Watch next supports & levels after Corrective Wave-4 continuation confirmations

Technical Analysis,Research & Weekly Outlook

(Nov 11 to Nov 14,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (08-Nov-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 completion with new life time top formations at 26277.30 on 27-09-2024 and corrective Wave-4 beginning.

9- Corrective Wave-4 continuation with recent bottom formations at 23816.20 on 04-11-2024.

Conclusions from EOD chart analysis

(Waves structure)

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

Impulsive Wave-(i) of Wave-3 completed at 20222.4 on 15-09-20235 and from this level corrective Wave-A of "ABC" correction of Wave-(ii) of Wave-3 started which completed at 19333.60 on 04-10-2023 and Wave-B begun from this level. 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. 

Impulsive Wave-(iii) of Wave-3 completed with new life time top formations at 26277.30 on 27-09-2024 and Intermediate Term correction of Wave-4 started which is now in continuation with its recent bottom formations at 23816.20 on 04-11-2024 and no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (08-Nov-2024):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 63.91 & %D(3)- 63.64.

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

4- MACD(26,12)- -308.21 & EXP(9)- -415.55 & Divergence- 107.34

Conclusions from EOD chart analysis

(Stochastic & MACD)

Technical positions of Short Term indicators are as follows:-

1- As in Stochastic its both %K(5) and %D(3) lines are kissing below Over sold zone therefore it will be understood that previous week upward moves were not strong because Nifty could not be able to enter into Over bought zone. Remain cautious because if downward intersection happen then decisive Downward moves will be seen.

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in negative zone therefore it will be understood that 1st signal of Short Term Upward Trend formation has been generated and according to this indicator possibility of some upward moves beginning also can not be ruled out.  

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (08-Nov-2024):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 24208 

2- 21-Day SMA is today at24509 

3- 55-Day SMA is today at 25012

4- 100-Day SMA is today at 24709

5- 200-Day SMA is today at 23508

Conclusions from EOD chart analysis

(Averages)

Although little upward moves were seen in previous week but Nifty could not be able move above Short Term Trend decider 21-Day SMA and moved down. Intermediate Term Trend is confirm down because Nifty has sustained below its decider 55-Day SMA and now trading below 100-Day SMA also for the last 3 weeks. As Nifty is still well above Long Term Trend decider 200-Day SMA therefore it is up but remain cautious because Intermediate Term Correction is very much on and downward moves towards 200-Day SMA with its testing also can not be ruled out. It should be kept in mind that until Nifty will not sustain above Trend decider SMAs till then Trend reversal will not get confirmations.

Nifty-Intra Day Chart Analysis

(08-Nov-2024)

Nifty-Intra Day Chart (08-Nov-2024):-

Technical Patterns formation in today intraday charts

1- Selling Patterns formation between 24142-24215

2- Whole day actual trading between 24067-24276

Conclusions from intra day chart analysis 

Although firstly some upward moves in half hour after flat opening but sufficient intraday selling patterns were also seen therefore downward moves are expected below today lowest(24066.65) in the beginning of next week.

Conclusions

(After putting all studies together)

1- Long Term Trend is up.

2- Intermediate Term trend is down.

3- Short Term Trend is down.

Impulsive Wave-(iii) of Wave-3 completed at 26277.30 on 27-09-2024 and from this level Corrective Wave-4 started which is now in continuation with recent bottom formations at 23816.20 on 04-11-2024 and no indication of its completion yet on EOD and intraday charts

Averages are confirming that Long Term Trend is up and Intermediate Term Trend is down. Now Short Term indicators are not confirming any side clear direction and intraday charts of last Friday are showing firstly downward moves possibility in the beginning of next week. 

Corrective Wave-4 is very much on and now in continuation towards following next supports and levels which should be watched one by one for next immediate moves beginning confirmations:-

1- Supports:-

1- 23817-24025   

3- 23671-23734

4- 23563-23612

5- 23502-23537

6- 23358-23476

2- Fibonacci Retracement Crucial levels of Wave-(iii) of Wave-3(18837.80-26277.30):- 

38.2%- 23,435 (Crucial Level)

50.0%- 22,557 (Crucial Level)

61.8%- 21,679 (Crucial Level)

3- Long Term Trend decider 200-Day SMA which is today at 23508.

Sustaining beyond 24179-24255 

will confirm next intraday decisive

 moves beginning

Nifty-Intra Day Chart Analysis &

Market Outlook(08-11-2024)

Nifty-Intra Day Chart (07-Nov-2024):-

Technical Patterns formation in today intraday charts

1- 273 Points sharp fall in first hour after flat opening

2- Last more than 5 hours sideways trading between 24179-24255

3- Whole day actual trading between 24179-24503

Conclusions from intra day chart analysis 

As sentiment turned heated after Donald Trump victory confirmation in US President Election and higher levels selling was seen between 24445-24537 yesterday therefore Nifty could not sustain within this range and firstly 273 Points sharp fall developed in first hour today. 

Last more than 5 hours sideways trading between 24179-24255 and one sided intraday trading patterns were not seen within this range today therefore firstly sustaining beyond this range should be watched tomorrow for next intraday decisive moves beginning confirmations.

