Finally 19245-19452 will confirm next Short term Trend & remain cautious also

Nifty-Intra Day Chart Analysis & 

Market Outlook(31-08-2023)

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

Technical Patterns formation in today intraday charts

1- Selling between 19414-19452(immediate Resistances)

2- Sharp fall in last hour

3- Whole day actual trading between 19335-19452

Conclusions from intra day chart analysis 

Although Bullish Global cues led strong opening but five hours selling was seen therefore sharp fall developed in last hour and closing was near the lower levels of the day. 

As intraday charts of previous sessions were showing good selling patterns formations therefore our view was Bearish and Nifty has closed within 100 points between 19265-19348 in last 4 sessions.

Following levels becomes crucial and next decisive moves decider:-

1- Selling range(19414-19452) of 30-08-2023 which is immediate Resistances.

2- Previous 3 sessions(25-08-2023 to 29-08-2023) trading range(19245-19356) in which selling was also seen.

As sharp fall was also seen yesterday within last 4 sessions trading range(19245-19452) therefore finally sustaining beyond this range should be watched in the coming sessions for next Short term Trend beginning confirmations and remain cautious also because sustaining below 19245 will mean deeper correction beginning.

 As I was out of station therefore unable to update today(30-08-2023) Outlook. 

Down moves expectations below

 day's lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-08-2023)

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

Technical Patterns formation in today intraday charts

1- Down moves after positive opening

2- 116 Points up moves till 02:00 PM

3- More than 4 hours selling Patterns formation between 19307-19366

4- Whole day actual trading between 19250-19366

Conclusions from intra day chart analysis 

Although positive opening but firstly down moves and after that 116 Points up moves were seen till 02:00 PM. As more than 4 hours selling Patterns formation between 19307-19366 in Mid-session also therefore down moves after expected below day's lowest(19250) despite positive closing on 28-08-2023.

Firstly watch Intermediate Term trend

 decider 55-Day SMA amid 

correction continuation expectations

Technical Analysis,Research & Weekly 

Outlook(Aug 28 to Sep 01,2023)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (25-Aug-2023):-

Technical Patterns and Formations in EOD charts

1- Last 38 sessions most time trading range(19297-19991) broken down and first time closing below it at 19265.80 on 25-08-2023

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

3- Stochastic:- %K(5)- 45.86 & %D(3)- 59.77.

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

5- MACD(26,12)- -139.70 & EXP(9)- -131.93 & Divergence- -7.77

Conclusions from EOD chart analysis

(Stochastic & MACD)

Short Term correction which started from 19991.8 on 20-07-2023 is in continuation with recent bottom formations at 19229.7 on 25-08-2023 and no indication 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 again intersected %D(3) line downward in previous week and its both lines are falling towards Over sold zone therefore more downward moves are expected in next week.

2- As in MACD indicator its both lines are kissing in negative zone therefore at present this indicator is not showing any side clear trend but its both lines are in negative zone therefore finally downward intersection will mean on going correction continuation confirmations which should be firstly watched in next week. 

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (25-Aug-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 19377 

2- 21-Day SMA is today at 19497

3- 55-Day SMA is today at 19309

4- 100-Day SMA is today at 18761

5- 200-Day SMA is today at 18346

Conclusions from EOD chart analysis

(Averages)

As Nifty had sustainined below both Short Term Trend deciders 5-Day and 21-Day SMA therefore confirmed that Short Term Trend has turned downward. Nifty has closed(19250.30) below Intermediate Term Trend decider 55-Day SMA which is today at 19309 therefore it will be understood that Intermediate Term Trend is at stake and firstly sustaining beyond 55-Day SMA should be watched in the coming week for Intermediate Term Trend and next big moves beginning confirmations.

