Finally fresh rally amid only Very

 Short term correction possibility

Technical Analysis,Research & Weekly 

Outlook(Sep 11 to Sep 15,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (08-Sep-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 at 16828.3 on 20-03-2023.

8- Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 continuation with recent top formations at 19991.8 on 20-07-2023. 

9- Short Term correction completion strong indications at 19223.7 on 31-08-2023 after previous 15 Sessions trading range(19224-19584) forcefully broken out in previous week.  

10- Pull Back Rally continuation with recent top formations at 19867.15 on 08-09-2023.  

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure started 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 begun which completed at 16747.7 on 30-09-2022 and from this levels impulsive Wave-[(iii)] of Wave-1 started.

Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022 and its "ABC" correction begun, Corrective Wave-C of "ABC" correction completed at 16828.3 on 20-03-2023. From this level Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 started which is in continuation with recent and life time top formations at 19991.8 on 20-07-2023. Although no confirmations of its completion yet on EOD charts but Short Term correction started from this level which is in continuation with recent bottom formations at 19223.7 on 31-08-2023. Pull Back Rally begun from this level which is in continuation with recent top formations at 19867.15 on 08-09-2023 and no confirmation of its conpletion yet.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (08-Sep-2023):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 93.64 & %D(3)- 94.97.

3- In MACD- MACD line has intersected Average line upward and its MACD line is rising in positive while its Average line is rising in negative zone.

4- MACD(26,12)- 49.80 & EXP(9)- -63.74 & Divergence- 113.54

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- As in Stochastic its both lines are kissing in Over bought zone therefore first indication of Short term correction has emerged. Let %K(5) line to intersect %D(3) line downward then Short term correction beginning will be seen.

2- As in MACD indicator its MACD line has intersected Average line upward and its MACD line is rising in positive zone while its Average line is rising in negative zone therefore indications of Short term upward trend formations have emerged. Let  its Average line also to move into positive zone then decisive up moves will be seen after upward trend formation confirmations.

Nifty-Intra Day Chart Analysis

(08-Sep-2023)

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

Technical Patterns formation in today intraday charts

1- Selling between 19767-19794

2- Support between 19728-19763

3- Sharp up moves

4- Mixed Patterns formation in last 4 hours between 19796-19867 

5- Whole day actual trading between 19728-19867

Conclusions from intra day chart analysis 

As selling developed after positive opening therefore down moves started and once Nifry lost all intraday gains also but lower levels supports developed and sharp up moves were seen after after that. Although Nifty closed with 0.47% gains last Friday but Mixed Patterns formation were seen in last 4 hours between 19796-19867 which means that both consolidation and selling patterns developed within this range therefore:- 

1- Nifty will firstly trade and prepare for next Very Short term moves beginning within and near about this range.

2- Finally sustaining beyond this range will confirm next Very Short term moves beginning hence it should be firstly watched in the beignning of next week.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term trend is up.

Short Term correction begun from 19991.8 on 20-07-2023 and no confirmations of its completion yet on EOD charts at its recent bottom at 19223.7 but strong indications of its completion have emergeed at this level because the Pull Back rally which started form this levels has:- 

1- Forcefully broken out Previous 15 Sessions trading range(19224-19584) in last week.

2- Nifty has remained only 124.65 points shorter than life time top at 19991.8.

As Short term indicator Stochastic is suggesting that Short term correction is on cards and MACD has also not 100% confirmned Upward Trend formations as well as some intraday selling patterns were also seen last Friday therefore Very Short Term correction may be seen in next week but finally rally continuation is expected towards following next resistances towards and above life time highest:-

1- 19831-19842

2- 19869-19991 

Immediate Supports below last Friday closing are as follows which should be watched during expected Very Short Term correction are:-

1- 19728-19763

2- 19551-19638

Finally fresh rally towards and above life time highest(19991.8) but firstly watch above supports and resistances amid only Very Short term correction possibility.

