ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Firstly up moves but Short Term
Correction is very much due
Technical Analysis,Research &
Weekly Outlook(Aug 16 to Aug 19,2022)
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (12-Aug-2022):-
Technical Patterns and Formations in EOD charts
1- Wave-C completion at 15183.4 on 17-06-2022 and Wave-A beginning
2- Wave-A continuation with recent top formation at 17724.65 on 12-08-2022 & tested falling trendline from all time high.
4- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising within Over bought zone.
5- Stochastic:- %K(5)- 91.47 & %D(3)- 86.32.
6- Stochastic is showing negative divergence
7- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
8- MACD(26,12)- 649.13 & EXP(9)- 570.84 & Divergence- 78.29
Conclusions from EOD chart analysis
(Stochastic & MACD)
Wave-A continuation with recent top formation at 17724.65 on 12-08-2022 and no indication of its completion yet on EOD charts. As Wave-A has tested falling trendline from all time high therefore sustaining it beyond in next week will confirm rally continuation or Short Term Correction beginning. Present positions of Short Term indicators are as follows:-
1- In Stochastic indicator %K(5) line has intersected %D(3) line upward and its both lines are slowly rising within Over bought zone as well as showing negative divergence therefore indicating strong signals of Short Term correction beginning.
2- In MACD indicator MACD line has intersected Average line upward and its both lines are rising in positive zone therefore suggesting upward trend continuation and showing up moves continuation signals.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (12-Aug-2022):-
Technical Patterns and Formations in EOD charts
Averages:-
A- 5-Day SMA is today at 17562
B- 21-Day SMA is today at 16931
C- 55-Day SMA is today at 16357
D- 100-Day SMA is today at 16611
E- 200-Day SMA is today at 16699
Conclusions from EOD chart analysis
(Averages)
Nifty has closed well above all the Short to Long Term Averages and shown too much strength during on going rally. As Nifty has traded more than 1000 above Long Term Trend decider 200-Day SMA last Friday therefore confirmation of sustaining above it and Long Term Trend turning up as well which is a strong indication of rally continuation also.
Nifty-Intra Day Chart Analysis
(12-Aug-2022)
Nifty-Intra Day Chart (12-Aug-2022):-
Technical Patterns formation in today intraday charts
1- Sharp fall after flat opening
2- Whole day slow up moves
3- Whole day intraday corrections
4- Up moves with downward corrections
5- Down moves in Bullish Falling Channel
6- Sharp up moves in last half hour
7- Whole day actual trading between 17598-17724
Conclusions from intra day
chart analysis
Although flat opening but sharp fall was seen after that. As whole day slow up moves with continuous intraday correcions also therefore up moves remained continue whole day.
As almost 60 points down moves in Bullish Falling Channel in last 2 hours which was a good sign of intraday consolidation last Friday therefore sharp up moves were seen in last half hour and confirming on going rally continuation in the beginning of next week also.
Conclusions
(After putting all studies together)
All the Trends are up. Impulsive Wave-1 of which Waves structure begun from 7511.10 on 24-03-2020 completed after 20 months at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction started with Double Zig-Zag pattern formation. Now on going "ABC" correction is more than 9 months old and its Wave-A continuation with top formation at 17724.65 on 12-08-2022 after gaining 2541 points.
Although Long Term Trend turning up confirmation but Nifty has tested falling trendline therefore firstly sustaining above it also should be watched in next week for another storng signal of on going "ABC" correction completion. As Short & Intermediate Term indicators have turned Over bought and Short Term indicators are showing negative divergence also therefore showing signals of Short Term correction beginning which may begin any day.
Intraday chart of last Friday is showing good consolidation in last hours therefore firstly up moves will be seen in next week and let complete intraday selling patterns develop on intraday charts then Short Term correction will start which is very much due after 2541 points one sided rally and Over bought Short Term indicators.
