As busy therefore Stock Market Outlook of today(17-05-2022) is not being updated.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Most crucial level will confirm
next one sided big moves
Technical Analysis,Research & Weekly
Outlook(May 16 to May 20,2022)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (13-May-2022):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020
2- Impulsive Wave-1 completion at 11794.30 on 31-08-2020
3- Corrective Wave-2 completion at 10790.20 on 24-09-2020
4- Impulsive Wave-3 completion at 15431.8 on 16-02-2021
5- Corrective Wave-4 completion at 14151.4 on 22-04-2021
6- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction beginning.
7- Almost 7 months sideways correction between 15672-18604 with bottom formation at 15671.5 on 08-03-2022
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-1 begun after previous Waves structure Wave-C completion at 7511.10 on 24-03-2020 and news Waves structure started which completed after its impulsive Wave-5 completion with new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction commenced. Now "ABC" correction continuation which is at present sideways between 15672-18604 with bottom formation at 15671.5 on 08-03-2022
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (13-May-2022):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction beginning.
2- Corrective Wave-A completion at 16410.20 on 20-12-2021
3- Wave-B completion at 18351.00 on 18-01-2022.
4- Wave-C bottom formation at 15671.5 on 08-03-2022
5- Pull Back Rally completion at 18114.70 on 04-04-2022 and correction beginning.
6- Pull Back Rally correction continuation with recent bottom formation at 15735.8 on 12-05-2022
7- Almost 7 months sideways correction between 15672-18604 with bottom formation at 15671.5 on 08-03-2022
8- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling in Over bought zone
9- Stochastic:- %K(5)- 11.63 & %D(3)- 13.01.
10- In MACD- MACD line has intersected Average line downward and its both lines are falling in negative zone.
11- MACD(26,12)- -593.58 & EXP(9)- -406.85 & Divergence- -186.73
Conclusions from EOD chart analysis
(Stochastic & MACD)
Although "ABC" correction continuation with its Wave-C bottom formation at 15671.5 on 08-03-2022 but after that strong Pull Back Rally developed which completed at 18114.70 on 04-04-2022 and its correction begun and now that is in continuation with bottom formation at 15735.8 on 12-05-2022 as well as no indication of its completion yet on EOD charts.
As Pull Back Rally correction bottom is at 15735.8 and it is little above Wave-C bottom(15671.5) as well as "ABC" correction has turned sideways between 15672-18604 for the last almost 7 months therefore if Nifty slips below 15671.5 then as per Elliott Wave Theory above mentioned correction Waves structure will turn invalid therefore has to be recalculated.
As Stochastic is now completely Oversold therefore suggesting short term up moves indications but MACD is clearly showing downward trend. Let down moves stop and up moves begin then firstly a Short term Pull Back rally will be considered but without Nifty slipping below Wave-C bottom(15671.5).
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (13-May-2022):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 16060
2- 21-Day SMA is today at 16834
3- 55-Day SMA is today at 16970
4- 100-Day SMA is today at 17197
5- 200-Day SMA is today at 17251
Conclusions from EOD chart analysis
(Averages)
As all the shorter Term averages have moves below their longer Term averages and Nifty has closed below all the averages at 15782.15 last Fiday therefore confirming complete weakness in Indian Stock markets.
Conclusions
(After putting all studies together)
All the trends are down and Indian markets are completely in Bearish mode. Last 7 months correction has turned sideways between 15672-18604 with recent bottom formation formation at 15735.8 on 12-05-2022. Next supports and resistances within this sideways trading range(15672-18604) as follows:-
Next and last supports are as follows:-
1- 15672-15846
Next immediate resistances are as follows:-
1- 15823-15925
2- 16011-16083
3- 16165-16222
4- 16256-16304
5- 16335-16404
Last supports of 7 months sideways correction range(15672-18604) are between 15672-15846 and Nifty closed within it in both previous sessions at 15808.0 on 12-05-2022 and at 15782.1 on 13-05-2022. As Wave-C bottom is at 15671.5 which is just below the bottom of last supports(15672) and 7 months sideways correction range(15672) therefore 15672 has become most crucial because:-
1- Sustaining below 15672 will mean 7 previous months like big trading range break down.
