Sustaining below 23228 will confirm Short Term correction beginning

Nifty-Intra Day Chart Analysis & Market

Outlook(11-06-2024)

Nifty-Intra Day Chart (10-Jun-2024):-

Technical Patterns formation in today intraday charts

1- Selling between 23385-23411

2- Sharp fall 

3- More than 4 hours selling between 23312-23377

4- Sharp fall 

5- Volatility in last hour between 23228-23301

6- Whole day actual trading between 23228-23411

Conclusions from intra day chart analysis 

Although firstly some up moves after positive opening but higher levels selling was seen in first half hour therefore sharp fall was seen. As more than 4 hours follow up selling in Mid-session therefore again Nifty fallen sharply. 

As volatility in last hour between 23228-23301 and technical positions revreses also during such volatility therefore firstly sustaining beyond this range should be watched in the coming sessions and finally sustaining below 23228 will mean Short Term correction beginning because higher levels good intraday selling was seen today.

Strong rally beginning after our 

Greatest Prime Minister Modi ji 

oath taking ceremony

Technical Analysis,Research & Weekly 

Outlook(Jun 10 to Jun 14,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (07-Jun-2024):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of previous Waves structure "ABC correction" completion at 15183.40 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.

2- Impulsive Wave-1 completion at 18887.60 on 01-12-2022.

3- Corrective Wave-2 completion at 16828.30 on 20-03-2023.

4- Impulsive Wave-(i) of Wave-3 completion at  20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

5- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.

6- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.  

7- Corrective Wave-C of Wave-(ii) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 beginning. 

8- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 23338.70 on 03-06-2024.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure begun from 15183.40 on 17-06-2022 after Corrective Wave-C of "ABC correction" of previous Waves structure completion at this level. Impulsive Wave-1 completed at 18887.60 and Corrective Wave-2 started from this level which completed at 16828.30 on 20-03-2023. Impulsive Wave-3 begun from this level.

Impulsive Wave-(i) of Wave-3 completed at 20222.45 and from this level corrective Wave-A of "ABC" correction of Wave-(ii) of Wave-3 begun which completed at 19333.60 on 04-10-2023 and Wave-B started. Wave-B completed at 19849.80 on 17-10-2023 and Wave-C begun from this levels which completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 started from this level. 

Now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 23338.70 on 03-06-2024 and no indication of its completion yet on EOD charts as well as last Friday closing was at life time top therefore firstly rally continuation is expected in the beginning of next week. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (07-Jun-2024):-

Technical Patterns and Formations in EOD charts

1- More than 5 months old Rising Channel Pattern formations and Nifty closed above its higher Rising Channel line in previous week.

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

3- Stochastic:- %K(5)- 79.19 & %D(3)- 65.90.

4- In MACD- Its both MACD line and Average line are kissing in positive zone.

5- MACD(26,12)- 180.20 & EXP(9)- 223.54 & Divergence- -43.34

Conclusions from EOD chart analysis

(Stochastic & MACD)

More than 5 months old Rising Channel Pattern formations and Nifty closed little above its higher Rising line in previous week therefore firstly sustaining above its higher rising line should be watched in the coming week for next strong rally beginning confirmations. Technical positions of Short Term indicators are as follows;-

1- As in Stochastic its both lines are rising towards Over bought zone and have not turned Overbought yet therefore some more up moves are expected in the beginning of next week. Let intraday selling patterns develop and downward intersection happen then Short Term correction will be seen.

2- As in MACD indicator its both MACD line and Average lines are kissing in positive zone therefore 

at present this indicator is not showing any side bigger moves beginning confirmations. Let any side clear intersection happen then that side decisive moves will be seen after that side Short Term Trend formations.

Nifty-Intra Day Chart Analysis

(07-Jun-2024)

Nifty-Intra Day Chart (07-Jun-2024):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 23320-22789

Conclusions from intra day chart analysis 

Although firstly little down moves after flat opening but after that up moves begun which remained continued till last minutes and Nifry closed with 2.05 gains. As whole day these last Friday intraday up moves were with downward corrections which is a consolidation pattern and intraday selling patterns were not seen last Friday as well as last Friday closing was at life time top therefore on going rally continuation will be seen in the beginning of next week also.

