Watch next supports for the life and length of expected short Term correction

Technical Analysis,Research & Weekly Outlook

(Jun 24 to Jun 28,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (21-Jun-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.

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

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

7- 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. 

8- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 23667.10 on 21-06-2024.

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-C of "ABC correction" of previous Waves structure completed at 15183.40 on 17-06-2022 and from this level Impulsive Wave-1 of new Waves structure started which completed at 18887.60 on 01-12-2022 and Wave-2 begun from this level which completed 16828.30 on 20-03-2023 and Impulsive Wave-3 started from this level. 

Impulsive Wave-(i) of Wave-3 completed at 20222.45 and from this level corrective Wave-A of "ABC" correction of Wave-(ii) of Wave-3 started which completed at 19333.60 on 04-10-2023 and Wave-B started. Wave-B completed at 19849.80 on 17-10-2023 and Wave-C started from this levels which completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 started from this level. 

Now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 23667.10 on 21-06-2024 and confirmation of its completion yet on EOD charts. As following Bearish signals emerged in previous week therefore remain watchful;-

1- Bearish Engulfing Candlestick formation was seen Last Friday. 

2- "Doji" Weekly Candlestick formation was seen of previous week 

3- Last Friday closing was at previous week lowest with new weekly lowest formations that day.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (21-Jun-2024):-

Technical Patterns and Formations in EOD charts

1- More than 5 months old Rising Channel Pattern formations and Nifty has closed above its higher Rising line in the last 4 sessions of previous week

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)- 60.17 & %D(3)- 72.28.

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

5- MACD(26,12)- 435.16 & EXP(9)- 315.19 & Divergence- 119.97

Conclusions from EOD chart analysis

(Stochastic & MACD)

Rising Channel Pattern formations is being seen for the last More than 5 months and Nifty has closed above its higher Rising line in the last 4 sessions of previous week but tested it also in the last 3 sessions also. Let higher Rising line break out confirmations comes either through sustaining above it or its forceful break out then strong rally will be seen. Technical positions of Short Term indicators are as follows:-

1- As in Stochastic  %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone therefore this indicator has shown clear signals of Short Term Correction beginning in the coming week.

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore this indicator is confirming upward moves continuation after upward Trend formation confirmations

Conclusions from Short Term indicators analysis is that finally upward moves will remain continued after Short Term correction completion.

Nifty-Intra Day Chart Analysis

(21-Jun-2024)

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

Technical Patterns formation in today intraday charts

1- Selling between 23573-23667

2- Sharp fall

3- Selling between 23505-23556

4- Sharp fall

5- More than 2 hours volatile market between 23399-23584

6- Whole day actual trading between 23399-23667

Conclusions from intra day

chart analysis 

Although gap up strong opening with new life time top formations last Friday but fresh selling developed immediate after opening therefore sharp fall was seen after more than first hour selling. As again follow up selling in Mid-session which remained continued near about 2 hours therefore again sharp fall developed. 

As more than last 2 hours 185 points volatility between 23399-23584 therefore therefore firstly sustaining beyond this range should be watched in the beginning of coming week for next Short Term moves beginning confirmations because many times Technical positions revers also during such high volatile market.

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 now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 23667.10 last Friday but Short term indicator is showing Short Term correction beginning signals and above mentioned minor Bearish signals have also been developed in Weekly and EOD charts As well as Last Friday intraday charts are also showing higher levels intraday selling therefore Short Term correction may be seen in the coming week. Following next supports should be watched one by one for the life and length of expected short Term correction:-

1- 23425-23452

2- 23161-23206

3- 22961-23096

4- 22760-22871

5- 22291-22395

6- 21884-22191

7- 21502-21582

8- 21417-21500

Finally sustaining byond 23443-23624

 will confirm next decisive moves beginning

Nifty-Intra Day Chart Analysis & Market

 Outlook(21-06-2024)

Nifty-Intra Day Chart Analysis(2-Jun-2024Nifty-Intra Day Chart (2-Jun-2024):-

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- Selling Patterns formation between 23541-23624

3- Whole day actual trading between 23443-23624

Conclusions from intra day chart analysis 

Although firdtly down moves after positive opening but firstly lower levels supports were seen and after that up moves with downward corrections therefore lower levels cosolidation will be understood. As last 4 hours selling Patterns formation at intraday higher levels also therefore firstly sideways markets is expected within today trading range(23443-23624) and finally sustaining byond today trading range will confirm that side next decisive moves beginning

 As busy therefore unable 

to post today(20-06-2024) Outlook. 

