Firstly watch next resistances amid 

finally on going correction

 continuation expectations 

Technical Analysis,Research & Weekly Outlook

(Mar 26 to Mar 28,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (22-Mar-2024):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of previous Waves structure "ABC correction" completion at 15183.40 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.

2- Impulsive Wave-1 completion at 18887.60 on 01-12-2022.

3- Corrective Wave-2 completion at 16828.30 on 20-03-2023.

4- Impulsive Wave-(i) of Wave-3 completion at  20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

7- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.

8- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.  

9- Corrective Wave-C of Wave-(ii) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 beginning. 

10- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22526.60 on 11-03-2024.

11- Short Term correction continuation with recent bottom formations at 21710.20 on 20-03-2024. 

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-1 completed at 18887.60 on 01-12-2022 and corrective Wave-2 started from this level which completed at 16828.30 on 20-03-2023.  

Impulsive Wave-3 begun from 16828.30 on 20-03-2023 and now its Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 22526.60 on 11-03-2024 as well as no confirmation of its completion yet on EOD charts but Short Term correction begun from this levels which is in continuation with recent bottom formations at 21710.20 on 20-03-2024.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (22-Mar-2024):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(iii) of Wave-3 beginning from 18837.80 on 26-10-2023.

2- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22526.60 on 11-03-2024.

3- Short Term correction continuation with recent bottom formations at 21710.20 on 20-03-2024.

4- Bearish Rising Wedge pattern formations.

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

6- Stochastic:- %K(5)- 60.40 & %D(3)- 37.91.

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

8- MACD(26,12)- -132.30 & EXP(9)- 59.62 & Divergence- -191.92

Conclusions from EOD chart analysis

(Stochastic & MACD)

Technical positions of Short Term indicators are as follows;-

Although Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22526.60 on 11-03-2024 and no confirmation of its completion yet but "Bearish Rising Wedge" pattern formation has also being seen which is now more than 2 months old also therefore it means that deeper correction beginning signals have been emerged on EOD charts. Technical positions of Short Term indicators are as follows:-

1- As in Stochastic indicator its %K(5) line has intersected %D(3) line upward and and its both lines are rising towards Over bought zone and till now not turned Over bought therefore it will be understood that this indicator is showing some more up moves possibility in the coming sessions.

2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in positive and negative zone therefore it will be understood that this indicator is showing stronger signals of downward trend formations and decisive down moves beginning possibility.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (22-Mar-2024):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 21964 

2- 21-Day SMA is today at 22170

3- 55-Day SMA is today at 21914

4- 100-Day SMA is today at 21268

5- 200-Day SMA is today at 20350

Conclusions from EOD chart analysis

(Averages)

As Nifty is well above Long Term trend Decider 200-Day SMA therefore it will be understood that Long Term trend is up but Short and Intermediate Term trends are at stake because:- 

1- Nifty has closed(22096.75) below Short Term trend Decider 21-Day SMA and above 5-Day SMA last Friday.

2- Nifty has closed(22096.75) below Intermediate Term trend Decider 55-Day SMA last Friday. 

3- Nifty is hovering around 5,21,55-Day SMAs for the last 8 sessions.

Nifty-Intra Day Chart Analysis

(22-Mar-2024)

Nifty-Intra Day Chart (22-Mar-2024):-

Technical Patterns formation in today intraday charts

1- 48 Points more downward moves after 79 points weaker opening

2- Up moves with downward corrections

3- Up moves in Bearish Rising Channel

4- Selling between 2106-22180

5- Whole day actual trading between 21884-22180

Conclusions from intra day chart analysis 

Although firstly 48 points more downward moves after 79 points weaker opening but lower levels consolidation was seen through up moves with downward corrections in first hour. As selling patterns developed firstly through Up moves in Bearish Rising Channel and after that higher levels selling also in last hour between 2106-22180 as well as lower levels consolidation patterns formations therefore last Friday whole day trading will be understood with Mixed Patterns formation between 21884-22180.

