Rally continuation & Watch crucial levels also for the confirmation of Upward Trends strength

Technical Analysis,Research & Weekly Outlook

(Mar 06 to Mar 10,2023)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (03-Mar-2023):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and corrective Wave-(ii) of Wave-[(iii)] of Wave-1 beginning

2- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation with recent bottom formations at 17255.2 on 28-02-2023.

3- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising from Over sold zone.

4- Stochastic:- %K(5)- 53.35 & %D(3)- 35.61.

5- In MACD- MACD line has intersected Average line downward and its both lines are falling in negative zone.

6- MACD(26,12)- -209.26 & EXP(9)- -64.83 & Divergence- -144.43

Conclusions from EOD chart analysis

(Stochastic & MACD)

Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 and its corrective Wave-(ii) sarted which is in continuation with recent bottom formations at 17255.2 on 26-02-2023 and no confirmation of its completion yet on EOD charts.

Positions of Daily indicators are as follows:-

1- In Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising from Over sold zone therefore showing signals of Short Term up moves continuation in next week.

2- In MACD- MACD line has intersected Average line downward and its both lines are falling in negative zone therefore indicating Downward trend formations.

As according to Stochastic up moves will be firstly seen therefore during or after up moves completion if MACD starts to show Upward trend formation signals through MACD line Upward intersection of Average line then decisive more up moves will be seen otherwise decisive down moves will be seen after Short Term up moves completion confirmations.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (03-Mar-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 17412 

B- 21-Day SMA is today at 17710

C- 55-Day SMA is today at 17895

D- 100-Day SMA is today at 18012

E- 200-Day SMA is today at 17404

 

Conclusions from EOD chart analysis

(Averages)

Although Nifty tested Long Term Trend decider 200-Day SMA 4 times in previous week but finally closed well above it after big up moves last Friday which is first sign of strong rally beginning. Expected that Nifty will counter above mentioned Short and Intermediate Term Averages in the coming week/weeks therefore sustaining them beyond should be firstly watched for the confirmations of fresh rally beginning above 18000.

Nifty-Last 7 Sessions intraday

charts analysis

Nifty-Intra Day Chart (Feb 23 to Mar 03,2023):-

Technical Patterns formation in last 7 Sessions intraday charts

1- Selling(Resistances) in last 7 Sessions are as follows:-

A- Previous resistances are between 17544-17601 

2- Consolidation(Supports) in last 7 Sessions are as follows:-

A-  17536-17577

B-  17452-17493

C-  17307-17333

D-  17256-17304

3- Last 7 Sessions actual trading between 17256-17644 

Conclusions from 7 Sessions

intra day chart analysis 

As lower levels good consolidation within previous 7 Sessions trading range therefore last Friday closing was near the higher levels of this range. As last resistances of previous 7 sessions trading range were between 17544-17601 therefore Nifty traded with consolidation and volatility within and near about this range more than 4 hours last Friday between 17536-17644 as well as prepare for next big moves in next week.

It is confirm that finally sustaining beyond 17536-17644 will generate mext one sided decisive moves therefore should be firstly watched in next week.

Nifty-Intra Day Chart Analysis

(03-Mar-2023)

Nifty-Intra Day Chart (03-Mar-2023):-

Technical Patterns formation in today intraday charts

1- Consolidation after strong opening between 17452-17493

2- Up moves with downward corrections

3- Consolidation in Mid-session between 17536-17577

4- Volatility in last 3 hours between 17586-17644

5- Whole day actual trading between 17428-17644

Conclusions from intraday

chart analysis 

As firstly consolidation after strong opening and after that Up moves with downward corrections as well as follow up consolidation in Mid-session therefore up moves remained contnued till last hour. Although 1.57% positive closing but volatility was also seen in last 3 hours between 17586-17644 and last Friday closing was 50 points below intraday highest therefore Nifty will firstly trade and prepare for next decisive moves between 17586-1764 in the beginning of next week. 

It should be kept in mind that lower levels good intraday consolidation was seen last Friday therefore until complete selling will not develop till then decisive down moves will not be seen and once fresh consolidation will mean again strong up moves beginning above last Friday highest(17644).

Conclusions

(After putting all studies together)

1- Short Term Trend is down and it will be up after sustaining above its decider 21-Day SMA(17710).

2- Intermediate Term Trend is down and it will be abovw after sustaining above its decider 55-Day SMA(17895).

3- Long Term Trend is up but at stake and its future will be decided through sustaining beyond its decider 200-Day SMA which is today at 17404.

Wave-(ii) of Wave-[(iii)] started from 18887.6 and in continuation with recent bottom formations at 17255.2 as well as no confirmation of its completion yet.

Strong intraday rally gaining 1.57% points with closing at 17594.35 was seen last Friday which was at last 7 sessions highest closing. As Nifty traded more than 4 hours between 17536-17644 with consolidation and volatility last Friday which was within and near about last resistances of previous 7 sessions trading range(17256-17601) and Short Term indicator Stochastic is also showing more up moves signals therefore firstly up moves are expected towards following resistances in the beginning of next week:-

1- 17651-17685

2- 17736-17755

3- 17773-17800(Gap resistance)

4- 17866-17891

5- 17902-17924

6- 17949-18022

7- 18069-18132

8- 18155-18192

9- 18216-18240

10- 18345-18387(Strong resistances)

Next crucial levels above last Friday closing are as follows:-

1- Short Term Trend decider 21-Day SMA(17710).