Short Term correction expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(19-06-2024)

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

Technical Patterns formation in today intraday charts

1- Volatile market in first hour between 23500-23579

2- More than 4 hours selling Patterns formation between 23521-23549

3- Slow up moves in last half hour

4- Whole day actual trading between 23500-23579

Conclusions from intra day chart analysis 

Although volatility in first hour after 105 points positive opening but after that more than 4 hours selling Patterns formations were also seen therefore Short Term correction is expected tomorrow.

Cautious approach is required after 

Intraday Selling Patterns formations

Technical Analysis,Research & Weekly Outlook(Jun 18 to Jun 21,2024)

Nifty-EOD Chart Analysis 

(Waves structure)

Nifty-EOD Chart (14-Jun-2024):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-2 completion at 16828.30 on 20-03-2023 and Impulsive Wave-3 beginning from this level.

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

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

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

5- 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. 

6- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 23490.40 on 14-06-2024.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-3 started from 16828.30 on 20-03-2023 after Corrective Wave-2 completion at this level. Impulsive Wave-(i) of Wave-3 completed at 20222.45 on 15-09-2023 and corrective Wave-(ii) of Wave-3 begun from this level in the form of Wave-A of "ABC" correction.

Finally Wave-C of "ABC" correction completed at 18837.80 on 26-10-2023 which means that Corrective Wave-(ii) of Wave-3 completion at this level. Impulsive Wave-(iii) of Wave-3 started from this level which is in continuation with its recent high and new life time top formations at 23490.40 on 14-06-2024 and no indication of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (14-Jun-2024):-

Technical Patterns and Formations in EOD charts

1- More than 5 months old Rising Channel Pattern formations and Nifty is hovering around as well as closing near about its higher Rising line for the last 6 sessions

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

3- Stochastic:- %K(5)- 88.17 & %D(3)- 88.61.

4- MACD- Its both MACD line and Average line are kissing in positive zone.

5- MACD(26,12)- 245.67 & EXP(9)- 217.14 & Divergence- 28.53

Conclusions from EOD chart analysis

(Stochastic & MACD)

Rising Channel Pattern formations is being seen for the last More than 5 months and Nifty is hovering around as well as closing near about its higher Rising line for the last 6 sessions. Its a strong signal of fresh strong rally beginng which will be seen after valid break out confirmations of its higher Rising line. Technical positions of Short Term indicators are as follows;-

1- As in Stochastic its both lines %K(5) and %D(3) are kissing in Over bought zone therefore it will be understood that at present this indicator is not showing any side bigger moves beginning confirmations. Let its both lines to move below Over bought zone line after after downward intersection then that will be Short Term correction beginning confirmations which should be watched for next decisive down moves beginning confirmations. 

2- As in MACD indicator its both MACD line and Average lines are kissing in positive zone therefore at present this indicator is not showing any side bigger moves beginning confirmations. Let any side clear intersection happen then that side decisive moves will be seen after that side Short Term Trend formations.

Nifty-Last 5 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Jun 10 to Jun 14,2024):-

Technical Patterns formation in last 5 Sessions intraday charts

1- Selling Patterns formation in last 5 Sessions are as follows:-

A- 23394-23441 

B- 23314-23389 

C- 23312-23377 

2- Mixed Patterns formation in last 5 Sessions are as follows:-

A- 23425-23490 

B- 23354-23419 

3- Last 5 Sessions actual trading between 23207-23490 

Conclusions from 5 Sessions

intra day chart analysis 

Last 5 Sessions actual trading between 23207-23490 with above mentioned intraday trading patterns formations which are suggesting that up moves remained continued despite intraday selling patterns formations. As sentiment boosted after stable Modi Ji Government formation after elections therefore up moves remained continued despte good intraday selling patterns formations. 

