Bullish rally continuation towards next Psychological level at 25,000 amid Very Short Term or little deeper intraday correction possibility

Technical Analysis,Research & Weekly 

Outlook(Jul 29 to Aug 02,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (26-Jul-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 24861.15 on 26-07-2024.

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-C of "ABC correction" of previous Waves structure completed at 15183.40 on 17-06-2022 and from his level Impulsive Wave-1 of new Waves structure begun which completed at 18887.60 on 01-12-2022 and Wave-2 begun from this level. Corrective Wave-2 completed at 16828.30 on 20-03-2023 and Impulsive Wave-3 started 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 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 24861.15 last friday ie on 26-07-2024 and no indication of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (26-Jul-2024):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 60.88 & %D(3)- 49.52.

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

4- MACD(26,12)- 265.25 & EXP(9)- 359.66 & Divergence- -94.41

Conclusions from EOD chart analysis

(Stochastic & MACD)

Technical positions of Short Term indicators are as follows:-

1- As in Stochastic its %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 signals of on going rally continuation towards its Over bought zone have been generated.

2- As in 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 this indicator is showing signals of Short Term downward trend formations.

Nifty-Last 6 Sessions intraday

charts analysis

Nifty-Intra Day Chart (Jul 19 to Jul 26,2024):-

Technical Patterns formation in last 6 Sessions intraday charts

1- Pre and Post Budget 786 points high volatility in last 6 sessions

2- Whole day intraday selling on 19-07-2024

3- Selling between 24490-24578 on 22-07-2024

4- Union Budget announcements led 507 points high intraday volatility between 24075-24582 on 23-07-2024

5- Higher levels selling and lower levels consolidation on 24-07-2024

6- Whole day up moves with intraday consolidation patterns formations on 25-07-2024

7- Whole day up moves with intraday consolidation patterns formations on 26-07-2024

8- Last 6 Sessions actual trading between 24075-24861

Conclusions from 6 Sessions intra day

chart analysis 

As strong 650 points rally with intraday consolidation patterns formation in last 2 sessions therefore all the resistances of previous sessions have been nullifiled and following 2 supports ranges will be understood next strong supports of Nifty:-

1- 24367-24426

2- 24308-24367

As Nifty closed at life time highest after new all time top formations last Friday with previous 2 sessions only intraday consolidation patterns formations and intraday selling patterns were not seen in last 2 sessions also therefore firstly upward moves are expected. Let fresh selling patterns develop only then any type of correction will be considered.

Nifty-Intra Day Chart Analysis

(26-Jul-2024)

Nifty-Intra Day Chart (26-Jul-2024):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 24411-24861

Conclusions from intra day

chart analysis 

As good intraday consolidation on 25-Jul-2024 therefore up moves begun after positive opening last Friday which remained continued whole day and Nifty closed at life time highest after new all time top formations. Whole day up moves were with downward corrections which is a consolidation pattern also and intraday selling patterns were not seen last Friday therefore more up moves expected 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.

Although Pre Budget 2 sessions correction and after that Union Budget announcements led 507 points high intraday volatility also on Budget day but 650 strong rally was also seen in last 2 sessions and Nifty closed at life time highest with new all time top formations last Friday. It means that now Impulsive Wave-(iii) of Wave-3 is in continuation strongly and no indication of its completion yet on EOD charts.  

As only intraday consolidation patterns formations in last 2 sessions and intraday selling patterns were not seen also in last 2 sessions as well as there is no resistance above life time highest closing of last Friday therefore it will be understood that there is no indication of even Very Short Correction hence firstly up moves will be expected in the beginning of next week. Let complete fresh selling patterns develop on intraday and EOD charts then any type of bigger correction will be considered except only intraday corrections.

Although MACD indicator is showing Downward Trend formations but it should be kept in mind that sometimes MACD gives next Trend formation signals little later also. As Stochastic indicator is showing upward moves signals therefore on going Bullish rally continuation will be seen towards next Psychological level at 25,000 in next week. As sentiment has turned heated after last 2 sessions 650 strong rally therefore Very Short Term or little deeper intraday correction possibility also can not be ruled out.  