2- Intermediate Term Trend decider 55-Day SMA(17895).

3- Previous 24 sessions(23-12-2022 to 25-01-2023) trading range highest(18265). 

Although firstly rally will remain continued in the beginning of next week but above mentioned multiple resistances are also lying above last Friday highest therefore continuous consolidation is also required for rally continuation and above mentioned crucial levels should also be watched for the confirmation of Upward Trends strength.

Sustaining beyond Levels will confirm 

next decisive intraday moves beginning 

Nifty-Intra Day Chart Analysis & 

Market Outlook(03-03-2023)

Nifty-Intra Day Chart (02-Mar-2023):-

Technical Patterns formation in today intraday charts

1- More than 100 points fall in first hour after flat opening

2- Selling between 17349-17401

3- Sharp fall

4- Support between 17307-17333

5- Whole day actual trading between 17307-17445

Conclusions from intra day chart analysis 

Although flat opening but fresh selling developed therefore firstly more than 100 points fall in first hour and follow up good selling was seen in Mid-session hence Nifty slipped in last hours.  

As Lower levels supports was also seen in last 2 hours between 17307-17353 therefore expected that Nifty will firstly trade tomorrow within today trading range and finally sustaining beyond today trading range(17307-17445) will confirm next decisive intraday moves beginning.

Next decisive up moves after 

fresh consolidation 

Nifty-Intra Day Chart Analysis & 

Market Outlook(02-03-2023)

Nifty-Intra Day Chart (01-Mar-2023):-

Technical Patterns formation in today intraday charts

1 Up moves after positive opening

2- Consolidation between 17396-17445

3- Selling between 17446-17467

4- Whole day actual trading between 17346-17467

Conclusions from intra day

chart analysis 

As firstly up moves after positive opening and after that good consolidation in Mid-session between 17396-17445 therefore Nifty traded 163 points up today. Although today closing was near the higher levels of the day with 0.85% gains but higher levels some selling was also seen in last hour between 17446-17467 therefore Nifty will firstly trade for fresh consolidation within and near about 17446-17467 and after that next decisive up moves will be seen above today highest(17467).

 As busy therefore Stock Market Outlook of today(01-03-2023) is not being updated.

Sustaining beyond 17299-17364 

will confirm next intraday 

decisive moves beginning 

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-02-2023)

Nifty-Intra Day Chart (27-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Up moves after weaker opening and firstly little slipping

2- 150 Points fall in 45 minutes

3- Consolidation between 17299-17364 in Mid-session

4- 110 Points up moves in last Hours  

5- Whole day actual trading between 17299-17451

Conclusions from intra day chart analysis 

As firstly up moves after weaker opening and little slipping but after that 150 points fall was seen in next 45 minutes therefore huge volatility will be understood in first hour. 

Although Nifty traded 265 points weaker but lower levels good consolidation was seen between 17299-17364 in Mid-session therefore 110 points up moves developed in last Hours. As lower levels good consolidation therefore firstly sustaining beyond 17299-17364 should be watched tomorrow for next intraday decisive moves beginning confirmations.

 Firstly watch immediate Supports & levels amid crashing Global markets

Technical Analysis,Research & 

Weekly Outlook(Feb 27 to Mar 03,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (24-Feb-2023):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of "ABC correction" completion at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning

2- Impulsive Wave-[(i)] of Wave-1 completion at 18096.2 on 15-09-2022.

3- Corrective Wave-[(ii)] of Wave-1 completion at 16747.7 on 30-09-2022.

4- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022.

5- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation with recent bottom formations at 17353.40 on 01-02-2023.

6- Pull Back Rally completion at 18134.80 on 16-02-2023.

7- Fresh down moves continuation with recent bottom formations at 17421.80 on 24-02-2023.

Conclusions from EOD chart analysis

(Waves structure)

"ABC correction" of previous Waves structure completed at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new "Waves structure" started. Wave-(i) of Wave-[(iii)] of Impulsive Wave-1 completed at 18887.6 on 01-12-2022 and its corrective Wave-(ii) begun which is in continuation with its recent bottom formations at 17353.40 on 01-02-2023 and no confirmation of its completion yet on EOD charts.

Although strong Pull Back Rally begun from 17353.40 on 01-02-2023 but completed at 18134.80 on 16-02-2023 and now its correction continuation with recent bottom formations at 17421.80 on 24-02-2023. As Pull Back Rally correction bottom(17421.80) is less than 100 points above corrective Wave-(ii) lowest(17353.40) therefore firstly 17353.40 should be watched in next week for corrective Wave-(ii) continuation/completion confirmations.    

Nifty-EOD Chart Analysis

(Bollinger Band,Stochastic & MACD)

Nifty-EOD Chart (24-Feb-2023):-

Technical Patterns and Formations in EOD charts

1- Bollinger Band- Nifty tested Lower Band in last 2 sessions

2- Stochastic- Its both lines %K(5) & %D(3) are kissing in the Over sold zone

3- Stochastic:- %K(5)- 07.10 & %D(3)- 07.58.

