Firstly watch next supports after 

negaive Global cues

Pre-open Outlook(18-08-2023)

As Dow Jones closed 290 points down yesterday and in reaction most Asian markets are trading in negative zone as well as sentiment has turned dampened therefore weaker opening on Indian markets will be seen today. Firstly sustaining beyond next supports(19297-19381) should be watched today after negaive Global cues for:-

1- Deeper correction beginning below 19297.

2- First signal of fresh up moves beginning above 19381.

Firstly watch 19327-19381 & sustaining above 19381 will mean strong Pull Back rally beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(18-08-2023)

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

Technical Patterns formation in today intraday charts

1- 86 Points down in first hour after weak opening

2- Selling between 19394-19415

3- Sharp fall

4- More than 4 hours sideways trading  between 19327-19381 

5- Whole day actual trading between 19327-19461

Conclusions from intra day chart analysis 

As firstly 86 points down moves in first hour and after that follow up selling therefore sharp fall was seen after 11:00 PM. Although 99 points negative closing today but lower levels more than 4 hours sideways trading was seen between 19327-19381 therefore firstly sustaining beyond this range should be watched tomorrow. As some consolidation patterns were also seen between last 4 hours sideways trading therefore sustaining above 19381 will mean strong Pull Back rally beginning. 

Finally watch 19258-19482 amid 

firstly sideways trading expectations

 within this range

Nifty-Intra Day Chart Analysis

(17-Aug-2023)

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

Technical Patterns formation in today intraday charts

1- 117 Points down in first minute after negative opening

2- Whole day slow up moves 

3- Whole day actual trading between 19318-19482

Conclusions from intra day chart analysis 

Although Nifty closed near the intraday higher levels of the day after 164 points recovery from lower levels and with 30 points gains but:-

1- Most time intraday trading was in negative zone.

2- Whole day up moves were slow.  

Therefore some intraday selling also can not be ruled out. As intraday good consolidation was seen one day before therefore expected that Nifty will firstly trade within last 2 sessions trading range(19258-19482) and prepare for next decisive moves beyond this range. Finally sustaining beyond this range will confirm next decisive moves beginning hence should be firstly watched for its confirmations amid firstly sideways trading expectations within this range.

Firstly watch 19346-19365 after 

negative Global markets

Post-open Outlook(16-08-2023)

As Dow Jones closed 361 points down and all the European markets also closed in Red yesterday as well as most Asian markets were trading in negative zone today morning therefore sentiment turned depressed and resultant negative opening of Indian markets were seen today. Some intraday supports were seen between 19346-19365 yesterday therefore firstly sustaining beyond this supports range should be watched today for next intraday decisive moves beginning confirmations towards following next supports/resistances:- 

Next supports:-

1- 19376-19392

2- 19297-19365 

Next resistances;-

A- 19485-19504

B- 19538-19623(Strong resistance)

Watch next resistances amid 

up moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-08-2023)

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

Technical Patterns formation in today intraday charts

1- 171 Points down in first 20 minutes

2- Whole day up moves with downward corrections

3- Whole day actual trading between 19258-19465

Conclusions from intra day chart analysis 

Although firstly 171 points down in first 20 minutes after weaker opening but up moves started from lower levels which remained continued till last hour. As whole day up moves were with downward corrections therefore firstly up moves are expected towards following next resistances;-

A- 19485-19504

B- 19538-19623(Strong resistance)

Firstly sustaining beyond above mentioned next resistances should be watched in the coming sessions for next decisive up moves beginning confirmations because resistance between 19538-19623 are strong and failing to sustain above 19623 will mean correction continuation below last Monday lowest(19258).

Finally watch 19300 for next big

 moves beginning confirmations amid firstly downward moves expectations

Technical Analysis,Research & Weekly 

Outlook(Aug 14 to Aug 18,2023)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (11-Aug-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 19991.8 on 20-07-2023.

3- Short Term correction continuation with recent bottom formations at 19296.5 on 03-08-2023.

4- Last 29 sessions trading between 19297-19991

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

6- Stochastic:- %K(5)- 51.33 & %D(3)- 66.84.