2- Sustaining below 15672 will mean break down of last supports of 7 previous months trading range.
3- Slipping below 15671.5 will mean previous corrective Waves structure becoming invalid because as per it Wave-C bottom was at 15671.5 and corrective Waves structure will be recounted.
As Short Term Indicators are Oversold therefore suggesting some up moves possibilities in Short Term but above mentioned multiple resistances are lying and let nifty to sustain above 5th resistance top(16404) then decisive up moves will be seen and sustaining below 15672 will mean deeper correction beginning. First signal of these moves will be after sustaining beyond supports between 15672-15846 therefore it should be carefully watched in next week because deeper correction beginning most crucial level is the bottom(15672) of these supports and it will confirm next one sided big moves.
Deeper correction on cards & remain cautious
Nifty-Intra Day Chart Analysis &
Market Outlook(13-05-2022)
Nifty-Intra Day Chart (12-May-2022):-
Technical Patterns formation in today intraday charts
1- Down moves after huge gap down opening
2- Selling between 15823-15925
3- Volatility in last 2 hours between 15736-15836
4- Whole day actual trading between 15736-16041
Conclusions from intra day chart analysis
As all the Global markets were in crashing mode before the opening of Indian markets therefore firstly down moves were seen after huge gap down opening and fresh selling also developed between 15823-15925 hence new intraday low formations in last hours.
Although volatility in last 2 hours between 15736-15836 and some supports also at lower levels therefore Nifty will firstly trade within this range but huge selling at higher levels and complete consolidation is required for sustaining above 15925.
Supports between 15672-15846 were posted in previous Outlooks and Nifty got supports within this range above 15736 as well as remained volatile in last 2 hours within this range therefore this support range has become most crucial and firstly sustaining beyond this supports range should be watched in the coming sessions.
As 15671.5 is the bottom of on going "ABC" correction and slipping below 15672 will mean deeper correction beginning after its new bottom formation therefore remain cautious because deeper correction is on cards below this level.
Firstly watch sustaining beyond 16000 amid Global markets huge volatility
Nifty-Intra Day Chart (11-May-2022):-
Technical Patterns formation in today intraday charts
1- Minor up moves after positive opening
2- Down moves with upward corrections
3- Slow up moves
4- Down moves in Bullish Falling Channel
5- Up moves with downward corrections
6- Selling between 16165-16222
7- Whole day actual trading between 15993-16318
Conclusions from intra day chart analysis
Although firstly up moves after positive opening but after that down moves were seen with upward corrections which means fresh selling. As consolidation developed through Down moves in Bullish Falling Channel in Mid-sessions therefore after that Up moves were seen which were also with downward corrections hence consolidation will be understood in Mid-session.
As fresh selling in last hour between 16165-16222 and selling was seen in first hour also therefore down moves will also be seen towards today lowest. Consolidation was seen above today lowest(15993) therefore firstly fresh selling is required for sustaining below it. Once sustaining below it will mean deeper correction beginning because it will confirm break down of psychological levels of 16000 and it was tested today also therefore sustaining it beyond should also be watched in the coming sessions for next big moves beginning confirmations amid Global markets huge volatility.
Watch 16143 for next trend confirmations amid huge Global markets volatility
Nifty-Intra Day Chart Analysis &
Market Outlook(11-05-2022)
Nifty-Intra Day Chart (10-May-2022):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channel
2- Consolidation between 16287-16329
3- Selling between 16335-16404
4- Sharp fall in last hour
5- Whole day actual trading between 16198-16404
Conclusions from intra day chart analysis
Although consolidation in first 3 hours but higher levels good selling therefore sharp fall in last hour because higher levels selling was seen yesterday also.
