Firstly watch last 19 sessions trading range for the life and size correction

Technical Analysis,Research & Weekly 

Outlook(Oct 04 to Oct 08,2021)

Nifty-EOD Chart Analysis

(Averages,Stochastic & MACD)

Nifty-EOD Chart (01-Oct-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 continuation with recent high and new life time top formation at 17947.65 on 24-09-2021

2-Averages

A- 5-Day SMA is today at 17693 

B- 21-Day SMA is today at 17530 

3- Stochastic- %K(5) is at 21.27 & %D(3) is at 37.67

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

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

Conclusions from EOD chart analysis

(Averages,Stochastic & MACD)

As EOD Waves structure of Nifty was updated in previous week weekly Outlook and no material change in it since then therefore only Short Term Averages and Indicators analysis is being updated in this week Weekly Outlook. 

Last Friday closing was at 17532 which is below 5-Day SMA(17693) and testing 21-Day SMA(17530). It means that Short Term Trend has turned down and first signal of Intermediate Term Trend moving down will emerge after sustaining below 21-Day SMA therefore firstly sustaining it beyond should be watched in next week.

As in Stochastic %K(5) line has intersected %D(3) line downward and both lines are moving towards Over sold zone and have not turned Oversold therefore some more down moves may also be seen in next week.

As in MACD both lines are falling in positive zone after MACD line downward intersection of Average line therefore it is confirming downward trend formations and some more down moves possibilities in next week.

Nifty-Last 19 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Oct 01 & Oct 01,2021):-

Technical Patterns formation in last 19 Sessions intraday charts

1- Selling(Resistances) in last 19 Sessions are as follows:-

A- 17638-17685  

B- 17678-17742 

C- 17755-17781

D- 17822-17896

E- 17907-17943

2- Consolidation(Supports) in last 19 Sessions are as follows:-  

A- 17462-17486

B- 17360-17411

C- 17280-17305

3- Last 19 Sessions actual trading between 19255-17947 

Conclusions from 19 Sessions

intra day chart analysis 

Last 19 Sessions trading between 19255-17947 with above mentioned lower levels supports and higher levels resistances within it as well as last Friday closing was almost in the middle of this range. As these supports and resistances are almost equally strong therefore expected that Nifty will firstly traded within this last 19 Sessions trading range and will prepare for next decisive moves beyond this range.

Nifty-Intra Day Chart Analysis

(01-Oct-2021)

Nifty-Intra Day Chart (01-Oct-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 17515-17550

2- Support between 17462-17486

3- Last 3 hours up moves with downward corrections 

4- Whole day actual trading between 17453-17557

Conclusions from intra day chart analysis 

Although firstly selling after gap down opening but lower levels support has also developed therefore up moves were seen in last 3 hours last Friday. As these up moves were with with downward corrections hence consolidation will be understood and resultant some up moves will be seen in the beginning of next week.

Conclusions

(After Putting All Studies Together)

1- Long Term Trend is up.

2- Intermediate Term Trend is sideways between 19255-17947 for the last 19 Sessions.

3- Short Term Trend is down.

As in previous week long Weekly Black Candle was formed and last Friday closing was near the lower levels of Week therefore emergence of weakness beginning signals.

Although firstly some up moves are expected in the beginning of next week because 3 hours consolidation was seen last Friday after lower levels supports but MACD is showing downward trend formations and Stochastic is also suggesting some more down moves possibilities therefore finally correction continuation is expected within last 19 Sessions trading range(19255-17947) in next week.

As many times Bullish markets completes its corrections through Short Term corrections or sideways trading therefore firstly sustaining beyond last 19 sessions trading range(19255-17947) should be watched in the coming week/weeks for the life and size of previous week started correction amid some more down moves possibilities within this range in next week

 Correction continuation towards

 next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(01-10-2021)

Nifty-Intra Day Chart (30-Sep-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 17678-17742

2- Selling between 17638-17685

3- Whole day actual trading between 17586-17742

Conclusions from intra day chart analysis 

As whole day good selling today therefore correction continuation will be seen below today lowest and towards following next supports:-

1- 17360-17411

2- 17280-17305

3- 17213-17270

 Firstly sideways market and sharp fall if fresh selling develop

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-09-2021)

Nifty-Intra Day Chart (29-Sep-2021):-

Technical Patterns formation in today intraday charts

1- Consolidation between 17609-17683(immediate supports)

2- Up moves

3- Selling between - 17755-17781(immediate resistances)

4- Whole day actual trading between 17609-17781

Conclusions from intra day chart analysis 

Although firstly 140 points slipping after weaker opening but lower levels more than 3 hours good consolidation developed therefore up moves were seen in Mid-session. As minor selling also at higher levels therefore down moves were seen in last half hour.

Last 5 sessions trading between 17576-17947 with following supports and resistances within this range therefore Nifty will firstly remain sideways within this range:-

Resistances:-

1- 17907-17943

2- 17822-17896

3- 17755-17781

Supports:-

1- 17609-17683

As resistances are much stronger than supports therefore expected that Nifty will not move above 17947 anf if fresh selling develop tomorrow then sharp fall may be seen towards yesterday updated 3 supports ranges.

Correction continuation expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-09-2021)

Nifty-Intra Day Chart (28-Sep-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 17822-17883 

2- Down moves with upward corrections

3- Down moves in Bullish Falling Channel

4- Sharp recovery in last hour

5- Whole day actual trading between 17577-17912

Conclusions from intra day chart analysis 

Although positive opening but fresh selling developed after last 2 sessions selling therefore decisive down moves was seen. As lower levels some consolidation also therefore sharp recovery from lower levels in last hour.

some buying was seen above 17802 in 2 previous sessions but good selling above it today therefore expected that down moves will be seen towards today lowest(17577) and once sustaining below it will mean today started correction continuation towards following next supports:-

1- 17360-17411

2- 17280-17305

3- 17213-17270

Levels will confirm next 

more than 2% moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-09-2021)

Nifty-Intra Day Chart (27-Sep-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 17907-17943

2- Down moves with upward corrections

3- Selling between 17877-17896

4- Down moves in Bullish Falling Channel

5- Whole day actual trading between 17802-17943

Conclusions from intra day chart analysis 

Following lines were told on 25-09-2021 in " Wave-5 Rally continuation towards its maximum target at 18793":-

1- some higher levels good intraday selling was seen therefore Doji Black Candle was formed last Friday

2- firstly sustaining beyond last Friday trading range(17819-17947) should be firstly watched in the beginning of next week

17819-17947 was told on 25-09-2021 for firstly watching in the beginning of this week and Nifty traded almost whole day within this range between 17802-17943 with higher levels selling and some supports also at lower levels also.

Expected that Nifty will again trade and prepare for next decisive moves within and near about 17802-17943 tomorrow also because both higher levels selling and lower levels buying has been seen in last 2 sessions and finally sustaining it beyond will confirm next more than 2% moves which should be firstly watched in the coming sessions.