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

8- MACD(26,12)- -74.70 & EXP(9)- 33.78 & Divergence- -108.48

Conclusions from EOD chart analysis

(Stochastic & MACD)

Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 started from 16828.3 on 20-03-2023 and in continuation with recent top formations at 19991.8 on 20-07-2023, Short Term correction begun from this level which is in continuation with recent bottom formations at 19296.5 on 03-08-2023 and no indication of its completion yet on intraday and EOD charts. 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 are falling towards Over sold zone therefore showing more downward moves signals in the next week.

2- As in MACD indicator MACD line has intersected Average line downward and its both lines are falling in positive and negative zone therefore indicating downward trend formation stronger possibility.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (11-Aug-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 19555

2- 21-Day SMA is today at 19652

3- 55-Day SMA is today at 19177

4- 100-Day SMA is today at 18550

5- 200-Day SMA is today at 18280

 

Conclusions from EOD chart analysis

(Averages)

As Nifty has closed below 5-Day and 21-Day SMA last Friday and except this 5-Day SMA has intersected 21-Day SMA downward also therefore confirming Short Term trend turning downward and more downward moves possibility in next week hence firstly sustaining beyond 55-Day SMA should be watched in the coming week for Intermediate Term trend confirmation. Let confirmation of sustaining beyond 55-Day SMA come then next trend will be considered accordingly. 

Nifty-EOD Chart Analysis

(Head and Shoulders like pattern formations)

Nifty-EOD Chart (11-Aug-2023):-

Technical Patterns and Formations in EOD charts

1- Head and Shoulders like pattern formation indications on EOD charts

2- Neckline at 19300

Conclusions from EOD chart analysis

(Head and Shoulders like pattern formations)

Head and Shoulders like pattern formation indications on EOD charts with its Neckline at 19300 therefore firstly sustaining beyond 19300 should be watched in the coming week/weeks because once sustaining below it will mean minimum 691.8 points fall according to following calculations.

Head is at 19991.8-Neckline is at 19300=691.8 points

Nifty-Last 29 Sessions intraday

charts analysis

Nifty-Intra Day Chart (Jul 04 to Aug 11,2023):-

Technical Patterns formation in last 29 Sessions intraday charts

1- Selling(Resistances) in last 29 Sessions are as follows:-

A- 19485-19504

B- 19538-19623(Strong resistance)

C- 19642-19707

D- 19724-19793

E- 19793-19825(Strong resistance)

F- 19906-19925

G- 19964-19987 

2- Consolidation(Supports) in last 29 Sessions are as follows:-

A- 19376-19392

A- 19297-19365 

3- Last 29 Sessions actual trading between 19297-19991

Conclusions from 29 Sessions

intra day chart analysis 

As last 29 Sessions trading between 19297-19991 with higher levels good selling and multiple strong resistances as well as lower levels comparatively much weaker supports therefore fresh selling in the beginning of next week will mean high possibility of Nifty slipping below last 29 sessions lowest. Firstly sustaining beyond last 29 Sessions lowest(19297) should be watched in next week because sustaining below it will mean deeper correction beginning after last 29 sessions like big trading range broken down confirmations.

Nifty-Intra Day Chart Analysis

(11-Aug-2023)

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

Technical Patterns formation in today intraday charts

1- More than 60 points sharp fall in first 2 minutes after positive opening

2- More than 5 hours selling between 19485-19504

3- Sharp fall in last half hour

4- Whole day actual trading between 19413-19557

Conclusions from intra day chart analysis 

Although positive opening last Friday but firstly more than 60 points sharp fall was seen in first 2 minutes and after that more than 5 hours selling developed therefore again Nifty fallen sharply in last half hour. As only intraday selling patterns formations and consolidation was not seen therefore down moves beow last Friday lowest(19413) will be seen in the beginning of next week.

Conclusions (After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up but at stake and firstly sustaining beyond 55-Day SMA(today at 19177) should be watched in next week/weeks for its confirmations.

3- Short Term trend is down.

Short Term correction started from 19991.8 on 20-07-2023 and is in continuation with recent bottom formations at 19296.5 on 03-08-2023 and no signal of its completion yet on intraday and EOD charts therefore more down moves can not be ruled in in next week because:-

1- Short Term Indicators are showing downward moves continuation signals.

2- Short Term Averages are confirming weakness

3- Only intraday selling patterns formations in last friday intraday charts.

