Term Indicators
3- Above mentioned 7 supports and 8 resistances within last 45 sessions 

As Coronavirus news/Global markets big moves led huge volatility may also be seen any day therefore it should also be cautiously kept in mind. 

Firstly watch 8807-8948 after most Bullish Global markets sentiment due to hopes for potential coronavirus vaccine

Intra Day Chart Analysis & Market Outlook

(19-05-2020)

Nifty-Intra Day Chart (18-May-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- 76 Points fall in first 2 minutes
2- 200 Points fall in first 43 minutes 
3- Last more than 5 hours sideways trading between 8807-8948
4- Whole day actual trading between 8807-9158

Conclusions from intra day chart analysis 

Although Dow Jones's Futures was trading more than 250 points up and all the Asian markets except Taiwan were trading in Green today morning but sharp fall was seen in Indian markets through 76 Points fall in first 2 minutes and 200 Points fall in first 43 minutes. In this manner Indian markets completely under performed all the Global markets because Nifty traded almost whole day more than 2% down despite more than 2% positive and strong trading of most European markets.

As Nifty traded sideways more than 5 hours at 2% to 3% down rates between 8807-8948 with such huge under performing Global markets therefore good selling can not be ruled out here and finally down moves below Day's lowest(8807) is expected despite following most Bullish Global markets at this moment today:-

1- Dow Jones is trading more than 900 points up.
2- Most European markets closed more than 4% up 
3- SGX Nifty is now trading more than 200 points up.

As all the Global markets have surged on hopes for potential coronavirus vaccine therefore sentiment has turned most Bullish hence firstly sustaining beyond 8807-8948 should be watched in the coming sessions for next decisive moves beginning confirmations. 

Trading should be according to supports and resistances of last 40 sessions Wave-B levels

Technical Analysis,Research & Weekly Outlook

(May 18 to May 22,2020)

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (15-May-2020):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning
2- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
3- Wave-B continuation with recent top formation at 9889.05 on 30-04-2020
4- Short Term correction beginning with recent bottom formation at 9043.95 on 12-05-2020 

Conclusions from EOD chart analysis 

(Corrective Waves)

Impulsive Wave-5 completed at 12430.50 on 20-01-2020 and after that Wave-A of "corrective ABC Waves" begun which finished at 7511.10 on 24-03-2020 and then Wave-B started,that is in continuation with recent top formation at 9889.05 on 30-04-2020. Now Short Term correction of Wave-B is on with recent bottom formation at 9043.95 on 12-05-2020. 

Nifty-EOD Chart Analysis

(Averages & MACD)

Nifty-EOD Chart (15-May-2020):-

Technical Patterns and Formations in EOD charts

1- SMA(Simple Moving Averages)
A- 5-Day SMA is at 9219
B- 13-Day SMA is at 9316
C- 55-Day SMA is at 9520
D- 200-Day SMA is at 11081
2- MACD-(S,9,S,9,S,24 Close)(-7.62,211.94)

Conclusions from EOD chart analysis (Averages)

As Nifty has closed below all the above Long,Intermediate and Short term SMA and MACD is also showing downward cross over therefore strong signals of more down moves in next week.

Nifty

Last 10 Sessions intraday charts analysis

Nifty-Intra Day Chart (May 04 to May 15,2020):-

Technical Patterns formation in last 10 Sessions intraday charts

1- Down moves in Bullish Falling Channels in first 4 sessions
2- Selling(Resistances) in last 10 sessions between
A- 9352-9426
B- 9300-9355
C- 9250-9281
D- 9200-9231
3- Consolidation(Supports) in last 10 sessions
A- 9050-9090
B- 9044-9146
4- 10 Sessions actual trading between 9044-9584 

Conclusions from 10 Sessions intra day chart analysis 

As firstly consolidation through Down moves in Bullish Falling Channels in first 4 sessions of last 10 sessions therefore decisive up moves were seen in last 4 sessions but fresh selling developed at higher levels hence slipping to lower levels of last 10 sessions trading range in last week.

Clear consolidation at lower levels between 9044-9146 in last 4 sessions and good selling also at higher levels between 9200-9426 in last 6 sessions therefore firstly Nifty will have to trade and prepare for next decisive moves within this range and finally sustaining beyond this range will generate next big moves in the coming week/weeks.