Sustaining above today highest will mean strong rally beginning after last 10 sessions trading range breakout

Nifty-Intra Day Chart Analysis &

Market Outlook(07-11-2024)

Nifty-Intra Day Chart (06-Nov-2024):-

Technical Patterns formation in today intraday charts

1- 104 Points down in first 10 minutes

2- Volatility between 24286-24415

3- Up moves with downward corrections

4- Selling between 24445-24537

3- Whole day actual trading between 24205-24537

Conclusions from intra day chart analysis 

As high possibility of Donals Trump victory developed after US President Election votes counting beginning therefore Dow Jones closed 427 points up yesterday and its Futures was trading more than 550 points up today morning hence Nifty opened 95 points up but slipped 104 points down also in first 10 minutes and traded in negative zone also below 24229 because Profit Booking was seen between 24170-24229 yesterday.

Intraday upward moves which started from lower levels remain continued with Donald Trump continued victory results declaration. Although firstly up moves were with downward corrections but higher levels selling was also seen between 24445-24537 because sentiment turned heated after:-

1- US President Election declared results confirmation of Donald Trump victory.

2- Positive opening of all European markets.  

3- Dow Jones Futures was trading more than 800 points up.

9 Previous sessions highest was at 24492.60 and Nifty closed just below it at 24484.05 today after forming today highest at 24537.60. As higher levels selling was also seen therefore firstly more consolidation is required for fresh upward moves beginning after sustaining above today highest. It should be kept in mind that once sustaining above today highest will mean strong rally beginning after last 10 sessions trading range breakout.

Upward moves towards 24368 

only after fresh consolidation 

between 24170-24229

Nifty-Intra Day Chart Analysis &

Market Outlook(06-11-2024)

Nifty-Intra Day Chart (05-11-2024):-

Technical Patterns formation in today intraday charts

1- 4 Hours consolidation Patterns formations between 23843-24025

2- Sharp up

3- Slower up moves

4- Up moves in Bearish Rising Channels between 24170-24229

5- Whole day actual trading between 23843-24229

Conclusions from intra day chart analysis 

As firstly 4 Hours consolidation Patterns formations between 23843-24025 therefore sharp up moves were seen after that. Although today closing was with 218 points gains but in last 2 hours firstly slower up moves and after that Up moves in Bearish Rising Channels between 24170-24229 were seen which is a intraday selling pattern therefore higher levels some profit booking also can not be ruled out. 

Although next resistances are between 24328-24368 and minor selling at today higher levels also can not be ruled out between 24170-24229 but lower levels good intraday between 23843-24025 also today therefore upward moves towards 24368 can not be ruled out if fresh consolidation develops between or near about 24170-24229 tomorrow. 

Sustaining beyond 23817-23912 will

 confirm next intraday decisive

 moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-11-2024)

Nifty-Intra Day Chart (04-Nov-2024):-

Technical Patterns formation in today intraday charts

1- 171 Points sharp fall in first 2 minutes

2- Down moves in Bullish Falling Channel

3- Support between 23817-23912

4- Up moves in Bearish Rising Channel

5- Whole day actual trading between 23817-24316

Conclusions from intra day chart analysis 

Although little positive opening but higher levels good intraday selling on Diwali Muhurt Session therefore not sustaining at higher levels and 171 points sharp fall was seen in first 2 minutes. As after that Down moves were in Bullish Falling Channel and lower levels support formations also therefore upward moves were seen in last 2 hours which were in Bearish Rising Channel hence hence some downward moves towards today lowest can not be ruled out. Firstly sustaining beyond today formed supports (23817-23912) should be watched tomorrow for next intraday decisive moves beginning confirmations

 Finally sustaining beyond 24173-24368 will confirm next decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-11-2024)

Nifty-Intra Day Chart Analysis(Oct 31 & Nov 01,2024)

Technical Patterns formation in today intraday charts

1- Firstly 137 points moved down from intraday higher levels in first half hour on 31-10-2024.

2- Down moves in Bullish Falling Channel on 31-10-2024.

3- Consolidation in last 3 hours between 24173-24229 on 31-10-2024. 

4- 65 Points upward moves in first 15 minutes after 97 Points positive opening on 01-11-2024 

5- Selling between 24328-24368 on 01-11-2024

6- Sharp fall in last 22 minutes on 01-11-2024

7- Last 2 sessions actual trading between 24173-24372

Conclusions from intra day chart analysis 

Although firstly little upward moves were seen after positive opening on 31-10-2024 but firstly Nifty moved down 137 points from intraday higher levels in first half hour. As after that Down moves were in Bullish Falling Channel and lower levels 3 hours consolidation also between 24328-24368 therefore good intraday consolidation was seen on 31-10-2024.

As good intraday consolidation in previous session therefore 65 Points upward moves were seen in first 15 minutes after 97 Points positive opening on Deepawali Muhurt one hour Session but higher levels good selling also developed between 24328-24368 therefore Sharp fall in last 22 minutes and Nifty closed near the lower levels of the day. 

As higher levels selling between 24328-24368 and lower levels consolidation also between 24173-24229 in last 2 sessions therefore Nifty will firstly trade between and near about 24173-24368 tomorrow and will prepare for next decisive moves within this range. Let Nifty to trade and prepare then next decisive moves beginning will be understood from intraday trading patterns formations and finally sustaining beyond 24173-24368 will confirm next decisive moves beginning which should be watched for its confirmations.