Firstly watch next supports for the

 life and length of expected correction

Technical Analysis,Research & Weekly 

Outlook(Aug 05 to Aug 09,2024)

Nifty-Weekly Chart Analysis

(Waves structure)

Nifty-Weekly Chart (02-Aug-2024):-

Technical Patterns and Formations in Weekly charts

1- Corrective Wave-C of previous Waves structure "ABC correction" completion at 15183.40 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.

2- Impulsive Wave-1 completion at 18887.60 on 02-12-2022.

3- Corrective Wave-2 completion at 16828.30 on 24-03-2023.

4- Impulsive Wave-(i) of Wave-3 completion at 20222.45 on 15-09-2023. 

5- Corrective Wave-(ii) of Wave-3 completion at 18837.80 on 27-10-2023

6- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 25078.30 on 01-08-2024.

7- Correction beginning with closing near weekly lowest and recent bottom formations at 24686.85 on 02-08-2024. 

Conclusions from Weekly chart

analysis(Waves structure)

Impulsive Wave-1 of new Waves structure begun from 15183.40 on 17-06-2022 after Corrective Wave-C of "ABC correction" of previous Waves structure completion at this level. Impulsive Wave-1 completed at 18887.60 on 02-12-2022 and from this level Wave-2 started which completed at 16828.30 on 24-03-2023 and Impulsive Wave-3 begun from this level. 

Impulsive Wave-(i) of Wave-3 completed at 20222.45 on 15-09-2023 and from this level corrective Wave-(ii) of Wave-3 begun which completed at 18837.80 on 27-10-2023 and impulsive Wave-(iii) of Wave-3 started from this level. Although now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 25078.30 on 01-08-2024 and no indication of its completion yet on Weekly charts also but correction started in previous week and Nifty closed near weekly lowest last Friday therefore firstly completion of previos week started correction should be watched for next up moves beginning confirmations.

Nifty-Weekly Chart Analysis

(Stochastic & MACD)

Nifty-Weekly Chart (02-Aug-2024):-

Technical Patterns and Formations in Weekly charts

1- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling in Over bought zone.

2- Stochastic:- %K(5)- 81.17 & %D(3)- 87.03.

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

4- MACD(26,12)- 1096.21 & EXP(9)- 671.60 & Divergence- 424.61

Conclusions from Weekly chart

analysis (Stochastic & MACD)

Technical positions of Intermediate Term indicators are as follows:-

1- As in Stochastic %K(5) line has intersected %D(3) line downward and its both lines are falling in Over bought zone therefore it will be understood that signals of Intermediate Term correction beginning have been generated and its continuation can not be ruled out in the coming week.

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone  therefore it will be understood that MACD is confirming upward Trend formation but remain cautious also because gap between its both lines has been widened which is an indication of downward moves beginning possibility also.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (02-Aug-2024):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 25078.30 on 01-08-2024.

2- Short Term correction continuation with recent bottom formations at 24686.85 on 02-08-2024. 

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

4- Stochastic:- %K(5)- 63.87 & %D(3)- 79.49.

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

6- MACD(26,12)- 197.05 & EXP(9)- 249.16 & Divergence- -52.11

Conclusions from EOD chart analysis

(Stochastic & MACD)

Technical positions of Short Term indicators are as follows:-

1- As in Stochastic its %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone therefore it will be understood that signals of Short Term correction beginning have been generated and that may be seen in the coming week also.

2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in positive zone therefore it will be understood that this indicator is showing signals of Short Term downward trend formations and more downward moves possibility also can not be ruled out in next week.

Nifty-Intra Day Chart Analysis

(02-Aug-2024)

Nifty-Intra Day Chart (02-Aug-2024):-

Technical Patterns formation in today intraday charts

1- Sharp fall after 167 points gap down opening

2- Selling between 24791-24824

3- Downward moves in last hours

4- Whole day actual trading between 24687-24851

Conclusions from intra day chart analysis 

As firstly sharp fall after 167 points gap down opening and after that selling in Mid-session also therefore intraday correction remained continued till last hours and Nifty closed near the lower levels of the day last Friday. Only intraday selling patterns formations and consolidation patterns were not seen therefore firstly downward moves towards next supports will be seen in the beginning of coming week.

Conclusions (After putting

all studies together)

1- Long Term Trend is up.

2- Intermediate Term trend is up.

3- Short Term Trend is UP.

Although now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 25078.30 on 01-08-2024 and no indication of its completion yet on Weekly charts and EOD charts but Short Term Correction begun in previous week and Nifty closed near weekly lowest last Friday. 