As one sided intraday trading patterns were not seen last Friday therefore expected that Nifty will firstly trade and prepare for next decisive moves within and near about 21884-22180 in the beginning of next week. Let Nifty prepare for it then will be decided according to coming sessions intraday patterns formations and finally next decisive moves confirmation will be after sustaining beyond or forceful break out/down of 21884-22180.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is at stake.

3- Short Term Trend is at stake.

Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 22526.60 on 11-03-2024. Although no confirmation of its completion yet on EOD charts but Short Term correction begun from this this levels which is in continuation with its recent bottom formations at 21710.20 on 20-03-2024 and no confirmation of its completion also. 

As "Bearish Rising Wedge" pattern formation has been seen on EOD charts which is now more than 2 months old also as well as Short Term correction has already begun therefore once sustaining below on going correction lowest(21710.20) should be watched in the coming week for life and length of on going Short Term correction. 

Although Short Term indicator Stochastic is showing signals of some more up moves possibility but MACD is indicating decisive down moves beginning possibility after emergence of Short Term Trend turning down signals in MACD indicator. Its means that finally down moves will be seen below the lowest(21710.20) of on going correction after some up moves:-

Next supports below last Friday closing are as follows;-

1- 21886-22019

2- 21795-21860

3- 21711-21791

4- 21653-21690

5- 21544-21628

As finally down moves are expected after some up moves in next week therefore firstly sustaining beyond following resistances which are above last Friday closing should be watched in the coming week for the life of expected some up moves:-

1- 22100-22204

2- 22346-22452

3- 22494-22523

 Finally watch 21942-22080) for next

 intraday decisive moves beginning

 confirmations amid firstly

 down moves expectations 

Nifty-Intra Day Chart Analysis & 

Market Outlook(22-03-2024)

Nifty-Intra Day Chart (21-Mar-2024):-

Technical Patterns formation in today intraday charts

1- Consolidation between 21991-22019

2- Sharp up 

3- Selling between 22051-22080

4- Down moves with upward corrections

5- Mixed Patterns formation in last 3 hours between 21985-22036

6- Whole day actual trading between 21942-22080

Conclusions from intra day chart analysis 

As firstly 45 minutes consolidation after gap up strong opening therefore sharp up moves seen after that and Nifty traded 241 points up also. 

Following lines were told yesterday Outlook named "Fresh up moves towards next resistances":-

fresh up moves will be seen in the coming session towards next resistances(22063-22204).

As was told 100% same happened and up moves seen towards mentioned resistances as well as down moves started after forming intraday top within already mentioned resistance at 22080.95.

As fresh selling developed within and just below already mentioned resistance between 22051-22080 therefore down moves started which were with upward corrections hence follow up selling will be also be understood. Although some up moves were seen from intraday lower leveles but Mixed Patterns formation were seen in last 3 hours between 21985-22036 which is little bigger time period therefore finally sustaining beyond day's trading range(21942-22080) should be watched in the coming sessions for next intraday decisive moves beginning confirmations amid firstly down moves expectations because sufficient selling patterns have been seen.

Fresh up moves towards 

next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-03-2024)

Nifty-Intra Day Chart (20-Mar-2024):-

Technical Patterns formation in today intraday charts

1- Minor selling between 21842-21894

2- Down moves

3- Consolidation between 21711-21791

4- Sharp up

5- Last 4 hours consolidation between 21824-21930

6- Whole day actual trading between 21711-21930 

Conclusions from intra day chart analysis 

Although firstly minor selling in first half hour but decisive down moves were seen and Nifty traded more than 100 points down also because higher levels good intraday selling was seen in previous sessions. As lower levels consolidation developed therefore sharp up moves were seen and after that higher levels follow up consolidation also in the last 4 hours therefore fresh up moves will be seen in the coming session towards next resistances(22063-22204).

