Firstly Rally continuation before

 Short Term Correction beginning

Technical Analysis,Research & Weekly Outlook

(Aug 01 to Aug 05,2022)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (29-Jul-2022):-

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 and corrective Wave-A of "ABC" correction beginning with Double Zig-Zag pattern formation 

7- Wave-A completion at 16410.20 on 20-12-2021

8- Wave-B completion at 18351.00 on 18-01-2022

9- Wave-C bottom formation at 15671.5 on 08-03-2022

10- Wave-X completion at 18114.70 on 04-04-2022

11- Wave-A completion at 15735.80 on 12-05-2021

12- Wave-B completion at 16793.80 on 03-06-2022

13- Wave-C completion at 15183.4 on 17-06-2022

14- Wave-A continuation with recent top formation at 17172.8 on 29-07-2022

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of which Waves structure begun from 7511.10 on 24-03-2020 that completed from its Impulsive Wave-5 after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction started.

Now more than 9 months old "ABC" correction is on with Double Zig-Zag pattern formation and at present its Wave-A continuation with recent top formation at 17172.8 on 29-07-2022. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (29-Jul-2022):-

Technical Patterns and Formations in EOD charts

1- Wave-C completion at 15183.4 on 17-06-2022

2- Wave-A continuation with recent top formation at 17172.8 on 29-07-2022

3- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising towards and within Over bought zone.

4- Stochastic:- %K(5)- 86.41 & %D(3)- 64.22.

5- Stochastic is showing negative divergence

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

7- MACD(26,12)- 432.19 & EXP(9)- 322.82 & Divergence- 109.37

Conclusions from EOD chart analysis

(Stochastic & MACD)

Now Wave-A continuation with recent top formation at 17172.8 on 29-07-2022 after Wave-C completion at 15183.4 on 17-06-2022 and during these almost 2000 rally:-

1- In Stochastic indicator %K(5) line has intersected %D(3) line upward and its both lines are rising towards and within Over bought zone. As this indicator is showing negative divergence also therefore indicating Short Term correction beginning signals.

2- In MACD indicator MACD line has intersected Average line upward and its both lines are rising in positive zone therefore showing upward trend formations and suggesting up moves continuation in the coming sessions. 

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (29-Jul-2022):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 16768 

B- 21-Day SMA is today at 16299

C- 55-Day SMA is today at 16133

D- 100-Day SMA is today at 16544

E- 200-Day SMA is today at 17025

 

Conclusions from EOD chart analysis

(Averages)

As Nifty closed above Intermediate Term Trend decider 55-Day SMA in last 10 sessions therefore confirmations of its turning up. Nifty closed well above Long Term Trend decider 200-Day SMA at 17158.25 last Friday after huge gap up opening therefore strong indications of its also turning up. As Nifty sustaining above 200-Day SMA(17025) in next week will confirm on going rally continuation after all trends turning up therefore should be firstly watched in next week for its confirmations.  

Nifty-Intra Day Chart Analysis

(29-Jul-2022)

Nifty-Intra Day Chart (29-Jul-2022):-

Technical Patterns formation in today intraday charts

1- Sharp down after strong opening

2- Consolidation between 17061-17121

3- Sharp up moves in last hour

4- Whole day actual trading between 17019-17172

Conclusions from intra day chart analysis 

Although firstly sharp down moves after gap up strong opening but good consolidation developed between 7061-7121 in Mid-session therefore sharp up moves were seen in last hour and last Friday closing was at the top of the day.

As only consolidation and no selling patterns formations last friday therefore firstly up moves will be seen in the beginning of next week.

Conclusions (After putting all studies together)

Short and Intermediate Term Trends are up. As Long Term Trend will be up after sustaining above its decider 200-Day SMA(17025) therefore it should be watched in the coming week/weeks.

Although MACD is confirming upward trend but Stochastic is showing Short Term correction beginning signals which may be seen in next week and finally decisive fresh up moves will be considered after expected Short Term correction completion.  

Almost 19 months rally of on going Waves structure completed at 18604.50 on 19-10-2021 and after that corrective Wave-A of "ABC" correction started which is with Double Zig-Zag pattern formation and now more than 9 months old. 