Up moves towards next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(26-07-2024)

Nifty-Intra Day Chart (25-Jul-2024):-

Technical Patterns formation in today intraday charts

1- More than 4 hours up moves with downward corrections

2- Last 2 hours consolidation between 24367-24426

3- Whole day actual trading between 24211-24426

Conclusions from intra day chart analysis 

Although firstly Nifty slipped more than 200 Points after gap down opening but up moves begun from lower levels which remained continued till last minutea and Nifty traded in Green also in last hour as well as closed flat. As firstly  more than 4 hours up moves were with downward corrections and higher levels intraday consolidaion was also seen in last hours therefore up moves are expected towards next resistances between 24507-24554 

Watch 24308 amid firstly down 

moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(25-07-2024)

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

Technical Patterns formation in today intraday charts

1- Selling between 24436-24498

2- Down moves

3- Consolidation between 24308-24367

4- Selling between 24425-24449

5- Sharp up

6- Whole day actual trading between 24308-24504

Conclusions from intra day chart analysis 

Although firstly some up moves after negative opening but selling was seen between 24436-24498 which was within more than 4 hours trading range(24427-24554) of yesterday also therefore dowm moves were seen in Mid-session. As lower levels more than one hour consolidation developed therefore sharp up moves seen also but again follow up selling in last hour hence:-

1- Firstly down moves are expected towards today lowest(24308)

2- Finally sustaining beyond today lowest should be watched for next bigger moves beginning confirmations

Finally sustaining beyond 24427-24554

 will confirm post Budget next Trend 

Nifty-Intra Day Chart Analysis &

Market Outlook(24-07-2024)

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

Technical Patterns formation in today intraday charts

1- More than 4 hours trading between 24427-24554

2- Union budget announcements led Volatility with lower levels supports in Mid-Session between 24075-24425

3- Whole day actual trading between 24075-24582

Conclusions from intra day chart analysis 

As Union budget announcements led Volatility and technical positions reverses also during such high volatility as well as Indian markets has to react also through one sided decisive moves after Budget therefore finally sustaining beyond more than 4 hours trading range(24427-24554) of the Budget day should be watched for post Budget next Trend formation confirmations.

Finally sustaining beyond next

 Supports & Resistances will confirm

 post Budget next Trend

As Union Budget 2024-25 will be tabled in Parliament by FM Nirmala Sitharaman at 11:00 today(23-97-2924 and Indian Stock markets will react through high volatility on its announcements also therefore finally sustaining beyond next Supports and Resistances  should be watched in the coming sessions for post Budget next Trend formation confirmations.

Next Supports and Resistances have already been posted in previous following named Outlook on 20-07-2024:-

Firstly watch Supports for next bigger moves beginning confirmations in Union Budget week

Firstly watch Supports for next

 bigger moves beginning confirmations

 in Union Budget week

Technical Analysis,Research & 

Weekly Outlook(Jul 22 to Jul 26,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (19-Jul-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 24854.80 on 19-07-2024.

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. Wave-1 completed at 18887.60 on 01-12-2022 and Wave-2 begun from this level which completed at 16828.30 on 20-03-2023 and Impulsive Wave-3 started 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 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 24854.80 on 19-07-2024 and no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (19-Jul-2024):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 74.38 & %D(3)- 84.36.

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

4- MACD(26,12)- 392.11 & EXP(9)- 461.61 & Divergence- -69.5

5- MACD is showing negative divergence

Conclusions from EOD chart analysis

(Stochastic & MACD)

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 from Over bought zone therefore it will be understood that signals of Short Term correction beginning have been generated firstly expected also in the beginning of next week.

2- As in 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 this indicator is showing Short Term trend formations and Short term down moves beginning possibility also in next week.

Nifty-Last 4 Sessions intraday

charts analysis

Nifty-Intra Day Chart (Jul 15 to Jul 19,2024):-

Technical Patterns formation in last 4 Sessions intraday charts

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

A- 24590-24615

B- 24636-24675 

C- 24729-24773 

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

A- 24519-24564 

3- Last 4 Sessions actual trading between 24509-24854 

Conclusions from 4 Sessions

intra day chart analysis 

As lower levels some consolidation therefore strong rally was seen on 18-07-2024 but Whole day down moves were seen last Friday because Microsoft Server down problems and all the Global Stock Markets were in Bearish mode. As most negative news led more than 1% down moves were seen last Friday therefore firstly sustaining beyond last 4 sessions supports(24519-24564) should be watched in the coming week for next Short Term Trend formation confirmations.

