Short Term correction towards next supports amid Sideways market turning expectations

Technical Analysis,Research & Weekly Outlook

(Sep 20 to Sep 24,2021)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (17-Sep-2021):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020  

2- Impulsive Wave-1 completion at 11794.30 on 31-08-2020

3- Corrective Wave-2 completion at 10790.20 on 24-09-2020

4- Impulsive Wave-3 completion at 15431.8 on 16-02-2021

5- Corrective Wave-4 completion at 14151.4 on 22-04-2021

6- Impulsive Wave-5 continuation with recent high and new life time top formation at 17792.95 on 17-09-2021

Conclusions from EOD chart

analysis(Waves structure)

Strong Bullish rally continuation in the form of Impulsive Wave-5 with recent high and new life time top formation at 17792.95 on 17-09-2021 and no indication of its completion yet on EOD chart except only Black Candle formation last Friday.

Although last Friday negative closing was near the lower levels of the day after loosing more than 200 points from higher levels but let more selling develop on EOD charts then deeper correction will be considered despite some down moves expectations in the beginning of next week. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (17-Sep-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 continuation with recent high and new life time top formation at 17792.95 on 17-09-2021

2- Stochastic- %K(5) is at 83.84 & %D(3) is at 81.10

3- Stochastic- Both lines %K(5) and %D(3) are kising in Over bought zone.

4- Stochastic is showing negative divergence.

5- In MACD- Both lines are kissing in positive zone.

 

Conclusions from EOD chart analysis

(Stochastic & MACD)

As in Stochastic Both lines %K(5) and %D(3) are kissing in Over bought zone and it is showing negative divergence also therefore Stochastic is indicating Short Term correction possibilities in next week.

As in MACD both lines are kissing in positive zone and MACD line has started to fall therefore emergence of downward trend formation indications.

Nifty-Intra Day Chart Analysis

(17-Sep-2021)

Nifty-Intra Day Chart (17-Sep-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 17739-17792

2- Selling between 17611-17659

3- Whole day actual trading between 17538-17792

Conclusions from intra day chart analysis 

Although firstly strong up moves after gap up opening but selling developed and slipping from higher levels in Mid session. As again follow up selling was seen therefore down moves till last hour and closing was near the lower levels of the day.

Whole day good selling and consolidation patterns were not seen last Friday therefore expected that down moves will be seen below last Friday lowest(17538) in the beginning of next week.

Conclusions

(After Putting All Studies Together)

All the trends are up and Bullish rally continuation in full force. As Short Term indicators are suggesting that Short Term correction is on cards and intraday charts of last Friday are showing selling patterns also therefore Short Term correction will be seen towards following supports in the beginning of of next week:-

1- 17528-17547

2- 17445-17463

3- 17370-17394

4- 17280-17305

5- 17213-17270 

Immediate Resistances of Nifty are as follows:-

1- 17739-17792

2- 17611-17659

Although Short Term correction is expected in the beginning of next week but deeper correction will be seen only after complete selling patterns formations on EOD and intraday charts and its confirmation will be after sustaining below/Forceful break down of above mentioned last support(17213). Let it happen then deeper correction will be considered otherwise it should also be kept in mind that usually Bullish rallies remains continued with Short Term and sideways correction and till then Nifty should be considered sideways between 17213-17792. 

More or less now Nifty will be considered sideways between 17213-17792 in next week amid  Short Term correction expectations towards above mentioned supports in the beginning of next week.

 परम आदरणीय नरेन्द्र मोदी जी को 

जन्मदिन की हार्दिक शुभकामनाएं

मोदी जी जैसा हिन्दू हजारों नहीं बल्कि लाखों साल बाद इस धरती पर जन्म लेता है। हम हिन्दू बहुत ही भाग्यशाली है कि हमारे जीवन काल में "मोदी जी जैसा हिन्दू ह्रदय सम्राट" इस धरती पर आया है और हमें उनके साक्षात् दर्शन करने का सौभाग्य प्राप्त हुआ है । 

समस्त राष्ट्र भक्त हिन्दुस्थानियों और सच्चे हिन्दुओं की परमपिता परमेश्वर से प्रार्थना है कि जिस तरह से 15-08-2021 को भारत ने मोदी जी के नेतृत्व में 75 वां  स्वतंत्रता दिवस मनाया था । बिलकुल उसी तरह से 15-08-2047 में भी भारत मोदी जी के नेतृत्व में ही 101 वां स्वतंत्रता दिवस मनाये। 

अर्थात 

भारतवर्ष मोदी जी के नेतृत्व में ही स्वतंत्रता के 100 वर्ष पूर्ण होने का उत्सव मनाये और तब तक मोदी जी प्रधान मन्त्री के पद पर ही बने रहें और "हमारे भारतवर्ष को विश्व गुरु" बना कर विश्व के शिखर पर पहुंचाएं।

 Rally continuation after Very Short 

Term/intrday correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(17-09-2021)

Nifty-Intra Day Chart (16-Sep-2021):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 17511-17644

Conclusions from intra day chart analysis 

As whole day up moves with downward corrections and intraday selling patterns were not seen as well as closing at new life highest therefore on going rally continuation expectations but Short Term indicators are Overbought and sentiment have turned heated also therefore Very Short Term/intrday correction may be firstly seen.

 Rally continuation expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-09-2021)

Nifty-Intra Day Chart (15-Sep-2021):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 17387-17532

Conclusions from intra day chart analysis 

As whole day up moves with downward corrections and intraday selling patterns were not seen as well as closing at new life highest after last 7 sessions trading range forcefully break out therefore on going rally continuation is expected in the coming sessions also.

 Levels will confirm next one sided moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(15-09-2021)

Nifty-Intra Day Chart (14-Sep-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 17415-17438

2- Sharp fall

3- Selling between 17391-17405

4- Whole day actual trading between 17367-17438

Conclusions from intra day chart analysis 

Following lines were told on 10-09-2021 in "Levels will confirm the life and size of Short Term expected correction":-

Firstly sustaining beyond/forceful break out of last 5 Sessions trading range(17213-17436) should be watched in next week for the life and size of Short Term expected correction.

1- Selling are as follows:- 

A- 17339-17379 

B- 17394-17436 

2- Supports are as follows:-

A- 17213-17270 

Nify respected above given supports and resistances in following manner in last 2 sessions:-

1- Yesterday(13-09-2021) Lowest was at 17269.20(0.80 Point below 17270)

2- Today(14-09-2021) highest is at 17438.55(02.55 Points above 17436)

Nifty got good supports between 17270-17312 yesterday and fresh selling was seen within previous resistances between 17415-17438 today. As both higher levels selling and lower levels consolidation between 17270-17438 in last 2 sessions therefore Nifty will have to trade and prepare for next decisive moves within this range in the coming sessions. 

Let Nifty to trade and prepare for next one sided decisive moves then will be updated according to intraday patterns formations and finally its confirmations will be sustaining beyond last 7 sessions trading range(17213-17438) which should be watched in the coming sessions.

 As not feeling well therefore Stock Market Outlook of today(14-09-2021) is not being updated.