Firstly Bullish moves & Short Term Correction beginning confirmations below 25200

Technical Analysis,Research & Weekly

Outlook(Sep 02 to Sep 06,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (30-Aug-2024):-

Technical Patterns and Formations in EOD 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 01-12-2022.

3- Corrective Wave-2 completion at 16828.30 on 20-03-2023.

4- Impulsive Wave-(i) of Wave-3 completion at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

5- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.

6- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.  

7- Corrective Wave-C of Wave-(ii) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 beginning. 

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

9- Short Term correction continuation with recent bottom formations at 25268.35 on 30-08-2024. 

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-C of "ABC correction" of previous Waves structure completed at 15183.40 on 17-06-2022 and from his level Impulsive Wave-1 of new Waves structure begun. Wave-1 completed at 18887.60 on 01-12-2022 and from this level Wave-2 started which completed at 16828.30 on 20-03-2023 and Impulsive Wave-3 begun from this level which is now in continuation. 

Impulsive Wave-(i) of Wave-3 completed at 20222.45 and from this level corrective Wave-A of "ABC" correction of Wave-(ii) of Wave-3 begun which completed at 19333.60 on 04-10-2023 and Wave-B started. Wave-B completed at 19849.80 on 17-10-2023 and Wave-C begun from this levels which completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 begun from this level. 

Short Term correction was seen in previous month which completed at 23893.70 on 05-08-2024 and from this level fresh up moves of Impulsive Wave-(iii) of Wave-3 begun which are in continuation with its recent high and new life time top formations at 25268.35 on 30-08-2024 and no indication of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (30-Aug-2024):-

Technical Patterns and Formations in EOD 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)- 86.82 & %D(3)- 85.95.

3- Stochastic is showing negative divergence

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

5- MACD(26,12)- 305.84 & EXP(9)- 76.78 & Divergence- 229.06

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 in Over bought zone as well as this indicator is showing negative divergence also hence it will be understood that at present this indicator is showing strong possibility of Short Term downward move beginning. 

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 this indicator is confirming Short Term upward trend formations and on going Bullish moves continuation possibility as well.

Nifty-Intra Day Chart Analysis

(30-Aug-2024)

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

Technical Patterns formation in today intraday charts

1- Whole day sideways trading between 25205-25268

2- Down moves in Bullish Falling Channels formations

3- Whole day actual trading between 25200-25268

Conclusions from intra day chart analysis 

Although whole day sideways trading between 25205-25268 after gap up opening but Down moves in Bullish Falling Channels were also seen within this range and intraday selling patterns were not seen last Friday therefore expected that on going rally will remain continued 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 up.

Now impulsive Wave-(iii) of Wave-3 is in continuation forcefully with its recent high and new life time top formations at 25268.35 last Friday and no indication of its completion yet on EOD charts. 

Although Short Term MACD indicator is confirming upward Trend formations but   Short Term Stochastic indicator is showing strong possibility of Short Term correction beginning possibility also therefore finally up moves after Short Term correction completion possibility can not be ruled out,

As last Friday intraday charts are showing some Bullish Patterns formations within whole day sideways trading range therefore firstly up moves with new life time top formations are expected in the beginning of next week. Until Nifty will not sustain below last Friday lowest after complete intraday selling patterns formations till then even Very Short Term correction will not be seen. As Nifty closed at life time top last Friday and intraday selling patterns were not seen that day therefore now there is no resistance at higher levels. Next supports below last Friday lowest are as follows which should be watched one by one after fresh intraday selling patterns formations and Short Term correction beginning confirmations below last friday lowest(25200):-

1- 25091-25116

2- 25014-25041

3- 24971-25033

4- 24859-24874(Gap Support)

5- 24820-24832

6- 24781-24809

Watch levels after high intraday volatility

Nifty-Intra Day Chart Analysis &

Market Outlook(30-08-2024)

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

Technical Patterns formation in today intraday charts

1- Up moves after negative opening

2- Consolidation between 25091-25116

3- Sharp up 

4- Selling between 25138-25171

5- Sharp fall

6- Consolidation between 25014-25041

7- Sharp up

8- Selling between 25130-25192

9- Whole day actual trading between 24999-25192

Conclusions from intra day chart analysis 

As good intraday selling in previous sessions therefore Nifty could not sustain at higher levels after initial up moves and sharp fall was also seen in Mid-session with new intraday lowest formations. Whole day trading was highly volatile with lower levels consolidation and higher levels selling as well as sharp upward moves and sharp fall were also seen. As technical positions reverse also during today like high volatility therefore next decisive moves will be finally decided through sustaining beyond today trading range which should be firstly watched for next decisive moves beginning confirmations. 

Down moves below last 

2 sessions lowest

Nifty-Intra Day Chart Analysis &

Market Outlook(29-08-2024)

Nifty-Intra Day Chart (28-Aug-2024):-

Technical Patterns formation in today intraday charts

1- Down moves after positive opening

2- Consolidation between 24971-25033

3- Sharp up

4- Selling between 25084-25129

5- Down moves in last hour

6- Whole day actual trading between 24965-25129

Conclusions from intra day chart analysis 

Although positive opening today morning but firstly down moves were seen and Nifty traded 52 points down also below 25000 because intraday selling was seen between 25039-25070 yesterday. As lower levels consolidation developed in first 2 hours therefore sharp up moves were seen after that but more than 3 hours higher levels selling was also seen therefore down moves developed in last hour. 

As intraday charts of today are showing both lower levels consolidation and higher levels selling also therefore whole day today trading will be understood with mixed Patterns formation between 24971-25129 hence expected that Nifty will firstly trade and prepare for next decisive moves beginning within and near about this range. Although positive opening today but higher levels more intraday selling was seen today and higher levels selling developed yesterday also therefore expected that down moves will be seen and finally Nifty will slip below last 2 sessions lowest(24965) in the coming sessions.

As out of station therefore unable 

to post today(28-08-2024) Outlook. 

Sustaining beyond 24968-25029 will

 confirm next bigger moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-08-2024)

Nifty-Intra Day Chart (26-Aug-2024):-

Technical Patterns formation in today intraday charts

1- 154 Points sharp up in first half hour after gap up opening

2- More than 4 hours sideways trading between 24968-25029

3- Whole day actual trading between 24875-25043

Conclusions from intra day chart analysis 

As strong Global cues today morning therefore firstly 154 points sharp up moves in first half hour after gap up opening. More than 4 hours sideways trading between 24968-25029:-

1- in which some selling patterns were also seen 

2- therefore expected that Nifty will firstly trading and prepare fopr next decisive moves within this range and finally sustaining beyond this range will confirm next bigger moves beginning 

3- hence firstly sustaining beyond 24968-25029 should be watched in the coming sessions for next bigger moves beginning confirmations.