As higher levels good selling but consolidation was also seen above 16143 in last 2 sessions therefore firstly sustaining it beyond should be watched tomorrow for next trend confirmations amid huge Global markets volatility because Dow Jones Futures traded most time 200 posiitve during Indian trading hours and now trading more than 250 points down.
Firstly watch today lowest amid rising Geo-Political tension
Nifty-Intra Day Chart Analysis &
Market Outlook(10-05-2022)
Nifty-Intra Day Chart (09-May-2022):-
Technical Patterns formation in today intraday charts
1- Slipping after gap down opening
2- Consolidation between 16143-16202
3- Consolidation between 16217-16266
4- Up moves in Bearish Rising Channel
5- Down moves with upward corrections
6- Consolidation between 16217-16266
7- High volatility in last hour
8- Whole day actual trading between 16143-16403
Conclusions from intra day chart analysis
As all the Global markets remained in crashing mode whole day since morning today therefore firstly slipping after gap down opening but lower levels consolidation developed hence strong up moves were also seen.
Higher levels selling also developed firstly through Up moves in Bearish Rising Channel and after that Down moves with upward corrections in Mid-session and High volatility in last hour therefore whole day today trading will be understood Mixed Patterns formation between 16143-16403.
As Geo-Political tension is rising daily after 75 days old Russian-Ukraine war and emergence of war extension possibility to other European countries also therefore firstly sustaining beyond today lowest(16143) should be watched because consolidation was seen above it today and let Nifty to sustain above today highest only then decisive up moves will be considered otherwise down moves will be seen towards those next supports which have been updated is previous Outlook today morning.
Watch next supports amid Global markets depressing situation
Post-open Outlook(09-05-2022)
As crashing Global markets in following manner today morning therefore sentiment is extremely dampened and resultant gap down weaker opening of Indian markets:-
1- Dow Jones Futures is trading 386 points down
2- All the main Asian markets are trading 1% to 2% down
Firstly sustaining beyond following supports should be watched for next decisive moves amid such Global markets depressing situation:-
1- 16098-16152
2- 15966-16019
3- 15672-15846
Finally levels will confirm next big moves amid firstly up moves expectations
Technical Analysis,Research & Weekly Outlook
(May 09 to May 13,2022)
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (06-May-2022):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction beginning.
2- Corrective Wave-A completion at 16410.20 on 20-12-2021
3- Wave-B completion at 18351.00 on 18-01-2022.
4- Wave-C bottom formation at 15671.5 on 08-03-2022
5- Pull Back Rally completion at 18114.70 on 04-04-2022 and correction beginning.
6- Correction continuation with recent bottom formation at 16340.90 on 06-05-2022
7- Last more than 6 months sideways correction between 15672-18604
8- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling in Over sold zone.
9- Stochastic:- %K(5)- 07.23 & %D(3)- 17.05.
10- In MACD- MACD line has intersected Average line downward and its both lines are falling in negative zone.
11- MACD(26,12)- -371.79 & EXP(9)- -260.64 & Divergence- -111.15
Conclusions from EOD chart analysis
(Stochastic & MACD)
"ABC" correction started after Impulsive Wave-5 completion at 18604.50 on 19-10-2021 and still it is in continuation. As this whole correction turned sideways between 15672-18604 for the last more than 6 months therefore firstly break out/down of this trading range should be watched in the coming weeks/months for the life and length of on going this correction.
Although in Stochastic indicator its both lines are falling in Over sold zone but has not shown positive divergence and %K(5) line has not intersected %D(3) line upward therefore not confirming immediate up moves beginning but up moves may start in Short Term and Pull Back Rally beginning should be understood on Cards.
As in MACD indicator MACD line has intersected Average line downward and its both lines are falling in negative zone therefore confirming more down moves in Short Term.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (06-May-2022):-
Technical Patterns and Formations in EOD charts
1- Averages:-
A- 5-Day SMA is today at 16789
B- 21-Day SMA is today at 17242
C- 55-Day SMA is today at 17075
D- 100-Day SMA is today at 17261
E- 200-Day SMA is today at 17245
2- Nifty closed below all the Short to Long Term Averages at 16340.90 on 06-05-2022
Conclusions from EOD chart analysis
(Averages)
As Nifty closed well below all the Short to Long Term Averages on 06-05-2022 and 5-Day SMA has also moved below all other Everages therefore confirming weakness in Indian markets.
