As out of station therefore unable to update today(21-07-2023) Outlook. 

Sustaining beyond 19728-19842 will 

confirm next decisive moves 

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-07-2023)

Nifty-Intra Day Chart (19-Jul-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 19811-19839

2- Sharp down

3- Consolidation between 19728-19759

4- Consolidation between 19758-19799

5- Sharp up

6- Selling between 19831-19842

7- Whole day actual trading between 19728-19851

Conclusions from intra day chart analysis 

As good intraday selling yesterday and firstly higher levels selling also after positive opening therefore sharp down moves were seen within first 2 hours. Although lower levels good consoidation and after that sharp up moves were also seen but higher levels some selling also in last 15 minutes.

Whole day lower levels consolidation and higher levels selling between 19728-19842 therefore firstly Nifty will firstly trade and prepare for next decisive moves within and near about this range. As finally sustaining beyond 19728-19842 will confirm next decisive movesbeginning  therefore firstly sustaining beyond this range should be watched tomorrow for rally conitnuation above 19842 or very Short Term correction beginning below 19728.

Down moves below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(19-07-2023)

Nifty-Intra Day Chart (18-Jul-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 19784-19819 

2- Sharp fall

3- Selling between 19741-19778

4- Whole day actual trading between 19691-19819

Conclusions from intra day chart analysis 

Although most time positive zone trading after Green opening and today closing was also with 37.80 points gains but good intraday selling patterns were seen therefore down moves are expected below today lowest(19691) and sustaining beyond yesterday consolidation range(19599-19670) should be watched for next decisive intraday moves beginning confirmations.

Watch 19599-19670 amid Very 

Short term correction expectations 

Nifty-Intra Day Chart Analysis & 

Market Outlook(18-07-2023)

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

Technical Patterns formation in today intraday charts

1- Up moves after positive opening

2- 5 Hours consolidation between 19599-19670

3- Sharp up in last half hour

4- Whole day actual trading between 19563-19731

Conclusions from intra day chart analysis 

Firstly up moves after positive opening and after that 5 Hours consolidation therefore sharp up moves were seen in last half hour and today closing was at life time highest with 0.75% gains. As Very short term indicators have turned Over bought after last 2 sessions strong up moves therefore Very Short term correction may also be seen towards or within 5 Hours consolidation range(19599-19670) and finally sustaining beyond this range will confirm next short term moves hence it should also be watched tomorrow.

 Bullish rally continuation after Short Term Sideways Correction completion

Technical Analysis,Research & Weekly 

Outlook(Jul 17 to Jul 21,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (14-Jul-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 completion at 16828.3 on 20-03-2023.

8- Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 continuation with recent top formations at 19595.35 on 14-07-2023 

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure begun after Corrective Wave-C of "ABC correction" of previous Waves structure completion at 15183.4 on 17-06-2022. Impulsive Wave-[(i)] of Wave-1 completed at 18096.2 on 15-09-2022 and Corrective Wave-[(ii)] of Wave-1 started which completed at 16747.7 on 30-09-2022 and from this levels impulsive Wave-[(iii)] of Wave-1 begun.

Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022 and "ABC" correction started. Corrective Wave-C of "ABC" correction completed at 16828.3 on 20-03-2023 and from this level Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 started which is in continuation with recent top formations at 19595.35 on 14-07-2023.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (14-Jul-2023):-

Technical Patterns and Formations in EOD charts

1- Previous 6 Sessions sideways correction range(19304-19567) broken out on 14-07-2023 and  Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 continuation with recent top formations at 19595.35 on 14-07-2023. 

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

3- Stochastic:- %K(5)- 55.67 & %D(3)- 47.85.

4- In MACD- MACD line has intersected Average line upward. Its MACD line is falling and Average line is rising in positive zone.

5- MACD(26,12)- 368.54 & EXP(9)- 312.78 & Divergence- 55.76.

Conclusions from EOD chart analysis

(Stochastic & MACD)

Previous 6 Sessions sideways correction range(19304-19567) broken out on 14-07-2023 and  Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 continuation with recent top formations at 19595.35 on 14-07-2023,no indication of its completion yet on EOD and intraday charts.Positions of Daily indicators are as follows:-

1- As in Short Term indicator Stochastic %K(5) line has intersected %D(3) line upward and its both lines are rising in Middle Zone therefore showing more up moves signals in the coming week.