As higher levels multiple resistances have been developed in last 29 Sessions trading between 19297-19991 and lower levels comparatively much weaker supports are being seen and more downward moves possibility in the beginning of next week also therefore firstly sustaining beyond last 29 Sessions lowest(19297) should be watched in next week because:- 

1- Neckline of Head and Shoulders like pattern is at 19300

2- sustaining below 19300 will confirm minimum 691.8 points downward moves

Although firstly downward moves expectations in the beginning of next week but finally sustaining beyond 19300 should be watched in the coming week for next big moves beginning confirmations because:-

1- Sustaining below it will confirm deeper correction beginning 

2- Sustaining above it will generate first signal of fresh up moves beginning towards life time highest after on going correction completion.

19468 will confirm the life of correction

 amid down moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(11-08-2023)

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

Technical Patterns formation in today intraday charts

1- Selling between 19538-19623

2- Whole day actual trading between 19496-19623

Conclusions from intra day chart analysis 

As whole day sideways trading with higher levels selling between 19538-19623 therefore down moves are expected towards next supports above 19468 and finally sustaining it beyond will confirm the life of on going correction.

Watch immediate resistances for

 next decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(10-08-2023)

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

Technical Patterns formation in today intraday charts

1- 110 Points down moves after flat opening in first hour

2- More than 4 hours consolidation between 19468-19526(immediate supports)

3- 122 Points sharp up in last hour

4- Whole day actual trading between 19468-19645

Conclusions from intra day chart analysis 

As good intraday selling yesterday therefore down moves were expected below yesterday lowest(19534) and down moves were seen also in first hour today through 110 Points fall towards today lowest(19467.50) after flat opening. 

Although weakness in first hour but lower levels more than 4 hours consolidation therefore 122 points sharp up moves were seen in last hour. As immediate resistances are strong between 19567-19618 therefore firstly sustaining beyond it should be firstly watched tomorrow for:-

1- Above 19618 will mean next up moves towards next resistances(19642-19707).

2- Below 19567 will mean next down moves towards next supports(19468-19526).

Down moves below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(09-08-2023)

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

Technical Patterns formation in today intraday charts

1- Selling between 19577-19618

2- Sharp down moves

3- Selling between 19567-19594

4- Whole day actual trading between 19534-19634

Conclusions from intra day chart analysis 

Although positive opening but selling developed immediately therefore down moves were seen after 11:00 AM. As following up selling in last more than 3 hours hence down moves are expected below today lowest in the coming sessions.

 As busy therefore unable to update today(08-08-2023) Outlook. 

Finally sustaining beyond 19297-19538

 will confirm the life & length

 of on going Correction

Technical Analysis,Research & Weekly Outlook

(Aug 07 to Aug 11,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (04-Aug-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 and Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 beginning.

8- Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 continuation with recent top formations at 19991.8 on 20-07-2023.

9- Short Term correction continuation with recent bottom formations at 19296.5 on 03-08-2023.   

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure begun from 15183.4 on 17-06-2022 after Corrective Wave-C of "ABC correction" of previous Waves structure completion at this level. 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 its "ABC" correction begun, Corrective Wave-C of "ABC" correction completed at 16828.3 on 20-03-2023. From this level Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 started which is in continuation with recent and life time top formations at 19991.8 on 20-07-2023. Although no confirmations of its completion yet on EOD charts but Short Term correction started from this levels which is in continuation with recent bottom formations at 19296.5 on 03-08-2023

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (04-Aug-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 19991.8 on 20-07-2023.

3- Short Term correction continuation with recent bottom formations at 19296.5 on 03-08-2023.

4- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling  little above Over Sold zone.

5- Stochastic:- %K(5)- 28.15 & %D(3)- 35.84.

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

7- MACD(26,12)- 41.56 & EXP(9)- 219.17 & Divergence- -177.61

Conclusions from EOD chart analysis

(Stochastic & MACD)

Short Term correction begun after Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 recent top formations at 19991.8 on 20-07-2023 and in continuation with recent bottom formations at 19296.5 on 03-08-2023 as well as no confirmations of its completion yet on EOD charts. 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 are falling little above Over Sold zone therefore indicating some more down moves possibilities.

2- As in MACD indicator MACD line has intersected Average line downward and its both lines are falling in positive zone therefore showing downward trend formation indications.