Now Wave-A of on going correction is in continuation with recent top formation at 17172.8 on 29-07-2022 after Wave-C completion at 15183.4 on 17-06-2022 and no indication of its completion yet on EOD and intraday charts therefore firstly rally continuation is expected. As Short Term Correction beginning signals generation from Stochastic indicator therefore it will also be seen in next week after some up moves.

 Rally continuation with intraday

 volatility possibility

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-07-2022)

Nifty-Intra Day Chart (28-Jul-2022):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 16747-16947

Conclusions from intra day chart analysis 

As Dow Jones closed more than 400 points up after FOMC announcements yesterday therefore firstly gap up strong opening of Indian markets and after that whole day up moves were seen with downward corrections. 

Intraday selling patterns were not seen and whole day consodation developed through up moves with downward corrections therefore rally will remain continued but Very Short Term indicators have turned Over bought hence intraday volatility may also be seen tomorrow.

 Firstly watch FOMC announcements reactions for next decisive moves confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-07-2022)

Nifty-Intra Day Chart (27-Jul-2022):-

Technical Patterns formation in today intraday charts

1- Firstly slipping after negative opening

2- Up moves with downward corrections

3- Whole day actual trading between 16439-16653

Conclusions from intra day

chart analysis 

Although firstly slipping after negative opening but up moves begun which remained continued till last minutes because FOMC announcements expectations tonight led Global markets rally was seen whole day today in following manners:-

1- Dow Jones Futures traded whole day more than 150 points up.

2- All the Asian markets traded and closed in Green except Hang Seng

3- All the European markets opened and traded positive during Indian trading hours.

As Indian markets reacted on Global markets and FOMC announcements expectations today therefore firstly FOMC announcements reactions on Global markets should be watched tomorrow for next decisive moves confirmations.

On going correction continuation

 expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-07-2022)

Nifty-Intra Day Chart (26-Jul-2022):-

Technical Patterns formation in today intraday charts

1- Sharp fall in first 10 minutes after flat opening 

2- Down moves with upward corrections

3- Up moves in Bearish Rising Channel

4- Down moves with upward corrections

5- Whole day actual trading between 16464-16636

Conclusions from intra day chart analysis 

Following lines were told:- 

1- on 21-07-2022 in "Finally sharp down moves will be seen":-

finally sharp down moves will be seen in the coming 2/3 sessions and below last 2 sessions lowest(16491)

2- In Weekly Outlook on 23-07-2022 in "Short Term correction will be seen":-

Short Term correction may begin any day therefore it will be seen in next week

As was told 100% same happened and:- 

1- Down moves have been seen within 3 sessions sessions and Nify slipped as well as closed below 16491 at 16483.85 with today lowest formations at 16463.30.

2- Down moves and negative closing had been seen in both sessions of this week.

As whole day good selling was seen through selling patterns formations after sharp fall in first 10 minutes therefore 0.88% negative closing of today was near the lower levels of the day and on going correction continuation is expected in the coming session also.

Watch 16565-16752 for next 

decisive moves confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(26-07-2022)

Nifty-Intra Day Chart (25-Jul-2022):-

Technical Patterns formation in today intraday charts

1- Sharp fall after weaker opening

2- Consolidation between 16565-16628

3- Volatility in last 2 hours between 16603-16685

4- Whole day actual trading between 16565-16706

Conclusions from intra day chart analysis 

Although firstly sharp fall after weaker opening but lower levels consolidation between 16565-16628 therefore up moves were seen after 01:30 PM. As Nifty could not sustain at higher levels also therefore volatility will be understood in last 2 hours between 16603-16685.

Selling was seen between 16704-16752 last Friday and Nifty slipped from 16706 today as well as consolidation developed between 16565-16628 therefore both supports and resistances will be understood between 16565-16752 in last 2 sessions. 

Expected that Nifty will trade and prepare for next decisive moves between 16565-16752 in the coming sessions and finally sustaining beyond this range will confirm it hence should be watched.