Most crucial levels will confirm Long Term Trend and next one-sided big moves

Technical Analysis,Research & Weekly Outlook

(Mar 13 to Mar 17,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (10-Mar-2023):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of "ABC correction" completion at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning

2- Impulsive Wave-[(i)] of Wave-1 completion at 18096.2 on 15-09-2022.

3- Corrective Wave-[(ii)] of Wave-1 completion at 16747.7 on 30-09-2022.

4- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022.

5- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation with recent bottom formations at 17255.2 on 28-02-2023.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new "Waves structure" begun from 15183.4 on 17-06-2022 after "ABC correction" of previous Waves structure completion at this level. Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022 and its corrective Wave-(ii) begun which is in continuation with recent bottom formations at 17255.2 on 28-02-2023 and no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (10-Mar-2023):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and its Corrective Wave-(ii) beginning.

2- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation with Falling Channel formation.

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

4- Stochastic:- %K(5)- 55.60 & %D(3)- 73.37.

5- In MACD- Its both lines are kissing in the negative zone

6- MACD(26,12)- -93.36 & EXP(9)- -99.43 & Divergence- 6.07

Conclusions from EOD chart analysis

(Stochastic & MACD)

As corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation within Falling Channel therefore valid break out of this channel should be watched in the coming week/weeks for next Trend confirmations. Positions of Daily indicators are as follows:-

1- In Stochastic its %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone therefore showing signals of more down moves in next week.

2- In MACD its both lines are kissing therefore this indicator is not suggesting any side Short term moves but its both lines are in the negative zone therefore showing downward trend formation signals. 

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (10-Mar-2023):-

Technical Patterns and Formations in EOD charts

1- Averages:-

A- 5-Day SMA is today at  17612

B- 21-Day SMA is today at 17675

C- 55-Day SMA is today at 17844

D- 100-Day SMA is today at 18030

E- 200-Day SMA is today at 17434

2- Nifty closed below Long Term Trend decider 200-Day SMA at 17412.90 on 10-02-2023 

 

Conclusions from EOD chart analysis

(Averages)

Although Nifty closed below all the Short to Long Term Averages last Friday but closed little below Long Term Trend decider 200-Day SMA therefore firstly sustaining it beyond should be watched in the coming week for Long Term Trend confirmations because that will decide next one sided big moves.

Nifty-Intra Day Chart Analysis

(10-Mar-2023)

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

Technical Patterns formation in today intraday charts

1- 265 Points down in first half hour after 122 points huge gap down opening.

2- 109 Points recovery from lower levels in next 2 hours.

3- More than 5 hours sideways trading between 17367-17434

4- Whole day actual trading between 17325-17451

Conclusions from intra day

chart analysis 

As all the Global markets were in crashing mode last Friday therefore Nifty also moved down 265 Points in first half hour after 122 points huge gap down opening. Although Nifty recovered 109 points from lower levels in the next 2 hours but sideways trading was also seen between 17367-17434 in the last more than 5 hours and one-sided intraday patterns could not develop within this range.

Whole day last Friday trading was under Bearish Global cues led depressed sentiments and technical positions reverses also during such public psychology therefore firstly Nifty will have to trade and prepare for next decisive moves within and near about this sideways trading range(17367-17434) in the beginning of next week. As finally sustaining beyond this range will confirm next decisive moves beginning therefore it should be firstly watched in the coming week for confirmations.

Conclusions

(After putting all studies together)

1- Short Term Trend is down.

2- Intermediate Term Trend is down .

3- Long Term Trend is at stake and finally it will be decided through sustaining beyond its decider 200-Day SMA which is today at 17434.

As corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation and no indication of its completion yet on EOD charts therefore its continuation is expected because:-

1- Stochastic indicator is showing down moves signals in short term Short Term. 

2- Both lines of MACD indicator is in negative zone therefore indicating downward trend formation.

3- Intraday charts of last Friday have not shown clear consolidation patterns formation.

