Firstly watch next supports amid 

high possibility of Short Term 

correction beginning

Technical Analysis,Research & Weekly Outlook

(May 15 to May 19,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (12-May-2023):-

Technical Patterns and Formations in EOD charts

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

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

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

4- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction begining.

5- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.

6- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.

7- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion indication with recent bottom formation at 16828.3 on 20-03-2023.

8- Pull Back Rally continuation with recent top formation at 18389.7 on 11-05-2023.

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-C of "ABC correction" of previous Waves structure completed at  15183.4 on 17-06-2022 and from this level Impulsive Wave-1 of new Waves structure started. Impulsive Wave-[(i)] of Wave-1 completed at 18096.2 on 15-09-2022 and Corrective Wave-[(ii)] of Wave-1 begun which completed at 16747.7 on 30-09-2022.

Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction started. Now corrective Wave-C is in continuation with recent bottom formation at 16828.3 on 20-03-2023 and no confirmation of its completion yet but strongest signals of its completion have emerged after 1561.4 points(9.27%) recovery from lower levels.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (12-May-2023):-

Technical Patterns and Formations in EOD charts

1- Stochastic- Its both lines are kissing in Over bought zone.

2- Stochastic:- %K(5)- 78.77 & %D(3)- 80.82.

3- Stochastic is showing negative divergence

4- MACD- Its both lines are kissing in positive zone.

5- MACD(26,12)- 301.64 & EXP(9)- 279.90 & Divergence- 21.74

6- MACD is showing negative divergence

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- As both lines of Short Term indicator Stochastic are kissing in Over bought zone and this indicator is showing negative divergence also therefore suggesting strongest indications of Short Term correction beginning.  

2- As both lines of MACD are kissing in positive zone and this indicator is showing negative divergence as well therefore indicating Short Term correction beginning possibility. 

Indicators are suggesting that Short Term correction is on cards which may begin any day in the coming week/weeks. 

Nifty-Last 4 Sessions

intraday charts analysis

Nifty-Intra Day Chart (May 09 to May 12,2023):-

Technical Patterns formation in last 4 Sessions intraday charts

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

A- 18318-18389   

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

A- 18261-18389 

3- Last 4 Sessions actual trading between 18195-18389 

Conclusions from 4 Sessions

intra day chart analysis 

Last 4 Sessions trading between 18195-18389 with above mentioned supports and resistances. As resistances seems much stronger than supports and selling was seen in previous 2 sessions at the higher levels of last 4 sessions also therefore firstly down moves are expected towards and below the lowest(18195) of last 4 sessions in the beginning of next week.

Conclusions

(After putting all studies together)

1- Short Term Trend is sideways for the last 4 sessions.

2- Intermediate Term Trend is up.

3- Long Term Trend is up.

Pull Back rally continuation strongly and no confirmation of its completion yet on EOD charts but Short Term correction beginning signals have developed in indicators and intraday charts of previous weeks have shown selling patterns formations also therefore Short Term correction may begin any day in the coming week/weeks which may be deeper also because Indicators have started to show negative divergence as well. Firstly sustaining beyond following next supports should be watched in next week one by one in the coming week amid high possibility of Short Term correction beginning:- 

1- 18261-18389

2- 18144-18206

3- 17937-17988

4- 17886-17922

5- 17712-17803

6- 17613-17646

7- 17503-17541

Next resistances above previous week closing are as follows which should be watched after expected correction completion:-

1- 18318-18389 

2- 18559-18586

3- 18674-18696

4- 18832-18854

Down moves below 18271

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-05-2023)

Nifty-Intra Day Chart (11-May-2023):-

Technical Patterns formation in today intraday charts

1- 92 Points fall in first 30 minutes after positive opening

2- Selling patterns formations between 18315-18346 

3- Whole day actual trading between 18271-18389

Conclusions from intra day chart analysis 

Although positive opening but after that 92 Points fall in first 30 minutes and  clear selling patterns formations between 18315-18346 therefore down moves are expected in the coming session below day's lowest(18271).

As out of station therefore Stock Market Outlook of tomorrow(11-05-2023) is not being updated.

As busy therefore Stock Market Outlook of today(10-05-2023) is not being updated.