Last 2 sessions trading was with Mixed Patterns formation between 23354-23490 which means that both intraday consolidation and selling patterns were seen within this range. As finally sustaining beyond 23354-23490 will confirm next big moves beginning therefore firstly sustaining beyond this range should be watched in the coming week. Remain cautious also because Intraday selling patterns formation were also seen at lower levels below 23354 in first 3 sessions of previous week therefore once sustaining below 23354 will mean high possibility of sharp fall beginning.

Nifty-Intra Day Chart Analysis

(14-Jun-2024)

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

Technical Patterns formation in today intraday charts

1- 130 Points sharp fall in first 18 minutes after positive opening

2- 123 Points up moves in next one hour

3- More than 4 hours trading with Mixed Patterns formation between 23425-23490

4- Whole day actual trading between 23335-23490

Conclusions from intra day chart analysis 

Although firstly 130 Points sharp fall in first 18 minutes after positive opening but after that 123 Points up moves were also seen in next one hour therefore first one and half hour trading will be understood with high volatility last Friday. As more than last 4 hours trading with Mixed Patterns formation between 23425-23490 which means that intraday selling patterns formations have also been seen within this range.

As most time one sided intraday trading patterns were not seen last Friday between 23425-23490 therefore expected that Nifty will firstly trade and prepare for next decisive moves within and near about this trading range in the beginning of next week. Finally sustaining it beyond will confirm that side next decisive moves beginning therefore it should be watched in the coming week for next one sided next decisive 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.

As last Friday closing was at life time top with new life time top formations and this closing was above higher Rising line of last more than 5 months old "Rising Channel Pattern" also therefore it will be understood that signals of on going Impulsive Wave-(iii) of Wave-3 continuation have been generated and at present no indication of its completion yet on EOD and intraday charts.

Cautious approach is also required in next week due to following technical developments:-

1- Intraday selling patterns formations at higher levels have also been seen in last Friday intraday charts.

2- Intraday selling patterns formations in all the 5 sessions of previous week.

3- In Stochastic indicator its both lines are in kissing mode in Over bought zone therefore Short Term correction beginning can not be ruled out in the coming week.

4- In MACD indicator its both lines are in kissing mode in positive zone and at present this indicator is also not confirming any side bigger moves beginning. 

Nifty traded within 283 points between 23207-23490 in previous week and almost all the 5 days intraday selling patterns were also seen therefore if Short Term correction begins then firstly sustaining beyond following levels should be watched one by one for next decisive/bigger moves beginning confirmations:-

1- Lowest of last 2 sessions Mixed Patterns formation range because Nifty has traded above it more than 9 hours in last 2 sessions(23354)

2- Lowest of last 5 sessions(23207) 

If Short Term correction begins then finally sustaining below previous week lowest(23207) will mean correction continuation towards following next supports which should be watched one by one for next decisive moves beginning confirmations:-

1- 23161-23206

2- 22961-23096

3- 22760-22871

4- 22291-22395

5- 21884-22191

6- 21502-21582

7- 21417-21500

Finally sustaining beyond 23354-23419 will confirm next Short Term moves

Nifty-Intra Day Chart Analysis &

 Market Outlook(14-06-2024)

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

Technical Patterns formation in today intraday charts

1- More than 100 points down in first half hour after gap up strong opening

2- More than 5 hours trading with mixed Patterns formation between 23354-23419

3- Whole day actual trading between 23354-23481

Conclusions from intra day chart analysis 

Although gap up strong opening but not sustaining at higher levels and more than 100 points fall developed in first half hour because higher levels good intraday selling was seen in last 3 sessions. As more than 5 hours trading with mixed Patterns formation between 23354-23419 today therefore Nifty will firstly trade and prepare for next Short Term moves within this range in the coming sessions. Let Nifty to prepare for it within this range then will be decided according to coming sessions intraday patterns formations. As finally sustaining beyond  23354-23419 will confirm next Short Term moves therefore it should be watched in the coming sessions. 

