Finally watch 19237 amid firstly 

up moves expectations towards 

next resistances

Technical Analysis,Research & Weekly 

Outlook(Aug 21 to Aug 25,2023)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (18-Aug-2023):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 beginning from 16828.3 on 20-03-2023.

2- Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 continuation with recent top formations at 19991.8 on 20-07-2023.

3- Short Term correction continuation with recent bottom formations at 19253.6 on 18-08-2023.

4- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold.

5- Stochastic:- %K(5)- 37.79 & %D(3)- 37.27.

6- Stochastic is showing positive divergence

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

8- MACD(26,12)- -130.11 & EXP(9)- -64.66 & Divergence- -65.45

Conclusions from EOD chart analysis

(Stochastic & MACD)

Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 begun from 16828.3 on 20-03-2023 and in continuation with recent top formations at 19991.8 on 20-07-2023. Its correction started from this level which is in continuation with recent bottom formation at 19253.6 on 18-08-2023 and no confirmation of its completion yet on intraday and EOD charts. Positions of Daily indicators are as follows:-

1- Although in Short Term indicator Stochastic %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone therefore more downward moves can not be ruled out. As Stochastic is showing positive divergence also therefore emergence of Short Term trend reversal will be understood and it will get confirmation after %K(5) line upward intersection of %D(3) line.

2- As in MACD indicator MACD line has intersected Average line downward and its both lines are falling in  negative zone therefore confirming downward trend formation as well as more more downward moves possibility.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (18-Aug-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 19400 

2- 21-Day SMA is today at 19591

3- 55-Day SMA is today at 19237

4- 100-Day SMA is today at 18643

5- 200-Day SMA is today at 18314

Conclusions from EOD chart analysis

(Averages)

As Nifty has closed below both Short Term 5-Day and 21-Day SMA last Friday and 5-Day SMA has intersected downward 21-Day SMA also therefore confirming that Short Term Trend has turned downward. Intermediate Term Trend decider 55-Day SMA is at 19237 and lowest of on going correction was just above it at 19253.6 last Friday therefore firstly sustaining beyond 19237 should be watched in next week for Intermediate Term Trend final confirmations.  

Nifty-Intra Day Chart Analysis

(18-Aug-2023)

Nifty-Intra Day Chart (18-Aug-2023):-

Technical Patterns formation in today intraday charts

1- 89 Points down in first minute after gap down opening.

2- Consolidation between 19254-19295

3- Sharp up

4- Down moves in Bullish Falling Channel

5- Whole day actual trading between 19254-19373

Conclusions from intra day chart analysis 

Although firstly 89 points down moves in first minute after gap down opening but lower levels consolidation was seen between 19254-19295 therefore sharp up moves developed after 01:30 PM and Nifty recovered more than 100 points in half hour. As follow up consolidation was seen in last hour through Down moves in Bullish Falling Channel therefore up moves are expected above last friday highest(19373) in the beginning of next week.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is still up but at stake and firstly sustaining beyond 55-Day SMA(today at 19237) should be watched in the coming week/weeks for its confirmations.

3- Short Term trend is down.

Short Term correction which started from 19991.8 on 20-07-2023 and is in continuation with recent bottom formations at 19253.6 on 18-08-2023 and no confirmation of its completion yet on intraday and EOD charts.

Although MACD indicator is showing downward moves continuation signals but Short Term indicator Stochastic is suggesting fresh up moves beginning possibility also as well as intraday charts of last Friday is indicating up moves in the beginning of next week therefore firstly up moves are expected towards following next resistances in the beginning of next week;-

1- 19394-19415

2- 19485-19504

3- 19538-19623(Strong resistance)

Next supports below last friday closing are as follows:-

1- 19254-19295

2- 19202-19234(Gap Supports)

3- 19136-19155

4- 19075-19107

5- 19012-19024(Gap Supports)

6- 18951-18976

7- 18865-18891

8- 18830-18861(Gap Supports)

9- 18772-18789

10- 18716-18747

11- 18647-18675

12- 18532-18565

13- 18479-18516

14- 18419-18445

15- 18373-18397

16- 18325-18353

17- 18203-18261

18- 18059-18127

Long Term Trend is still up and its decider 200-Day SMA is today at 18314 as well as all the supports near about it has been updated above. Although Intermediate Term trend is still up but at stake at 19237 because no confirmation of on going correction completion yet therefore sustaining it beyond should also be watched in next week/weeks. Finally sustaining below 19237 will mean deeper correction beginning confirmations towards above mentioned 18 supports amid firstly up moves expectations towards above mentioned resistances.

