Correction continuation & strong

 supports breaking down will

 confirm deeper correction

Technical Analysis,Research & Weekly 

Outlook(Aug 29 to Sep 02,2022)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (26-Aug-2022):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020

2- Impulsive Wave-1 completion at 11794.30 on 31-08-2020  

3- Corrective Wave-2 completion at 10790.20 on 24-09-2020

4- Impulsive Wave-3 completion at 15431.8 on 16-02-2021

5- Corrective Wave-4 completion at 14151.4 on 22-04-2021

6- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction beginning with Double Zig-Zag pattern formation 

7- Wave-A completion at 16410.20 on 20-12-2021

8- Wave-B completion at 18351.00 on 18-01-2022

9- Wave-C bottom formation at 15671.5 on 08-03-2022

10- Wave-X completion at 18114.70 on 04-04-2022

11- Wave-A completion at 15735.80 on 12-05-2021

12- Wave-B completion at 16793.80 on 03-06-2022

13- Wave-C completion at 15183.4 on 17-06-2022

14- Wave-A continuation with recent top formation at 17992.20 on 19-08-2022

15- Wave-A correction continuation recent bottom formation at 17345.2 on 23-08-2022

Conclusions from EOD chart analysis

(Waves structure)

Waves structure which begun from 7511.10 on 24-03-2020 through its impulsive Wave-1 completed through its impulsive Wave-5 at 18604.50 on 19-10-2021 after 11093.4 points gains in almost 21 months and its Wave-A of "ABC" correction begins. 

Now more than 10 months old "ABC" correction continuation with maximum 3421.1 points loss and Double Zig-Zag pattern formation. At present Wave-A of on going correction continuation with recent top formation at 17992.20 on 19-08-2022 and no confirmation of its completion yet but now its correction is on with recent bottom formation at 17345.2 on 23-08-2022.

Nifty-Weekly Chart Analysis

(Stochastic & MACD)

Nifty-Weekly Chart (26-Aug-2022):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction beginning with Double Zig-Zag pattern formation 

2- Wave-A continuation with recent top formation at 17992.20 on 19-08-2022

3- Wave-A correction continuation recent bottom formation at 17345.2 on 23-08-2022

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

5- Stochastic:- %K(5)- 86.02 & %D(3)- 92.39.

6- In MACD- MACD line has intersected Average line upward and its both lines are rising.

7- MACD(26,12)- 150.77 & EXP(9)- -383.96 & Divergence- 534.73

Conclusions from Weekly chart analysis

(Stochastic & MACD)

Although no confirmation of Wave-A completion but its correction has started and in continuation with  recent bottom formation at 17345.2 on 23-08-2022. Positions of Weekly indicators are as follows:-

1- In Stochastic indicator %K(5) line has intersected %D(3) line downward and its both lines are falling within Over bought zone therefore showing strong signals of Intermedaite Term correction continuation.

2- In MACD indicator MACD line has intersected Average line upward and its both lines are rising therefore suggesting that Intermediate Term upward trend is still intact.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (26-Aug-2022):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 17550 

B- 21-Day SMA is today at 17487

C- 55-Day SMA is today at 16549

D- 100-Day SMA is today at 16643

E- 200-Day SMA is today at 16979

 

Conclusions from EOD chart analysis

(Averages)

Nifty is well above Long and Intermediate Term trend(55,100,200-Day SMA) deciding Averages but hovering near about Short Term trend(5 & 21-Day SMA) and firstly sustaining it(17550 & 17487) beyond should be watched in next week for on going correction continuation or completion.

Nifty-Last 5 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Aug 22 to Aug 26,2022):-

Technical Patterns formation in last 5 Sessions intraday charts

1- Selling(Resistances) in last 5 sessions are as follows:-

A- 17671-17726 

B- 17522-17627  

2- Consolidation(Supports) in last 5 sessions are as follows:-

A- 17425-17470 

3- Last 5 Sessions trading between 17346-17726 

Conclusions from 5 Sessions

intra day chart analysis 

Last 5 Sessions trading between 17346-17726 with above mentioned supports and resistances. As higher levels resistances are much stronger than lower levels supports and good intraday selling was seen last Friday also therefore firstly down moves are expected towards above mentioned supports. Finally sustaining below 17425 will mean strong signals of deeper correction beginning after last 10 sessions actual trading range breaking down confirmations therefore should be firstly watched in next week for its confirmations.

