Firstly watch immediate Supports & levels amid crashing Global markets

Technical Analysis,Research & 

Weekly Outlook(Feb 27 to Mar 03,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (24-Feb-2023):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of "ABC correction" completion at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning

2- Impulsive Wave-[(i)] of Wave-1 completion at 18096.2 on 15-09-2022.

3- Corrective Wave-[(ii)] of Wave-1 completion at 16747.7 on 30-09-2022.

4- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022.

5- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation with recent bottom formations at 17353.40 on 01-02-2023.

6- Pull Back Rally completion at 18134.80 on 16-02-2023.

7- Fresh down moves continuation with recent bottom formations at 17421.80 on 24-02-2023.

Conclusions from EOD chart analysis

(Waves structure)

"ABC correction" of previous Waves structure completed at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new "Waves structure" started. Wave-(i) of Wave-[(iii)] of Impulsive Wave-1 completed at 18887.6 on 01-12-2022 and its corrective Wave-(ii) begun which is in continuation with its recent bottom formations at 17353.40 on 01-02-2023 and no confirmation of its completion yet on EOD charts.

Although strong Pull Back Rally begun from 17353.40 on 01-02-2023 but completed at 18134.80 on 16-02-2023 and now its correction continuation with recent bottom formations at 17421.80 on 24-02-2023. As Pull Back Rally correction bottom(17421.80) is less than 100 points above corrective Wave-(ii) lowest(17353.40) therefore firstly 17353.40 should be watched in next week for corrective Wave-(ii) continuation/completion confirmations.    

Nifty-EOD Chart Analysis

(Bollinger Band,Stochastic & MACD)

Nifty-EOD Chart (24-Feb-2023):-

Technical Patterns and Formations in EOD charts

1- Bollinger Band- Nifty tested Lower Band in last 2 sessions

2- Stochastic- Its both lines %K(5) & %D(3) are kissing in the Over sold zone

3- Stochastic:- %K(5)- 07.10 & %D(3)- 07.58.

4- MACD- Its both lines are kissing in the Middle zone

5- MACD(26,12)- -05.12 & EXP(9)- -0.74 & Divergence- -4.38

6- MACD is showing negative/positive divergence

Conclusions from EOD chart analysis

(Bollinger Band,Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- Nifty tested Lower Band of Bollinger Band in last 2 sessions of previous week therefore until its Lower Band testing will not stop till then up moves will not start and on going down moves will remain continued. 

2- As in Short Term indicator Stochastic its both lines are kissing in Over sold zone and not shown yet any up move beginning signal therefore it will be better to wait for up side moves beginning indications because this indicator remains in Over sold zone also long time during bigger corrections. 

3- in MACD also its both lines are kissing in the Middle zone therefore this indicator is also not showing any side trend formations. Let its Downward/upward trend formation confirmation come through its MACD line intersection of Average line downward/upward and its both lines to move into in negative/positive zone then next trend formation will be understood accordingly.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (24-Feb-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 17640 

B- 21-Day SMA is today at 17762

C- 55-Day SMA is today at 17997

D- 100-Day SMA is today at 18002

E- 200-Day SMA is today at 17368

 

Conclusions from EOD chart analysis

(Averages)

Nifty has closed below both Short and Intermediate Term averages last Friday but has not tested yet Long Term trend decider 200-Day SMA(today at 17368) during on going Wave-(ii) of Wave-[(iii)] of Wave-1 correction. As correction is very much on and no indication of its completion yet therefore firstly sustaining beyond 200-Day SMA should be watched in the coming week for on going correction continuation period confirmations.

Nifty-Intra Day Chart Analysis

(24-Feb-2023)

Nifty-Intra Day Chart (24-Feb-2023):-

Technical Patterns formation in today intraday charts

1- 84 Points fall in first 36 minutes after positive opening

2- Down moves with upward corrections

3- Support between 17422-17484 in last 3 hours(Immediate Supports)

4- Whole day actual trading between 17422-17599

Conclusions from

intra day chart analysis 

As most Asian markets were trading in Red last Friday therefore firstly 84 Points fall was seen in first 36 minutes after positive opening and selling remained continued in Mid-session also through Down moves with upward corrections.

Although Nifty closed 45.45 points down last Friday but support were also seen at lower levels between 17422-17484 in last 3 hours therefore firstly sustaining beyond this range should be watched in the beginning of next week for:- 

1- On going correction continuation confirmations below 17422. 

2- First signal of correction completion above 17484.

Conclusions

(After putting all studies together)

1- Short Term Trend is down.

2- Intermediate Term Trend is down .

3- Long Term Trend is up but at stake and its future will be decided through sustaining beyond its decider 200-Day SMA which is today at 17368.

Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation with recent bottom formations at 17353.40 which is just below Long Term Trend decider 200-Day SMA(today at 17368) therefore firstly sustaining beyond 17353.40 should be watched in the coming week for the life and length of on going correction. 

 

As US markets crashed in previous week and its Indices have shown long Black Weekly Candle formation also therefore most Global markets melted and Indian markets also participated in Global markets downward journey. Those US and most European markets which closed after Indian markets closure last friday have also closed more than 1% down therefore its impact on Indian markets trading may also be seen next Monday through firstly weaker opening and after that fresh downward moves beginning. 