Nifty

Last 2 Sessions intraday charts analysis

Nifty-Intra Day Chart (May 14 & May 15,2020):-

Technical Patterns formation in last 2 Sessions intraday charts

1- Selling between 9250-9281 on 14-05-2020(Immediate Resistances)
2- Selling between 9200-9231 on 14-05-2020(Immediate Resistances)
3- Consolidation between 9050-9090 on 15-05-2020(Immediate Supports)
4- 2 Sessions actual trading between 9050-9281

Conclusions from 2 Sessions intra day chart analysis 

Nifty consolidated between 9044-9146 on 12-05-2020 and again consolidated within this range between 9050-9090 as well as closed within this range at 9136.85 on 15-05-2020 therefore this range(9044-9146) has become most crucial because finally sustaining beyond this range will give first signal of next decisive moves beginning in next week.

As good selling also between 9200-9281 on 14-05-2020 therefore follow up consolidation is firstly required for sustaining above 9281 hence Nifty will firstly trade within 9044-9281 in next week and finally valid break out of this range will generate more than 3% one sided decisive moves.

Conclusions 

(After Putting All Studies Together)

1- Long term trend is down.
2- Intermediate term trend is sideways between 9044-9584 for the last 10 sessions
3- Short term trend is down

Although 10% Lower circuit filter triggered on 13-03-2020 but Nifty recovered 1604.25 points from lower levels and closed at the higher levels of the day that day. Nifty opened much weaker on next trading day(16-03-2020) and since then trading sideways between 7512-9889 for the last 40 sessions. As Wave-B formation has been seen within this range therefore now whole Wave-B will be understood sideways within this range.

As no confirmation of Wave-B completion yet therefore its continuation will be considered with recent top formation at 9889.05 on 30-04-2020. Now Short Term correction of Wave-B is on with recent bottom formation at 9043.95 on 12-05-2020 and also no confirmation of its completion yet also. 

Nifty is sideways between 9044-9584 for the last 10 sessions with higher levels good selling and lower levels some supports also within this range. Supports and resistances between 9044-9584 have been updated above and beyond this range are as follows:-

Next resistances above 9584 are as follows:- 

1- 9850-9889
2- 9955-10142

Next supports below 9044 are as follows:-

1- 8913-8972
2- 8700-8750
3- 8361-8449
4- 8056-8107
5- 7512-7970

Last 40 sessions sideways trading between 7512-9889 with Covid-19 Global markets news led highly volatile which will remain continued until any 100% positive situation will not develop regarding it.

As above mentioned multiple supports and resistances are lying between 7512-9889 therefore Nifty will trade within this range in the coming weeks and months. Wave-B formation and its on going Short Term Correction is also lying within this range therefore finally break out of this sideways range will decide the life of Wave-B,let it happen then will be decided accordingly and till then trading should be done according to supports and resistances of last 40 sessions Wave-B levels. 

Levels will confirm next targets

Intra Day Chart Analysis & Market Outlook

(14-05-2020)

Nifty-Intra Day Chart (13-May-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- 232 Points fall in first half hour after after 387 points gap up opening
2- Sideways trading between 9352-9426 in last 6 hours
3- Whole day actual trading between 9352-9584

Conclusions from intra day chart analysis 

Although firstly 387 points gap up opening after PM Modi ji 20 Lac Crore package yesterday but not sustaining at higher levels 232 Points sharp fall was seen in first half hour.  

As sideways trading between 9352-9426 in last 6 hours and one sided clear patterns formations were not seen within it therefore firstly sustaining it beyond should be watched tomorrow for following next targets confirmations:-

1- Next supports below 9352 are between 9044-9146
2- Next resistances above 9426 are between 9850-9889

Decisive up moves after 20 Lac crores package by our most respected PM Narenda Modi ji

Intra Day Chart Analysis & Market Outlook

(13-05-2020)

Nifty-Intra Day Chart (12-May-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Consolidation between 9044-9146(Immediate Supports)
2- Up moves with downward corrections in last hours
3- Whole day actual trading between 9044-9240

Conclusions from intra day chart analysis 

As first 4 hours lower levels consolidation and after that Up moves with downward corrections in last hours therefore decisive up moves will be seen towards following next resistances because 20 Lac crores package was announced by our most respected PM Narenda Modi ji also.;-

