Firstly watch next supports amid Short Term correction continuation expectations

Technical Analysis,Research & Weekly

Outlook(Sep 09 to Sep 13,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (06-Sep-2024):-

Technical Patterns and Formations in EOD charts

  

1- 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. 

2- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 25333.70 on 02-09-2024.

3- Short Term correction continuation with recent bottom formations at 24801.30 on 06-09-2024. 

Conclusions from EOD chart

analysis(Waves structure)

Impulsive Wave-(iii) of Wave-3 which started after corrective Wave-C of Wave-(ii) of Wave-3 completion at 18837.80 on 26-10-2023 is now in continuation with its recent high and new life time top formations at 25333.70 on 02-09-2024 and no confirmation of its completion yet on EOD charts. As Short Term correction begun and that is now in continuation also with its recent bottom formations last Friday at 24801.30 therefore firstly its completion confirmations is also required for next fresh rally beginning above life time highest. Let it firstly happen then fresh up moves of impulsive Wave-(iii) of Wave-3 will be considered.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (06-Sep-2024):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 31.27 & %D(3)- 54.86.

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

4- MACD(26,12)- 430.53 & EXP(9)- 328.33 & Divergence- 102.2

Conclusions from EOD chart analysis

(Stochastic & MACD)

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 hence it will be understood that at present this indicator is showing on going Short Term correction continuation possibility. 

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 suggesting that Short Term upward trend is still intact despite downward moves in previous week.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (06-Sep-2024):-

Technical Patterns and Formations in EOD charts

1- 5-Day SMA is today at 25150 

2- 21-Day SMA is today at 24788

3- 55-Day SMA is today at 24505 

4- 100-Day SMA is today at 23660

5- 200-Day SMA is today at 22647

Conclsions from EOD chart

analysis (Averages)

AS Nifty has closed below 5-Day SMA in last 3 sessions of previous week and also closed little above 21-Day SMA last Friday therefore it will be understood Short Term Trend is at stake which will turn downward after few sessions closing below 21-Day SMA(today at 24788). Nifty is well above Intermediate and Long Term trends deciders(55 & 200-Day SMAs)  therefore it will be understood that these 2 trends are still up.

Nifty-Intra Day Chart Analysis

(06-Sep-2024)

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

Technical Patterns formation in today intraday charts

1- 288 Points fall from intraday higher levels in first hour

2- Selling between 24881-24954

3- Selling between 24846-24890

4- Whole day actual trading between 24802-25168

Conclusions from intra day chart analysis 

As higher levels intraday selling patterns formations were seen in previous week therefore firstly  288 Points fall from intraday higher levels was seen in first hour last Friday and after that more than 5 hours selling also developed hence firstly down 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 up.

3- Short Term Trend is at stake.

Although impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 18837.80 on 26-10-2023 and no confirmation of its completion also but Short Term correction begun from this level which is also in continuation with its recent bottom formations at 24801.30 last Friday. 

As till now no confirmation of on going Short Term corection completion yet and Short Term indicator Stochastic is also showing on going Short Term downward moves continuation possibility as well as intraday charts of last Friday are also showing complete intraday selling patterns formations therefore more downward moves and on going Short Term correction continuation is expected towards following supports in the beginning of coming week which should be watched one by one for on going Short Term correction continuation/completion confirmations because Short Term indicator MACD is still showing upward Trend formations:-

1- 24673-24729

2- 24533-24574

3- 24475-24497

4- 24394-24446

5- 24205-24272

6- 24117-24179

7- 23977-24094

8- 23932-24027

Although Short Term Trend is at stake but high possibility of its turning down because more downward moves are expexcted in the coming week therefore Nifty may slip well below its decider 21-Day SMA(today at 24788) and then finally sustaining beyond Intermediate Term Trend decider 55-Day SMA(today at 24505) should also be watched for its finally formation confirmations

Immediate next resistances are as follows which should be watched one by one for the life and length of fresh up moves which may begun after Short Term correction completion and/or Short Term indicators turning Over Sold:-