Nifty-EOD Chart Analysis

(Fibonacci retracement levels)

Nifty-EOD Chart (04-Aug-2023):-

Technical Patterns and Formations in EOD charts

 

Fibonacci Retracement levels of Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1(from 16828.3 to Wave-19991.8):-

13.0%- 19,580.5 (Retraced)

23.6%- 19,245.2

27.0%- 19,137.7

38.2%- 18,783.3 (Crucial)

50.0%- 18,410.1 (Crucial)

61.8%- 18,036.8 (Crucial)

70.7%- 17,755.2

76.4%- 17,574.9

78.6%- 17,505.3

88.6%- 17,188.9

Conclusions from EOD chart analysis

(Fibonacci retracement levels)

As Short Term correction of Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 is in continuation and no confirmations of its completion yet on EOD charts therefore above mentioned its Fibonacci Retracement levels should also be watched one by one in the coming weeks/months for the life and length of on going correction.

Nifty-Last 2 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Aug 03 & Aug 04,2023):-

Technical Patterns formation in last 2 Sessions intraday charts

1- Intraday trading patterns on 03-08-2023 

A- Selling between 19472-19537

B- Consolidation between 19297-19365

2- Intraday trading patterns on 04-08-2023

A- Consolidation between 19439-19480

B- Selling between 19516-19537

3- Last 2 Sessions actual trading between 19297-19538 

Conclusions from 2 Sessions

intra day chart analysis 

Previous strong supports were between 19434-19519. As Nifty was to prepare for next decisive moves beginning beyond these strong supports therefore traded within and near about it between 19297-19538 in last 2 sessions as well as closed within it at 19517 last Friday. Last 2 Sessions trading was between 19297-19538 with both lower levels consolidation and higher levels selling patterns formations therefore firstly Nifty will have to trade and prepare for next decisive moves in the beginning on next week and finally sustaining beyond last 2 sessions trading range(19297-19538) will confirm it therefore should be firstly watched in next week because strong supports(19434-19519) are lying within this range.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term trend is down.

Short Term correction of Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 begun from 19991.8 on 20-07-2023 after gaining 3163.5 points in exactly 4 months and in continuation with recent bottom formations at 19296.5 on 03-08-2023 as well as no confirmations of its completion yet on EOD and intraday charts. Nifty has retraced 13.0%(19,580.5) during on going correction and Short Term indicators are showing some more down moves possibilities therefore above mentioned Fibonacci retracement levels should also be watched one by one. As Crucial retracement levels tends to reverse the trend also therefore should also be positively watched during on going correction.

Next resistances above last Friday closing are as follows:-

1- 19518-19537

2- 19642-19707

3- 19724-19793

4- 19793-19825(Strong resistance)

5- 19906-19925

6- 19964-19987

Next supports below last Friday closing and upto 38.2% retracement levels are as follows:-

1- 19439-19480

2- 19297-19365

3- 19202-19234(Gap supports)

4- 19139-19156

5- 19076-19094

6- 19012-19024(Gap supports)

7- 18963-19002

8- 18869-18890

9- 18830-18861(Gap supports)

10- 18715-18746

11- 18647-18675

Strong supports were between 19434-19519 and Nifty traded within/near about it between 19297-19538 in last 2 sessions of previous week to prepare for next decisive moves beginning. As finally sustaining beyond last 2 sessions trading range(19297-19538) will confirm the life and length of on going Short term correction also through honouring/dishonouring of strong supports(19434-19519) therefore should be firstly watched for it in next week.

Sustaining beyond 19297-19537 will 

confirm the life of on going correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-08-2023)

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

Technical Patterns formation in today intraday charts

1- Almost 3 hours selling between 19472-19537

2- Down moves in Mid-session

3- 2 Hours consolidation between 19297-19365

4- Sharp up in last hour

5- Whole day actual trading between 19297-19537

Conclusions from intra day chart analysis 

Although firstly up moves after negative opening but almost 3 hours selling between 19472-19537 therefore down moves were seen in Mid-session.  As 2 hours lower levels consolidation also therefore sharp up in last hour and closing was after 85 points recovery from today lowest.

As both lower levels consolidation and higher levels selling between 19297-19537 today therefore firstly Nifty will have trade and prepare for the life of on going correction within this range and finally sustaining it beyond will confirm it hence should be firstly watched in the coming sessions.