Watch 17632-17695 for next decisive intraday moves beginning confirmations
Nifty-Intra Day Chart Analysis &
Market Outlook(12-08-2022)
Nifty-Intra Day Chart (11-Aug-2022):-
Technical Patterns formation in today intraday charts
1- Whole day Mixed Patterns formation between 17632-17695
2- Whole day actual trading between 17632-17719
Conclusions from intra day chart analysis
As all the strong closing of US markets yesterday and Asian markets were blasting today morning as well as good intraday consolidation yesterday therefore huge gap up opening was seen today.
Although today closing was little above today lowest after some higher levels selling but consolidation patterns were also seen therefore today trading will be understood with Mixed Patterns formation. Firstly follow up moves and after that sustaining beyond 17632-17695 should be watched tomorrow for next decisive intraday moves beginning confirmations.
On going rally continuation
Nifty-Intra Day Chart Analysis &
Market Outlook(11-08-2022)
Nifty-Intra Day Chart (10-Aug-2022):-
Technical Patterns formation in today intraday charts
1- More than 100 points fall after positive opening
2- More than 5 hours consolidation between 17482-17543
3- Whole day actual trading between 17443-17566
Conclusions from intra day
chart analysis
As selling was seen between 17511-17548 yesterday therefore following conclusive line was told yesterday in "Watch 17511-17548 for rally continuation or correction beginning":-
Firstly sustaining beyond 17511-17548 should be watched tomorrow for rally continuation or emergence of Short to Intermediate Term correction beginning possibility.
Although firstly more than 100 points fall after positive opening but after that more than 5 hours good consolidation between 17482-17543 today which was within and near about yesterday selling range(17511-17548) therefore on going rally continuation will be seen above today highest(17566) tomorrow.
Watch 17511-17548 for rally continuation or correction beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(10-08-2022)
Nifty-Intra Day Chart (08-Aug-2022):-
Technical Patterns formation in today intraday charts
1- Down moves after positive opening
2- Up moves with downward corrections
3- Selling between 17511-17548
4- Whole day actual trading between 17360-17548
Conclusions from intra day chart analysis
Although firstly down moves after positive opening but up moves started with downward corrections therefore last Monday closing was with 0.73% gains.
As higher levels sellling was also seen between 17511-17548 therefore fresh consolidation is firstly required for rally continuation after sustaining above 17548. Remain cautious also because fresh selling and sustaining below 17511 will mean first signal of Short to Intermediate Term correction emerging after EOD and Weekly indicators turning over bought.
Firstly sustaining beyond 17511-17548 should be watched tomorrow for rally continuation or emergence of Short to Intermediate Term correction beginning possibility.
17226 Will confirm the size,life and length of expected correction
Technical Analysis,Research & Weekly Outlook
(Aug 08 to Aug 12,2022)
Nifty-EOD Chart Analysis
(Corrective Waves)
Nifty-EOD Chart (05-Aug-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 with Double Zig-Zag pattern formation
2- 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- Wave-X completion at 18114.70 on 04-04-2022
6- Wave-A completion at 15735.80 on 12-05-2021
7- Wave-B completion at 16793.80 on 03-06-2022
8- Wave-C completion at 15183.4 on 17-06-2022 and Wave-A beginning
9- Wave-A continuation with recent top formation at 17490.7 on 04-08-2022
10- Last 5 Sessions sideways actual trading between 17226-17490
Conclusions from EOD chart analysis
(Corrective Waves)
Impulsive Wave-5 of that Waves structure completed after new life time top formation at 18604.50 on 19-10-2021 which begun through its impulsive Wave-1 from 7511.10 on 24-03-2020. Now "ABC" correction of this Waves structure(7511.10-18604.50) is in continuation with Double Zig-Zag pattern formation and no confirmation of its completion yet on EOD charts.
Now Wave-A of correction is in continuation after on going correction bottom formation at 15183.4 on 17-03-2022. Wave-A recent top formation at 17490.7 on 04-08-2022 and no confirmation of its completion yet but last 5 Sessions sideways actual trading between 17226-17490 and finally sustaining beyond this range will confirm its life and length.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (05-Aug-2022):-
Technical Patterns and Formations in EOD charts
1- Wave-C completion at 15183.4 on 17-06-2022 and Wave-A beginning
2- Wave-A continuation with recent top formation at 17490.7 on 04-08-2022
3- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling in Over bought zone.
