Up moves towards today highest &

 sustaining above it will mean

 intraday sharp up moves beginning 

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-03-2023)

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

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels

2- Up moves with downward corrections

3- Sharp up moves in last half hour

4- Whole day actual trading between 16829-17066

Conclusions from intra day chart analysis 

Although down moves remained continued till 02:00 PM and Nifty lost 271 points also but consolidation was firstly seen down moves were in Bullish Falling Channels and after up moves were with downward corrections in next one hour therefore sharp up moves developed in last half hour. As lower levels good intraday consolidation was seen today therefore firstly up moves are expected towards today highest finally sustaining above it will mean intraday sharp up moves beginning.

Firstly watch last 4 sessions trading 

range amid crashing Global markets

Technical Analysis,Research & Weekly Outlook

(Mar 20 to Mar 24,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (17-Mar-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 and Corrective Wave-A of "ABC" correction begining.

5- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.

6- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.

7- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 16850.2 on 16-03-2023.

Conclusions from EOD chart analysis

(Waves structure)

"ABC correction" of previous Waves structure completed at 15183.4 on 17-06-2022 and from this level Impulsive Wave-1 of new "Waves structure" started. Its impulsive Wave-[(i)] completed at 18096.2 on 15-09-2022 and corrective Wave-[(ii)] started which completed at 16747.7 on 30-09-2022.

Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction begun.Now its corrective Wave-C is in continuation with recent bottom formation at 16850.2 on 16-03-2023 and no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (17-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-A of "ABC" correction begining.

2- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.

3- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 corrected 1113.3 Points.

4- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.

5- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 16850.2 on 16-03-2023.

6- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 has corrected 1415.1 Points till now. 

Conclusions from EOD chart analysis

(Corrective Waves)

Corrective Wave-A of "ABC" correction started after impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022. Wave-A corrected 1113.3 Points till its bottom formation at 17774.3 on 26-12-2022 and from this level corrective Wave-B begun which completed at 18265.3 on 30-12-2022. From this level corrective Wave-C started which is in continuation with recent bottom formation at 16850.2 on 16-03-2023 after correcting 1415.1 Points till now and no confirmation of its completion yet. 

Nifty-EOD Chart Analysis

(Bollinger Band,Stochastic & MACD)

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

Technical Patterns and Formations in EOD charts

1- Bollinger Band- Nifty is hovering around Lower Band for the last 5 sessions

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

3- Stochastic:- %K(5)- 20.23 & %D(3)- 12.09.

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

5- MACD(26,12)- -225.98 & EXP(9)- -202.32 & Divergence- -23.66

Conclusions from EOD chart analysis

(Bollinger Band,Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- Bollinger Band:-

A- Nifty tested its falling Lower Band in first 4 sessions of previous week.

B- Nifty remained above its falling Lower Band in last session of previous week which is first signal of up moves beginning towards its Middle Band and Upper Band. 

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

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

Nifty-Last 4 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Mar 14 to Mar 17,2023):-

Technical Patterns formation in last 4 Sessions intraday charts

1- Selling(Resistances) in last 4 Sessions are as follows:-

A- 17024-17062 

B- 17040-17066 

C- 17137-17167 

2- Consolidation(Supports) in last 4 Sessions are as follows:-

A- 16959-17019 

B- 16914-16969

C- 16955-16986

D- 16988-17070

3- Last 4 Sessions actual trading between 16851-17224 

Conclusions from 4 Sessions

intra day chart analysis 

Above supports were seen at lower levels in last 4 sessions during on going that correction which started from 18887.6 on 01-12-2022. As selling was also seen at higher levels between above mentioned resistance ranges therefore Nifty has to prepare for next decisive moves within last 4 sessions trading range(16851-17224) which will be firstly done in the coming week. Let Nifty to to fistly prepare and finally to sustain beyond last 4 sessions trading range then that side big decisive moves will be seen.

Nifty-Intra Day Chart Analysis

(17-Mar-2023)

Nifty-Intra Day Chart (17-Mar-2023):-

Technical Patterns formation in today intraday charts

1- Down moves after gap up strong opening 

2- Down moves in Bullish Falling Channel

3- Consolidation between 16959-17019 

4- Up moves with downward corrections

5- Whole day actual trading between 16959-17145

Conclusions from intra day chart analysis 

Although gap up strong opening last Friday but not sustaining at higher levels and down moves started immediately after opening. As Down moves started in Bullish Falling Channel after 1 hour and after that lower levels some consolidation also between 16959-17019 therefore up moves begun after 1:00 PM which remained continued till last minutes.

As last 2 hours up moves were with downward corrections also therefore whole day good consolidation will be understood last Friday and up moves are expected in the beginning of next week.

Conclusions

(After putting all studies together)

1- Short Term Trend is down.