Nifty-Intra Day Chart Analysis
(06-May-2022)
Nifty-Intra Day Chart (06-May-2022):-
Technical Patterns formation in today intraday charts
1- Whole day down moves in Bullish Falling Channels
2- Whole day actual trading between 16341-16484
Conclusions from intra day chart analysis
Although firstly 236 points huge gap down opening and whole day negative zone trading as well as 271 points crash last Friday but whole day consolidation was seen through down moves in Bullish Falling Channels and selling patterns not developed therefore expected that firstly up moves will be seen in next week and its beginning confirmation will be after sustaining above 16484.
Conclusions
(After putting all studies together)
All the trends have turned down after Nifty moving below all the Short to Long Term Averages forcefully. Although MACD is showing more down moves possibilities but Stochastic is suggesting some up moves in Short Term also therefore firstly some up moves may be seen towards above mentioned Intermediate and Long Term Averages in next week.
As intraday trading patterns of last Friday(06-May-2022) are showing consolidation therefore up moves are expected in the beginning of next week but firstly sustaining beyond Long Term Trend decider 200-Day SMA(172450 should be watched for strong rally or deeper correction beginning.
As on going "ABC" correction has turned sideways between 15672-18604 for the last more than 6 months therefore firstly its break out/down should be watched in the coming weeks/months for the life and length of on going correction. Next supports and resistances within this range are as follows:-
Next supports are as follows:-
1- 16352-16398
2- 16253-16304
3- 16098-16152
4- 15966-16019
5- 15672-15846
Next resistances are as follows:-
1- 16694-16736
2- 16866-16945
3- 16991-17074
4- 17181-17230
5- 17264-17315
6- 17524-17561
7- 17616-17663
8- 17727-17779
9- 17795-17832
10- 17959-18129
11- 18292-18321
12- 18379-18458
13- 18548-18604
Although up moves are expected in next week but firstly sustaining beyond Long Term Trend decider 200-Day SMA(17245) and finally break out/down of last more than 6 months sideways correction range(15672-18604) should be watched in the coming weeks/months for next big moves beginning confirmations.
Down moves towards next supports
Nifty-Intra Day Chart Analysis &
Market Outlook(06-05-2022)
Nifty-Intra Day Chart (05-May-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 16866-16945
2- Down moves with upward corrections
3- Selling between 16694-16736
4- Whole day actual trading between 16652-16945
Conclusions from intra day chart analysis
As US markets closed with good gains yesterday and sentiment was boosted today morning therefore firtsly up moves were seen after strong opening today.
Firstly higher levels selling and after that down developed which were with upward corrections as well as follow up selling in last hour therefore whole day today trading will be understood with good intraday selling and resultant down moves will be seen towards following next supports in the coming sessions.
1- 16579-16624
2- 16484-16554
3- 16418-16447
Levels break out/down will confirm next trend after 6 months sideways "ABC" correction
Technical Analysis,Research & Weekly Outlook
(May 02 to May 06,2020)
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (29-Apr-2020):-
Technical Patterns and Formations in EOD charts
1- Last 6 months sideways correction between 15671.5-18604.50
2- Last 10 Sessions trading between 16825-17414
3- Stochastic- Its both lines %K(5) & %D(3) are kissing in the Middle zone.
4- Stochastic:- %K(5)- 51.45 & %D(3)- 48.22.
5- In MACD- MACD line has intersected Average line downward and its both lines are falling in negative zone.
6- MACD(26,12)- -267.91 & EXP(9)- -102.24 & Divergence- -165.67
Conclusions from EOD chart analysis
(Stochastic & MACD)
Impulsive Wave-5 completed at 18604.50 on 19-10-2021 and after that "ABC" correction begun which is in continuation as well as no confirmation of its completion yet on EOD charts.