21794-21893 will confirm next 

intraday decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-03-2024)

Nifty-Intra Day Chart (19-Mar-2024):-

Technical Patterns formation in today intraday charts

1- Selling between 21924-21970

2- Sharp fall

3- More than 5 hours trading with Mixed Patterns formation between 21794-21893

4- Whole day actual trading between 21794-21978

Conclusions from intra day chart analysis 

As firstly selling after 109 points weaker opening therefore sharp fall was seen within first half hour. Although Nifty closed 1.08% down and near the lower levels of the day as well as near the lower levels of on going correction but more than 5 hours trading was with Mixed Patterns formation between 21794-21893 therefore firstly sustaining beyond of this range should be watched tomorrow for next intraday decisive moves beginning confirmations.

Watch today lowest amid firstly 

down moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(19-03-2024)

Nifty-Intra Day Chart (18-Mar-2024):-

Technical Patterns formation in today intraday charts

1- Consolidation between 21957-22014

2- Up moves

3- Selling between 22063-22123

4- Whole day actual trading between 21916-22123

Conclusions from intra day chart analysis 

Although Nifty traded 106 points down in first 2 hours after negative opening but local levels consolidation also developed therefore  some up moves were seen in Mid-session. As higher levels selling also developed in last 3 hours therefore firstly down moves are expected towards today lowest(21916) and sustaining beyond today lowest should be watched tomorrow for next intraday decisive moves beginning confirmations. 

 View is cautious after Emergence of Intermediate Term correction turning down possibility 

Technical Analysis,Research & Weekly 

Outlook(Mar 18 to Mar 22,2024)

Nifty-EOD Chart Analysis

(Wave-(iii) of Wave-3 structure)

Nifty-EOD Chart (15-Mar-2024):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(iii) of Wave-3 beginning from 18837.80 on 26-10-2023.

2- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22526.60 on 11-03-2024.

3- Bearish Rising Wedge pattern formations.

4- Rising Trend Line broken down.

Conclusions from EOD chart analysis

(Wave-(iii) of Wave-3 structure)

Impulsive Wave-(iii) of Wave-3 which started from 18837.80 on 26-10-2023 is in continuation with its recent high and new life time top formations at 22526.60 on 11-03-2024 and no confirmation of its completion yet on EOD charts. As Bearish Rising Wedge pattern formations has been seen on EOD charts and its Rising Trend Line has also been broken down therefore it will be understood that deeper correction beginning signals have been emerged and firstly sustaining below "Rising Trend Line" should be watched in the coming week/weeks for deeper correction beginning confirmations.

 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (15-Mar-2024):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(i) of Wave-3 completion at  20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

2- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.

3- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.  

4- Corrective Wave-C of Wave-(ii) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 beginning. 

5- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22526.60 on 11-03-2024.

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

7- Stochastic:- %K(5)- 24.20 & %D(3)- 27.84.

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

9- MACD(26,12)- 123.55 & EXP(9)- 192.14 & Divergence- -68.59

Conclusions from EOD chart analysis

(Stochastic & MACD)

Technical positions of Short Term indicators are as follows;-

1- As in Stochastic indicator its %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone and has not turned Over sold yet therefore it will be understood that this indicator is indicating some more downward moves possibility.

2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in positive zone therefore it will be understood that this indicator is confirming downward Trend formations decisive down moves befinning possibility.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (15-Mar-2024):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 22167 

2- 21-Day SMA is today at 22208

3- 55-Day SMA is today at 21887

4- 100-Day SMA is today at 21122

5- 200-Day SMA is today at 20265

Conclusions from EOD chart analysis

(Averages)

As Nifty has closed below in last 3 sessions Short Term Trend decider(21-Day SMA) therefore it has become confirm that  Short Term Trend has turned down. Nifty has hovered just above Intermediate Term Trend decider(55-Day SMA) in the last 3 sessions also therefore firstly sustaining beyond 55-Day SMA should be watched in the coming week/weeks for Intermediate Term Trend confirmations which is still up.

