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.