Firstly watch sustaining beyond 23207-23441 amid deeper correction beginning indications

Nifty-Intra Day Chart Analysis & 

Market Outlook(13-06-2024)

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

Technical Patterns formation in today intraday charts

1- Up moves after positive opening

2- More than 3 hours selling between 23394-23441

3- Selling between 23367-23391

4- Sharp fall

5- Whole day actual trading between 23296-23441

Conclusions from intra day

 chart analysis 

Although firstly up moves after positive opening but higher levels more than 3 hours selling and after that follow up selling also in last hours therefore sharp down move was seen in last hour and Nifty closed near the lower levels of the day.

Last 3 sessions trading between 23207-23441 with higher levels selling and "Shooting Star" Bearish Candle formations but in last 3 sessions higher closing,higher bottom and higher top has also been seen therefore firstly sustaining beyond last 3 sessions trading range should be watched for next big moves beginning confirmations. Remain cautious also because higher levels good selling has also been seen therefore once sustaining below last 3 sessions lowest will mean deeper correction beginning confirmations

 Short Term correction expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-06-2024)

Nifty-Intra Day Chart (11-Jun-2024):-

Technical Patterns formation in today intraday charts

1- Up moves after flat opening

2- More than 4 hours selling between 23314-23389

3- Sharp fall in last half hour

4- Whole day actual trading between 23207-23389

Conclusions from intra day chart analysis 

Although firstly up moves after flat opening but higher levels more than 4 hours selling was seen therefore Nifty fallen sharply in last half hour and Nifty closed flat after loosing all more than 100 points intraday gains.

Nifty traded between 23228-23411 yesterday with higher levels selling within this range and Nifty traded almost within this range between 23207-23389 with follow up higher levels selling today also therefore good intraday selling will be understood in last 2 sessions and resultant Short Term correction is expected in the coming sessions.

Sustaining below 23228 will confirm Short Term correction beginning

Nifty-Intra Day Chart Analysis & Market

Outlook(11-06-2024)

Nifty-Intra Day Chart (10-Jun-2024):-

Technical Patterns formation in today intraday charts

1- Selling between 23385-23411

2- Sharp fall 

3- More than 4 hours selling between 23312-23377

4- Sharp fall 

5- Volatility in last hour between 23228-23301

6- Whole day actual trading between 23228-23411

Conclusions from intra day chart analysis 

Although firstly some up moves after positive opening but higher levels selling was seen in first half hour therefore sharp fall was seen. As more than 4 hours follow up selling in Mid-session therefore again Nifty fallen sharply. 

As volatility in last hour between 23228-23301 and technical positions revreses also during such volatility therefore firstly sustaining beyond this range should be watched in the coming sessions and finally sustaining below 23228 will mean Short Term correction beginning because higher levels good intraday selling was seen today.

Strong rally beginning after our 

Greatest Prime Minister Modi ji 

oath taking ceremony

Technical Analysis,Research & Weekly 

Outlook(Jun 10 to Jun 14,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (07-Jun-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.

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

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

7- 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. 

8- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 23338.70 on 03-06-2024.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure begun from 15183.40 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 and Corrective Wave-2 started from this level which completed at 16828.30 on 20-03-2023. Impulsive Wave-3 begun from this level.

Impulsive Wave-(i) of Wave-3 completed at 20222.45 and from this level corrective Wave-A of "ABC" correction of Wave-(ii) of Wave-3 begun which completed at 19333.60 on 04-10-2023 and Wave-B started. Wave-B completed at 19849.80 on 17-10-2023 and Wave-C begun from this levels which completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 started from this level. 

Now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 23338.70 on 03-06-2024 and no indication of its completion yet on EOD charts as well as last Friday closing was at life time top therefore firstly rally continuation is expected in the beginning of next week. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

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

Technical Patterns and Formations in EOD charts

1- More than 5 months old Rising Channel Pattern formations and Nifty closed above its higher Rising Channel line in previous week.

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

3- Stochastic:- %K(5)- 79.19 & %D(3)- 65.90.

4- In MACD- Its both MACD line and Average line are kissing in positive zone.