Nifty-Last 12 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Feb 29 to Mar 15,2024):-

Technical Patterns formation in last 12 Sessions intraday charts

2- Selling(Resistances) in last 12 Sessions are as follows:-

A- 22087-22204

B- 22346-22452

C- 22494-22523

3- Consolidation(Supports) in last 12 Sessions are as follows:-

A- 21932-22014

B- 21861-21954 

5- Last 12 Sessions trading between 21861-22526 

Conclusions from 12 Sessions

intra day chart analysis 

Last 12 Sessions trading between 21861-22526 with above mentioned supports ane resistances. It seems that resistances are stronger supports and Nifty closed near the lower levels of last 12 sessions trading range also therefore firstly sustaining beyond above mentioned supports should be watched in the coming week because sustaining below last 12 sessions lowest(21861) will mean deeper correction beginning after last 12 sessions trading range breaking down confirmations.

Nifty-Intra Day Chart Analysis

(15-Mar-2024)

Nifty-Intra Day Chart (15-Mar-2024):-

Technical Patterns formation in today intraday charts

1- Sharp fall after first 15 minutes volatility

2- Consolidation between 21932-22014

3- Whole day actual trading between 21932-22120

Conclusions from intra day chart analysis 

Although firstly some up moves after 81 points weaker opening but sharp fall was seen after 09:30 AM last Friday. As lower levels consolidation also developed in the last more than 5 hours therefore firstly some up moves are expected in the beginning of next week but sustaining above 22014 should also be watched because intraday selling was seen above it in previous week. 

Conclusions(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term Trend is down.

Although Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22526.60 in previous week on 11-03-2024 and no confirmation of its completion yet on EOD charts but Short Term Trend has turned down in previous week strong correction. As Nifty has hovered just above Intermediate Term Trend decider(55-Day SMA) in the last 3 sessions of previous week and higher levels good intraday selling was also seen during last 12 sessions therefore view has turned cautious and sustaining beyond following levels should also be watched in the coming week/weeks for next Trend formations and big moves beginning confirmations:-

1- Last 12 lowest(21861).

2- Intermediate Term Trend decider 55-Day SMA(today at 21887).

3- Lower line of Rising Trend Line which was broken down broken down in previous week and this line was below "Bearish Rising Wedge pattern" which was formed in last 3 months.

As Intermediate Term correction turning down possibility has been emerged therefore view is cautious and firstly above mentioned levels and afterwards following next supports should also be watched also for Intermediate Term Trend turning down confirmations. As next 3 supports has been given below therefore sustaining beyond each suport range should be watched one by one for next Very Short Term moves beginning/correction continuation/completion confirmations:-

1- 21795-21860

2- 21653-21690

3- 21544-21628

Down moves expectations towards/below

 today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(15-03-2024)

Nifty-Intra Day Chart (14-Mar-2024):-

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- Sharp up

3- Last 4 hours selling between 22087-22204

4- Whole day actual trading between 21918-22204

Conclusions from intra day chart analysis 

Nifty got supports between 21906-22045 yesterday and Nifty got fresh supports within this range today also after slipping from negative opening level. As up moves started with downward correction within yesterday supports range therefore sharp up move was seen after 11:28 AM. Although Nifty closed with 148 points gains today but selling was seen at intraday higher levels between 22087-22204 in last 4 hours also therefore down moves are expected towards/below today lowest(21918) in the coming sessions.

Finally sustaining beyond 21861-22045 will confirm next Short Term Trend

Nifty-Intra Day Chart Analysis & 

Market Outlook(14-03-2024)

Nifty-Intra Day Chart (13-Mar-2024):-

Technical Patterns formation in today intraday charts

1- Almost 5 hours down moves with upward corrections after 103 Points positive opening

2- Supports in last 2 hours between 21906-22045

3- Whole day actual trading between 21906-22446

Conclusions from intra day chart analysis 

"Only we told in whole world" 

1- When Nifty closed at life time top(22493.50) after new life time top formations(22525.70) on 07-03-2024 then we told  next day on 08-03-2024 in Weekly Outlook in the topic "Emergence of Short to Intermediate Term correction possibility"

Short to Intermediate Term correction 

beginning possibility has emerged 

"As was told on 08-03-2024 and 100% same

happened in the"last 3 sessions" of this week that "Nifty slipped 587 points"

2- In Daily Market Outlook at 05;30AM on 12-03-2024 in the topic "Firstly watch sustaining beyond 22225-22287 amid down moves expectations'

A- Down moves are expected towards next supports(22225-222870)     

B- Firstly sustaining beyond 22225-22287 should be watched in the coming sessions 

C- Sustaining below 22225 will mean sharp down moves beginning

"As was told yesterday and 100% same happened in following manner today":-

A- "Nifty closed 338 points down at 21997.70 today".