As Intermediate and Short Term indicators are showing Short Term correction possibility and last Friday intrday charts are also showing selling patterns formations therefore downward moves are expected towards following next supports one by one in the coming week/weeks for the life and length of expected correction:-

1- 24629-24655

2- 24580-24605

3- 24367-24426

4- 24308-24367

5- 24142-24307

6- 24095-24140

7- 23914-23997 

8- 23671-23734

9- 23563-23612

10- 23502-23537

11- 23358-23476

Next resistances above last Friday closing are as follows. Sustaining above one by one should be watched one by one for fresh rally beginning possibility after on foing corerection completion:-

1- 24791-24824

2- 24932-24954 

3- 24974-25026

4- 25038-25067

Finally 24922-24971 will confirm

 next bigger moves amid firstly

 down moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(02-08-2024)

Nifty-Intra Day Chart (01-Aug-2024):-

Technical Patterns formation in today intraday charts

1- Down moves with upward corrections

2- Selling between 24974-25026

3- Whole day actual trading between 24957-25078

Conclusions from intra day chart analysis 

Although firstly up moves after gap up strong opening above 25,000 but intraday selling patterns were seen in previous sessions also therefore not sustaining at higher levels and down moves begun which remined continued more than 5 hours. As these down moves were with upward corrections which is a selling pattern and selling was seen between 24974-25026 also therefore down moves are expected towards day's lowest(24957). Finally sustaining beyond 24922-24971 should be watched for next bigger moves beginning confirmations because Nifty has traded more than 7 hours in previos 2 sessions.

 FOMC announcements led next one sided decisive moves beginning confirmations through 2 trading ranges

Nifty-Intra Day Charts Analysis & Market Outlook(01-08-2024)

Nifty-Last 3 Sessions intraday charts analysis

Nifty-Intra Day Chart (Jul 29 to Jul 31,2024):-

Technical Patterns formation in last 3 Sessions intraday charts

1- More than 3 hours trading between 24774-24891 on 29-07-2024 and 30-07-2024. 

2- More than 7 hours trading between 24922-24971 on 30-07-2024 and 31-07-2024.

3- Last 3 Sessions actual trading between 24774-24999

Conclusions from 3 Sessions

intra day chart analysis 

Although huge volatility on 29-07-2024 but Nifty traded within this range in last 2 sessions and Nifty traded within above mentioned 2 ranges more than 3 hours and more than 7 hours. As Nifty has prepared for post FOMC announcements led new decisive moves therefore Indian and Asian markets will react on it tomorrow and:-

1- Firstly sustaining beyond these 2 trading ranges should be watched for Indian markets reaction on FOMC announcements.

and 

2- Next one sided decisive moves beginning confirmations.

Sustaining below 24774 will mean correction continuation towards next supports

Nifty-Intra Day Chart Analysis & Market 

Outlook(31-07-2024)

Nifty-Intra Day Chart (30-Jul-2024):-

Technical Patterns formation in today intraday charts

1- Minor volatility in first hour

2- Up moves

3- More than 3 hours selling between 24922-24971

4- Sharp fall in last hour

5- Whole day actual trading between 24799-24971

Conclusions from intra day chart analysis 

Although firstly up moves were seen after first hour volatility but higher levels more than 3 hours selling was seen therefore sharp fall developed in last hour because selling was seen one day before below this range between 24834-24891 and Nifty closed also within this range at 24857.30.  As selling patterns have been seen in last 2 sessions therefore down moves are expected towards last 2 sessions lowest(24774) and sustaining below it will mean Very Short Term correction continuation towards next supports between 24367-24426.

 Sustaining beyond 24774-24891

 will confirm next decisive bigger

 moves beginning

Post-open Outlook(30-07-2024)

Nifty-Intra Day Chart (Between 09:15 AM to 10:15 AM) 

of 30-Aug-2024):-

Conclusions from 1st hour intra day

chart analysis

Nifty traded between 24774-24891 in last 3 hours yesterday and within this range selling was seen between 24834-24891. Although firstly Nifty slipped below 24800 after flat opening today but traded between 24799-24887 in first hour also which is within last 3 hours trading range of yesterday. Firstly sustaining beyond 24774-24891 should be watched for next decisive bigger moves beginning confirmations because Nifty is preparing within this range for those moves for the last 4 hours.

Watch next supports amid firstly 

down moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-07-2024)

Nifty-Intra Day Chart (29-Jul-2024):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel after gap up strong opening

2- Sharp up

3- Up moves in Bearish Rising Channel

4- Selling just below 25,000

4- Sharp fall

5- Selling between 24834-24891 

6- Whole day actual trading between 24774-24999

Conclusions from intra day

chart analysis 

Live Proofs of our 100% accurate 

Nifty predictions & Analysis

Following lines were told in previous Outlook last Saturday on 27-07-2024 in "Bullish rally continuation towards next Psychological level at 25,000 amid Very Short Term or little deeper intraday correction possibility":-

1- on going Bullish rally continuation will be seen towards next Psychological level at 25,000 in next week.

2- Very Short Term or little deeper intraday correction possibility also can not be ruled out.  

As was told on 27-07-2024 100% same happened in following manner on 29-07-2024:-

1- Nifty traded towards 25,000 after 108 points gap up strong opening. 

2- Today highest was at 24999.75 after gaining 165 points.

3- Very Short Term intraday correction was seen and Nifty slipped 225 points also from higher levels as well as several times traded negative zone also after flat closing. 

As firstly consolidation was seen through Down moves in Bullish Falling Channel after gap up strong opening therefore after that sharp up moves were seen. Selling pattern of up moves in Bearish Rising Channel formations was seen in Mid-Session and after that fresh selling in sideways market just below 25,000 in heated sentiments therefore sharp fall was seen. Follow up selling was also seen 

 last hours between 14834-14891 therefore firstly down moves are expected below today lowest(24774) and towards next supports(24367-24426)in the coming session as well as firstly sustaining beyond this su8pports range should be watched in the coming sessions for next decisive moves beginning confirmations