5- MACD(26,12)- 180.20 & EXP(9)- 223.54 & Divergence- -43.34

Conclusions from EOD chart analysis

(Stochastic & MACD)

More than 5 months old Rising Channel Pattern formations and Nifty closed little above its higher Rising line in previous week therefore firstly sustaining above its higher rising line should be watched in the coming week for next strong rally beginning confirmations. Technical positions of Short Term indicators are as follows;-

1- As in Stochastic its both lines are rising towards Over bought zone and have not turned Overbought yet therefore some more up moves are expected in the beginning of next week. Let intraday selling patterns develop and downward intersection happen then Short Term correction will be seen.

2- As in MACD indicator its both MACD line and Average lines are kissing in positive zone therefore 

at present this indicator is not showing any side bigger moves beginning confirmations. Let any side clear intersection happen then that side decisive moves will be seen after that side Short Term Trend formations.

Nifty-Intra Day Chart Analysis

(07-Jun-2024)

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

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 23320-22789

Conclusions from intra day chart analysis 

Although firstly little down moves after flat opening but after that up moves begun which remained continued till last minutes and Nifry closed with 2.05 gains. As whole day these last Friday intraday up moves were with downward corrections which is a consolidation pattern and intraday selling patterns were not seen last Friday as well as last Friday closing was at life time top therefore on going rally continuation will be seen in the beginning of next week also.

Conclusions (After putting

all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term Trend is down.

As last Friday closing was at life time top with 2.05% intraday gains with whole day only intraday consolidation patterns formations and intraday selling patterns were not seen therefore on going Impulsive Wave-(iii) of Wave-3 continuation will be seen above life time top(23338.70) in the beginning of next week. As BJP and NDA got much lower that expected seats from Parliamentary election results in previous week therefore previous week trading was highly volatile but finally it has been ascertained that Modi ji led strong Government will be formed therefore strong recovery was seen from lower levels and Nifty could close at life time top last Friday. Only Short Term correction may be seen towards following next supports which should be watched one by one for its completion and next decisive up moves beginning:-

1- 23161-23236

2- 22961-23096

3- 22760-22871

4- 22291-22395

5- 21884-22191

6- 21502-21582

7- 21417-21500

Indicators are suggesting some more up moves possibility and intraday selling patterns have not been developed yet till last Friday therefore rally will remain continued and once sustaining above higher rising line of Rising Channel Pattern will mean strong rally beginning after our Greatest Prime Minister Modi ji oath takling ceremony on 9th June 2024.

 As still out of station and could not 

come back yet therefore unable to 

post today(07-06-2024) Outlook. 

 As out of station therefore unable 

to post today(06-06-2024) Outlook. 

Firstly watch next supports amid 

Election results led high volatility 

Pre-open Outlook(05-06-2024)

As completely unexpected election results on 4th June 2024 therefore Indian Stock markets crashed and closing was in deep Red. Indian markets reacted on Election results with high intraday volatility therefore intraday chart analysis is not being posted. Firstly sustaining beyond following next supports should be watched one by one in the coming sessions for next intraday decisive moves beginning confirmations amid Election results led high volatility:- 

1- 21502-21582

2- 21417-21500

Rally continuation with BJP victory 

Election results declaration

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-06-2024)

Nifty-Intra Day Chart (03-Jun-2024):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 23063-23338

Conclusions from intra day chart analysis 

As emergence of huge BJP victory expectations after Exit Poll results on 01-06-2024 therefore firstly gap up strong opening of Indian markets today morning and after that whole day up moves were with downward corrections which is a consolidation pattern also hence on going rally will remain continued with BJP victory Election results declaration tomorrow.

Strong rally after huge Victory of 

our greatest Prime Minister Modi ji 

on 4th June 2024

Technical Analysis,Research & Weekly Outlook

(Jun 03 to Jun 07,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (31-May-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 23110.80 on 27-05-2024.

6- Short Term correction continuation with recent bottom formations at 22417.00 on 30-05-2024

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-(i) of Wave-3 completed at 20222.45 and from this level corrective Wave-A of "ABC" correction of Wave-(ii) of Wave-3 started which completed at 19333.60 on 04-10-2023 and Wave-B begun. Wave-B completed at 19849.80 on 17-10-2023 and Wave-C started from this levels which completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 begun from this level. 