1- 9850-9889
2- 9955-10142

Watch levels with expectations of up moves towards next resistances 

Technical Analysis,Research & Weekly Outlook

(May 11 to May 15,2020)

Nifty-EOD Chart Analysis

(Waves structure of Wave-B)

Nifty-EOD Chart (30-Apr-2020):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 of Wave-B beginning after corrective Wave-A completion at 7511.10 on 24-03-2020
2- Impulsive Wave-1 completion at 9038.90 on 27-03-2020 and corrective Wave-2 beginning
3- Corrective Wave-2 completion at 8055.80 on 03-04-2020 and impulsive Wave-3 beginning
4- Impulsive Wave-3 completion at 9390.85 on 20-04-2020 and corrective Wave-4 beginning
5- Corrective Wave-4 completion at 8909.40 on 21-04-2020 and impulsive Wave-5 beginning
6- Impulsive Wave-5 of Wave-B continuation with recent top formation at 9889.05 on 30-04-2020
7- Short Term correction beginning with recent bottom formation at 9116.50 on 06-05-2020 

Conclusions from EOD chart analysis

(Waves structure of Wave-B)

Short Term correction begun after impulsive Wave-5 of Wave-B recent top formation at 9889.05 on 30-04-2020 and now its continuation with recent bottom formation at 9116.50 on 06-05-2020. 

Nifty-EOD Chart Analysis

(Averages & Stochastic)

Nifty-EOD Chart (08-May-2020):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning
2- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
3- Wave-B continuation with recent top formation at 9889.05 on 30-04-2020
4- SMA(Simple Moving Averages)
A- 5-Day SMA is at 9244
B- 13-Day SMA is at 9302
C- 55-Day SMA is at 9781
D- 200-Day SMA is at 11140
5- Stochastic-%K(5) is at 21.01 & %D(3) is at 13.85

Conclusions from EOD chart analysis 

(Averages & Stochastic)

Nifty is hovering around 5-Day SMA and 13-Day SMA and Short Term Indicator Stochastic has moved into Over sold zone therefore emergence of up moves indications.

Nifty

Last 5 Sessions intraday charts analysis

Nifty-Intra Day Chart (May 04 to May 08,2020):-

Technical Patterns formation in last 5 Sessions intraday charts

1- Down moves in Bullish Falling Channels most times in last 5 sessions
2- Most time trading between 9183-9450 in last 5 sessions 
3- 4 Sessions closing at lower levels of the day in last week
4- Last 5 Sessions actual trading between 9117-9533

Conclusions from 5 Sessions intra day chart analysis 

Although previous week candle is Red and almost whole week Nifty slipped from higher levels as well as closed in 4 Sessions at lower levels of the day but view will not be Bearish. 

As most times Down moves were in Bullish Falling Channels in all the 5 sessions of previous week and that is a consolidation indication therefore firstly sustaining beyond 9183-9450 should be watched in the coming weeks for next big moves beginning confirmations because Nifty traded most time within this range. 

Nifty-Intra Day Chart Analysis

(08-May-2020)

Nifty-Intra Day Chart (08-May-2020):-

Technical Patterns formation in today intraday charts

1- 5 Hours trading with Mixed Patterns formation between 9300-9355
2- Down moves in Bullish Falling Channel in last 2 hours 
3- Whole day actual trading between 9239-9382 

Conclusions from intra day chart analysis 

Although strong 177 points gap up opening but not sustaining at higher levels and closing at lower levels of the day with only 52 points gains last Friday. 

As first 5 Hours trading with Mixed Patterns and after that Down moves in Bullish Falling Channel in last 2 hours therefore view will not be Bearish and first signal for next decisive moves will be drawn from sustaining beyond last Friday trading range(9239-9382)

Conclusions

(After Putting All Studies Together)

1- Long term trend is down.
2- Intermediate term trend is up
3- Short term trend is sideways.

Short term trend has turned sideways between in last 5 sessions between 9183-9450 after 595 points fall last Monday because Nifty traded most time within this range in previous week. 