Watch 18249-18286 for next intraday decisive moves beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(09-05-2023)

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

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- Sideways trading in last 3 hours between 18249-18286

3- Whole day actual trading between 18101-18286

Conclusions from intra day chart analysis 

Al Dow jones closed with more than 400 points gains last Friday therefore all the Asian markets were in Green today morning hence sentiment turned Bullish and Indian markets opened positive as well as up moves started which remained continued till 02:00 PM. Although up moves were with downward corrections and follow up continuous consolidation will be understood but sideways trading in last 3 hours between 18249-18286 therefore firstly sustaining beyond this range should be watched tomorrow for next intraday decisive moves beginning confirmations.

Watch next supports amid Short Term 

correction beginning expectations

Technical Analysis,Research & Weekly Outlook

(May 08 to May 12,2023)

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (05-May-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-A of "ABC" correction beginning.

2- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.

3- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.

4- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion indication with recent bottom formation at 16828.3 on 20-03-2023.

5- Pull Back Rally continuation with recent top formation at 18267.5 on 04-05-2023.

6- Last 4 sessions sideways correction between 18043-18267. 

Conclusions from EOD chart 

analysis(Corrective Waves)

Corrective Wave-A of "ABC" correction begun after impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022. Wave-A completed at 17774.3 on 26-12-2022 and from this level Wave-B started which completed at 18265.3 on 30-12-2022 and Wave-C begun.

Although Wave-C continuation and no confirmation of its completion yet but strong signals of its  completion emerged after strong Pull Back Rally beginning from its bottom at 16828.3 on 20-03-2023) because Nifty has recovered 1439 points(8.55%) from Wave-C lower levels. Now last 4 sessions sideways correction between 18043-18267 is on and no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Bollinger Band,Stochastic & MACD)

Nifty-EOD Chart (05-May-2023):-

Technical Patterns and Formations in EOD charts

1- Nifty is hovering around upper Band of Bollinger Band.

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)- 75.44 & %D(3)- 85.15.

4- MACD- Its both lines are kissing in positive zone.

5- MACD(26,12)- 275.57 & EXP(9)- 265.18 & Divergence- 10.39

Conclusions from EOD chart analysis

(Bollinger Band,Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- As Nifty is hovering around upper Band of Bollinger Band therefore suggesting that Short Term correction is on cards.

2- As in Short Term indicator Stochastic %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone therefore showing strong indications of Short Term correction beginning.  

3- As in MACD its both lines are kissing in positive zone therefore suggesting indecisiveness and resultant sideways market can not be ruled out in the coming week/weeks.

Indicators are suggesting that Short Term correction will be seen in next week. 

Nifty-Intra Day Chart Analysis

(05-May-2023)

Nifty-Intra Day Chart (05-May-2023):-

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel

2- Sharp falls

3- Selling between 18131-18167(Immediate resistances)

4- Down moves in Bullish Falling Channel in last hour

5- Whole day actual trading between 18056-18216

Conclusions from intra day chart analysis 

Although firstly up moves started after 138 points weaker opening but Up moves were in Bearish Rising Channel therefore sharp falls were seen from intraday higher levels. As selling was seen in Mid-session also between 18131-18167 therefore down moves developed and remained continued till last 15 minutes. Last hour down moves were in Bullish Falling Channel which means little consolidation at lower levels thereore some up moves towards immediate resistances between 18131-18167 can not be ruled out in the beginning of next week. It should be kept in mind that until Nifty will not sustain above last Friday highest till then decisive up moves will not be seen because good intraday selling was seen at higher levels last Friday.

Conclusions

(After putting all studies together)

All the trends are up. Although Pull Back rally continuation and no confirmation of its completion yet on EOD charts but first signal of Short Term correction beginning has emerged in previous week Weekly charts after "Bearish Shooting Star" Weekly Candle formation. As Short Term indicators are also showing Short Term correction beginning signals and intraday charts of last Friday are showing higher levels selling patterns formation as well therefore firstly Short Term correction is expected towards following next supports in the beginning of next week:-

1- 17937-17988

2- 17886-17922

3- 17712-17803

4- 17613-17646

5- 17503-17541

Above supports should be watched one by one for correction continuation/completion indications and confirmations. Let expected correction complete then rally will be seen towards following next resistances which are above last Friday closing:-

1- 18131-18167

2- 18168-18192

3- 18216-18240

4- 18345-18387(Strong resistances) 

Remain cautious amid Short Term correction beginning possibility

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-05-2023)

Nifty-Intra Day Chart (04-May-2023):-

Technical Patterns formation in today intraday charts

1- More than 5 hours up moves after negative opening

2- Sharp up in last hours

3- Whole day actual trading between 18067-18267

Conclusions from intra day chart analysis 

Although firstly slipping after negative opening but up moves started which remain continued more than 5 hours and sharp up moves were also seen in last hours therefore today closing was near the higher levels of the day with 0.92% gains. 