1- 24846-24954

2- 25168-25193

3- 25202-25225

4- 25249-25321

More down moves expectations

Nifty-Intra Day Chart Analysis &

Market Outlook(06-09-2024)

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

Technical Patterns formation in today intraday charts

1- Sharp fall after gap up strong opening

2- Selling between 25202-25225

3- Sharp fall 

4- Selling between 25168-25193

5- Down moves in last hours

6- Whole day actual trading between 25128-25275

Conclusions from intra day chart analysis 

Although gap up strong opening but could not sustain at higher levels and fallen sharply because higher levels selling was seen in previous sessions. As fresh selling in first hour therefore sharp fall developed and more than 3 hours follow up selling developed in Mid-session therefore down moves were seen in last hours and Nifty closed near the lower levels of the day.

As only intraday selling patterns formations and consolidation was not seen today therefore more down moves are expected in the coming sessions and firstly sustaining beyond yesterday lowest(25084) should be watched for more decisive moves beginning confirmations because some intraday consolidation was  seen above it yesterday.

Yesterday lowest will confirm

 deeper correction beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-09-2024)

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

Technical Patterns formation in today intraday charts

1- Selling between 25268-25301

2- Selling between 25249-25272

3- Whole day actual trading between 25236-25321

Conclusions from intra day chart analysis 

Although strong opening but not sustaining at higher levels because intraday selling was seen in previous sessions also. As almost whole day intraday selling was seen therefore down moves are expected in the coming sessions and firstly sustaining below last 2 sessions(yesterday) lowest should be watched for deeper correction beginning confirmations because some consolidation was seen above it yesterday also.

Finally sustaining beyond 25242-25321 will confirm next Very Short Term moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(03-09-2024)

Nifty-Intra Day Chart (02-Sep-2024):-

Technical Patterns formation in today intraday charts

1- More than 3 hours selling between 25293-25321

2- Sharp fall

3- Consolidation between 25242-25264

4- Consolidation between 25272-25289

5- Whole day actual trading between 25236-25333

Conclusions from intra day chart analysis 

Although gap up strong opening but immediately fresh selling developed which remained continued more than 3 hours hence sharp fall was seen in Mid seen. As consolidation also develop in the last more than 2 hours hence whole day today trading will be understood with Mixed patterns formations between 25242-25321.

As both loert levels supports and higher levels selling was seen between 25242-25321 today therefore expected that:-

1- Nifty will firstly trade and prepare for next Very Short Term moves within and near about this trading range tomorrow 

2- Finally sustaining beyond this trading range will confirm next Very Short Term moves beginning which should be firstly watched tomorrow for its beginning confirmations.

Firstly Bullish moves & Short Term Correction beginning confirmations below 25200

Technical Analysis,Research & Weekly

Outlook(Sep 02 to Sep 06,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (30-Aug-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 25078.30 on 01-08-2024.

9- Short Term correction continuation with recent bottom formations at 25268.35 on 30-08-2024. 

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 his level Impulsive Wave-1 of new Waves structure begun. Wave-1 completed at 18887.60 on 01-12-2022 and from this level Wave-2 started which completed at 16828.30 on 20-03-2023 and Impulsive Wave-3 begun from this level which is now in continuation. 

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 begun from this level. 

Short Term correction was seen in previous month which completed at 23893.70 on 05-08-2024 and from this level fresh up moves of Impulsive Wave-(iii) of Wave-3 begun which are in continuation with its recent high and new life time top formations at 25268.35 on 30-08-2024 and no indication of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (30-Aug-2024):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 86.82 & %D(3)- 85.95.

3- Stochastic is showing negative divergence

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

5- MACD(26,12)- 305.84 & EXP(9)- 76.78 & Divergence- 229.06

Conclusions from EOD chart analysis

(Stochastic & MACD)

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 in Over bought zone as well as this indicator is showing negative divergence also hence it will be understood that at present this indicator is showing strong possibility of Short Term downward move beginning. 