2- Although in MACD indicator its MACD line has intersected Average line upward but its MACD line is falling and Average line is rising therefore showing little mixed signals. As its  Average line is rising and its both lines are in positive zone therefore suggesting more possibilities of up moves continuation in next week.

Nifty-Intra Day Chart Analysis

(14-Jul-2023)

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

Technical Patterns formation in today intraday charts

1- More than 5 hours consolidation between 19434-19519

2- Sharp up moves in last half hour

3- Whole day actual trading between 19434-19595

Conclusions from intra day

chart analysis 

Intraday good selling was seen above 16400 in last 4 sessions of previous week therefore complete consolidation was firstly required for decisive up moves beginning. As most Asian markets were trading in Green last Friday therefore firstly 79 points strong opening and after that higher levels more than 5 hours required consolidation was seen between 19434-19519 hence finally sharp up moves developed in last half hour which will remain continued in the beginning of next week.

Conclusions

(After putting all studies together)

All the trends have turned up last Friday after last 6 Sessions sideways correction range(19304-19567) forceful break out and Bullish rally continuation after Short Term Sideways Correction completion as well as Bull Market will remain conitnued in the coming week because:-

1- Indicators are showing more up moves possibilities.  

2- More than 5 hours consolidation between 19434-19519 last Friday therefore this range will be immediate supports of Nifty and until Nifty will not sustain below it after complete selling patterns formations till then decisive down moves will not be seen.

More down moves below next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(14-07-2023)

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

Technical Patterns formation in today intraday charts

1- Up moves after strong opening

2- More than 3 hours selling between 19515-19567

3- Sharp fall in last 2 hours 

4- Whole day actual trading between 19386-19567

Conclusions from intra day chart analysis 

As blasting Asian markets therefore firstly up moves were seen after strong opening but good intraday selling was seen in last sessions therefore could not sustain above previous Outlook posted next resistances(19440-19515) and fresh selling developed as well therefore Nifty fallen sharply in last 2 hours. Although positive closing today but more than 3 hours selling and Nifty closed below next resistances also at 19413.75 therefore more down moves below next resistances will be seen in the coming sessions.

Watch next resistances after Bullish 

Global markets led rally beginning

Post-open Outlook(13-07-2023)

Sentiment turned Bullish today morning because all the Asian markets were trading with good gains and most wee more than 15 up in following manner. 

Nikkei 225 was trading- 470.57 points(1.47%) up

China A50 was trading- 122.95 points(1.13%) up

DJ Shanghai was trading- 195.73 points(1.56%%) up

Hang Seng was trading- 464.55 points(2.46%) up

Taiwan was trading 250.43 points(1.48%) up

KOSPI was trading- 23.56 points(0.92%) up

As such Bullish Global markets sentiments therefore Indian markets also opened strong and firstly sustaining beyond next resistances(19440-19515) should be watched today for fresh rally beginning  above life time highest.

 Down moves below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(13-07-2023)

Nifty-Intra Day Chart (12-Jul-2023):-

Technical Patterns formation in today intraday charts

1- Down moves below today lowest

2- Selling between 19440-19482

3- Sharp fall in last half hour

4- Whole day actual trading between 19362-19507

Conclusions from intra day chart analysis 

Although Nifty closed with 0.43% gains yesterday but higher levels selling Patterns formation were seen between 19457-19515 therefore Nifty could not sustain above 19457 and fallen 70 points in first 11 minutes to 19437 after positive opening today. As follow up selling between 19440-19482 today which was within and below yesterday selling range therefore down moves are expected below today lowest(19362) in the coming sessions. 