2- Intermediate Term Trend is down .

3- Strong indications of Long Term Trend turning down after last 6 sessions closing below its decider 200-Day SMA which is today at 17451 and until Nifty will not sustain above it till then decisive up moves will not be seen.

Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 16850.2 on 16-03-2023 after correcting 1415.1 Points till now and no confirmation of its completion yet as well as indications of Long Term Trend turning down therefore more down moves can not be ruled out. Last Supports range within and below the lowest(16850.2) of on going correction is between 16760-16855. Immediate 3 resistance rangeS within last 4 sessions trading range(16851-17224) has been posted above. Next resistances above 17224 are as follows which are below and just above 200-Day SMA(17451) and should be watched for Long Term Trend formation next signals and confirmations:-

1- 17266-17293

2- 17378-17406

3- 17442-17473

4- 17491-17526

Although Stochastic indicator is showing signals of Short Term up moves beginning but MACD indicator is suggesting Downward trend formations also therefore fresh down moves beginning can not be ruled after some up moves. Lower levels consolidation in 4 previous sessions and last Friday also but Dow Jones closed 384 points down last Friday and US based Banks negative news led weakness iS being seen in all the Global Markets therefore firstly following levels should be watched in the beginning of next week:-

1- Last Friday lowest(16959)

2- Last 4 sessions lowest(16851)

3- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 beginning level(16747.7) because slipping below it will mean as per "Elliot Waves theory" recounting of whole on going waves structure which begun from 15183.4 on 17-06-2022.

As any decisive up move will be seen only after sustaining above last 4 sessions highest(17224) therefore firstly sustaining beyond last 4 sessions trading range(16851-17224) should be watched in next week amid crashing Global markets.

Sustaining above 17062 will confirm 

strong Pull Back rally beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(17-03-2023)

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

Technical Patterns formation in today intraday charts

1- 144 Points down in first 52 minutes after positive opening

2- Consolidation between 16851-16895

3- Up moves with downward corrections

4- Down moves in Bullish Falling Channel

5- Consolidation between 16914-16969

6- Sharp up 

7- Selling between 17024-17062

8- Sharp down

9- Consolidation between 16955-16986

10- Whole day actual trading between 16851-17062

Conclusions from intra day chart analysis 

Although positive opening and firstly 144 points down moves were seen in first 52 minutes but whole day good intraday consolidation was seen in following manner:-

1- 3 Times consolidation in sideways trading range.

2- Consolidation through Up moves with downward corrections.

3- Consolidation through Down moves in Bullish Falling Channel.

Next supports between 16760-16855 was posted yesterday in "Watch next supports amid crashing Global markets". Nifty got supports within this range and consolidated just above it also between 16851-16895 therefore up moves are expected tomorrow. 

As some selling was also seen at higher levels between 17024-17062 therefore fresh consolidation and sustaining above 17062 will confirm strong Pull Back rally beginning.   

Firstly watch yesterday lowest after sentiment improvement today monrning

Pre-open Outlook(16-03-2023)

As Dow Jones closed after 444 points recovery lower levels and its Futures are trading more than 100 points up today monrning also therefore sentiment has improved and firstly sustaining beyond yesterday lowest(16938.90) should be firstly watched today for next decisive moves beginning confirmations.

Watch next supports amid crashing Global markets

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-03-2023)

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

Technical Patterns formation in today intraday charts

1- 163 Points up in first 5 minutes after positive opening

2- Whole day down moves with upward corrections

3- Whole day actual trading between 16939-17211

Conclusions from intra day chart analysis 

As good intraday consolidation yesterday therefore Nifty traded 163 Points up in first 5 minutes after positive opening but negaive cues were from Global markets therefore selling started which remained continued whole day through down moves with upward corrections. 

Crashing Global markets situation is as follows:-

1- Dow Jones traded more than 700 points down today.

2- All the European markets closed more than 3% down today.

As such depressing Global markets sentiments and only selling patterns were seen today in Indian Markets also therefore more down moves will be seen tomorrow also and firstly next supports between 16760-16855 should be watched also for next intraday decisive moves beginning confirmations.

 Up moves towards/above today highest

Nifty-Intra Day Chart Analysis & 

Market Outlook(15-03-2023)

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

Technical Patterns formation in today intraday charts

1- Sharp up moves after flat opening

2- Down moves with upward corrections

3- High volatility in Mid-session

4- Consolidation between 16988-17070

5- Whole day actual trading between 16988-17224

Conclusions from intra day chart analysis 

Although firstly sharp up moves after flat opening but selling was seen through Down moves with upward corrections and Nifty slipped. Although high volatility in Mid-session but lower levels good consolidation between 16988-17070 therefore up moves will be seen towards/above today highest tomorrow.