Nifty-Intra Day Chart Analysis

(19-Jul-2024)

Nifty-Intra Day Chart (19-Jul-2024):-

Technical Patterns formation in today intraday charts

1- Whole day down moves with upward corrections

2- Whole day actual trading between 24509-24854

Conclusions from intra day chart analysis 

Although gap up opening last Friday but Nifty could not sustain at higher levels and starts crashing with all Global markets because massive Microsoft outage unleashed havoc on computer systems across the world. As whole day down moves were with upward corrections which is a distribution pattern also therefore more down moves are expected towards next supports 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.

Now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations last Friday at 24854.80 and no indication of its completion yet on EOD charts. As Microsoft Global Outrage last Friday therefore all the Global Stock Markets were down and resultant Indian markets also slipped more than 1% that day. 

Short term indicators are suggesting Short Term correction possibility which may also be firstly seen in next week but bigger moves will be decided according to the Union Budget announcemnets next Tuesday(23-07-2024) therefore next week may be highly volatile also and firstly sustaining beyond following next supports should be watched in the coming week and next one sided bigger moves beginning confirmations:-

1- 24519-24564

2- 24358-24430

3- 24142-24355

4- 24095-24148

5- 23914-23997 

6- 23671-23734

7- 23563-23612

8- 23502-23537

9- 23358-23476

Resistances above last Friday closing have been updated above and are not much strong also therefore once sustaining above 1st supports range(24519-24564) will mean strong rally beginning above life time top.

More up moves with only Very 

Short term correction possibility

Nifty-Intra Day Chart Analysis & 

Market Outlook(19-07-2024)

Nifty-Intra Day Chart (18-Jul-2024):-

Technical Patterns formation in today intraday charts

1- Volatility in first 2 hours between 24505-24679

2- Last 4 hours up moves with downward corrections

3- Whole day actual trading between 24505-24837

Conclusions from intra day chart analysis 

As intraday selling was seen yesterday therefore following lines were told at 02:03 AM on 18-07-2024 in "Watch next Supports amid firstly down moves expectations":-

"finally sustaining beyond next supports(24539-24564) should be watched for next decisive moves beginning confirmations amid firstly down moves"

As intraday selling yesterday and Nifty was not prepared for immediate up moves therefore firstly high volatility was seen in first 2 hours between 24505-24679 today and Nifty got supports near about yesterday mentioned next supports(24539-24564).

Although Nifty traded 108 points down in first 2 hours but got supports near about next supports and after that up moves begun with downward corrections which remained continued till next 4 hours and Nifty closed with 0.76% gains. As only intraday consolidation patterns and selling patterns were not seen therefore more up moves are expected and only Very Short term correction possibility can not be ruled out because Very Short Term indicators have turned Overbought.   

Watch next Supports amid firstly 

down moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(18-07-2024)

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

Technical Patterns formation in today intraday charts

1- More than 50 points up moves after positive opening

2- Selling between 24643-24661

3- Volatility in last hour between 24588-34647

4- Whole day actual trading between 24588-24661

Conclusions from intra day chart analysis 

Although firstly up moves after positive opening but higher levels selling developed in Mid-session therefore down moves were seen till last hour. As Volatility in last hour between 24588-34647 and some times technical positions reverses also during such Volatility therefore expected that Nifty will firstly trade within this Volatility range in the coming session. Firstly down moves are also expected below last Tuesday lowest(24588) because higher levels selling was seen and finally sustaining beyond next supports(24539-24564) should be watched for next decisive moves beginning confirmations amid firstly down moves expectations. 

As out of station therefore unable 

to post today(16-07-2024) Outlook. 

Firstly up moves and Finally 

24474-24576 will confirm Fresh Rally

 or Short Term correction

Technical Analysis,Research & Weekly 

Outlook(Jul 15 to Jul 19,2024)

Nifty-Weekly Chart Analysis

(Waves structure)

Nifty-Weekly Chart (12-Jul-2024):-

Technical Patterns and Formations in Weekly 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 02-12-2022.

3- Corrective Wave-2 completion at 16828.30 on 24-03-2023.

4- Impulsive Wave-(i) of Wave-3 completion at 20222.45 on 15-09-2023. 

5- Corrective Wave-(ii) of Wave-3 completion at 18837.80 on 27-10-2023

6- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 24592.20 on 12-07-2024.