As more than 6 months old correction has turned sideways between 15672-18604 and finally its break out/break down will form next trend therefore let it happen then view will be accordingly and till then Outlook will be of sideways market. Last 10 Sessions trading between 16825-17414 and finally its break out will confirm next decisive moves towards 15672 or 18604 therefore should be firstly watched in the coming week/weeks.
In Stochastic its both lines %K(5) & %D(3) are kissing in the Middle zone therefore it is not showing any side decisive move but in MACD its MACD line has intersected Average line downward and its both lines are falling in negative zone hence confirming downward trend formations and more down moves possibilities.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (29-Apr-2020):-
Technical Patterns and Formations in EOD charts
Averages:-
A- 5-Day SMA is today at 17108
B- 21-Day SMA is today at 17425
C- 55-Day SMA is today at 17127
D- 100-Day SMA is today at 17283
E- 200-Day SMA is today at 17226
Conclusions from EOD chart analysis
(Averages)
All the Short to Long Term Averages have turned flat and all are moving between 17108-17425 therefore finally sustaining beyond this range will confirm next Long Term Trend as well as will generate one sided big moves towards the break out/down side of this range.
Nifty-Last 10 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Apr 18 to Apr 29,2020):-
Technical Patterns formation in last 10 Sessions intraday charts
1- Selling(Resistances) in last 10 Sessions are as follows:-
A- 17242-17377
B- 17384-17414
2- Consolidation(Supports) in last 10 Sessions are as follows:-
A- 17075-17120
B- 16959-16981
C- 16918-16954
3- Last 10 Sessions actual trading between 16825-17414
Conclusions from 10 Sessions
intra day chart analysis
Last 10 sessions trading between 16825-17414 with above mentioned supports and resistances within it. As last Friday closing was almost in the middle of this range and both higher levels resistaances and lower levels supports are equally strong also therefore expected that Nifty will firstly trade within and near about last 10 sessions trading range(16825-17414) and finally sustaining it beyond will confirm next Short Term trend hence should be firstly watched in the coming week for its confirmations.
Nifty-Intra Day Chart Analysis
(29-Apr-2020)
Nifty-Intra Day Chart (29-Apr-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 17242-17377
2- Sharp fall in last hour
3- Whole day actual trading between 17054-17377
Conclusions from intra day chart analysis
Although firtsly some up moves after positive opening but selling developed therefore sharp fall was seen in last hour. As good intraday selling last Friday therefore more down moves will be seen in next week.
Conclusions
(After putting all studies together)
Although more than 2 months old Russian-Ukraine war but Indian markets have not crashed and turned sideways between 15672-18604 therefore all the Trends are now sideways and all the Short to Long Term Averages are moving flat. It means that Indian markets are in Wait and watch mood and will finally break out or break down of this range after becoming the sky clear.
As correction of Nifty begun after Impulsive Wave-5 completion therefore it has to correct whole rally between 7511.10-18604.50 and it is being done nowadays in sideways markets between 15672-18604. As Nifty closed last Friday almost in the Middle of of this correction range and multiple lower levels supports are higher levels resistances are lying therefore Nifty will trade and prepare for those next big moves within this range as well as finally break out/down of this range will generate those big moves in the coming weeks/months.
Although Short Term indicator Stochastic is not showing anyside moves but MACD is suggesting more down moves. As good intraday selling and no consolidation last Friday therefore more down moves are expected towards above mentioned supports in the beginning of coming week. As finally following levels will finally produce next moves and form next trend therefore should be watched one by one in the coming week/weeks/months:-
1- 16825-17414(Last 10 Sessions trading range)
2- 17108-17425(Short to Long Term Averages)
3- 15672-18604(Last 6 months correction range)
As all the Short to Long Term Averages are lying almost within last 10 Sessions trading range therefore firstly sustaining it beyond or its forceful break out/down should be watched because that will generate strong signal of next Long Term Trend formation. As break out/down of last 6 months correction range will confirm life and length of on going "ABC" correction therefore finally should be watched for that Long Term moves confirmations.