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore it will be understood that this indicator is confirming Short Term upward trend formations and on going Bullish moves continuation possibility as well.

Nifty-Intra Day Chart Analysis

(30-Aug-2024)

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

Technical Patterns formation in today intraday charts

1- Whole day sideways trading between 25205-25268

2- Down moves in Bullish Falling Channels formations

3- Whole day actual trading between 25200-25268

Conclusions from intra day chart analysis 

Although whole day sideways trading between 25205-25268 after gap up opening but Down moves in Bullish Falling Channels were also seen within this range and intraday selling patterns were not seen last Friday therefore expected that on going rally will remain continued 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 up.

Now impulsive Wave-(iii) of Wave-3 is in continuation forcefully with its recent high and new life time top formations at 25268.35 last Friday and no indication of its completion yet on EOD charts. 

Although Short Term MACD indicator is confirming upward Trend formations but   Short Term Stochastic indicator is showing strong possibility of Short Term correction beginning possibility also therefore finally up moves after Short Term correction completion possibility can not be ruled out,

As last Friday intraday charts are showing some Bullish Patterns formations within whole day sideways trading range therefore firstly up moves with new life time top formations are expected in the beginning of next week. Until Nifty will not sustain below last Friday lowest after complete intraday selling patterns formations till then even Very Short Term correction will not be seen. As Nifty closed at life time top last Friday and intraday selling patterns were not seen that day therefore now there is no resistance at higher levels. Next supports below last Friday lowest are as follows which should be watched one by one after fresh intraday selling patterns formations and Short Term correction beginning confirmations below last friday lowest(25200):-

1- 25091-25116

2- 25014-25041

3- 24971-25033

4- 24859-24874(Gap Support)

5- 24820-24832

6- 24781-24809

Watch levels after high intraday volatility

Nifty-Intra Day Chart Analysis &

Market Outlook(30-08-2024)

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

Technical Patterns formation in today intraday charts

1- Up moves after negative opening

2- Consolidation between 25091-25116

3- Sharp up 

4- Selling between 25138-25171

5- Sharp fall

6- Consolidation between 25014-25041

7- Sharp up

8- Selling between 25130-25192

9- Whole day actual trading between 24999-25192

Conclusions from intra day chart analysis 

As good intraday selling in previous sessions therefore Nifty could not sustain at higher levels after initial up moves and sharp fall was also seen in Mid-session with new intraday lowest formations. Whole day trading was highly volatile with lower levels consolidation and higher levels selling as well as sharp upward moves and sharp fall were also seen. As technical positions reverse also during today like high volatility therefore next decisive moves will be finally decided through sustaining beyond today trading range which should be firstly watched for next decisive moves beginning confirmations. 

Down moves below last 

2 sessions lowest

Nifty-Intra Day Chart Analysis &

Market Outlook(29-08-2024)

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

Technical Patterns formation in today intraday charts

1- Down moves after positive opening

2- Consolidation between 24971-25033

3- Sharp up

4- Selling between 25084-25129

5- Down moves in last hour

6- Whole day actual trading between 24965-25129

Conclusions from intra day chart analysis 

Although positive opening today morning but firstly down moves were seen and Nifty traded 52 points down also below 25000 because intraday selling was seen between 25039-25070 yesterday. As lower levels consolidation developed in first 2 hours therefore sharp up moves were seen after that but more than 3 hours higher levels selling was also seen therefore down moves developed in last hour. 

As intraday charts of today are showing both lower levels consolidation and higher levels selling also therefore whole day today trading will be understood with mixed Patterns formation between 24971-25129 hence expected that Nifty will firstly trade and prepare for next decisive moves beginning within and near about this range. Although positive opening today but higher levels more intraday selling was seen today and higher levels selling developed yesterday also therefore expected that down moves will be seen and finally Nifty will slip below last 2 sessions lowest(24965) in the coming sessions.

As out of station therefore unable 

to post today(28-08-2024) Outlook. 