4- MACD- Its both lines are kissing in the Middle zone

5- MACD(26,12)- -05.12 & EXP(9)- -0.74 & Divergence- -4.38

6- MACD is showing negative/positive divergence

Conclusions from EOD chart analysis

(Bollinger Band,Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- Nifty tested Lower Band of Bollinger Band in last 2 sessions of previous week therefore until its Lower Band testing will not stop till then up moves will not start and on going down moves will remain continued. 

2- As in Short Term indicator Stochastic its both lines are kissing in Over sold zone and not shown yet any up move beginning signal therefore it will be better to wait for up side moves beginning indications because this indicator remains in Over sold zone also long time during bigger corrections. 

3- in MACD also its both lines are kissing in the Middle zone therefore this indicator is also not showing any side trend formations. Let its Downward/upward trend formation confirmation come through its MACD line intersection of Average line downward/upward and its both lines to move into in negative/positive zone then next trend formation will be understood accordingly.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (24-Feb-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 17640 

B- 21-Day SMA is today at 17762

C- 55-Day SMA is today at 17997

D- 100-Day SMA is today at 18002

E- 200-Day SMA is today at 17368

 

Conclusions from EOD chart analysis

(Averages)

Nifty has closed below both Short and Intermediate Term averages last Friday but has not tested yet Long Term trend decider 200-Day SMA(today at 17368) during on going Wave-(ii) of Wave-[(iii)] of Wave-1 correction. As correction is very much on and no indication of its completion yet therefore firstly sustaining beyond 200-Day SMA should be watched in the coming week for on going correction continuation period confirmations.

Nifty-Intra Day Chart Analysis

(24-Feb-2023)

Nifty-Intra Day Chart (24-Feb-2023):-

Technical Patterns formation in today intraday charts

1- 84 Points fall in first 36 minutes after positive opening

2- Down moves with upward corrections

3- Support between 17422-17484 in last 3 hours(Immediate Supports)

4- Whole day actual trading between 17422-17599

Conclusions from

intra day chart analysis 

As most Asian markets were trading in Red last Friday therefore firstly 84 Points fall was seen in first 36 minutes after positive opening and selling remained continued in Mid-session also through Down moves with upward corrections.

Although Nifty closed 45.45 points down last Friday but support were also seen at lower levels between 17422-17484 in last 3 hours therefore firstly sustaining beyond this range should be watched in the beginning of next week for:- 

1- On going correction continuation confirmations below 17422. 

2- First signal of correction completion above 17484.

Conclusions

(After putting all studies together)

1- Short Term Trend is down.

2- Intermediate Term Trend is down .

3- Long Term Trend is up but at stake and its future will be decided through sustaining beyond its decider 200-Day SMA which is today at 17368.

Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation with recent bottom formations at 17353.40 which is just below Long Term Trend decider 200-Day SMA(today at 17368) therefore firstly sustaining beyond 17353.40 should be watched in the coming week for the life and length of on going correction. 

 

As US markets crashed in previous week and its Indices have shown long Black Weekly Candle formation also therefore most Global markets melted and Indian markets also participated in Global markets downward journey. Those US and most European markets which closed after Indian markets closure last friday have also closed more than 1% down therefore its impact on Indian markets trading may also be seen next Monday through firstly weaker opening and after that fresh downward moves beginning. 

Next supports below last Friday closing(17465.80) are a follows:-

1- 17226-17374

2- 17106-17219

3- 17038-17097

4- 16948-17018(Gap support)

5- 16654-16746(Gap support)

6- 16565-16628

7- 16443-16494

8- 16360-16438(Gap support)

Next resistances above last Friday closing(17465.80) are a follows:-

1- 17522-17576

2- 17651-17685

3- 17736-17755

4- 17773-17800(Gap resistance)

5- 17866-17891

6- 17902-17924

7- 17949-18022

8- 18069-18132

9- 18155-18192

10- 18216-18240

11- 18345-18387(Strong resistances)

As sustaining beyond 17368 and 17353.40 will confirm Long Term trend therefore firstly sustaining beyond these 2 levels should be watched in next week for Long Term trend confirmations. Although crashing Global markets but Short Term indicators have turned Oversold and Nifty got supports also last Friday between 17422-17484(Immediate Supports) therefore if Nifty gets fresh supports within or near about this supports range in next week then fresh up moves will be seen and firstly sustaining it beyond should be watched in the beginning of next week for:- 

1- First signal of Long Term Trend downward turning and deeper corretion beginning below 17422.

2- Strong Pull Back Rally beginning above 17484.

 Firstly watch 17525-17620 & 

sustaining above 17620 will confirm 

strong Pull Back Rally beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(24-02-2023)

Nifty-Intra Day Chart (23-Feb-2023):-

Technical Patterns formation in today intraday charts

1- 119 Points sharp fall in first half hour after positive opening

2- Sharp up moves

3- 164 Points up moves in 40 minutes

4- More than 5 hours sideways trading between 17525-17620

5- Sharp down

6- Whole day actual trading between 17456-17620

Conclusions from intra day chart analysis 

Although positive opening today but after that 119 Points sharp fall in first half hour and immediately after that sharp up moves were also seen. 