Watch next resistances & supports after strong Global cues led rally
Nifty-Intra Day Chart Analysis &
Market Outlook(29-04-2022)
Nifty-Intra Day Chart (28-Apr-2020):-
Technical Patterns formation in today intraday charts
1- Consolidation between 17075-17120
2- Strong up moves
3- Intraday correction in last hour
4- Whole day actual trading between 17072-17322
Conclusions from intra day chart analysis
Sentiment turned strong today morning because all the Asian markets were trading in Green and some were trading with good gains therefore positive opening of Indian markets.
As selling Patterns formation between 17029-17110 yesterday therefore firstly consolidation was seen within this range between 17075-17120 and after that rally started which turned strong because sharp up moves developed in Dow Jones Futures and traded 400 points plus as well as all the European markets opened strong. intraday correction was seen in last hour because Very Short Term indicators turned Overbought after strong intraday rally.
It is clear that whole day today rally was strong Global cues led and firstly sustaining beyond following next resistances(17264-17315) and supports(17075-17120 & 16959-16981) should be watched for one sided decisive moves beginning confirmations.
Watch levels for next decisive
moves beginning confirmations
Post-open Outlook(28-04-2022)
As all the Asian markets are trading in Green and some are trading with good gains today morning therefore positive opening of Indian markets.
Selling Patterns formation between 17029-17175 in last 2 sessions and Nifty is reading within it since opening today as well as firstly sustaining beyond this range should be watched today and in the coming for next sessions for next decisive moves beginning confirmations.
Down moves expectations
Nifty-Intra Day Chart Analysis &
Market Outlook(28-04-2022)
Nifty-Intra Day Chart (27-Apr-2020):-
Technical Patterns formation in today intraday charts
1- Selling Patterns formation between 17029-17110
2- Support between 16959-16981
3- Whole day actual trading between 16959-17110
Conclusions from intra day chart analysis
Although minor supports at lower levels but higher levels good selling therefore finally down moves are expected below today lowest(16959).
Down moves towards next supports
Nifty-Intra Day Chart Analysis &
Market Outlook(27-04-2022)
Nifty-Intra Day Chart (26-Apr-2020):-
Technical Patterns formation in today intraday charts
1- Selling Patterns formation between 17126-17175
2- Sharp jump in last half hour
3- Whole day actual trading between 17065-17223
Conclusions from intra day chart analysis
Although intraday closing was near the top of the day after sharp jump in last half hour on 26-04-2022 but selling Patterns formation were seen between 17126-17175 therefore expected that down moves will be seen below 17126 and towards following next supports:-
1- 17064-17115
2- 17003-17051
3- 16868-16952
Firstly watch levels for next Short Term Trend confirmations
Nifty-Intra Day Chart Analysis &
Market Outlook(26-04-2022)
Nifty-Intra Day Chart (25-Apr-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 16994-17047
1- Down moves in Bullish Falling Channels
3- Whole day actual trading between 16889-17054
Conclusions from intra day chart analysis
Following lines were told on 23-04-2022 in "Firstly watch next supports for the life of on going correction & finally 15672-18604 for next big moves beginning confirmations":-
1- firstly down moves will be seen in the beginning of next week.
2- correction continuation in the beginning of next week
As was told 100% same happened and Nifty closed 218 points down in the beginning of this week on Monday
Although 162 points weaker and gap down opening but lower levels consolidation was also seen in last 3 hours after selling in first 3 hours. As both lower levels intraday buying and higher levels intraday selling also between 16889-17047 therefore Nifty will firstly trade and prepare for next Short Term Trend within or near about this range in the coming sessions,
As finally sustaining beyond 16889-17047 will confirm next Short Term Trend therefore should be firstly watched for its confirmations.