Conclusions (After putting

all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term Trend is down.

As last Friday closing was at life time top with 2.05% intraday gains with whole day only intraday consolidation patterns formations and intraday selling patterns were not seen therefore on going Impulsive Wave-(iii) of Wave-3 continuation will be seen above life time top(23338.70) in the beginning of next week. As BJP and NDA got much lower that expected seats from Parliamentary election results in previous week therefore previous week trading was highly volatile but finally it has been ascertained that Modi ji led strong Government will be formed therefore strong recovery was seen from lower levels and Nifty could close at life time top last Friday. Only Short Term correction may be seen towards following next supports which should be watched one by one for its completion and next decisive up moves beginning:-

1- 23161-23236

2- 22961-23096

3- 22760-22871

4- 22291-22395

5- 21884-22191

6- 21502-21582

7- 21417-21500

Indicators are suggesting some more up moves possibility and intraday selling patterns have not been developed yet till last Friday therefore rally will remain continued and once sustaining above higher rising line of Rising Channel Pattern will mean strong rally beginning after our Greatest Prime Minister Modi ji oath takling ceremony on 9th June 2024.

 As still out of station and could not 

come back yet therefore unable to 

post today(07-06-2024) Outlook. 

 As out of station therefore unable 

to post today(06-06-2024) Outlook. 

Firstly watch next supports amid 

Election results led high volatility 

Pre-open Outlook(05-06-2024)

As completely unexpected election results on 4th June 2024 therefore Indian Stock markets crashed and closing was in deep Red. Indian markets reacted on Election results with high intraday volatility therefore intraday chart analysis is not being posted. Firstly sustaining beyond following next supports should be watched one by one in the coming sessions for next intraday decisive moves beginning confirmations amid Election results led high volatility:- 

1- 21502-21582

2- 21417-21500

Rally continuation with BJP victory 

Election results declaration

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-06-2024)

Nifty-Intra Day Chart (03-Jun-2024):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 23063-23338

Conclusions from intra day chart analysis 

As emergence of huge BJP victory expectations after Exit Poll results on 01-06-2024 therefore firstly gap up strong opening of Indian markets today morning and after that whole day up moves were with downward corrections which is a consolidation pattern also hence on going rally will remain continued with BJP victory Election results declaration tomorrow.

Strong rally after huge Victory of 

our greatest Prime Minister Modi ji 

on 4th June 2024

Technical Analysis,Research & Weekly Outlook

(Jun 03 to Jun 07,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (31-May-2024):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(i) of Wave-3 completion at  20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

2- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.

3- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.  

4- Corrective Wave-C of Wave-(ii) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 beginning. 

5- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 23110.80 on 27-05-2024.

6- Short Term correction continuation with recent bottom formations at 22417.00 on 30-05-2024

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-(i) of Wave-3 completed at 20222.45 and from this level corrective Wave-A of "ABC" correction of Wave-(ii) of Wave-3 started which completed at 19333.60 on 04-10-2023 and Wave-B begun. Wave-B completed at 19849.80 on 17-10-2023 and Wave-C started from this levels which completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 begun from this level. 

Now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 23110.80 on 27-05-2024 and no confirmation of its completion yet on EOD charts. Short Term correction begun from life time top which is in continuation and no confirmation of its completion also on EOD charts therefore firstly sustaining beyond its recent bottom(22417.00) should be watched in the beginning of coming week for on going Short Term correction continuation/completion confirmations.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (31-May-2024):-

Technical Patterns and Formations in EOD charts

1- More than 5 months old Rising Channel Pattern formations and Nifty closed near its higher Rising Channel line in previous week.

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)- 16.86 & %D(3)- 34.71.

4- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.