Sustaining beyond 24968-25029 will

 confirm next bigger moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-08-2024)

Nifty-Intra Day Chart (26-Aug-2024):-

Technical Patterns formation in today intraday charts

1- 154 Points sharp up in first half hour after gap up opening

2- More than 4 hours sideways trading between 24968-25029

3- Whole day actual trading between 24875-25043

Conclusions from intra day chart analysis 

As strong Global cues today morning therefore firstly 154 points sharp up moves in first half hour after gap up opening. More than 4 hours sideways trading between 24968-25029:-

1- in which some selling patterns were also seen 

2- therefore expected that Nifty will firstly trading and prepare fopr next decisive moves within this range and finally sustaining beyond this range will confirm next bigger moves beginning 

3- hence firstly sustaining beyond 24968-25029 should be watched in the coming sessions for next bigger moves beginning confirmations.

Sustaining beyond 24655-24858 will confirm next bigger moves beginning

Technical Analysis,Research & Weekly 

Outlook(Aug 26 to Aug 30,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (23-Aug-2024):-

Technical Patterns and Formations in EOD charts

 

1- 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. 

2- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 25078.30 on 01-08-2024.

3- Short Term correction completion at 23893.70 on 05-08-2024.

4- Pull Back rally continuation with recent top formations at 24867.30 on 22-08-2024  

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-C of Wave-(ii) of Wave-3 completed at 18837.80 on 26-10-2023 and from this level Impulsive Wave-(iii) of Wave-3 begun which is in continuation with its recent high and new life time top formations at 25078.30 on 01-08-2024 as well as no confirmation of its completion yet on EOD xharts. Short Term correction begun on 02-08-2024 which completed at 23893.70 on 05-08-2024 and Pull Back rally started from this level which is in continuation with recent top formations at 24867.30 on 22-08-2024 and no confirmation of its completion also.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (23-Aug-2024):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 92.05 & %D(3)- 93.24.

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

4- MACD(26,12)- 09.70 & EXP(9)- 141.97 & Divergence- -132.27

Conclusions from EOD chart

analysis (Stochastic & MACD)

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 decisive moves beginning signals. Let downward intersection happen then Short term correcion will be considered.

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive and negative zones therefore it will be understood that this indicator is showing signals of Short Term upward trend formations. Let its both lines to move into Positive zone then more decisive upward moves will be seen.

Nifty-Last 4 Sessions intraday

charts analysis

Nifty-Intra Day Chart (Aug 20 to Aug 23,2024):-

Technical Patterns formation in last 4 Sessions intraday charts

1- More than 10 hours trading with Mixed patterns formations between 24655-24749 on 20-08-2024 and 21-08-2024

2- More than 10 hours trading with Mixed patterns formations between 24791-24858 on 22-08-2024 and 23-08-2024

3- Last 4 Sessions actual trading between 24608-24867

Conclusions from 4 Sessions

intra day chart analysis 

It is clear that Nifty has traded with Mixed patterns formations between 24655-24858 in last 4 sessions of previous week which means that one sided intraday trading patterns were not seen therefore expected that Nifty will firstly trade and prepare for next one sided decisive moves within and near about Mixed patterns formation strading range(24655-24858) of last 4 sessions. As finally sustaining beyond this trading range will confirm next one sided bigger moves beginning therefore it should be firstly watched in the coming week for its confirmations.

Nifty-Intra Day Chart Analysis

(23-Aug-2024)

Nifty-Intra Day Chart (23-Aug-2024):-

Technical Patterns formation in today intraday charts

1- Volatility in first hour between 24772-24847

2- More than 4 hours trading with Mixed Patterns formation between 24818-24858

3- Whole day actual trading between 24772-24858

Conclusions from intra day

chart analysis 

Although volatility in first hour after positive opening last Friday but Nifty slipped in negative zone during this volatility and once traded 39 points down also before those up moves beginning in which Nifty traded 48 points up also. As more than last 4 hours trading with Mixed Patterns formation between 24818-24858 and it means that both consolidation and selling patterns developed within this tradding range therefore it will be understood that one sided intraday trading patterns could not develop hence expected that Nifty will firstly traded and prepare for next decisive moves within and near about this trading range in the beginning of coming 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 25078.30 on 01-08-2024 and no confirmation of its completion yet on EOD charts. As now Pull Back rally is very much on with its recent top formations at 24867.30 on 22-08-2024 and its recent top is little below life time top therefore firstly moves beyond life time top should be watched in the coming week because that will confirm next bigger moves beginning. 

