Watch next supports & levels after Corrective Wave-4 continuation confirmations

Technical Analysis,Research & Weekly Outlook

(Nov 11 to Nov 14,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (08-Nov-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 completion with new life time top formations at 26277.30 on 27-09-2024 and corrective Wave-4 beginning.

9- Corrective Wave-4 continuation with recent bottom formations at 23816.20 on 04-11-2024.

Conclusions from EOD chart analysis

(Waves structure)

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

Impulsive Wave-(i) of Wave-3 completed at 20222.4 on 15-09-20235 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 from this level. 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. 

Impulsive Wave-(iii) of Wave-3 completed with new life time top formations at 26277.30 on 27-09-2024 and Intermediate Term correction of Wave-4 started which is now in continuation with its recent bottom formations at 23816.20 on 04-11-2024 and no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (08-Nov-2024):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 63.91 & %D(3)- 63.64.

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

4- MACD(26,12)- -308.21 & EXP(9)- -415.55 & Divergence- 107.34

Conclusions from EOD chart analysis

(Stochastic & MACD)

Technical positions of Short Term indicators are as follows:-

1- As in Stochastic its both %K(5) and %D(3) lines are kissing below Over sold zone therefore it will be understood that previous week upward moves were not strong because Nifty could not be able to enter into Over bought zone. Remain cautious because if downward intersection happen then decisive Downward moves will be seen.

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in negative zone therefore it will be understood that 1st signal of Short Term Upward Trend formation has been generated and according to this indicator possibility of some upward moves beginning also can not be ruled out.  

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (08-Nov-2024):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 24208 

2- 21-Day SMA is today at24509 

3- 55-Day SMA is today at 25012

4- 100-Day SMA is today at 24709

5- 200-Day SMA is today at 23508

Conclusions from EOD chart analysis

(Averages)

Although little upward moves were seen in previous week but Nifty could not be able move above Short Term Trend decider 21-Day SMA and moved down. Intermediate Term Trend is confirm down because Nifty has sustained below its decider 55-Day SMA and now trading below 100-Day SMA also for the last 3 weeks. As Nifty is still well above Long Term Trend decider 200-Day SMA therefore it is up but remain cautious because Intermediate Term Correction is very much on and downward moves towards 200-Day SMA with its testing also can not be ruled out. It should be kept in mind that until Nifty will not sustain above Trend decider SMAs till then Trend reversal will not get confirmations.

Nifty-Intra Day Chart Analysis

(08-Nov-2024)

Nifty-Intra Day Chart (08-Nov-2024):-

Technical Patterns formation in today intraday charts

1- Selling Patterns formation between 24142-24215

2- Whole day actual trading between 24067-24276

Conclusions from intra day chart analysis 

Although firstly some upward moves in half hour after flat opening but sufficient intraday selling patterns were also seen therefore downward moves are expected below today lowest(24066.65) in the beginning of next week.

Conclusions

(After putting all studies together)

1- Long Term Trend is up.

2- Intermediate Term trend is down.

3- Short Term Trend is down.

Impulsive Wave-(iii) of Wave-3 completed at 26277.30 on 27-09-2024 and from this level Corrective Wave-4 started which is now in continuation with recent bottom formations at 23816.20 on 04-11-2024 and no indication of its completion yet on EOD and intraday charts

Averages are confirming that Long Term Trend is up and Intermediate Term Trend is down. Now Short Term indicators are not confirming any side clear direction and intraday charts of last Friday are showing firstly downward moves possibility in the beginning of next week. 

Corrective Wave-4 is very much on and now in continuation towards following next supports and levels which should be watched one by one for next immediate moves beginning confirmations:-

1- Supports:-

1- 23817-24025   

3- 23671-23734

4- 23563-23612

5- 23502-23537

6- 23358-23476

2- Fibonacci Retracement Crucial levels of Wave-(iii) of Wave-3(18837.80-26277.30):- 

38.2%- 23,435 (Crucial Level)

50.0%- 22,557 (Crucial Level)

61.8%- 21,679 (Crucial Level)

3- Long Term Trend decider 200-Day SMA which is today at 23508.