5- MACD(26,12)- 236.11 & EXP(9)- 124.54 & Divergence- 111.57

Conclusions from EOD chart analysis

(Stochastic & MACD)

More than 5 months old Rising Channel Pattern formations and Nifty closed almost in the middle  of  Rising Channel last Friday therefore it will be understood that at present it is not showing any side immediate break out/down signal. Let it happen then that side big moves will begin which should be firstly watched in the coming week/weeks for its confirmations. Technical positions of Short Term indicators are as follows;-

 

1- As in Stochastic its %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone therefore as per this indicator little more down moves can not be ruled out before fresh up moves beginning.

2- As in MACD indicator MACD line has intersected Average line upward and its both lines are rising in positive zone therefore it will be understood that this indicator has confirmed Upward Trend formations and resultant strong rally will be seen.

Nifty-Last 9 Sessions

intraday charts analysis

Nifty-Intra Day Chart (May 21 to May 31,2024):-

Technical Patterns formation in last 9 Sessions intraday charts

1- Selling(Resistances) in last 9 Sessions are as follows:-

A- 22744-22767

B- 22793-22825

C- 22937-22988

D- 23054-23110

2- Consolidation(Supports) in last 9 Sessions are as follows:-

A- 21417-21502

B- 21502-21582

3- Last 9 Sessions actual trading between 21405-23111 

Conclusions from 9 Sessions

intra day chart analysis 

Last 9 Sessions actual trading between 21405-23111 with above mentioned supports and resistances. As lower levels fresh consolidation was seen in last 2 sessions of previous week therefore firstly up moves are expected towards above mentioned resistances but finally sustaining beyond last 9 sessions trading range should be watched in the coming week/weeks for next big moves beginning confirmations.

Nifty-Intra Day Chart Analysis

(31-May-2024)

Nifty-Intra Day Chart (31-May-2024):-

Technical Patterns formation in today intraday charts

1- Up moves after positive opening

2- Selling between 22618-22653

3- Down moves

4- Consolidation between 22502-22559

5- Volatility between 22548-22628

6- Consolidation between 22466-22547

7- Whole day actual trading between 22466-22653

Conclusions from intra day chart analysis 

Although firstly up moves after positive opening but higher levels selling developed in first half hour therefore down moves started and Nifty lost almost all intraday gains. As more than 3 hours consolidation in Mid-sessions and follow up consolidation also in last hour after some volatility therefore up moves are expected above last Friday highest(22653.75) 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-3 continuation with new life time top formations and no confirmation of its completion yet on EOD charts but Short Term correction started from life time top level which is in continuation and no confirmation of its completion also.

As intraday charts of last 2 sessions are showing lower levels supports and Short Term indicator Stochastic has also moved into Oversold zone as well as MACD indicator has confirmed Upward Trend formations therefore finally up moves are expected towards above mentioned 4 resistances in the coming week. Firstly sustaining beyond life time highest(23110.80) should be watched in the coming week for strong rally beginning after huge Victory of our greatest Prime Minister Modi ji on 4th June 2024.

Sustaining above above 22615 

will mean strong rally

Nifty-Intra Day Chart Analysis & 

Market Outlook(31-05-2024)

Nifty-Intra Day Chart (30-May-2024):-

Technical Patterns formation in today intraday charts

1- Down moves after weaker opening

2- Consolidation between 22540-22615

3- Supports between 22417-22502 

4- Whole day actual trading between 22417-22705

Conclusions from intra day chart analysis 

As Dow Jones Futures was trading more than 250 points down before the opening of Indian markets and all the Asian markets were also trading in Red therefore firstly down moves were seen after weaker opening. More than 3 hours consolidation in  Mid-Session and lower levels supports also therefore finally up moves are expected and sustaining above above 22615 will mean strong rally beginning.

Finally sustaining above 22703 will 

confirm Fresh Rally beginning after

 Short Term correction completion

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-05-2024)

Nifty-Intra Day Chart (29-May-2024):-

Technical Patterns formation in today intraday charts

1- Selling between 22793-22825

2- Sharp down

3- Consolidation between 22686-22686

4- Sharp up

5- Selling between 22767-22744

6- Down moves in Bullish Falling Channel

7- Whole day actual trading between 22686-22825

Conclusions from intra day chart analysis 

As Bearish Global cues therefore firstly weaker opening of Indian markets and after that fresh selling developed hence 2 times sharp down moves were seen. Although lower levels consolidation and after that sharp up moves also but again follow up selling developed therefore again down moves started which remained continued till last minutes but these more than one hour down moves were in Bullish Falling Channel which is a consolidation pattern also hence whole day intraday trading will be understood with lower levels consolidation and higher levels selling patterns formations.

