Correction continuation & Watch supports,resistances,levels for next

 Short Term moves beginning

Technical Analysis,Research & Weekly

Outlook(Feb 24 to Feb 28,2025)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (21-Feb-2025):-

Technical Patterns and Formations in EOD charts

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

2- Impulsive Wave-(iii) of Wave-3 completion with new life time top formations at 26277.30 on 27-09-2024 and Corrective Wave-A of Wave-(iv) of Wave-3 of "ABC" correction beginning.

3- Corrective Wave-A of Wave-(iv) of Wave-3 completion at 23263.20 on 21-11-2024.

4- Corrective Wave-B of Wave-(iv) of Wave-3 completion at 24857.80 on 05-12-2024.

5- Corrective Wave-C of Wave-(iv) of Wave-3 continuation with recent bottom formations at 22720.30 on 21-02-2025.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-(iii) of Wave-3 started from 18837.80 on 26-10-2023 after corrective Wave-C of Wave-(ii) of Wave-3 completion at this level. Impulsive Wave-(iii) of Wave-3 completed with new life time top formations at 26277.30 on 27-09-2024 and corrective Wave-A of Wave-(iv) of Wave-3 begun from this level. 

Corrective Wave-A of Wave-(iv) of Wave-3 completed at 23263.20 on 21-11-2024 and Wave-B of Wave-(iv) of Wave-3 started from this levels which completed at 24792.30 on 13-12-2024 and from this levels corrective Wave-C of Wave-(iv) of Wave-3 begun which is now in continuation with recent bottom formations at 22720.30 on 21-02-2025 and no indication of its completion yet on EOD charts. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (21-Feb-2025):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 36.53 & %D(3)- 39.81.

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

4- MACD(26,12)- -233.74 & EXP(9)- -01.50 & Divergence- -232.24

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 towards Over sold zone therefore it will be understood that this indicator is signalling on going correction continuation possibility in the coming week. 

2- As in MACD indicator In MACD its MACD line has intersected Average line downward and its both lines are falling in negative zone therefore it will be understood that this indicator is confirming Short Term downward trend formations and resultant on going correction continuation possibility in the coming week.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (21-Feb-2025):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 22909 

2- 21-Day SMA is today at 23197

3- 55-Day SMA is today at 23548

4- 100-Day SMA is today at 23925

5- 200-Day SMA is today at 24067

Conclusions from EOD chart analysis 

(Averages)

All the Trends have turned down because;-

1- Nifty has closed all the Trend deciding Averages.

2- All the lesser Term Averages are below its higher Term Averages.

3- All the Averages except 200-Day SMA are in falling mode.

Nifty-EOD Chart Analysis(Fibonacci

retracement levels)

Nifty-EOD Chart (21-Feb-2025):-

Technical Patterns and Formations in EOD charts

1-Impulsive Wave-(iii) of Wave-3 begun from 18837.80 on 26-10-2023. 

2-Impulsive Wave-(iii) of Wave-3 completed at 26277.30 on 27-09-2024 and corrective Wave-(iv) of Wave-3 begun.  

3-Fibonacci Retracement levels of corrective Wave-(iv) of Wave-3(18837.80-18604.50):-

13.0%- 25,310.20 

23.6%- 24,521.60 

27.0%- 24,268.60 

38.2%- 23,435.40  (Crucial Level)

50.0%- 22,557.50  (Crucial Level)

61.8%- 21,679.70  (Crucial Level)

70.7%- 21,017.60 

76.4%- 20,593.50 

78.6%- 20,429.90 

88.6%- 19,685.90 

100.0%- 18,837.85

Conclusions from EOD chart analysis

(Fibonacci retracement levels)

Impulsive Wave-(iii) of Wave-3 which started from 18837.80 and completed 26277.30 as well as from this completion level corrective Wave-A of "ABC" correction of Wave-(iv) of Wave-3 started. Now its Wave-C is in  continuation with its recent bottom formations at 22720.30 on 21-02-2025 and no indication of its completion yet on EOD charts. As Wave-(iv) of Wave-3 is now correcting  according to Fibonacci retracement levels of Wave-(iii) of Wave-3  therefore these levels have been updated above which should be watched one by one for first signal of on correction continuation/completion according to sustaining beyond these levels in the coming weeks/months.

Nifty-Intra Day Chart Analysis

(21-Feb-2025)

Nifty-Intra Day Chart (21-Feb-2025):-

Technical Patterns formation in today intraday charts

1- 200 Points sharp fall in first hour

2- More than 5 hours sideways trading between 22721-22820

3- Whole day actual trading between 22721-22921

Conclusions from intra day chart analysis 

Although firstly some upward moves after negative opening and once Nifty traded in positive zone also but Nifty fallen 200 points sharply in first hour last Friday. As more than last 5 hours trading was sideways between 22721-22820 therefore firstly sustaining beyond this range should be watched in the beginning of bext week for the next Very Short Term moves beginning confirmations.

Conclusions (After putting

all studies together)

1- Long Term Trend is down.

2- Intermediate Term trend is down.

3- Short Term Trend is down.

All the Trends have turned down during on going "ABC" correction of Wave-(iv) of Wave-3 which begun from 26277.30 on 27-09-2024 and now in continuation with recent at 22720.30 on 21-02-2025 after loosing 3557 points in almost 5 months and no indication of its completion yet on EOD charts. 