Sustaining beyond 24179-24255 

will confirm next intraday decisive

 moves beginning

Nifty-Intra Day Chart Analysis &

Market Outlook(08-11-2024)

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

Technical Patterns formation in today intraday charts

1- 273 Points sharp fall in first hour after flat opening

2- Last more than 5 hours sideways trading between 24179-24255

3- Whole day actual trading between 24179-24503

Conclusions from intra day chart analysis 

As sentiment turned heated after Donald Trump victory confirmation in US President Election and higher levels selling was seen between 24445-24537 yesterday therefore Nifty could not sustain within this range and firstly 273 Points sharp fall developed in first hour today. 

Last more than 5 hours sideways trading between 24179-24255 and one sided intraday trading patterns were not seen within this range today therefore firstly sustaining beyond this range should be watched tomorrow for next intraday decisive moves beginning confirmations.

Sustaining above today highest will mean strong rally beginning after last 10 sessions trading range breakout

Nifty-Intra Day Chart Analysis &

Market Outlook(07-11-2024)

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

Technical Patterns formation in today intraday charts

1- 104 Points down in first 10 minutes

2- Volatility between 24286-24415

3- Up moves with downward corrections

4- Selling between 24445-24537

3- Whole day actual trading between 24205-24537

Conclusions from intra day chart analysis 

As high possibility of Donals Trump victory developed after US President Election votes counting beginning therefore Dow Jones closed 427 points up yesterday and its Futures was trading more than 550 points up today morning hence Nifty opened 95 points up but slipped 104 points down also in first 10 minutes and traded in negative zone also below 24229 because Profit Booking was seen between 24170-24229 yesterday.

Intraday upward moves which started from lower levels remain continued with Donald Trump continued victory results declaration. Although firstly up moves were with downward corrections but higher levels selling was also seen between 24445-24537 because sentiment turned heated after:-

1- US President Election declared results confirmation of Donald Trump victory.

2- Positive opening of all European markets.  

3- Dow Jones Futures was trading more than 800 points up.

9 Previous sessions highest was at 24492.60 and Nifty closed just below it at 24484.05 today after forming today highest at 24537.60. As higher levels selling was also seen therefore firstly more consolidation is required for fresh upward moves beginning after sustaining above today highest. It should be kept in mind that once sustaining above today highest will mean strong rally beginning after last 10 sessions trading range breakout.

Upward moves towards 24368 

only after fresh consolidation 

between 24170-24229

Nifty-Intra Day Chart Analysis &

Market Outlook(06-11-2024)

Nifty-Intra Day Chart (05-11-2024):-

Technical Patterns formation in today intraday charts

1- 4 Hours consolidation Patterns formations between 23843-24025

2- Sharp up

3- Slower up moves

4- Up moves in Bearish Rising Channels between 24170-24229

5- Whole day actual trading between 23843-24229

Conclusions from intra day chart analysis 

As firstly 4 Hours consolidation Patterns formations between 23843-24025 therefore sharp up moves were seen after that. Although today closing was with 218 points gains but in last 2 hours firstly slower up moves and after that Up moves in Bearish Rising Channels between 24170-24229 were seen which is a intraday selling pattern therefore higher levels some profit booking also can not be ruled out. 

Although next resistances are between 24328-24368 and minor selling at today higher levels also can not be ruled out between 24170-24229 but lower levels good intraday between 23843-24025 also today therefore upward moves towards 24368 can not be ruled out if fresh consolidation develops between or near about 24170-24229 tomorrow. 

Sustaining beyond 23817-23912 will

 confirm next intraday decisive

 moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-11-2024)

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

Technical Patterns formation in today intraday charts

1- 171 Points sharp fall in first 2 minutes

2- Down moves in Bullish Falling Channel

3- Support between 23817-23912

4- Up moves in Bearish Rising Channel

5- Whole day actual trading between 23817-24316

Conclusions from intra day chart analysis 

Although little positive opening but higher levels good intraday selling on Diwali Muhurt Session therefore not sustaining at higher levels and 171 points sharp fall was seen in first 2 minutes. As after that Down moves were in Bullish Falling Channel and lower levels support formations also therefore upward moves were seen in last 2 hours which were in Bearish Rising Channel hence hence some downward moves towards today lowest can not be ruled out. Firstly sustaining beyond today formed supports (23817-23912) should be watched tomorrow for next intraday decisive moves beginning confirmations

 Finally sustaining beyond 24173-24368 will confirm next decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-11-2024)

Nifty-Intra Day Chart Analysis(Oct 31 & Nov 01,2024)

Technical Patterns formation in today intraday charts

1- Firstly 137 points moved down from intraday higher levels in first half hour on 31-10-2024.