17106-17219 will confirm next intraday 

Short Term Moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(14-03-2023)

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

Technical Patterns formation in today intraday charts

1- Nifty traded 119 points up after little positive opening

2- 5 Hours Down moves with upward corrections

3- Support in last hour between 17114-17167

4- Whole day actual trading between 17114-17529

Conclusions from intra day chart analysis 

As Dow Jones Futures was trading more than 400 Points up and all the Asian markets were also trading with good gains today morning therefore Nifty traded 119 points up after little positive opening but after that down moves started which remained continued till last hour. 

Sentiments turned most depressing after Dow Jones Futures more than 600 points sharp fall therefore down moves started in Indian markets also. 5 Hours Mid-session Down moves were with upward corrections ie with continuous selling therefore more down moves can not be ruled out. Although today closing was 1.49 down but following points should also be kept in mind:-

1- Support was seen today in last hour between 17114-17167

2- Today lowest and closing was last Saturday posted 2nd supports range(17106-17219)

3- Very Short Term indicators have become oversold after last week and today down moves

As today last hours supports(17114-17167) were within last Saturday posted 2nd supports range(17106-17219) also therefore firstly sustaining beyond 17106-17219 should be watched tomorrow for next intraday Short Term Moves beginning confirmations.

Most crucial levels will confirm Long Term Trend and next one-sided big moves

Technical Analysis,Research & Weekly Outlook

(Mar 13 to Mar 17,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (10-Mar-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 17255.2 on 28-02-2023.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new "Waves structure" begun from 15183.4 on 17-06-2022 after "ABC correction" of previous Waves structure completion at this level. Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022 and its corrective Wave-(ii) begun which is in continuation with recent bottom formations at 17255.2 on 28-02-2023 and no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (10-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 its Corrective Wave-(ii) beginning.

2- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation with Falling Channel formation.

3- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone.

4- Stochastic:- %K(5)- 55.60 & %D(3)- 73.37.

5- In MACD- Its both lines are kissing in the negative zone

6- MACD(26,12)- -93.36 & EXP(9)- -99.43 & Divergence- 6.07

Conclusions from EOD chart analysis

(Stochastic & MACD)

As corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation within Falling Channel therefore valid break out of this channel should be watched in the coming week/weeks for next Trend confirmations. Positions of Daily indicators are as follows:-

1- In Stochastic its %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone therefore showing signals of more down moves in next week.

2- In MACD its both lines are kissing therefore this indicator is not suggesting any side Short term moves but its both lines are in the negative zone therefore showing downward trend formation signals. 

Nifty-EOD Chart Analysis

(Averages)

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

Technical Patterns and Formations in EOD charts

1- Averages:-

A- 5-Day SMA is today at  17612

B- 21-Day SMA is today at 17675

C- 55-Day SMA is today at 17844

D- 100-Day SMA is today at 18030

E- 200-Day SMA is today at 17434

2- Nifty closed below Long Term Trend decider 200-Day SMA at 17412.90 on 10-02-2023 

 

Conclusions from EOD chart analysis

(Averages)

Although Nifty closed below all the Short to Long Term Averages last Friday but closed little below Long Term Trend decider 200-Day SMA therefore firstly sustaining it beyond should be watched in the coming week for Long Term Trend confirmations because that will decide next one sided big moves.

Nifty-Intra Day Chart Analysis

(10-Mar-2023)

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

Technical Patterns formation in today intraday charts

1- 265 Points down in first half hour after 122 points huge gap down opening.

2- 109 Points recovery from lower levels in next 2 hours.

3- More than 5 hours sideways trading between 17367-17434

4- Whole day actual trading between 17325-17451

Conclusions from intra day

chart analysis 

As all the Global markets were in crashing mode last Friday therefore Nifty also moved down 265 Points in first half hour after 122 points huge gap down opening. Although Nifty recovered 109 points from lower levels in the next 2 hours but sideways trading was also seen between 17367-17434 in the last more than 5 hours and one-sided intraday patterns could not develop within this range.

Whole day last Friday trading was under Bearish Global cues led depressed sentiments and technical positions reverses also during such public psychology therefore firstly Nifty will have to trade and prepare for next decisive moves within and near about this sideways trading range(17367-17434) in the beginning of next week. As finally sustaining beyond this range will confirm next decisive moves beginning therefore it should be firstly watched in the coming week for confirmations.

Conclusions

(After putting all studies together)

1- Short Term Trend is down.

2- Intermediate Term Trend is down .

3- Long Term Trend is at stake and finally it will be decided through sustaining beyond its decider 200-Day SMA which is today at 17434.

As corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation and no indication of its completion yet on EOD charts therefore its continuation is expected because:-

1- Stochastic indicator is showing down moves signals in short term Short Term. 

