Sideways market within supports & resistances if no big negative news from Russia-Ukraine 

war front

Technical Analysis,Research & Weekly 

Outlook(Mar 21 to Mar 25,2022)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (17-Mar-2022):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction beginning.

2- Corrective Wave-A completion at 16410.20 on 20-12-2021

3- Wave-B completion at 18351.00 on 18-01-2022.

4- Wave-C bottom formation at 15671.5 on 08-03-2022

5- Pull Back Rally continuation with recent top formation at 17344.60 on 17-03-2022 

6- Stochastic- %K(5) both lines are kissing in Over bought zone.

7- Stochastic:- %K(5)- 87.62 & %D(3)- 87.74.

8- In MACD- MACD line has intersected Average line upward and its both lines are rising in negative zone.

9- MACD(26,12)- -214.37 & EXP(9)- -450.59 & Divergence- 236.22

Conclusions from EOD chart analysis

(Stochastic & MACD)

Pull Back Rally continuation strongly after Wave-C recent bottom formation at 15671.5 and no indication of on going Pull Back Rally completion yet on EOD and intraday charts.

As MACD line has intersected Average line upward and its both lines are rising in negative zone therefore showing Upward trend formations but in Stochastic its both lines are kissing in Over bought zone therefore signalling Short Term correction beginning possibility also.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (17-Mar-2022):-

Technical Patterns and Formations in EOD charts

1-Averages

A- 5-Day SMA is today at   16885

B- 21-Day SMA is today at  16740

C- 55-Day SMA is today at  17278

D- 100-Day SMA is today at 17380 

E- 200-Day SMA is today at 16997

 

Conclusions from EOD chart

analysis (Averages)

As Nifty closed above all Averages except 100-Day SMA(17380) at 17287.05 on 17-03-2022 therefore showing strength because closed well above Long Term Trend decider 200-Day SMA(16997),let Nifty to sustain above it then rally above life time highest will be considered after Wave-C completion confirmation at 15671.5. 

Nifty-Intra Day Chart Analysis

(17-Mar-2022)

Nifty-Intra Day Chart (17-Mar-2022):-

Technical Patterns formation in today intraday charts

1- Sharp up after huge gap up opening

2- Sideways trading between 17251-17344

3- Whole day actual trading between 17176-17344

Conclusions from intra day chart analysis 

Although firstly sharp up after huge gap up opening but sideways trading was seen between 17251-17344 in last more than 4 hours therefore firstly sustaining beyond this range should be watched in the beginning of coming week for next decisive moves beginning. 

As selling patterns were not seen and consolidation patterns formations between 17251-17344 therefore firstly up moves are expected and complete selling is required for slipping and sustaining below 17251,let it happen then decisive down moves will be seen.

Conclusions

(After putting all studies together)

1- Short Term Trend is up.

2- Intermediate Term Trend is sideways.

3- Long Term Trend is sideways.

Although Short Term Trend is up but no confirmation of sustaining above 55 & 200-Day SMA therefore Intermediate & Long Term Trends will be considered sideways,let sustaining above both these SMA confirmation come then then these 2 Trends will be up.

MACD is showing Upward trend formations but in Stochastic its both lines are kissing in Over bought zone therefore signalling Short Term correction beginning possibility. As intraday charts have not shown selling patterns formations therefore on going Pull Back Rally will remain continued towards following next resistances in the beginning of next week:-

1- 17370-17417

2- 17580-17639 

3- 17648-17684

4- 17699-17731  

5- 17736-17761

Next supports of Nifty are as follows:-

1- 17185-17220

2- 16838-16943

3- 16559-16672

Firstly watch next resistances and failing to sustain above any one will confirm Short Term correction beginning towards above mentioned supports. More or less sideways market is expected within above mentioned supports and resistances if there is no big negative news from Russia-Ukraine war front.

 Pull Back Rally continuation 

towards next resistances

Nifty-Intra Day Chart Analysis &

Market Outlook(17-03-2022)

Nifty-Intra Day Chart (16-Mar-2022):-

Technical Patterns formation in today intraday charts

1- Consolidation between 16838-16943

2- Sharp up in last half hour

3- Whole day actual trading between 16838-16987

Conclusions from intra day chart analysis 

As good intraday consolidation till 03:00 PM between 16838-16943 which  was well above last 11 sessions highest(16815) therefore sharp up moves were seen in last half hour and it suggests that on going Pull Back Rally will remain continued tomorrow also towards following next resistances:-

A- 17156-17220

B- 17290-17417

 Up moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-03-2022)

Nifty-Intra Day Chart (15-Mar-2022):-

Technical Patterns formation in today intraday charts

1- Whole day down moves in Bullish Falling Channels

2- Whole day actual trading between 16555-16927

Conclusions from intra day chart analysis 

Although closing little above the lower levels of the day after loosing 372 points from higher levels but Whole day down moves in Bullish Falling Channels therefore intraday consolidation will be understood and firstly up moves are expected towards 16927,let Nifty to sustain above it then decisive up moves will be seen.

Watch levels for next Short Term moves beginning amid Russia and Ukraine war led uncertain news 

Nifty-Intra Day Chart Analysis &

Market Outlook(15-03-2022)

Nifty-Intra Day Chart (14-Mar-2022):-

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- Sharp up moves

3- Sideways trading between 16847-16887

4- Whole day actual trading between 16607-16887

Conclusions from intra day chart analysis 

As Russian negotiator says significant progress and hints breakthrough likely in 4th round of talks between Russia and Ukraine as well as Dow Futures had traded almost whole day more than 250 points up therefore firstly Up moves were seen with downward corrections and after that Sharp up moves also developed.

Although sideways trading in last hour between 16847-16887 and selling patterns were not seen but very Short Term indicators have turned overbought therefore firstly sustaining beyond 16847-16887 should be watched tomorrow for next Short Term moves beginning amid Russia and Ukraine war led uncertain news.