2- Down moves in Bullish Falling Channel on 31-10-2024.

3- Consolidation in last 3 hours between 24173-24229 on 31-10-2024. 

4- 65 Points upward moves in first 15 minutes after 97 Points positive opening on 01-11-2024 

5- Selling between 24328-24368 on 01-11-2024

6- Sharp fall in last 22 minutes on 01-11-2024

7- Last 2 sessions actual trading between 24173-24372

Conclusions from intra day chart analysis 

Although firstly little upward moves were seen after positive opening on 31-10-2024 but firstly Nifty moved down 137 points from intraday higher levels in first half hour. As after that Down moves were in Bullish Falling Channel and lower levels 3 hours consolidation also between 24328-24368 therefore good intraday consolidation was seen on 31-10-2024.

As good intraday consolidation in previous session therefore 65 Points upward moves were seen in first 15 minutes after 97 Points positive opening on Deepawali Muhurt one hour Session but higher levels good selling also developed between 24328-24368 therefore Sharp fall in last 22 minutes and Nifty closed near the lower levels of the day. 

As higher levels selling between 24328-24368 and lower levels consolidation also between 24173-24229 in last 2 sessions therefore Nifty will firstly trade between and near about 24173-24368 tomorrow and will prepare for next decisive moves within this range. Let Nifty to trade and prepare then next decisive moves beginning will be understood from intraday trading patterns formations and finally sustaining beyond 24173-24368 will confirm next decisive moves beginning which should be watched for its confirmations.

 

 Downward moves towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(31-10-2024)

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

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- Selling between 24415-24463

3- Sharp down

4- Selling between 24415-24463

3- Whole day actual trading between 24331-24376

Conclusions from intra day chart analysis 

Although 95 points weaker opening and after that firstly up moves started with downward corrections but selling developed and remained continued almost 2 hours therefore therefore Sharp down moves were seen after 1 PM. As lower levels follow up selling also in last 2 hours therefore downward moves towards next supports(24141-24252) will be seen tomorrow and firstly sustaining it beyond should be watched for next decisive moves beginning confirmations.

Finally sustaining beyond 24387-24492 will generate fresh bigger decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-10-2024)

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

Technical Patterns formation in today intraday charts

1- 188 Points down in first 2 hours after negative opening

2- Consolidation between 24141-24252

3- Up moves with downward corrections

4- Consolidation between 24269-24312

5- Sharp up

6- Mixed Patterns formation between 24412-24484

7- Whole day actual trading between 24141-24484

Conclusions from intra day chart analysis 

As higher levels good intraday selling was seen yesterday therefore firstly 188 Points down moves in first 2 hours after negative opening but lower levels good intraday consolidation developed and after that up moves were seen with downward corrections which is also a consolidation pattern. Follow up consolidation in Mid-Session also hence sharp up moves were seen and Nifty closed near the higher levels of the day.

Although Nifty closed 124 ponts up after 325 points recovery from lower levels but Mixed Patterns formation was seen in last hours between 24412-24484 and selling was seen between 24387-24492 yesterday also therefore expected that Nifty will firstly trade and prepare for next decisive moves between 24387-24492. As finally sustaining beyond this range will generate fresh bigger decisive moves therefore should be watched tomorrow for its confirmations.