More up moves but after fresh consolidation

Nifty-Intra Day Chart Analysis & 

Market Outlook(08-09-2023)

Nifty-Intra Day Chart (07-Sep-2023):-

Technical Patterns formation in today intraday charts

1- More than 4 hours consolidation between 19551-19638

2- Up moves

3- Sideways trading in last hour between 19713-19737

4- Whole day actual trading between 19551-19737

Conclusions from intra day chart analysis 

Although firstly slipping after negative opening but lower levels more than 4 hours consolidation was seen therefore up moves developed in Mid-Session. As higher levels sideways trading in last hour between 19713-19737 which was with more than 100 points gains therefore more up moves are expected but fresh consolidation is also firstly required because Very Short Term indicators have also turned Over bought.

19492-19636 will confirm next

decisve moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(07-09-2023)

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

Technical Patterns formation in today intraday charts

1- Down moves with upward corrections

1- Consolidation between 19492-19524

3- Sharp up in last half hour

4- Whole day actual trading between 19492-19636

Conclusions from intra day chart analysis 

As selling begun after flat opening therefore down moves started which were with upward corrections therefore it will be understood that selling remained continued alomost first 4 hours and Nifty traded 82 points down also.

Lower levels good consolidation developed after more than 3 hours down moves therefore more than 100 points sharp jumo was seen in last half hour and Nifty closed after 36 points gains. Although today closing was near the higher levels of the day but higher levels selling was also seeen despite lower levels consolidation therefore Nifty will firstly trade within and near about today trading range and finally sustaining beyond today trading range will confirm next decisve moves beginning.

 As busy therefore unable to update today(06-09-2023) Outlook. 

Finally 19433-19545 will confirm 

next decisive moves beginning 

Nifty-Intra Day Chart Analysis & Market 

Outlook(05-09-2023)

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

Technical Patterns formation in today intraday charts

1- Firstly down moves after gap up strong opening

2- Slow up moves after 11:00 AM

3- Whole day actual trading between 19433-19545

Conclusions from intra day chart analysis 

Although gap up strong opening but firstly down moves were seen and Nifty traded in negative zone also for a while. As all the up moves after 11:00 AM were slow therefore intraday selling will also understood despite 0.48% positive closing. Expected that firstly Nifty will trade within day's trading range between 19433-19545 and finally sustaining beyond this range will confirm next decisive moves beginning.

 Firstly watch last 15 sessions highest

 at 19584 for on going correction

 compleiton confirmations 

Technical Analysis,Research & 

Weekly Outlook(Sep 04 to Sep 08,2023)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (01-Sep-2023):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 beginning from 16828.3 on 20-03-2023.

2- Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 continuation with recent top formations at 19991.8 on 20-07-2023.

3- Short Term correction continuation with recent bottom formations at 19223.7 on 31-08-2023. 

4- Last 15 Sessions trading between 19224-19584.   

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

6- Stochastic:- %K(5)- 45.48 & %D(3)- 33.47.

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

8- MACD(26,12)- -98.18 & EXP(9)- -131.48 & Divergence- 33.3

9- MACD is showing negative/positive divergence

Conclusions from EOD chart analysis

(Stochastic & MACD)

Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 which started from 16828.3 on 20-03-2023 is in continuation with recent top and life time top formation at 19991.8 on 20-07-2023. Although no confirmation of its completion yet on EOD Charts but Short Term correction begun from this level and in continuation with recent bottom formations at 19223.7 on 31-08-2023. Last 15 sessions trading between 19224-19584 and finally sustaining beyond this range will confirm the life and length of on going correction. 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 have started to rise from Over sold zone therefore more upward moves are expected in next week.

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in negative zone therefore it will be understood that first signal of Short Term upward trend formation has emerged. Let its both lines to move into positive zone then upward trend formations will get confirmations.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (01-Sep-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 19337 

2- 21-Day SMA is today at 19419

3- 55-Day SMA is today at 19371

4- 100-Day SMA is today at 18853

5- 200-Day SMA is today at 18374

Conclusions from EOD chart analysis

(Averages)

As Nifty has closed above all the Short(5 and 21-Day SMA) and Intermediate(55-Day SMA) Term Averages last Friday therefore first signal of on going Short Term correction completion has emerged. Let 5-Day SMA to move above both 21 and 55-Day SMA then Short Term correction completion and fresh rally beginning above life time highest(19991.8) will get confirmations.