As Short Term indicators have turned Over bought therefore Short Term correction is very much due which may begin any day but intraday selling patterns were not seen today therefore let it develop then will start hence remain cautious also.

Watch 18059-18102 for next Short Term moves beginning confirmations

Nifty-Intra Day Chart Analysis & Market 

Outlook(04-05-2023)

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

Technical Patterns formation in today intraday charts

1- 97 Points down in first 10 minutes after weaker opening

2- Most time sideways trading between 18059-18102

3- Whole day actual trading between 18043-18116

Conclusions from intra day

chart analysis 

Following conclusive line was told on 29-04-2023 in "Watch 18100 amid firstly up moves & after that sideways market":-

1- firstly up moves 

2-  and after that sideways market in next week.

As was told 100% same happened and:-

1- Nifty closed 82 points up yesterday. 

2- Nifty traded most time sideways within 43 points between 18059-18102 today.

Although firstly 97 Points down moves in first 10 minutes after weaker opening but after that most time sideways trading between 18059-18102 and Nifty hovered around 18100 also therefore firstly sustaining beyond 18059-18102 should be watched in the coming sessions for next Short Term moves beginning confirmations.

As out of station therefore Stock Market Outlook of today(03-05-2023) is not being updated.

Watch 18100 amid firstly up moves & after that sideways market

Technical Analysis,Research & Weekly Outlook

(Apr 02 to Apr 05,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (28-Apr-2023):-

Technical Patterns and Formations in EOD charts

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

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

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

4- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction begining.

5- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.

6- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.

7- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion indication with recent bottom formation at 16828.3 on 20-03-2023.

8- Pull Back Rally continuation with recent top formation at 18089.15 on 28-04-2023.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure begun from 15183.4 on 17-06-2022 after Corrective Wave-C of "ABC correction" of previous Waves structure completion at this level.Impulsive Wave-[(i)] of Wave-1 completed at 18096.2 on 15-09-2022 and Corrective Wave-[(ii)] of Wave-1 started which completed at 16747.7 on 30-09-2022.

Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction begun.Although corrective Wave-C is in continuation with recent bottom formation at 16828.3 on 20-03-2023 but Nifty recovered more than 7.4% recovery from lower levels after on going Pull Back Rally recent top formation at 18089.15 therefore strong signals of corrective Wave-C completion has developed on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (28-Apr-2023):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion indication with recent bottom formation at 16828.3 on 20-03-2023.

2- Pull Back Rally continuation with recent top formation at 18089.15 on 28-04-2023.

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

4- Stochastic:- %K(5)- 95.13 & %D(3)- 92.18.

5- Stochastic is showing negative/positive divergence

6- In MACD- MACD line has intersected Average line downward and its both lines are moving flat in positive zone.

7- MACD(26,12)- 232.92 & EXP(9)- 306.94 & Divergence- -74.02

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- As in Short Term indicator Stochastic %K(5) line has intersected %D(3) line upward and its both lines are rising therefore firstly up moves will be seen in the beginning of next week but its both lines are in Over bought zone hence Short Term correction is also on cards which will also be seen in next week.

2- As in MACD its MACD line has intersected Average line downward and its both lines are moving flat in positive zone therefore suggesting finally up moves beginning possibility but after sideways trading.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (28-Apr-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 17861 

2- 21-Day SMA is today at 17593

3- 55-Day SMA is today at 17536

4- 100-Day SMA is today at 17806

5- 200-Day SMA is today at 17655

Conclusions from EOD chart analysis

(Averages)

Short and Intermediate Term trends were already up and last 5 sessions closing was well above Long Term trend decider 200-Day SMA as well as last 2 sessions closing was above 100-Day SMA therefore all the trends turning up confirmations.