As US markets and most Global markets closed more than 1% down last Friday and if such Bearish sentiment prevails next Monday also then Indian markets will also open weak next Moday and firstly sustaining beyond lowest of last Friday sideways trading range(17367-17434) should be watched for next decisive down moves beginning confirmations. Next supports below 17367 are as follows:-

1- 17256-17304

2- 17106-17219

3- 16941-17029

4- 16760-16855

Next resistances above  last Friday sideways trading range highest(17434) are as follows:-

1- 17574-17772

2- 17775-17799

3- 17866-17891

4- 17902-17924

5- 17949-18022

6- 18069-18132

7- 18155-18192

8- 18216-18240

9- 18345-18387(Strong resistances)

Sideways trading range(17367-17434) of last Friday has become most crucial because top of this range is exactly at Long Term Trend decider 200-Day SMA(17434) therefore finally sustaining beyond these most crucial levels will confirm Long Term Trend and next one-sided big moves also hence it should be firstly watched in the coming week/weeks for confirmations.

Watch next supports after 

more down moves

Nifty-Intra Day Chart Analysis & Market 

Outlook(10-03-2023)

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

Technical Patterns formation in today intraday charts

1- 100 Points down moves in first hour after gap up opening

2- Selling between 17681-17722 

3- Down moves with upward corrections

4- Whole day actual trading between 17574-17772

Conclusions from intra day chart analysis 

Although firstly gap up opening but huge selling developed therefore 100 points down moves were seen in first hour. As again selling between 17681-17722 and after that follow up selling through Down moves with upward corrections also therefore Nifty slipped 222 points from higher levels and Nifty closed 0.93% down. 

As only intraday selling and and consolidation was not seen therefore expected that more down moves will be seen towards following next supports. 

1-  17536-17577

2-  17452-17493

Let Nifty to consolidate and sustain above next supports then fresh up decisive up moves will be seen.

Watch next supports after failing 

to test immediate resistance 

Post-open Outlook(09-03-2023)

Live Proofs of our accuracy

Following conclusive lines were told at 12:40 AM today in "Firstly watch immediate resistance amid up moves expectations":-

"up moves are expected towards immediate resistance between 17773-17800 and firstly sustaining beyond this resistance range should be watched tomorrow for next decisive moves beginning confirmations."

As was told 100% same happened and:- 

1- Firstly up moves were seen through gap up opening today.

2- Today highest in first hour is at 17772.35 which is just below already mentioned resistance(17773-1780) which was told for firstly watching

As Nifty failed to test the lowest of immediate 

resistance(17773) therefore sustaining beyond 

17647-17718 should be watched today because 

consolidation(next supports) was seen 

within this range yesterday.

Firstly watch immediate resistance 

amid up moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(09-03-2023)

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

Technical Patterns formation in today intraday charts

1- 109 Points down in first 5 minutes

2- Sharp up moves 

3- More than 5 hours consolidation between 17647-17718

4- Sharp up in last half hour

5- Whole day actual trading between 17603-17766

Conclusions from intra day chart analysis 

Although firstly 109 points slipping in first 5 minutes after weaker opening but immediately after that sharp up moves were seen and more than 5 hours consolidation also in Mid-session between 17647-17718 therefore again sharp up developed in last half hour hence today closing was near the higher levels of the day.

As today closing was with 42.95 points gains after 150 points recovery from lower levels with good intraday consolidation therefore up moves are expected towards immediate resistance between 17773-17800 and firstly sustaining beyond this resistance range should be watched tomorrow for next decisive moves beginning confirmations.

Watch next supports for the length 

of expected down moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(08-03-2023)

Nifty-Intra Day Chart (06-Mar-2023):-

Technical Patterns formation in today intraday charts

1- 119 Points up moves after strong opening

2- Down moves with upward corrections

3- Whole day actual trading between 17672-17799

Conclusions from intra day chart analysis 

Although firstly 119 points up moves after strong opening but higher levels selling developed therefore Down moves started with upward corrections till last hour and Nifty closed after 88 points slipping from higher levels as well as Bearish "Shooting Star" Candle formation was seen last Monday. 

Nifty closed after gaining 0.67% points on 06-03-2023 but higher levels good intraday selling was seen therefore some more down moves will be seen and until complete fresh consolidation will not develop till then decisive up moves will not be seen above last Monday highest(17799).

Expected that firstly some down moves will be seen towards next supports(17536-17577) and firstly sustaining it beyond should be watched in the coming sessions for the length of expected down moves.

Rally continuation & Watch crucial levels also for the confirmation of Upward Trends strength

Technical Analysis,Research & Weekly Outlook

(Mar 06 to Mar 10,2023)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (03-Mar-2023):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and corrective Wave-(ii) of Wave-[(iii)] of Wave-1 beginning

2- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation with recent bottom formations at 17255.2 on 28-02-2023.