Now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 23110.80 on 27-05-2024 and no confirmation of its completion yet on EOD charts. Short Term correction begun from life time top which is in continuation and no confirmation of its completion also on EOD charts therefore firstly sustaining beyond its recent bottom(22417.00) should be watched in the beginning of coming week for on going Short Term correction continuation/completion confirmations.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (31-May-2024):-

Technical Patterns and Formations in EOD charts

1- More than 5 months old Rising Channel Pattern formations and Nifty closed near its higher Rising Channel line in previous week.

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)- 16.86 & %D(3)- 34.71.

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

5- MACD(26,12)- 236.11 & EXP(9)- 124.54 & Divergence- 111.57

Conclusions from EOD chart analysis

(Stochastic & MACD)

More than 5 months old Rising Channel Pattern formations and Nifty closed almost in the middle  of  Rising Channel last Friday therefore it will be understood that at present it is not showing any side immediate break out/down signal. Let it happen then that side big moves will begin which should be firstly watched in the coming week/weeks for its confirmations. Technical positions of Short Term indicators are as follows;-

 

1- As in Stochastic its %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone therefore as per this indicator little more down moves can not be ruled out before fresh up moves beginning.

2- As in MACD indicator MACD line has intersected Average line upward and its both lines are rising in positive zone therefore it will be understood that this indicator has confirmed Upward Trend formations and resultant strong rally will be seen.

Nifty-Last 9 Sessions

intraday charts analysis

Nifty-Intra Day Chart (May 21 to May 31,2024):-

Technical Patterns formation in last 9 Sessions intraday charts

1- Selling(Resistances) in last 9 Sessions are as follows:-

A- 22744-22767

B- 22793-22825

C- 22937-22988

D- 23054-23110

2- Consolidation(Supports) in last 9 Sessions are as follows:-

A- 21417-21502

B- 21502-21582

3- Last 9 Sessions actual trading between 21405-23111 

Conclusions from 9 Sessions

intra day chart analysis 

Last 9 Sessions actual trading between 21405-23111 with above mentioned supports and resistances. As lower levels fresh consolidation was seen in last 2 sessions of previous week therefore firstly up moves are expected towards above mentioned resistances but finally sustaining beyond last 9 sessions trading range should be watched in the coming week/weeks for next big moves beginning confirmations.

Nifty-Intra Day Chart Analysis

(31-May-2024)

Nifty-Intra Day Chart (31-May-2024):-

Technical Patterns formation in today intraday charts

1- Up moves after positive opening

2- Selling between 22618-22653

3- Down moves

4- Consolidation between 22502-22559

5- Volatility between 22548-22628

6- Consolidation between 22466-22547

7- Whole day actual trading between 22466-22653

Conclusions from intra day chart analysis 

Although firstly up moves after positive opening but higher levels selling developed in first half hour therefore down moves started and Nifty lost almost all intraday gains. As more than 3 hours consolidation in Mid-sessions and follow up consolidation also in last hour after some volatility therefore up moves are expected above last Friday highest(22653.75) in the beginning 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 down.

Although Impulsive Wave-(iii) of Wave-3 continuation with new life time top formations and no confirmation of its completion yet on EOD charts but Short Term correction started from life time top level which is in continuation and no confirmation of its completion also.

As intraday charts of last 2 sessions are showing lower levels supports and Short Term indicator Stochastic has also moved into Oversold zone as well as MACD indicator has confirmed Upward Trend formations therefore finally up moves are expected towards above mentioned 4 resistances in the coming week. Firstly sustaining beyond life time highest(23110.80) should be watched in the coming week for strong rally beginning after huge Victory of our greatest Prime Minister Modi ji on 4th June 2024.