2nd Supports between 22657-22703 was posted at 08.17 AM on 29-05-2024 in "Watch next supports amid Bearish Global cues" and Nifty closed just above this range at 22704.45 after intraday lowest also formations within this supports range at 22685.45 today. As intraday supports were seen within this supports range and 22685.45 also therefore firstly sustaining above this supports range should be watched in the coming sessions for fresh rally beginning after on going Short Term correction completion.

Watch next supports amid 

Bearish Global cues 

Pre-open Outlook(29-05-2024)

Sentiment turned dampened today morning because:-

1- Dow Jones closed .55% down yesterday.

2- Dow Jones Futures is trading more than 80 points down today morning.

3- All the Asian markets are trading in Red and some are more than 1% down today morning.

As above mentioned Bearish Global cues today morning and resultant negative opening will be seen today therefore firstly sustaining beyond following next supports should be watched for next sharp up moves beginning confirmations because whole day consolidation was seen yesterday through down moves in Bullish Falling Channels:-

1- 22816-22844

2- 22657-22703

Finally up moves after fresh consolidation

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-05-2024)

Nifty-Intra Day Chart (28-May-2024):-

Technical Patterns formation in today intraday charts

1- Whole day down moves in Bullish Falling Channels

2- Whole day actual trading between 22859-22998

Conclusions from intra day chart analysis 

Although firstly up moves after positive opening but down moves started which remained continued till last minutes. As wholle day down moves were in Bullish Falling Channel which is a consolidation pattern therefore finally up moves will be seen above today highest after fresh consolidation in the coming 1/2 sessions.

Finally sustaining beyond 22872-23110 will confirm next decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-05-2024)

Nifty-Intra Day Chart (27-May-2024):-

Technical Patterns formation in today intraday charts

1- Consolidation between 22942-23009

2- Sharp up

3- Selling between 23054-23110

4- Sharp down

5- Whole day actual trading between 22872-23110

Conclusions from intra day chart analysis 

As firstly consolidation after positive opening therefore sharp up moves were seen after that but higher levels selling therefore sharp down moves developed in last hour. Whole day mixed Patterns formation between 22872-23110 therefore Nifty will firstly trade and prepare for next decisive moves within and near about today trading range. Finally sustaining beyond today trading range will confirm next decisive moves beginning therefore it should be watched  in the coming session for one sided next decisive moves beginning confirmations.

Finally rally with Pre Election results confusions led Volatility & after Short Term correction completion

Technical Analysis,Research & Weekly Outlook

(May 27 to May 31,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (24-May-2024):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of previous Waves structure "ABC correction" completion at 15183.40 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.

2- Impulsive Wave-1 completion at 18887.60 on 01-12-2022.

3- Corrective Wave-2 completion at 16828.30 on 20-03-2023.

4- Impulsive Wave-(i) of Wave-3 completion at  20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

5- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.

6- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.  

7- Corrective Wave-C of Wave-(ii) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 beginning. 

8- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 23026.40 on 24-05-2024.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure started from 15183.40 on 17-06-2022 after Corrective Wave-C of "ABC correction" of previous Waves structure completion at this level. Corrective Wave-2 begun from this level which completed at 16828.30 on 20-03-2023. Impulsive Wave-3 started from this level.

Wave-A of "ABC" correction begun from 20222.45 after Impulsive Wave-(i) of Wave-3 completion at this level. Finally Wave-C of "ABC" correction completed at 18837.80 which means that Corrective Wave-(ii) of Wave-3 completion. Impulsive Wave-(iii) of Wave-3 started from this level which is in continuation with its recent high and new life time top formations at 23026.40 on 24-05-2024 and no indication of its completion yet on EOD charts.