Finally sustaining beyond 24074-24492 

will confirm next bigger decisive 

moves beginning 

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-10-2024)

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

Technical Patterns formation in today intraday charts

1- Down moves after positive opening 

2- Sharp up

3- Selling between 24387-24492

4- 85 Points sharp fall developed in last half hour

5- Whole day actual trading between 24135-24492

Conclusions from intra day

chart analysis 

Live Proofs of our 100% accurate Nifty 

predictions & Analysis

Following lines were told on 26-10-2024 in "Intermediate Term Trend is Down & Watch Levels after Israel attacked Iran on 26-10-2024":-

Pull Back Rally is also expected in the beginning of next week

As was told 100% same happened today and Nifty traded 311 points up as well as closed 158 points up today.

Although firstly positive opening but immediately down moves were seen and once Nifty traded in negative zone also. As lower levels good intraday consolidation was seen between 24074-24158 last Friday therefore Nifty could not sustain at lower levels and sharply moved up as well as once traded 311 points up also. As higher levels good intraday selling was also seen in Mid-Session therefore 85 points sharp fall developed in last half hour.

As lower levels good intraday consolidation between 24074-24158 last Friday and higher levels good selling was also seen between 24387-24492 today therefore expected that Nifty will firstly traded and prepare for next decisive moves between 24074-24492 in the coming sessions and finally sustaining beyond this trading range will confirm next bigger decisive moves beginning which should be watched in the coming sessions for its confirmations.

Intermediate Term Trend is Down &

 Watch Levels after Israel attacked Iran

 on 26-10-2024

Technical Analysis,Research & Weekly 

Outlook(Oct 28 to Oct 31,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (25-Oct-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 completion with new life time top formations at 26277.30 on 27-09-2024.

9- Intermediate Term correction continuation with recent bottom formations at 24073.90 on 25-10-2024.

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 from this level Wave-2 begun 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 20222.4 on 15-09-20235 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 begun from this level. 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. 

Impulsive Wave-(iii) of Wave-3 completed with new life time top formations at 26277.30 on 27-09-2024 and Short Term correction started which is now in continuation with its recent bottom formations at 24073.90 on 25-10-2024 and no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (25-Oct-2024):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 09.92 & %D(3)- 10.86.

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

4- MACD(26,12)- -508.20 & EXP(9)- -437.85 & Divergence- -70.35

Conclusions from EOD chart analysis

(Stochastic & MACD)

Technical positions of Short Term indicators are as follows:-

1- As in Stochastic its both %K(5) and %D(3) lines are kissing in Over sold zone therefore it will be understood that at present there is no signal of any Upward move beginning. Let its clear Upward intersection happen then Short Term Upward moves 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 has confirmed that Short Term Trend is down. Although Intermediate Trem Trend is also down but both lines of MACD are narrowing closer therefore if its MACD line intersects Average line upward in the coming week/weeks then Short Term Upward moves will be seen after Short Term Upward Trend formations. 

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (25-Oct-2024):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 24453 

2- 21-Day SMA is today at 25050

3- 55-Day SMA is today at 25045

4- 100-Day SMA is today at 24591

5- 200-Day SMA is today at 23380

Conclusions from EOD chart analysis

(Averages) 

As Nifty has sustained below Intermediate Term Trend decider 55-Day SMA and also has closed well below 100-Day SMA also last Friday therefore has confirmed that Intermediate Term Trend has turned Downward and Nifty will remain in Downward mode minimum from 3 weeks to 3 Months. In this situation testing possibility of Long Term Trend decider 200-Day SMA can not be ruled out in the coming Months which is now well below. Firstly let it happen then will be decided next Long Term Trend according to finally sustaining beyond its decider 200-Day SMA.   

Nifty-EOD Chart Analysis

(Bollinger Band)

Nifty-EOD Chart (25-Oct-2024):-

Technical Patterns and Formations in EOD charts

1- Nifty tested Lower Band on 25-10-2024.

Conclusions from EOD chartanalysis

(Bollinger Band)

As all the 3 lines of Bollinger Band are moving downward therefore it is confirming Downward Trend formations but Nifty has tested its Lower Band also on 25-10-2024 and shown first signal of some upward moves beginning toward its Middle Band. As Nifty may remin in testing mode of Lower Band little more longer period also therefore let Upward moves begins firstly then sustaining beyond Middle Band will be watched for fresh Downward/Upward moves beginning according to Nifty sustaining beyond Middle Band.   