4- Stochastic:- %K(5)- 82.11 & %D(3)- 89.59.
5- Stochastic is showing negative divergence
6- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
7- MACD(26,12)- 554.13 & EXP(9)- 453.48 & Divergence- 100.65
Conclusions from EOD chart analysis
(Stochastic & MACD)
Wave-A begun from 15183.4 on 17-06-2022 and now is in continuation with recent top formation at 17490.7 after gaining 2307.3 points. Present positions of Short Term indicators are as follows:-
1- In Stochastic indicator %K(5) line has intersected %D(3) line downward and its both lines are falling within Over bought zone. As this indicator is showing negative divergence also therefore indicating Short Term correction beginning strong signals.
2- In MACD indicator MACD line has intersected Average line upward and its both lines are rising in positive zone therefore showing upward trend formations and suggesting up moves continuation in the coming sessions.
Nifty-Last 5 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Aug 01 to Aug 05,2022):-
Technical Patterns formation in last 5 Sessions intraday charts
1- More than 6 hours selling between 17412-17490 on 04-08-2022 & 05-08-2022
2- Consolidation(supports) between 17226-17327 from 01-08-2022 to 03-08-2022
3- Most time trading in last 5 Sessions between 17226-17490
4- Last 5 Sessions actual trading between 17226-17490
Conclusions from 5 Sessions intra day chart analysis
As last 5 Sessions most time trading between 17226-17490 With closing within 57 points between 17340-17397 therefore it will be understood that on going rally has been slowed down at the top of rally.
Above mentioned supports and resisatnces are lying within last 5 sessions trading range(17226-17490) which are equally stronger also therefore expected that Nifty will trade and prepare for next Short to Intermediate Term Trend within this range and finally sustaining beyond this range will confirm it hence it should be firstly watched in the beginning of next week for its confirmations.
Nifty-Intra Day Chart Analysis
(05-Aug-2022)
Nifty-Intra Day Chart (05-Aug-2022):-
Technical Patterns formation in today intraday charts
1- Selling between 17412-17474
2- Sideways trading in last 2 hours between 17349-17418
3- Whole day actual trading between 17349-17474
Conclusions from intra day chart analysis
Although firstly up moves after positive opening but more than 4 hours selling was seen between 17412-17474 therefore Nifty slipped and traded in negative zone also.
As sideways trading in last 2 hours between 17349-17418 and minor supports was also seen at lower levels therefore firstly sustaining beyond this range should be watched in the beginning of coning week for next decisive moves beginning amid down moves expectations below last Friday lowest(17349).
Conclusions
(After putting all studies together)
All the trends are up. Waves structure which begun through its impulsive Wave-1 from 7511.10 on 24-03-2020 completed at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction started with Double Zig-Zag pattern formation. Now Wave-A of "ABC" correction is in continuation with Double Zig-Zag pattern formation and no confirmation of its completion yet on EOD charts. As on going "ABC" correction is more than 9 months old and its Wave-A has sustained above Long Term Trend decider 200-Day SMA(today at 17002) for the last 6 sessions therefore showing signals of on going "ABC" correction completion at 15183.4 on 17-06-2022.
Although MACD indicator is showing upward trend formations and suggesting up moves continuation but Stochastic indicator is indicating strong signals of Short Term correction beginning. As last 5 Sessions sideways actual trading between 17226-17490 with both lower levels supports and higher levels resistances therefore Nifty will firstly trade and prepare for next Short Term moves within this range and finally sustaining beyond this range will confirm it hence should be firstly watched in the coming week for its confirmations.
As higher levels good selling in last 2 sessions therefore expected that firstly down moves will be seen towards the lowest(17226) of last 5 sessions trading range in the beginning of next week and finally sustaining it beyond will confirm deeper cooection beginning or is cooection completion. It should be kept in mind that sustaining below 17226 will mean Wave-A(15184-17490) correcion beginning to correct its 2307 gains. As correction may be deeper also therefore firstly sustaining beyond 17226 should be watched in the coming week to confirm the size,life and length of expected correction.