Strong supports will confirm 

next Short Term moves beginning 

Nifty-Intra Day Chart Analysis & 

Market Outlook(03-08-2023)

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

Technical Patterns formation in today intraday charts

1- Down moves with upward corrections

2- Selling between 19518-19556

3- Volatility in more than last 2 hours between 19424-19544 

4- Whole day actual trading between 19424-19678

Conclusions from intra day chart analysis 

Live Proofs of our 100% accurate analysis and Levels

1- Following lines were told yesterday in "Down moves expectations below today lowest":-

whole day intraday selling patterns developed today therefore down moves are expected below today lowest(19705) in the coming sessions

2- Following strong supports were posted on 29-07-2023 in "Firstly watch next strong resistance amid up moves expectations":-

19434-19519(Strong supports)

As was told 100% same happened and:- 

1- Nifty opened gap down below below yesterday lowest at 19655.40 today and traded whole day below it as well as closed 207 points down today.

2- Nifty honoured strong supports today and:- 

A- Nifty traded more than last 2 kours within and near about strong supports. 

B- Nifty could not sustain below strong supports and recovered sharply after forming bottom only 10.45 points below it at 19423.55 today.

3- Nifty closed just above the top of strong supports at 19526.55 today.

As whole day good intraday selling yesterday therefore firstly gap down opening was seen today and after that fresh selling through Down moves with upward corrections and sideways trading range selling therefore sharp fall developed and once Nifty traded 254 points down also.

Last more than 2 hours 220 points volatility within and near about strong supports(19434-19519) between 19424-19544 today therefore expected that Nifty will firstly trade and prepare for next Short Term moves beginning within and near about this range as well as finally sustaining beyond this range will confirm it hence should be watched in the coning sessions.

Down moves expectations below

 today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(02-08-2023)

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

Technical Patterns formation in today intraday charts

1- Selling between 19770-19795

2- Selling between 19725-19753

3- Selling between 19746-19764

4- Whole day actual trading between 19705-19795

Conclusions from intra day chart analysis

Live Proofs of our 100% accurate analysis

1- Following lines were told today at 08:08 AM in "Watch next strong resistance range amid rally continuation expectations":-

rally continuation is expected towards next strong resistance range(19793-19825) and finally sustaining it beyond will confirm next decisive moves beginning

2- Following lines were told on 29-07-2023 in "Firstly watch next strong resistance amid up moves expectations":-

firstly up moves are expected in the beginning of next week therefore firstly sustaining beyond above mentioned strong resistance(19793-19825) should be firstly watched in the coming week

As was told in previous 2 Outlooks all that proved 100% accurate today and:- 

1- Nifty moved up 149.60 points to 19795.60 in previous 2 sessions from last Friday closing(19646).

2- Nifty faced resistance within strong resistance(19793-19825) at today highest(19795.60) and Nifty moved down today to 19,704.60 after loosing 91 points.

Although firstly up moves after positive opening but whole day intraday selling patterns developed today therefore down moves are expected below today lowest(19705) in the coming sessions.

Watch next strong resistance range amid rally continuation expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(01-08-2023)

Nifty-Intra Day Chart (31-Jul-2023):-

Technical Patterns formation in today intraday charts

1- More than 2 hours up moves after positive opening

2- More than 3 hours consolidation between 19679-19721

3- Sharp up in last hour

4- Whole day actual trading between 19598-19772

Conclusions from intra day chart analysis 

As firstly more than 2 hours up moves after positive opening and after that more than 3 hours consolidation therefore sharp up moves were seen in last hour. Only intraday consolidation and selling patterns were not seen therefore on going rally continuation is expected towards next strong resistance range(19793-19825) and finally sustaining it beyond will confirm next decisive moves beginning hence it should also be watched in the coming sessions for confirmations.

Firstly watch next strong resistance 

amid up moves expectations

Technical Analysis,Research & Weekly Outlook

(Jul 31 to Aug 04,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (28-Jul-2023):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 16828.3 on 20-03-2023 and Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 beginning.

2- Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 continuation with recent top formations at 19991.8 on 20-07-2023. 

3- Short Term correction continuation with recent bottom formations at 19563.1 on 28-07-2023. 

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 16828.3 on 20-03-2023 and Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 started which is in continuation with recent top formations at 19991.8 on 20-07-2023 after gaining 3163.5 points exactly in 4 months. Now Short Term correction continuation with recent bottom formations at 19563.1 on 28-07-2023 and no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (28-Jul-2023):-

Technical Patterns and Formations in EOD charts

1- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines have started to rise from just above Over sold zone.