Firstly watch next supports after 

negaive Global cues

Pre-open Outlook(18-08-2023)

As Dow Jones closed 290 points down yesterday and in reaction most Asian markets are trading in negative zone as well as sentiment has turned dampened therefore weaker opening on Indian markets will be seen today. Firstly sustaining beyond next supports(19297-19381) should be watched today after negaive Global cues for:-

1- Deeper correction beginning below 19297.

2- First signal of fresh up moves beginning above 19381.

Firstly watch 19327-19381 & sustaining above 19381 will mean strong Pull Back rally beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(18-08-2023)

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

Technical Patterns formation in today intraday charts

1- 86 Points down in first hour after weak opening

2- Selling between 19394-19415

3- Sharp fall

4- More than 4 hours sideways trading  between 19327-19381 

5- Whole day actual trading between 19327-19461

Conclusions from intra day chart analysis 

As firstly 86 points down moves in first hour and after that follow up selling therefore sharp fall was seen after 11:00 PM. Although 99 points negative closing today but lower levels more than 4 hours sideways trading was seen between 19327-19381 therefore firstly sustaining beyond this range should be watched tomorrow. As some consolidation patterns were also seen between last 4 hours sideways trading therefore sustaining above 19381 will mean strong Pull Back rally beginning. 

Finally watch 19258-19482 amid 

firstly sideways trading expectations

 within this range

Nifty-Intra Day Chart Analysis

(17-Aug-2023)

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

Technical Patterns formation in today intraday charts

1- 117 Points down in first minute after negative opening

2- Whole day slow up moves 

3- Whole day actual trading between 19318-19482

Conclusions from intra day chart analysis 

Although Nifty closed near the intraday higher levels of the day after 164 points recovery from lower levels and with 30 points gains but:-

1- Most time intraday trading was in negative zone.

2- Whole day up moves were slow.  

Therefore some intraday selling also can not be ruled out. As intraday good consolidation was seen one day before therefore expected that Nifty will firstly trade within last 2 sessions trading range(19258-19482) and prepare for next decisive moves beyond this range. Finally sustaining beyond this range will confirm next decisive moves beginning hence should be firstly watched for its confirmations amid firstly sideways trading expectations within this range.

Firstly watch 19346-19365 after 

negative Global markets

Post-open Outlook(16-08-2023)

As Dow Jones closed 361 points down and all the European markets also closed in Red yesterday as well as most Asian markets were trading in negative zone today morning therefore sentiment turned depressed and resultant negative opening of Indian markets were seen today. Some intraday supports were seen between 19346-19365 yesterday therefore firstly sustaining beyond this supports range should be watched today for next intraday decisive moves beginning confirmations towards following next supports/resistances:- 

Next supports:-

1- 19376-19392

2- 19297-19365 

Next resistances;-

A- 19485-19504

B- 19538-19623(Strong resistance)

Watch next resistances amid 

up moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-08-2023)

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

Technical Patterns formation in today intraday charts

1- 171 Points down in first 20 minutes

2- Whole day up moves with downward corrections

3- Whole day actual trading between 19258-19465

Conclusions from intra day chart analysis 

Although firstly 171 points down in first 20 minutes after weaker opening but up moves started from lower levels which remained continued till last hour. As whole day up moves were with downward corrections therefore firstly up moves are expected towards following next resistances;-

A- 19485-19504

B- 19538-19623(Strong resistance)

Firstly sustaining beyond above mentioned next resistances should be watched in the coming sessions for next decisive up moves beginning confirmations because resistance between 19538-19623 are strong and failing to sustain above 19623 will mean correction continuation below last Monday lowest(19258).