Firstly watch 17226-17333 for deeper
coorection beginning confirmations
Nifty-Intra Day Chart Analysis &
Market Outlook(05-08-2022)
Nifty-Intra Day Chart (Aug 01 to Aug 04,2022):-
Technical Patterns formation in last 4 Sessions intraday charts
1- Selling between 17412-17490 on 04-08-2022
2- Most time trading in last 4 Sessions between 17226-17333
3- Last 4 Sessions actual trading between 17226-17490
Conclusions from 4 Sessions
intra day chart analysis
Wave-A which begun from 15183.4 on 17-06-2022 is in continuation with recent top formations at 17490.70 on 04-08-2022 and no confirmation of its completion yet.
On going rally has been slowed down and closing of last 4 sessions of this week was within 48 points between 17340-17388 as well as most time trading in these last 4 Sessions was also between 17226-17333.
As selling between 17412-17490 on 04-08-2022 therefore it will be immediate resistance of Nifty and firstly sustaining below last 4 Sessions most time trading range(17226-17333) should be watched in the coming sessions for deeper coorection beginning confirmations after Short Term indicators turning Overbought also.
17226-17327 Will confirm correction beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(04-08-2022)
Nifty-Intra Day Chart (03-Aug-2022):-
Technical Patterns formation in today intraday charts
1- Sharp fall after flast opening
2- Consolidation between 17226-17327
3- Sharp up moves in last hour
4- Whole day actual trading between 17226-17407
Conclusions from intra day chart analysis
Although firstly sharp fall after flat opening but consolidation developed between 17226-17327 therefore sharp up moves were seen in last hour. As Short Term indicators have turned completely Over bought and on going rally has been slowed down also therefore Short term correction is very much on cards.
As intraday selling patterns have not been seen today and on the contrary consolidation was between 17226-17327 therefore fresh selling is firstly required for correction beginning and sustaining beyond 17226-17327 should be watched in the coming sessions for correction beginning confirmations.
Today highest will confirm
rally continuation or Short Term
correction beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(02-08-2022)
Nifty-Intra Day Chart (01-Aug-2022):-
Technical Patterns formation in today intraday charts
1- Whole day rally continuation after gap up strong opening
2- Whole day actual trading between 17155-17356
Conclusions from intra day chart analysis
Although today closing was at he top of the day and at the highest level of on going rally as well but Short Term indicators have turned Over bought therefore Short Term correction is very much due which may be seen any day.
Remain cautiouus and firstly watch sustaining beyond today highest(17356) for rally continuation or Short Term correction beginning confirmations.
Firstly Rally continuation before
Short Term Correction beginning
Technical Analysis,Research & Weekly Outlook
(Aug 01 to Aug 05,2022)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (29-Jul-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 with Double Zig-Zag pattern formation
7- 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- Wave-X completion at 18114.70 on 04-04-2022
11- Wave-A completion at 15735.80 on 12-05-2021
12- Wave-B completion at 16793.80 on 03-06-2022
13- Wave-C completion at 15183.4 on 17-06-2022
14- Wave-A continuation with recent top formation at 17172.8 on 29-07-2022
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-1 of which Waves structure begun from 7511.10 on 24-03-2020 that completed from its Impulsive Wave-5 after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction started.
Now more than 9 months old "ABC" correction is on with Double Zig-Zag pattern formation and at present its Wave-A continuation with recent top formation at 17172.8 on 29-07-2022.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (29-Jul-2022):-
Technical Patterns and Formations in EOD charts
1- Wave-C completion at 15183.4 on 17-06-2022
2- Wave-A continuation with recent top formation at 17172.8 on 29-07-2022
3- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising towards and within Over bought zone.
4- Stochastic:- %K(5)- 86.41 & %D(3)- 64.22.
5- Stochastic is showing negative divergence
6- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
7- MACD(26,12)- 432.19 & EXP(9)- 322.82 & Divergence- 109.37
Conclusions from EOD chart analysis
(Stochastic & MACD)
Now Wave-A continuation with recent top formation at 17172.8 on 29-07-2022 after Wave-C completion at 15183.4 on 17-06-2022 and during these almost 2000 rally:-
1- In Stochastic indicator %K(5) line has intersected %D(3) line upward and its both lines are rising towards and within Over bought zone. As this indicator is showing negative divergence also therefore indicating Short Term correction beginning signals.