Nifty-Last 15 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Aug 11 to Sep 01,2023):-

Technical Patterns formation in last 15 Sessions intraday charts

1- Resistances in last 15 Sessions are as follows:-

A- 19414-19488

B- 19544-19584    

2- Supports in last 15 Sessions are as follows:-

A- 19287-19349

B- 19258-19281

3- Last 15 Sessions actual trading between 19224-19584 

Conclusions from 15 Sessions

intra day chart analysis 

Last 15 Sessions actual trading between 19224-19584 with above mentioned supports and resistances which are almost equal strong also. As last Friday closng was near about in the middle of last 15 Sessions trading range also therefore firstly Nifty will have to trade and prepare for next trend formations within and near about last 15 sessions trading range. Finally sustaining beyond or forceful break out/down of this range will confirm next big moves beginning hence should be watched in next week for its confirmations.

Nifty-Intra Day Chart Analysis

(01-Sep-2023)

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

 

Technical Patterns formation in today intraday charts

1- Up moves after positive opening

2- More than 3 hours consolidation between 19287-19349(immediate supports)

3- Up moves with downward corrections

4- Sideways trading in last hours between 19421-19458

5- Whole day actual trading between 19256-19458

Conclusions from intra day chart analysis 

Most positive news that India's gross domestic product (GDP) grew by 7.8 per cent in the April-June quarter of current fiscal (2023-2024), compared to a growth of 6.1 per cent in the previous January-March quarter of fiscal 2022-23 therefore sentiment boosted and firstly up moves were seen after positive opening.

As more than 3 hours consolidation between 19287-19349 and after that up moves were with downward corrections therefore last Friday closing was near the higher levels of the day after sideways trading in last hours. Whole day only intraday consolidation and selling patterns were not seen therefore firstly up moves are expected in the beginning of next week.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is at stake and firstly sustaining beyond its decider 55-Day SMA(today at 19371) should be watched in the coming week for its confirmations.

3- Short Term trend is at stake and firstly sustaining beyond its decider 5-Day and 21-Day SMA(today at 19337 and 19419 respectively) should be watched in the coming week for its confirmations.

Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 begun from 16828.3 on 20-03-2023 and in continuation with recent top formations at 19991.8 on 20-07-2023. Short Term correction started from this levels which is in continuation with recent bottom formations at 19223.7 on 31-08-2023 and no confirmation of its completion yet on EOD and intraday charts. As last 15 Sessions trading between 19224-19584 and finally sustaining beyond this range will confirm the life and length of on going last 30 sessions correction therefore it should be watched in the coming week/weeks.

As Nifty closed above all the Averages last Friday and Indicators are also showing upmoves beginning signals as well as last Friday intraday chart is shouing good intraday consolidation therefore up moves are expected towards the highest(19584) of last 15 sessions trading range and firstly sustaining beyond next resistances of last 15 Sessions should be watched in the coming week bacause:- 

1- Sustaining above last 15 sessions highest(19584) will be confirmation of on going 30 sessions correction

2- Fresh rally beginning towards and above life time highest(19991.8).

Watch most crucial level for

 next trends & big moves 

Nifty-Intra Day Chart Analysis & 

Market Outlook(01-09-2023)

Nifty-Intra Day Chart (31-Aug-2023):-

Technical Patterns formation in today intraday charts

1- Whole day down moves with upward corrections

2- Whole day actual trading between 19224-19388

Conclusions from intra day chart analysis 

Previous sessions Outlooks of this week are live proofs of this fact that we were Bearish and Nifty closed at the lowest of this week on 31-08-2023.

Although positive opening but good intraday selling was seen in previous sessions therefore down moves started which remained continued till last minutes. As whole day down moves were with upward corrections therefore follow up selling will be understood and down moves are expected but sustaining below day's lowest(19224) will mean deeper correction beginning confirmations. 

As 19245 is 23.6% Retracement levels of Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1(from 16828.3 to Wave-19991.8) and day's lowest(19224) is below it therefore 19245 has become most crucial level and next trends with big moves decider also hence sustaining it beyond should be firstly watched today for its confirmations.

