Firstly watch next supports for the life of on going correction & finally 15672-18604 for next big moves beginning confirmations

Technical Analysis,Research & Weekly Outlook

(Apr 25 to Apr 29,2020)

Nifty-EOD Chart Analysis

(Waves structure)

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

Technical Patterns and Formations in EOD charts

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

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

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

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

10- Pull Back Rally completion at 18114.70 on 04-04-2022 and correction beginning.

11- Correction continuation with recent bottom formation at 16824.70 on 19-04-2022 

Conclusions from EOD chart analysis

(Waves structure)

"ABC" correction beginning after impulsive Wave-5 completion at 18604.50 on 19-10-2021 and no confirmation of "ABC" correction completion yet on EOD charts.

Strong Pull Back Rally which developed after Wave-C bottom formation at 15671.50 completed at 18114.70 on 04-04-2022 and its correction beginning that is in continuation with recent bottom formation at 16824.70 on 19-04-2022 and no indication of its completion yet on EOD and intraday charts therefore on going correction will remain continued in the beginning of next week.

Nifty-Weekly Chart Analysis

(Stochastic & MACD)

Nifty-Weekly Chart (22-Apr-2020):-

Technical Patterns and Formations in EOD charts

1- Last 6 months sideways correction between 15671.5-18604.50

2- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone.

3- Stochastic:- %K(5)- 57.48 & %D(3)- 76.09

4- In MACD- MACD line has intersected Average line upward and its both lines are moving flat in negative zone.

5- MACD(26,12)- -212.73 & EXP(9)- -257.67 & Divergence- 44.94

Conclusions from Weekly chart analysis

(Stochastic & MACD)

As in Weekly Stochastic %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone therefore confirming downward trend formations and showing more down moves indications in next week.

Although in MACD indicator MACD line has intersected Average line upward but its both lines are moving flat in negative zone therefore not confirming any immediate up moves and suggesting to adopt wait and watch policy in Short Term.

Nifty-Intra Day Chart Analysis

(22-Apr-2020)

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

Technical Patterns formation in today intraday charts

1- 192 Points fall in first 4 minutes

2- Support between 17200-17245

3- Selling between 17264-17315

4- Selling between 17181-17230

5- Whole day actual trading between 17150-17315

Conclusions from intra day chart analysis 

Although firstly 192 Points fall in first 4 minutes but some supports developed at lower levels therefore up moves were seen after that. As higher levels fresh selling therefore sharp fall after that and follow up selling in last hour also hence last Friday closing was at the lower levels of the day.

As good intraday selling last Friday therefore firstly down moves will be seen in the beginning of next week.

Conclusions

(After putting all studies together)

Impulsive Wave-5 completed after new life time top formation at 18604.50 on 19-10-2021 and "ABC" correction started which has turned sideways between 15672-18604 for the last 6 months and Nifty closed almost at the centre of this range last Friday at 17171.75.

All the Long and Intermediate term Averages have tuned flat and all the trends are also now sideways therefore Nifty will trade and prepare for next Long Term Trend within this range which will be done in the coming week/weeks. As finally valid break out of this range(15672-18604) will produce next big moves after Long Term trend formation confirmations therefore firstly sustaining beyond following next supports and resistances of this correction range should be watched one by one:-

Next supports are as follows:-

1- 17064-17115

2- 17003-17051

3- 16868-16952

4- 16579-16674

5- 16484-16554

6- 16418-16447(Gap Support)

7- 16253-16304

8- 16098-16152

9- 15966-16019

10-15672-15846

Next resistances are as follows:-

1- 17181-17230

2- 17264-17315

3- 17524-17561 

4- 17616-17663 

5- 17727-17779

6- 17795-17832

7- 17959-18129

8- 18292-18321

9- 18379-18458

10-18548-18604 

Weekly Stochastic is indicating more down moves possibility and selling patterns in intraday charts of last Friday is also suggesting correction continuation in the beginning of next week therefore firstly sustaining beyond above next supports should be watched one by one in next week for the life of on going correction and finally sustaining beyond 15672-18604 should be watched for next big moves beginning confirmations.

 As busy therefore Stock Market Outlook of today(22-04-2022) is not being updated.

 Firstly up moves & finally levels

 will decide next trend

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-04-2022)

Nifty-Intra Day Chart (20-Apr-2020):-

Technical Patterns formation in today intraday charts

1- 45 Points jump in first minute after positive opening

2- Whole day sideways trading between with consolidation between 17066-17186

3- Whole day actual trading between 16979-17186

Conclusions from intra day chart analysis 

Following lines were told in previous Oulook"Firstly watch next supports":-

a sharp big jump or a Pull back rally will be seen towards 17172

As was told 100% same happened and Nifty closed at 17136.55 after gaining 177.90 Points as well as slipped below 17172 after forming intraday highest at 17186.90.

Although good selling between 17172-17275 on 19-04-2022 but some consolidation also between 17066-17186 on 20-04-2022 therefore expected that firstly Nifty will trade and prepsre for next decisive moves within and near about 17066-17275 in the coming sessions.  

As some consolidation also between 17066-17186 on 20-04-2022 therefore firstly up moves will be seen towards 17186 but until complete consolidation will not develop till then Nifty will not sustain above 17275. 

17066-17275 will be very Short Term trading range and next trend decider as well hence finally sustaining it beyond should be watched amid firstly up moves expectations towards 17186.

Firstly watch next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-04-2022)

Nifty-Intra Day Chart (19-Apr-2020):-

Technical Patterns formation in today intraday charts

1- More than 5 hours selling between 17172-17275(immediate Resistances)

2- Sharp fall in last hour

3- Whole day actual trading between 16825-17275

Conclusions from intra day chart analysis 

As more than 5 hours selling between 17172-17275 therefore sharp fall was seen in last hour and until complete consolidation will not develop till then Nifty will not sustain above today highest(17275).

As very Short Term indicators have turned oversold and sentiment is completely depressed therefore if Nifty honours following next supports in the coming sessions then a sharp big jump or a Pull back rally will be seen towards 17172 hence sustaining it beyond should be firstly watched:-

1- 16838-16943

2- 16559-16672

Firstly watch levels for next decisive moves beginning confirmations

 Nifty-Intra Day Chart Analysis & 

Market Outlook(19-04-2022)

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

Technical Patterns formation in today intraday charts

1- Selling between 17186-17237

2- Sharp fall

3- Down moves in Bullish Falling Channel

4- Up moves with downward corrections

5- Whole day actual trading between 17068-17237

Conclusions from intra day chart analysis 

Following lines were told at 01:54 PM on 15-04-2022 in "Remain cautious amid deeper correction beginning possibility":-

1- down moves are expected in the beginning of next week

2- once sustaining below 17004 will mean deeper correction beginning of on going Pull Back Rally

As was told 100% same happened and Nifty closed 302 points down in the beginning of this weeek on Monday.

As firstly selling between 17186-17237 after huge gap down opening therefore sharp fall after that but Down moves in Bullish Falling Channel in Mid sessions hence up moves were seen in last 3 hours.

Although lower levels consolidation through Down moves in Bullish Falling Channeland and last 3 hours up moves with downward corrections also but could noy move above 17237 because good selling was seen between 17186-17237.

As both higher levels good selling and lower levels equally good consolidation also between 17068-17237 therefore expected that Nifty will firstly trade and prepare for next decisive moves within and near about this range and firstly sustaining it beyond should be watched in the coming sessions for next decisive moves beginning confirmations.