2- In MACD indicator MACD line has intersected Average line upward and its both lines are rising in positive zone therefore showing upward trend formations and suggesting up moves continuation in the coming sessions.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (29-Jul-2022):-
Technical Patterns and Formations in EOD charts
Averages:-
A- 5-Day SMA is today at 16768
B- 21-Day SMA is today at 16299
C- 55-Day SMA is today at 16133
D- 100-Day SMA is today at 16544
E- 200-Day SMA is today at 17025
Conclusions from EOD chart analysis
(Averages)
As Nifty closed above Intermediate Term Trend decider 55-Day SMA in last 10 sessions therefore confirmations of its turning up. Nifty closed well above Long Term Trend decider 200-Day SMA at 17158.25 last Friday after huge gap up opening therefore strong indications of its also turning up. As Nifty sustaining above 200-Day SMA(17025) in next week will confirm on going rally continuation after all trends turning up therefore should be firstly watched in next week for its confirmations.
Nifty-Intra Day Chart Analysis
(29-Jul-2022)
Nifty-Intra Day Chart (29-Jul-2022):-
Technical Patterns formation in today intraday charts
1- Sharp down after strong opening
2- Consolidation between 17061-17121
3- Sharp up moves in last hour
4- Whole day actual trading between 17019-17172
Conclusions from intra day chart analysis
Although firstly sharp down moves after gap up strong opening but good consolidation developed between 7061-7121 in Mid-session therefore sharp up moves were seen in last hour and last Friday closing was at the top of the day.
As only consolidation and no selling patterns formations last friday therefore firstly up moves will be seen in the beginning of next week.
Conclusions (After putting all studies together)
Short and Intermediate Term Trends are up. As Long Term Trend will be up after sustaining above its decider 200-Day SMA(17025) therefore it should be watched in the coming week/weeks.
Although MACD is confirming upward trend but Stochastic is showing Short Term correction beginning signals which may be seen in next week and finally decisive fresh up moves will be considered after expected Short Term correction completion.
Almost 19 months rally of on going Waves structure completed at 18604.50 on 19-10-2021 and after that corrective Wave-A of "ABC" correction started which is with Double Zig-Zag pattern formation and now more than 9 months old.
Now Wave-A of on going correction is in continuation with recent top formation at 17172.8 on 29-07-2022 after Wave-C completion at 15183.4 on 17-06-2022 and no indication of its completion yet on EOD and intraday charts therefore firstly rally continuation is expected. As Short Term Correction beginning signals generation from Stochastic indicator therefore it will also be seen in next week after some up moves.
Rally continuation with intraday
volatility possibility
Nifty-Intra Day Chart Analysis &
Market Outlook(29-07-2022)
Nifty-Intra Day Chart (28-Jul-2022):-
Technical Patterns formation in today intraday charts
1- Whole day up moves with downward corrections
2- Whole day actual trading between 16747-16947
Conclusions from intra day chart analysis
As Dow Jones closed more than 400 points up after FOMC announcements yesterday therefore firstly gap up strong opening of Indian markets and after that whole day up moves were seen with downward corrections.
Intraday selling patterns were not seen and whole day consodation developed through up moves with downward corrections therefore rally will remain continued but Very Short Term indicators have turned Over bought hence intraday volatility may also be seen tomorrow.
Firstly watch FOMC announcements reactions for next decisive moves confirmations
Nifty-Intra Day Chart Analysis &
Market Outlook(28-07-2022)
Nifty-Intra Day Chart (27-Jul-2022):-
Technical Patterns formation in today intraday charts
1- Firstly slipping after negative opening
2- Up moves with downward corrections
3- Whole day actual trading between 16439-16653
Conclusions from intra day
chart analysis
Although firstly slipping after negative opening but up moves begun which remained continued till last minutes because FOMC announcements expectations tonight led Global markets rally was seen whole day today in following manners:-
1- Dow Jones Futures traded whole day more than 150 points up.