As Short Term indicators are not showing any side clear Short Terrm Trend formations and most time intraday trading patterns of last 4 sessions are also not showing one sided clear intraday trading patterns formations between 24655-24858 therefore firstly sustaining beyond this trading range should be watched in the coming week for next one sided bigger moves beginning confirmations. Supports and resistances beyond 24655-24858 are as follows which should be watched one by one for next Short term moves beginning confirmations:- 

Resistances above 24858 are as follows:-

1- 24932-24954 

2- 24974-25026

3- 25038-25067

Supports below 24655 are as follows:-

1- 24533-24574

2- 24475-24497

3- 24394-24446

4- 24205-24272

5- 24117-24179

6- 23977-24094

7- 23932-24027

Sustaining below 24791 will mean 

more than 1% correction

Nifty-Intra Day Chart Analysis &

Market Outlook(23-08-2024)

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

Technical Patterns formation in today intraday charts

1- Whole day sideways trading with selling patterns indications between 24791-24847

2- Whole day actual trading between 24785-24867

Conclusions from intra day chart analysis 

As whole day sideways trading with selling patterns indications between 24791-24847 today and intraday selling patterns were seen in previous 2 sessions also therefore once sustaining below 24791 will mean more than 1% correction.

Sustaining beyond 24655-24749 will 

confirm next bigger moves beginning

Nifty-Intra Day Chart Analysis & Market

Outlook(22-08-2024)

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

Technical Patterns formation in today intraday charts

1- Mixed Patterns formation between 24655-24749

2- Up moves in last half hour

3- Whole day actual trading between 24655-24787

Conclusions from intra day chart analysis 

As more than 5 hours selling patterns formation were seen between 24704-24734 yesterday therefore 

1- Very Short Term correction were expected and 

2- 49 points down moves were seen also today also but 

3- more than 5 hours trading was seen within and near about this range(24704-24734) between 24655-24749 was seen today.  

As more than 10 hours trading between 24655-24749 in last 2 sessions therefore sustaining beyond this range should be watched in the coming sessions for next bigger moves beginning confirmations.

Finally Very Short Term correction 

expectations below today lowest

Nifty-Intra Day Chart Analysis & Market

Outlook(21-08-2024)

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

Technical Patterns formation in today intraday charts

1- 126 Points up moves after positive opening

2- More than 4 hours selling patterns formation between 24704-24734

3- Whole day actual trading between 24608-24734

Conclusions from intra day chart analysis 

Although firstly 126 points up moves after positive opening but after that more than 4 hours selling patterns formation were also seen between 24704-24734 therefore finally Very Short Term correction is expected below today lowest(24608) in the coming sessions.

24544-24601 will confirm next 

bigger decisive moves beginning

Nifty-Intra Day Chart Analysis &

Market Outlook(20-08-2024)

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

Technical Patterns formation in today intraday charts

1- Down moves with upward corrections after 95 points positive opening

2- Last 4 hours sideways trading between 24544-24601

3- Whole day actual trading between 24523-24638

Conclusions from intra day chart analysis 

Although 95 points positive opening but Down moves begun with upward corrections which is a selling pattern also therefore Nifty lost all intraday gains and once Nifty traded in negative zone. As after these down moves Nifty traded last 4 hours sideways between 24544-24601 therefore firstly sustaining beyond this range should be watched tomorrow for next bigger decisivr moves brginning confermations.