 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (24-May-2024):-

Technical Patterns and Formations in EOD charts

1- More than 4 months old Rising Channel Pattern formations and Nifty closed near its higher Rising Channel line in previous week.

2- Stochastic- Its both lines %K(5) and %D(3) are kissing in Over bought zone.

3- Stochastic:- %K(5)- 93.11 & %D(3)- 93.03.

4- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive and negative zone.

5- MACD(26,12)- 101.50 & EXP(9)- -55.18 & Divergence- 156.68

Conclusions from EOD chart analysis

(Stochastic & MACD)

More than 4 months old Rising Channel Pattern formations and Nifty closed near its higher Rising Channel line in previous week therefore firstly valid break out of its higher rising line should be watched in the coming week for next bigger moves beginning confirmations because coming week is Pre Election results week and may be highly volatile also.Technical positions of Short Term indicators are as follows;-

 

1- As in Stochastic its both lines %K(5) and %D(3) are kissing in Over bought zone therefore it will be understood that at present this indicator is not showing any side bigger moves beginning confirmations. Its both lines are Kissing mode for the last more than one week and slipping below Over bought zone after downward intersection will mean Short Term correction beginning confirmations therefore it should be watched for its confirmations. 

2- As in MACD indicator MACD line has intersected Average line upward and its both lines are rising in positive and negative zone therefore it will be understood that this indicator has started to show signals of Upward Trend formations. Let its both lines to start upward moves in Positive Zone then strong rally will be seen after its Upward Trend formation confirmations.

Nifty-Intra Day Chart Analysis

(24-May-2024)

Nifty-Intra Day Chart (24-May-2024):-

Technical Patterns formation in today intraday charts

1- Whole day trading with Mixed Patterns formation between 22918-23026

2- Whole day actual trading between 22908-23026

Conclusions from intra day chart analysis 

Although more than 100 points recovery was seen from lower levels after little weaker opening and new life time top formations also but lower levels some consolidation and higher levels some selling was also seen last Friday. As whole day trading was with Mixed Patterns formation between 22918-23026 therefore expected that Nifty will firstly trade and prepare for next Short Term Trend within and near about this trading range in the beginning of next week. Finally sustaining beyond 22918-23026 will confirm next Short Term Trend therefore should be watched for its confirmations in the 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 up.

Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 23026.40 in previous session and no indication of its completion yet on EOD charts.

Nifty is trading for the last more than 4 months within Rising Channel pattern and Nifty closed near its higher Rising line in previous week. Previous life time top was formed at 22794.70 on 03-05-2024 and after 13 sessions this life time top was forcelly broken out on 23-05-2024 with that day new life time top formations at 22993.60 and 369 Points(1.64%) points intraday gains. As such strong break out happened after completion of 5th phase of pooling therefore it will be understood that Indian marekts operaors have found confirm cues of BJP big victory in Parliament Elections 2024.

As Short Term indicator Stochastic is showing signals of Short Term correction which may also be seen but until Nifty will not sustain below the lower rising line of Rising Channel pattern till then decisive down moves will not be seen. As MACD indicator has started to indicate upward trend formations therefore expected that finaaly up moves will be seen after Short Term correction completion. First strong signal of any side Short term moves beginning will come after sustaining beyond 22918-23026 in which Nifty traded almost whole day with Mixed Patterns formation last Friday.

As next week is Pre Election results week and its results confusion led valatility may also be seen therefore firstly sustaining beyond following supports should be watched one by one for next decisive moves beginning confirmations amid finally rally beginning expectations after expected Short Term correction completion near about any of the following supports range:-

1- 22887-22931

2- 22816-22844

3- 22657-22703

4- 22527-22883

5- 22444-22485

6- 22357-22403

7- 22055-22106

Fresh rally continuation after emergence of BJP led NDA huge victory expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(24-05-2024)

Nifty-Intra Day Chart (23-May-2024):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 22578-22993

Conclusions from intra day chart analysis 

As huge victory of BJP led NDA had been ascertained from internal election sources after 5th phase of pooling last Monday therefore firstly Nifty consolidated in first 2 sessions of this week and decisive strong rally started after flat opening today. Whole day up moves were with downward corrections and new life time top formations forcefully with 1.64% intraday gains today therefore on going fresh rally will remain continued after emergence of BJP led NDA huge victory expectations.

