Finally sustaining beyond or powerful break out/down of 23797-24601 will confirm next Bigger Moves beginning
Technical Analysis,Research & Weekly Outlook(May 11 to May 15,2026)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (08-May-2026):-
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-3 completion after new life time top formations at 26277.30 on 27-09-2024 and Corrective Wave-A of Wave-4 of "ABC" correction beginning.
5- Corrective Wave-A of Wave-4 completion at 23263.20 on 21-11-2024.
6- Corrective Wave-B of Wave-4 completion at 24857.80 on 05-12-2024.
7- Corrective Wave-C of Wave-4 completion at 21743.70 on 07-04-2025 and Impulsive Wave-5 beginning from this level.
8- Impulsive Wave-i of Wave-5 completion with new life time top formations at 26373.20 on 05-01-2026.
9- Corrective Wave-ii of Wave-5 continuation with recent bottom formations at 22182.55 on 02-04-2026.
10- Pull Back Rally continuation with recent top formations at 24601.70 on 21-04-2026.
11- Correction continuation with recent bottom formations at 23796.85 on 30-04-2026.
12- Last 17 sessions trading between 23797-24601
Conclusions from EOD chart
analysis(Waves structure)
Impulsive Wave-3 of that Waves structure completed after new life time top formations at 26277.30 on 27-09-2024 of which impulsive Wave-1 of new Waves structure begun from 15183.40 on 17-06-2022. Corrective Wave-A of Wave-4 of "ABC correction" started from life time top which completed at 23263.20 on 21-11-2024 and Wave-B begun from this level which completed at 24857.80 on 05-12-2024. Wave-C of "ABC correction" completed at 21743.70 on 07-04-2025 and impulsive Wave-5 started from this level.
Impulsive Wave-i of Wave-5 completed after its recent high and new life time top formations at 26373.20 on 05-01-2026 and from this levels corrective Wave-ii of Wave-5 begun which is now continuation and no confirmation of its completion also on EOD charts after its recent lowest formations at 22182.55 on 02-04-2026. Pull Back Rally started from this level which is now in continuation with recent top formations at 24601.70 on 21-04-2026 and no confirmation of its completion also on EOD charts. Correction begun from this level which is also in continuation with its recent bottom formations at 23796.85 on 30-04-2026.
As all the Global Financial markets were reacting according to Middle East war escalation and De-escalation possibility therefore one sided bigger moves were not seen and Nifty traded within 804 points trading range between 23797-24601 in the last 17 sessions and finally sustaining beyond this range will form next trend as well as that side one sided bigger moves will be seen.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (08-May-2026):-
Technical Patterns and Formations in EOD charts
1- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising towards Over bought zone.
2- Stochastic:- %K(5)- 73.92 & %D(3)- 70.85.
3- In MACD- MACD line has intersected Average line downward and its both lines are falling in positive zone.
4- MACD(26,12)- 143.32 & EXP(9)- 404.63 & Divergence- -261.31
Conclusions from EOD chart
analysis (Stochastic & MACD)
Technical positions of Short Term indicators are as follows:-
1- As in Stochastic indicator its %K(5) line has intersected %D(3) line upward and its both lines are rising towards Over bought zone therefore it will be understood that this indicator is suggesting more upward moves possibility in the coming week.
2- As in MACD line has intersected Average line downward and its both lines are falling in positive zone therefore it will be understood that MACD indicator is showing stronger signals of Short Term downward trend formations and more downward moves possibility also.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (08-May-2026):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 24197(Very Short Term Trend decider)
2- 21-Day SMA is today at 24147(Short Term Trend decider)
3- 55-Day SMA is today at 24143(Intermediate Term Trend decider)
4- 100-Day SMA is today at 24870
5- 200-Day SMA is today at 25071(Long Term Trend decider)
Conclusions from EOD chart
analysis (Averages)
As Nifty is continuously closing well below Long Term Trend decider 200-Day SMA for the last 2 months therefore Long Term Trend is down. Nifty is hovering around Very Short to Intermediate Term Trends deciding 5-Day,21-Day and 55-Day SMAs for the last 15 sessions therefore there 3 Trends are now at Stake.
Nifty-Last 17 Sessions intraday
charts analysis
Nifty-Intra Day Chart (Apr 15 to May 08,2026):-
Technical Patterns formation in last 17 Sessions intraday charts
1- Selling(Resistances) in last 17 Sessions are as follows:-
A- 24343-24381
B- 24387-24453
C- 24533-24579
2- Consolidation(Supports) in last 17 Sessions are as follows:-
A- 23997-24115
B- 23883-23965
C- 23822-23881
3- Last 17 Sessions trading between 23797-24601
Conclusions from 17 Sessions
intra day chart analysis
Nifty is trading between 23797-24601 with above mentioned supports and resistances for the last 17 sessions. As these supports and resistances seems to be almost equally stronger and Nifty has closed almost in the middle of this 17 sessions trading range therefore expected that Nifty will firstly trade and prepare for next bigger moves within this range and finally sustaining beyond this range will confirm it hence should be firstly watched in the coming week for its confirmations.
Conclusions (After putting
all studies together)
1- Very Short Term Trend is at stake.
2- Short Term Trend is at stake.
3- Intermediate Term Trend is at stake.
4- Long Term Trend is down.
Waves structure which started more than 3 years before through its impulsive Wave-1 from 15183.40 on 17-06-2022 is now in continuation through its impulsive Wave-5 of which impulsive Wave-i completed after new life time top formations at 26373.20 on 05-01-2026. Now Wave-ii of Wave-5 continuation with recent bottom formations at 22182.55 on 02-04-2026 and no confirmation of its completion yet on EOD charts. Pull Back Rally begun from this level which is also in continuation with its recent top formations at 24601.70 on 21-04-2026. Short Term correction begun from this level which is also in continuation with its recent bottom formations at 23796.85 on 30-04-2026.
As many news are coming daily regarding Middle East war escalation and De-escalation and not only Indian but all the Global Financial markets are reacting on these news and complete uncertainty therefore Nifty has also turned sideways for the last 17 sessions between 23797-24601 and resultant Very Short to Intermediate Term 3 Trends are now at Stake and Short Term indicators are not clearly showing one side decisive moves beginning possibilities because both Stochastic and MACD indicators are showing adverse directions
It is clear that finally sustaining beyond or powerful break out/down of this last 17 sessions trading range(23797-24601) will confirm next Short Term Trend formations and accordingly that side bigger moves beginning therefore it should be firstly watched in the coming week/weeks and most likely that will be according to final decision of Middle East war continuation or termination.