"ABC" correction continuation 

according to Fibonacci Retracement levels

Technical Analysis,Research & Weekly 

Outlook(Nov 29 to Nov 03,2021)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (26-Nov-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 completion after new life time top formation at 18604.50 on 19-10-2021

7- Correction continuation with recent bottom formations at 16985.70 on 26-11-2021 

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 started from 7511.10 on 24-03-2020 remained continued till its 5th Wave completion at 18604.50 on 19-10-2021. As Wave-5 completed therefore "ABC" Correction of this wave started which is in continuation and no indication of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Fibonacci retracement levels)

Nifty-EOD Chart (26-Nov-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-5 completion after new life time top formation at 18604.50 on 19-10-2021

3- Fibonacci Retracement levels from Wave-1 to Wave-5(7511.10-18604.50)

13.0%-17,162.40

23.6%-15,986.42

27.0%-15,609.30

38.2%-14,366.79(Crucial)

50.0%-13,057.77(Crucial)

61.8%-11,748.76(Crucial)

70.7%-10,761.50

76.4%-10,129.10

78.6%- 9,885.09

88.6%- 8,775.75

Conclusions from EOD chart analysis

 (Fibonacci retracement levels

Waves structure which started from 7511.10 on 24-03-2020 through its Impulsive Wave-1 beginning had been completed after its Impulsive Wave-5 completion at 18604.50 on 19-10-2021. As "ABC" correction of this whole Waves structure(7511.10-18604.50) will be seen according to above mentioned Fibonacci Retracement levels therefore should be watched in the coming weeks and months for next Short to Long Term Trends confirmations. 

Nifty-Intra Day Chart Analysis

(26-Nov-2021)

Nifty-Intra Day Chart (26-Nov-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 17233-17355

2- Selling between 17132-17207

3- 100 Points sharp fall in last hour

4- Whole day actual trading between 16986-17355

Conclusions from intra day chart analysis 

As higher levels good selling in last 3 sessions and Global markets were also too much depressed therefore firstly slipping after huge gap down opening and after that continuous selling developed till 03:00 PM hence 100 Points sharp fall was seen in last hour as well as closing was at the lower levels of the day.

Certainly good intraday selling developed last Friday therefore correction continuation is expected in next week also.

Conclusions(After putting 

all studies together)

1- Long Term Trend is up.

2- Intermediate Term Trend is down

3- Short Term Trend is down.

"ABC" correction of whole waves structure from 7511.10 to 18604.50 is very much on and no indication of its completion yet on EOD and intraday charts therefore correction continuation is expected towards following supports in the coming weeks/months.

1-16852-16885

2-16722-16764(Gap support)

3-16590-16685(Strong supports)

Resistances above last Friday closing are as follows:-

1-17132-17207

2-17233-17355

3-17509-17600

Following lines were told in previous week weekly Outlook on 20-11-2021 in "17453 will confirm deeper correction beginning or correction completion first indication":-

Correction continuation is expected towards 17453 in next week and firstly sustaining it beyond should be watched in next week for deeper correction beginning below it or on going correction completion first indication above it. 

Importance of 17453 was clearly told and Nifty hovered it around in first 4 sessions of previous week and then finally deeper 509 Points(2.91%) correction was seen below it last Friday after previous getting 37 sessions trading range breaking down confirmations.

As "ABC" correction beginning confirmation getting after last 37 sessions trading range breaking down confirmatioms therefore Price-wise and time-wise correction of whole rally will remain continued according to above Fibonacci Retracement levels in the coming weeks and months.

Remain cautious 17453 will 

confirm deeper correction 

Nifty-Intra Day Chart Analysis & 

Market Outlook(26-11-2021)

Nifty-Intra Day Chart (25-Nov-2021):-

Technical Patterns formation in today intraday charts

1- Consolidation between 17352-17425 

2- Up moves in Bearish Rising Channel

3- Whole day actual trading between 17352-17564

Conclusions from intra day chart analysis 

Although firstly consolidation but after that last 4 hours up moves in Bearish Rising Channels also therefore down moves are expected towards day's lowest(17352) and once sustaining below it will mean decisive down moves beginning.