2- All the Asian markets traded and closed in Green except Hang Seng
3- All the European markets opened and traded positive during Indian trading hours.
As Indian markets reacted on Global markets and FOMC announcements expectations today therefore firstly FOMC announcements reactions on Global markets should be watched tomorrow for next decisive moves confirmations.
On going correction continuation
expectations
Nifty-Intra Day Chart Analysis &
Market Outlook(27-07-2022)
Nifty-Intra Day Chart (26-Jul-2022):-
Technical Patterns formation in today intraday charts
1- Sharp fall in first 10 minutes after flat opening
2- Down moves with upward corrections
3- Up moves in Bearish Rising Channel
4- Down moves with upward corrections
5- Whole day actual trading between 16464-16636
Conclusions from intra day chart analysis
Following lines were told:-
1- on 21-07-2022 in "Finally sharp down moves will be seen":-
finally sharp down moves will be seen in the coming 2/3 sessions and below last 2 sessions lowest(16491)
2- In Weekly Outlook on 23-07-2022 in "Short Term correction will be seen":-
Short Term correction may begin any day therefore it will be seen in next week
As was told 100% same happened and:-
1- Down moves have been seen within 3 sessions sessions and Nify slipped as well as closed below 16491 at 16483.85 with today lowest formations at 16463.30.
2- Down moves and negative closing had been seen in both sessions of this week.
As whole day good selling was seen through selling patterns formations after sharp fall in first 10 minutes therefore 0.88% negative closing of today was near the lower levels of the day and on going correction continuation is expected in the coming session also.
Watch 16565-16752 for next
decisive moves confirmations
Nifty-Intra Day Chart Analysis &
Market Outlook(26-07-2022)
Nifty-Intra Day Chart (25-Jul-2022):-
Technical Patterns formation in today intraday charts
1- Sharp fall after weaker opening
2- Consolidation between 16565-16628
3- Volatility in last 2 hours between 16603-16685
4- Whole day actual trading between 16565-16706
Conclusions from intra day chart analysis
Although firstly sharp fall after weaker opening but lower levels consolidation between 16565-16628 therefore up moves were seen after 01:30 PM. As Nifty could not sustain at higher levels also therefore volatility will be understood in last 2 hours between 16603-16685.
Selling was seen between 16704-16752 last Friday and Nifty slipped from 16706 today as well as consolidation developed between 16565-16628 therefore both supports and resistances will be understood between 16565-16752 in last 2 sessions.
Expected that Nifty will trade and prepare for next decisive moves between 16565-16752 in the coming sessions and finally sustaining beyond this range will confirm it hence should be watched.
Short Term correction will be seen
Technical Analysis,Research & Weekly Outlook
(Jul 25 to Jul 29,2022)
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (22-Jul-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 with Double Zig-Zag pattern formation
2- 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- Wave-X completion at 18114.70 on 04-04-2022
6- Wave-A completion at 15735.80 on 12-05-2021
7- Wave-B completion at 16793.80 on 03-06-2022
8- Wave-C completion at 15183.4 on 17-06-2022
9- Wave-A continuation with recent top formation at 16752.3 on 22-07-2022
10- Stochastic- %K(5) line has intersected %D(3) line upward and now its both lines are kissing in Over bought zone.
11- Stochastic:- %K(5)- 94.11 & %D(3)- 94.56.
12- Stochastic is showing negative divergence
13- In MACD- MACD line has intersected Average line upward and its both lines are kissing positive zone.
14- MACD(26,12)- 275.08 & EXP(9)- 253.40 & Divergence- 21.68
Conclusions from EOD chart analysis
(Stochastic & MACD)
Impulsive Wave-5 completed at 18604.50 on 19-10-2021 and "ABC" correction started which is in continuation with Double Zig-Zag pattern formation. Now Wave A of Zig-Zag pattern continuation with recent top formation at 16752.3 on 22-07-2022.