Conclusions from Weekly chart

analysis(Waves structure)

Corrective Wave-C of "ABC correction" of previous Waves structure completed at 15183.40 on 17-06-2022 and from this level Impulsive Wave-1 of new Waves structure started which completed at 18887.60 on 02-12-2022. From this level Wave-2 begun which completed at 16828.30 on 24-03-2023 and Impulsive Wave-3 begun from this level. 

Impulsive Wave-(i) of Wave-3 completed at 20222.45 on 15-09-2023 and from this level corrective    Wave-(ii) of Wave-3 started which completed at 18837.80 on 27-10-2023 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 24592.20 on 12-07-2024 and no indication of its completion yet on Weekly charts.

Nifty-Weekly Chart Analysis

(Stochastic & MACD)

Nifty-Weekly Chart (12-Jul-2024):-

Technical Patterns and Formations in Weekly charts

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

2- Stochastic:- %K(5)- 95.13 & %D(3)- 95.17.

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

4- MACD(26,12)- 769.40 & EXP(9)- 459.75 & Divergence- 309.65

5- MACD is showing negative divergence.

Conclusions from Weekly chart analysis

(Stochastic & MACD)

Technical positions of Intermediate 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 signals of Intermediate Term correction beginning have started to generate. Let its downward intersection happen and its downward moves begun then Intermediate Term correction will be seen.

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone but MACD is showing negative divergence also therefore it will be understood that MACD has confirmed upward Trend formation but cautious approach is required and let more downward trend formations develop then Intermediate Term correction will be seen.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (12-Jul-2024):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 24592.20 on 12-07-2024.

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

3- Stochastic:- %K(5)- 63.92 & %D(3)- 69.98.

4- Stochastic is showing negative divergence

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

6- MACD(26,12)- 446.22 & EXP(9)- 509.56 & Divergence- -63.34

7- MACD is showing negative divergence.

Conclusions from EOD chart analysis

(Stochastic & MACD)

Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 24592.20 on 12-07-2024 and no indication of its completion yet on EOD charts. Technical positions of Short Term indicators are as follows:-

1- As in Stochastic  %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone and it is showing negative divergence also therefore this indicator has shown clear signals of Short Term Correction beginning in the coming week/weeks.

2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in positive zone as well as it is showing negative divergence also therefore it will be understood that MACD is showing clear signals of downward trend formations.

Nifty-Intra Day Chart Analysis

(12-Jul-2024)

Nifty-Intra Day Chart (12-Jul-2024):-

Technical Patterns formation in today intraday charts

1- Consolidation between 24358-24430

2- More than 200 points sharp up

3- Down moves in Bullish Falling Channel

4- Consolidation between 24474-24523

5- Minor selling between 24548-24576

6- Whole day actual trading between 24332-24592

Conclusions from intra day

chart analysis 

As more than one hour consolidation after positive opening and intraday consolidation patterns were seen in previous sessions also therefore more than 200 points sharp up moves developed in less than 20 minutes. Although higher levels minor intraday selling but consolidation patterns formations also in the last more than 4 hours trading between 24474-24576 therefore expected that firstly up moves will be seen towards last friday highest(24592) in the beginning of next week. As minor selling was seen below 24576 and above it selling patterns were not seen last Friday therefore once sustaining above 24576 will mean fresh strong rally beginning confirmations. If firstly Nifty fails to sustain above 24576 then finally sustaining beyond last more than 4 hours trading range(24474-24576) should be watched for next Short Term moves beginning confirmations . 

Conclusions (After putting

all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term Trend is UP.

Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 24592.20 on 12-07-2024 and no indication of its completion yet on Weekly and EOD charts therefore on going Bullish rally will remain continued in the coming week also.

Intermediate Term indicators have not shown any signal of Intermediate Term correction beginning but Short Term indicators have shown clear signals of Short Term correction beginning therefore it may begin. As intraday charts of previous week have shown lower levels supports and consolidation patterns formations also therefore Nifty closed at life time top with new life time top formations last Friday and until complete fresh intraday selling patterns will not develop till then even Short Term correction will not be seen.