Short Term correction expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-07-2023)

Nifty-Intra Day Chart (11-Jul-2023):-

Technical Patterns formation in today intraday charts

1- Up moves after positive opening

2- Selling Patterns formation between 19457-19515

3- Whole day actual trading between 19407-19515

Conclusions from intra day chart analysis 

As all the Asian markets were trading in Green and some were more than 1% up after Dow Jones more than 200 points positive closing yesterday therefore sentiment turned Bullish and Up moves were seen in Indian markets also after positive opening. Although Nifty closed with 0.43% gains but higher levels selling Patterns formation were seen therefore Short Term correction is expected because intraday selling was seen yesterday also.

 Down moves towards next stupports above 19000.

Nifty-Intra Day Chart Analysis & 

Market Outlook(11-07-2023)

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

Technical Patterns formation in today intraday charts

1- Selling between 19401-19435

2- Down moves in Mid-session

3- Selling between 19366-19404

4- Whole day actual trading between 19328-19435

Conclusions from intra day chart analysis 

Although firstly some up moves arter positivr opening but selling developed therefore more tha 100 points down moves were seen. As follow up good selling therefore new intraday bottom formations in last half hour and resultant more down moves will be seen towards next supports above 19000.

 As I was out of station therefore unable to update the Outlook of this week and today(10-06-2023). 

Watch 19431-19469 amid intraday 

correction expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(07-07-2023)

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

Technical Patterns formation in today intraday charts

1- Up moves after negative opening

2- More than 4 hours Mixed Patterns formation between 19431-19469

3- Up moves in Bearish Rising Channel

4- Whole day actual trading between 19373-19512

Conclusions from intra day chart analysis 

Although negative opening but after that up moves were seen and today closing was at the top of the day. As more than 4 hours mixed Patterns formation between 19431-19469 and last hour up moves were in Bearish Rising Channel therefore firstly intraday correction is expected towards this range and finally sustaining beyond this range will confirm next intraday decisive moves beginning which should be finally watched for its confirmations.

Watch 19340-19421 for next decisive moves beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-07-2023)

Nifty-Intra Day Chart (05-Jul-2023):-

Technical Patterns formation in today intraday charts

1- Whole day sideways trading between 19340-19421

2- Whole day actual trading between 19340-19421

Conclusions from intra day chart analysis 

As whole day sideways trading between 19340-19421 and one sided intraday trading patterns formations were not seen today therefore firstly sustaining beyond today trading range should be watched tomorrow for next decisive moves beginning confirmations.

 Short Term correction below today lowest

Nifty-Intra Day Chart Analysis &

 Market Outlook(05-07-2023)

Nifty-Intra Day Chart (04-Jul-2023):-

Technical Patterns formation in today intraday charts

1- Sharp fall in first hour and trading 22 points down after 84 points gap up strong opening.

2- Up moves with downward corrections

3- Selling between 19379-19434 in last more than 3 hours

4- Whole day actual trading between 19300-19434

Conclusions from intra day chart analysis 

Although 84 points gap up strong opening but higher levels good intraday selling was seen in previous trading session therefore fresh consolidation was firstly required hence sharp fall developed in first hour and Nifty traded 22 points down also. As lower levels fresh consolidation through up moves with downward corrections therefore up moves started which remained continued till 01:30 PM but higher levels selling selling was also seen between 19379-19434 in last more than 3 hours therefore Short Term correction below today lowest(19300) is expected.

Short Term correction expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-07-2023)

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

Technical Patterns formation in today intraday charts

1- Volaitlity in first 2 hours between 19254-19334 after gap up strong opening

2- Selling between 19303-19328

3- Whole day actual trading between 19235-19345

Conclusions from intra day chart analysis 

Although gap up strong opening but after that volaitlity in first 2 hours and selling was seen in Mid-Session therefore Short Term correction is expected tomorrow despite today closing near life time highest.

Minimum target of Nifty at 20532.5

Technical Analysis,Research & Weekly Outlook

(Jul 03 to Jul 07,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (30-Jun-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 completion at 16828.3 on 20-03-2023.

8- Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 continuation with recent top formations at 19201.70 on 30-06-2023 

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-C of "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. Impulsive Wave-[(i)] of Wave-1 completed at 18096.2 on 15-09-2022 and Corrective Wave-[(ii)] of Wave-1 begun which completed at 16747.7 on 30-09-2022 and from this levels impulsive Wave-[(iii)] of Wave-1 started.

Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022 and "ABC" correction started. Corrective Wave-C of "ABC" correction completed at 16828.3 on 20-03-2023 and from this level Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 begun which is in continuation forcefully with recent top formations at 19201.70 on 30-06-2023 after previous life time top(18887.6) broken out in previous week on 28-06-2023. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (30-Jun-2023):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 beginning from 16828.3 on 20-03-2023.

2- Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 continuation with recent top formations at 19201.70 on 30-06-2023 

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

4- Stochastic:- %K(5)- 86.05 & %D(3)- 59.39.

5- MACD- Its both lines are kissing in positive zone.

6- MACD(26,12)- 127.73 & EXP(9)- 140.27 & Divergence- -12.54

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- As in Short Term indicator Stochastic %K(5) line has intersected %D(3) line upward and its both lines are rising towards Over bought zone as well as both lines have not turned Over bought yet therefore more up moves are expected in next week. 

2- As MACD indicator generates signals little late and its both lines are kissing for the last more than one month which means that one sided clear intersection will mean that side big move beginning. Although this indicator has not shown any side clear trend yet but its MACD line has started to move up decisively and its both lines in positive zone also therefore expected that this indicator will also confirm upward trend formation clear signals in the coming week/weeks through upward intersection by MACD line of Average line. 

Nifty-Intra Day Chart Analysis

(30-Jun-2023)

Nifty-Intra Day Chart (30-Jun-2023):-

Technical Patterns formation in today intraday charts

1- 81 Points jump from lower levels in first half hour after gap up strong opening

2- More than 2 hours Consolidation between 18075-17107

3- Up moves with downward corrections.

4- Up moves in Bearish Rising Channel

5- Whole day actual trading between 19025-19201

Conclusions from intra day chart analysis 

As 81 Points jump from lower levels in first half hour after gap up strong opening and after that more than 2 hours consolidation as well as follow up consolidation through up moves with downward corrections therefore rally remained continued till last 15 minutes and closing was with 216 points gains. Although new life time formations and strong rally was seen last Friday but some intraday selling patterns were also developed in last hours above 19140 therefore firstly Very Short Term intraday correction is expected before fresh and decisive up moves beginning in next week.

Conclusions

(After putting all studies together)

All the trends are up and Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 forcefully continuation with recent top formations at 19201.70 on 30-06-2023 as well as no indication of its completion yet on EOD and intraday charts because:-

1- Short Term indicators are suggesting some more up moves possibilities

2- Lower levels good intraday consolidation was seen in previous week intraday charts. As some intraday selling patterns developed at higher levels last Friday therefore only minor intraday correction may be seen in the beginning of next week. Until complete intraday selling partterns will not develop till then even Short Term correction will not be seen therefore finally up moves will be seen after Very Short Term corrections.

Calculation of minimum target of on going Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 at 20532.5:-

As per Elliott Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5. Impulsive Wave-3 is on and it should gain more points than Wave-1 gained.

Wave-1 gained 18887.6-15183.4=3704.2 Points

Wave-3 started from 16828.3 and and as per Elliott Wave theory it should gain minimum 3704.2 because it can not be shorter than Wave-1 therefore its minimum target is at:-

20532.5=16828.3(Wave-3 started)+3704.2(Wave-1 gained)

As as per above calculations minimum target of Nifty is at 20532.5 therefore Nifty will move above it in the coming month/months.

Rally continuation with continuous new life time top formations after Very Short Term corrections

Nifty-Intra Day Chart Analysis 

& Market Outlook(30-06-2023)

Nifty-Intra Day Chart (28-Jun-2023):-

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections after gap up strong opening

2- Short Term correction after new life time top formations

3- Whole day actual trading between 18862-19011

Conclusions from intra day chart analysis 

As lower levels good intraday consolidation on 27-06-2023 therefore gap up strong opening was seen next day(28-06-2023) and up moves started with downward corrections hence new life time formations at 19011.25. Sentiment was heated after new life time top formations and Very Short Term indicators had turned Over Bought also therefore Short Term correction was seen in last hours.