2- Stochastic:- %K(5)- 30.10 & %D(3)- 26.13.

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

4- MACD(26,12)- 281.72 & EXP(9)- 345.99 & Divergence- -64.27

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 have started to rise from just above Over sold zone therefore signalling Short Term up moves possibility in next week.

2- As in MACD indicator MACD line has intersected Average line downward and its both lines are falling in positive zone therefore showing Downward trend formation signals.

Although MACD is suggesting Downward trend formation but Stochastic is showing up moves beginning signals therefore fresh down moves after initial up moves can not be ruled out if MACD line does not intersect upward Average line during expected initial up moves.  

Nifty-Intra Day Chart Analysis

(28-Jul-2023)

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

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel after flat opening

2- Up moves with downward corrections in last 2 hours

3- Whole day actual trading between 19563-19695

Conclusions from intra day chart analysis 

Although firstly down moves after flat opening last friday but were in Bullish Falling Channel therefore up moves were seen in last 2 hours. As these up moves were with downward corrections therefore whole day intraday consolidation patterns formations will be understood and firstly up moves are expected above last Friday highest(19,695.90) in the beginning of next week.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term trend is down.

Although impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 continuation with recent top formations at 19991.8 on 20-07-2023 and no indication of its completion yet on EOD charts but now its Short Term correction is on with recent bottom formations at 19563.1 on 28-07-2023. 

As intraday charts of last Friday are showing good consolidation and Short Term indicator Stochastic is also suggesting Short Term up moves possibility therefore firstly up moves are expected in the beginning next week. If MACD line succeeds to intersect Average line upward during expected up moves then strong rally will be seen towards and above following next resistances after its upward trend formation confirmations.  

1- 19642-19707

2- 19724-19749

3- 19793-19825(Strong resistance)

4- 19906-19925

5- 19964-19987

Next supports below last Friday closing are as follows:-

1- 19563-19608

2- 19434-19519(Strong supports)

3- 19370-19421

Although Short term correction continuation and no confirmation of its completion yet on EOD and intraday charts but above mentioned technical analysis led firstly up moves are expected in the beginning of next week therefore firstly sustaining beyond above mentioned strong resistance(19793-19825) should be firstly watched in the coming week for 1st strong signal of fresh rally above life time highest(19991.8) after Short Term correction completion because resistances above 19825 are not strong.

 As not feeling well therefore unable to update today(28-07-2023) Outlook. 

19616-19825 will confirm next 

short term trend

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-07-2023)

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

Technical Patterns formation in today intraday charts

1- Sharp up after gap up opening

2- Selling between 19795-19825

3- Sharp down in last hour

4- Whole day actual trading between 19717-19825

Conclusions from intra day chart analysis 

Although firstly sharp up moves after gap up opening but higher levels good intraday selling developed therefore  sharp down moves were seen in last hour and Nifty closed today within yesterday mentioned  resistance range(19748-19782) at 19778.30. 

Previous resistance range was between 19793-19821 and fresh selling was seen within and near about this range today therefore this resistance range has become stronger and until complete consolidation will not develop till then decisive up moves will not be seen above 19825.

As both higher levels selling and lower levels buying has been seen between 19616-19825 in the last 4 sessions therefore expected that Nifty will trade and prepare for next short term trend within this range as well as finally sustaining it beyond will confirm it hence should be firstly watched in the coming sessions.

Up moves towards next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(26-07-2023)

Nifty-Intra Day Chart (25-Jul-2023):-

Technical Patterns formation in today intraday charts

1- Whole day trading with consolidation patterns indications

2- Whole day actual trading between 19616-19729

Conclusions from intra day chart analysis 

As whole day today trading with consolidation patterns indications therefore up moves are expected towards next resistances(19748-19782) and finally sustaining it beyond will confirm next decisive moves beginning.

19659-19782 will confirm next intraday decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(25-07-2023)

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

Technical Patterns formation in today intraday charts

1- Consolidation between 19704-19732

2- Selling between 19748-19782

3- Sharp down

4- Consolidation between 19672-19720

5- Sharp up

6- Selling between 19738-19772

7- Sharp down

8- Consolidation between 19659-19694

9- Whole day actual trading between 19659-19782

Conclusions from intra day chart analysis 

As whole day trading with lower levels consolisation and higher levels selling and one sided technical position formations were not seen therefore firstly Nifty has to trade and prepare for next decisive moves beginning within whole day trading range(19659-19782). Finally sustaining beyond 19659-19782 will confirm next intraday decisive moves beginning hence should be firstly watched in the coming session.