Conclusions

(After putting all studies together)

1- Long Term Trend is up.

2- Intermediate Term Trend is up.

3- Short Term Trend is down.

At present correction of Wave-A is on and no indication of its completion yet on EOD and intraday charts. As intraday charts of both previous sessions are showing selling patterns formations also therefore on going correction continuation is expected in the beginning of next week and finally sustaining beyond 21-Day SMA(17487) will confirm the life and length of on going correction.

Although Intermedaite Term indicator Weekly MACD is showing upward trend but Weekly Stochastic is confirming decisive down moves beginning therefore firstly on oging correction will remained continued in next week towards following next supports:-

1- 17425-17470

2- 17366-17428

3- 17226-17293(Strong supports)

As supports between 17226-17293 are strong therefore firstly sustaining it beyond should be watched in next week because sustaining below 17226 will open the gate of deeper correction beginning towards following next supports after last 17 sessions trading range breaking down confirmations:-

1- 17061-17121

2- 16948-17018(Gap supports)

3- 16654-16746(Gap supports)

4- 16565-16628

5- 16495-16542

Immediate supports will confirm 

next intraday decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(26-08-2022)

Nifty-Intra Day Chart (25-Aug-2022):-

Technical Patterns formation in today intraday charts

1- Selling between 17671-17726

2- Sharp fall in last hours

3- Whole day actual trading between 17488-17726

Conclusions from intra day chart analysis 

Although firstly up moves after gap up opening but good selling developed which remained continued more than 4 hours therefore sharp fall was seen in last hours.

3 Resistances were updated above today selling range(17671-17726) on 20-08-2022 in "Watch next Levels & Supports after 2808 points gaining 44 sessions old Wave-A rally correction beginning" and fresh good selling was seen below it today therefore these resistances have become stronger and until complete consolidation will not develop till then decisive up moves will not be seen above 17726.

As immediate supports are between 17425-17470 therefore firstly sustaining it beyond should be watched tomorrow for next intraday decisive moves beginning confirmations.

Outlook for 23-08-2022 has been updated below just now but I shall not be able to post Outlook for the next 1 or 2 sessions because going out of station today.

Correction continuation towards

 next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-08-2022)

Nifty-Intra Day Chart (22-Aug-2022):-

Technical Patterns formation in today intraday charts

1- 128 Points sharp fall in first 3 minutes after gap down opening

2- More than 4 hours selling between 17522-17595

3- Down moves in last hour

4- Whole day actual trading between 17468-17690

Conclusions from intra day chart analysis

Live Proofs of our 100% accurate 

Nifty analysis 

1- Following lines were told on 18-08-2022 in "Firstly down moves and finally today trading range will confirm next intraday decisive moves":-

firstly down moves and intraday trading is expected within today trading range tomorrow

As was told 100% same happened and Nifty 

closed 198 points down on 19-08-2022 

2- Following lines were told on 20-08-2022 in "Watch next Levels & Supports after 2808 points gaining 44 sessions old Wave-A rally correction beginning":-

A- Friday started correction is expected in the beginning of next week also.

B- strong signals of its correction have emerged in previous week on intraday,EOD and Weekly charts

As was told 100% same happened and 

Nifty closed 267 Points down today

Today 128 points sharp fall in first 3 minutes and after that more more than 4 hours good selling between 17522-17595 therefore down remained continue till last hour. As only intraday selling today therefore correction continuation is expected in the coming sessions towards those next supports which have already been posted in previous Outlook on 20-08-2022.

Watch next Levels & Supports after 2808 points gaining 44 sessions old Wave-A rally correction beginning

Technical Analysis,Research & Weekly Outlook

(Aug 22 to Aug 26,2022)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (19-Aug-2022):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction beginning with Double Zig-Zag pattern formation 

2- Wave-A completion at 16410.20 on 20-12-2021

3- Wave-B completion at 18351.00 on 18-01-2022

4- Wave-C bottom formation at 15671.5 on 08-03-2022

5- Wave-X completion at 18114.70 on 04-04-2022

6- Wave-A completion at 15735.80 on 12-05-2021

7- Wave-B completion at 16793.80 on 03-06-2022

8- Wave-C completion at 15183.4 on 17-06-2022 and Wave-A beginning

9- Wave-A continuation with recent top formation at 17992.20 on 19-08-2022

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

11- Stochastic:- %K(5)- 77.78 & %D(3)- 89.89.