Nifty-Intra Day Chart Analysis

(28-Apr-2023)

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

Technical Patterns formation in today intraday charts

1- Down moves after positive opening

2- Consolidation between 17886-17922

3- More than 3 hours consolidation between 17937-17988

4- Sharp up in last half hour

5- Whole day actual trading between 17886-18089

Conclusions from intra day chart analysis 

Although positive opening but firstly down moves were seen after some selling. As lower levels consolidation between 17886-17922 and after that more than 3 hours follow up consolidation also in Mid-Session between 17937-17988 therefore sharp up developed in last half hour.

As last Friday closing was near the higher levels of the day after good intraday consolidation therefore on going rally continuation is expected in the beginning of next week also.

Conclusions

(After putting all studies together)

1- Short Term Trend is up.

2- Intermediate Term Trend is up.

3- Long Term Trend is up.

As Nifty has sustained above Short to Long Term averages therefore all the trends have turned up. Pull Back rally strongly continuation and no indication of its completion yet on EOD charts hence more up moves are expected in the coming week also.

As intraday charts of last Friday have shown lower levels good intraday consolidation therefore previous week started rally will remain continued in the beginning of next week also. Conclusion from Short Term indicators is that firstly up moves and finally sideways trading will be seen in next week therefore following resistances and supports of Nifty should also be watched one by one for Short Term correction beginning from higher levels and fresh up moves beginning from lower levels:-

Resistances above last Friday closing are as follows:- 

1- 18069-18132

2- 18155-18192

3- 18216-18240

4- 18345-18387(Strong resistances) 

Supports of on going Pull Back rally and below last Friday closing are as follows:- 

1- 17937-17988

2- 17886-17922

3- 17712-17803

4- 17613-17646

5- 17503-17541

6- 17477-17493

7- 17313-17367

8- 17237-17286

9- 16914-17126

10- 16840-16887

Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1(18887.6-16828.3) completion indications have been developed during on going Pull Back rally strong up moves. Its 61.8% Fibonacci Retracement level which is crucial also is at 18100 and once confirmation of sustaining above it will mean on going rally continuation towards life time highest which should be firstly watched amid firstly up moves and after that sideways market in next week.

Up moves continuation expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-04-2023)

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

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- Sharp up in last hour

3- Whole day actual trading between 17798-17931

Conclusions from intra day

chart analysis 

Although firstly slipping after flat opening but good intraday consolidation yesterday therefore up moves started. As first 5 hours up moves were with downward corrections therefore sharp up moves were seen in last hour and up moves continuation is expected tomorrow also.

Firstly watch 17827 for next intraday decisive moves beginning confirmations amid US markets led weaker sentemnt

Pre-open Outlook(27-04-2023)

As Dow Jones closed 228 points down yesterday and sentemnt has turned weaker today morning therefore most Asian markets are trading flat to negative. Resultant flat to negative i disn msrkets opening can not be ruled out today and firstly sustaining beyond yesterday highest(17827) should be watched today for next intraday decisive moves beginning confirmations.

Up moves continuation expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-04-2023)

Nifty-Intra Day Chart (26-Apr-2023):-

Technical Patterns formation in today intraday charts

1- Consolidation between 17712-17771

2- Consolidation between 17768-17803

3- Sharp up in last half hour

4- Whole day actual trading between 17712-17827

Conclusions from intra day chart analysis 

Although firstly slipping after flat opening but firstly lower levels consolidation and after that consolidation in Mid-session also therefore sharp up moves were seen in last half hour. As intraday selling patterns were not seen today therefore on going up moves continuation is expected.

As busy therefore Stock Market Outlook of today(26-04-2023) is not being updated.

 17743 will confirm next intraday decisive moves after negative Asian markets 

Post-open Outlook(25-04-2023)

All the Asian markets are trading in Red and some are more than 1% down today morning therefore Nifty is trading near about yesterday closing(17743) after positive opening. As sentiment has turned weaker hence firstly sustaining beyond yesterday closing should be watched today for next intraday decisive moves beginning confirmations.

Up moves continuation towards

 next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(25-04-2023)

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

Technical Patterns formation in today intraday charts

1- Consolidation between 17613-17646

2- Up moves with downward corrections

3- Whole day actual trading between 17613-17754

Conclusions from intra day chart analysis 

As firstly lower levels more than 3 hours consolidation between 17613-17646 therefore up moves started which remained continued till last minutes because up moves were with downward corrections. 