Although firstly up moves are expected in the beginning of coming week but Short Term indicators are showing signals of Short Term correction beginning also therefore finally sustaining beyond 24474-24576 should be watched in the coming week for next Short Term moves beginning confirmations. Sustaining above 24576 will mean strong rally beginning and sustaining below 24474 will mean Short Term correction beginning towards following next supports which should be watched one by one for fresh rally beginning after Short Term correction completion:-

1- 24358-24430

2- 24142-24355

3- 24095-24148

4- 23914-23997 

5- 23671-23734

6- 23563-23612

7- 23502-23537

8- 23358-23476

Sustaining above 24355 will 

confirm strong rally beginning

Nifty-Intra Day Chart Analysis & Market 

Outlook(12-07-2024)

Nifty-Intra Day Chart (11-07-2024):-

Technical Patterns formation in today intraday charts

1- 85 Points fall in first half hour after positive opening

2- More than 100  points sharp fall

3- More than 4 hours up moves with downward corrections between 24237-24355

4- Whole day actual trading between 24194-24402

Conclusions from intra day chart analysis 

Although  85 points fall in first half hour after positive opening and again more than 100  points sharp fall but after that up moves begun with downward corrections which remained continued in the next more than 4 hours. 

 

As more than 8 hours up moves with downward corrections have been seen in the last 2 sessions between 24142-24355 therefore firstly sustaining above 24355 should be watched in the coming sessions strong rally beginning confirmations after Short Term correction completion.

Sustaining above 24333 will confirm fresh rally after Short Term correction completion

Nifty-Intra Day Chart Analysis &

Market Outlook(11-07-2024)

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

Technical Patterns formation in today intraday charts

1- Selling in first half hour after positive opening between 24397-24461

2- 319 Points sharp fall in one hour

3- More than 4 hours up moves with downward corrections between 24142-24333

4- Whole day actual trading between 24142-24461

Conclusions from intra day chart analysis 

Although positive opening but selling developed and some intraday selling was seen in previous sessions as well as Short Term indicators had turned Overbought and were showing negative divergence also therefore intraday Short Term Correction developed through 319 Points sharp fall in one hour. 

As lower levels supports developed and after that more than 4 hours up moves were seen with downward corrections between 24142-24333 therefore firstly sustaining above this range should be watched in the coming sessions for fresh rally beginning confirmations after Short Term correction completion.

Rally continuation with Short Term intraday correction possibility

Nifty-Intra Day Chart Analysis &

Market Outlook(10-07-2024)

Nifty-Intra Day Chart (09-Jul-2024):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections after positive opening

2- Whole day actual trading between 24332-24443

Conclusions from intra day chart analysis 

As whole day up moves with downward corrections after positive opening and intraday selling patterns were also seen therefore finally on going rally continuation is expected but after Short Term intraday correction because Short Term indicators have turned Overbought and showing negative divergence also. 

Sustaining beyond 24267-24332

 will confirm next intraday 

bigger moves beginning 

Nifty-Intra Day Chart Analysis &

Market Outlook(09-07-2024)

Nifty-Intra Day Chart (08-Jul-2024):-

Technical Patterns formation in today intraday charts

1- Most time sideways trading between 24267-24332

2- Whole day actual trading between 24241-24344

Conclusions from intra day chart analysis 

As most time sideways trading between 24267-24332 and one sided intraday technical patterns were not seen within this range therefore firstly sustaining beyond this range should be watched in the coming sessions for next intraday bigger moves beginning confirmations.

Sustaining beyond 24169-24401 will

 confirm next Short Term Trend

Technical Analysis,Research & Weekly 

Outlook(Jul 08 to Jul 12,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (05-Jul-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 24401.10 on 04-07-2024.

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. Wave-1 completed at 18887.60 on 01-12-2022 and Wave-2 begun from this level which completed at 16828.30 on 20-03-2023 and 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 started 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 24401.10 on 04-07-2024 and no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (05-Jul-2024):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 84.27 & %D(3)- 86.11.

3- Stochastic is showing negative divergence

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

5- MACD(26,12)- 545.87 & EXP(9)- 487.10 & Divergence- 58.77

Conclusions from EOD chart analysis

(Stochastic & MACD)

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 and this indicator is showing negative divergence also therefore it will be understood that signals of Short Term correction beginning have been generated. Let its downward intersection happen and its downward moves starts then Short Term correction will be seen.

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone also therefore it will be understood that MACD has confirmed upward Trend formation and on going Bullish moves will remain continued in the coming week also.

