Firstly watch last 4 sessions trading 

range amid crashing Global markets

Technical Analysis,Research & Weekly Outlook

(Mar 20 to Mar 24,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (17-Mar-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 and Corrective Wave-A of "ABC" correction begining.

5- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.

6- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.

7- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 16850.2 on 16-03-2023.

Conclusions from EOD chart analysis

(Waves structure)

"ABC correction" of previous Waves structure completed at 15183.4 on 17-06-2022 and from this level Impulsive Wave-1 of new "Waves structure" started. Its impulsive Wave-[(i)] completed at 18096.2 on 15-09-2022 and corrective Wave-[(ii)] started which completed at 16747.7 on 30-09-2022.

Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction begun.Now its corrective Wave-C is in continuation with recent bottom formation at 16850.2 on 16-03-2023 and no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (17-Mar-2023):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction begining.

2- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.

3- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 corrected 1113.3 Points.

4- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.

5- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 16850.2 on 16-03-2023.

6- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 has corrected 1415.1 Points till now. 

Conclusions from EOD chart analysis

(Corrective Waves)

Corrective Wave-A of "ABC" correction started after impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022. Wave-A corrected 1113.3 Points till its bottom formation at 17774.3 on 26-12-2022 and from this level corrective Wave-B begun which completed at 18265.3 on 30-12-2022. From this level corrective Wave-C started which is in continuation with recent bottom formation at 16850.2 on 16-03-2023 after correcting 1415.1 Points till now and no confirmation of its completion yet. 

Nifty-EOD Chart Analysis

(Bollinger Band,Stochastic & MACD)

Nifty-EOD Chart (17-Mar-2023):-

Technical Patterns and Formations in EOD charts

1- Bollinger Band- Nifty is hovering around Lower Band for the last 5 sessions

2- Stochastic- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising in Over sold zone.

3- Stochastic:- %K(5)- 20.23 & %D(3)- 12.09.

4- MACD line has intersected Average line downward and its both lines are falling in negative zone

5- MACD(26,12)- -225.98 & EXP(9)- -202.32 & Divergence- -23.66

Conclusions from EOD chart analysis

(Bollinger Band,Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- Bollinger Band:-

A- Nifty tested its falling Lower Band in first 4 sessions of previous week.

B- Nifty remained above its falling Lower Band in last session of previous week which is first signal of up moves beginning towards its Middle Band and Upper Band. 

2- In Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising in Over sold zone therefore showing signals of Short Term up moves beginning.

3- In MACD- MACD line has intersected Average line downward and its both lines are falling in negative zone therefore suggesting Downward trend formations.

Nifty-Last 4 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Mar 14 to Mar 17,2023):-

Technical Patterns formation in last 4 Sessions intraday charts

1- Selling(Resistances) in last 4 Sessions are as follows:-

A- 17024-17062 

B- 17040-17066 

C- 17137-17167 

2- Consolidation(Supports) in last 4 Sessions are as follows:-

A- 16959-17019 

B- 16914-16969

C- 16955-16986

D- 16988-17070

3- Last 4 Sessions actual trading between 16851-17224 

Conclusions from 4 Sessions

intra day chart analysis 

Above supports were seen at lower levels in last 4 sessions during on going that correction which started from 18887.6 on 01-12-2022. As selling was also seen at higher levels between above mentioned resistance ranges therefore Nifty has to prepare for next decisive moves within last 4 sessions trading range(16851-17224) which will be firstly done in the coming week. Let Nifty to to fistly prepare and finally to sustain beyond last 4 sessions trading range then that side big decisive moves will be seen.

Nifty-Intra Day Chart Analysis

(17-Mar-2023)

Nifty-Intra Day Chart (17-Mar-2023):-

Technical Patterns formation in today intraday charts

1- Down moves after gap up strong opening 

2- Down moves in Bullish Falling Channel

3- Consolidation between 16959-17019 

4- Up moves with downward corrections

5- Whole day actual trading between 16959-17145

Conclusions from intra day chart analysis 

Although gap up strong opening last Friday but not sustaining at higher levels and down moves started immediately after opening. As Down moves started in Bullish Falling Channel after 1 hour and after that lower levels some consolidation also between 16959-17019 therefore up moves begun after 1:00 PM which remained continued till last minutes.

As last 2 hours up moves were with downward corrections also therefore whole day good consolidation will be understood last Friday and up moves are expected in the beginning of next week.

Conclusions

(After putting all studies together)

1- Short Term Trend is down.

2- Intermediate Term Trend is down .

3- Strong indications of Long Term Trend turning down after last 6 sessions closing below its decider 200-Day SMA which is today at 17451 and until Nifty will not sustain above it till then decisive up moves will not be seen.

Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 16850.2 on 16-03-2023 after correcting 1415.1 Points till now and no confirmation of its completion yet as well as indications of Long Term Trend turning down therefore more down moves can not be ruled out. Last Supports range within and below the lowest(16850.2) of on going correction is between 16760-16855. Immediate 3 resistance rangeS within last 4 sessions trading range(16851-17224) has been posted above. Next resistances above 17224 are as follows which are below and just above 200-Day SMA(17451) and should be watched for Long Term Trend formation next signals and confirmations:-

1- 17266-17293

2- 17378-17406

3- 17442-17473

4- 17491-17526

Although Stochastic indicator is showing signals of Short Term up moves beginning but MACD indicator is suggesting Downward trend formations also therefore fresh down moves beginning can not be ruled after some up moves. Lower levels consolidation in 4 previous sessions and last Friday also but Dow Jones closed 384 points down last Friday and US based Banks negative news led weakness iS being seen in all the Global Markets therefore firstly following levels should be watched in the beginning of next week:-

1- Last Friday lowest(16959)

2- Last 4 sessions lowest(16851)

3- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 beginning level(16747.7) because slipping below it will mean as per "Elliot Waves theory" recounting of whole on going waves structure which begun from 15183.4 on 17-06-2022.