As both lines of Stochastic are kissing in Over bought zone therefore strong signal of Short Term correction emerged on EOD charts. In the same manner both lines of MACD are also kissing in positive zone therefore this indicator is also indicating Short Term correction beginning in Short Term.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart(22-Jul-2022):-
Technical Patterns and Formations in EOD chartsin
Averages:-
A- 5-Day SMA is today at 16492
B- 21-Day SMA is today at 16066
C- 55-Day SMA is today at 16069
D- 100-Day SMA is today at 16525
E- 200-Day SMA is today at 17051
Conclusions from EOD chart analysis
(Averages)
As Nifty closed at 16719.5 last Friday and it is well above 55-Day SMA(16069) & 100-Day SMA(16525) also therefore confirmation of Intermediate Term trend turning up but Long Term trend is still down because Nifty is well below its decider 200-Day SMA(17051)
Nifty-Intra Day Chart Analysis
(22-Jul-2022)
Nifty-Intra Day Chart (22-Jul-2022):-
Technical Patterns formation in today intraday charts
1- Sharp fall after gap up strong opening.
2- Up moves in Bearish Rising Channels
3- Selling between 16704-16752
4- Whole day actual trading between 16611-16752
Conclusions from intra day chart analysis
Although gap up strong opening last Friday but firstly sharp fall was seen and after that up moves begun which remained continued till last hours. As most intraday up moves were in Bearish Rising Channels and higher levels selling was also seen between 16704-16752 therefore expected that firstly down moves will be seen in the beginning of next week.
Conclusions (After putting all studies together)
Now Wave-A of Double Zig-Zag pattern continuation with recent top formation at 16752.3 on 22-07-2022 and no indication of its completion yet on EOD charts.
Although Wave-A has moved above all the Short and Intermediate Term averages but still below Long Term deciding Average during its 1568.90 points gaining 26 sessions journey therefore its Short to Intermediate Term correction is very much due.
As selling patterns developed on intraday chart last Friday and Short Term indicators are also suggesting that Short Term correction may begin any day therefore it will be seen in next week for correcting Wave-A rally.
Finally sharp down moves
will be seen
Nifty-Intra Day Chart Analysis &
Market Outlook(22-07-2022)
Nifty-Intra Day Chart (21-Jul-2022):-
Technical Patterns formation in today intraday charts
1- Up moves in Bearish Rising Channel
2- Selling Patterns formation between 28891-28972
3- Up moves in last hours
4- Whole day actual trading between 16484-16626
Conclusions from intra day chart analysis
Although firstly slippping after flat opening and traded 46 points down also but not sustaining at lower levels and up moves started which remained continued till last minutes.
As selling was also seen firstly through up moves in Bearish Rising Channel and after that selling Patterns formation between 28891-28972 therefore expected that finally sharp down moves will be seen in the coming 2/3 sessions and below last 2 sessions lowest(16491) despite today 0.51% Green closing with Up moves in last hours because:-
1- Very Short Term indicators have turned Over Bought
2 Intraday charts of last 2 sessions are showing selling patterns formation
More than 1% correction expectations
Nifty-Intra Day Chart Analysis &
Market Outlook(21-07-2022)
Nifty-Intra Day Chart (20-Jul-2022):-
Technical Patterns formation in today intraday charts
1- Selling between 16531-16588
2- Whole day actual trading between 16491-16588
Conclusions from intra day chart analysis
As Dow jones closed 754 Points up yesterday and all the Asian markets were trading in Green zone as well as some Asian markets were more than 1.5% positive with Dow jones Futures more than 150 points up therefore sentiment was boosted today morning hence strong opening of Indian markets and whole day today trading with good gains and finally 1.1.% positive closing today.
Although such strong today market but intraday patterns are showing good selling at higher levels therefore more than 1% correction is expected in the coming sessions.
Fresh selling tomorrow will mean Short Term Correction beginning
Nifty-Intra Day Chart Analysis &
Market Outlook(20-07-2022)
Nifty-Intra Day Chart (19-Jul-2022):-
Technical Patterns formation in today intraday charts
1- Up moves in Bearish Rising Channels
2- Down moves
3- Sharp up
4- Whole day actual trading between 16188-16359
Conclusions from intra day chart analysis
Although weaker opening but not sustaining at lower levels and up moves up moves started which remained continued till last half hour and Nifty closed with 0.38% up. As up moves were in Bearish Rising Channels therefore down moves were also seen in Mid-session.