 As still out of station and not returned yet therefore unable to update today(23-05-2024) Outlook but coming Friday Outkook will be posted positively. 

 As out of station therefore unable 
to post today(22-05-2024) Outlook. 

Down ward moves expectations 

towards next supports

Technical Analysis,Research & Weekly Outlook

(May 21 to May 24,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (17-May-2024):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(i) of Wave-3 beginning from 16828.30 on 20-03-2023 after Corrective Wave-2 completion at this level.

2- Impulsive Wave-(i) of Wave-3 completion at  20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

3- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.

4- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.  

5- Corrective Wave-C of Wave-(ii) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 beginning. 

6- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22794.70 on 03-05-2024.

7- More than 2 months trading with 3 times new life time top formations and 3 times Short Term corrections between 21711-22794

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-2 completed at 16828.30 on 20-03-2023 and from this level Impulsive Wave-(i) of Wave-3 begun which completed at  20222.45 and Wave-A of "ABC" correction started from this level which completed at 19333.60 and Wave- B begun from this level. Wave-B completed at 19849.80 and from this level Wave-C begun which completed at 18837.80.  

Impulsive Wave-(iii) of Wave-3 started from 18837.80 on 26-10-2023 which is in continuation with its recent high and new life time top formations at 22794.70 on 03-05-2024 as well as no confirmation of its completion yet on EOD charts. As more than 2 months trading with 3 times new life time top formations and 3 times Short Term corrections also between 21711-22794 therefore finally sustaining beyond this range should be watched in the coming week/weeks for next bigger moves beginning confirmations.

Nifty-Weekly Chart Analysis

(Stochastic & MACD)

Nifty-Weekly Chart (17-May-2024):-

Technical Patterns and Formations in Weekly charts

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

2- Stochastic:- %K(5)- 54.54 & %D(3)- 55.32.

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

4- MACD(26,12)- 342.21 & EXP(9)- 695.05 & Divergence- -352.84

Conclusions from Weekly chart analysis

(Stochastic & MACD)

Technical positions of Intermediate Term indicators are as follows;-

1- As in Weekly Stochastic indicator its %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone also therefore finally decisive downward moves are expected in the coming week/weeks.

2- As in Weekly MACD indicator its  MACD line has intersected Average line downward and its both lines are falling in positive zone therefore it will be understood that MACD is confirming Downward trend formations and resultant deeper correction beginning is expected in the coming week/weeks. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (17-May-2024):-

Technical Patterns and Formations in EOD charts

1- More than 3 months old Rising Channel Pattern formations and Nifty closed within Rising Channel Pattern in previous week.

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

3- Stochastic:- %K(5)- 89.34 & %D(3)- 78.44.

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

5- MACD(26,12)- -110.19 & EXP(9)- -49.11 & Divergence- -61.08

Conclusions from EOD chart analysis

(Stochastic & MACD)

More than 3 months old Rising Channel Pattern formations and Nifty closed within Rising Channel Pattern in previous week therefore finally valid break out/down of its upper rising line or lower rising line should be watched for next bigger moves beginning confirmations.

1- %K(5) line has intersected %D(3) line upward and its both lines are rising towards Over bought zone therefore it will be understood that Short Term up moves are almost mature and let clear downward moves beginning signals develop through downward intersection and slipping below Overbought zone that  decisive downward moves will be seen.

3- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in negative zone therefore it will be understood that this indicator has shown stronger signals of Downward Trend formations as well as finally higher possibility of downward moves beginning after downward trend formations.

Nifty-Intra Day Chart Analysis

(17-May-2024)

Nifty-Intra Day Chart (17-May-2024):-

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections in first 2 hours. 

2- More than 4 hours trading with selling patterns formations between 22442-22491.

