Watch supports amid high possibility 

of deeper correction beginning

Technical Analysis,Research & Weekly Outlook

(Sep 26 to Sep 30,2022)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (23-Sep-2022):-

Technical Patterns and Formations in EOD charts

1- Wave-C completion at 15183.4 on 17-06-2022 and Wave-X beginning.

2- Wave-X continuation with recent top formation at 18096.20 on 15-09-2022.

3- Last 37 Sessions sideways correction between 17167-18096.

4- In Stochastic- %K(5) line has intersected %D(3) line downward,its %K(5) line is falling towards Over sold zone and %D(3) line is flat.

5- Stochastic:- %K(5)- 29.96 & %D(3)- 40.25.

6- In MACD its both lines are kissing in positive zone.

7- MACD(26,12)- 65.43 & EXP(9)- 99.05 & Divergence- -33.62

Conclusions from EOD chart analysis

(Stochastic & MACD)

Although Wave-X continuation and no confirmation of its completion yet but Short Term correction has been deepened and firstly sustaining beyond last 37 Sessions range lowest(17167) should be watched in next week for Wave-X deeper correction beginning confirmations. Positions of Short Term indicators are as follows:-

1- In Stochastic indicator %K(5) line has intersected %D(3) line downward and its %K(5) line is falling towards Over sold zone therefore showing some more down moves possibility in next week.

2- In MACD its both lines are kissing in positive zone and its both the lines are just above Zero line therefore not showing much strength of upward trend. Let MACD show one sided direction then next Short Term Trend will get confirmation accordingly.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (23-Sep-2022):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 17622 

B- 21-Day SMA is today at 17683

C- 55-Day SMA is today at 17230

D- 100-Day SMA is today at 16702

E- 200-Day SMA is today at 16993

 

Conclusions from EOD chart analysis

(Averages)

As Nifty has slipped and closed below Short Term Averages(5 & 21-Day SMA) therefore Short Term Trend has turned down and firstly sustaining beyond 55-Day SMA should be watched in next week for Intermediate Term Trend confirmations which is still up and firstly it should be watched in next week/weeks for its confirmation.

Nifty-Last 19 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Aug 29 to Sep 23,2022):-

Technical Patterns formation in last 19 Sessions intraday charts

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

A- 17397-17489 

B- 17666-17713

C- 17798-17838

D- 17852-17919

E- 18044-18091

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

A- 17226-17380 

3- Last 19 Sessions actual trading between 17167-18096 

Conclusions from 19 Sessions

intra day chart analysis 

As last 19 Sessions trading between 17167-18096 with above mentioned 5 strong resistances and only 1 support therefore high  possibility of deeper corrrection beginning in next week after breakibg down of this last 19 sessions range because higher levels good selling was seen in all the previous 4 sessions of last week.

Nifty-Intra Day Chart Analysis

(23-Sep-2022)

Nifty-Intra Day Chart (23-Sep-2022):-

Technical Patterns formation in today intraday charts

1- Sharp fall after weaker opening

2- Down moves with upward corrections

3- Sideways trading between 17292-17374

4- Whole day actual trading between 17292-17642

Conclusions from

intra day chart analysis 

As firstly sharp fall after weaker opening and after that good intraday selling through  down moves with upward corrections therefore down moves are expected. Although sideways trading was seen between 17292-17374 in last hour but higher levels too much selling last Friday hence correction continuation is expected below last Friday lowest(17291.65) in the beginning of next week.

Conclusions

(After putting all studies together)

1- Long Term Trend is up.

2- Intermediate Term Trend is up.

3- Short Term Trend is down.

Although Wave-X of "ABC" correction continuation and no confirmation of its completion yet on EOD charts but now correction of Wave-X is on which has deepened also in last week and deeper correction possibility has also emerged because Nifty closed little above last 37 Sessions and 19 sessions lowest(17167) and only one support(17226-17380) is lying between last Friday closing(17327) and 17167 while multiple resistances are above it. As sustaining below 17167 will confirm turning down of Intermediate Term Trend(55-Day SMA at 17230) therefore firstly sustaining it beyond should be watched in next week because Long Term Trend decider 200-Day SMA is just below it at 16993 and it will be at stake.

As Stochastic is showing some more down moves possibility in next week therefore if MACD slips below its Zero line after its MACD line downward intersection then this indicator will confirm Downward trend formations and will suggest deeper correction beginning possibility as well. 