12- Stochastic is showing negative divergence

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

14- MACD(26,12)- 570.18 & EXP(9)- 613.32 & Divergence- -43.14

Conclusions from EOD chart analysis

(Stochastic & MACD)

Impulsive Wave-5 of that Waves structure completed at 18604.50 on 19-10-2021 which begun through its impulsive Wave-1 from 7511.10 on 24-03-2020. Now "ABC" correction of this Waves structure(7511.10-18604.50) is in continuation with Double Zig-Zag pattern formation and no confirmation of its completion yet on EOD charts. Now Wave-A continuation with recent top formation at 17992.20 on 19-08-2022 after 2808 points gains. Positions of Short Term indicators are as follows:-

1- In Stochastic indicator %K(5) line has intersected %D(3) line downward and its both lines are falling within Over bought zone as well as showing negative divergence therefore strong indications of Short Term correction beginning.

2- In MACD indicator MACD line has intersected Average line downward and its both lines are falling in positive zone therefore indicating Short Term correction beginning signals.

Nifty-EOD Chart Analysis

(Fibonacci Retracement levels)

Nifty-EOD Chart (19-Aug-2022):-

Technical Patterns and Formations in EOD charts

1- Wave-A beginning from 15183.4 on 17-06-2022 

2- Wave-A continuation with recent top formation at 17992.20 on 19-08-2022 

3- Wave-A Fibonacci Retracement levels(15183.4-17992.20)

13.0%- 17627 

23.6%- 17329

27.0%- 17233

38.2%- 16919

50.0%- 16587

61.8%- 16256

70.7%- 16006

76.4%- 15846

78.6%- 15784

88.6%- 15503

Conclusions from EOD chart analysis

(Fibonacci retracement levels)

As strong signals of on going Wave-A correction emerged and it started also in previous week therefore above mentioned Fibonacci retracement levels should be firstly watched in the coming week/weeks for the life and length of expected correction.

Nifty-Last 4 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Aug 16 to Aug 19,2022):-

Technical Patterns formation in last 4 Sessions intraday charts

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

A- 17902-17979 

B- 17814-17839 

C- 17762-17834

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

A- 17765-17790

3- Last 4 Sessions actual trading between 17764-17992 

Conclusions from 4 Sessions

intra day chart analysis 

Although lower levels supports between 17765-17790 on 16-08-2022 but good selling at higher levels in both previous sessions and fresh selling within 16th Aug supports range(17765-17790) between 17762-17834 last Friday also therefore expected that down moves will be seen below last 4 sessions lowest in next week.

Nifty-Intra Day Chart Analysis

(19-Aug-2022)

Nifty-Intra Day Chart (19-Aug-2022):-

Technical Patterns formation in today intraday charts

1- Selling between 17934-17979 

2- Up moves in Bearish Rising Channel

3- Selling between 17762-17834

4- Whole day actual trading between 17711-17992

Conclusions from intra day chart analysis 

Although firstly up moves after positive opening but good selling developed in first one and half hour therefore down moves started which were in Bearish Rising Channel hence intraday recovery was not seen. As lower levels good selling in last 4 hours also therefore last Friday started correction is expected in the beginning of next week also.

Conclusions

(After putting all studies together)

All the trends are up. "ABC" correction continuation with Double Zig-Zag pattern formation. Now its Wave-A continuation and no confirmation of its completion yet but strong signals of its correction have emerged in previous week on intraday,EOD and Weekly charts in following manner:-

1- Good intraday selling patterns formations on last 2 sessions intraday charts.

2- Long "Breakaway Bearish EOD Candle" formation last Friday

3- "Gravestone Doji Bearish Weekly Candle" formation in previous week.

4- Short and Intermediate Term indicators have shown cotterction beginning strong signals.

Wave-A gained 2808 points in last 44 sessions and its correction has almost been started in previous week which will remain continued according to above mentioned Wave-A Fibonacci Retracement levels(15183.4-17992.20) therefore should be watched. Following supports should also be watched in the coming week/weeks for the next Short to Intermediate Term moves begining confirmations:-

1- 17598-17679

2- 17482-17543

3- 17366-17428

4- 17226-17293(Strong supports)

 Firstly down moves and finally today trading range will confirm next intraday decisive moves 

Nifty-Intra Day Chart Analysis & 

Market Outlook(19-08-2022)

Nifty-Intra Day Chart (18-Aug-2022):-

Technical Patterns formation in today intraday charts

1- Down moves after weaker opening

2- Selling between 17924-17955

3- Selling between 17902-17921

4- Up moves in Bearish Rising Channels

5- Whole day actual trading between 17853-17968

Conclusions from intra day chart analysis 

Although firstly down moves after weaker opening but today closing was at the top of on going rally after strong recovery from lower levels. As intraday selling between 17902-17955 and all the up moves were in Bearish Rising Channels also today therefore firstly down moves and intraday trading is expected within today trading range tomorrow. Follow up intraday posiitons formations and finally sustaining beyond today trading range(17853-17968) will confirm next intraday decisive moves which should be firstly watched tomorrow.

