Finally Life and Length of on going
Corrective Wave-C will be decided
by valid break out of last 20 Session
trading range
Technical Analysis, Research & Weekly
Outlook(Oct 26 to Oct 30,2026)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (23-Oct-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-5 completion with new life time top formations at 26373.20 on 05-01-2026.
9- Wave-A of Wave-5 completion at 22182.55 on 02-04-2026.
10- Wave-B of Wave-5 completion at 24774.30 on 03-08-2026.
11- Wave-C of Wave-5 continuation with recent bottom formations at 22179.90 on 08-10-2026.
12- Pull Back Rally completion at 23175.25 on 19-10-2026.
13- Correction continuation with recent bottom formations at 22372.00 on 23-10-2026.
Conclusions from EOD chart
analysis(Waves structure)
Impulsive Wave-1 of that Waves structure completed at 18887.60 on 01-12-2022 which started from 15183.40 on 17-06-2022 after corrective Wave-C of "ABC correction" of previous waves structure completion at this level. Corrective Wave-2 begun from 18887.60 which completed at 16828.30 on 20-03-2023 and impulsive Wave-3 started from this level which completed after new life time top formations at 26277.30 on 27-09-2024.
Corrective Wave-A of Wave-4 of "ABC correction" begun from this level which completed at 23263.20 on 21-11-2024 and Wave-B started from this level which completed at 24857.80 on 05-12-2024. Wave-C of Wave-4 begun from this level which completed at 21743.70 on 07-04-2025 and impulsive Wave-5 started from this level.
Impulsive Wave-5 completed after its new life time top formations at 26373.20 on 05-01-2026 and from this levels corrective Wave-A of "ABC correction" begun which completed at 22182.55 on 02-04-2026 and Wave-B started which completed at 24774.30 on 03-08-2026. That Wave-C correction which begun from this level is now in continuation with its recent bottom formations at 22179.90 on 08-10-2026 and no confirmation of its completion also on EOD Charts.
Pull Back Rally started from 22179.90 which completed at 23175.25 on 19-10-2026 in previous week. Correction begun from this level which is now in continuation with its recent bottom formations at 22372.00 on 23-10-2026 and no confirmation of its completion also on EOD Charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (23-Oct-2026):-
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.
2- Stochastic:- %K(5)- 30.25 & %D(3)- 47.67.
3- In MACD- MACD line has intersected Average line upward and its both lines are rising in negative zone.
4- MACD(26,12)- -65.29 & EXP(9)- -274.31 & Divergence- 209.02
Conclusions from EOD chart analysis
(Stochastic & MACD)
Technical positions of Short Term indicators are as follows:-
1- As in Stochastic indicator %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold therefore it will be understood that this indicator is showing signals of more downward moves possibility in the coming week.
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 this indicator has shown signals of Short Term upward Trend formations and more upward moves possibility also.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (23-Oct-2026):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 22833(Very Short Term Trend decider)
2- 21-Day SMA is today at 22751(Short Term Trend decider)
3- 55-Day SMA is today at 23518(Intermediate Term Trend decider)
4- 100-Day SMA is today at 23715
5- 200-Day SMA is today at 24122(Long Term Trend decider)
Conclusions from EOD
chart analysis (Averages)
As Nifty is hovering around Very Short Term and Short Term Trends deciding 5-Day and 21-Day SMA for the last 6 sessions therefore Very Short Term and Short Term Trends are now at stake. Intermediate and Long Term Trends are still down because Nifty is continuously closing below its deciding 55-Day and 200-Day SMAs for the last 39 sessions.
Nifty-Intra Day Chart
Analysis(23-Oct-2026)
Nifty-Intra Day Chart (23-Oct-2026):-
Technical Patterns formation in today intraday charts
1- Selling between 22671-22783
2- Sharp fall
3- Consolidation between 22372-22542
4- Volatility between 22459-22587
5- Whole day actual trading between 22372-22787
Conclusions from intra day
chart analysis
Although firstly Nifty traded 99 points up after 54 points positive opening but could not sustain at intraday higher levels because immediately selling developed in first half hour and after that sharp fall was seen. As more than 3 hours lower levels consolidation also developed in Mid-Session therefore some upward moves were also seen.
As volatility was seen in last 2 hours between 22459-22587 and intraday technical positions reverses also during such volatility therefore firstly sustaining beyond this range and finally sustaining beyond last Friday trading range should be watched for next decisive moves beginning confirmations.
Conclusions (After putting
all studies together)
1- Very Short Term Trend at stake.
2- Short Term Trend is at stake.
3- Intermediate Term Trend is Down.
4- Long Term Trend is Down.
Waves structure which started through its Impulsive Wave-1 from 15183.40 on 17-06-2022 is now in continuation after its Impulsive Wave-5 completion with new life time top formations at 26373.20 on 05-01-2026 and "ABC correction" of whole Wave structure begun from this level after its last Impulsive Wave(Wave-5) completion. Now corrective Wave-C of on going "ABC correction" continuation with its recent bottom formations at 22179.90 on 08-10-2026 and no confirmation of its completion yet also on EOD Charts.
As a Pull Back Rally completion at 23175.25 and after this on going correction with recent bottom formations at 22372.00 on 23-10-2026 has been seen in last 10 sessions therefore Very Short and Short Term both Trends are now at stake as well as both Intermediate and Long Term both Trends are still down.
Both Short Term indicators Stochastic and MACD are also signalling for adverse directional movements because now Nifty is not trending and trading sideways within 1101 points between 22180-23281 for the last 20 sessions from 24-09-2026. As both almost equally strong following supports and resistances have been developed within this range therefore expected that Nifty will firstly trade and prepare for next Trend within this last 20 sessions trading range as well as finally valid break out of this range will confirm life and length of on going corrective Wave-C also:-
Next supports within last 20 sessions trading range are as follows:-
1- 22372-22542
2- 22309-22349
3- 22218-22363
4- 22183-22284
Next resistances within last 20 sessions trading range are as follows:-
1- 22710-22785
2- 22944-22987
3- 23102-23151
4- 23202-23252