Although Weekly Red Candle formation with closing near the lower levels in previous week but view will not be Bearish because good consolidation indication also developed through most times Down moves were in Bullish Falling Channels and firstly sustaining beyond 9183-9450 will be watched in the coming week for next decisive moves beginning towards following next resistances above 9450 and supports below 9183:- 

Resistances:-

1- 9850-9889
2- 9955-10142

Supports:-

1- 8913-8972
2- 8700-8750
3- 8361-8449
4- 8056-8107
5- 7512-7970

As situation are changing fast due to Coronavirus led huge Global uncertainity therefore keep an eye on those developments also because markets are not working only on technical and reacting sharply on its daily basis news also hence just watch above levels with expectations of up moves towards next resistances. 

Levels will confirm next big decisive moves 

Intra Day Chart Analysis & Market Outlook

(08-05-2020)

Nifty-Intra Day Chart (07-May-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel
2- Down moves in Bullish Falling Channels
3- Last 2 hours sideways trading between 9180-9222
4- Whole day actual trading between 9180-9277

Conclusions from intra day chart analysis 

Although firstly some selling through up moves in Bearish Rising Channel but good consolidation was also seen in Mid-Session through Down moves in Bullish Falling Channels therefore view will not be Bearish despite 0.78% weaker today closing. As both buying and selling patterns formations therefore today trading will be understood with Mixed patterns formations and finally levels break out will confirm next decisive moves.

As last 2 sessions and today trading also with Mixed Patterns formation between 9125-9450 therefore Nifty will trade and prepare for next big decisive moves within this range and finally sustaining beyond this range will form next Short term trend which should be watched in the coming sessions week.

Firstly up moves expectation but watch given levels if negative news led Global and Indian markets fall begins

Intra Day Chart Analysis & Market Outlook

(06-05-2020)

Nifty-Intra Day Chart (05-May-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- More than 4 hours trading with Mixed Patterns formation between 9305-9450
2- Down moves in Bullish Falling Channel in last 2 hours
3- Whole day actual trading between 9191-9450

Conclusions from intra day chart analysis 

Following lines were told at 12:42 AM on 05-05-2020 in "Up moves towards immediate Resistances if Global markets not crashing":-

1- up moves towards immediate Resistances(9350-9407) are expected
2- Next supports between 9154-9227

Up moves were seen towards and above immediate Resistances(9350-9407) but could not sustain at higher levels and Down moves were see in last 2 hours and today closing was within above mentioned supports(9154-9227) at 9205.60.

More than 4 hours trading was with Mixed Patterns formation(clear selling patterns were not seen) and last 2 hours down moves were in Bullish Falling Channel as well as these down moves were due to more then 200 points fall of Dow Jones's Futures therefore view will not be Bearish immediately despite today closing at lower levels of the day.

As last 2 hours down moves were in Bullish Falling Channel in last 2 hours which is a consolidation indication and today closing is within above mentioned next supports(9154-9227) therefore firstly sustaining it beyond should be watched tomorrow for following next moves:-

1- Above 9227 will mean up moves towards 9450
2- Below 9154 will mean down moves towards:-
A- Next supports between 8913-8972 
B- 38.2% Retracement level(8980) which is crucial also

As last 2 hours down moves were in Bullish Falling therefore firstly up moves above 9227 and towards 9450 are expected but above given levels should be watched also if any negative news led Global and Indian markets fall begins.

Up moves towards immediate Resistances if Global markets not crashing

Intra Day Chart Analysis & Market Outlook

(05-05-2020)

Nifty-Intra Day Chart (04-May-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Slipped 500 points in first hour after 325 points gap down opening
2- Selling between 9350-9407(Immediate Resistances)
3- Down moves in Bullish Falling Channel in last hours
4- Supports at lower levels in last hour
5- Whole day actual trading between 9267-9533

Conclusions from intra day chart analysis 

As crashing like situation in all the Global markets therefore firstly 325 points gap down opening and after that slipping also upto 500 points. Fresh selling between 9350-9407 in Mid-session but last hours Down moves were in Bullish Falling Channel and supports at lower levels in last hour therefore if crashing like situation does not develop in Global markets on 05-05-2020 then up moves towards immediate Resistances(9350-9407) are expected because:-

1- Very Short Term indicators have become Oversold
2- 27.0% retracement levels is just below day's lowest(9267) is at 9247.00  
3- Next supports between 9154-9227 are also lying just below day's lowest(9267) 

Firstly watch next supports amid Global markets led crashing like situation

Technical Analysis,Research & Weekly Outlook

(May 04 to May 07,2020)

Nifty-EOD Chart Analysis 

(Waves structure of Wave-B)