2- Both lines of MACD indicator is in negative zone therefore indicating downward trend formation.

3- Intraday charts of last Friday have not shown clear consolidation patterns formation.

As US markets and most Global markets closed more than 1% down last Friday and if such Bearish sentiment prevails next Monday also then Indian markets will also open weak next Moday and firstly sustaining beyond lowest of last Friday sideways trading range(17367-17434) should be watched for next decisive down moves beginning confirmations. Next supports below 17367 are as follows:-

1- 17256-17304

2- 17106-17219

3- 16941-17029

4- 16760-16855

Next resistances above  last Friday sideways trading range highest(17434) are as follows:-

1- 17574-17772

2- 17775-17799

3- 17866-17891

4- 17902-17924

5- 17949-18022

6- 18069-18132

7- 18155-18192

8- 18216-18240

9- 18345-18387(Strong resistances)

Sideways trading range(17367-17434) of last Friday has become most crucial because top of this range is exactly at Long Term Trend decider 200-Day SMA(17434) therefore finally sustaining beyond these most crucial levels will confirm Long Term Trend and next one-sided big moves also hence it should be firstly watched in the coming week/weeks for confirmations.

Watch next supports after 

more down moves

Nifty-Intra Day Chart Analysis & Market 

Outlook(10-03-2023)

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

Technical Patterns formation in today intraday charts

1- 100 Points down moves in first hour after gap up opening

2- Selling between 17681-17722 

3- Down moves with upward corrections

4- Whole day actual trading between 17574-17772

Conclusions from intra day chart analysis 

Although firstly gap up opening but huge selling developed therefore 100 points down moves were seen in first hour. As again selling between 17681-17722 and after that follow up selling through Down moves with upward corrections also therefore Nifty slipped 222 points from higher levels and Nifty closed 0.93% down. 

As only intraday selling and and consolidation was not seen therefore expected that more down moves will be seen towards following next supports. 

1-  17536-17577

2-  17452-17493

Let Nifty to consolidate and sustain above next supports then fresh up decisive up moves will be seen.

Watch next supports after failing 

to test immediate resistance 

Post-open Outlook(09-03-2023)

Live Proofs of our accuracy

Following conclusive lines were told at 12:40 AM today in "Firstly watch immediate resistance amid up moves expectations":-

"up moves are expected towards immediate resistance between 17773-17800 and firstly sustaining beyond this resistance range should be watched tomorrow for next decisive moves beginning confirmations."

As was told 100% same happened and:- 

1- Firstly up moves were seen through gap up opening today.

2- Today highest in first hour is at 17772.35 which is just below already mentioned resistance(17773-1780) which was told for firstly watching

As Nifty failed to test the lowest of immediate 

resistance(17773) therefore sustaining beyond 

17647-17718 should be watched today because 

consolidation(next supports) was seen 

within this range yesterday.

Firstly watch immediate resistance 

amid up moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(09-03-2023)

Nifty-Intra Day Chart (08-Mar-2023):-

Technical Patterns formation in today intraday charts

1- 109 Points down in first 5 minutes

2- Sharp up moves 

3- More than 5 hours consolidation between 17647-17718

4- Sharp up in last half hour

5- Whole day actual trading between 17603-17766

Conclusions from intra day chart analysis 

Although firstly 109 points slipping in first 5 minutes after weaker opening but immediately after that sharp up moves were seen and more than 5 hours consolidation also in Mid-session between 17647-17718 therefore again sharp up developed in last half hour hence today closing was near the higher levels of the day.

As today closing was with 42.95 points gains after 150 points recovery from lower levels with good intraday consolidation therefore up moves are expected towards immediate resistance between 17773-17800 and firstly sustaining beyond this resistance range should be watched tomorrow for next decisive moves beginning confirmations.

Watch next supports for the length 

of expected down moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(08-03-2023)

Nifty-Intra Day Chart (06-Mar-2023):-

Technical Patterns formation in today intraday charts

1- 119 Points up moves after strong opening

2- Down moves with upward corrections

3- Whole day actual trading between 17672-17799

Conclusions from intra day chart analysis 

Although firstly 119 points up moves after strong opening but higher levels selling developed therefore Down moves started with upward corrections till last hour and Nifty closed after 88 points slipping from higher levels as well as Bearish "Shooting Star" Candle formation was seen last Monday. 

Nifty closed after gaining 0.67% points on 06-03-2023 but higher levels good intraday selling was seen therefore some more down moves will be seen and until complete fresh consolidation will not develop till then decisive up moves will not be seen above last Monday highest(17799).

Expected that firstly some down moves will be seen towards next supports(17536-17577) and firstly sustaining it beyond should be watched in the coming sessions for the length of expected down moves.

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.