17909-17965 Will confirm next 

Short Term intraday moves 

Nifty-Intra Day Chart Analysis & 

Market Outlook(18-08-2022)

Nifty-Intra Day Chart (17-Aug-2022):-

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- Sideways trading between 17909-17943

3- Volatility in last hour between 17925-17965

4- Whole day actual trading between 17834-17965

Conclusions from intra day chart analysis 

As firstly up moves with downward corrections and after that sideways trading in Mid-session as well as clear intraday selling patterns were not seen therefore on going rally remained continued till last hour. 

Although today closing was at the top of on going rally but volatility in last hour between 17925-17965 and sideways trading also between 17909-17943 therefore 17909-17965 will be understood without one sided patterns formations and valid break out this range should be watched in the coming sessions for next Short Term intraday moves confirmations. 

 Firstly watch 17765-17839 for next decisive moves beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(17-08-2022)

Nifty-Intra Day Chart (16-Aug-2022):-

Technical Patterns formation in today intraday charts

1- Firstly up moves after gap up opening

2- Selling between 17814-17839

3- Sharp falls

4- Support between 17765-17790

5- Sharp up moves

6- Selling between 17822-17836

7- Whole day actual trading between 17765-17839

Conclusions from intra day chart analysis 

Although firstly up moves after gap up opening but selling developed at higher levels between 17814-17839 therefore sharp falls were seen after that. As supports at lower levels therefore Sharp up moves in last hour but again selling at higher levels.

As both higher levels selling at higher levels and lower levels supports also  between 17765-17839 therefore expected that Nifty will firstly trade within and near about this range tomorrow and finally sustaining beyond this range will confirm next decisive moves beginning which should be firstly watched tomorrow.

Firstly up moves but Short Term 

Correction is very much due

Technical Analysis,Research & 

Weekly Outlook(Aug 16 to Aug 19,2022)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (12-Aug-2022):-

Technical Patterns and Formations in EOD charts

1- Wave-C completion at 15183.4 on 17-06-2022 and Wave-A beginning

2- Wave-A continuation with recent top formation at 17724.65 on 12-08-2022 & tested falling trendline from all time high.

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

5- Stochastic:- %K(5)- 91.47 & %D(3)- 86.32.

6- Stochastic is showing negative divergence

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

8- MACD(26,12)- 649.13 & EXP(9)- 570.84 & Divergence- 78.29

Conclusions from EOD chart analysis

(Stochastic & MACD)

Wave-A continuation with recent top formation at 17724.65 on 12-08-2022 and no indication of its completion yet on EOD charts. As Wave-A has tested falling trendline from all time high therefore sustaining it beyond in next week will confirm rally continuation or Short Term Correction beginning. Present positions of Short Term indicators are as follows:-

1- In Stochastic indicator %K(5) line has intersected %D(3) line upward and its both lines are slowly rising within Over bought zone as well as showing negative divergence therefore indicating strong signals of Short Term correction beginning.

2- In MACD indicator MACD line has intersected Average line upward and its both lines are rising in positive zone therefore suggesting upward trend continuation and showing up moves continuation signals.

 

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (12-Aug-2022):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at  17562

B- 21-Day SMA is today at 16931 

C- 55-Day SMA is today at 16357

D- 100-Day SMA is today at 16611

E- 200-Day SMA is today at 16699

 

Conclusions from EOD chart analysis

(Averages)

Nifty has closed well above all the Short to Long Term Averages and shown too much strength during on going rally. As Nifty has traded more than 1000 above Long Term Trend decider 200-Day SMA last Friday therefore confirmation of sustaining above it and Long Term Trend turning up as well which is a strong indication of rally continuation also. 