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

4- Stochastic:- %K(5)- 53.35 & %D(3)- 35.61.

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

6- MACD(26,12)- -209.26 & EXP(9)- -64.83 & Divergence- -144.43

Conclusions from EOD chart analysis

(Stochastic & MACD)

Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 and its corrective Wave-(ii) sarted which is in continuation with recent bottom formations at 17255.2 on 26-02-2023 and no confirmation of its completion yet on EOD charts.

Positions of Daily indicators are as follows:-

1- In Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising from Over sold zone therefore showing signals of Short Term up moves continuation in next week.

2- In MACD- MACD line has intersected Average line downward and its both lines are falling in negative zone therefore indicating Downward trend formations.

As according to Stochastic up moves will be firstly seen therefore during or after up moves completion if MACD starts to show Upward trend formation signals through MACD line Upward intersection of Average line then decisive more up moves will be seen otherwise decisive down moves will be seen after Short Term up moves completion confirmations.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (03-Mar-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 17412 

B- 21-Day SMA is today at 17710

C- 55-Day SMA is today at 17895

D- 100-Day SMA is today at 18012

E- 200-Day SMA is today at 17404

 

Conclusions from EOD chart analysis

(Averages)

Although Nifty tested Long Term Trend decider 200-Day SMA 4 times in previous week but finally closed well above it after big up moves last Friday which is first sign of strong rally beginning. Expected that Nifty will counter above mentioned Short and Intermediate Term Averages in the coming week/weeks therefore sustaining them beyond should be firstly watched for the confirmations of fresh rally beginning above 18000.

Nifty-Last 7 Sessions intraday

charts analysis

Nifty-Intra Day Chart (Feb 23 to Mar 03,2023):-

Technical Patterns formation in last 7 Sessions intraday charts

1- Selling(Resistances) in last 7 Sessions are as follows:-

A- Previous resistances are between 17544-17601 

2- Consolidation(Supports) in last 7 Sessions are as follows:-

A-  17536-17577

B-  17452-17493

C-  17307-17333

D-  17256-17304

3- Last 7 Sessions actual trading between 17256-17644 

Conclusions from 7 Sessions

intra day chart analysis 

As lower levels good consolidation within previous 7 Sessions trading range therefore last Friday closing was near the higher levels of this range. As last resistances of previous 7 sessions trading range were between 17544-17601 therefore Nifty traded with consolidation and volatility within and near about this range more than 4 hours last Friday between 17536-17644 as well as prepare for next big moves in next week.

It is confirm that finally sustaining beyond 17536-17644 will generate mext one sided decisive moves therefore should be firstly watched in next week.

Nifty-Intra Day Chart Analysis

(03-Mar-2023)

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

Technical Patterns formation in today intraday charts

1- Consolidation after strong opening between 17452-17493

2- Up moves with downward corrections

3- Consolidation in Mid-session between 17536-17577

4- Volatility in last 3 hours between 17586-17644

5- Whole day actual trading between 17428-17644

Conclusions from intraday

chart analysis 

As firstly consolidation after strong opening and after that Up moves with downward corrections as well as follow up consolidation in Mid-session therefore up moves remained contnued till last hour. Although 1.57% positive closing but volatility was also seen in last 3 hours between 17586-17644 and last Friday closing was 50 points below intraday highest therefore Nifty will firstly trade and prepare for next decisive moves between 17586-1764 in the beginning of next week. 

It should be kept in mind that lower levels good intraday consolidation was seen last Friday therefore until complete selling will not develop till then decisive down moves will not be seen and once fresh consolidation will mean again strong up moves beginning above last Friday highest(17644).

Conclusions

(After putting all studies together)

1- Short Term Trend is down and it will be up after sustaining above its decider 21-Day SMA(17710).

2- Intermediate Term Trend is down and it will be abovw after sustaining above its decider 55-Day SMA(17895).

3- Long Term Trend is up but at stake and its future will be decided through sustaining beyond its decider 200-Day SMA which is today at 17404.

Wave-(ii) of Wave-[(iii)] started from 18887.6 and in continuation with recent bottom formations at 17255.2 as well as no confirmation of its completion yet.