Nifty-EOD Chart Analysis

(Fibonacci retracement levels)

Nifty-EOD Chart (25-Oct-2024):-

Technical Patterns and Formations in EOD charts

Fibonacci Retracement levels of 

Wave-(iii) of Wave-3(18837.80-26277.30) 

13.0%- 25,310 (Corrected)

23.6%- 24,521 (Corrected)

27.0%- 24,268 (Corrected)

38.2%- 23,435 (Crucial Level)

50.0%- 22,557 (Crucial Level)

61.8%- 21,679 (Crucial Level)

70.7%- 21,017

76.4%- 20,593

78.6%- 20,429

88.6%- 19,686

Conclusions from EOD chart analysis

(Fibonacci retracement levels)

As Intermediate Term Trend turning down confirmations therefore Nifty will correct on going Wave-(iii) of Wave-3(18837.80-26277.30) according to above mentioned Fibonacci Retracement levels which should be watched one by one for next Short Term moves beginning.

Nifty has corrected 27.0% and next 38.2% crucial retracement level is at 23,435 which should be firstly watched in the coming week/weeks for the life and length of on going Intermediate Term correction.

Nifty-Intra Day Chart Analysis

(25-Oct-2024)

Nifty-Intra Day Chart (25-Oct-2024):-

Technical Patterns formation in today intraday charts

1- 322 Points down from intraday higher levels in first 2 hours

2- More than 3 hours consolidation between 24074-24158

3- 149 Points recovery from lower levels in last hour

4- Whole day actual trading between 24074-24440

Conclusions from intra day chart analysis 

Although firstly some upward moves in first 15 minutes after positive opening but immediately after that down moves begun which remained continued in the next 2 hours and Nifty lost 322 points from intraday higher levels. As in the next more than 3 hours consolidation developed therefore 149 Points recovery was seen from lower levels in last hour.

As lower levels good intraday consolidation last Friday and Pull Back Rally is also expected in the beginning of next week but sentiment is completely depressed due to Middle East war escalation possibility hence firstly sustaining beyond 24074-24158 should also be watched in the beginning of next week for next Short Term bigger moves beginning confirmations.

Conclusions

(After putting all studies together)

1- Long Term Trend is up.

2- Intermediate Term trend is down.

3- Short Term Trend is down.

Impulsive Wave-(iii) of Wave-3 completed at  26277.30 on 27-09-2024 and from this level Intermediate Term correction begun which is in continuation with its recent bottom formations at 24073.90 on 25-10-2024 and no indication of its completion yet on EOD and intraday charts.

As Short Term indicators Bollinger Band,MACD and Stochastic are suggesting that Short Term upward moves beginning signals may be generated therefore it should also be watched in the coming week for Short Term upward moves beginning with Short Term upward Trend formations. As intraday charts of last Friday are also showing Pull Back Rally beginning possibility if sustains above 24158 then Short Term upward moves will be seen towards following next resistances which should be watched one by one for next decisive moves beginning;-

1- 24537-24604

2- 24627-24684

3- 24787-24886

Averages are confirming that Intermediate Term Trend has turned down and Long Term Trend will be down after sustaining below its decider 200-Day SMA which is today at 23380. As next 38.2% crucial retracement level is at 23,435 and it is little above 200-Day SMA(23380) therefore if Nifty sustains below these 2 levels then deeper correction beginning will be seen after Long Term Trend turning down confirmations.

As Israel has attacked Iran on 26-10-2024 and risk of Middle-East war escalation has also increased therefore possibility of more downward moves can not be ruled out in next week and firstly sustaining beyond following supports should be watched one by one for next for next decisive moves beginning confirmations:- 

 

1- 24074-24158

2- 23977-24094   

3- 23671-23734

4- 23563-23612

5- 23502-23537

6- 23358-23476

Israeli defence minister statement 

led crashing financial markets

Post-open Outlook(25-10-2024)

As Middle-East war escalation fear developed after Israeli defence minister following statement and all the financial markets will remain closed in the coming 2 days also therefore fresh selling in beging seen in precious Metals and Indian Stock Markets. As crashing like downward moves are being seen therefore following supports should be watched one by one for next decisive moves beginning confirmations:-