B- "Once Nifty traded 430 points down also today".

C- "Sharp down moves were seen below 22225 today".

Although 103 Points strong opening today but good intraday selling was seen yesterday therefore not sustaining at higher levels and fresh selling begun which remain continued almost 5 hours and once Nifty traded 430 points down also. Supports between 21861-21962 were posted on 08-03-2024 in "Emergence of Short to Intermediate Term correction possibility" and fresh supports were seen within this range today also therefore now immediate supports are between 21861-22045 and expected that:-

1- Firstly Nifty will trade and prepare for next Short Term Trend within and near about this range 21861-22045.

2- Finally sustaining beyond 21861-22045 should be watched in the coming sessions for next Short Term Trend formations and that side decisive moves beginning confirmations.

Firstly watch sustaining beyond 22225-22287 amid down moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(13-03-2024)

Nifty-Intra Day Chart (12-Mar-2024):-

Technical Patterns formation in today intraday charts

1- Sharp up after flat opening

2- Selling between 22404-22452

3- Sharp down

4- More than 3 hours selling between 22346-22401

5- Whole day actual trading between 22256-22452

Conclusions from intra day chart analysis 

Although firstly sharp up moves after flat opening but higher levels good intraday selling in first hour therefore sharp down moves were seen before 11:00 AM. As more than 3 hours follow up selling in Mid-session also therefore down moves are expected towards next supports(22225-22287). Firstly sustaining beyond 22225-22287 should be watched in the coming sessions because sustaining below 22225 will mean sharp down moves beginning after valid break down of last 7 sessions trading range lowest.

 As out of station therefore unable 
to post tomorrow(12-03-2024) Outlook. 

Emergence of Short to Intermediate Term correction possibility

Technical Analysis,Research & Weekly Outlook

(Mar 11 to Mar 15,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (07-Mar-2024):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of previous Waves structure "ABC correction" completion at 15183.40 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.

2- Impulsive Wave-1 completion at 18887.60 on 01-12-2022.

3- Corrective Wave-2 completion at 16828.30 on 20-03-2023.

4- Impulsive Wave-(i) of Wave-3 completion at  20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

7- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.

8- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.  

9- Corrective Wave-C of Wave-(ii) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 beginning. 

10- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22525.70 on 07-03-2024.

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-1 completed at 18887.60 on 01-12-2022 and corrective Wave-2 begun from this level which completed at 16828.30 on 20-03-2023. 

Impulsive Wave-3 started from 16828.30 on 20-03-2023 and now its Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 22525.70 on 07-03-2024 as well as no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Wave-3 structure)

Nifty-EOD Chart (07-Mar-2024):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(i) of Wave-3 completion at  20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

2- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.

3- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.  

4- Corrective Wave-C of Wave-(ii) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 beginning. 

5- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22525.70 on 07-03-2024.

6- Bearish Rising Wedge pattern formations.

Conclusions from EOD chart analysis

(Wave-3 structure)

Although now Wave-(iii) of Wave-3 is in continuation and no confirmation of its completion yet on EOD charts but 'Bearish Rising Wedge" pattern formation is being seen on EOD charts and it has shown signals of Short to Intermediate Term correction beginning possibility therefore remain cautious in the coming week/weeks.

Nifty-EOD Chart Analysis

(Wave-(iii) of Wave-3 Trendline)

Nifty-EOD Chart (07-Mar-2024):-

Technical Patterns and Formations in EOD charts

1- Trendline formations in Wave-(iii) of Wave-3. 