Strong intraday rally gaining 1.57% points with closing at 17594.35 was seen last Friday which was at last 7 sessions highest closing. As Nifty traded more than 4 hours between 17536-17644 with consolidation and volatility last Friday which was within and near about last resistances of previous 7 sessions trading range(17256-17601) and Short Term indicator Stochastic is also showing more up moves signals therefore firstly up moves are expected towards following resistances in the beginning of next week:-

1- 17651-17685

2- 17736-17755

3- 17773-17800(Gap resistance)

4- 17866-17891

5- 17902-17924

6- 17949-18022

7- 18069-18132

8- 18155-18192

9- 18216-18240

10- 18345-18387(Strong resistances)

Next crucial levels above last Friday closing are as follows:-

1- Short Term Trend decider 21-Day SMA(17710).

2- Intermediate Term Trend decider 55-Day SMA(17895).

3- Previous 24 sessions(23-12-2022 to 25-01-2023) trading range highest(18265). 

Although firstly rally will remain continued in the beginning of next week but above mentioned multiple resistances are also lying above last Friday highest therefore continuous consolidation is also required for rally continuation and above mentioned crucial levels should also be watched for the confirmation of Upward Trends strength.

Sustaining beyond Levels will confirm 

next decisive intraday moves beginning 

Nifty-Intra Day Chart Analysis & 

Market Outlook(03-03-2023)

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

Technical Patterns formation in today intraday charts

1- More than 100 points fall in first hour after flat opening

2- Selling between 17349-17401

3- Sharp fall

4- Support between 17307-17333

5- Whole day actual trading between 17307-17445

Conclusions from intra day chart analysis 

Although flat opening but fresh selling developed therefore firstly more than 100 points fall in first hour and follow up good selling was seen in Mid-session hence Nifty slipped in last hours.  

As Lower levels supports was also seen in last 2 hours between 17307-17353 therefore expected that Nifty will firstly trade tomorrow within today trading range and finally sustaining beyond today trading range(17307-17445) will confirm next decisive intraday moves beginning.

Next decisive up moves after 

fresh consolidation 

Nifty-Intra Day Chart Analysis & 

Market Outlook(02-03-2023)

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

Technical Patterns formation in today intraday charts

1 Up moves after positive opening

2- Consolidation between 17396-17445

3- Selling between 17446-17467

4- Whole day actual trading between 17346-17467

Conclusions from intra day

chart analysis 

As firstly up moves after positive opening and after that good consolidation in Mid-session between 17396-17445 therefore Nifty traded 163 points up today. Although today closing was near the higher levels of the day with 0.85% gains but higher levels some selling was also seen in last hour between 17446-17467 therefore Nifty will firstly trade for fresh consolidation within and near about 17446-17467 and after that next decisive up moves will be seen above today highest(17467).

 As busy therefore Stock Market Outlook of today(01-03-2023) is not being updated.

Sustaining beyond 17299-17364 

will confirm next intraday 

decisive moves beginning 

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-02-2023)

Nifty-Intra Day Chart (27-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Up moves after weaker opening and firstly little slipping

2- 150 Points fall in 45 minutes

3- Consolidation between 17299-17364 in Mid-session

4- 110 Points up moves in last Hours  

5- Whole day actual trading between 17299-17451

Conclusions from intra day chart analysis 

As firstly up moves after weaker opening and little slipping but after that 150 points fall was seen in next 45 minutes therefore huge volatility will be understood in first hour. 

Although Nifty traded 265 points weaker but lower levels good consolidation was seen between 17299-17364 in Mid-session therefore 110 points up moves developed in last Hours. As lower levels good consolidation therefore firstly sustaining beyond 17299-17364 should be watched tomorrow for next intraday decisive moves beginning confirmations.

 Firstly watch immediate Supports & levels amid crashing Global markets

Technical Analysis,Research & 

Weekly Outlook(Feb 27 to Mar 03,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (24-Feb-2023):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of "ABC correction" completion at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning

2- Impulsive Wave-[(i)] of Wave-1 completion at 18096.2 on 15-09-2022.

3- Corrective Wave-[(ii)] of Wave-1 completion at 16747.7 on 30-09-2022.

4- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022.

5- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation with recent bottom formations at 17353.40 on 01-02-2023.

6- Pull Back Rally completion at 18134.80 on 16-02-2023.

7- Fresh down moves continuation with recent bottom formations at 17421.80 on 24-02-2023.

Conclusions from EOD chart analysis

(Waves structure)

"ABC correction" of previous Waves structure completed at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new "Waves structure" started. Wave-(i) of Wave-[(iii)] of Impulsive Wave-1 completed at 18887.6 on 01-12-2022 and its corrective Wave-(ii) begun which is in continuation with its recent bottom formations at 17353.40 on 01-02-2023 and no confirmation of its completion yet on EOD charts.

