Firstly upward moves & finally last 24 sessions and 69 sessions trading ranges will form next trend
Technical Analysis,Research & Weekly
Outlook(Jul 20 to Jul 24,2026)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (17-Jul-2026):-
Technical Patterns and Formations in EOD charts
1- 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.
2- Corrective Wave-A of Wave-4 completion at 23263.20 on 21-11-2024.
3- Corrective Wave-B of Wave-4 completion at 24857.80 on 05-12-2024.
4- Corrective Wave-C of Wave-4 completion at 21743.70 on 07-04-2025 and Impulsive Wave-5 beginning from this level.
5- Impulsive Wave-i of Wave-5 completion with new life time top formations at 26373.20 on 05-01-2026.
6- Corrective Wave-ii of Wave-5 continuation with recent bottom formations at 22182.55 on 02-04-2026.
7- Pull Back Rally completion at 24601.70 on 21-04-2026.
8- Correction continuation with recent bottom formations at 23070.20 on 08-06-2026 and Pull Back Rally beginning from this level.
9- Last 69 sessions trading between 23071-24601 after 701 points gap up opening on 08-04-2026.
10- Last 24 sessions trading between 23785-24530 after 172 points gap up opening on 15-06-2026.
11- Pull Back Rally continuation with recent high formations at 24530.90 on 07-07-2026
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 this level 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" started from this level which completed at 21743.70 on 07-04-2025 and impulsive Wave-5 begun 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 started which is now in continuation after its recent lowest formations at 22182.55 on 02-04-2026 and no confirmation of its completion yet on EOD charts.
Pull Back Rally begun from the bottom of corrective Wave-ii of Wave-5 and 3 sessions after its beginning 701 points gap up opening was seen on 08-04-2026 because US President Donald Trump suddenly announced ceasefire of Middle East war. Since then Nifty is trading within 1530 points between 23071-24601 for the last 69 sessions.
As US and Iran war ending MoU signing news came on 15-06-2026 therefore 172 points gap up opening was seen that day and US and Iran both signed MoU also to end War on 17-06-2026 but again war has been started and some news of war ending are also coming therefore Nifty has turned sideways between 23785-24530 for the last 24 sessions. As all the Global financial markets are reacting on US and Iran war and Indian Stock markets will finally generate next decisive moves after valid break out of following 2 trading ranges of last 69 sessions therefore finally sustaining beyond these 2 trading ranges should be watchd one by one for next Trend formations and that side next bigger decisive moves beginning confirmations:-
1- Last 24 sessions trading range(23785-24530)
2- Last 69 sessions trading range(23071-24601)
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (17-Jul-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 from Over sold zone.
2- Stochastic:- %K(5)- 54.90 & %D(3)- 48.87.
3- In MACD- MACD line has intersected Average line downward and its both lines are falling in positive zone.
4- MACD(26,12)- 49.55 & EXP(9)- 195.52 & Divergence- -145.97
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 from Over sold zone therefore it will be understood that this indicator is signaling more upward moves possibility.
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 has shown first signal of downward Trend formations and fresh downward moves beginning possibility also.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (17-Jul-2026):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 24150(Very Short Term Trend decider)
2- 21-Day SMA is today at 24099(Short Term Trend decider)
3- 55-Day SMA is today at 23859(Intermediate Term Trend decider)
4- 100-Day SMA is today at 23941
5- 200-Day SMA is today at 24818(Long Term Trend decider)
Conclusions from EOD chart
analysis (Averages)
As Nifty has closed well above Very Short Term, Short Term and Intermediate Term Trends deciding 5-Day, 21-Day and 55-Day SMAs last Friday therefore these 3 Trends are now up but Long Term Trend is still down because Nifty is continuously closing well below its decider 200-Day SMA for the last more than 4 months.
Nifty-Intra Day Chart Analysis
(17-Jul-2026)
Nifty-Intra Day Chart (17-Jul-2026):-
Technical Patterns formation in today intraday charts
1- 81 Points up in first minute after positive opening
2- More than 4 hours consolidation between 24214-24285
3- Sharp up
4- Up moves with downward corrections
5- Whole day trading between 24100-24367
Conclusions from intra day
chart analysis
As whole day good intraday consolidation was seen one day before therefore firstly Nifty moved up 81 Points in first minute after positive opening last Friday. More than 4 hours consolidation between 24214-24285 therefore sharp upward moves were seen after 2 PM. Although some downward moves were seen after sharp upward moves but last hours upward moves were with downward corrections and it is also a consolidation pattern therefore whole day good intraday consolidation patterns formations will be understood last Friday hence more upward moves will be seen in the beginning of coming week.
Conclusions (After putting
all studies together)
1- Very Short Term Trend is up.
2- Short Term Trend is up.
3- Intermediate Term Trend is up.
4- Long Term Trend is down.
Waves structure which begun more than 4 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 started from this level which completed at 24601.70 on 21-04-2026 and from this level correction begun which is now in continuation with its recent bottom formations at 23070.20 on 08-06-2026 and no confirmation of its completion also on EOD and intraday charts.
As Middle East war escalation or De-escalation uncertainty therefore Indian Stock markets have turned sideways between 23071-24601 in the last 69 sessions and were preparing for next bigger decisive moves within this range which will be seen through one sided bigger moves beginning after Middle East war final decision. Although US and Iran both signed MoU To end War but again war has been started and many times peace talks news are also coming therefore Nifty has again turned sideways between 23785-24530 for the last 24 sessions. Let Nifty to break out/down these 2 sideways trading ranges one by one then that side bigger moves will be seen according to that side trend formation confirmations.
Although Short Term indicator MACD is signalling downward moves beginning possibility but another Short Term indicator Stochastic is indicating upward moves continuation possibility and last Friday intraday charts have also shown whole day intraday consolidation patterns formations therefore expected that firstly upward moves will be seen towards following next resistances in the beginning of coming week:-
1- 24429-24530
2- 24533-24579
If finally Nifty sustains above these 2 resistances then one sided bigger upward moves will be seen because that will be break out confirmation of 2 sideways trading ranges(24 sessions and 69 sessions). If US and Iran war escalate and fresh selling develops then fresh and decisive downward moves will be seen towards following next support below last Friday lowest:-
1- 24127=24171
2- 24065-24109
3- 23948-24049
4- 23971-23997
5- 23787-23881
Although firstly upward moves expectations but finally sustaining beyond last 24 sessions and 69 sessions trading ranges will form next trend and generate that side one sided next decisive moves.