Conclusions from EOD chart analysis

(Wave-(iii) of Wave-3 Trendline)

Impulsive Wave-(iii) of Wave-3 is moving up with its Trendline formations. As valid break down of this Trendline will confirm next Short to Intermediate Term correction beginning therefore it should be finally watched in the coming week/weeks for the confirmations of such correction beginning.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (07-Mar-2024):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 89.87 & %D(3)- 90.64.

3- Stochastic is showing negative divergence

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

5- MACD(26,12)- 202.53 & EXP(9)- 208.50 & Divergence- -5.97

6- MACD is showing negative divergence

Conclusions from EOD chart analysis

(Stochastic & MACD)

Technical positions of Short Term indicators are as follows;-

1- As in Stochastic indicator its %K(5) line has intersected %D(3) line upward and and its Both lines are kissing in Over bought zone as well as Stochastic is showing negative divergence therefore it will be understood that this indicator is showing Short Term correction beginning possibility.

2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are kissing in the positive zone as well as MACD is showing negative divergence therefore it will be understood that this indicator is showing stronger signals of downward trend formations possibility.

Nifty-Intra Day Chart Analysis

(07-Mar-2024)

Nifty-Intra Day Chart (07-Mar-2024):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels

2- Consolidation between 22437-22466

3- Sharp up

4- Selling between 22494-22523

5- Whole day actual trading between 22431-22525

Conclusions from intra day chart analysis 

Although gap up opening but firstly down moves started and Nifty traded 44 points negaive also. As these down moves were in Bullish Falling Channels and after that  lower levels consolidation also developed therefore sharp up moves were seen after 11:00 AM.

As intraday selling developed in last more than 4 hours after lower levels consolidation patterns formations therefore whole day last Thursday trading will be understood with Mixed patterns formations between 22431-22525 and firstly sustaining beyond this range should be watched in the beginning of coming week for the next Short Term moves beginning confirmations. 

Conclusions (After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term Trend is up.

Although Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22525.70 on 07-03-2024 and no confirmation of its completion yet on EOD and intraday charts but "Bearish Rising Wedge" pattern has been formed on EOD charts and indicators are also showing Short Term correction beginning possibility. As on going Impulsive Wave-(iii) of Wave-3 is now moving up with its trendline formations and finally valid break down of its trendline will confirm next Short to Intermediate Term correction beginning therefore it should be watched in the coming week/weeks for such correction beginning confirmations.

As intraday mixed patterns formations were seen between 22431-22525 last Thursday therefore Nifty will firstly trade and prepare for next Short Term moves within and near about last thursday trading range in the beginning of next week. Finally sustaining below last thursday trading range will confirm next Short Term moves beginning hence it should be firstly watched in the coming week for its confirmations. 

Although higher levels good intraday selling was seen last Thursday but complete selling paterns are must for Short to Intermediate Term correction beginning. As "Bearish Rising Wedge" pattern formations and Indicators are also showing signals of correction beginning therefore it will be understood that Correction is on Cards. 

Fresh intraday selling patterns formation in the coming week will mean high possibility of Short to Intermediate Term correction beginning and its final confirmation will be above mentioned Trendline break down. Let all this firstly happen in the coming week/weeks then correction will be seen towards following next supports which are below last week closing. As Short to Intermediate Term correction beginning possibility has emerged therefore finally following next supports should also be watched one by one for correction continuation/completion confirmations:-

1- 22437-22466

2- 22225-22344

3- 22146-22210  

4- 21861-21962

5- 21795-21860

6- 21653-21690

7- 21544-21628

More up moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(07-03-2024)

Nifty-Intra Day Chart (06-Mar-2024):-

Technical Patterns formation in today intraday charts

1- More than 4 hours consolidation between 22225-22344

2- Sharp up

3- Up moves with downward corrections in last 2 hours

4- Whole day actual trading between 22225-22497

Conclusions from intra day chart analysis 

As higher levels selling in last 2 sessions therefore firstly Nifty slipped 130 points but lower levels more than 4 hours conoslidation developed therefore:- 