Firstly upward moves but finally correction continuation towards next supports

Technical Analysis,Research & Weekly Outlook

(Aug 19 to Aug 23,2024)

Nifty-Weekly Chart Analysis

(Waves structure)

Nifty-Weekly Chart (16-Aug-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 02-12-2022.

3- Corrective Wave-2 completion at 16828.30 on 24-03-2023.

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 27-10-2023

6- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 25078.30 on 01-08-2024.

7- Short Term correction continuation with recent bottom formations at 23893.70 on 05-08-2024. 

8- Pull Back rally continuation with recent top formations at 24563.90 on 16-08-2024 

Conclusions from Weekly 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. Impulsive Wave-1 completed at 18887.60 on 02-12-2022 and from this level Wave-2 started which completed at 16828.30 on 24-03-2023 and Impulsive Wave-3 started from this level. 

Impulsive Wave-(i) of Wave-3 completed at 20222.45 on 15-09-2023 and from this level corrective Wave-(ii) of Wave-3 begun which completed at 18837.80 on 27-10-2023 and impulsive Wave-(iii) of Wave-3 begun from this level. Although now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 25078.30 on 01-08-2024 and no confirmation of its completion yet on Weekly charts also but Short Term correction started on 02-08-2024 which is in continuation with recent bottom formations at 23893.70. Pull Back rally begun on 06-08-2024 which is also in continuation with recent top formations at 24563.90 on 16-08-2024 and no confirmation of its completion also. 

Nifty-Weekly Chart Analysis

(Stochastic & MACD)

Nifty-Weekly Chart (16-Aug-2024):-

Technical Patterns and Formations in Weekly charts

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

2- Stochastic:- %K(5)- 53.81 & %D(3)- 67.78.

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

4- MACD(26,12)- 1155.52 & EXP(9)- 845.74 & Divergence- 309.78

Conclusions from Weekly chart analysis

(Stochastic & MACD)

Technical positions of Intermediate 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 it will be understood that signals of Intermediate Term correction has begun and its continuation will be exp[ected in the coming week/weeks.

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone also therefore it will be understood that MACD is confirming upward Trend formation and on going upward moves continuation possibility also.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (16-Aug-2024):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 25078.30 on 01-08-2024.

2- Short Term correction continuation with recent bottom formations at 23893.70 on 05-08-2024. 

3- Pull Back rally continuation with recent top formations at 24563.90 on 16-08-2024 

4- Stochastic- Its both lines %K(5) and %D(3) are kissing in the middle zone.

5- Stochastic:- %K(5)- 42.16 & %D(3)- 45.99.

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

7- MACD(26,12)- -279.77 & EXP(9)- -45.47 & Divergence- -234.3

Conclusions from EOD chart analysis

(Stochastic & MACD)

Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 25078.30 on 01-08-2024 and no confirmation of its completion yet on EOD charts also but Short Term correction begun from this levels which is in continuation with recent bottom formations at 23893.70 on 05-08-2024 and no confirmation of its completion also on EOD charts. Pull Back rally started from this levels which is also in continuation with recent top formations at 24563.90 on 16-08-2024 and no confirmation of its completion also on EOD charts. Technical positions of Short Term indicators are as follows:-

1- As in Stochastic its both lines %K(5) and %D(3) are kissing in the middle zone therefore it will be understood that at present this indicator is not showing clear signals of any side immediate Short Term decisive moves. Let it show any side clear intersection then that seide Short Term noves will be seen.

2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in negative zone therefore it will be understood that this indicator is showing clear signals of Short Term downward trend formations.