Although strong Pull Back Rally begun from 17353.40 on 01-02-2023 but completed at 18134.80 on 16-02-2023 and now its correction continuation with recent bottom formations at 17421.80 on 24-02-2023. As Pull Back Rally correction bottom(17421.80) is less than 100 points above corrective Wave-(ii) lowest(17353.40) therefore firstly 17353.40 should be watched in next week for corrective Wave-(ii) continuation/completion confirmations.    

Nifty-EOD Chart Analysis

(Bollinger Band,Stochastic & MACD)

Nifty-EOD Chart (24-Feb-2023):-

Technical Patterns and Formations in EOD charts

1- Bollinger Band- Nifty tested Lower Band in last 2 sessions

2- Stochastic- Its both lines %K(5) & %D(3) are kissing in the Over sold zone

3- Stochastic:- %K(5)- 07.10 & %D(3)- 07.58.

4- MACD- Its both lines are kissing in the Middle zone

5- MACD(26,12)- -05.12 & EXP(9)- -0.74 & Divergence- -4.38

6- MACD is showing negative/positive divergence

Conclusions from EOD chart analysis

(Bollinger Band,Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- Nifty tested Lower Band of Bollinger Band in last 2 sessions of previous week therefore until its Lower Band testing will not stop till then up moves will not start and on going down moves will remain continued. 

2- As in Short Term indicator Stochastic its both lines are kissing in Over sold zone and not shown yet any up move beginning signal therefore it will be better to wait for up side moves beginning indications because this indicator remains in Over sold zone also long time during bigger corrections. 

3- in MACD also its both lines are kissing in the Middle zone therefore this indicator is also not showing any side trend formations. Let its Downward/upward trend formation confirmation come through its MACD line intersection of Average line downward/upward and its both lines to move into in negative/positive zone then next trend formation will be understood accordingly.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (24-Feb-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 17640 

B- 21-Day SMA is today at 17762

C- 55-Day SMA is today at 17997

D- 100-Day SMA is today at 18002

E- 200-Day SMA is today at 17368

 

Conclusions from EOD chart analysis

(Averages)

Nifty has closed below both Short and Intermediate Term averages last Friday but has not tested yet Long Term trend decider 200-Day SMA(today at 17368) during on going Wave-(ii) of Wave-[(iii)] of Wave-1 correction. As correction is very much on and no indication of its completion yet therefore firstly sustaining beyond 200-Day SMA should be watched in the coming week for on going correction continuation period confirmations.

Nifty-Intra Day Chart Analysis

(24-Feb-2023)

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

Technical Patterns formation in today intraday charts

1- 84 Points fall in first 36 minutes after positive opening

2- Down moves with upward corrections

3- Support between 17422-17484 in last 3 hours(Immediate Supports)

4- Whole day actual trading between 17422-17599

Conclusions from

intra day chart analysis 

As most Asian markets were trading in Red last Friday therefore firstly 84 Points fall was seen in first 36 minutes after positive opening and selling remained continued in Mid-session also through Down moves with upward corrections.

Although Nifty closed 45.45 points down last Friday but support were also seen at lower levels between 17422-17484 in last 3 hours therefore firstly sustaining beyond this range should be watched in the beginning of next week for:- 

1- On going correction continuation confirmations below 17422. 

2- First signal of correction completion above 17484.

Conclusions

(After putting all studies together)

1- Short Term Trend is down.

2- Intermediate Term Trend is down .

3- Long Term Trend is up but at stake and its future will be decided through sustaining beyond its decider 200-Day SMA which is today at 17368.

Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation with recent bottom formations at 17353.40 which is just below Long Term Trend decider 200-Day SMA(today at 17368) therefore firstly sustaining beyond 17353.40 should be watched in the coming week for the life and length of on going correction. 

 

As US markets crashed in previous week and its Indices have shown long Black Weekly Candle formation also therefore most Global markets melted and Indian markets also participated in Global markets downward journey. Those US and most European markets which closed after Indian markets closure last friday have also closed more than 1% down therefore its impact on Indian markets trading may also be seen next Monday through firstly weaker opening and after that fresh downward moves beginning. 