As sufficient consolidation patterns were not seen and selling patterns formations also developed through up moves in Bearish Rising Channels therefore until fresh consolidation will not be seen within or near about today trading range(16188-16359) till then nifty will not sustain above today highest. Fresh selling patterns formations tomorrow will mean Short Term Correction beginning below today lowest Dow Jones now trading 589 points up.
Firstly rally continuation & finally
15801-16275 will confirm
next Short Term trend
Technical Analysis,Research & Weekly Outlook
(Jul 18 to Jul 22,2022)
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (15-Jul-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 with Double Zig-Zag pattern formation
2- 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- Wave-X completion at 18114.70 on 04-04-2022
6- Wave-A completion at 15735.80 on 12-05-2021
7- Wave-B completion at 16793.80 on 03-06-2022
8- Wave-C completion at 15183.4 on 17-06-2022
9- Wave-A continuation with recent top formation at 16275.5 on 08-07-2022
10-Wave-A correction continuation with recent bottom formation at 15858.2 on 14-07-2022
11- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone.
12- Stochastic:- %K(5)- 24.43 & %D(3)- 33.23.
13- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
14- MACD(26,12)- 252.20 & EXP(9)- 101.49 & Divergence- 150.71
Conclusions from EOD chart analysis
(Stochastic & MACD)
"ABC" correction continuation with Double Zig-Zag pattern formation and no confirmation of its completion yet on EOD charts.
In Stochastic its both lines are falling towards Over sold zone and not Oversold yet therefore some more down moves possibilities are still alive.
In MACD its both lines are rising in positive zone therefore showing upward trend formations and more up moves in the coming week also.
Nifty-Last 8 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Jul 06 to Jul 15,2022):-
Technical Patterns formation in last 8 Sessions intraday charts
1- Selling(Resistances) in last 8 Sessions are as follows:-
A- 16021-16070
B- 16064-16140
C- 16101-16158
D- 16198-16236
2- Consolidation(Supports) in last 8 Sessions are as follows:-
A- 15928-15985
B- 15916-15859
C- 15914-15948
D- 15859-15916
3- Last 8 Sessions actual trading between 15801-16275
Conclusions from 8 Sessions
intra day chart analysis
Last 8 Sessions trading between 15801-16275 with above mentioned supports and resistances which are equally stronger. As last Friday closing at 16049.20 was almost at the centre of last 8 Sessions trading range therefore expected that Nifty will firstly trade and prepare for next decisive moves within this range and finally sustaining it beyond will confirm it.
Nifty-Intra Day Chart Analysis
(15-Jul-2022)
Nifty-Intra Day Chart (15-Jul-2022):-
Technical Patterns formation in today intraday charts
1- Consolidation between 15928-15985
2- Up moves with downward corrections
3- Whole day actual trading between 15928-16066
Conclusions from intra day chart analysis
Although firstly slipping after positive opening but lower levels good consolidation developed between 15928-15985 therefore up moves were seen which remained continued till last minutes. As last 3 hours up moves were with downward corrections and intraday selling patterns were not seen last Friday therefore on going rally will remain continued in the beginning of next week also.
Conclusions
(After putting all studies together)
1- Long Term trend is down.
2- Intermediate Term trend is sideways.
3- Short Term trend is up.
Last 9 months "ABC" correction begun after impulsive Wave-5 completion at 18604.50 on 19-10-2021 and it is correcting that Waves structure which started from 7511.10 on 24-03-2020 through its impulsive Wave-1.
As MACD is showing upward trend formations and good consolidation patterns formations in last Friday intraday chart is also suggesting on going rally continuation therefore firstly decisive up moves will be seen towards above mentioned resistances in the beginning of next week.
Last 8 Sessions trading between 15801-16275 with almost equal stronger supports and resistances within it therefore Nifty will firstly trade and prepare for next trend within this range. As finally sustaining beyond this range will confirm next Short Term trend and life/length of on going Wave-A correction also therefore should be firstly watched in the coming week.
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