Nifty-Intra Day Chart Analysis

(12-Aug-2022)

Nifty-Intra Day Chart (12-Aug-2022):-

Technical Patterns formation in today intraday charts

1- Sharp fall after flat opening

2- Whole day slow up moves

3- Whole day intraday corrections

4- Up moves with downward corrections

5- Down moves in Bullish Falling Channel

6- Sharp up moves in last half hour

7- Whole day actual trading between 17598-17724

Conclusions from intra day

chart analysis 

Although flat opening but sharp fall was seen after that. As whole day slow up moves with continuous intraday correcions also therefore up moves remained continue whole day.

As almost 60 points down moves in Bullish Falling Channel in last 2 hours which was a good sign of intraday consolidation last Friday therefore sharp up moves were seen in last half hour and confirming on going rally continuation in the beginning of next week also.

Conclusions

(After putting all studies together)

All the Trends are up. Impulsive Wave-1 of which Waves structure begun from 7511.10 on 24-03-2020 completed after 20 months at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction started with Double Zig-Zag pattern formation. Now on going "ABC" correction is more than 9 months old and its Wave-A continuation with  top formation at 17724.65 on 12-08-2022 after gaining 2541 points.

Although Long Term Trend turning up confirmation but Nifty has tested falling trendline therefore firstly sustaining above it also should be watched in next week for another storng signal of on going "ABC" correction completion. As Short & Intermediate Term indicators have turned Over bought and Short Term indicators are showing negative divergence also therefore showing signals of Short Term correction beginning which may begin any day.

Intraday chart of last Friday is showing good consolidation in last hours therefore firstly up moves will be seen in next week and let complete intraday selling patterns develop on intraday charts then Short Term correction will start which is very much due after 2541 points one sided rally and Over bought Short Term indicators.

 Watch 17632-17695 for next decisive intraday moves beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-08-2022)

Nifty-Intra Day Chart (11-Aug-2022):-

Technical Patterns formation in today intraday charts

1- Whole day Mixed Patterns formation between 17632-17695

2- Whole day actual trading between 17632-17719

Conclusions from intra day chart analysis 

As all the strong closing of US markets yesterday and Asian markets were blasting today morning as well as good intraday consolidation yesterday therefore huge gap up opening was seen today. 

Although today closing was little above today lowest after some higher levels selling but consolidation patterns were also seen therefore today trading will be understood with Mixed Patterns formation. Firstly follow up moves and after that sustaining  beyond 17632-17695 should be watched tomorrow for next decisive intraday moves beginning confirmations.

On going rally continuation

Nifty-Intra Day Chart Analysis & 

Market Outlook(11-08-2022)

Nifty-Intra Day Chart (10-Aug-2022):-

Technical Patterns formation in today intraday charts

1- More than 100 points fall after positive opening

2- More than 5 hours consolidation between 17482-17543

3- Whole day actual trading between 17443-17566

Conclusions from intra day

chart analysis 

As selling was seen between 17511-17548 yesterday therefore following conclusive line was told yesterday in "Watch 17511-17548 for rally continuation or correction beginning":-

Firstly sustaining beyond 17511-17548 should be watched tomorrow for rally continuation or emergence of Short to Intermediate Term correction beginning possibility. 

Although firstly more than 100 points fall after positive opening but after that more than 5 hours good consolidation between 17482-17543 today which was within and near about yesterday selling range(17511-17548) therefore on going rally continuation will be seen above today highest(17566) tomorrow.

Watch 17511-17548 for rally continuation or correction beginning 

Nifty-Intra Day Chart Analysis & 

Market Outlook(10-08-2022)

Nifty-Intra Day Chart (08-Aug-2022):-

Technical Patterns formation in today intraday charts

1- Down moves after positive opening

2- Up moves with downward corrections

3- Selling between 17511-17548

4- Whole day actual trading between 17360-17548

Conclusions from intra day chart analysis 

Although firstly down moves after positive opening but up moves started  with downward corrections therefore last Monday closing was with 0.73% gains. 

As higher levels sellling was also seen between 17511-17548 therefore fresh consolidation is firstly required for  rally continuation after sustaining above 17548. Remain cautious also because fresh selling and sustaining below 17511 will mean first signal of Short to Intermediate Term correction emerging after EOD and Weekly indicators turning over bought.

Firstly sustaining beyond 17511-17548 should be watched tomorrow for rally continuation or emergence of Short to Intermediate Term correction beginning possibility. 