Finally 19245-19452 will confirm next Short term Trend & remain cautious also

Nifty-Intra Day Chart Analysis & 

Market Outlook(31-08-2023)

Nifty-Intra Day Chart (30-Aug-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 19414-19452(immediate Resistances)

2- Sharp fall in last hour

3- Whole day actual trading between 19335-19452

Conclusions from intra day chart analysis 

Although Bullish Global cues led strong opening but five hours selling was seen therefore sharp fall developed in last hour and closing was near the lower levels of the day. 

As intraday charts of previous sessions were showing good selling patterns formations therefore our view was Bearish and Nifty has closed within 100 points between 19265-19348 in last 4 sessions.

Following levels becomes crucial and next decisive moves decider:-

1- Selling range(19414-19452) of 30-08-2023 which is immediate Resistances.

2- Previous 3 sessions(25-08-2023 to 29-08-2023) trading range(19245-19356) in which selling was also seen.

As sharp fall was also seen yesterday within last 4 sessions trading range(19245-19452) therefore finally sustaining beyond this range should be watched in the coming sessions for next Short term Trend beginning confirmations and remain cautious also because sustaining below 19245 will mean deeper correction beginning.

 As I was out of station therefore unable to update today(30-08-2023) Outlook. 

Down moves expectations below

 day's lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-08-2023)

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

Technical Patterns formation in today intraday charts

1- Down moves after positive opening

2- 116 Points up moves till 02:00 PM

3- More than 4 hours selling Patterns formation between 19307-19366

4- Whole day actual trading between 19250-19366

Conclusions from intra day chart analysis 

Although positive opening but firstly down moves and after that 116 Points up moves were seen till 02:00 PM. As more than 4 hours selling Patterns formation between 19307-19366 in Mid-session also therefore down moves after expected below day's lowest(19250) despite positive closing on 28-08-2023.

Firstly watch Intermediate Term trend

 decider 55-Day SMA amid 

correction continuation expectations

Technical Analysis,Research & Weekly 

Outlook(Aug 28 to Sep 01,2023)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (25-Aug-2023):-

Technical Patterns and Formations in EOD charts

1- Last 38 sessions most time trading range(19297-19991) broken down and first time closing below it at 19265.80 on 25-08-2023

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

3- Stochastic:- %K(5)- 45.86 & %D(3)- 59.77.

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

5- MACD(26,12)- -139.70 & EXP(9)- -131.93 & Divergence- -7.77

Conclusions from EOD chart analysis

(Stochastic & MACD)

Short Term correction which started from 19991.8 on 20-07-2023 is in continuation with recent bottom formations at 19229.7 on 25-08-2023 and no indication of its completion yet on EOD charts. Positions of Daily indicators are as follows:-

1- As in Short Term indicator Stochastic %K(5) line has again intersected %D(3) line downward in previous week and its both lines are falling towards Over sold zone therefore more downward moves are expected in next week.

2- As in MACD indicator its both lines are kissing in negative zone therefore at present this indicator is not showing any side clear trend but its both lines are in negative zone therefore finally downward intersection will mean on going correction continuation confirmations which should be firstly watched in next week. 

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (25-Aug-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 19377 

2- 21-Day SMA is today at 19497

3- 55-Day SMA is today at 19309

4- 100-Day SMA is today at 18761

5- 200-Day SMA is today at 18346

Conclusions from EOD chart analysis

(Averages)

As Nifty had sustainined below both Short Term Trend deciders 5-Day and 21-Day SMA therefore confirmed that Short Term Trend has turned downward. Nifty has closed(19250.30) below Intermediate Term Trend decider 55-Day SMA which is today at 19309 therefore it will be understood that Intermediate Term Trend is at stake and firstly sustaining beyond 55-Day SMA should be watched in the coming week for Intermediate Term Trend and next big moves beginning confirmations.