Nifty-EOD Chart (30-Apr-2020):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 of Wave-B beginning after corrective Wave-A completion at 7511.10 on 24-03-2020
2- Impulsive Wave-1 completion at 9038.90 on 27-03-2020 and corrective Wave-2 beginning
3- Corrective Wave-2 completion at 8055.80 on 03-04-2020 and impulsive Wave-3 beginning
4- Impulsive Wave-3 completion at 9390.85 on 20-04-2020 and corrective Wave-4 beginning
5- Corrective Wave-4 completion at 8909.40 on 21-04-2020 and impulsive Wave-5 beginning
6- Impulsive Wave-5 of Wave-B continuation with recent top formation at 9889.05 on 30-04-2020

Conclusions from EOD chart analysis

(Waves structure of Wave-B)

Impulsive Wave-5 of Wave-B continuation with recent top formation at 9889.05 on 30-04-2020 no confirmation of its completion yet.

Nifty-EOD Chart Analysis 

(Bollinger Band & Stochastic)

Nifty-EOD Chart (30-Apr-2020):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning
2- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
3- Wave-B continuation with recent top formation at 9889.05 on 30-04-2020
4- Wave-B tested upper band of Bollinger Band
5- Stochastic-%K(5) is at 93.61 & %D(3) is at 85.64

Conclusions from EOD chart analysis 

(Bollinger Band & Stochastic)

As on going Wave-B tested upper band of Bollinger Band and Short Term indicator(Stochastic) has also moved into Over bought zone therefore strong signals of short term correction beginning in next week.

Nifty-EOD Chart Analysis 

(Fibonacci retracement levels of Wave-B)

Nifty-EOD Chart (30-Apr-2020):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

Nifty-Fibonacci Retracement levels of corrective Wave-A(7511.1 to 9889.05):-

1- 13.0%- 9579.92 
2- 23.6%- 9327.85 
3- 27.0%- 9247.00 
4- 38.2%- 8980.67 (Crucial)
5- 50.0%- 8700.07 (Crucial)
6- 61.8%- 8419.48 (Crucial) 
7- 70.7%- 8207.84 
8- 76.4%- 8072.30 
9- 78.6%- 8019.98 
10-88.6%- 7782.19  

Conclusions from EOD chart analysis 

(Fibonacci retracement levels Wave-B)

As indicators are suggesting correction therefore above given retracement levels Wave-B should be watched for next targets of correction one by one.

Nifty- 

Last 30 Sessions intraday charts analysis

Nifty-Intra Day Chart (Mar 13 to Apr 30,2020):-

Just click on chart for its enlarged view

Technical Patterns formation in last 30 Sessions intraday charts

1- Selling(Resistances) in last 30 sessions between
A- 9841-9889
B- 9955-10142
2- Consolidation(Supports) in last 30 sessions
A- 9770-9834
B- 9392-9518
C- 9154-9227
D- 8913-8972
E- 8700-8750
F- 8361-8449
G- 8056-8107
H- 7512-7970
3- Previous 28 Sessions actual trading between 7512-9602
4- Trading between 9732-9889 on 30-04-2020
5- Trading between 8556-10159 on 10% Lower circuit filter triggering day(13-03-2020)
6- Last 30 Sessions actual trading between 7512-10159 

Conclusions from 30 Sessions intra day chart analysis 

Although 10% Lower circuit filter triggered on 13-03-2020 and Nifty recovered 1604.25 points from lower levels as well as closed at the higher levels of the day but Nifty opened much weaker on next trading day(16-03-2020) and since then remained sideways in the next 28 Sessions between 7512-9602. 

This 28 Sessions trading range was broken out on 30-04-2020 and Nifty traded whole day above it between 9732-9889 as well as good consolidation was seen but could not move above the highest of 13-03-2020 because there was good selling(resistances) between 9955-10142 on that day. 

It means that follow up consolidation is firstly required for moving and sustaining above 10142 and if fresh selling develops in next week and Nifty sustains below Previous 28 Sessions trading range highest(9602) then that will mean again sideways market between 7512-9889 and break out of 30-04-2020 will be understood only sentiments driven false break out. 