Next supports below last Friday closing(17465.80) are a follows:-

1- 17226-17374

2- 17106-17219

3- 17038-17097

4- 16948-17018(Gap support)

5- 16654-16746(Gap support)

6- 16565-16628

7- 16443-16494

8- 16360-16438(Gap support)

Next resistances above last Friday closing(17465.80) are a follows:-

1- 17522-17576

2- 17651-17685

3- 17736-17755

4- 17773-17800(Gap resistance)

5- 17866-17891

6- 17902-17924

7- 17949-18022

8- 18069-18132

9- 18155-18192

10- 18216-18240

11- 18345-18387(Strong resistances)

As sustaining beyond 17368 and 17353.40 will confirm Long Term trend therefore firstly sustaining beyond these 2 levels should be watched in next week for Long Term trend confirmations. Although crashing Global markets but Short Term indicators have turned Oversold and Nifty got supports also last Friday between 17422-17484(Immediate Supports) therefore if Nifty gets fresh supports within or near about this supports range in next week then fresh up moves will be seen and firstly sustaining it beyond should be watched in the beginning of next week for:- 

1- First signal of Long Term Trend downward turning and deeper corretion beginning below 17422.

2- Strong Pull Back Rally beginning above 17484.

 Firstly watch 17525-17620 & 

sustaining above 17620 will confirm 

strong Pull Back Rally beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(24-02-2023)

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

Technical Patterns formation in today intraday charts

1- 119 Points sharp fall in first half hour after positive opening

2- Sharp up moves

3- 164 Points up moves in 40 minutes

4- More than 5 hours sideways trading between 17525-17620

5- Sharp down

6- Whole day actual trading between 17456-17620

Conclusions from intra day chart analysis 

Although positive opening today but after that 119 Points sharp fall in first half hour and immediately after that sharp up moves were also seen. 

As firstly 164 points up moves in 40 minutes from intraday lower levels and after that more than 5 hours sideways trading between 17525-17620 and Nifty traded within this range between 17530-17591 in last 2 hours yesterday also therefore today sideways trading range has become crucial because Nifty traded more than 7 hours within it in last 2 sessions.

Although sharp fall was seen in last half hour today and today closing was below 17525 at 17511.25 but firstly sustaining beyond Crucial range(17525-17620) should be watched in the coming 1/2 sessions for the life and length of on going correction. As Short Term indicators have turned Oversold also therefore if finally Nifty sustains above 17620 then that will confirm strong Pull Back Rally beginning in the coming week. 

Firstly watch 17530-17591 & sustaining

 above 17591 will confirm strong 

Pull Back Rally beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-02-2023)

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

Technical Patterns formation in today intraday charts

1- Selling between 17733-17749

2- Sharp fall

3- Down moves with upward corrections

4- Volatility in last 2 hours between 17530-17591

5- Whole day actual trading between 17530-17772

Conclusions from intra day

chart analysis 

As firstly selling after gap down opening therefore sharp fall was seen in first hour. Follow up selling remained continued through Down moves with upward corrections in Mid sessions also hence higher levels good intraday selling will be understood today.

 

Volatility in last 2 hours between 17530-17591 in which lower levels intraday consolidation was also seen therefore firstly sustaining it beyond should be watched in the coming sessions for the life and length of on going correction. As Short Term indicators have turned Oversold and lower levels some consolidation was also seen therefore sustaining above 17591 will confirm strong Pull Back Rally beginning.

 Down moves towards next supports

 between 17720-17801

Nifty-Intra Day Chart Analysis & 

Market Outlook(22-02-2023)

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

Technical Patterns formation in today intraday charts

1- Support between 17848-17866

2- Up moves

3- Selling between 17902-17924

4- Down moves

5- Support between 17818-17846

6- Up moves

7- Selling between 17866-17891

8- Down moves

9- Support between 17801-17834

10- Whole day actual trading between 17801-17924

Conclusions from intra day chart analysis 

As whole day up moves after lower levels some supports and down moves after higher levels some selling therefore almost flat closing today. Last 5 hours trading was with lower top and bottom formations therefore intraday weakness will be understood and:-

1- Down moves are expected towards next supports between 17720-17801 and 

2- Firstly sustaining beyond 17720-17801 should be watched tomorrow for on going correction continuation/completion.

 17801-17864 will confirm next 

intraday decisive move beginning 

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-02-2023)

Nifty-Intra Day Chart (20-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Up moves in first hour after positive opening and initial volatility.

