Rally continuation except 

minor correction possibility

Technical Analysis,Research & 

Weekly Outlook(Oct 11 to Oct 14,2021)

Nifty-EOD Chart Analysis

(Averages,Stochastic & MACD)

Nifty-EOD Chart (08-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 17769

B- 21-Day SMA is today at 17634

3- Stochastic- %K(5) is at 69.98 & %D(3) is at 69.25 and its both lones are kissing just below Over bought zone.

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

5- MACD is showing negative divergence

6- Doji Candle formation last Friday

Conclusions from EOD chart analysis

(Averages,Stochastic & MACD)

Nifty got supports at 21-Day SMA on 01-10-2021 and after that strong rally was seen as well as last Friday closing was above all the Short Term Averages. 

As in Stochastic both its lines are kissing just below Over bought zone therefore has shown 1st indication of Short Term correction beginning but selling patterns have not developed on EOD charts yet therefore let it happen then Short Term correction will be seen. 

As in MACD both lines are falling in positive zone after MACD line downward intersection of Average line and it is showing negative divergence also therefore suggesting Downward trend beginning possibilities but selling patterns have not been developed on EOD charts yet hence let it happen the decisive down moves will be seen. 

Nifty-Last 11 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Sep 24 to Oct 08,2021):-

Technical Patterns formation in last 11 Sessions intraday charts

1- Selling(Resistances) in last 11 Sessions are as follows:-

A- 17907-17943

B- 17852-17890

2- Consolidation(Supports) in last 11 Sessions are as follows:-

A- 17641-17704 

B- 17453 47516

4- Last 11 Sessions actual trading between 17453-17947 

Conclusions from 11 Sessions 

intra day chart analysis 

Last 11 Sessions trading between 17453-17947 with above mentioned lower levels supports and higher levels resistances within it.  

As Nifty traded almost whole day last Friday within above mentioned both resistance ranges and closed below 1st resistance range but above 2nd resistance range therefore firstly sustaining beyond or forceful break out of both resistance ranges(17852-17943)should be watched in next week for first strong signal of next decisive moves beginning as well as its confirmation will be sustaining beyond last 11 Sessions trading range(17453-17947).

Nifty-Intra Day Chart 

Analysis(08-Oct-2021)

Nifty-Intra Day Chart (08-Oct-2021):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels

2- Selling between 17917-17941

3- Sharp fall

4- Up moves with downward corrections

5- Whole day actual trading between 17841-17941

Conclusions from intra day 

chart analysis 

Although last Friday closing was at life time highest but some intraday selling was also seen at higher levels. As lower levels consolidation patterns have also developed therefore expected that Nifty will firstly trade within last Friday trading range((17841-17941)) in the beginning of next week and will prepare for next decisive moves within this range,firstly sustaining it beyond or its forceful break out should be watched in next week for its beginning.

Conclusions (After Putting 

All Studies Together)

All the trends are up with closing at life time highest last Friday and no indication of Impulsive Wave-5 completion yet on EOD charts. 

As Doji Candle formation after some higher levels intraday selling patterns formations last Friday but lower levels good consolidation was also seen therefore firstly sustaining beyond last Friday trading range(17841-17941) should be watched in next week for:- 

1- Above 17941 will mean rally above 18000 after last 11 sessions trading range break out.

2- Below 17841 will mean Short Term correction beginning towards next supports within above mentioned last 11 sessions trading range(17453-17947)

Sustaining below 17453 will mean correction continuation towards next supports of last 24 sessions trading range:- 

1- 17360-17411

2- 17280-17305

Impulsive Wave-5 rally continuation is expected except minor correction possibility because some intraday selling patterns were seen last Friday. It must be kept in mind that until complete selling patterns will not develop on intraday and EOD charts till then Short/Intermediate Term correction will not be seen.

 As busy therefore Stock Market Outlook of today(08-10-2021) is not being updated.

 Up moves towards immediate resistance

Nifty-Intra Day Chart Analysis & 

Market Outlook(07-10-2021)

Nifty-Intra Day Chart (06-Oct-2021):-

Technical Patterns formation in today intraday charts

1- More than 3 hours selling between 17816-17884(immediate resistances)

2- Down moves in Bullish Falling Channels in last 2 hours

3- Whole day actual trading between 17614-17884

Conclusions from intra day chart analysis 

Following lines were told on 05-10-2021 in "Rally continuation towards last resistances Nifty":-

on going rally continuation will be seen towards last resistances(17907-17943) of Nifty tomorrow.

As was told 100% same happened and rally remain continued up to 17884.60 and then down moves started which remain continued till last minutes. 

Although firstly more than 3 hours selling between 17816-17884 but Down moves were in Bullish Falling Channels in last 2 hours after that also therefore some up moves will be seen towards immediate resistance(17816) tomorrow and finally sustaining it beyond will confirm the life of today started correction.

 Rally continuation towards last resistances Nifty

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-10-2021)

Nifty-Intra Day Chart (05-Oct-2021):-

Technical Patterns formation in today intraday charts

1- Consolidation between 17641-17704

2- Sharp up

3- Up moves with downward corrections

4- Whole day actual trading between 17641-17833

Conclusions from intra day chart analysis 

As US markets closed more than 300 points down yesterday therefore sentiment was dampened today morning hence weaker opening of Indian marekts but consolidation developed. 

Firstly more than 3 hours consolidation and after that sharp up moves as well as last more than Two and half hours up moves with downward corrections therefore whole day good buying will be understood and on going rally continuation will be seen towards last resistances(17907-17943) of Nifty tomorrow.

 Levels will confirm next 

decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-10-2021)

Nifty-Intra Day Chart (04-Oct-2021):-

Technical Patterns formation in today intraday charts

1- Strong up moves after gap up opening

2- Mixed Patterns formation with volatility between 17650-17750

3- Whole day actual trading between 17581-17750

Conclusions from intra day chart analysis 

Following lines were told on 02-10-2021 in "Firstly watch last 19 sessions trading range for the life and size correction":-

1- Resistances are as follows:-

A- 17638-17685  

B- 17678-17742 

2- consolidation will be understood and resultant some up moves will be seen in the beginning of next week.

As was told 100% same happened and up moves were seen after gap up opening but last more than 5 hours volatile trading within 100 points was with Mixed Patterns formation between 17650-17750 and that was almost within above mentioned resistances(17638-17742) also therefore firstly sustaining beyond 17638-17750 should be watched tomorrow for the life of today started fresh up moves after previous week correction.

Next moves after sustaining beyond 17638-17750 will be towards following supports and resistances:-

Supports below 17638 are as follows:-  

A- 17462-17486

B- 17360-17411

C- 17280-17305

Resistances above 17750 are as follows:-

A- 17755-17781

B- 17822-17896

C- 17907-17943