Sustaining above above 22615 

will mean strong rally

Nifty-Intra Day Chart Analysis & 

Market Outlook(31-05-2024)

Nifty-Intra Day Chart (30-May-2024):-

Technical Patterns formation in today intraday charts

1- Down moves after weaker opening

2- Consolidation between 22540-22615

3- Supports between 22417-22502 

4- Whole day actual trading between 22417-22705

Conclusions from intra day chart analysis 

As Dow Jones Futures was trading more than 250 points down before the opening of Indian markets and all the Asian markets were also trading in Red therefore firstly down moves were seen after weaker opening. More than 3 hours consolidation in  Mid-Session and lower levels supports also therefore finally up moves are expected and sustaining above above 22615 will mean strong rally beginning.

Finally sustaining above 22703 will 

confirm Fresh Rally beginning after

 Short Term correction completion

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-05-2024)

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

Technical Patterns formation in today intraday charts

1- Selling between 22793-22825

2- Sharp down

3- Consolidation between 22686-22686

4- Sharp up

5- Selling between 22767-22744

6- Down moves in Bullish Falling Channel

7- Whole day actual trading between 22686-22825

Conclusions from intra day chart analysis 

As Bearish Global cues therefore firstly weaker opening of Indian markets and after that fresh selling developed hence 2 times sharp down moves were seen. Although lower levels consolidation and after that sharp up moves also but again follow up selling developed therefore again down moves started which remained continued till last minutes but these more than one hour down moves were in Bullish Falling Channel which is a consolidation pattern also hence whole day intraday trading will be understood with lower levels consolidation and higher levels selling patterns formations.

2nd Supports between 22657-22703 was posted at 08.17 AM on 29-05-2024 in "Watch next supports amid Bearish Global cues" and Nifty closed just above this range at 22704.45 after intraday lowest also formations within this supports range at 22685.45 today. As intraday supports were seen within this supports range and 22685.45 also therefore firstly sustaining above this supports range should be watched in the coming sessions for fresh rally beginning after on going Short Term correction completion.

Watch next supports amid 

Bearish Global cues 

Pre-open Outlook(29-05-2024)

Sentiment turned dampened today morning because:-

1- Dow Jones closed .55% down yesterday.

2- Dow Jones Futures is trading more than 80 points down today morning.

3- All the Asian markets are trading in Red and some are more than 1% down today morning.

As above mentioned Bearish Global cues today morning and resultant negative opening will be seen today therefore firstly sustaining beyond following next supports should be watched for next sharp up moves beginning confirmations because whole day consolidation was seen yesterday through down moves in Bullish Falling Channels:-

1- 22816-22844

2- 22657-22703

Finally up moves after fresh consolidation

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-05-2024)

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

Technical Patterns formation in today intraday charts

1- Whole day down moves in Bullish Falling Channels

2- Whole day actual trading between 22859-22998

Conclusions from intra day chart analysis 

Although firstly up moves after positive opening but down moves started which remained continued till last minutes. As wholle day down moves were in Bullish Falling Channel which is a consolidation pattern therefore finally up moves will be seen above today highest after fresh consolidation in the coming 1/2 sessions.

Finally sustaining beyond 22872-23110 will confirm next decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-05-2024)

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

Technical Patterns formation in today intraday charts

1- Consolidation between 22942-23009

2- Sharp up

3- Selling between 23054-23110

4- Sharp down

5- Whole day actual trading between 22872-23110

Conclusions from intra day chart analysis 

As firstly consolidation after positive opening therefore sharp up moves were seen after that but higher levels selling therefore sharp down moves developed in last hour. Whole day mixed Patterns formation between 22872-23110 therefore Nifty will firstly trade and prepare for next decisive moves within and near about today trading range. Finally sustaining beyond today trading range will confirm next decisive moves beginning therefore it should be watched  in the coming session for one sided next decisive moves beginning confirmations.

Finally rally with Pre Election results confusions led Volatility & after Short Term correction completion

Technical Analysis,Research & Weekly Outlook

(May 27 to May 31,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (24-May-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.

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

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

7- 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. 

8- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 23026.40 on 24-05-2024.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure started from 15183.40 on 17-06-2022 after Corrective Wave-C of "ABC correction" of previous Waves structure completion at this level. Corrective Wave-2 begun from this level which completed at 16828.30 on 20-03-2023. Impulsive Wave-3 started from this level.