As firstly 164 points up moves in 40 minutes from intraday lower levels and after that more than 5 hours sideways trading between 17525-17620 and Nifty traded within this range between 17530-17591 in last 2 hours yesterday also therefore today sideways trading range has become crucial because Nifty traded more than 7 hours within it in last 2 sessions.

Although sharp fall was seen in last half hour today and today closing was below 17525 at 17511.25 but firstly sustaining beyond Crucial range(17525-17620) should be watched in the coming 1/2 sessions for the life and length of on going correction. As Short Term indicators have turned Oversold also therefore if finally Nifty sustains above 17620 then that will confirm strong Pull Back Rally beginning in the coming week. 

Firstly watch 17530-17591 & sustaining

 above 17591 will confirm strong 

Pull Back Rally beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-02-2023)

Nifty-Intra Day Chart (22-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 17733-17749

2- Sharp fall

3- Down moves with upward corrections

4- Volatility in last 2 hours between 17530-17591

5- Whole day actual trading between 17530-17772

Conclusions from intra day

chart analysis 

As firstly selling after gap down opening therefore sharp fall was seen in first hour. Follow up selling remained continued through Down moves with upward corrections in Mid sessions also hence higher levels good intraday selling will be understood today.

 

Volatility in last 2 hours between 17530-17591 in which lower levels intraday consolidation was also seen therefore firstly sustaining it beyond should be watched in the coming sessions for the life and length of on going correction. As Short Term indicators have turned Oversold and lower levels some consolidation was also seen therefore sustaining above 17591 will confirm strong Pull Back Rally beginning.

 Down moves towards next supports

 between 17720-17801

Nifty-Intra Day Chart Analysis & 

Market Outlook(22-02-2023)

Nifty-Intra Day Chart (21-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Support between 17848-17866

2- Up moves

3- Selling between 17902-17924

4- Down moves

5- Support between 17818-17846

6- Up moves

7- Selling between 17866-17891

8- Down moves

9- Support between 17801-17834

10- Whole day actual trading between 17801-17924

Conclusions from intra day chart analysis 

As whole day up moves after lower levels some supports and down moves after higher levels some selling therefore almost flat closing today. Last 5 hours trading was with lower top and bottom formations therefore intraday weakness will be understood and:-

1- Down moves are expected towards next supports between 17720-17801 and 

2- Firstly sustaining beyond 17720-17801 should be watched tomorrow for on going correction continuation/completion.

 17801-17864 will confirm next 

intraday decisive move beginning 

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-02-2023)

Nifty-Intra Day Chart (20-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Up moves in first hour after positive opening and initial volatility.

2- Selling between 17949-18004

3- Down moves with upward corrections

4- Support between 17819-17860

5- Whole day actual trading between 17819-18004

Conclusions from intra day chart analysis 

Although up moves were seen in first hour after positive opening and initial volatility but higher levels selling developed therefore down moves started which remained continued till 02:00 PM. As lower levels supports between 17819-17860 which was within previous supports range(17801-17864) therefore firstly sustaining it beyond should be watched tomorrow for next intraday decisive move beginning confirmations.

Finally on going Pull Back rally continuation expectations after routine Short Term corrections completion

Technical Analysis,Research & Weekly Outlook

(Feb 20 to Feb 24,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (17-Feb-2023):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of "ABC correction" completion at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning

2- Impulsive Wave-[(i)] of Wave-1 completion at 18096.2 on 15-09-2022.

3- Corrective Wave-[(ii)] of Wave-1 completion at 16747.7 on 30-09-2022.

4- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022.

5- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 completion indications at 17353.40 on 01-02-2023.

6- Pull Back Rally continuation with recent top formations at 18134.80 on 16-02-2023.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new "Waves structure" started after "ABC correction" of previous Waves structure completion at 15183.4 on 17-06-2022. Wave-(i) of Wave-[(iii)] of Impulsive Wave-1 completed at 18887.6 on 01-12-2022 and its corrective Wave-(ii) of Wave-[(iii)] of Wave-1 begun. Its completion indications emerged  after on going Pull Back Rally strongly continuation with recent top formations at 18134.80 on 16-02-2023 and no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis 

(Corrective Waves)

Nifty-EOD Chart (17-Feb-2023):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and corrective Wave-(ii) of Wave-[(iii)] of Wave-1 begun.

2- Previous 24 sessions sideways trading range(17762-18265) 

3- Previous 24 sessions sideways trading range broken down on 27-01-2023 

4- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 completion indications at 17353.40 on 01-02-2023.

5- Pull Back Rally continuation with recent top formations at 18134.80 on 16-02-2023.

6- Last Friday closing within previous 24 sessions trading range at 17944.20

Conclusions from EOD chart analysis

(Corrective Waves)

Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 started from 18887.6 on 01-12-2022 and this wave traded 24 sessions sideways 17762-18265 which was broken down 3 sessions before Budget on 27-01-2023. Lowest of this corrective wafe was formed on Budget day(01-02-2023) at 17353.40 and Pull Back rally started which is in continuation with recent top formations at 18134.80 on 16-02-2023. 

