Finally last 14 sessions trading range break out/down will confirm next Trend

Technical Analysis,Research & Weekly Outlook

(May 22 to May 26,2023)

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (19-May-2023):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction beginning.

2- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.

3- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.

4- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion indication with recent bottom formation at 16828.3 on 20-03-2023.

5- Pull Back Rally continuation with recent top formation at 18458.9 on 15-05-2023.

6- Short Term correction continuation with recent bottom formation at 18060.40 on 19-05-2023 

7- Last 14 sessions sideways trading between 18043-11458. 

Conclusions from EOD chart analysis

(Corrective Waves)

Corrective Wave-A of "ABC" correction started after impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022. Wave-A completed at 17774.3 on 26-12-2022 and from this level Wave-B started which completed at 18265.3 on 30-12-2022 and Wave-C begun.

Although no confirmation of  Wave-C completion yet but strong indications of its completion have developed on EOD Charts because the Pull Back Rally which started from its lowest at 16828.3 on 20-03-2023) has gained gained 1630.6 points(9.68%) from Wave-C lower levels and no confirmation of its completion yet. Now Short Term correction of Pull Back Rally is on with its recent bottom formation at 18060.40 on 19-05-2023 and no confirmation of its completion yet also but Bullish Hammer Daily Candle fomations last Friday therefore first signal of its completion will be understood but confirmations are still required. 

Last 14 sessions sideways trading between 18043-11458 in which firstly 6 sessions up moves were seen and down moves developed in last 4 sessions and previous week closing was 160 points above the lower levels of last 14 sessions. As finally sustaining beyond this range will confirm next Short to Intermediate Term next Trend therefore it should be firstly watched in the coming week/weeks

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (19-May-2023):-

Technical Patterns and Formations in EOD charts

1- Pull Back Rally beginning from 16828.3 on 20-03-2023

2- Pull Back Rally continuation with recent top formation at 18458.9 on 15-05-2023.

3- Short Term correction continuation with recent bottom formation at 18060.40 on 19-05-2023 

4- 

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

6- Stochastic:- %K(5)- 20.77 & %D(3)- 28.32.

7- MACD- Its both lines are kissing in positive zone.

8- MACD(26,12)- 234.23 & EXP(9)- 281.43 & Divergence- -47.2

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- As in Short Term indicator Stochastic %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone therefore some more nut limited down moves can not be ruled out. 

2- As both lines of MACD are kissing in positive zone therefore it will be understood that at present this indicator is not suggesting any side direction. Let upward or downward clear cross over develop in it then that side next Trend will be understood.

Nifty-Last 14 Sessions

intraday charts analysis

Nifty-Intra Day Chart (May 02 to May 19,2023):-

Technical Patterns formation in last 14 Sessions intraday charts

1- Last 14 Sessions Resistances above last Friday closing are as follows:-

A- 18222-18297 

B- 18302-18337

C- 18340-18366

D- 18429-18458  

2- Last 14 Sessions Supports below last Friday closing are as follows:-

A- 18059-18127

3- Last 14 Sessions actual trading between 18043-18458 

Conclusions from 14 Sessions

intra day chart analysis 

Last 14 Sessions trading between 18043-18458 with above mentioned supports and resistances. Although finally sustaining beyond last 14 sessions trading range will confirm next trend and big moves also but resistances are stronger than supports and last Friday lowest(18060.40) was little above last 14 sessions lowest(18043) therefore firstly sustaining it beyond should be watched in the coming week for next Short/Intermediate Term and big moves beginning indications and confirmations one by one.

Nifty-Intra Day Chart Analysis

(19-May-2023)

Nifty-Intra Day Chart (19-May-2023):-

Technical Patterns formation in today intraday charts

1- Firstly 125 points fall after positive opening

2- More than 4 hours consolidation between 18061-18127(immediate supports)

3- Up moves with downward corrections in last hours

4- Whole day actual trading between 18061-18218

Conclusions from intra day chart analysis 

Although firstly 125 points fall after positive opening last Friday but more than 4 hours consolidation was seen between 18061-18127 therefore this range will be immediate supports of Nifty. As up moves with downward corrections also developed in last hours and it is an indication of follow up consolidation as well therefore firstly up moves are expected in the beginning of next week. Until Nifty will not sustain below last Friday lowest(18061) after complete fresh selling till then decisive down moves will not be seen.