17226 Will confirm the size,life and length of expected correction

Technical Analysis,Research & Weekly Outlook

(Aug 08 to Aug 12,2022)

Nifty-EOD Chart Analysis 

(Corrective Waves)

Nifty-EOD Chart (05-Aug-2022):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction beginning with Double Zig-Zag pattern formation 

2- Wave-A completion at 16410.20 on 20-12-2021

3- Wave-B completion at 18351.00 on 18-01-2022

4- Wave-C bottom formation at 15671.5 on 08-03-2022

5- Wave-X completion at 18114.70 on 04-04-2022

6- Wave-A completion at 15735.80 on 12-05-2021

7- Wave-B completion at 16793.80 on 03-06-2022

8- Wave-C completion at 15183.4 on 17-06-2022 and Wave-A beginning

9- Wave-A continuation with recent top formation at 17490.7 on 04-08-2022

10- Last 5 Sessions sideways actual trading between 17226-17490 

Conclusions from EOD chart analysis

(Corrective Waves)

Impulsive Wave-5 of that Waves structure completed after new life time top formation at 18604.50 on 19-10-2021 which begun through its impulsive Wave-1 from 7511.10 on 24-03-2020. Now "ABC" correction of this Waves structure(7511.10-18604.50) is in continuation with Double Zig-Zag pattern formation and no confirmation of its completion yet on EOD charts. 

Now Wave-A of correction is in continuation after on going correction bottom formation at 15183.4 on 17-03-2022. Wave-A recent top formation at 17490.7 on 04-08-2022 and no confirmation of its completion yet but last 5 Sessions sideways actual trading between 17226-17490 and finally sustaining beyond this range will confirm its life and length. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (05-Aug-2022):-

Technical Patterns and Formations in EOD charts

1- Wave-C completion at 15183.4 on 17-06-2022 and Wave-A beginning

2- Wave-A continuation with recent top formation at 17490.7 on 04-08-2022

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

4- Stochastic:- %K(5)- 82.11 & %D(3)- 89.59.

5- Stochastic is showing negative divergence

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

7- MACD(26,12)- 554.13 & EXP(9)- 453.48 & Divergence- 100.65

Conclusions from EOD chart analysis

(Stochastic & MACD)

Wave-A begun from 15183.4 on 17-06-2022 and now is in continuation with recent top formation at 17490.7 after gaining 2307.3 points. Present positions of Short Term indicators are as follows:-

1- In Stochastic indicator %K(5) line has intersected %D(3) line downward and its both lines are falling within Over bought zone. As this indicator is showing negative divergence also therefore indicating Short Term correction beginning strong signals.

2- In MACD indicator MACD line has intersected Average line upward and its both lines are rising in positive zone therefore showing upward trend formations and suggesting up moves continuation in the coming sessions. 

Nifty-Last 5 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Aug 01 to Aug 05,2022):-

Technical Patterns formation in last 5 Sessions intraday charts

1- More than 6 hours selling between 17412-17490 on 04-08-2022 & 05-08-2022

2- Consolidation(supports) between 17226-17327 from 01-08-2022 to 03-08-2022 

3- Most time trading in last 5 Sessions between 17226-17490

4- Last 5 Sessions actual trading between 17226-17490

Conclusions from 5 Sessions intra day chart analysis 

As last 5 Sessions most time trading between 17226-17490 With closing within 57 points between 17340-17397 therefore it will be understood that on going rally has been slowed down at the top of rally.

Above mentioned supports and resisatnces are lying within last 5 sessions trading range(17226-17490) which are equally stronger also therefore expected that Nifty will trade and prepare for next Short to Intermediate Term Trend within this range and finally sustaining beyond this range will confirm it hence it should be firstly watched in the beginning of next week for its confirmations. 

Nifty-Intra Day Chart Analysis

(05-Aug-2022)

Nifty-Intra Day Chart (05-Aug-2022):-

Technical Patterns formation in today intraday charts

1- Selling between 17412-17474

2- Sideways trading in last 2 hours between 17349-17418

3- Whole day actual trading between 17349-17474

Conclusions from intra day chart analysis 

Although firstly up moves after positive opening but more than 4 hours selling was seen between 17412-17474 therefore Nifty slipped and traded in negative zone also. 

As sideways trading in last 2 hours between 17349-17418 and minor supports was also seen at lower levels therefore firstly sustaining beyond this range should be watched in the beginning of coning week for next decisive moves beginning amid down moves expectations below last Friday lowest(17349).

