Correction continuation & finally Levels will confirm Life and Length of on going correction
Technical Analysis, Research & Weekly
Outlook(Oct 12 to Oct 16,2026)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (09-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.
Conclusions from EOD chart
analysis(Waves structure)
Impulsive Wave-1 of that Waves structure completed at 18887.60 on 01-12-2022 which begun 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 started from 18887.60 which completed at 16828.30 on 20-03-2023 and impulsive Wave-3 begun 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" 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 Wave-4 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 also on EOD Charts.
As Nifty has slipped below the previous bottom(22182.55) of on going correction on 08-10-2026 therefore Wave-C formation of on going correction has been confirmed. Now firstly slipping beyond the bottom of Wave-4(21743.70) should be watched because once slippeg below it will mean "ABC" correction confirmation of on going that whole Waves Structure which started from 15183.40 on 17-06-2022 and completed at 26373.20 on 05-01-2026.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (09-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 in Middle zone.
2- Stochastic:- %K(5)- 43.66 & %D(3)- 55.33.
3- In MACD- MACD line has intersected Average line downward and its both lines are falling in negative zone.
4- MACD(26,12)- -510.68 & EXP(9)- -432.64 & Divergence- -78.04.
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 downward and its both lines are falling in Middle zone 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 downward and its both lines are falling in negative zone therefore it will be understood that this indicator is confirming Short Term downward Trend formations and more downward moves possibility also.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (09-Oct-2026):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 22536(Very Short Term Trend decider)
2- 21-Day SMA is today at 22998(Short Term Trend decider)
3- 55-Day SMA is today at 23742(Intermediate Term Trend decider)
4- 100-Day SMA is today at 23790
5- 200-Day SMA is today at 24260(Long Term Trend decider)
Conclusions from EOD chart
analysis (Averages)
Although Nifty is hovering around Very Short Term Trend deciding 5-Day SMA for the last 5 sessions therefore Very Short Term Trend is now at stake but Nifty is continuously closing below Short, Intermediate and Long term Trends deciding 21-Day,55-Day and 200-Day SMAs in the last 30 sessions therefore these 3 Trends are now down.
Nifty-EOD Chart Analysis
(Fibonacci retracement levels)
Nifty-EOD Chart (09-Oct-2026):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-1 of new Waves structure started from 15183.40 on 17-06-2022
2- Impulsive Wave-5 of on going Waves structure completed at 26373.20 on 05-01-2026 and "ABC" correction begun from this level.
3- Fibonacci Retracement levels of on going "ABC" correction from Wave-5 to Wave-1(26373.20-15183.40) is as follows:-
13.0%- 24,918
23.6%- 23,732
27.0%- 23,352
38.2%- 22,098(Crucial Retracement Level)
50.0%- 20,778(Crucial Retracement Level)
61.8%- 19,457(Crucial Retracement Level)
70.7%- 18,462
76.4%- 17,824
78.6%- 17,578
88.6%- 16,459
Conclusions from EOD chart
analysis(Fibonacci retracement levels)
"ABC" correction continuation and once slippeg below 22182.55 will mean correction continuation confirmation according to above mentioned "Retracement Levels" of on going that whole Waves Structure which started from 15183.40 on 17-06-2022 and completed at 26373.20 on 05-01-2026. It means that sustaining beyond above mentioned "Retracement Levels" should be watched one by one for next decisive moves beginning confirmations after slipping below 22182.55.
Conclusions (After putting
all studies together)
1- Very Short Term Trend is at stake.
2- Short Term Trend is Down.
3- Intermediate Term Trend is Down.
4- Long Term Trend is Down.
Corrective Wave-C of "ABC correction" of previous waves structure completed at 15183.40 on 17-06-2022 and from this level Impulsive Wave-1 of new Waves structure started of which Impulsive Wave-5 completed after new life time top formations at 26373.20 on 05-01-2026 and "ABC correction" begun from this level. 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.
All the Trends except Very Short Term Trend are down and now both Short Term indicators Stochastic and MACD are showing signals of more downward moves possibility as well as new lowest of on going correction was formed only 2 sessions before at 22179.90 on 08-10-2026 therefore at present no indication of on going "ABC" correction completion and finally sustaining beyond following levels should be watched for the life and length of on going correction:-
1- Corrective Wave-4 bottom 21743.70
2- Above mentioned retracement levels.
Next Supports below last Friday closing are as follows:-
1- 22430-22504
2- 22218-22363
3- 22183-22284
4- 21825-22021
5- 21795-21860
6- 21711-21791
7- 21653-21690
8- 21544-21628
Next Resistances above last Friday closing are as follows:-
1- 22583-22635
2 22660-22717
3- 22772-22809
4- 22810-22885
5- 22931-22965
6- 22979-23005
7- 23049-23098
8- 23102-23141
