Firstly watch Supports for next

 bigger moves beginning confirmations

 in Union Budget week

Technical Analysis,Research & 

Weekly Outlook(Jul 22 to Jul 26,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (19-Jul-2024):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of previous Waves structure "ABC correction" completion at 15183.40 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.

2- Impulsive Wave-1 completion at 18887.60 on 01-12-2022.

3- Corrective Wave-2 completion at 16828.30 on 20-03-2023.

4- Impulsive Wave-(i) of Wave-3 completion at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

5- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.

6- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.  

7- Corrective Wave-C of Wave-(ii) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 beginning. 

8- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 24854.80 on 19-07-2024.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure started from 15183.40 on 17-06-2022 after Corrective Wave-C of "ABC correction" of previous Waves structure completion at this level. Wave-1 completed at 18887.60 on 01-12-2022 and Wave-2 begun from this level which completed at 16828.30 on 20-03-2023 and Impulsive Wave-3 started from this level. 

Impulsive Wave-(i) of Wave-3 completed at 20222.45 and from this level corrective Wave-A of "ABC" correction of Wave-(ii) of Wave-3 begun which completed at 19333.60 on 04-10-2023 and Wave-B started. Wave-B completed at 19849.80 on 17-10-2023 and Wave-C started from this levels which completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 begun from this level. 

Now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 24854.80 on 19-07-2024 and no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (19-Jul-2024):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 74.38 & %D(3)- 84.36.

3- In MACD- MACD line has intersected Average line downward and its both lines are falling in positive zone.

4- MACD(26,12)- 392.11 & EXP(9)- 461.61 & Divergence- -69.5

5- MACD is showing negative divergence

Conclusions from EOD chart analysis

(Stochastic & MACD)

Technical positions of Short Term indicators are as follows:-

1- As in Stochastic its %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone therefore it will be understood that signals of Short Term correction beginning have been generated firstly expected also in the beginning of next week.

2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in positive zone therefore it will be understood that this indicator is showing Short Term trend formations and Short term down moves beginning possibility also in next week.

Nifty-Last 4 Sessions intraday

charts analysis

Nifty-Intra Day Chart (Jul 15 to Jul 19,2024):-

Technical Patterns formation in last 4 Sessions intraday charts

1- Selling(Resistances) in last 4 Sessions are as follows:-

A- 24590-24615

B- 24636-24675 

C- 24729-24773 

2- Consolidation(Supports) in last 4 Sessions are as follows:-

A- 24519-24564 

3- Last 4 Sessions actual trading between 24509-24854 

Conclusions from 4 Sessions

intra day chart analysis 

As lower levels some consolidation therefore strong rally was seen on 18-07-2024 but Whole day down moves were seen last Friday because Microsoft Server down problems and all the Global Stock Markets were in Bearish mode. As most negative news led more than 1% down moves were seen last Friday therefore firstly sustaining beyond last 4 sessions supports(24519-24564) should be watched in the coming week for next Short Term Trend formation confirmations.

Nifty-Intra Day Chart Analysis

(19-Jul-2024)

Nifty-Intra Day Chart (19-Jul-2024):-

Technical Patterns formation in today intraday charts

1- Whole day down moves with upward corrections

2- Whole day actual trading between 24509-24854

Conclusions from intra day chart analysis 

Although gap up opening last Friday but Nifty could not sustain at higher levels and starts crashing with all Global markets because massive Microsoft outage unleashed havoc on computer systems across the world. As whole day down moves were with upward corrections which is a distribution pattern also therefore more down moves are expected towards next supports in the beginning of next week.

Conclusions (After putting

all studies together)

1- Long Term Trend is up.

2- Intermediate Term trend is up.

3- Short Term Trend is UP.

Now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations last Friday at 24854.80 and no indication of its completion yet on EOD charts. As Microsoft Global Outrage last Friday therefore all the Global Stock Markets were down and resultant Indian markets also slipped more than 1% that day. 