As on going Pull Back rally is moving up strongly and gained 781 points as well as last 2 weeks weekly closing was within previous 24 sessions sideways trading range(17762-18265) at 17856.50 and 17944.20 respectatively therefore indications of corrective Wave-(ii) of Wave-[(iii)] of Wave-1 completion emerged. Let Nifty to sustain above previous 24 sessions trading range highest(18265) then this corrective wave completion will get confirmation.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (17-Feb-2023):-

Technical Patterns and Formations in EOD charts

1- Stochastic- Its both lines %K(5) & %D(3) are kissing in the Over bought zone.

2- Stochastic:- %K(5)- 74.82 & %D(3)- 79.19.

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)- 10.88 & EXP(9)- -90.77 & Divergence- 101.65

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- In Stochastic its both lines %K(5) & %D(3) are kissing in the Over bought zone therefore showing Short term correction signals which will be seen if fresh intraday selling will develop in next week.

2- In MACD its both lines are rising in positive and negative zone therefore showing Short Term upward Trend formation signals which will get confirmations after EXP line moving into positive zone.

These indicators are showing finally up moves beginning signals after Short term correction completion.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (17-Feb-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 17939 

B- 21-Day SMA is today at 17860

C- 55-Day SMA is today at 18088

D- 100-Day SMA is today at 17967 

E- 200-Day SMA is today at 17336

 

Conclusions from EOD chart analysis

(Averages)

Although Nifty tested Intermediate Term Trend decider 55-Day SMA on 16-02-2023 but closed below it in both previous seessions therefore Intermediate Term Trend is still down. As Nifty closed well above Long Term Trend decider 200-Day SMA therefore this trend is still up. 

Short Term Trend is sideways between 17854-18134 for the last 3 sessions because its decider both 5-Day and 21-Day SMA are lying between last 3 sessions trading range and Nifty has also closed within this range also for the last 4 sessions therefore let Nifty to sustain beyond 17854-18134 then this trend will be understood accordingly.

 

Nifty-Last 3 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Feb 15 to Feb 17,2023):-

Technical Patterns formation in last 3 Sessions intraday charts

1- More than 4 hours consolidation between 17903-17956 on 15-02-2023

2- Good selling between 18069-18134 on 16-02-2023

3- Selling between 17977-18022 on 17-02-2023

4- Consolidation between 17885-17934 on 17-02-2023

5- Last 3 Sessions actual trading between 17854-18134 

Conclusions from 3 Sessions

intra day chart analysis 

Although more than 4 hours consolidation on 15-02-2023 but good selling was seen on next day(15-02-2023) also. As both higher levels selling and lower levels buying was seen on 17-02-2023 and it happened within both previoud trading rsnge(17854-18134) therefore expected that Nifty will trade and prepare for next Short Term trend within this range. Finally sustaining beyond(17854-18134) should be watched in the coming week for next Short Term moves beginning confirmations.

Conclusions

(After putting all studies together)

1- Short Term Trend is sideways between 17854-18134.

2- Intermediate Term Trend is down and it will be up after sustaining above its decider 55-Day SMA which is today at 18088 .

3- Long Term Trend is up.

Although no confirmation of corrective Wave-(ii) of Wave-[(iii)] of Wave-1 completion but its completion signals have been developed at 17353.40 on 01-02-2023 because from this levels started on going Pull Back rally is moving up strongly and gained 4.5% ie 781 points. Let corrective Wave-(ii) of Wave-[(iii)] of Wave-1 completion confirmation come then impulsive Wave-(iii) of Wave-[(iii)] of Wave-1 beginning will be considered. 

As Short Term indicator Stochastic is showing signals of Short Term correction beginning therefore it may be seen but on the contrary MACD is indicating upward Trend formation possibility also therefore fresh up moves beginning can not be ruled out after Short Term correction completion which may be sidways also. 

As Nifty is trading sideways between 17353-18265 after 23-12-2023 fall therefore Nifty is moving within Long Term Trend decider 200-Day SMA and Intermediate Term Trend 55-Day SMA for the last 3 months and preparing for the next big moves beginning after new trend formation. Nifty traded sideways 24 sessions between 17762-18265 and this range was broken down on 27-01-2023 also but last 2 weeks weekly closing was within this range therefore firstly sustaining beyond this previous 24 sessions trading range should be watched in the coming weeek/weeks for first strong signal of next Trend formations. 

Short Term Trend is sideways between 17854-18134 which is last 3 sessions trading range also with lower levels consolidation and higher levels selling within this range therefore firstly sustaining beyond this range should be watched in the coming week for next Short Term Trend formation confirmations.

As finally on going Pull Back rally is moving up strongly therefore finally its continuation is expected after routine Short Term corrections completion but Nifty is trading sideways also for the last 3 months between 17353-18265 therefore following levels,supports and resistances within this range should be watched one by one for next decisive moves beginning and Trends formations confirmations:-

Levels:-

1- 17854-18134 

2- 17762-18265 

3- 17353-18265 

Next supports:-

1- 17885-17956

2- 17801-17864

3- 17720-17801

4- 17585-17718

5- 17513-17552

6- 17438-17492

Next resistances:-

1- 17977-18022

2- 18069-18132

3- 18155-18192

4- 18216-18240

 Finally sustaining beyond will confirm

 17903-18134 next Short term moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(17-02-2023)

Nifty-Intra Day Chart (16-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Up moves after gap up strong opening

2- Selling between 18110-18134

3- Selling between 18087-18101

4- Selling between 18069-18088

5- Sharp fall in last hour

6- Whole day actual trading between 18001-18134

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Rally continuation expectations towards & above 18100":-

1- rally continuation is expected towards and above 18100

2- 1st Resistances between 18109-18132

As was told yesterday 100% same happened today and:- 

1- Firstly rally was seen today above 18100 and today highest was at 18134.75 

2- Today highest was only 2.75 points above yesterday mentioned resistances between 18109-18132.