Nifty-Intra Day Chart Analysis

(25-Aug-2023)

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

Technical Patterns formation in today intraday charts

1- Up moves after 71 points gap down opening

2- Selling between 19296-19339

3- Selling between 19276-19299

4- Sharp fall in last half hour

5- Whole day actual trading between 19230-19339

Conclusions from intra day chart analysis 

Although firstly up moves after 71 points gap down opening but higher levels good intraday selling developed last Friday therefore Sharp fall was seen in last half hour. As only intraday selling and consolidation was not seen therefore firstly down moves below last Friday lowest 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 still up but at stake and firstly sustaining beyond 55-Day SMA(today at 19309) should be watched in the coming week for its confirmations.

3- Short Term trend is confirm down.

Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 is in continuation with recent and life time top formations at 19991.8 on 20-07-2023 and 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 19265.80 on 25-08-2023.

As Short Term indicator Stochastic is signalling correction continuation possibility and last Friday intraday charts are also showing more downward moves signals therefore firstly Bearish moves are expected in the beginning of next week and following supports/levels should also be watched one by one for the length of on going correction:-

1- Watch those next supports below last Friday closing(19265.80) which were posted in previous week Weekly Outlook. 

2- Watch following 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

Correction continuation expectations and firstly sustaining beyond Intermediate Term trend decider 55-Day SMA(today at 19309) should be watched in the coming week for its confirmations because its turning down confirmations will mean minimum 3 weeks to 3 Months long correction and testing possibility of Long Term trend decider 200-Day SMA(today at 18346) also can not be ruled out in that situation.

Down moves towards next supports

Nifty-Intra Day Chart Analysis &

Market Outlook(25-08-2023)

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

Technical Patterns formation in today intraday charts

1- Up moves after positive opening

2- Down moves with upward corrections

3- Whole day actual trading between 19370-19584

Conclusions from intra day chart analysis 

Although firstly up moves after positive opening but intraday selling patterns were also seen in last 2 sessions therefore not sustaining at higher levels and down moves started which remain continued till last 15 minutes. AS all the down moves were with upward corrections therefore intraday selling will be understood and down moves continuation is expected towards next supports between 19254-19295.

Watch 19437-19472 for next intraday decisive moves beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(24-08-2023)

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

Technical Patterns formation in today intraday charts

1- 72 Points down in first hour after positive opening

2- Consolidation between 19367-19393

3- Up moves in Mid-session 

4- Last 3 hours sideways trading between 19437-19472

5- Whole day actual trading between 19367-19472

Conclusions from intra day chart analysis 

Although positive opening but intraday selling was seen yesterday therefore Nifty could not sustain and firstly 72 Points down moves were seen in first hour as well as Nifty slipped below yesterday lowest(19382). As lower levels some consolidation therefore up moves were seen in Mid-session but higher levels 3 hours sideways trading between 19437-19472 in which one sided trading patterns were not seen therefore firstly sustaining beyond this range should be watched tomorrow for next intraday decisive moves beginning confirmations.

Down moves expectations below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-08-2023)

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

Technical Patterns formation in today intraday charts

1- Whole day sideways trading between 19382-19443

2- Selling between 19407-19443

3- Whole day actual trading between 19382-19443

Conclusions from intra day

chart analysis 

Following lines were told on 19-08-2023 in "Finally watch 19237 amid firstly up moves expectations towards next resistances":-

firstly up moves expectations towards above mentioned resistances.

As was told 100% same happened and:-

1- Firstly Nifty moved up 133 Points in first 2 sessions of this week

2- 1st resistance range of Nifty was given between 19394-19415 and Nifty closed within it at 19396.45 today and just below it at 19393.60 yesterday.

Although flat closing today but higher levels good intraday selling was seen between 19407-19443 during whole day sideways trading. As today closing was within and above mentioned resistance range(19394-19415) also therefore down moves are expected below today lowest(19382)

 As out of station therefore unable to update today(22-08-2023) Outlook. 

Finally watch 19237 amid firstly 

up moves expectations towards 

next resistances

Technical Analysis,Research & Weekly 

Outlook(Aug 21 to Aug 25,2023)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (18-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 19253.6 on 18-08-2023.