1- 24205-24272

2- 24117-24179

3- 23977-24094  

Israeli defence minister: After we strike Iran, world will understand our preparations

Link of above news:- 

https://www.deccanherald.com/world/israeli-defence-minister-after-we-strike-iran-world-will-understand-our-preparations-3245539

 Strong Pull Back Rally will be seen

Nifty-Intra Day Chart Analysis & Market 

Outlook(25-10-2024)

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

Technical Patterns formation in today intraday charts

1- Volatility in first hour after negative opening between 24342-24481

2- Down moves in Bullish Falling Channel

3- Consolidation between 24370-24418

4- Whole day actual trading between 24342-24481

Conclusions from intra day chart analysis 

Although volatility in first hour after negative opening but after that firstly down moves were seen in Bullish Falling Channel which is a consolidation pattern also. As more than 4 hours consolidation also developed in Mid-Session and last hours therefore it will be understood that only intraday consolidation patterns formations today and resultant strong Pull Back Rally will be seen tomorrow.

 Watch next supports below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(24-10-2024)

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

Technical Patterns formation in today intraday charts

1- Volatility in first half hour after weaker opening between 24379-24506

2- Selling in Mid-sesion .between 24537-24604

4- Sharp fall

4- Support in last hour between 24379-24455

5- Whole day actual trading between 24379-24604

Conclusions from intra day chart analysis 

Although volatility in first half hour after weaker opening between 24379-24506 but higher levels good intraday selling was also seen in Mid-session therefore sharp fall developed. As lower levels some supports in last hour also therefore firstly sustaining beyond this range should be watched for next intraday decisive moves beginning confirmations tomorrow. As higher levels good selling today therefore if Nifty sustains below today lowest then following next supports below today lowest should be watched for next intraday decisive moves beginning confirmations:-

1- 24205-24272

2- 24117-24179

3- 23977-24094

As out of station therefore unable 

to post tomorrow(22-10-2024) and 

next 1/2 sessions Outlook. 

Firstly watch levels for next 

Trend beginning confirmations

Technical Analysis,Research & Weekly 

Outlook(Oct 21 to Oct 25,2024)5

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (18-Oct-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 completion with new life time top formations at 26277.30 on 27-09-2024.

9- Short Term correction continuation with recent bottom formations at 24567.65 on 18-10-2024.

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. 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 20222.4 on 15-09-20235 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 from this level. 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. 

Impulsive Wave-(iii) of Wave-3 is completed with new life time top formations at 26277.30 on 27-09-2024 and Short Term correction started which is in continuation with its recent bottom formations at 24567.65 on 18-10-2024 as well as no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (18-Oct-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)- 23.16 & %D(3)- 31.16.

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

4- MACD(26,12)- -408.46 & EXP(9)- -238.37 & Divergence- -170.09

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 therefore it will be understood that on going short Term Correction will remain continued in the beginning of next week also.

2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in negative zone therefore confirmations of Downward Trend formations and on going Short Term correction continuation 

Nifty-EOD Chart Analysis (Averages)

Nifty-EOD Chart (18-Oct-2024):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 24952

2- 21-Day SMA is today at 25375

3- 55-Day SMA is today at 25042

4- 100-Day SMA is today at 24507

5- 200-Day SMA is today at 23310

 

Conclusions from EOD chart analysis (Averages)

Short Term Trend is confirm down and strong indications of Intermediate Term Trend turning downward after Nifty closing below its decider 55-Day SMA for the last 3 sessions. As Nifty is well above Long Term Trend decider 200-Day SMA therefore it is confirm up and Until Nifty will not sustain below 200-Day SMA till then no risk of its turning downward. It should also be kept in mind that Intermediate Term Trend turning downward confirmation will mean minimum 3 weeks to 3 months long correction and in that situation Long Term Trend decider 200-Day SMA should also be firstly watch for the life and lenght of on going correction.