 

Although firstly up moves after gap up strong opening today but selling begun which remained continued with continuous follow up selling till last hour therefore resultant today closing was near the lower levels of the day.

Good consolidation was seen between 17903-17956 yesterday and equally good selling was between 18069-18134 today therefore firstly Nifty will have to trade and prepare for next moves within and near about 17903-18134. 

As both lower levels buying and higher levels selling in last 2 sessions between 17903-18134 therefore firstly sustaining beyond this range should be watched in the coming sessions for next Short term moves beginning final confirmations. 

Rally continuation expectations 

towards & above 18100

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-02-2023)

Nifty-Intra Day Chart (15-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel after negative opening

2- Sharp up 

3- More than 4 hours consolidation between 17903-17956

4- Sharp up moves in last hour

5- Whole day actual trading between 17854-18034

Conclusions from intra day chart analysis 

Following lines were told at 01:06 AM today in "Firstly watched 17903-17954 for next decisive moves beginning confirmations & if above 17954 then sharp rally towards 18100":-

1- Some profit booking at intraday higher levels can not be ruled out.

and

2- Firstly Nifty will trade and prepare for next decisive moves beginning between 17903-17954 tomorrow.

As was told 100% same happened and:- 

1- As higher levels profit booking yesterday therefore firstly 76 points down moves were seen today

2- Nifty traded and consolidated more than 4 hours exactly within yesterday mentioned trading range(17903-17954) today between 17903-17956 today.

Although negative opening but firstly down moves were seen in Bullish Falling Channel therefore sharp up moves were seen after that. As more than 4 hours consolidation in Mid-session also between 17903-17956 therefore once again sharp up moves were seen in last hour and Nifty closed near the higher levels of the day.

Last 14 sessions trading range(17354-17972) of Nifty  was broken out today and Nifty closed above it also therefore firstly sustaining above 17972 should be watched in the coming sessions for decisive up moves beginning towards and above following next resistances:-

1- 18109-18132

2- 18155-18192

3- 18216-18240

Although previous 24 sessions sideways trading range(17762-18265) was broken down on 27-01-2023 but Nifty closed well above levels within it today therefore firstly above mentioned resistances should be watched. As once sustaining above 18265 will means strong rally beginning towards and above life time highest therefore finally it should be watched in the coming sessions/weeks.

As only intraday consolidation patterns formations and selling patterns were not seen today therefore rally continuation is expected towards and above 18100. Finally sustaining beyond above mentioned crucials levels should be watched in the coming highest for first strong indication of fresh rally beginning towards and above life time highest if sustains above 18240.

Firstly watched 17903-17954 for next 

decisive moves beginning confirmations 

& if above 17954 then 

sharp rally towards 18100 

Nifty-Intra Day Chart Analysis & Market 

Outlook(15-02-2023)

Nifty-Intra Day Chart (14-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Consolidation between 17801-17864

2- Up moves with downward corrections

3- Sideways trading in Mid session between 17903-17922

4- Sideways trading in last 2 hours between 17923-17954

5- Whole day actual trading between 17801-17954

Conclusions from intra day chart analysis 

Af firstly 2 hours consolidation after positive opening therefore up moves were seen with downward corrections which means that with follow up consolidation. 

Although today closing was with with 158 points gains but last more than 3 hours trading was sideways between 17903-17954 and Very Short Term indicators have turned Overbought also therefore:-

1- Some profit booking at intraday higher levels can not be ruled out.

and

2- Firstly Nifty will trade and prepare for next decisive moves beginning between 17903-17954 tomorrow.

As finally sustaining beyond 17903-17954 will confirm next decisive moves beginning therefore it should be firstly watched tomorrow. Keep in mind that sustaining above today highest(17954) will mean sharp rally towards 18100.

 Firstly up moves & finally sustaining 

above 17880 will confirm next 

Pull Back Rally beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(14-02-2023)

Nifty-Intra Day Chart (13-Feb-2023):-

Technical Patterns formation in today intraday charts

1- 140 Points fall in first hour 

2- More than 5 hours consolidation between 17720-17801

3- Whole day actual trading between 17720-17880

Conclusions from intra day chart analysis 

As Dow Jones Futures was more than 100 points down today morning and most Asian markets were trading in Red also therefore sentiment turned dampened and resultant firstly 140 points fall was seen from intraday highest levels in first hour.

Although 0.48% negative closing after most time negative zone trading today but more than 5 hours consolidation between 17720-17801 also therefore firstly up moves are expected towards today highest(17880) and finally sustaining above it should be watched in the coming sessions for next Pull Back Rally beginning confirmations.

Strong rally beginning expectation 

towards & above life time highest 

after 2 Crucial Levels break out 

Technical Analysis,Research & Weekly Outlook

(Feb 13 to Feb 17,2023)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (10-Feb-2023):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022.

2- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 17353.40 on 01-02-2023.

3- 24 sessions sideways trading range(17762-18265) broken down on 27-01-2023 

4- Last Friday closing within previous 24 sessions trading range at 17856.50

5- Last 11 Sessions actual trading between 17354-17972 which is Budget day(01-02-2023) trading range. 

6- Last 7 sessions Pull Back Rally continuation with recent top formations at 17916.90 on 09-02-2023.

7- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising within Over bought zone.

8- Stochastic:- %K(5)- 88.05 & %D(3)- 81.18.

9- MACD- Its both lines are kissing in the negative zone

10- MACD(26,12)- -122.47 & EXP(9)- -138.11 & Divergence- 15.64

Conclusions from EOD chart analysis

(Stochastic & MACD)

Waves structure of Nifty was potsed in previous week weekly Outlook and since then no material change in it therefore not being updated in this week weekly Outlook.

Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 was completed at 18887.6 on 01-12-2022 and its corrective Wave-(ii) of Wave-[(iii)] of Wave-1 started which is in continuation with recent bottom formation at 17353.40 on 01-02-2023 and no confirmation of its completion yet on EOD charts.

Although 24 sessions sideways trading range(17762-18265) was broken down on 27-01-2023 but after this next 2 Weekly closing was within this range therefore confirmation of this range valid break down is still required. As last 11 Sessions trading was between 17354-17972 which is within Budget day(01-02-2023) trading range also and Last 7 sessions Pull Back Rally continuation with recent top formations at 17916.90 on 09-02-2023 therefore firstly sustaining beyond last 11 Sessions trading range should be watched in the coming week for first strong signal of corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation/completion.

Positions of Daily indicators are as follows:-

1- In Stochastic its %K(5) line has intersected %D(3) line upward and its both lines are rising within Over bought zone therefore some more up moves can not be ruled out. Although its both lines are in Over bought zone but let its downward intersection happen then Short Term correction will be considered.

2- In MACD its both lines are kissing in negative zone therefore showing indecisiveness signals. Let its one sided clear cross over happen then that sided Short Term Trend will be considered accordingly.

Nifty-EOD Chart Analysis

(Fibonacci retracement levels)

Nifty-EOD Chart (10-Feb-2023):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-[(ii)] of Wave-1 completion at 16747.7 on 30-09-2022.

2- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022.

3- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 17353.40 on 01-02-2023. 

4- Fibonacci Retracement levels of Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 which started from 16747.7 and completed at 18887.6.

5- Fibonacci Retracement levels of Impulsive Wave-(i) of Wave-[(iii)] of Wave-1(16747.7-18887.6) are as follows:-

13.0%- 18609

23.6%- 18382

27.0%- 18309

38.2%- 18070(Crucial)

50.0%- 17817(Crucial)

61.8%- 17565(Crucial)

70.7%- 17374

76.4%- 17252

78.6%- 17205

88.6%- 16991

Conclusions from EOD chart analysis

(Fibonacci retracement levels)

Corrective Wave-[(ii)] of Wave-1 completed at 16747.7 and impulsive Wave-(i) of Wave-[(iii)] of Wave-1 started which completed at 18887.6. Now corrective Wave-(ii) of Wave-[(iii)] of Wave-1 is in continuation with recent bottom formation at 17353.40 on 01-02-2023 which will correct impulsive Wave-(i) of Wave-[(iii)] of Wave-1(16747.7-18887.6) according to above mentioned Fibonacci retracement levels.

As Nifty has corrected 61.8% Crucial Level(17565) and also has retraced upto 70.7% Level(17374) after lowest formation at 17353.40 on 01-02-2023 as well as strong Pull Back Rally developed after this lower levels formation therefore signals of Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 completion have emerged. Let confirmation come then its completion will be considered.

Nifty-Last 11 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Jan 27 to Feb 10,2023):-

Technical Patterns formation in last 11 Sessions intraday charts

1- Lower levels strong base formation from Jan 27 to Feb 03,2023 between 17354-17688 

2- Last 3 sessions most time trading between 17801-17876 with intraday consolidation patterns formation indications

3- Last 11 Sessions actual trading between  17354-17972 

Conclusions from 11 Sessions

intra day chart analysis 

Last 11 Sessions actual trading between  17354-17972 in which firstly strong base was formed at lower levels between 17354-17688 and after that up moves started on 03-02-2023. As last 3 sessions most time trading was below last 11 sessions highest without slipping below 17688 therefore signals of sustaining at higher levels of 11 sessions range have been seen. As some consolidation at lower levels in previous 3 sessions have also been seen therefore up moves beginning expectations above last 11 sessions highest(17972) have emerged. 

Fresh consolidation without sustaining below 17801 will be first strong signal of strong rally beginning and finally sustaining above last 11 sessions highest(17972) will confirm it which should be firstly watched in next week.

Nifty-Intra Day Chart Analysis

(10-Feb-2023)

Nifty-Intra Day Chart (10-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Whole day sideways trading with consolidation patterns indications between 17801-17876

2- Whole day actual trading between 17801-17876

Conclusions from intra day chart analysis 

Although firstly slipping after weaker opening and Nifty traded 92 points down also last Friday but whole day sideways trading was seen with consolidation patterns indications therefore view will not be Bearish immediately. Expected that Nifty will firstly trade within and near about last Friday trading range(17801-17876) as well as prepare for next decisive moves beginning therefore finally sustaining beyond last Friday trading range should be watched in the beginning of coming week for next decisive moves beginning confirmations. 