As high possibility of deeper correction beginning in next week after slipping below last 37 Sessions lowest(17167) therefore following supports below it should be firstly watched in the coming week/weeks for next Short term moves beginning confirmations:-

1- 17038-17097

2- 16948-17018(Gap support)

3- 16654-16746(Gap support)

4- 16565-16628

5- 16443-16494

6- 16360-16438(Gap support)

 Immediate supports & resistances will confirm next Short Term moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-09-2022)

Nifty-Intra Day Chart (22-Sep-2022):-

Technical Patterns formation in today intraday charts

1- Whole day only intraday volatility

2- Whole day actual trading between 17533-17722

Conclusions from intra day chart analysis 

As all the Asian markets were trading in deep Red after Post FOMC announcements led US markets crash therefore Indian markets firstly slipped after gap down opening but clear sellling patterns were not seen yesterday and some consolidation was also seen therefore Nifty could not sustain at lower levels and Nifty recovered 190 points as well as traded within yesterday trading range(17664-17838)

Whole day only intraday volatility today and any side intraday trading patterns were not seen as well as Nifty out performed because Nifty closed 0.50% down while all the Asian markets closed more than it therefore firstly sustaining beyond immediate supports( 17477-17591) and resistances(17763-17798) should be watched tomorrow for next Short Term moves beginning confirmations.

Sideways trading if FOMC

 announcements led no big 

Global markets moves 

Nifty-Intra Day Chart Analysis & 

Market Outlook(22-09-2022)

Nifty-Intra Day Chart (21-Sep-2022):-

Technical Patterns formation in today intraday charts

1- Firstly up moves after weaker opening 

1- Selling between 17798-17838

3- Sharp fall in Mid-session

4- Supports between 17664-17701

5- Up moves with downward corrections

6- Down moves in Bullish Falling Channel

7- Whole day actual trading between 17664-17838

Conclusions from intra day chart analysis 

Although firstly up moves after weaker opening but higher levels selling developed therefore sharp fall was seen in Mid-session. As lower levels supports and after that intraday consolidation also through Up moves with downward corrections and Down moves in Bullish Falling Channel also therefore whole day today trading will be understood with Mixed Patterns formation between 17664-17838.

As higher levels selling and lower levels consolidation today therefore expected that Nifty will trade sideways and prepare for next decisive moves within and near about today trading range and finally sustaining beyond today trading range will confirm it hence it should be firstly watched tomorrow for confirmations.

Intraday technical positions have be posted above but FOMC announcements tonight will also impact all the Global markets tomorrow therefore if due to it any one sided big move develops in Global markets then next those supports and resistances should also be watched which have already been posted in previous 3 sessions Outlooks.

Watch next supports amid Short 

Term down moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-09-2022)

Nifty-Intra Day Chart (20-Sep-2022):-

Technical Patterns formation in today intraday charts

1- Up moves after gap up opening

2- Selling between 17852-17919

3- Sharp fall in last hour

4- Whole day actual trading between 17745-17919

Conclusions from intra day chart analysis 

Following 3 resistances were posted on 17-09-2022 in "Most crucial range will confirm next trend and bigger moves":-

1- 17763-17798

2- 17862-17959

3- 18044-18091

As good intraday consolidation yesterday therefore more than 100 points gap up opening and after that up moves were seen in first hour today but higher levels more than 4 hours selling developed within above mentioned 2nd resistance also hence sharp fall in last hour. 

Immediate resistance of Nifty is now 17852-17959 which have become stronger also after fresh selling within previous resistance range(17862-17959) today and firstly down moves are expected below 17852 as well as complete fresh consolidation is firstly required for sustaining above 17959. As next supports below 17852 are between 17581-17667 therefore firstly sustaining beyond this range should be be watched amid Short Term down moves expectations.

Up moves towards next reasistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-09-2022)

Nifty-Intra Day Chart (19-Sep-2022):-

Technical Patterns formation in today intraday charts

1- More than 100 points sharp fall after flat opening

2- More than 200 points recovery from lower levels in first hour 

3- Consolidation between 17581-17667

4- Whole day actual trading between 17430-17667

Conclusions from intra day chart analysis 

Although firstly more than 100 points sharp fall after flat opening in first 15 minutes but after that more than 200 points recovery from lower levels in first hour and then more than 5 hours higher levels good intraday consolidation between 17581-17667 therefore up moves are expected towards next reasistances between 17763-17798.