As any decisive up move will be seen only after sustaining above last 4 sessions highest(17224) therefore firstly sustaining beyond last 4 sessions trading range(16851-17224) should be watched in next week amid crashing Global markets.

Sustaining above 17062 will confirm 

strong Pull Back rally beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(17-03-2023)

Nifty-Intra Day Chart (16-Mar-2023):-

Technical Patterns formation in today intraday charts

1- 144 Points down in first 52 minutes after positive opening

2- Consolidation between 16851-16895

3- Up moves with downward corrections

4- Down moves in Bullish Falling Channel

5- Consolidation between 16914-16969

6- Sharp up 

7- Selling between 17024-17062

8- Sharp down

9- Consolidation between 16955-16986

10- Whole day actual trading between 16851-17062

Conclusions from intra day chart analysis 

Although positive opening and firstly 144 points down moves were seen in first 52 minutes but whole day good intraday consolidation was seen in following manner:-

1- 3 Times consolidation in sideways trading range.

2- Consolidation through Up moves with downward corrections.

3- Consolidation through Down moves in Bullish Falling Channel.

Next supports between 16760-16855 was posted yesterday in "Watch next supports amid crashing Global markets". Nifty got supports within this range and consolidated just above it also between 16851-16895 therefore up moves are expected tomorrow. 

As some selling was also seen at higher levels between 17024-17062 therefore fresh consolidation and sustaining above 17062 will confirm strong Pull Back rally beginning.   

Firstly watch yesterday lowest after sentiment improvement today monrning

Pre-open Outlook(16-03-2023)

As Dow Jones closed after 444 points recovery lower levels and its Futures are trading more than 100 points up today monrning also therefore sentiment has improved and firstly sustaining beyond yesterday lowest(16938.90) should be firstly watched today for next decisive moves beginning confirmations.

Watch next supports amid crashing Global markets

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-03-2023)

Nifty-Intra Day Chart (15-Mar-2023):-

Technical Patterns formation in today intraday charts

1- 163 Points up in first 5 minutes after positive opening

2- Whole day down moves with upward corrections

3- Whole day actual trading between 16939-17211

Conclusions from intra day chart analysis 

As good intraday consolidation yesterday therefore Nifty traded 163 Points up in first 5 minutes after positive opening but negaive cues were from Global markets therefore selling started which remained continued whole day through down moves with upward corrections. 

Crashing Global markets situation is as follows:-

1- Dow Jones traded more than 700 points down today.

2- All the European markets closed more than 3% down today.

As such depressing Global markets sentiments and only selling patterns were seen today in Indian Markets also therefore more down moves will be seen tomorrow also and firstly next supports between 16760-16855 should be watched also for next intraday decisive moves beginning confirmations.

 Up moves towards/above today highest

Nifty-Intra Day Chart Analysis & 

Market Outlook(15-03-2023)

Nifty-Intra Day Chart (14-Mar-2023):-

Technical Patterns formation in today intraday charts

1- Sharp up moves after flat opening

2- Down moves with upward corrections

3- High volatility in Mid-session

4- Consolidation between 16988-17070

5- Whole day actual trading between 16988-17224

Conclusions from intra day chart analysis 

Although firstly sharp up moves after flat opening but selling was seen through Down moves with upward corrections and Nifty slipped. Although high volatility in Mid-session but lower levels good consolidation between 16988-17070 therefore up moves will be seen towards/above today highest tomorrow.

17106-17219 will confirm next intraday 

Short Term Moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(14-03-2023)

Nifty-Intra Day Chart (13-Mar-2023):-

Technical Patterns formation in today intraday charts

1- Nifty traded 119 points up after little positive opening

2- 5 Hours Down moves with upward corrections

3- Support in last hour between 17114-17167

4- Whole day actual trading between 17114-17529

Conclusions from intra day chart analysis 

As Dow Jones Futures was trading more than 400 Points up and all the Asian markets were also trading with good gains today morning therefore Nifty traded 119 points up after little positive opening but after that down moves started which remained continued till last hour. 

Sentiments turned most depressing after Dow Jones Futures more than 600 points sharp fall therefore down moves started in Indian markets also. 5 Hours Mid-session Down moves were with upward corrections ie with continuous selling therefore more down moves can not be ruled out. Although today closing was 1.49 down but following points should also be kept in mind:-

1- Support was seen today in last hour between 17114-17167

2- Today lowest and closing was last Saturday posted 2nd supports range(17106-17219)

3- Very Short Term indicators have become oversold after last week and today down moves

As today last hours supports(17114-17167) were within last Saturday posted 2nd supports range(17106-17219) also therefore firstly sustaining beyond 17106-17219 should be watched tomorrow for next intraday Short Term Moves beginning confirmations.