Firstly watch next supports for the life of on going correction & finally 15672-18604 for next big moves beginning confirmations
Technical Analysis,Research & Weekly Outlook
(Apr 25 to Apr 29,2020)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (22-Apr-2020):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-1 beginning from 7511.10 on 24-03-2020
2- Impulsive Wave-1 completion at 11794.30 on 31-08-2020
3- Corrective Wave-2 completion at 10790.20 on 24-09-2020
4- Impulsive Wave-3 completion at 15431.8 on 16-02-2021
5- Corrective Wave-4 completion at 14151.4 on 22-04-2021
6- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction beginning.
7- Corrective Wave-A completion at 16410.20 on 20-12-2021
8- Wave-B completion at 18351.00 on 18-01-2022.
9- Wave-C bottom formation at 15671.5 on 08-03-2022
10- Pull Back Rally completion at 18114.70 on 04-04-2022 and correction beginning.
11- Correction continuation with recent bottom formation at 16824.70 on 19-04-2022
Conclusions from EOD chart analysis
(Waves structure)
"ABC" correction beginning after impulsive Wave-5 completion at 18604.50 on 19-10-2021 and no confirmation of "ABC" correction completion yet on EOD charts.
Strong Pull Back Rally which developed after Wave-C bottom formation at 15671.50 completed at 18114.70 on 04-04-2022 and its correction beginning that is in continuation with recent bottom formation at 16824.70 on 19-04-2022 and no indication of its completion yet on EOD and intraday charts therefore on going correction will remain continued in the beginning of next week.
Nifty-Weekly Chart Analysis
(Stochastic & MACD)
Nifty-Weekly Chart (22-Apr-2020):-
Technical Patterns and Formations in EOD charts
1- Last 6 months sideways correction between 15671.5-18604.50
2- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone.
3- Stochastic:- %K(5)- 57.48 & %D(3)- 76.09
4- In MACD- MACD line has intersected Average line upward and its both lines are moving flat in negative zone.
5- MACD(26,12)- -212.73 & EXP(9)- -257.67 & Divergence- 44.94
Conclusions from Weekly chart analysis
(Stochastic & MACD)
As in Weekly Stochastic %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone therefore confirming downward trend formations and showing more down moves indications in next week.
Although in MACD indicator MACD line has intersected Average line upward but its both lines are moving flat in negative zone therefore not confirming any immediate up moves and suggesting to adopt wait and watch policy in Short Term.
Nifty-Intra Day Chart Analysis
(22-Apr-2020)
Nifty-Intra Day Chart (22-Apr-2020):-
Technical Patterns formation in today intraday charts
1- 192 Points fall in first 4 minutes
2- Support between 17200-17245
3- Selling between 17264-17315
4- Selling between 17181-17230
5- Whole day actual trading between 17150-17315
Conclusions from intra day chart analysis
Although firstly 192 Points fall in first 4 minutes but some supports developed at lower levels therefore up moves were seen after that. As higher levels fresh selling therefore sharp fall after that and follow up selling in last hour also hence last Friday closing was at the lower levels of the day.
As good intraday selling last Friday therefore firstly down moves will be seen in the beginning of next week.
Conclusions
(After putting all studies together)
Impulsive Wave-5 completed after new life time top formation at 18604.50 on 19-10-2021 and "ABC" correction started which has turned sideways between 15672-18604 for the last 6 months and Nifty closed almost at the centre of this range last Friday at 17171.75.
All the Long and Intermediate term Averages have tuned flat and all the trends are also now sideways therefore Nifty will trade and prepare for next Long Term Trend within this range which will be done in the coming week/weeks. As finally valid break out of this range(15672-18604) will produce next big moves after Long Term trend formation confirmations therefore firstly sustaining beyond following next supports and resistances of this correction range should be watched one by one:-
Next supports are as follows:-
1- 17064-17115
2- 17003-17051
3- 16868-16952
4- 16579-16674
5- 16484-16554
6- 16418-16447(Gap Support)
7- 16253-16304
8- 16098-16152
9- 15966-16019
10-15672-15846
Next resistances are as follows:-
1- 17181-17230
2- 17264-17315
3- 17524-17561
4- 17616-17663
5- 17727-17779
6- 17795-17832
7- 17959-18129
8- 18292-18321
9- 18379-18458
10-18548-18604
Weekly Stochastic is indicating more down moves possibility and selling patterns in intraday charts of last Friday is also suggesting correction continuation in the beginning of next week therefore firstly sustaining beyond above next supports should be watched one by one in next week for the life of on going correction and finally sustaining beyond 15672-18604 should be watched for next big moves beginning confirmations.