Nifty-Intra Day Chart Analysis

(25-Aug-2023)

Nifty-Intra Day Chart (25-Aug-2023):-

Technical Patterns formation in today intraday charts

1- Up moves after 71 points gap down opening

2- Selling between 19296-19339

3- Selling between 19276-19299

4- Sharp fall in last half hour

5- Whole day actual trading between 19230-19339

Conclusions from intra day chart analysis 

Although firstly up moves after 71 points gap down opening but higher levels good intraday selling developed last Friday therefore Sharp fall was seen in last half hour. As only intraday selling and consolidation was not seen therefore firstly down moves below last Friday lowest will be seen in the beginning of next week.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is still up but at stake and firstly sustaining beyond 55-Day SMA(today at 19309) should be watched in the coming week for its confirmations.

3- Short Term trend is confirm down.

Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 is in continuation with recent and life time top formations at 19991.8 on 20-07-2023 and no confirmations of its completion yet on EOD charts but Short Term correction started from this levels which is in continuation with recent bottom formations at 19265.80 on 25-08-2023.

As Short Term indicator Stochastic is signalling correction continuation possibility and last Friday intraday charts are also showing more downward moves signals therefore firstly Bearish moves are expected in the beginning of next week and following supports/levels should also be watched one by one for the length of on going correction:-

1- Watch those next supports below last Friday closing(19265.80) which were posted in previous week Weekly Outlook. 

2- Watch following Fibonacci Retracement levels of Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1(from 16828.3 to Wave-19991.8):-

13.0%- 19,580.5 (Retraced)

23.6%- 19,245.2

27.0%- 19,137.7

38.2%- 18,783.3 (Crucial)

50.0%- 18,410.1 (Crucial)

61.8%- 18,036.8 (Crucial)

70.7%- 17,755.2

76.4%- 17,574.9

78.6%- 17,505.3

88.6%- 17,188.9

Correction continuation expectations and firstly sustaining beyond Intermediate Term trend decider 55-Day SMA(today at 19309) should be watched in the coming week for its confirmations because its turning down confirmations will mean minimum 3 weeks to 3 Months long correction and testing possibility of Long Term trend decider 200-Day SMA(today at 18346) also can not be ruled out in that situation.

Down moves towards next supports

Nifty-Intra Day Chart Analysis &

Market Outlook(25-08-2023)

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

Technical Patterns formation in today intraday charts

1- Up moves after positive opening

2- Down moves with upward corrections

3- Whole day actual trading between 19370-19584

Conclusions from intra day chart analysis 

Although firstly up moves after positive opening but intraday selling patterns were also seen in last 2 sessions therefore not sustaining at higher levels and down moves started which remain continued till last 15 minutes. AS all the down moves were with upward corrections therefore intraday selling will be understood and down moves continuation is expected towards next supports between 19254-19295.

Watch 19437-19472 for next intraday decisive moves beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(24-08-2023)

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

Technical Patterns formation in today intraday charts

1- 72 Points down in first hour after positive opening

2- Consolidation between 19367-19393

3- Up moves in Mid-session 

4- Last 3 hours sideways trading between 19437-19472

5- Whole day actual trading between 19367-19472

Conclusions from intra day chart analysis 

Although positive opening but intraday selling was seen yesterday therefore Nifty could not sustain and firstly 72 Points down moves were seen in first hour as well as Nifty slipped below yesterday lowest(19382). As lower levels some consolidation therefore up moves were seen in Mid-session but higher levels 3 hours sideways trading between 19437-19472 in which one sided trading patterns were not seen therefore firstly sustaining beyond this range should be watched tomorrow for next intraday decisive moves beginning confirmations.

Down moves expectations below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-08-2023)

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

Technical Patterns formation in today intraday charts

1- Whole day sideways trading between 19382-19443

2- Selling between 19407-19443

3- Whole day actual trading between 19382-19443

Conclusions from intra day

chart analysis 

Following lines were told on 19-08-2023 in "Finally watch 19237 amid firstly up moves expectations towards next resistances":-

firstly up moves expectations towards above mentioned resistances.

As was told 100% same happened and:-

1- Firstly Nifty moved up 133 Points in first 2 sessions of this week

2- 1st resistance range of Nifty was given between 19394-19415 and Nifty closed within it at 19396.45 today and just below it at 19393.60 yesterday.

Although flat closing today but higher levels good intraday selling was seen between 19407-19443 during whole day sideways trading. As today closing was within and above mentioned resistance range(19394-19415) also therefore down moves are expected below today lowest(19382)

 As out of station therefore unable to update today(22-08-2023) Outlook. 