 

Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion confimations at 16828.3 on 20-03-2023 after Nifty moving above the top(18887.6) of Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 and Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 continuation will be understood with recent top formations 19011.25 on 28-06-2023 and its continuation will be seen with new life time high formations after Short to Intermediate Term corrections.

As Very Short Term indicators have turned Over bought therefore Very Short Term corrections may be seen but finally rally will remain continued with continuous new life time top formations.

 As busy therefore unable to update today(28-06-2023) Outlook. 

Watch 18741 amid up moves 

expectations above today highest

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-06-2023)

Nifty-Intra Day Chart (26-Jun-2023):-

Technical Patterns formation in today intraday charts

1- Volatility in first hour after positive opening

2- Consolidation between 18647-18675

3- Sharp up in last half hour

4- Whole day actual trading between 18647-18722

Conclusions from intra day chart analysis 

Although positive opening but high volatility in first hour and slipping into negative zone also. As lower levels good consolidation in Mid-session therefore sharp up moves were seen in last half hour and its continuation is expected above today highest(18722) tomorrow. As sustaining above 18741 will confirm sharp rally beginning therefore should also be watched.

Watch Crucial Levels for next Short Term Trend after previous week Global markets crashing

Technical Analysis,Research & Weekly Outlook

(Jun 26 to Jun 30,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (23-Jun-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 completion strongest indications after its recent bottom formation at 16828.3 on 20-03-2023.

8- Pull Back Rally continuation with recent top formation at 18886.6 on 22-06-2023 which is only one point shorter than life time top at 18887.6.

Conclusions from EOD chart analysis

(Waves structure)

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

Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction bugun which completed at 17774.3 on 26-12-2022. Wave-B begun from this level which completed at 18265.3 on 30-12-2022. Wave-C started from this levels and strongest signals of its completion at 16828.3 on 20-03-2023 because the Pull Back Rally which begun from this levels has completed almost whole corretion and remained only one point short at 18886.6 on 22-06-2023 from the top(18887.6) of Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 which is life time highest as well.  

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (23-Jun-2023):-

Technical Patterns and Formations in EOD charts

1- Pull Back Rally continuation with recent top formation at 18886.6 on 22-06-2023 which is only one point shorter than life time top at 18887.6.

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

3- Stochastic:- %K(5)- 48.50 & %D(3)- 62.56.

4- MACD- Its both lines are kissing in positive zone.

5- MACD(26,12)- 144.10 & EXP(9)- 160.84 & Divergence- -16.74

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- As in Short Term indicator Stochastic %K(5) line has intersected %D(3) line downward and its both lines have started to fall from Over bought zone therefore more down moves will be seen in the coming week. 

2- As both lines of MACD are kissing in positive zone therefore at present this indicator is not signalling any side clear trend. Its both lines are kissing for the last more than one month which means that one sided clear intersection will mean that side big move beginning. As its both lines are in positive zone therefore once up side intersection will mean fresh and strong rally beginning.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (23-Jun-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 18773 

2- 21-Day SMA is today at 18659 

3- 55-Day SMA is today at 18255

4- 100-Day SMA is today at 17908

5- 200-Day SMA is today at 17929

Conclusions from EOD chart analysis

(Averages)

As Nifty is well above Intermediate Term Trend(55-Day SMA) and Long Term Trend(200-Day SMA) deciders therefore at present no risk of its turning down but Nifty moved below 5-Day and 21-Day SMA at 18647.1 last Friday during last 2 sessions correction therefore Short Term Trend is at stake. 

Although Nifty closed litle above 21-Day SMA at 18665.50 last Friday but sustaining below 21-Day SMA(18659) will mean Short Term Trend turning down confirmation which should be firstly watched in the beginning of next week.

Nifty-Last 8 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Jun 14 to Jun 23,2023):-

Technical Patterns formation in last 8 Sessions intraday charts

1- Last 8 sessions top formation at 18886.6 on 22-06-2023

2- Last 8 sessions bottom formation at 18647.10 on 23-06-2023

3- Selling(Resistances) in last 8 Sessions are as follows:-

A- 18843-18859 

B- 18849-18886  

4- Mixed Patterns formation

A- 18684-18741 

4- Last 8 Sessions actual trading between 18647.10-18886.6 

Conclusions from 8 Sessions

intra day chart analysis 

Last 8 Sessions actual trading between 18647.10-18886.6 in which previous 2 sessions were highly volatile because both 8 sessions highest and lowest were formed in these 2 sessions. 