Nifty-Last 3 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Jul 03 to Jul 05,2024):-

Technical Patterns formation in last 3 Sessions intraday charts

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

A- 24251-24287 

B- 24322-24356 

C- 24375-24401 

2- Consolidation(Supports) in last 3 Sessions are as follows:-

A- 24245-24266

B- 24207-24244

C- 24169-24202 

3- Last 3 Sessions actual trading between 24169-24401 

Conclusions from 3 Sessions

intra day chart analysis 

As last 3 Sessions trading between 24169-24401 with above mentioned supports and resistances which seems almost equally stronger also therefore expected that Nifty will firstly trade and prepare for next bigger moves within this range in next week as well as finally sustaining beyond this range will confirm next Short Term Trend hence it should also be watched for confirmations. 

Nifty-Intra Day Chart Analysis

(05-Jul-2024)

Nifty-Intra Day Chart (05-Jul-2024):-

Technical Patterns formation in today intraday charts

1- Down moves after gap down opening

2- Minor consolidation between 24169-24202 

3- Up moves with downward corrections

4- Selling between 24251-24287

5- Down moves in Bullish Falling Channel

6- 159 Points sharp up moves in last half hour

7- Whole day actual trading between 24169-24363

Conclusions from intra

day chart analysis 

Firstly down moves after gap down weaker opening last Friday but lower levels minor consolidation developed therefore up moves were seen after 10:00 AM. Although these up moves were with downward correctaions but almost 4 hours selling developed in Mid-Session also therefore almost one hour downward moves was seen after that. As these downward moves were in Bullish Falling Channel which is a intraday consolidation pattern and consolidation patterns were seen in first hour also therefore Nifty moved up 159 Points sharply in last half hour and closed at life time top.

As Nifty closed at the top of the day and at life time top also after lower levels good intraday consolidation and last half hour sharp surge was also seen therefore firstly up moves are expected in the beginning of next week and sustaining above next resistances should also be watched for next strong rally beginning confirmations.

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 24401.10 on 04-07-2024 and no confirmation of its completion yet on EOD charts as well as no indication of its completion yet on intraday charts also because last Friday closing was at life time highest.

Although MACD indicator is showing signals of on going rally continuation but Short Term indicator Stochastic is indicating Short Term correction beginning possibility also therefore possibility of fresh Bullish rally after Short Term correction completion can not be ruled out.

As last 3 Sessions actual trading between 24169-24401 with above mentioned almost equally strong consolidation and selling patterns within this range therefore expected that Nifty will firstly trade within this range and finally sustaining beyond this range will confirm next Short Term Trend. Last 3 resistances of Nifty which are below 24401 have been posted above and following next supports below 24169 should be watched one by one if Nifty sustains below 24169:-

1- 24095-24148

2- 23914-23997 

3- 23671-23734

4- 23563-23612

5- 23502-23537

6- 23358-23476

Watch next supports after Short 

Term Correction expectations

Nifty-Intra Day Chart Analysis &

Market Outlook(05-07-2024)

Nifty-Intra Day Chart (04-Jul-2024):-

Technical Patterns formation in today intraday charts

1- Up moves after gap up opening

3- Selling between 24375-24401

3- Down moves

4- Selling between 24322-24356

5- Down moves

6- Whole day actual trading between 24282-24401

Conclusions from intra day

chart analysis 

Although firstly up moves after gap up opening but selling developed at higher levels therefore down moves developed after that. As follow up more than 3 hours follow up selling in Mid session also therefore again down moves were seen in last last hour also. 

As whole day only intraday selling developed and consolidation patterns were not seen today therefore Short Term correction is expected below today lowest(24282) and towards following next supports therefore sustaining them beyond should be firstly watched in the coming sessions for next decisive moves beginning confirmations:-

1- 24245-24266

2- 24095-24148

As still busy and out of station 

also therefore unable to post 

today(04-07-2024) Outlook but 

will be able to update tomorrow 

(05-07-2024) Outlook positively. 

As busy therefore unable 

to post today(03-07-2024) Outlook. 

 Rally continuation with Very 

Short Term correction possibility

Nifty-Intra Day Chart Analysis & 

Market Outlook(02-07-2024)

Nifty-Intra Day Chart (01-Jul-2024):-

Technical Patterns formation in today intraday charts

1- Sharp up moves after negative opening

2- More than 5 hours up moves with downward corrections

3- Whole day actual trading between 23993-24164

Conclusions from intra day 

chart analysis 

Although negative opening but firstly sharp up moves from lower levels and after that more than 5 hours up moves with downward corrections and today closing at life time top also therefore on going rally continuation is expected tomorrow. As Very Short Term indicators have turned Overbought therefore Very Short Term correction also can not be ruled out.