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

5- Stochastic:- %K(5)- 37.79 & %D(3)- 37.27.

6- Stochastic is showing positive divergence

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

8- MACD(26,12)- -130.11 & EXP(9)- -64.66 & Divergence- -65.45

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 in continuation with recent top formations at 19991.8 on 20-07-2023. Its correction started from this level which is in continuation with recent bottom formation at 19253.6 on 18-08-2023 and no confirmation of its completion yet on intraday and EOD charts. Positions of Daily indicators are as follows:-

1- Although 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 more downward moves can not be ruled out. As Stochastic is showing positive divergence also therefore emergence of Short Term trend reversal will be understood and it will get confirmation after %K(5) line upward intersection of %D(3) line.

2- As in MACD indicator MACD line has intersected Average line downward and its both lines are falling in  negative zone therefore confirming downward trend formation as well as more more downward moves possibility.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (18-Aug-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 19400 

2- 21-Day SMA is today at 19591

3- 55-Day SMA is today at 19237

4- 100-Day SMA is today at 18643

5- 200-Day SMA is today at 18314

Conclusions from EOD chart analysis

(Averages)

As Nifty has closed below both Short Term 5-Day and 21-Day SMA last Friday and 5-Day SMA has intersected downward 21-Day SMA also therefore confirming that Short Term Trend has turned downward. Intermediate Term Trend decider 55-Day SMA is at 19237 and lowest of on going correction was just above it at 19253.6 last Friday therefore firstly sustaining beyond 19237 should be watched in next week for Intermediate Term Trend final confirmations.  

Nifty-Intra Day Chart Analysis

(18-Aug-2023)

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

Technical Patterns formation in today intraday charts

1- 89 Points down in first minute after gap down opening.

2- Consolidation between 19254-19295

3- Sharp up

4- Down moves in Bullish Falling Channel

5- Whole day actual trading between 19254-19373

Conclusions from intra day chart analysis 

Although firstly 89 points down moves in first minute after gap down opening but lower levels consolidation was seen between 19254-19295 therefore sharp up moves developed after 01:30 PM and Nifty recovered more than 100 points in half hour. As follow up consolidation was seen in last hour through Down moves in Bullish Falling Channel therefore up moves are expected above last friday highest(19373) in the beginning of next week.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is still up but at stake and firstly sustaining beyond 55-Day SMA(today at 19237) should be watched in the coming week/weeks for its confirmations.

3- Short Term trend is down.

Short Term correction which started from 19991.8 on 20-07-2023 and is in continuation with recent bottom formations at 19253.6 on 18-08-2023 and no confirmation of its completion yet on intraday and EOD charts.

Although MACD indicator is showing downward moves continuation signals but Short Term indicator Stochastic is suggesting fresh up moves beginning possibility also as well as intraday charts of last Friday is indicating up moves in the beginning of next week therefore firstly up moves are expected towards following next resistances in the beginning of next week;-

1- 19394-19415

2- 19485-19504

3- 19538-19623(Strong resistance)

Next supports below last friday closing are as follows:-

1- 19254-19295

2- 19202-19234(Gap Supports)

3- 19136-19155

4- 19075-19107

5- 19012-19024(Gap Supports)

6- 18951-18976

7- 18865-18891

8- 18830-18861(Gap Supports)

9- 18772-18789

10- 18716-18747

11- 18647-18675

12- 18532-18565

13- 18479-18516

14- 18419-18445

15- 18373-18397

16- 18325-18353

17- 18203-18261

18- 18059-18127

Long Term Trend is still up and its decider 200-Day SMA is today at 18314 as well as all the supports near about it has been updated above. Although Intermediate Term trend is still up but at stake at 19237 because no confirmation of on going correction completion yet therefore sustaining it beyond should also be watched in next week/weeks. Finally sustaining below 19237 will mean deeper correction beginning confirmations towards above mentioned 18 supports amid firstly up moves expectations towards above mentioned resistances.

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.