2- Selling between 17949-18004

3- Down moves with upward corrections

4- Support between 17819-17860

5- Whole day actual trading between 17819-18004

Conclusions from intra day chart analysis 

Although up moves were seen in first hour after positive opening and initial volatility but higher levels selling developed therefore down moves started which remained continued till 02:00 PM. As lower levels supports between 17819-17860 which was within previous supports range(17801-17864) therefore firstly sustaining it beyond should be watched tomorrow for next intraday decisive move beginning confirmations.

Finally on going Pull Back rally continuation expectations after routine Short Term corrections completion

Technical Analysis,Research & Weekly Outlook

(Feb 20 to Feb 24,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (17-Feb-2023):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of "ABC correction" completion at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning

2- Impulsive Wave-[(i)] of Wave-1 completion at 18096.2 on 15-09-2022.

3- Corrective Wave-[(ii)] of Wave-1 completion at 16747.7 on 30-09-2022.

4- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022.

5- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 completion indications at 17353.40 on 01-02-2023.

6- Pull Back Rally continuation with recent top formations at 18134.80 on 16-02-2023.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new "Waves structure" started after "ABC correction" of previous Waves structure completion at 15183.4 on 17-06-2022. Wave-(i) of Wave-[(iii)] of Impulsive Wave-1 completed at 18887.6 on 01-12-2022 and its corrective Wave-(ii) of Wave-[(iii)] of Wave-1 begun. Its completion indications emerged  after on going Pull Back Rally strongly continuation with recent top formations at 18134.80 on 16-02-2023 and no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis 

(Corrective Waves)

Nifty-EOD Chart (17-Feb-2023):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and corrective Wave-(ii) of Wave-[(iii)] of Wave-1 begun.

2- Previous 24 sessions sideways trading range(17762-18265) 

3- Previous 24 sessions sideways trading range broken down on 27-01-2023 

4- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 completion indications at 17353.40 on 01-02-2023.

5- Pull Back Rally continuation with recent top formations at 18134.80 on 16-02-2023.

6- Last Friday closing within previous 24 sessions trading range at 17944.20

Conclusions from EOD chart analysis

(Corrective Waves)

Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 started from 18887.6 on 01-12-2022 and this wave traded 24 sessions sideways 17762-18265 which was broken down 3 sessions before Budget on 27-01-2023. Lowest of this corrective wafe was formed on Budget day(01-02-2023) at 17353.40 and Pull Back rally started which is in continuation with recent top formations at 18134.80 on 16-02-2023. 

As on going Pull Back rally is moving up strongly and gained 781 points as well as last 2 weeks weekly closing was within previous 24 sessions sideways trading range(17762-18265) at 17856.50 and 17944.20 respectatively therefore indications of corrective Wave-(ii) of Wave-[(iii)] of Wave-1 completion emerged. Let Nifty to sustain above previous 24 sessions trading range highest(18265) then this corrective wave completion will get confirmation.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (17-Feb-2023):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 74.82 & %D(3)- 79.19.

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

4- MACD(26,12)- 10.88 & EXP(9)- -90.77 & Divergence- 101.65

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- In Stochastic its both lines %K(5) & %D(3) are kissing in the Over bought zone therefore showing Short term correction signals which will be seen if fresh intraday selling will develop in next week.

2- In MACD its both lines are rising in positive and negative zone therefore showing Short Term upward Trend formation signals which will get confirmations after EXP line moving into positive zone.

These indicators are showing finally up moves beginning signals after Short term correction completion.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (17-Feb-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 17939 

B- 21-Day SMA is today at 17860

C- 55-Day SMA is today at 18088

D- 100-Day SMA is today at 17967 

E- 200-Day SMA is today at 17336

 

Conclusions from EOD chart analysis

(Averages)

Although Nifty tested Intermediate Term Trend decider 55-Day SMA on 16-02-2023 but closed below it in both previous seessions therefore Intermediate Term Trend is still down. As Nifty closed well above Long Term Trend decider 200-Day SMA therefore this trend is still up. 

Short Term Trend is sideways between 17854-18134 for the last 3 sessions because its decider both 5-Day and 21-Day SMA are lying between last 3 sessions trading range and Nifty has also closed within this range also for the last 4 sessions therefore let Nifty to sustain beyond 17854-18134 then this trend will be understood accordingly.

