Finally last 14 sessions trading range break out/down will confirm next Trend

Technical Analysis,Research & Weekly Outlook

(May 22 to May 26,2023)

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (19-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 18458.9 on 15-05-2023.

6- Short Term correction continuation with recent bottom formation at 18060.40 on 19-05-2023 

7- Last 14 sessions sideways trading between 18043-11458. 

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. 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 no confirmation of  Wave-C completion yet but strong indications of its completion have developed on EOD Charts because the Pull Back Rally which started from its lowest at 16828.3 on 20-03-2023) has gained gained 1630.6 points(9.68%) from Wave-C lower levels and no confirmation of its completion yet. Now Short Term correction of Pull Back Rally is on with its recent bottom formation at 18060.40 on 19-05-2023 and no confirmation of its completion yet also but Bullish Hammer Daily Candle fomations last Friday therefore first signal of its completion will be understood but confirmations are still required. 

Last 14 sessions sideways trading between 18043-11458 in which firstly 6 sessions up moves were seen and down moves developed in last 4 sessions and previous week closing was 160 points above the lower levels of last 14 sessions. As finally sustaining beyond this range will confirm next Short to Intermediate Term next Trend therefore it should be firstly watched in the coming week/weeks

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (19-May-2023):-

Technical Patterns and Formations in EOD charts

1- Pull Back Rally beginning from 16828.3 on 20-03-2023

2- Pull Back Rally continuation with recent top formation at 18458.9 on 15-05-2023.

3- Short Term correction continuation with recent bottom formation at 18060.40 on 19-05-2023 

4- 

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

6- Stochastic:- %K(5)- 20.77 & %D(3)- 28.32.

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

8- MACD(26,12)- 234.23 & EXP(9)- 281.43 & Divergence- -47.2

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 downward and its both lines are falling towards Over sold zone therefore some more nut limited down moves can not be ruled out. 

2- As both lines of MACD are kissing in positive zone therefore it will be understood that at present this indicator is not suggesting any side direction. Let upward or downward clear cross over develop in it then that side next Trend will be understood.

Nifty-Last 14 Sessions

intraday charts analysis

Nifty-Intra Day Chart (May 02 to May 19,2023):-

Technical Patterns formation in last 14 Sessions intraday charts

1- Last 14 Sessions Resistances above last Friday closing are as follows:-

A- 18222-18297 

B- 18302-18337

C- 18340-18366

D- 18429-18458  

2- Last 14 Sessions Supports below last Friday closing are as follows:-

A- 18059-18127

3- Last 14 Sessions actual trading between 18043-18458 

Conclusions from 14 Sessions

intra day chart analysis 

Last 14 Sessions trading between 18043-18458 with above mentioned supports and resistances. Although finally sustaining beyond last 14 sessions trading range will confirm next trend and big moves also but resistances are stronger than supports and last Friday lowest(18060.40) was little above last 14 sessions lowest(18043) therefore firstly sustaining it beyond should be watched in the coming week for next Short/Intermediate Term and big moves beginning indications and confirmations one by one.

Nifty-Intra Day Chart Analysis

(19-May-2023)

Nifty-Intra Day Chart (19-May-2023):-

Technical Patterns formation in today intraday charts

1- Firstly 125 points fall after positive opening

2- More than 4 hours consolidation between 18061-18127(immediate supports)

3- Up moves with downward corrections in last hours

4- Whole day actual trading between 18061-18218

Conclusions from intra day chart analysis 

Although firstly 125 points fall after positive opening last Friday but more than 4 hours consolidation was seen between 18061-18127 therefore this range will be immediate supports of Nifty. As up moves with downward corrections also developed in last hours and it is an indication of follow up consolidation as well therefore firstly up moves are expected in the beginning of next week. Until Nifty will not sustain below last Friday lowest(18061) after complete fresh selling till then decisive down moves will not be seen.

Conclusions

(After putting all studies together)

1- Short Term Trend is down.

2- Intermediate Term Trend is up.

3- Long Term Trend is up.

Impulsive Wave-1 of new Waves structure started from 15183.4 on 17-06-2022 and its impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022. Then corrective Wave-A of "ABC" correction begun and finally its corrective Wave-C completion indications developed after its bottom formation at 16828.3 on 20-03-2023 because from this level strong Pull Back Rally was seen which gained 1630.6 points(9.68%) after its recent top formation at 18458.9 on 15-05-2023. 

Short Term correction of Pull Back Rally developed in previous week which is also in continuation and no confirmation of its completion yet. As Bullish Hammer Candle formation with good intraday consolidation patterns formations in last Friday in EOD and intraday charts therefore firstly up moves are expected towards above mentioned resistances in next week. As resistances are stronger than supports in last 14 sessions sideways trading therefore until Nifty will not sustain above last 14 sessions highest(18458) after complete fresh consolidation till then fresh up moves will not be seen above it ie above the top of on going Pull Back Rally. 

As finally sustaining beyond last 14 sessions trading range(18043-18458) will confirm deeper correction beginning below 18043 and fresh rally beginning above 18458 therefore firstly should be watched in the coming week/weeks for its confirmations.

Next resistances above last 14 sessions highest are as follows which should be watched after upward break out above 18458:-

1- 18559-18586

2- 18674-18696

3- 18832-18854

Next supports below last 14 sessions lowest are as follows which should be watched after downward break down below 18043:-

1- 17937-17988

2- 17886-17922

3- 17712-17803

4- 17613-17646

5- 17503-17541

Watch next supports for the life & length 

of on going correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(19-05-2023)

Nifty-Intra Day Chart (18-May-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 18222-18297

2- Selling between 18140-18219

3- Sharp fall in last half hour

4- Whole day actual trading between 18105-18297

Conclusions from intra day chart analysis 

Although positive opening but selling developed and follow up selling was seen in Mid-sessions also therefore sharp fall in last half hour. As only intraady selling patterns formations today hence more down moves are expected in the coming sessions and firstly sustaining beyond next supports rane(17937-17988) should be watched in the coming sessions for the life and length of on going correction.

As busy therefore Stock Market Outlook of today(18-05-2023) is not being updated.

 Down moves towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(17-05-2023)

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

Technical Patterns formation in today intraday charts

1- More than 5 hours selling between 18340-18432

2- Down moves in last hour

3- Whole day actual trading between 18265-18432

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Down Moves expectations below today lowest":-

down moves are expected below today 

lowest(18288) in the coming sessions.

As was told 100% same happened and:- 

1- Nifty closed 112 Points down today

2- Down moves were seen below yesterday lowest(18288) and today lowest formations was at 18264.35.

Although positive opening today but selling developed which remained continued more than 5 hours therefore down moves were seen in last hour and today closing was near the lower levels of the day. As whole day good intraday selling today therefore more down moves are expected below today lowest and towards next supports between 18144-18206.

Down Moves expectations 

below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-05-2023)

Nifty-Intra Day Chart (15-May-2023):-

Technical Patterns formation in today intraday charts

1- Whole day up moves in Bearish Rising Channel

2- Sharp fall

3- Whole day actual trading between 18288-18458

Conclusions from intra day chart analysis 

As all the Asian markets were trading with good gains and Dow Jones Futures was also more than 100 points up today morning therefore Indian markets starts to move up after flat opening which remain continued til 02:30 PM. Although today closing was with 84 points gains but  whole day up moves were in Bearish Rising Channel therefore sharp fall was seen in last hour and down moves are expected below today lowest(18288) in the coming sessions.

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