Conclusions

(After putting all studies together)

All the trends are up. Waves structure which begun through its impulsive Wave-1 from 7511.10 on 24-03-2020 completed at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction started with Double Zig-Zag pattern formation. Now Wave-A of "ABC" correction is in continuation with Double Zig-Zag pattern formation and no confirmation of its completion yet on EOD charts. As on going "ABC" correction is more than 9 months old and its Wave-A has sustained above Long Term Trend decider 200-Day SMA(today at 17002) for the last 6 sessions therefore showing signals of on going "ABC" correction completion at 15183.4 on 17-06-2022. 

Although MACD indicator is showing upward trend formations and suggesting up moves continuation but Stochastic indicator is indicating strong signals of Short Term correction beginning. As last 5 Sessions sideways actual trading between 17226-17490 with both lower levels supports and higher levels resistances therefore Nifty will firstly trade and prepare for next Short Term moves within this range and finally sustaining beyond this range will confirm it hence should be firstly watched in the coming week for its confirmations.

As higher levels good selling in last 2 sessions therefore expected that firstly down moves will be seen towards the lowest(17226) of last 5 sessions trading range in the beginning of next week and finally sustaining it beyond will confirm deeper cooection beginning or is cooection completion. It should be kept in mind that sustaining below 17226 will mean Wave-A(15184-17490) correcion beginning to correct its 2307 gains. As correction may be deeper also therefore firstly sustaining beyond 17226 should be watched in the coming week to confirm the size,life and length of expected correction.

 Firstly watch 17226-17333 for deeper

 coorection beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-08-2022)

Nifty-Intra Day Chart (Aug 01 to Aug 04,2022):-

Technical Patterns formation in last 4 Sessions intraday charts

1- Selling between 17412-17490 on 04-08-2022

2- Most time trading in last 4 Sessions between 17226-17333

3- Last 4 Sessions actual trading between 17226-17490

Conclusions from 4 Sessions 

intra day chart analysis 

Wave-A which begun from 15183.4 on 17-06-2022 is in continuation with recent top formations at 17490.70 on 04-08-2022 and no confirmation of its completion yet.

On going rally has been slowed down and closing of last 4 sessions of this week was within 48 points between 17340-17388 as well as most time trading in these last 4 Sessions was also between 17226-17333.

As selling between 17412-17490 on 04-08-2022 therefore it will be immediate resistance of Nifty and firstly sustaining below last 4 Sessions most time trading range(17226-17333) should be watched in the coming sessions for deeper coorection beginning confirmations after Short Term indicators turning Overbought also.

 17226-17327 Will confirm correction beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-08-2022)

Nifty-Intra Day Chart (03-Aug-2022):-

Technical Patterns formation in today intraday charts

1- Sharp fall after flast opening

2- Consolidation between 17226-17327

3- Sharp up moves in last hour

4- Whole day actual trading between 17226-17407

Conclusions from intra day chart analysis 

Although firstly sharp fall after flat opening but consolidation developed between 17226-17327 therefore sharp up moves were seen in last hour. As Short Term indicators have turned completely Over bought and on going rally has been slowed down also therefore Short term correction is very much on cards.

As intraday selling patterns have not been seen today and on the contrary consolidation was between 17226-17327 therefore fresh selling is firstly required for correction beginning and sustaining beyond 17226-17327 should be watched in the coming sessions for correction beginning confirmations.

 As busy therefore Stock Market Outlook of today(03-08-2022) is not being updated.

Today highest will confirm 

rally continuation or Short Term

 correction beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(02-08-2022)

Nifty-Intra Day Chart (01-Aug-2022):-

Technical Patterns formation in today intraday charts

1- Whole day rally continuation after gap up strong opening 

2- Whole day actual trading between 17155-17356

Conclusions from intra day chart analysis 

Although today closing was at he top of the day and at the highest level of on going rally as well but Short Term indicators have turned Over bought therefore Short Term correction is very much due which may be seen any day.

Remain cautiouus and firstly watch sustaining beyond today highest(17356) for rally continuation or Short Term correction beginning confirmations.