As Nifty closed near the lower levels of last 8 sessions therefore sustaining beyond the lowest(18647.10) of last 8 sessions should be firstly watched in the beginning of next week for:-

1- Deeper correction beginning confirmations below it. 

2- First signal of fresh up moves beginning above it. 

As 5 Hours Mixed Patterns formation between 18684-18741 last Friday therefore finally sustaining above 18741 will confirm fresh up moves beginning hence should also be watched for its confirmations. 

Nifty-Intra Day Chart Analysis

(23-Jun-2023)

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

Technical Patterns formation in today intraday charts

1- 124 Points down in first 30 minutes after weaker opening

2- 5 Hours Mixed Patterns formation between 18684-18741

3- 54 Points fall in last half hour

4- Whole day actual trading between 18648-18756

Conclusions from intra day chart analysis 

As all the Asian markets were weaker and Dow Jones Futures was also trading in Red therefore sentiment turned dampened last friday morning hence Nifty moved down 124 points down in first 30 minutes after weaker opening. Although after this intraday up moves were seen but Mixed Patterns formation were seen in next 5 hours therefore Nifty fallen 54 Points in last half hour and last Friday closing was near the lower levels of the day because sentiment was too much depresed in last hour due to negative zone trading of all European markets. 

Although last Friday closing was near the lower levels of the day after loosing 0.56% points but these down moves were due to most depressing Global markets and 5 Hours trading was with Mixed Patterns formations also which means that complete selling patterns were not seen therefore firstly sustaining beyond last Friday lowest(18648) should be watched in the beginning of next week for the confirmations of next decisive moves beginning.

Conclusions

(After putting all studies together)

1- Short Term Trend is at stake which will get confirmation after sustaining beyond its decider 21-Day SMA(today at 18659).

2- Intermediate Term Trend is up.

3- Long Term Trend is up.

Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022 and after this "ABC" correction begun. Strongest signals of its Wave-C completion has been developed at 16828.3 on 20-03-2023 because the Pull Back Rally which started from this level has completed almost whole correction after its highest formation at 18886.6 on 22-06-2023 which was only one point shorter than the highest((18887.6)) of Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 and it was life time top as well.  

As most Global markets remained in crshing mode during last 2 sessions therefore Nifty missed new life time top formations only by 1 points which was above 18887.6 and slipped 239 points in last 2 sessions after highest formations only 1 point below it at 18886.6 on 22-06-2023. 

Although MACD indicator is not suggesting any side trend but Stochastic indicator is showing signals of more Short Term down moves which may be seen in next week therefore firstly sustaining beyond following "Crucial Levels" should be watched in the coming week for next Short Term Trend formation confirmations:- 

1- 21-Day SMA which is today at 18659

2- Last 8 sessions lowest at 18647.10 

 

Next resistances above last 8 sessions lowest(18647.10) have been updated above and next supports below it are as follows:- 

1- 18532-18565

2- 18479-18516

3- 18419-18445

4- 18373-18397

5- 18325-18353

6- 18203-18261

7- 18059-18127

Firstly watch Levels after depressing

 Global markets

Pre-open Outlook(23-06-2023)

All the Asian markets are trading now in deep Red in following manner:-

1- Nikkei 225- 1.32% down

2- Hang Seng- 1.55% down

3- SET- 0.84% down

4- KOSPI 225- 0.75% down

(Chinese and Taiwan markets are closed today)

As Dow Jones Futures is also trading 92 points down at this moment therefore sentiment has turned dampened today morning and resultant down moves after negative opening in Indian markets can not be ruled out. 

Lower levels good consolidation was seen yesterday therefore firstly sustaining beyond yesterday lowest(18760) should be firstly watched today and if correction continues through Nifty sustaining below it then following supports should be watached one by one for correction continuation/completion confirmations:-

1- 18712-18728

2- 18661-18689