Short term indicators are suggesting Short Term correction possibility which may also be firstly seen in next week but bigger moves will be decided according to the Union Budget announcemnets next Tuesday(23-07-2024) therefore next week may be highly volatile also and firstly sustaining beyond following next supports should be watched in the coming week and next one sided bigger moves beginning confirmations:-

1- 24519-24564

2- 24358-24430

3- 24142-24355

4- 24095-24148

5- 23914-23997 

6- 23671-23734

7- 23563-23612

8- 23502-23537

9- 23358-23476

Resistances above last Friday closing have been updated above and are not much strong also therefore once sustaining above 1st supports range(24519-24564) will mean strong rally beginning above life time top.

More up moves with only Very 

Short term correction possibility

Nifty-Intra Day Chart Analysis & 

Market Outlook(19-07-2024)

Nifty-Intra Day Chart (18-Jul-2024):-

Technical Patterns formation in today intraday charts

1- Volatility in first 2 hours between 24505-24679

2- Last 4 hours up moves with downward corrections

3- Whole day actual trading between 24505-24837

Conclusions from intra day chart analysis 

As intraday selling was seen yesterday therefore following lines were told at 02:03 AM on 18-07-2024 in "Watch next Supports amid firstly down moves expectations":-

"finally sustaining beyond next supports(24539-24564) should be watched for next decisive moves beginning confirmations amid firstly down moves"

As intraday selling yesterday and Nifty was not prepared for immediate up moves therefore firstly high volatility was seen in first 2 hours between 24505-24679 today and Nifty got supports near about yesterday mentioned next supports(24539-24564).

Although Nifty traded 108 points down in first 2 hours but got supports near about next supports and after that up moves begun with downward corrections which remained continued till next 4 hours and Nifty closed with 0.76% gains. As only intraday consolidation patterns and selling patterns were not seen therefore more up moves are expected and only Very Short term correction possibility can not be ruled out because Very Short Term indicators have turned Overbought.   

Watch next Supports amid firstly 

down moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(18-07-2024)

Nifty-Intra Day Chart (16-Jul-2024):-

Technical Patterns formation in today intraday charts

1- More than 50 points up moves after positive opening

2- Selling between 24643-24661

3- Volatility in last hour between 24588-34647

4- Whole day actual trading between 24588-24661

Conclusions from intra day chart analysis 

Although firstly up moves after positive opening but higher levels selling developed in Mid-session therefore down moves were seen till last hour. As Volatility in last hour between 24588-34647 and some times technical positions reverses also during such Volatility therefore expected that Nifty will firstly trade within this Volatility range in the coming session. Firstly down moves are also expected below last Tuesday lowest(24588) because higher levels selling was seen and finally sustaining beyond next supports(24539-24564) should be watched for next decisive moves beginning confirmations amid firstly down moves expectations. 

As out of station therefore unable 

to post today(16-07-2024) Outlook. 

Firstly up moves and Finally 

24474-24576 will confirm Fresh Rally

 or Short Term correction

Technical Analysis,Research & Weekly 

Outlook(Jul 15 to Jul 19,2024)

Nifty-Weekly Chart Analysis

(Waves structure)

Nifty-Weekly Chart (12-Jul-2024):-

Technical Patterns and Formations in Weekly charts

1- Corrective Wave-C of previous Waves structure "ABC correction" completion at 15183.40 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.

2- Impulsive Wave-1 completion at 18887.60 on 02-12-2022.

3- Corrective Wave-2 completion at 16828.30 on 24-03-2023.

4- Impulsive Wave-(i) of Wave-3 completion at 20222.45 on 15-09-2023. 

5- Corrective Wave-(ii) of Wave-3 completion at 18837.80 on 27-10-2023

6- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 24592.20 on 12-07-2024.

Conclusions from Weekly chart

analysis(Waves structure)

Corrective Wave-C of "ABC correction" of previous Waves structure completed at 15183.40 on 17-06-2022 and from this level Impulsive Wave-1 of new Waves structure started which completed at 18887.60 on 02-12-2022. From this level Wave-2 begun which completed at 16828.30 on 24-03-2023 and Impulsive Wave-3 begun from this level. 

Impulsive Wave-(i) of Wave-3 completed at 20222.45 on 15-09-2023 and from this level corrective    Wave-(ii) of Wave-3 started which completed at 18837.80 on 27-10-2023 and impulsive Wave-(iii) of Wave-3 begun from this level. Now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 24592.20 on 12-07-2024 and no indication of its completion yet on Weekly charts.