1- Firstly sharp up moves were seen and after that 

2- Up moves with downward corrections were also seen in last 2 hours

Only intraday consolidation patterns formation today and intraday selling patterns were not seen today as well as today closing was at life time highest therefore more up moves are expected tomorrow

 Finally valid break out of today trading

 range will confirm next decisive 

moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-03-2024)

Nifty-Intra Day Chart (05-Mar-2024):-

Technical Patterns formation in today intraday charts

1- Selling between 22360-22378

2- Downward moves

3- Consolidation between 22270-22304

4- Upward moves

5- Sharp up

6- Selling between 22365-22408

7- Whole day actual trading between 22270-22416

Conclusions from intra day chart analysis 

As firstly selling after negative opening today and most time selling was seen yesterday also therefore Nifty traded 136 points down in first 2 hours. Although up moves were seen in Mid-session after lower levels some consolidation but follow up selling developed in last hours therefore Nifty closed in Red today. As both lower levels consolidation and higher levels selling today therefore expected that Nifty will firstly trade and prepare tomorrow for next decisive moves within today trading range. Let Nifty to prepare for it within today trading range then will be decided according to intraday patterns formations and finally next decisive moves beginning confirmation will be after sustaining beyond or forceful break out of above mentioned today trading range.

Down moves below today lowest 

& towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-03-2024)

Nifty-Intra Day Chart (04-Mar-2024):-

Technical Patterns formation in today intraday charts

1- Most time selling between 22385-22440

2- Whole day actual trading between 22359-22440

Conclusions from intra day chart analysis 

Although most time positive zone trading after Green opening but most time selling was seen was also seen between 22385-22440 therefore down moves are expected below today lowest and towards next supports between 22146-22210. Firstly sustaining beyond 22146-22210 should be watched tomorrow for next intraday secisive moves beginning confirmations. 

Strong GDP news led rally continuation & correction beginning only after fresh selling patterns formations

Technical Analysis,Research & Weekly 

Outlook(Mar 04 to Mar 07,2024)

Nifty-Weekly Chart Analysis

(Waves structure)

Nifty-Weekly Chart (01-Mar-2024):-

Technical Patterns and Formations in Weekly charts

1- Corrective Wave-C of previous Waves structure "ABC correction" completion at 15183.40 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.

2- Impulsive Wave-1 completion at 18887.60 on 01-12-2022.

3- Corrective Wave-2 completion at 16828.30 on 20-03-2023.

4- Impulsive Wave-(i) of Wave-3 completion at  20222.45 on 15-09-2023.  

5- Corrective Wave-(ii) of Wave-3 completion at 18837.80 on 26-10-2023. 

6- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22353.30 on 01-03-2024.

Conclusions from Weekly 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 begun. Impulsive Wave-1 of this waves structure completed at 18887.60 on 01-12-2022 and corrective Wave-2 started from this level which completed at 16828.30 on 20-03-2023. Impulsive Wave-3 begun from 16828.30 on 20-03-2023 and now its Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 22353.30 on 01-03-2024 as well as no confirmation of its completion yet on EOD charts and Weekly charts.

Nifty-Weekly Chart Analysis

(Stochastic & MACD)

Nifty-Weekly Chart (01-Mar-2024):-

Technical Patterns and Formations in Weekly charts

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

2- Stochastic:- %K(5)- 94.14 & %D(3)- 84.50.

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

4- MACD(26,12)- 1106.91 & EXP(9)- 1059.11 & Divergence- 47.80

Conclusions from Weekly chart analysis

(Stochastic & MACD)

Technical positions of Short Term indicators are as follows;-

1- As in Stochastic indicator  %K(5) line has intersected %D(3) line upward and its both lines are rising in Over bought zone therefore on going rally continuation is expected expected in the coming week.

3- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore it is clear that this indicator is confirming upward trend with up moves continuation possibility.