3- Whole day actual trading between 22346-22502.

Conclusions from intra day chart analysis 

Although firstly slipping after positive opening last friday but up moves were seen with downward corrections in first 2 hours. As more than 4 hours trading was with selling patterns formations also therefore expected that firstly down moves will be seen towards last Friday lowest 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 up.

Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22794.70 on 03-05-2024 as well as no confirmation of its completion yet on EOD charts but:-

1- More than 2 months trading with 3 times new life time top formations and 3 times Short Term corrections also between 21711-22794 as well as Nifty has closed little above half way mark within this range therefore it will be understood that at present Nifty is not prepared for any side decisive moves beginning. 

2- More than 3 months old Rising Channel Pattern formations and Nifty closed within Rising Channel Pattern in previous week.

Firstly Nifty will have to trade and prepare for next decisive moves beginning between 21711-22794 which will be done in next week. Finally sustaining this range and upper/lower rising line of Rising Channel Pattern should be watched in the coming week/weeks for next bigger moves beginning confirmations.

As Intermediate and Short Term indicators are also showing more possibility of Short Term correction beginning as well as last Friday intraday charts are also showing intraday selling patterns formations therefore firstly down ward moves are expected towards following next supports in the beginning of next week:- 

1- 22349-22401

2- 22055-22154

3- 21827-21891

5- 21711-21791

4- 21653-21690

6- 21544-21628

Next resistances are as follows:-

1- 22442-22536

2- 22674-22702

3- 22733-22783

Watch next resistances amid more more 

up moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(17-05-2024)

Nifty-Intra Day Chart (16-May-2024):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Volatility between 22150-22298

3- Down moves in Bullish Falling Channel

4- Sharp up moves in last 2 hours

3- Whole day actual trading between 22055-22432

Conclusions from intra day chart analysis 

Although strong opening but not sustaining at higher levels and down moves begun which remained continued more than 4 hours as well as Nifty traded in negative zone also. As whole day down moves were in Bullish Falling Channel therefore sharp up moves begun which remained continued in last 2 hours as well as Nifty closed near intraday highest. 

As whole day only intraday consolidation patterns formations and intraday selling patterns were not seen therefore up moves are expected towards following next resistances as well as sustaining beyond these resistances should be watched in the coming sessions next decisive moves beginning confirmations:-

1- 22482-22536

2- 22674-22702

Finally sustaining beyond 22152-22247 will confirm next intraday decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-05-2024)

Nifty-Intra Day Chart (15-May-2024):-

Technical Patterns formation in today intraday charts

1- Sharp fall in first hour

2- More than 5 hours sideways trading between 22152-22247

3- Whole day actual trading between 22152-22297

Conclusions from intra day

 chart analysis 

Although firstly up moves after flat opening but sharp fall was seen in first hour. As more than 5 hours sideways trading between 22152-22247 and one sided intraday patterns were not seen within this trading range therefore NIifty will firstly trade and prepare for next decisive moves within and near about this trading range. Finally sustaining beyond 22152-22247 should be watched in the coming session for next intraday decisive moves beginning confirmations.

Finally sustaining beyond 22200-22270 will confirm next intraday decisive moves beginning

Nifty-Intra Day Chart Analysis & Market Outlook(15-05-2024)

Nifty-Intra Day Chart (14-May-2024):-

Technical Patterns formation in today intraday charts

1- Consolidation between 22082-22154

2- Up moves with downward corrections

3- Selling between 22217-22270

4- Whole day actual trading between 22082-22270

Conclusions from intra

day chart analysis 

Although firstly slipping after positive opening but consolidation developed in first 2 hours therefore up moves started which were with downward corrections therefore consolidation will be understood in Mid-session also. As higher levels some selling also in last 2 hours therefore expected that:-

1- Nifty will firstly trade within and near about 22200-22270 and 

2- Finally sustaining beyond this range will confirm next decisive moves beginng 

3- Hence sustaining beyond this range should be watched in the coming sessions for next intraday decisive moves beginning confirmations.

 As busy therefore unable 
to post today(14-05-2024) Outlook.