Pull Back rally continuation
after some downward moves
Technical Analysis, Research & Weekly
Outlook(Nov 02 to Nov 06,2026)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (30-Oct-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-5 completion with new life time top formations at 26373.20 on 05-01-2026.
6- Wave-A of Wave-5 completion at 22182.55 on 02-04-2026.
7- Wave-B of Wave-5 completion at 24774.30 on 03-08-2026.
8- Wave-C of Wave-5 continuation with recent bottom formations at 22179.90 on 08-10-2026.
9- Pull Back Rally continuation with recent top formations at 23118.10 on 30-10-2026.
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-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" started which completed at 22182.55 on 02-04-2026 and Wave-B begun which completed at 24774.30 on 03-08-2026. That Wave-C correction which started 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 on EOD Charts. Pull Back Rally started from this level which is now in continuation with recent top formations at 23118.10 on 30-10-2026 and no confirmation of its completion also on EOD Charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (30-Oct-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)- 86.06 & %D(3)- 71.08.
3- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive and negative zone.
4- MACD(26,12)- 72.83 & EXP(9)- -32.54 & Divergence- 105.37
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 and its both lines have not turned completely Over bought yet therefore it will be understood that this indicator is showing some more upward moves possibility also in the coming week.
2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive and negative zone therefore it will be understood that this indicator has shown stronger signal of Short Term upward Trend formations and more upward moves possibility also.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (30-Oct-2026):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 22822(Very Short Term Trend decider)
2- 21-Day SMA is today at 22700(Short Term Trend decider)
3- 55-Day SMA is today at 23349(Intermediate Term Trend decider)
4- 100-Day SMA is today at 23685
5- 200-Day SMA is today at 24029(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 11 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 44 sessions.
Nifty-Intra Day Chart Analysis(30-Oct-2026)
Nifty-Intra Day Chart (30-Oct-2026):-
Technical Patterns formation in today intraday charts
1- Consolidation between 22906-22991
2- Upward moves
3- Selling between 23038-23118
4- Whole day actual trading between 22906-23118
Conclusions from intra day chart analysis
Although firstly some downward moves were seen after positive openimg in first 2 hours last Friday but lower levels consolidation also developed therefore more than 200 points recovery was seen from lower levels. As higher levels selling was also seen in last 4 hours therefore expected that firstly downward moves will be seen towards last Friday lowest(22906) and finally sustaining it beyond will generate next decisive moves in the coming week.
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.
Impulsive Wave-i of Wave-5 of that waves structure completed after new life time top formations at 26373.20 on 05-01-2026 of which impulsive Wave-1 started more than 4 years before from 15183.40 on 17-06-2022. "ABC correction" begun from life time top and now its corrective Wave-C continuation with recent bottom formations at 22179.90 on 08-10-2026 and no confirmation of its completion yet on EOD charts. Pull Back Rally started from this level which is now in continuation with recent top formations at 23118.10 on 30-10-2026 and no confirmation of its completion also on EOD and intraday charts.
Although Intermediate and Long Term Trends are still down but both Very Short Term Short Term Trends are now at stake. As Pull Back rally continuation after a Short Term corection completion therefore both Short Term indicators Stochastic and MACD are showing signals of on going Pull Back rally continuation possibilities but last Friday intraday charts are showing signals of some downward moves in the beginning of coming week therefore firstly sustaining beyond following supports should be watched:-
1- 22906-22991
2- 22795-22875
3- 22681-22763
4- 22372-22542
Next resistances above last Friday closing are as follows:-
1- 23202-23266
2- 23282-23349
3- 23423-23469
4- 23537-23571
5- 23572-23623