As all the Trends have turned down during on going correction and no indication of its completion yet on EOD charts as well as Short Term indicators are also signalling on going corrective wave-C of Wave-(iv) of Wave-3 continuation possibility therefore following supports,resistances and levels should be watched one by one for next Short Term moves beginning in the coming weeks:-

Next Supports below last Friday closing:-

1- 22657-22703

2- 22527-22583

3- 22444-22485

4- 22357-22403

5- 22291-22327

6- 22055-22106

7- 21884-22191

8- 21502-21582

9- 21417-21500

Fibonacci Retracement Crucial levels of corrective Wave-(iv) of Wave-3(18837.80-18604.50):-

38.2%- 23,435.40  (Corrected)

50.0%- 22,557.50  (Crucial Retracement Level)

61.8%- 21,679.70  (Crucial Retracement Level)

Retracement levels of on going corrective Wave C of Wave-(iv) of Wave-3:- 

1- 21844(100% of Wave A correction)

2- 19981(161.8% of Wave A correction)

Next resistances above last Friday closing are as follows which should be watched one by one for on going correction completion/continuation confirmations:-

1- 22894-22923

2- 23020-23085

3- 23178-23235

4- 23284-23348

5- 23577-23681

6- 23745-23807

Sustaining beyond 22872-22923 will

 confirm next intraday decisive

 moves beginning

Nifty-Intra Day Chart Analysis &

Market Outlook(21-02-2025)

Nifty-Intra Day Chart (20-Feb-2025):-

Technical Patterns formation in today intraday charts

1- Volatility in first hpur after weaker opening

2- More than 5 hours sideways trading between 22872-22923

3- Whole day actual trading between 22813-22923

Conclusions from intra day chart analysis 

Downward moves expectations towards next supports between 22760-22881 was told and Nifty got supports within this supports range.

Although volatility in first hour after 112 points weaker opening and Nifty traded whole day in negative zone also but more than 5 hours today trading was sideways between 22872-22923 as well as one sided intraday trading patterns were not seen within this range therefore firstly sustaining beyond this range should be watched in the coming session for next intraday decisive moves beginning confirmations.

Watch next supports amid Downward

 moves expectations

Nifty-Intra Day Chart Analysis &

Market Outlook(20-02-2025)

Nifty-Intra Day Chart (19-Feb-2025):-

Technical Patterns formation in today intraday charts

1- 130 points sharp fall in first minute.

2- Sharp upward moves

3- Selling between 23020-23049

4- Sharp fall

5- Down moves with upward corrections

6- Whole day actual trading between 22815-23049

Conclusions from intra day chart analysis 

As negative news of tariff increase on US imports was broken out therefore Nifty traded 130 points down in first minute after weaker opening. Good intraday consolidation was seen in last 2 sessions therefore Nifty could not sustain at lower levels and moves up sharply as well as traded 104 points up also at 10:51 AM. 

Nifty could not sustain at higher levels also because fresh selling developed and after that whole day Down moves were with upward corrections therefore higher levels intraday selling patterns formations will be understood and resultant downward moves are expected towards next supports(22760-22881) and finally sustaining it beyond should be watched tomorrow for next intraday decisive moves beginning confirmations. 

Sustaining above 22974 will confirm

strong Pull back Rally beginning

Nifty-Intra Day Chart Analysis &

Market Outlook(19-02-2025)

Nifty-Intra Day Chart (18-Feb-2025):-

Technical Patterns formation in today intraday charts

1- 81 points sharp fall in first 5 minutes after positive opening.

2- Selling between 22911-22963

3- Sharp fall

4- Up moves with downward corrections

3- Whole day actual trading between 22802-22992

Conclusions from intra day chart analysis 

As good intraday consolidation yesterday therefore firstly Upward moves were seen after positive opening but not sustaining at higher levels and 81 points sharp fall also developed in first 5 minutes today morning.  Although sharp fall was again seen in first hour after fresh selling but upward moves started with downward corrections which remained continued till 3 PM therefore good intraday consolidation patterns formations will be also understood today. 

Nifty fallen sharply after 10:25 AM on 14-02-2025 and after that traded between  22726-22974 same day,yesterday and today it means that last more than 17 hours trading has been seen within this range with most time intraday consolidation patterns formations within this range therefore if Nifty sustains above 22974 then strong Pull back Rally will be seen therefore firstly sustaining it beyond should be watched for its confirmations.

Upward moves expectations toward

next resistances

Nifty-Intra Day Chart Analysis & Market

Outlook(18-02-2025)

Nifty-Intra Day Chart (17-Feb-2025):-

Technical Patterns formation in today intraday charts

1- Volatility in first hour

2- More than 5 hours up moves with downward corrections

3- Whole day actual trading between 22726-22974

Conclusions from intra day chart analysis 

Although firstly  volatility in first hour after weaker opening and Nifty traded 203 points down also but after that  more than 5 hours up moves were seen with downward corrections which is intraday consolidation pattern therefore upward moves are expected  toward next resistances(23014-23133) and finally sustaining it beyond should be watched tomorrow for next intraday decisive moves beginning confirmations.