Firstly up moves & finally levels
will decide next trend
Nifty-Intra Day Chart Analysis &
Market Outlook(21-04-2022)
Nifty-Intra Day Chart (20-Apr-2020):-
Technical Patterns formation in today intraday charts
1- 45 Points jump in first minute after positive opening
2- Whole day sideways trading between with consolidation between 17066-17186
3- Whole day actual trading between 16979-17186
Conclusions from intra day chart analysis
Following lines were told in previous Oulook"Firstly watch next supports":-
a sharp big jump or a Pull back rally will be seen towards 17172
As was told 100% same happened and Nifty closed at 17136.55 after gaining 177.90 Points as well as slipped below 17172 after forming intraday highest at 17186.90.
Although good selling between 17172-17275 on 19-04-2022 but some consolidation also between 17066-17186 on 20-04-2022 therefore expected that firstly Nifty will trade and prepsre for next decisive moves within and near about 17066-17275 in the coming sessions.
As some consolidation also between 17066-17186 on 20-04-2022 therefore firstly up moves will be seen towards 17186 but until complete consolidation will not develop till then Nifty will not sustain above 17275.
17066-17275 will be very Short Term trading range and next trend decider as well hence finally sustaining it beyond should be watched amid firstly up moves expectations towards 17186.
Firstly watch next supports
Nifty-Intra Day Chart Analysis &
Market Outlook(20-04-2022)
Nifty-Intra Day Chart (19-Apr-2020):-
Technical Patterns formation in today intraday charts
1- More than 5 hours selling between 17172-17275(immediate Resistances)
2- Sharp fall in last hour
3- Whole day actual trading between 16825-17275
Conclusions from intra day chart analysis
As more than 5 hours selling between 17172-17275 therefore sharp fall was seen in last hour and until complete consolidation will not develop till then Nifty will not sustain above today highest(17275).
As very Short Term indicators have turned oversold and sentiment is completely depressed therefore if Nifty honours following next supports in the coming sessions then a sharp big jump or a Pull back rally will be seen towards 17172 hence sustaining it beyond should be firstly watched:-
1- 16838-16943
2- 16559-16672
Firstly watch levels for next decisive moves beginning confirmations
Nifty-Intra Day Chart Analysis &
Market Outlook(19-04-2022)
Nifty-Intra Day Chart (18-Apr-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 17186-17237
2- Sharp fall
3- Down moves in Bullish Falling Channel
4- Up moves with downward corrections
5- Whole day actual trading between 17068-17237
Conclusions from intra day chart analysis
Following lines were told at 01:54 PM on 15-04-2022 in "Remain cautious amid deeper correction beginning possibility":-
1- down moves are expected in the beginning of next week
2- once sustaining below 17004 will mean deeper correction beginning of on going Pull Back Rally
As was told 100% same happened and Nifty closed 302 points down in the beginning of this weeek on Monday.
As firstly selling between 17186-17237 after huge gap down opening therefore sharp fall after that but Down moves in Bullish Falling Channel in Mid sessions hence up moves were seen in last 3 hours.
Although lower levels consolidation through Down moves in Bullish Falling Channeland and last 3 hours up moves with downward corrections also but could noy move above 17237 because good selling was seen between 17186-17237.
As both higher levels good selling and lower levels equally good consolidation also between 17068-17237 therefore expected that Nifty will firstly trade and prepare for next decisive moves within and near about this range and firstly sustaining it beyond should be watched in the coming sessions for next decisive moves beginning confirmations.
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