Nifty-Intra Day Chart Analysis

(01-Mar-2024)

Nifty-Intra Day Chart (01-Mar-2024):-

Technical Patterns formation in today intraday charts

1- Up moves after positive opening

2- Consolidation between 22146-22210

3- Sharp up

4- Last 4 hours up moves with downward corrections

5- Whole day actual trading between 22048-22353

Conclusions from intra day chart analysis 

The data released by the Ministry of Statistics and programme Implementation on February 29 showed that:-

1- India's GDP growth zooms to 8.4% in Q3. This is the strongest growth since the second quarter of 2022,  beating forecasts of 6.6%.

2- The NSO, in its second advance estimate of national accounts, pegged the country's growth at 7.6 per cent for 2023-24.

As such strong GDP growth rate data released on 29-02-2024 therefore on next day ie last Friday firstly up moves were seen after positive opening and fresh consolidation developed at intraday higher levels as well as after this Nifty moved up sharply. Last 4 hours up moves were with downward corrections which means that fresh consolidation at intraday higher levels also and intraday selling patterns were not seen last Friday therefore more up moves are expected in the coming sessions.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term Trend is up.

Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22353.30 on 01-03-2024 and no indication of its completion yet on EOD and intraday charts. As Intermediate Term indicators are suggeting on going rally continuation and in traday charts of last Friday is also showing only consolidation patterns therefore on going rally will remain continued in the beginning of coming week

As Weekly indicator Stochastic is in Overbought zone and MACD is near life time high therefore it will be understood that Indian markets are mature for Intermediate Term correction. Let selling patterns complete on EOD charts and complete selling patterns develop on intradat charts then Short to intermediate term correction will be seen. Nifty closed near life time highest last Friday therefore there is no resistances. Immediate supports below last Friday closing aae as follows:-

1- 22146-22210  

2- 21861-21962

3- 21795-21860

4- 21653-21690

5- 21544-21628

New life time top formations with 356 points gains was seen last Friday after the news of India's GDP growth zooming to 8.4% in Quarter-3 of FY24 and FY 2023-24 growth pegged at 7.6%. AS intraday selling patterns were not seen last Friday therefore strong GDP news led on going rally will remain continued in the coming sessions and correction beginning will be considered only after fresh selling patterns formations on intraday charts and on going selling patterns completion on EOD charts.

Sustaining beyond 21861-22007 will confirm next intraday decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(01-03-2024)

Nifty-Intra Day Chart (29-Feb-2024):-

Technical Patterns formation in today intraday charts

1- 90 Points down in first hour

2- Almost whole day sideways trading between 21861-22007

3- Whole day actual trading between 21861-22060

Conclusions from intra day chart analysis 

As whole day good intraday selling yesterdy therefore firstly Nifty moved down 90 points in first hour. As Nifty traded almost whole day sideways between 21861-22007 and one sided intraday trading patterns were not seen therefore firstly sustaining beyond this trading range should be watched tomorrow for next intraday decisive moves beginning confirmations.

Down moves continuation

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-02-2024)

Nifty-Intra Day Chart (28-Feb-2024):-

Technical Patterns formation in today intraday charts

1- Selling between 22185-22229

2- Sharp fall

3- Selling between 22016-22081

4- Down moves

5- Selling between 21975-22048

6- Whole day actual trading between 21916-22229

Conclusions from intra day chart analysis 

Although firstly some up moves after positive opening but in previous 5/6 sessions intraday selling was seen near about today highest and fresh selling developed today also therefore Nifty could not sustain and falled sharply. As more intraday selling was seen in Mid-session and last hours also therefore whole day good intraday sessiong developed today and down moves will remain continued below today highest in the in coming session. 

Watch 22076-22218 for next one sided big moves beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-02-2024)

Nifty-Intra Day Chart (27-Feb-2024):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with lower levels supports and higher levels selling

2- Whole day actual trading between 22086-22218

Conclusions from intra day chart analysis 

Although negative opening today but up moves started which remained continued till last half hour. As whole day up moves were with lower levels supports and higher levels selling as well as almost whole day today trading was within and near about yesterday trading range(22076-22202) therefore expected that firstly Nifty will trade and prepare for next decisive within last 2 sessions trading range(22076-22218). Fiinally sustaining beyond last 2 sessions trading range should be watched tomorrow for next one sided big movew beginning confirmations.