Nifty-Intra Day Chart Analysis

(13-Mar-2020)

Nifty-Intra Day Chart (13-Mar-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- 10% Lower circuit filter triggered in first 3 minutes
2- Nifty recovered 1604.25 points from lower levels
3- Selling between 9955-10142(Immediate Resistances)
4- Whole day actual trading between 8556-10159

Conclusions from intra day chart analysis 

As WHO declared the worldwide outbreak of the new Coronavirus a pandemic therefore all the Global markets crashed and resultant Nifty triggered 10% lower circuit filter within first 3 minutes on 13-03-2020. As soon as market opened after circuit filter then Nifty recovered more than 600 points within first 10 minutes and after up moves remains continued as well as Nifty gained 1604.25 points from lower levels.

Although closing was near the higher levels of the day but sentiment improved due to some positive news flow during trading hours that day therefore selling developed between 9955-10142 and Nifty tested as well as closed within this range on 30-04-2020. As 9955-10142 is immediate Resistance of Nifty therefore complete fresh consolidation is firstly required for moving and sustaining above 10142.

Nifty-Intra Day Chart Analysis

(30-Apr-2020)

Nifty-Intra Day Chart (30-Apr-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Up moves after gap up strong opening with downward corrections
2- Up moves in Bearish Rising Channel
3- Down moves in Bullish Falling Channel
4- Consolidation between 9770-9834
5- Sharp up in last hour
6- Whole day actual trading between 9732-9889

Conclusions from intra day chart analysis 

As sentiment turned heated after strong Global markets therefore strong gap up opening and after that up moves with downward corrections also but higher levels some profit booking was seen through Up moves in Bearish Rising Channel hence down moves seen in Mid-session. These down moves were in Bullish Falling Channel and after that consolidation was also seen between 9770-9834 therefore sharp up moves in last hour and closing was near the higher levels of the day.

As minor selling at higher levels and whole day good consolidation as wel as good selling not seen yet therefore view will not be Bearish only from intraday charts paterns formations. 

Conclusions 

(After Putting All Studies Together)

1- Long term trend is down.
2- Intermediate term trend is up.
3- Short term trend is up.

As Dow Jones slipped more than 900 points after Indian markets closing last Thursday and SGX Nifty has moved down more than 500 Points in last 2 sessions therefore weaker gap down opening will be seen in Indian markets also if same depressing sentiment persists till next Monday morning also.

Wave-B is very much on and no confirmation of its completion yet. As going Wave-B tested upper band of Bollinger Band and Short Term indicator(Stochastic) has also moved into Over bought zone therefore strong signals of short term correction beginning in next week but intraday charts have not shown sufficient selling patterns yet therefore fresh selling patterns are firstly required for decisive down moves beginning which may be seen at lower levels also if most depressing sentiments led weaker opening will be seen.

Fibonacci retracement levels Wave-B and all the 8 supports of Wave-B have been updated above and those levels should be watched in next week for Very Short up moves and until Nifty will not sustain above last resistances(9955-10142) of previous 30 sessions trading range after complete fresh cosolidation till then decisive up moves will not be seen as well as Nifty will be understood sideways within last 29 sessions trading range(7511-9889).

If Global markets led crashing like situation remains continued in next week then trades should be between above given 8 supports/retracement levels one by one and top of last 29 sessions trading range(9889)

Up moves above today highest if Global markets not crashing

Intra Day Chart Analysis & Market Outlook

(30-04-2020)

Nifty-Intra Day Chart (29-Apr-2020):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Consolidation between 9392-9518
2- Sharp up moves
3- Down moves in Bullish Falling Channel in last hour
4- Whole day actual trading between 9392-9599

Conclusions from intra day chart analysis 

As some selling patterns formations yesterday therefore we were expecting down moves for today but as soon as we saw positive sentiment today morning due to Bullish news flow then we told following lines at 08:300 AM today in "Pre-open Outlook(27-04-2020)":-

As selling patterns formation below 9403 yesterday therefore firstly sustaing above it should be watched today because firstly follow up moves  and finally sustaining it beyond will confirm next short Term moves.

Although Nifty slipped below 9403 but firstly consolidated more than 4 hours between 9392-9518 because next resistances above 9403 were between 9430-9584 and then sharp up moves were seen. As more consolidation was required for sustaining above next resistances(9430-9584) therefore it was seen in last hour through Down moves in Bullish Falling Channel.

As whole day good consolidation today within above mentioned resistances therefore up moves are expected above today highest(9,599.85) if Global markets not crashing.