Nifty-Intra Day Chart Analysis

(18-Oct-2024)

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

Technical Patterns formation in today intraday charts

1- 97 Points down moves in first 15 minutes after 84 points gap down opening

2- More than 3 hours up moves with downward corrections

3- Sideways trading in the last more than 2 hours between 24839-24886

4- Whole day actual trading between 24568-24886

Conclusions from intra day chart analysis 

Although firstly 97 Points down moves in first 15 minutes after 84 points gap down opening but after that more than 3 hours up moves with downward corrections were also seen which is a consolidation pattern. As sideways trading also developed in the last more than 2 hours between 24839-24886 therefore firstly sustaining beyond this range should be watched in the beginning of next week for next intraday decisive moves beginning confirmations and until complete intraday selling patterns will not develop on intraday charts till then Nifty will not sustain below last Friday lowest(24568).

Conclusions (After putting

all studies together)

1- Long Term Trend is up.

2- Intermediate Term trend is at stake.

3- Short Term Trend is down.

Correction which begun from 26277.30 on 27-09-2024 after impulsive Wave-(iii) of Wave-3 completion is now in continuation with recent bottom formations at 24567.65 on 18-10-2024 and no indication of its completion yet on EOD and intraday charts. 

As Intermediate Term trend is at stake therefore firstly is turning downward or maintaining upward Trend should be watched in the coming weeks/weeks for next bigger moves beginning confirmations because that will confirm:-

1- Sustaining below its decider 55-Day SMA(today at 25042) will confirm deeper corretion beginning for the period of next 3 weeks to 3 months.

2- Sustaining above 55-Day SMA will confirm fresh rally beginning after on going Short Term correction completion.

Short Term indicators are showing clear signals of Short Term correction continuation. Intraday charts of last Friday are showing lower levels consolidation but Sideways trading was seen in the last more than 2 hours between 24839-24886 therefore firstly sustaining it beyond should also be watched in the coming sessions for the confirmations of next Short Term moves beginning.

"Bearish Head and Shoulders pattern formations with its Neckline at 24753" was posted in previous Weekly Outlook. Although Nifty slipped below its Neckline in previous sessions but closed above it both sessions therefore firstly sustaining beyond Neckline(24753) should be watched and once sustaining below it will mean deeper correction beginning confirmations. 

Finally concluded that firstly following levels should be watched for next Trend beginning confirmations in the coming week/weeks:- 

1- 24839-24886(Last more than 2 hours trading between 24839-24886 on 17-10-2024)

2- 24753(Neckline)

As out of station therefore unable 

to post tomorrow(16-10-2024) and 

next 1/2 sessions Outlook. 

Watch sustaining beyond 25223 amid firstly upward moves expectations

Nifty-Intra Day Chart Analysis &

MarketOutlook(15-10-2024)

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

Technical Patterns formation in today intraday charts

1- Consolidation in first half hour between 25027-25058

2- Sharp up

3- More than 5 hours consolidation between 25080-25159

4- Whole day actual trading between 25018-25159

Conclusions from intra day chart analysis 

As firstly consolidation in first half hour after positive opening therefore sharp up moves were seen after that. More than 5 hours consolidation also in all the last hours hence whole day only consolidation patterns formations will be understood therefore more upward moves will be seen towards 25223 and sustaining it beyond should also be watched in the coming sessions because:-  

1- Sustaining above 25223 will confirm fresh strong rally begining towards life time top after Short Term correction completion,

2- Sustaining below 25223 will confirm fresh downward moves beginning towards the bottom(24694.30) of on going correction.

Sustaining beyond 2 levels will confirm

 next bigger downward moves 

beginning or not

Technical Analysis,Research & Weekly Outlook

(Oct 14 to Oct 18,2024)

Nifty-Weekly Chart Analysis

(Waves Structure,Stochastic & MACD)

Nifty-Weekly Chart (11-Oct-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 26277.30 on 27-09-2024.

7- Short Term correction continuation with recent bottom formations at 24694.30 on 07-10-2024.

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

9- Stochastic:- %K(5)- 42.58 & %D(3)- 68.60.