Nifty-Intra Day Chart Analysis

(16-Aug-2024)

Nifty-Intra Day Chart (16-Aug-2024):-

Technical Patterns formation in today intraday charts

1- Volatility in first hour after gap up and 190 points positive opening

2- 190 points fall from intraday higher levels in first 75 minutes

3- Down moves in Bullish Falling Channel

4- One hour consolidation between 24205-24272

5- 4 Hours up moves with downward corrections

6- Whole day actual trading between 24205-24563

Conclusions from intra day chart analysis 

Although volatility in first hour after gap up and 190 points positive opening and after that 190 points fall was also seen from intraday higher levels in first 75 minutes but some down moves were in Bullish Falling Channel and lower levels One hour consolidation also developed therefore up moves started which remained continued till last half hour. As these 4 hours Up moves were with downward corrections which is also a consolidation pattern therefore last Friday started up moves will remain continued 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 up.

impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 25078.30 and no confirmation of its completion yet on Weekly and EOD charts but Short Term correction started on  02-08-2024 and in continuation with recent bottom formations at 23893.70 on 05-08-2024 and no confirmation of its completion also. Now Pull Back rally continuation and no indication of its completion also on Weekly,EOD and Intraday charts therefore more up moves are expected towards next resistances in the beginning of coming week.

Although Intermediate Term MACD is suggesting upward Trend formations but both Intermediate Term Stochastic and Short Term MACD are showing Downward trend formations therefore expected that Nifty will not be able to sustain above higher levels resistance and finally downward moves will be seen towards following next supports:-

Resistances above last Friday closing are as follows:-

1- 24563-24686(Gap resistance)

2- 24791-24824

3- 24932-24954 

4- 24974-25026

5- 25038-25067

Supports below last Friday closing are as follows:-

1- 24475-24497

2- 24394-24446

3- 24205-24272

4- 24117-24179

5- 23977-24094

6- 23932-24027

Sustaining beyond 24100-24196 will confirm next one sided decisive big moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-08-2024)

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

Technical Patterns formation in today intraday charts

1- Whole day sideways trading between 24100-24196

2- Whole day actual trading between 24100-24196

Conclusions from intra day chart analysis 

Following lines were told at 02:32 AM on 14-08-2024 in "Firstly up moves & finally today supports range will confirm next decisive moves beginning.":-

firstly up moves are expected towards today selling range(24306-24355) and finally sustaining beyond today supports(24117-24179) range will confirm next decisive moves beginning.

As was told 100% same happened and firstly up moves were seen thorough 45 points positive opening and Nifty traded whole day sideways between 24100-24196 which was within and near about yesterday supports range(24117-24179). It is clear that Nifty has traded almost 8 hours between last Wednesday trading range(24100-24196) and prepared for next one sided decisive big moves within this range therefore firstly sustaining it beyond should be watched in the coming sessions for its confirmations.

Firstly up moves & finally today supports range will confirm next decisive moves beginning.

Nifty-Intra Day Chart Analysis &

Market Outlook(14-08-2024)

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

Technical Patterns formation in today intraday charts

1- Selling between 24306-24355

2- More than 200 points continuous down moves 

3- Support between 24117-24179

4- Whole day trading between 24117-24359

Conclusions from intra day chart analysis 

As almost 3 hours selling after flat opening and higher levels intraday selling was seen one day before also therefore downward moves begun which remeined continued more than 2 hours as well as Nifty slipped more than 200 points also. Although Nifty closed 0.85% down but lower levels supports were also seen in last hour therefore firstly up moves are expected towards today selling range(24306-24355) and finally sustaining beyond today supports(24117-24179) range will confirm next decisive moves beginning.

As busy therefore could not update 

today(13-08-2024) Outlook. 

Watch 3 levels one by one for next trend formations and bigger moves beginning confirmations

Technical Analysis,Research & 

Weekly Outlook(Aug 12 to Aug 16,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (09-Aug-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 25078.30 on 01-08-2024.

9- Short Term correction continuation with recent bottom formations at 23893.70 on 05-08-2024. 

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 his level Impulsive Wave-1 of new Waves structure started. Wave-1 completed at 18887.60 on 01-12-2022 and from this level Wave-2 begun which completed at 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 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 25078.30 on 01-08-2024 and no confirmation of its completion yet on EOD charts but Short Term correction begun from this level which is also in continuation with its recent bottom formations at 23893.70 on 05-08-2024 and no confirmation of its completion yet also on EOD Charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (09-Aug-2024):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 21.91 & %D(3)- 16.86.