 

Nifty-Last 3 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Feb 15 to Feb 17,2023):-

Technical Patterns formation in last 3 Sessions intraday charts

1- More than 4 hours consolidation between 17903-17956 on 15-02-2023

2- Good selling between 18069-18134 on 16-02-2023

3- Selling between 17977-18022 on 17-02-2023

4- Consolidation between 17885-17934 on 17-02-2023

5- Last 3 Sessions actual trading between 17854-18134 

Conclusions from 3 Sessions

intra day chart analysis 

Although more than 4 hours consolidation on 15-02-2023 but good selling was seen on next day(15-02-2023) also. As both higher levels selling and lower levels buying was seen on 17-02-2023 and it happened within both previoud trading rsnge(17854-18134) therefore expected that Nifty will trade and prepare for next Short Term trend within this range. Finally sustaining beyond(17854-18134) should be watched in the coming week for next Short Term moves beginning confirmations.

Conclusions

(After putting all studies together)

1- Short Term Trend is sideways between 17854-18134.

2- Intermediate Term Trend is down and it will be up after sustaining above its decider 55-Day SMA which is today at 18088 .

3- Long Term Trend is up.

Although no confirmation of corrective Wave-(ii) of Wave-[(iii)] of Wave-1 completion but its completion signals have been developed at 17353.40 on 01-02-2023 because from this levels started on going Pull Back rally is moving up strongly and gained 4.5% ie 781 points. Let corrective Wave-(ii) of Wave-[(iii)] of Wave-1 completion confirmation come then impulsive Wave-(iii) of Wave-[(iii)] of Wave-1 beginning will be considered. 

As Short Term indicator Stochastic is showing signals of Short Term correction beginning therefore it may be seen but on the contrary MACD is indicating upward Trend formation possibility also therefore fresh up moves beginning can not be ruled out after Short Term correction completion which may be sidways also. 

As Nifty is trading sideways between 17353-18265 after 23-12-2023 fall therefore Nifty is moving within Long Term Trend decider 200-Day SMA and Intermediate Term Trend 55-Day SMA for the last 3 months and preparing for the next big moves beginning after new trend formation. Nifty traded sideways 24 sessions between 17762-18265 and this range was broken down on 27-01-2023 also but last 2 weeks weekly closing was within this range therefore firstly sustaining beyond this previous 24 sessions trading range should be watched in the coming weeek/weeks for first strong signal of next Trend formations. 

Short Term Trend is sideways between 17854-18134 which is last 3 sessions trading range also with lower levels consolidation and higher levels selling within this range therefore firstly sustaining beyond this range should be watched in the coming week for next Short Term Trend formation confirmations.

As finally on going Pull Back rally is moving up strongly therefore finally its continuation is expected after routine Short Term corrections completion but Nifty is trading sideways also for the last 3 months between 17353-18265 therefore following levels,supports and resistances within this range should be watched one by one for next decisive moves beginning and Trends formations confirmations:-

Levels:-

1- 17854-18134 

2- 17762-18265 

3- 17353-18265 

Next supports:-

1- 17885-17956

2- 17801-17864

3- 17720-17801

4- 17585-17718

5- 17513-17552

6- 17438-17492

Next resistances:-

1- 17977-18022

2- 18069-18132

3- 18155-18192

4- 18216-18240

 Finally sustaining beyond will confirm

 17903-18134 next Short term moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(17-02-2023)

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

Technical Patterns formation in today intraday charts

1- Up moves after gap up strong opening

2- Selling between 18110-18134

3- Selling between 18087-18101

4- Selling between 18069-18088

5- Sharp fall in last hour

6- Whole day actual trading between 18001-18134

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Rally continuation expectations towards & above 18100":-

1- rally continuation is expected towards and above 18100

2- 1st Resistances between 18109-18132

As was told yesterday 100% same happened today and:- 

1- Firstly rally was seen today above 18100 and today highest was at 18134.75 

2- Today highest was only 2.75 points above yesterday mentioned resistances between 18109-18132.

 

Although firstly up moves after gap up strong opening today but selling begun which remained continued with continuous follow up selling till last hour therefore resultant today closing was near the lower levels of the day.

Good consolidation was seen between 17903-17956 yesterday and equally good selling was between 18069-18134 today therefore firstly Nifty will have to trade and prepare for next moves within and near about 17903-18134. 

As both lower levels buying and higher levels selling in last 2 sessions between 17903-18134 therefore firstly sustaining beyond this range should be watched in the coming sessions for next Short term moves beginning final confirmations.