Nifty closed above previous 5 sessions trading range(17554-17741) and intraday selling patterns were not seen also today therefore up moves continuation is expected towards following next resistances:-

1- 17866-17891

2- 17902-17924

3- 17949-18022

Firstly watch levels for next Trend & big moves beginning confirmations

Technical Analysis,Research & Weekly Outlook

(Apr 24 to Apr 28,2023)

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (21-Apr-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-A of "ABC" correction beginning.

2- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.

3- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.

4- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion indication with recent bottom formation at 16828.3 on 20-03-2023.

5- Pull Back Rally continuation with recent top formation at 17863.00 on 17-04-2023.

Conclusions from EOD chart analysis

(Corrective Waves)

Corrective Wave-A of "ABC" correction started after impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022. Strong signals of its Wave-C completion emerged because strong Pull Back Rally begun from its bottom(16828.3 on 20-03-2023) which recovered more than 1000 points(6%) from lower levels. Now correction of Pull Back Rally is on with its recent bottom formation at 17553.95 on 21-04-2023 and no confirmation of its completion yet on EOD charts

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (21-Apr-2023):-

Technical Patterns and Formations in EOD charts

1- "ABC" Correction in Falling Channel

2- Falling Channel broken out on 10-04-2023 and last 9 sessions closing above it. 

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

4- Stochastic:- %K(5)- 18.53 & %D(3)- 23.28.

5- In MACD- MACD line has intersected Average line upward. Its MACD line has started to move downwards while its Average line is moving upward. 

6- MACD(26,12)- 337.86 & EXP(9)- 250.01 & Divergence- 87.85

7- In MACD its both lines are in Positive zone.

Conclusions from EOD chart analysis

(Stochastic & MACD)

"ABC" Correction was seen in Falling Channel. As this channel was broken out on 10-04-2023 and last 9 sessions closing was above it also therefore firstly sustaining above Falling Channel upper line should be watched in the coming week for first strong signal of on going "ABC" Correction completion. 

Positions of Daily indicators are as follows:-

1- As in Short Term indicator Stochastic %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone as well as its both lines are within and just above Over sold zone therefore some more down moves can not be ruled out. Fresh up moves will be considered after its both lines moving above Over sold zone. 

2- As in MACD its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore confirming upward trend formation.

Indicators are suggesting that finally up moves will be seen after little more down moves.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (21-Apr-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 17646

2- 21-Day SMA is today at 17401

3- 55-Day SMA is today at 17520

4- 100-Day SMA is today at 17845

5- 200-Day SMA is today at 17605

 

Conclusions from EOD chart analysis

(Averages)

As Nifty is moving between 21-Day SMA(17401) and 55-Day SMA(17845) for the last 13 sessions and faced resistance just below 100-Day SMA as well as hovered around Long Term trend decider 200-Day SMA in last 3 sessions of previous week therefore firstly sustaining beyond 17401-17845 should be watched in the coming week for first strong indication of rally continuation/completion because this range will confirm all the Short to Long Term Trends.

Nifty-Last 5 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Apr 17 to Apr 21,2023):-

Technical Patterns formation in last 5 Sessions intraday charts

1- Higher levels selling(Resistances) in last 5 sessions are as follows:-

A- 17676-17741

B- 17642-17664 

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

A- 17554-17613

3- Last 5 Sessions actual trading between 17554-17741 

Conclusions from 5 Sessions

intra day chart analysis 

As firstly selling devloped in first 3 sessions therefore Nifty traded at lower levels in last 3 sessions of previous week. Higher levels clear selling and lower levels supports were seen in last 5 sessions therefore Nifty will firstly trade and prepare for next trend within and near about last 5 sessions trading range. As finally sustaining beyond this range will confirm next trend therefore finally sustaining it beyond should be watched in next week for its beginning confirmations.

Nifty-Intra Day Chart Analysis

(21-Apr-2023)

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

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Consolidation between 17554-17613

3- Sideways trading in last hour between 17616-17636

4- Whole day actual trading between 17554-17663

Conclusions from intra day chart analysis 

Although firstly up moves after flat opening but down moves started which remained continued till 01:00 PM. As firstly Down moves were in Bullish Falling Channel and after that consolidation between 17554-17613 therefore Nifty recovered 82 points from lower levels also. 