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

11- MACD(26,12)- 994.34 & EXP(9)- 1123.65 & Divergence- -129.31

Conclusions from Weekly chart analysis

(Waves structure,Stochastic & MACD)

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. Impulsive Wave-1 completed at 18887.60 on 02-12-2022 and from this level Wave-2 begun which completed at 16828.30 on 24-03-2023 and impulsive Wave-3 begun 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 started which completed at 18837.80 on 27-10-2023 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 26277.30 on 27-09-2024. Although no confirmation of its completion yet on Weekly charts but Short Term correction begun from this level which is in continuation with recent bottom formations at 24694.30 on 07-10-2024 and no confirmation of its completion also on Weekly charts. 

Technical positions of Intermediate 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 from Over bought zone therefore it will be understood that strong signals of Intermediate Term beginning has been generated and will be seen in the coming weeek/weeks.

2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in positive zone therefore strong indications of on going correction continuation after Intermediate Term Trend turning down confirmations.

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (11-Oct-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 26277.30 on 27-09-2024.

3- Wave-(iii) of Wave-3 has gained 7439.5 points(39.49%) in the last almost 1 year.

4- Short Term correction continuation with recent bottom formations at 24694.30 on 07-10-2024.

5- Wave-(iii) of Wave-3 has corrected 1583 points in the last 10 sessions.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-(iii) of Wave-3 which started from 18837.80 is now in continuation with its recent high and new life time top formations at 26277.30 after gaining 7439.5 points and no confirmation of its completion yet on EOD charts. As now Short Term correction continuation with recent bottom formations at 24694.30 after loosing 1583 points and no indication of its completion also therefore:- 

1- Firstly On going correction completion confirmations is required for any decisive upward move beginning confirmations.

2- Once sustaining below on going correction bottom(24694.30) will mean deeper correction beginning confirmations. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (11-Oct-2024):-

Technical Patterns and Formations in EOD charts

1- Bearish Head and Shoulders pattern formations with its Neckline at 24753

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

3- Stochastic:- %K(5)- 39.63 & %D(3)- 30.87.

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

5- MACD(26,12)- -233.19 & EXP(9)- 188.63 & Divergence- -421.82

Conclusions from EOD chart analysis

(Stochastic & MACD)

Bearish Head and Shoulders pattern has been developed on EOD charts and its Neckline is at 24753. Although Nifty slipped below its Neckline but closed above it at 24765.8 on 07-10-2024 after intraday bottom formations below it at 24694.30. As Nifty traded just above its Neckline in the last 4 sessions of previous week between 24757-25234 therefore firstly sustaining beyond this range should be watched in the coming week for next decisive bigger moves beginning 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 from Over sold zone therefore it will be understood that at present this indicator is showing more downward moves in the coming week.

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 more downward moves in the coming week after Short Term Trend turning downward confirmations.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (11-Oct-2024):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 24951

2- 21-Day SMA is today at 25478

3- 55-Day SMA is today at 25026

4- 100-Day SMA is today at 24400

5- 200-Day SMA is today at 23226

Conclusions from EOD chart analysis

(Averages)

Although Long Term Trend is confirm up after Nifty trading well above its decider 200-Day SMA but Short Term Trend is confirm down and Intermediate Term Trend is at stake because Nifty is hovering around its decider 55-Day SMA for the last 6 sessions and closed below it also 4 times. As finally sustaining beyond 55-Day SMA will confirm next Intermediate Term trend formations and resultant next one sided bigger moves beginning therefore firstly it should be watched in the coming week/weeks. 

Conclusions

(After putting all studies together)

1- Long Term Trend is up.

2- Intermediate Term trend is at stake.

3- Short Term Trend is down.

Short Term Correction which begun after new life time top formations at 26277.30 on 27-09-2024 is now in continuation with recent bottom formations at 24694.30 on 07-10-2024 and no indication of its completion yet on EOD Charts.

As Bearish Head and Shoulders pattern formations and Intermediate/Short Term indicators are also showing signals of on going correction continuation possibility therefore bigger downward moves can not be ruled out in the coming week and firstly sustaining beyond following levels should be watched in the coming week for its confirmations:- 

1- Intermediate Term Trend 55-Day SMA which is today at 25026 and it will confirm from next 3 weeks to 3 months long one sided moves.

2- Bearish Head and Shoulders pattern Neckline at 24753.