Finally watch 19237 amid firstly 

up moves expectations towards 

next resistances

Technical Analysis,Research & Weekly 

Outlook(Aug 21 to Aug 25,2023)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (18-Aug-2023):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 beginning from 16828.3 on 20-03-2023.

2- Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 continuation with recent top formations at 19991.8 on 20-07-2023.

3- Short Term correction continuation with recent bottom formations at 19253.6 on 18-08-2023.

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

5- Stochastic:- %K(5)- 37.79 & %D(3)- 37.27.

6- Stochastic is showing positive divergence

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

8- MACD(26,12)- -130.11 & EXP(9)- -64.66 & Divergence- -65.45

Conclusions from EOD chart analysis

(Stochastic & MACD)

Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 begun from 16828.3 on 20-03-2023 and in continuation with recent top formations at 19991.8 on 20-07-2023. Its correction started from this level which is in continuation with recent bottom formation at 19253.6 on 18-08-2023 and no confirmation of its completion yet on intraday and EOD charts. Positions of Daily indicators are as follows:-

1- Although 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 more downward moves can not be ruled out. As Stochastic is showing positive divergence also therefore emergence of Short Term trend reversal will be understood and it will get confirmation after %K(5) line upward intersection of %D(3) line.

2- As in MACD indicator MACD line has intersected Average line downward and its both lines are falling in  negative zone therefore confirming downward trend formation as well as more more downward moves possibility.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (18-Aug-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 19400 

2- 21-Day SMA is today at 19591

3- 55-Day SMA is today at 19237

4- 100-Day SMA is today at 18643

5- 200-Day SMA is today at 18314

Conclusions from EOD chart analysis

(Averages)

As Nifty has closed below both Short Term 5-Day and 21-Day SMA last Friday and 5-Day SMA has intersected downward 21-Day SMA also therefore confirming that Short Term Trend has turned downward. Intermediate Term Trend decider 55-Day SMA is at 19237 and lowest of on going correction was just above it at 19253.6 last Friday therefore firstly sustaining beyond 19237 should be watched in next week for Intermediate Term Trend final confirmations.  

Nifty-Intra Day Chart Analysis

(18-Aug-2023)

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

Technical Patterns formation in today intraday charts

1- 89 Points down in first minute after gap down opening.

2- Consolidation between 19254-19295

3- Sharp up

4- Down moves in Bullish Falling Channel

5- Whole day actual trading between 19254-19373

Conclusions from intra day chart analysis 

Although firstly 89 points down moves in first minute after gap down opening but lower levels consolidation was seen between 19254-19295 therefore sharp up moves developed after 01:30 PM and Nifty recovered more than 100 points in half hour. As follow up consolidation was seen in last hour through Down moves in Bullish Falling Channel therefore up moves are expected above last friday highest(19373) in the beginning of next week.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is still up but at stake and firstly sustaining beyond 55-Day SMA(today at 19237) should be watched in the coming week/weeks for its confirmations.

3- Short Term trend is down.

Short Term correction which started from 19991.8 on 20-07-2023 and is in continuation with recent bottom formations at 19253.6 on 18-08-2023 and no confirmation of its completion yet on intraday and EOD charts.

Although MACD indicator is showing downward moves continuation signals but Short Term indicator Stochastic is suggesting fresh up moves beginning possibility also as well as intraday charts of last Friday is indicating up moves in the beginning of next week therefore firstly up moves are expected towards following next resistances in the beginning of next week;-

1- 19394-19415

2- 19485-19504

3- 19538-19623(Strong resistance)

Next supports below last friday closing are as follows:-

1- 19254-19295

2- 19202-19234(Gap Supports)

3- 19136-19155

4- 19075-19107

5- 19012-19024(Gap Supports)

6- 18951-18976

7- 18865-18891

8- 18830-18861(Gap Supports)

9- 18772-18789

10- 18716-18747

11- 18647-18675

12- 18532-18565

13- 18479-18516

14- 18419-18445

15- 18373-18397

16- 18325-18353

17- 18203-18261

18- 18059-18127

Long Term Trend is still up and its decider 200-Day SMA is today at 18314 as well as all the supports near about it has been updated above. Although Intermediate Term trend is still up but at stake at 19237 because no confirmation of on going correction completion yet therefore sustaining it beyond should also be watched in next week/weeks. Finally sustaining below 19237 will mean deeper correction beginning confirmations towards above mentioned 18 supports amid firstly up moves expectations towards above mentioned resistances.