Wave-A of "ABC" correction begun from 20222.45 after Impulsive Wave-(i) of Wave-3 completion at this level. Finally Wave-C of "ABC" correction completed at 18837.80 which means that Corrective Wave-(ii) of Wave-3 completion. Impulsive Wave-(iii) of Wave-3 started from this level which is in continuation with its recent high and new life time top formations at 23026.40 on 24-05-2024 and no indication of its completion yet on EOD charts.

 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (24-May-2024):-

Technical Patterns and Formations in EOD charts

1- More than 4 months old Rising Channel Pattern formations and Nifty closed near its higher Rising Channel line in previous week.

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

3- Stochastic:- %K(5)- 93.11 & %D(3)- 93.03.

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

5- MACD(26,12)- 101.50 & EXP(9)- -55.18 & Divergence- 156.68

Conclusions from EOD chart analysis

(Stochastic & MACD)

More than 4 months old Rising Channel Pattern formations and Nifty closed near its higher Rising Channel line in previous week therefore firstly valid break out of its higher rising line should be watched in the coming week for next bigger moves beginning confirmations because coming week is Pre Election results week and may be highly volatile also.Technical positions of Short Term indicators are as follows;-

 

1- As in Stochastic its both lines %K(5) and %D(3) are kissing in Over bought zone therefore it will be understood that at present this indicator is not showing any side bigger moves beginning confirmations. Its both lines are Kissing mode for the last more than one week and slipping below Over bought zone after downward intersection will mean Short Term correction beginning confirmations therefore it should be watched for its confirmations. 

2- As in MACD indicator MACD line has intersected Average line upward and its both lines are rising in positive and negative zone therefore it will be understood that this indicator has started to show signals of Upward Trend formations. Let its both lines to start upward moves in Positive Zone then strong rally will be seen after its Upward Trend formation confirmations.

Nifty-Intra Day Chart Analysis

(24-May-2024)

Nifty-Intra Day Chart (24-May-2024):-

Technical Patterns formation in today intraday charts

1- Whole day trading with Mixed Patterns formation between 22918-23026

2- Whole day actual trading between 22908-23026

Conclusions from intra day chart analysis 

Although more than 100 points recovery was seen from lower levels after little weaker opening and new life time top formations also but lower levels some consolidation and higher levels some selling was also seen last Friday. As whole day trading was with Mixed Patterns formation between 22918-23026 therefore expected that Nifty will firstly trade and prepare for next Short Term Trend within and near about this trading range in the beginning of next week. Finally sustaining beyond 22918-23026 will confirm next Short Term Trend therefore should be watched for its confirmations in the 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.

Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 23026.40 in previous session and no indication of its completion yet on EOD charts.

Nifty is trading for the last more than 4 months within Rising Channel pattern and Nifty closed near its higher Rising line in previous week. Previous life time top was formed at 22794.70 on 03-05-2024 and after 13 sessions this life time top was forcelly broken out on 23-05-2024 with that day new life time top formations at 22993.60 and 369 Points(1.64%) points intraday gains. As such strong break out happened after completion of 5th phase of pooling therefore it will be understood that Indian marekts operaors have found confirm cues of BJP big victory in Parliament Elections 2024.

As Short Term indicator Stochastic is showing signals of Short Term correction which may also be seen but until Nifty will not sustain below the lower rising line of Rising Channel pattern till then decisive down moves will not be seen. As MACD indicator has started to indicate upward trend formations therefore expected that finaaly up moves will be seen after Short Term correction completion. First strong signal of any side Short term moves beginning will come after sustaining beyond 22918-23026 in which Nifty traded almost whole day with Mixed Patterns formation last Friday.

As next week is Pre Election results week and its results confusion led valatility may also be seen therefore firstly sustaining beyond following supports should be watched one by one for next decisive moves beginning confirmations amid finally rally beginning expectations after expected Short Term correction completion near about any of the following supports range:-

1- 22887-22931

2- 22816-22844

3- 22657-22703

4- 22527-22883

5- 22444-22485

6- 22357-22403

7- 22055-22106