Nifty-Weekly Chart Analysis

(Stochastic & MACD)

Nifty-Weekly Chart (12-Jul-2024):-

Technical Patterns and Formations in Weekly charts

1- Stochastic- Its both lines %K(5) and %D(3) are kissing in Over bought zone.

2- Stochastic:- %K(5)- 95.13 & %D(3)- 95.17.

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

4- MACD(26,12)- 769.40 & EXP(9)- 459.75 & Divergence- 309.65

5- MACD is showing negative divergence.

Conclusions from Weekly chart analysis

(Stochastic & MACD)

Technical positions of Intermediate Term indicators are as follows:-

1- As in Stochastic its both lines %K(5) and %D(3) are kissing in Over bought zone therefore it will be understood that signals of Intermediate Term correction beginning have started to generate. Let its downward intersection happen and its downward moves begun then Intermediate Term correction will be seen.

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone but MACD is showing negative divergence also therefore it will be understood that MACD has confirmed upward Trend formation but cautious approach is required and let more downward trend formations develop then Intermediate Term correction will be seen.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (12-Jul-2024):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 24592.20 on 12-07-2024.

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

3- Stochastic:- %K(5)- 63.92 & %D(3)- 69.98.

4- Stochastic is showing negative divergence

5- In MACD- MACD line has intersected Average line downward and its both lines are falling in positive zone.

6- MACD(26,12)- 446.22 & EXP(9)- 509.56 & Divergence- -63.34

7- MACD is showing negative divergence.

Conclusions from EOD chart analysis

(Stochastic & MACD)

Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 24592.20 on 12-07-2024 and no indication of its completion yet on EOD charts. Technical positions of Short Term indicators are as follows:-

1- As in Stochastic  %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone and it is showing negative divergence also therefore this indicator has shown clear signals of Short Term Correction beginning in the coming week/weeks.

2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in positive zone as well as it is showing negative divergence also therefore it will be understood that MACD is showing clear signals of downward trend formations.

Nifty-Intra Day Chart Analysis

(12-Jul-2024)

Nifty-Intra Day Chart (12-Jul-2024):-

Technical Patterns formation in today intraday charts

1- Consolidation between 24358-24430

2- More than 200 points sharp up

3- Down moves in Bullish Falling Channel

4- Consolidation between 24474-24523

5- Minor selling between 24548-24576

6- Whole day actual trading between 24332-24592

Conclusions from intra day

chart analysis 

As more than one hour consolidation after positive opening and intraday consolidation patterns were seen in previous sessions also therefore more than 200 points sharp up moves developed in less than 20 minutes. Although higher levels minor intraday selling but consolidation patterns formations also in the last more than 4 hours trading between 24474-24576 therefore expected that firstly up moves will be seen towards last friday highest(24592) in the beginning of next week. As minor selling was seen below 24576 and above it selling patterns were not seen last Friday therefore once sustaining above 24576 will mean fresh strong rally beginning confirmations. If firstly Nifty fails to sustain above 24576 then finally sustaining beyond last more than 4 hours trading range(24474-24576) should be watched for next Short Term moves beginning confirmations . 

Conclusions (After putting

all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term Trend is UP.

Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 24592.20 on 12-07-2024 and no indication of its completion yet on Weekly and EOD charts therefore on going Bullish rally will remain continued in the coming week also.

Intermediate Term indicators have not shown any signal of Intermediate Term correction beginning but Short Term indicators have shown clear signals of Short Term correction beginning therefore it may begin. As intraday charts of previous week have shown lower levels supports and consolidation patterns formations also therefore Nifty closed at life time top with new life time top formations last Friday and until complete fresh intraday selling patterns will not develop till then even Short Term correction will not be seen.

Although firstly up moves are expected in the beginning of coming week but Short Term indicators are showing signals of Short Term correction beginning also therefore finally sustaining beyond 24474-24576 should be watched in the coming week for next Short Term moves beginning confirmations. Sustaining above 24576 will mean strong rally beginning and sustaining below 24474 will mean Short Term correction beginning towards following next supports which should be watched one by one for fresh rally beginning after Short Term correction completion:-

1- 24358-24430

2- 24142-24355

3- 24095-24148

4- 23914-23997 

5- 23671-23734

6- 23563-23612

7- 23502-23537

8- 23358-23476