As sustaining below 17453 will confirm deeper correction beginning therefore we are continuously telling for watching to sustain it beyond and Nifty is hovering it beyond for the last 3 sessions. As good selling between 17509-17600 on 24-11-2021 and higher levels selling patterns were seen on 25-11-2021 also therefore if Nifty sustains below 17453 it then will confirm deeper correction hence remain cautious.

 Firstly watch sustaining below 17453 for deeper correction beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(25-11-2021)

Nifty-Intra Day Chart (24-Nov-2021):-

Technical Patterns formation in today intraday charts

1- Almost 5 hours selling between 17509-17600

2- Down moves in last 2 hours

3- Whole day actual trading between 17354-17600

Conclusions from intra day chart analysis 

Although more than 100 points up moves from lower levels but with selling patterns formations within and near about yesterday posted 1st resistance range(17563-17590) therefore down moves started which remained continued till last minutes and today closing was near the lower levels of the day.

As Nifty again closed below previous 33 sessions trading range(17453-18604) and once sustaining below it will confirm deeper correction beginning therefore should also be firstly watched in the coming sessions.

 17453-17805 will confirm next decisive moves/Trend

Nifty-Intra Day Chart Analysis &

Market Outlook(24-11-2021)

Nifty-Intra Day Chart (23-Nov-2021):-

Technical Patterns formation in today intraday charts

1- Sharp fall after negative opening

2- Last 6 hours up moves with downward corrections

3- Whole day actual trading between 17217-17553

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Watch 17453 for deeper correction confirmation amid some up moves possibility":-

up moves may be seen towards following next resistances:-

1- 17563-17590

2- 17644-17578

3- 17781-17805

As was told yesterday 100% same happened today and Nifty closed with 86.80 points gains as well as today highest was at 17553.70 which is just below next resistances(17563-17590). 

Although firstly sharp fall after negative opening was seen today but immediately up moves started which remained continued with downward corrections till last hour and today closing was near the higher levels of the day. 

As last 33 sessions trading range(17453-18604) was broken down yesterday and above mentioned resistances are also lying therefore firstly sustaining beyond 17453-17805 should be watched in the coming sessions for next decisive moves/Trend beginning confirmations. 

 Watch 17453 for deeper correction 

confirmation amid some 

up moves possibility

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-11-2021)

Nifty-Intra Day Chart (22-Nov-2021):-

Technical Patterns formation in today intraday charts

1- More than 100 points down in first 4 minutes after positive opening

2- Down moves with upward corrections

3- More than 160 points recovery from lower levels in last hour

4- Whole day actual trading between 17281-17805

Conclusions from intra day chart analysis 

Following conclusive lines were told on 20-00-2021 in "17453 will confirm deeper correction beginning or correction completion first indication":-

correction continuation is expected towards 17453 in next week more and firstly sustaining it beyond should be watched in next week for:-

1- for deeper correction beginning below it

2- on going correction completion first indication above it. 

Following topic of "Maximum target of Nifty at 18793.00" were posted:-

1- On 16-10-2021 we posted this topic- "Remain cautious because maximum target of Nifty is at 18793.00" 

2- On 25-09-2021 we posted this topic- "Wave-5 Rally continuation towards its maximum target at 18793"

As was told on 20-11-2021 and 100% same happened today in following manner:- 

1- Nifty slipped more than 1300 points from 17613.10 

and 

2- without moving above 18793.00.

Although Nifty positive opening today but slipped more than 100 points in first 4 minutes and after that continuously down moves remains continued with upward corrections therefore once Nifty traded 484 points down. As Very Short Term indicators turned Oversold and sentiment was extremely depressed therefore 160 points recovery was seen from lower levels in last hour.

Nifty traded between 17281-17444 in last hour and got little supports within it therefore expected Nifty will firstly trade within and near about this range tomorrow. As sentiment Very Short Term indicators are also Oversold therefore some up moves may be seen towards following next resistances:-  

1- 17563-17590

2- 17644-17578

3- 17781-17805

As last 33 sessions trading from 01-10-2021 to 18-11-2021 was between 17453-18604 and Nifty forcefully moved below it as well as closed it today therefore it has generated deeper correction strong indication. Once sustaining below 17453 will confirm deeper correction therefore should be firstly watched in the coming sessions amid Oversold indicators led some up moves possibility.