Next supports below last Friday closing(17465.80) are a follows:-

1- 17226-17374

2- 17106-17219

3- 17038-17097

4- 16948-17018(Gap support)

5- 16654-16746(Gap support)

6- 16565-16628

7- 16443-16494

8- 16360-16438(Gap support)

Next resistances above last Friday closing(17465.80) are a follows:-

1- 17522-17576

2- 17651-17685

3- 17736-17755

4- 17773-17800(Gap resistance)

5- 17866-17891

6- 17902-17924

7- 17949-18022

8- 18069-18132

9- 18155-18192

10- 18216-18240

11- 18345-18387(Strong resistances)

As sustaining beyond 17368 and 17353.40 will confirm Long Term trend therefore firstly sustaining beyond these 2 levels should be watched in next week for Long Term trend confirmations. Although crashing Global markets but Short Term indicators have turned Oversold and Nifty got supports also last Friday between 17422-17484(Immediate Supports) therefore if Nifty gets fresh supports within or near about this supports range in next week then fresh up moves will be seen and firstly sustaining it beyond should be watched in the beginning of next week for:- 

1- First signal of Long Term Trend downward turning and deeper corretion beginning below 17422.

2- Strong Pull Back Rally beginning above 17484.

 Firstly watch 17525-17620 & 

sustaining above 17620 will confirm 

strong Pull Back Rally beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(24-02-2023)

Nifty-Intra Day Chart (23-Feb-2023):-

Technical Patterns formation in today intraday charts

1- 119 Points sharp fall in first half hour after positive opening

2- Sharp up moves

3- 164 Points up moves in 40 minutes

4- More than 5 hours sideways trading between 17525-17620

5- Sharp down

6- Whole day actual trading between 17456-17620

Conclusions from intra day chart analysis 

Although positive opening today but after that 119 Points sharp fall in first half hour and immediately after that sharp up moves were also seen. 

As firstly 164 points up moves in 40 minutes from intraday lower levels and after that more than 5 hours sideways trading between 17525-17620 and Nifty traded within this range between 17530-17591 in last 2 hours yesterday also therefore today sideways trading range has become crucial because Nifty traded more than 7 hours within it in last 2 sessions.

Although sharp fall was seen in last half hour today and today closing was below 17525 at 17511.25 but firstly sustaining beyond Crucial range(17525-17620) should be watched in the coming 1/2 sessions for the life and length of on going correction. As Short Term indicators have turned Oversold also therefore if finally Nifty sustains above 17620 then that will confirm strong Pull Back Rally beginning in the coming week. 

Firstly watch 17530-17591 & sustaining

 above 17591 will confirm strong 

Pull Back Rally beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-02-2023)

Nifty-Intra Day Chart (22-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 17733-17749

2- Sharp fall

3- Down moves with upward corrections

4- Volatility in last 2 hours between 17530-17591

5- Whole day actual trading between 17530-17772

Conclusions from intra day

chart analysis 

As firstly selling after gap down opening therefore sharp fall was seen in first hour. Follow up selling remained continued through Down moves with upward corrections in Mid sessions also hence higher levels good intraday selling will be understood today.

 

Volatility in last 2 hours between 17530-17591 in which lower levels intraday consolidation was also seen therefore firstly sustaining it beyond should be watched in the coming sessions for the life and length of on going correction. As Short Term indicators have turned Oversold and lower levels some consolidation was also seen therefore sustaining above 17591 will confirm strong Pull Back Rally beginning.

 Down moves towards next supports

 between 17720-17801

Nifty-Intra Day Chart Analysis & 

Market Outlook(22-02-2023)

Nifty-Intra Day Chart (21-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Support between 17848-17866

2- Up moves

3- Selling between 17902-17924

4- Down moves

5- Support between 17818-17846

6- Up moves

7- Selling between 17866-17891

8- Down moves

9- Support between 17801-17834

10- Whole day actual trading between 17801-17924

Conclusions from intra day chart analysis 

As whole day up moves after lower levels some supports and down moves after higher levels some selling therefore almost flat closing today. Last 5 hours trading was with lower top and bottom formations therefore intraday weakness will be understood and:-

1- Down moves are expected towards next supports between 17720-17801 and 

2- Firstly sustaining beyond 17720-17801 should be watched tomorrow for on going correction continuation/completion.

 17801-17864 will confirm next 

intraday decisive move beginning 

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-02-2023)

Nifty-Intra Day Chart (20-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Up moves in first hour after positive opening and initial volatility.

2- Selling between 17949-18004

3- Down moves with upward corrections

4- Support between 17819-17860

5- Whole day actual trading between 17819-18004

Conclusions from intra day chart analysis 

Although up moves were seen in first hour after positive opening and initial volatility but higher levels selling developed therefore down moves started which remained continued till 02:00 PM. As lower levels supports between 17819-17860 which was within previous supports range(17801-17864) therefore firstly sustaining it beyond should be watched tomorrow for next intraday decisive move beginning confirmations.