Conclusions

(After putting all studies together)

1- Short Term Trend is sideways between 17354-17902.

2- Intermediate Term is down.

3- Long Term Trend is up.

Although corrective Wave-(ii) of Wave-[(iii)] of Wave-1 is in continuation with recent bottom formation at 17353.40 on Union-Budget day(01-02-2023) and no confirmation of its completion yet on EOD charts but following signals of its completion have emerged which should be firstly watched in the coming week/weeks:-

1- Nifty has retraced 61.8% Crucial Level(17565) and sustaining above it for the last 6 sessions with recent lowest formation above it at 17585 on 03-02-2023. 

2- Last 11 Sessions trading between 17354-17972 with lower levels strong base formation between 17354-17688.

3- Last 3 sessions most time trading between 17801-17876 with intraday consolidation patterns formation indications.

4- Nifty has not slipped below Long Term Trend decider 200-Day SMA(today at 17313) during on going correction.

Next supports and resistances beyond last Friday closing(17856) are as follows:-

Supports:-

1- 17816-17841

2- 17719-17783

3- 17585-17718

4- 17513-17552

5- 17438-17492

6- 17226-17374

Resistances:-

1- 17912-17972

2- 18109-18132

3- 18155-18192

4- 18216-18240

5- 18345-18387(Strong resistances)

As more than 500 points recovery from lower levels from Union-Budget lowest and lower levels good intraday  consolidation patterns formations were seen also in the last 11 sessions therefore strong rally beginning possibility has emerged after on going Wave-(ii) of Wave-[(iii)] of Wave-1 correction completion. Let nifty to sustain above following next 2 Crucial levels then strong rally will be seen towards and above life time highest and it is expected also:-  

1- Last 11 sessions highest(17972)

2- Previous 24 sessions trading range highest(18265)

Firstly watch 17780-17916 after weaker Global cues amid fresh rally beginning possibility above 17916

Pre-open Outlook(10-02-2023)

As Dow Jones closed 249 points down after slipping 550 points from intraday highest yesterday therefore sentiment turned weaker today morning and resultant most Asian markets are trading in Red hence Indian markets will also open in negative zone today.

Lower levels good intraday consolidation was seen yesterday therefore until Nifty will not slip below yesterday lowest(17780) till then decisive down moves will not be seen and follow up consolidation today will mean finally strong rally above yesterday highest(17916)

Expected that Nifty will trade most time today within yesterday trading range(17780-17916) and finally sustaining it beyond will confirm next decisive moves beginning therefore finally it should be watched in the coming sessions amid fresh rally beginning possibility above yesterday highest(17916).

Finally decisive up moves above 

today highest & 18000 

Nifty-Intra Day Chart Analysis & 

Market Outlook(10-02-2023)

Nifty-Intra Day Chart (09-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Sharp up moves

3- Consolidation between 17823-17884

4- Sharp up moves

5- Sideways trading in last hour with consolidation patterns indications between 17878-17916

6- Whole day actual trading between 17780-17916

Conclusions from intra day

chart analysis 

Although firstly 103 Points down moves from intraday higher levels in first 30 minutes after positive opening but were in Bullish Falling Channel therefore sharp up moves were seen after that. As consolidation between 17823-17884 in Mid-session also therefore again sharp moves were seen after 01:30 PM. 

Sideways trading with consolidation patterns indications between 17878-17916 in last hour but Very Short Term indications have turned Overbought also after more than 400 points recovery from lower levels in last 6 sessions therefore expected that Nifty will firstly trade within and near about this range(17878-17916)  tomorrow but expected that finally decisive up moves will be seen above today highest and 18000 in the coming sessions/week.

 As out of station therefore Stock Market Outlook of today(09-02-2023) is not being updated.

 Valid break out of today trading range 

will confirm next decisive beginning 

after RBI Credit Policy

Nifty-Intra Day Chart Analysis & 

Market Outlook(08-02-2023)

Nifty-Intra Day Chart (07-Feb-2023):-

Technical Patterns formation in today intraday charts

1- 79 Points sharp fall after positive opening

2- Selling between 17730-17785

3- Down moves in Bullish Falling Channel

4- Sharp up

5- Volatility in last hour between 17709-17778

6- Whole day actual trading between 17653-17811

Conclusions from intra day

chart analysis 

Although positive opening but firstly 79 points sharp fall and after that selling between 17730-17785 therefore down moves remained continued in first 4 hours and Nifty traded 111 points down also. As lower levels consolidation was also seen through down moves in Bullish Falling Channel therefore sharp up moves developed from lower levels.

As only volatility in last hour after higher levels selling and lower levels buying therefore it will be understood that one sided technical positions could not be formed today. it is clear that Nifty will have to prepare for next decisive moves beginning and that will be done within and near about today trading range therefore firstly valid break out today trading range(17653-17811) should be watched tomorrow for next decisive beginning confirmations after RBI Credit Policy announcements at 10:00 AM tomorrow.