Conclusions

(After putting all studies together)

1- Short Term Trend is down.

2- Intermediate Term Trend is up.

3- Long Term Trend is up.

Impulsive Wave-1 of new Waves structure started from 15183.4 on 17-06-2022 and its impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022. Then corrective Wave-A of "ABC" correction begun and finally its corrective Wave-C completion indications developed after its bottom formation at 16828.3 on 20-03-2023 because from this level strong Pull Back Rally was seen which gained 1630.6 points(9.68%) after its recent top formation at 18458.9 on 15-05-2023. 

Short Term correction of Pull Back Rally developed in previous week which is also in continuation and no confirmation of its completion yet. As Bullish Hammer Candle formation with good intraday consolidation patterns formations in last Friday in EOD and intraday charts therefore firstly up moves are expected towards above mentioned resistances in next week. As resistances are stronger than supports in last 14 sessions sideways trading therefore until Nifty will not sustain above last 14 sessions highest(18458) after complete fresh consolidation till then fresh up moves will not be seen above it ie above the top of on going Pull Back Rally. 

As finally sustaining beyond last 14 sessions trading range(18043-18458) will confirm deeper correction beginning below 18043 and fresh rally beginning above 18458 therefore firstly should be watched in the coming week/weeks for its confirmations.

Next resistances above last 14 sessions highest are as follows which should be watched after upward break out above 18458:-

1- 18559-18586

2- 18674-18696

3- 18832-18854

Next supports below last 14 sessions lowest are as follows which should be watched after downward break down below 18043:-

1- 17937-17988

2- 17886-17922

3- 17712-17803

4- 17613-17646

5- 17503-17541

Watch next supports for the life & length 

of on going correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(19-05-2023)

Nifty-Intra Day Chart (18-May-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 18222-18297

2- Selling between 18140-18219

3- Sharp fall in last half hour

4- Whole day actual trading between 18105-18297

Conclusions from intra day chart analysis 

Although positive opening but selling developed and follow up selling was seen in Mid-sessions also therefore sharp fall in last half hour. As only intraady selling patterns formations today hence more down moves are expected in the coming sessions and firstly sustaining beyond next supports rane(17937-17988) should be watched in the coming sessions for the life and length of on going correction.

As busy therefore Stock Market Outlook of today(18-05-2023) is not being updated.

 Down moves towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(17-05-2023)

Nifty-Intra Day Chart (16-May-2023):-

Technical Patterns formation in today intraday charts

1- More than 5 hours selling between 18340-18432

2- Down moves in last hour

3- Whole day actual trading between 18265-18432

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Down Moves expectations below today lowest":-

down moves are expected below today 

lowest(18288) in the coming sessions.

As was told 100% same happened and:- 

1- Nifty closed 112 Points down today

2- Down moves were seen below yesterday lowest(18288) and today lowest formations was at 18264.35.

Although positive opening today but selling developed which remained continued more than 5 hours therefore down moves were seen in last hour and today closing was near the lower levels of the day. As whole day good intraday selling today therefore more down moves are expected below today lowest and towards next supports between 18144-18206.

Down Moves expectations 

below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-05-2023)

Nifty-Intra Day Chart (15-May-2023):-

Technical Patterns formation in today intraday charts

1- Whole day up moves in Bearish Rising Channel

2- Sharp fall

3- Whole day actual trading between 18288-18458

Conclusions from intra day chart analysis 

As all the Asian markets were trading with good gains and Dow Jones Futures was also more than 100 points up today morning therefore Indian markets starts to move up after flat opening which remain continued til 02:30 PM. Although today closing was with 84 points gains but  whole day up moves were in Bearish Rising Channel therefore sharp fall was seen in last hour and down moves are expected below today lowest(18288) in the coming sessions.