As sideways trading in last hour between 17616-17636 after lower levels consolidation therefore Nifty once sustaining above 17636 after fresh consolidation will mean first strong signal of decisive up moves beginning.

Conclusions (After putting all studies together)

1- Short Term Trend is up.

2- Intermediate Term Trend turning up strong signals after last 10 sessions closing above its decider 55-Day SMA which is today at 17547.

3- Long Term Trend is at stake because Nifty hovered around its decider 200-Day SMA in last 3 sessions of previous week 

Pull Back Rally which started after Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 bottom formation at 16828.3 on 20-03-2023 is in continuation with recent top formation at 17863.00 on 17-04-2023. Its correction begun which is in continuation with recent bottom formation at 17553.95 on 21-04-2023 and no confirmation of its completion yet on EOD charts.

As intraday charts of last 5 sessions are also showing lower levels supports and higher levels selling between 17554-17741 and Short Term indicators have also not suggested any side immediate big move yet as well as Long term Trend decider 200-Day SMA(17605) is within this range therefore firstly Nifty will trade and prepare for next Trend within this range. Finally sustaining beyond 17554-17741 will confirm next trend and big moves therefore should be firstly watched in next week for its brginning confirmations.

Next supports,resistances and levels beyond last 5 sessions trading range(17554-17741) have already been updated in previous week Outlook and still valid therefore not being posted this week and should be watched for Short Term trading after sustaining beyond last 5 sessions trading range.

Watch levels for first signal of 

next decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-04-2023)

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

Technical Patterns formation in today intraday charts

1- Sharp up moves after flat opening

2- 96 Points down in next one hour

3- Sideways trading in last 5 hours between 17585-17633

4- Whole day actual trading between 17585-17684

Conclusions from intra day chart analysis 

Following lines were told on 15-04-2023 in "Finally watch 17600 amid Short Term correction expectations":-

As was told on 15-04-2023 100% same happened in last 4 sessions of this week in folloowing manner:- 

1- Short Term correction was seen in this week. 

2- Nifty traded below 17600 in 3 sessions and traded near about in all the 4 sessions of this week. 

Although firstly sharp up moves after flat opening but not sustaining at higher levels and 96 Points down moves were also seen in next one hour therefore volatile trading will be understood in first hour today. As sideways trading developed in last 5 hours between 17585-17633 and most time one sided intraday trading patterns formations were not seen therefore firstly sustaining beyond this range should be watched tomorrow for first signal of next decisive moves beginning.

As my family members have been affected from Corona therefore Stock Market Outlook of today(19-04-2023) is not being updated. 

Although I shall try to post regularly but Outlooks may remain interrupped also in the coming few sessions due to unavoiadable reasons.

As busy therefore Stock Market Outlook of today(18-04-2023) is not being updated.

Finally watch 17600 amid Short Term 

correction expectations

Technical Analysis,Research & Weekly Outlook

(Apr 17 to Apr 21,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (13-Apr-2023):-

Technical Patterns and Formations in EOD charts

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

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

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

4- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction begining.

5- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.

6- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.

7- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion indication with recent bottom formation at 16828.3 on 20-03-2023.

8- Pull Back Rally continuation with recent top formation at 17842.20 on 13-04-2023.

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-C of "ABC correction" of previous Waves structure completed at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new Waves structure started from this level. Impulsive Wave-[(i)] of new Waves structure completed at 18096.2 on 15-09-2022 and corrective Wave-[(ii)] begun which completed at 16747.7 on 30-09-2022 as well as Wave-[(iii)] started.

Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction begun.Now its corrective Wave-C is in continuation with recent bottom formation at 16828.3 on 20-03-2023. As more than 6% recovery from lower levels after on going Pull Back Rally recent top formation at 17842.20 on 13-04-2023 therefore strong signals of corrective Wave-C completion have emerged on EOD charts also.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (13-Apr-2023):-

Technical Patterns and Formations in EOD charts

1- Falling Trendline broken out and last 4 sessions closing above it.

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

3- Stochastic:- %K(5)- 95.54 & %D(3)- 93.00.

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

5- MACD(26,12)- 253.46 & EXP(9)- -15.01 & Divergence- 268.47

Conclusions from EOD chart analysis

(Stochastic & MACD)

As falling Trendline has been broken out and last 4 sessions closing was above it also during on going Pull Back Rally upward moves therefore strong signals of upward trend formations have emerged after Wave-C of "ABC" correction completion at 16828.3 on 20-03-2023. 