Firstly watch next supports after 

negaive Global cues

Pre-open Outlook(18-08-2023)

As Dow Jones closed 290 points down yesterday and in reaction most Asian markets are trading in negative zone as well as sentiment has turned dampened therefore weaker opening on Indian markets will be seen today. Firstly sustaining beyond next supports(19297-19381) should be watched today after negaive Global cues for:-

1- Deeper correction beginning below 19297.

2- First signal of fresh up moves beginning above 19381.

Firstly watch 19327-19381 & sustaining above 19381 will mean strong Pull Back rally beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(18-08-2023)

Nifty-Intra Day Chart (17-Aug-2023):-

Technical Patterns formation in today intraday charts

1- 86 Points down in first hour after weak opening

2- Selling between 19394-19415

3- Sharp fall

4- More than 4 hours sideways trading  between 19327-19381 

5- Whole day actual trading between 19327-19461

Conclusions from intra day chart analysis 

As firstly 86 points down moves in first hour and after that follow up selling therefore sharp fall was seen after 11:00 PM. Although 99 points negative closing today but lower levels more than 4 hours sideways trading was seen between 19327-19381 therefore firstly sustaining beyond this range should be watched tomorrow. As some consolidation patterns were also seen between last 4 hours sideways trading therefore sustaining above 19381 will mean strong Pull Back rally beginning. 

Finally watch 19258-19482 amid 

firstly sideways trading expectations

 within this range

Nifty-Intra Day Chart Analysis

(17-Aug-2023)

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

Technical Patterns formation in today intraday charts

1- 117 Points down in first minute after negative opening

2- Whole day slow up moves 

3- Whole day actual trading between 19318-19482

Conclusions from intra day chart analysis 

Although Nifty closed near the intraday higher levels of the day after 164 points recovery from lower levels and with 30 points gains but:-

1- Most time intraday trading was in negative zone.

2- Whole day up moves were slow.  

Therefore some intraday selling also can not be ruled out. As intraday good consolidation was seen one day before therefore expected that Nifty will firstly trade within last 2 sessions trading range(19258-19482) and prepare for next decisive moves beyond this range. Finally sustaining beyond this range will confirm next decisive moves beginning hence should be firstly watched for its confirmations amid firstly sideways trading expectations within this range.

Firstly watch 19346-19365 after 

negative Global markets

Post-open Outlook(16-08-2023)

As Dow Jones closed 361 points down and all the European markets also closed in Red yesterday as well as most Asian markets were trading in negative zone today morning therefore sentiment turned depressed and resultant negative opening of Indian markets were seen today. Some intraday supports were seen between 19346-19365 yesterday therefore firstly sustaining beyond this supports range should be watched today for next intraday decisive moves beginning confirmations towards following next supports/resistances:- 

Next supports:-

1- 19376-19392

2- 19297-19365 

Next resistances;-

A- 19485-19504

B- 19538-19623(Strong resistance)

Watch next resistances amid 

up moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-08-2023)

Nifty-Intra Day Chart (14-Aug-2023):-

Technical Patterns formation in today intraday charts

1- 171 Points down in first 20 minutes

2- Whole day up moves with downward corrections

3- Whole day actual trading between 19258-19465

Conclusions from intra day chart analysis 

Although firstly 171 points down in first 20 minutes after weaker opening but up moves started from lower levels which remained continued till last hour. As whole day up moves were with downward corrections therefore firstly up moves are expected towards following next resistances;-

A- 19485-19504

B- 19538-19623(Strong resistance)

Firstly sustaining beyond above mentioned next resistances should be watched in the coming sessions for next decisive up moves beginning confirmations because resistance between 19538-19623 are strong and failing to sustain above 19623 will mean correction continuation below last Monday lowest(19258).