 Firstly Rally continuation before

 Short Term Correction beginning

Technical Analysis,Research & Weekly Outlook

(Aug 01 to Aug 05,2022)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (29-Jul-2022):-

Technical Patterns and Formations in EOD charts 

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020

2- Impulsive Wave-1 completion at 11794.30 on 31-08-2020  

3- Corrective Wave-2 completion at 10790.20 on 24-09-2020

4- Impulsive Wave-3 completion at 15431.8 on 16-02-2021

5- Corrective Wave-4 completion at 14151.4 on 22-04-2021

6- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction beginning with Double Zig-Zag pattern formation 

7- Wave-A completion at 16410.20 on 20-12-2021

8- Wave-B completion at 18351.00 on 18-01-2022

9- Wave-C bottom formation at 15671.5 on 08-03-2022

10- Wave-X completion at 18114.70 on 04-04-2022

11- Wave-A completion at 15735.80 on 12-05-2021

12- Wave-B completion at 16793.80 on 03-06-2022

13- Wave-C completion at 15183.4 on 17-06-2022

14- Wave-A continuation with recent top formation at 17172.8 on 29-07-2022

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of which Waves structure begun from 7511.10 on 24-03-2020 that completed from its Impulsive Wave-5 after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction started.

Now more than 9 months old "ABC" correction is on with Double Zig-Zag pattern formation and at present its Wave-A continuation with recent top formation at 17172.8 on 29-07-2022. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (29-Jul-2022):-

Technical Patterns and Formations in EOD charts

1- Wave-C completion at 15183.4 on 17-06-2022

2- Wave-A continuation with recent top formation at 17172.8 on 29-07-2022

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

4- Stochastic:- %K(5)- 86.41 & %D(3)- 64.22.

5- Stochastic is showing negative divergence

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

7- MACD(26,12)- 432.19 & EXP(9)- 322.82 & Divergence- 109.37

Conclusions from EOD chart analysis

(Stochastic & MACD)

Now Wave-A continuation with recent top formation at 17172.8 on 29-07-2022 after Wave-C completion at 15183.4 on 17-06-2022 and during these almost 2000 rally:-

1- In Stochastic indicator %K(5) line has intersected %D(3) line upward and its both lines are rising towards and within Over bought zone. As this indicator is showing negative divergence also therefore indicating Short Term correction beginning signals.

2- In MACD indicator MACD line has intersected Average line upward and its both lines are rising in positive zone therefore showing upward trend formations and suggesting up moves continuation in the coming sessions. 

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (29-Jul-2022):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 16768 

B- 21-Day SMA is today at 16299

C- 55-Day SMA is today at 16133

D- 100-Day SMA is today at 16544

E- 200-Day SMA is today at 17025

 

Conclusions from EOD chart analysis

(Averages)

As Nifty closed above Intermediate Term Trend decider 55-Day SMA in last 10 sessions therefore confirmations of its turning up. Nifty closed well above Long Term Trend decider 200-Day SMA at 17158.25 last Friday after huge gap up opening therefore strong indications of its also turning up. As Nifty sustaining above 200-Day SMA(17025) in next week will confirm on going rally continuation after all trends turning up therefore should be firstly watched in next week for its confirmations.  

Nifty-Intra Day Chart Analysis

(29-Jul-2022)

Nifty-Intra Day Chart (29-Jul-2022):-

Technical Patterns formation in today intraday charts

1- Sharp down after strong opening

2- Consolidation between 17061-17121

3- Sharp up moves in last hour

4- Whole day actual trading between 17019-17172

Conclusions from intra day chart analysis 

Although firstly sharp down moves after gap up strong opening but good consolidation developed between 7061-7121 in Mid-session therefore sharp up moves were seen in last hour and last Friday closing was at the top of the day.

As only consolidation and no selling patterns formations last friday therefore firstly up moves will be seen in the beginning of next week.

Conclusions (After putting all studies together)

Short and Intermediate Term Trends are up. As Long Term Trend will be up after sustaining above its decider 200-Day SMA(17025) therefore it should be watched in the coming week/weeks.

Although MACD is confirming upward trend but Stochastic is showing Short Term correction beginning signals which may be seen in next week and finally decisive fresh up moves will be considered after expected Short Term correction completion.  

Almost 19 months rally of on going Waves structure completed at 18604.50 on 19-10-2021 and after that corrective Wave-A of "ABC" correction started which is with Double Zig-Zag pattern formation and now more than 9 months old. 

Now Wave-A of on going correction is in continuation with recent top formation at 17172.8 on 29-07-2022 after Wave-C completion at 15183.4 on 17-06-2022 and no indication of its completion yet on EOD and intraday charts therefore firstly rally continuation is expected. As Short Term Correction beginning signals generation from Stochastic indicator therefore it will also be seen in next week after some up moves.