Watch next supports for fresh rally beginning after expected Short Term correction completion

Technical Analysis,Research & Weekly 

Outlook(Jul 01 to Jul 05,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (28-Jun-2024):-

Technical Patterns and Formations in EOD charts

1- 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. 

2- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 24174.00 on 28-06-2024.

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-C of "ABC correction" of Wave-(ii) of Wave-3 completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 begun from this level which is in continuation with its recent high and new life time top formations at 24174.00 on 28-06-2024 and no indication of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (28-Jun-2024):-

Technical Patterns and Formations in EOD charts

1- Rising Channel Pattern formations was seen in the last more than 5 months old. Its upper Rising line has been broken out forcefully in previos week.

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

2- Stochastic:- %K(5)- 90.15 & %D(3)- 88.86.

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

4- MACD(26,12)- 475.22 & EXP(9)- 433.19 & Divergence- 42.03

Conclusions from EOD chart analysis

(Stochastic & MACD)

Rising Channel Pattern formations was seen in the last more than 5 months and its upper Rising line was forcefully broken out in previous week which means stronger signals of fresh strong rally beginning with continuous new life time top formations. 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 signals of Short Term correction has been generated. Let its downward intersection happen and its downward moves begun then Short Term correction will be seen.

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore it will be understood that MACD has confirmed upward Trend formation and resultant decisive up moves will remain continued.

Nifty-Weekly Chart Analysis

(Stochastic & MACD)

Nifty-Weekly Chart (28-Jun-2024):-

Technical Patterns and Formations in Weekly charts

1- Weekly Long Bullish Candle formations

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

3- Stochastic:- %K(5)- 95.42 & %D(3)- 91.93.

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

5- MACD(26,12)- 538.09 & EXP(9)- 405.75 & Divergence- 132.34

Conclusions from Weekly chart analysis

(Stochastic & MACD)

As long Bullish Weekly Candle formations in previous week Weekly charts therefore it will be understood that stronger signals of on going Bullish rally continuation has been generated. Technical positions of Intermediate Term indicators are as follows:-

1- As in Stochastic its %K(5) line has intersected %D(3) line upward and its both lines are rising in Over bought zone therefore it is signaling more up moves possibility but remain cautious because its both lines in absolute Over bought zone. 

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore it is a confirmation of upward Trend formations and resultant upward moves continuation also.

Nifty-Intra Day Chart Analysis

(28-Jun-2024)

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

Technical Patterns formation in today intraday charts

1- Selling between 24114-24174

2- Sharp down

3- Consolidation between 24017-24070

4- Up moves

5- Selling between 24114-24130

6- Sharp down

7- Selling between 24088-240102

8- Sharp down

9- Whole day actual trading between 23986-24174

Conclusions from intra day chart analysis 

Although firstly up moves after positive opening and new life time top formations also in first hour but higher levels good selling was seen in first 3 hours therefore Nifty fallen sharply after that. As fresh consolidation developed in Mid-session therefore up moves were also seen after that but again selling developed 2 times and sharp fall was also seen 2 times in last hours hence Nifty closed in Red at the lower levels of the day.  

As higher levels good intraday selling last Friday therefore expected that firstly down moves ie Short Term correction will be seen in the beginning of coming week and next supports which developed in previous week should be watched one by one for the life of expected Short Term correction.

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 24174.00 last Friday with long Bullish Weekly Candle formations in previous week and forceful break out of "upper Rising line" of more than 5 months old "Rising Channel Pattern" also in previos week therefore these signals will be understood stronger confirmations of impulsive Wave-(iii) of Wave-3 continuation in the coming week/weeks.

Although Weekly indicators are showing signals of on going Bullish moves continuation but EOD Stochastic indicator is showing signals of Short Term correction beginning and intraday charts of last Friday are also showing higher levels selling therefore Short Term correction is expected in the coming week towards following next supports:-

1- 23914-23997 

2- 23671-23734

3- 23563-23612

4- 23502-23537

5- 23358-23476

Sustaining beyond above supports should be watched one by one in the coming week for fresh rally beginning after expected Short Term correction completion.