Watch 19691 for Short term Correction

 beginning confirmations after 

3163.5 points strong rally on Nifty

Technical Analysis,Research & Weekly Outlook

(Jul 24 to Jul 28,2023)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (21-Jul-2023):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion and 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 19991.80 on 20-07-2023. 

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

4- Stochastic:- %K(5)- 78.73 & %D(3)- 87.75.

5- In MACD- Both lines are kissing in positive zone.

6- MACD(26,12)- 369.56 & EXP(9)- 367.57 & Divergence- 01.99

Conclusions from EOD chart analysis

(Stochastic & MACD)

Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 begun from 16828.3 on 20-03-2023 and is in continuation with recent top formations at 19991.80 on 20-07-2023 after gaining 3163.5 points as well as no confirmation of its completion yet on EOD charts. 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 are falling within Over bought zone therefore showing Short Term correction continuation signals in the coming week.

2- As in MACD indicator its both lines are kissing in positive zone therefore at present this indicator is not signalling any side clear trend. Let one sided clear intersection happen then that side next Short Term trend formations will be understood.

Nifty-Last 4 Sessions intraday

charts analysis

Nifty-Intra Day Chart (Jul 18 to Jul 21,2023):-

Technical Patterns formation in last 4 Sessions intraday charts

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

A- 19831-19842

B-  Selling between 19869-19991 through "Up moves in Bearish Rising Channel" after Psychological levels 20,000 euphoria building up

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

A- 19705-19728 

3- Last 4 Sessions actual trading between 19691-19991 

Conclusions from 4 Sessions

intra day chart analysis 

Last 4 Sessions trading between 19691-19991 with above mentioned supports and resistances. As higher levels good intraday selling developed in previous week because Psychological levels 20,000 euphoria built up therefore sharp fall was seen last Friday and closing was near the lower levels of last 4 sessions. As higher levels good selling therefore firstly sustaining beyond last 4 sessions lowest should be firstly watched in next week because that will confirm 

1- Deeper correction beginning after last 4 sessions range broken down through sustaining below 19691.

2- Very Short term correction completion in sideways market will be understood after sustaining above 19691.

Nifty-Intra Day Chart

Analysis(21-Jul-2023)

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

Technical Patterns formation in today intraday charts

1- Volatility in first hour between 19801-19887 after 178 Points weaker opening

2- Down moves with upward corrections

3- Selling between 19793-19821

4- Down moves in Bullish Falling Channel

5- 79 Points sharp up in last half hour

6- Whole day actual trading between 19700-19887

Conclusions from intra day chart analysis 

Although volatility in first hour between 19801-19887 after 178 Points weaker opening but after that selling through Down moves with upward corrections and in sideways range selling also between 19793-19821 therefore down moves remained continued till last hour and once Nifty traded 279 points down. As lower levels some consolidation were also seen in last hours through Down moves in Bullish Falling Channel therefore 79 Points sharp up developed in last half hour.  

As lower levels some consolidation was also seen below 19793 last Friday therefore expected that nifty will firstly trade between 19700-19793 in the beginning of next week and prepare for next decisive moves beginning as well as finally sustaining beyond this range will confirm it hence it should be firstly in next week.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term trend is sideways between 19691-19991.

Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 forcefully continuation with recent top formations at 19991.80 on 20-07-2023 and continuous new life time top formations as well as no confirmation of its completion yet on EOD and intraday charts.

As Short Term indicator Stochastic is showing singals of Short Term correction beginning and intraday charts of previous 4 sessions have shown higher levels selling patterns formations also therefore signals of Short term correction beginning have emerged which may be sideways or little deeper also and that will get confirmations through sustaining beyond last 4 sessions lowest(19691).Next supports below last 4 sessions lowest are as follows:-

1- 19599-19670(Strong supports)

2- 19434-19519(Strong supports)

3- 19370-19421

Nifty gained 3163.5 points without deeper corrections during on going rally. As indications of Short term Correction beginning have been seen therefore firstly sustaining beyond last 4 sessions lowest(19691) should be watched in the coming week for its confirmations.