Positions of Daily indicators are as follows:-

1- As in Short Term indicator Stochastic its both lines are kissing within Over bought zone and this situation ls being seen for the last 5 sessions therefore signals of Short Term correction beginning has developed.   

2- As 2- As in MACD its MACD line has intersected Average line upward and its both lines are rising in positive & negative zone therefore showing upward trend formation stronger indications.

Although indications are showing signals of upward trend formations after Short term correction completion but confirmations are still required.

Nifty-EOD Chart Analysis

(Fibonacci retracement levels)

Nifty-EOD Chart (13-Apr-2023):-

Technical Patterns and Formations in EOD charts

 

Fibonacci Retracement levels of corrective Wave-[(ii)] of Wave-[(iii)] of Wave-1(18887.6-16828.3):-

13.0%- 17,096

23.6%- 17,314

27.0%- 17,384

38.2%- 17,615-(Crucial)

50.0%- 17,857-(Crucial)

61.8%- 18,100-(Crucial)

70.7%- 18,284

76.4%- 18,401

78.6%- 18,446

88.6%- 18,652

Conclusions from EOD chart analysis

(Fibonacci retracement levels)

Pull Back Rally continuation with recent top formation at 17842.20 which is just below 50.0% Retracement level. As both 50.0% and 61.8% levels are crucial and finally finally sustaining beyond these 2 levels will confirm the life and length of on going Pull Back Rally also therefore should be firstly watched in the coming week/weeks for next trend confirmations also.

Nifty-Intra Day Chart Analysis

(13-Apr-2023)

Nifty-Intra Day Chart (13-Apr-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 17785-17827

2- Consolidation between 17730-17769

3- Up moves with downward corrections

4- Up moves in Bearish Rising Channel

5- Whole day actual trading between 17730-17842

Conclusions from intra day chart analysis 

As firstly selling after flat opening therefore down moves started  which remained continued more than 3 hours but lower levels consolidation developed and next up moves were with downward corrections also hence intraday closing was near the higher levels of the day. Although lower levels consolidation but higher levels selling was also seen through sideways trading in first hour and Up moves in Bearish Rising Channel in last hour therefore last Thursday whole day trading will be understood with Mixed Patterns formation between 17730-17842. As firstly Nifty will have to trade and prepare for next decisive moves within and near about last Thursday trading range as well as finally sustaining it beyond will confirm it therefore should be firstly watched in next week.

Conclusions

(After putting all studies together)

1- Short Term Trend is up.

2- Intermediate Term Trend turning up strong signals after last 5 sessions closing above its decider 55-Day SMA which is today at 17547.

3- Long Term Trend turning up strong signals after last 5 sessions closing above its decider 200-Day SMA which is today at 17557.

As on going Pull Back Rally recovered more than 1000 points(6%) from lower levels of "ABC" correction with recent top formation at 17842.20 which has completed almost 50% retracement also therefore strong indications of corrective Wave-C completion at 16828.3 have developed on EOD charts also. Indications are suggesting that upward trend formation will get confirmation after Short term correction completion if this correction will not be deeper and will not damage structure of trends formation indicators also.

Resistances above the top of on going Pull Back Rally are as follows:- 

1- 17866-17891

2- 17902-17924

3- 17949-18022

4- 18069-18132

5- 18155-18192

6- 18216-18240

7- 18345-18387(Strong resistances) 

Supports below the top of on going Pull Back Rally are as follows:- 

1- 17734-17778

2- 17656-17682

3- 17600-17638

4- 17503-17541

5- 17477-17493

6- 17313-17367

7- 17237-17286

8- 16914-17126

9- 16840-16887

As above mentioned multiple resistances are lying above 61.8% retracement level(18,100) therefore complete consolidation is firstly required for next big up moves beginning. Strong resistances are between 18345-18387 and finally sustaining above it will mean rally above life time highest after all the trends upward turning confirmations. 

Higher levels intraday selling last Thursday and indicators are also in Over bought zone therefore showing Short Term correction beginning signals which will be seen in the next week. Sustaining beyond 17600 should be finally watched in the coming week amid Short Term correction beginning expectations because 38.2% retracement lebvel(17,615) ia also just above it.