Pull back Rally continuation &
finally sustaining beyond
23062-23149 will generate
next decisive moves
Technical Analysis, Research & Weekly
Outlook(Oct 19 to Oct 23,2026)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (16-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 23149.85 on 16-10-2026.
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 started from 15183.40 on 17-06-2022. 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 "ABC correction" 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 this level which is now in continuation with recent top formations at 23149.85 on 16-10-2026 and no indication of its completion also on EOD and intraday charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (16-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 in Over bought zone.
2- Stochastic:- %K(5)- 89.49 & %D(3)- 82.75.
3- In MACD- MACD line has intersected Average line upward and its both lines are rising in negative zone.
4- MACD(26,12)- -244.51 & EXP(9)- -427.03 & Divergence- 182.52
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 upward and its both lines are rising in Over bought zone and this indicator has not generated any downward moves beginning signal yet therefore it will be understood that this indicator is showing signals of more upward 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 first signal of Short Term upward Trend formations and more upward moves possibility also.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (16-Oct-2026):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 22761(Very Short Term Trend decider)
2- 21-Day SMA is today at 22870(Short Term Trend decider)
3- 55-Day SMA is today at 23649(Intermediate Term Trend decider)
4- 100-Day SMA is today at 23759
5- 200-Day SMA is today at 24182(Long Term Trend decider)
Conclusions from EOD chart
analysis (Averages)
As Nifty is conitnuously closing above Very Short Term Trend deciding 5-Day SMA for the last 4 sessions therefore Very Short Term Trend is now up but Short Term Trend is at stake because Nifty is hovering around its deciding 21-Day SMA for thr last 2 sessions. Intermediate and Long Term Trends are still down Nifty is continuously closing below its deciding 55-Day and 200-Day SMAs for the last 35 sessions.
Nifty-Intra Day Chart Analysis
(16-Oct-2026)
Nifty-Intra Day Chart (16-Oct-2026):-
Technical Patterns formation in today intraday charts
1- 162 Points sharp fall form intraday higher levels in first half hour.
2- Consolidation between 22914-22976
3- Sharp up
4- More than 4 hours trading with Mixed Patterns formation between 23062-23149
5- Whole day actual trading between 22914-23149
Conclusions from intra day
chart analysis
Although firstly some upward moves after 67 points positive opening but could not sustain and 162 points sharp fall form intraday higher levels was seen in first half hour. As lower levels consolidation developed in first hour also therefore sharp 185 points upward moves were seen in less than 40 minutes. Although Nifty closed 148.80 points up last Friday but more than last 4 hours trading was with Mixed Patterns formation between 23062-23149 therefore firstly sustaining beyond this range should be watched in the coming week for next Short Term moves beginning confirmations.
Conclusions (After putting
all studies together)
1- Very Short Term Trend is up.
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 begun more than 4 years before from 15183.40 on 17-06-2022. "ABC correction" started 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 begun from this level which is now in continuation with recent top formations at 23149.85 on 16-10-2026 and no indication of its completion also on EOD and intraday charts.
Although Intermediate and Long Term Trends are still down but after previous week upward moves Short Term Trend is now at stake and Very Short Term Trend has turned up. As both Short Term indicators have generated upward moves beginning signals therefore more upward moves are expected in the coming week.
As more than 4 hours trading was seen with Mixed Patterns formation between 23062-23149 last Friday therefore firstly sustaining beyond this range should be watched in the coming week for next decisive moves beginning confirmations. Finally following next supports/ resistances beyond this Mixed Patterns trading range should be watched after after sustaining beyond this range:-
Supports below 23062 are as follows:-
1- 22914-22976
2- 22896-23005
3- 22561-22666
4- 22480-22535
5- 22309-22349
Resistances above 23149 are as follows:-
1- 23202-23266
2- 23282-23349
3- 23423-23469
4- 23537-23571
5- 23572-23623