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

4- MACD(26,12)- 27.72 & EXP(9)- 160.18 & Divergence- -132.46

Conclusions from EOD chart analysis

(Stochastic & MACD)

Technical positions of Short Term indicators are as follows:-

1- As in Stochastic its %K(5) line has intersected %D(3) line upward and its both lines are rising  from Over sold bought zone therefore it will be understood that signals of fresh upward moves towards Over bought zone have been generated.

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 showing signals of Short Term downward trend formations.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (09-Aug-2024):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 24166

2- 21-Day SMA is today at 24533

3- 55-Day SMA is today at 23869

4- 100-Day SMA is today at 23173

5- 200-Day SMA is today at 22121

Conclusions from EOD chart analysis

(Averages)

Although Nifty whole day traded and closed above 5-Day SMA last Friday but Nifty traded and closed below Short Term trend decider 21-Day SMA in all the sessions of previous week therefore it is confirm that Short Term trend has turned down. As Nifty has not even tested Intermediate Term trend decider 55-Day SMA and well above Long Term trend decider 200-Day SMA therefore it will be understood that Intermediate and Long Term trends are confirm up.

As next Upward trend will be decided through sustaining above Short Term trend decider 21-Day SMA(today at 24533) or Downward trend through sustaining below Intermediate Term trend decider 55-Day SMA(today at 23869) therefore sustaining beyond these 2 SMAs should be watched in the coming weeks for next Trend formations and resultant next bigger moves beginning confirmations.

Nifty-Last 5 Sessions intraday

charts analysis

Nifty-Intra Day Chart (Aug 05 to Aug 09,2024):-

Technical Patterns formation in last 5 Sessions intraday charts

1- Selling(Resistances) in last 5 Sessions are as follows:-

A- 24283-24379 

B- 24173-24266  

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

A- 24185-24269 

B- 24136-24251 

C- 24080-24192

D- 23977-24094

E- 23932-24027

3- More than 4 hours trading with mixed Patterns formation between 24323-24387 on 09-08-2012

4- Last 5 Sessions of previous week actual between 23894-24419 

Conclusions from 5 Sessions intraday

chart analysis 

Nifty opened 384 points gap down at 24302.80 in the beginning of previous week ie on 05-08-2012 and after that whole week traded  between 23894-24419 with above mentioned technical positions formations. Although minor intraday selling was seen at higher levels but lower levels good intraday consolidation also developed therefore Nifty closed at the top of previous week. 

 

As more than 4 hours trading with mixed Patterns formation between 24323-24387 last Friday ie on 09-08-2012 therefore firstly sustaining beyond this range should be watched in the beginning of next week for first signal of that side decisive moves beginning.

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 25078.30 on 01-08-2024 and no confirmation of its completion yet on EOD charts but Short Term correction started on  02-08-2024 and in continuation with recent bottom formations at 23893.70 on 05-08-2024 and no confirmation of its completion also. 

As Short Term indicator Stochastic is showing signals of upward moves beginning therefore some more up moves may be seen in the coming week but MACD is confirming Downward trend formations also therefore finally downward moves possibility can not be ruled out after initial upward moves.

Although Short Term Trend(its decider 21-Day SMA is today at 24533) is Down and Intermediate Term trend(its decider 55-Day SMA is today at 23869) is up but Nifty traded in last 5 sessions of previous week within these 2 trends between 23894-24419. As finally sustaining beyond 23869-24533 will confirm next trend therefore finally sustaining beyond these 2 trends should be watched in the coming week/weeks for next trend formation confirmations.

As intraday charts of last 5 sessions are also showing all consolidation , selling and mixed patterns formations between 23894-24419 therefore following 3 levels should be watched one by one in the coming week/weeks for next trend formations and bigger moves beginning confirmations:-

1- 24323-24387(More than 4 hours trading range with mixed Patterns formations on 09-08-2012)

2- 23894-24419(Last 5 Sessions trading range)

3- 23869-24533(Next Trend confirmations)