Watch next supports,resistances & 

55-Day SMA for next next Trend 

formations & bigger moves beginning confirmations amid Middle-East war

 led Geo-Global uncertainty

Technical Analysis,Research & Weekly 

Outlook(Oct 07 to Oct 11,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (04-Oct-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 26277.30 on 27-09-2024.

9- Short Term correction continuation with recent bottom formations at  24966.80 on 04-10-2024.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure started from 15183.40 on 17-06-2022 after Corrective Wave-C of "ABC correction" of previous Waves structure completion at this level. Wave-1 completed at 18887.60 on 01-12-2022 and from this level Wave-2 begun 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 20222.4 on 15-09-20235 and from this level corrective Wave-A of "ABC" correction of Wave-(ii) of Wave-3 started which completed at 19333.60 on 04-10-2023 and Wave-B begun from this level. Wave-B completed at 19849.80 on 17-10-2023 and Wave-C started from this levels which completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 begun from this level. 

Now impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 26277.30 on 27-09-2024. Although no confirmation of Wave-(iii) of Wave-3 completion yet on EOD charts but Short Term correction begun in previous week which is now in continuation with its recent bottom formations at 24966.80 on 04-10-2024 and no signal of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (04-Oct-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 sold zone.

2- Stochastic:- %K(5)- 05.42 & %D(3)- 13.74.

3- In MACD- Its both MACD line and Average line are kissing in positive zone.

4- MACD(26,12)- 339.00 & EXP(9)- 367.27 & Divergence- -28.27

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 sold zone therefore it will be understood that at present this indicator is showing first signal of on going on Short Term correction completion but not confirmations therefore let its both lines to move above Over sold zone after upward intersection then Short Term Upward moves will be seen. 

2- As in MACD indicator its both MACD and Average lines are kissing in positive zone therefore it will be understood that at present this indicator is not confirming on going Upward Trend completion and cautioning only. Let any side clear intersection happen then that side bigger decisive moves will begin after that side Short Term Trend formation confirmations

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (04-Oct-2024):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 25611  

2- 21-Day SMA is today at 25485

3- 55-Day SMA is today at 24990

4- 100-Day SMA is today at 24270

5- 200-Day SMA is today at 23136

Conclusions from EOD chart analysis

(Averages)

As Nifty is now well above Long Term Trend decider 200-Day SMA therefore Long Term Trend is confirm up but Short Term Trend is confirm down because Nifty closed well below its decider 21-Day SMA last Friday. Although Intermediate Term trend is still up but at stake because Nifty closed little above its decider 55-Day SMA after slipping below it last Friday and firstly sustaining beyond 55-Day SMA(today at 24990) should be watched in the coming week/weeks for that side next Intermediate Term trend formations and resultant that side one sided bigger moves beginning confirmations.

Nifty-Intra Day Chart Analysis

(04-Oct-2024)

Nifty-Intra Day Chart (04-Oct-2024):-

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- High volatility in Mid-Session

3- Down moves in Bullish Falling Channels in the last more than 2 hours

4- Whole day actual trading between 24967-25485

Conclusions from intra day chart analysis 

Although Nifty traded 150 points down in first 16 minutes after gap down opening but after that upward moves started with downward corrections which is a consolidation pattern therefore finally sharp up moves were seen and Nifty traded 235 points also. As higher levels good intraday selling was seen in previous sessions therefore Nifty could not sustain at higher levels and fallen sharply also as well as lost 394 points in only 31 minutes and in this manner high volatility was seen in Mid-Session.

As last more than 2 hours down moves were in Bullish Falling Channels which is also a consolidation pattern and consolidation pattern was seen in first 2 hours also therefore lower levels good intraday consolidation will be understood last Friday and firstly upward moves are expected towards last Friday highest in the beginning of next week.

Conclusions

(After putting all studies together)

1- Long Term Trend is up.

2- Intermediate Term trend is at stake.

3- Short Term Trend is down.

Although now impulsive Wave-(iii) of Wave-3 is in continuation and no confirmation of its completion yet on EOD charts but Short Term correction forcefully begun in which Nifty corrected 1041 points in last 4 sessions of previous week. Now correction is in continuation no confirmation of its completion also on EOD and intraday charts.

Remain cautious in the coming week/weeks because Geo Political tension is high after Iran attack on Israel in previous week therefore Indian markets and other Global markets and if war escalate in Middle-East then deeper correction will be seen.

Now Short Term indicator MACD is not confirming any side decisive moves beginning possibility but another indicator Stochastic is completely Oversold and suggesting that Very Short Term upward moves may begun after its %K(5) line upward intersection of %D(3) line and its both lines to move above Oversold zone.

As Nifty hovered around Intermediate Term trend decider 55-Day SMA(today at 24990) in last hour of previous trading day therefore firstly sustaining it beyond should be watched in the coming week because its also turning down will mean minimum 3 weeks to 3 months long correction.

Intraday charts of last Friday are showing lower levels consolidation patterns therefore upward moves are expected towards following next resistances:-

1- 25421-25468

2- 25592-25626

3- 25640-25739

4- 25787-25828(Gap Resistance)

5- 25886-25912

6- 25969-25606

7- 26135-26151(Gap Resistance)

Next supports below last Friday lowest are as follows:-

1- 24894-24927

2- 24816-24872

3- 24655-24709

4- 24533-24574

5- 24475-24497

6- 24394-24446

7- 24205-24272

8- 24117-24179

9- 23977-24094

10- 23932-24027

Although firstly upward moves signals in the beginning of next week but finally watch sustaining beyond above mentioned next supports,resistances and Intermediate Term trend decider 55-Day SMA(today at 24990) one by one amid Middle-East war led Geo-Global uncertainty for next Trend formations and bigger moves beginning confirmations.

Firstly watch sustaining beyond 

25231-25294 for next intraday decisive

 moves beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-10-2024)

Nifty-Intra Day Chart (03-Oct-2024):-

Technical Patterns formation in today intraday charts

1- Some up moves after gap down opening

2- Sharp downward moves

3- Sideways trading in last 2 hours between 25231-25294

4- Whole day actual trading between 25231-25639

Conclusions from intra day chart analysis 

As Iran attacked on Israel therefore huge Geo Political uncertainty with war escalation developed hence negative sentiments led sharp downward moves were seen in Indian markets after gap down opening. As sideways trading in last 2 hours between 25231-25294 therefore firstly sustaining beyond this range should be watched tomorrow for next intraday decisive moves beginning confirmations.

Firstly watch 25740-25837 amid 

Middle-East war acceleration risk

Nifty-Intra Day Chart Analysis & 

Market Outlook(03-10-2024)

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

Technical Patterns formation in today intraday charts

1- Firstly 118 points up in first 5 minutes after little gap down weaker opening

2- 168 Points down in next 2 hours

3- More than 4 hours sideways trading with lower levels consolidation patterns between 25740-25837

4- Whole day actual trading between 25740-25907

Conclusions from intra day chart analysis 

Although firstly 118 points up in first 5 minutes after little gap down weaker opening but not sustaining at higher levels and 168 points down moves were also seen in the next 2 hours therefore first 2 hours trading will be understood with high volatility. 

As more than 4 hours sideways trading was with lower levels consolidation patterns between 25740-25837 therefore firstly sustaining beyond this range should be watched tomorrow for next decisive moves beginning confirmations. As Middle-East war acceleration risk has also emerged after Iran Missile attack on Israel therefore remain cautious because in that situation deeper correction may also be seen towards following next supports which should be watched one by one for next intraday/Very short Term moves beginning confirmations;-

1- 25650-25704

2- 25554-25586

3- 25377-25466

4- 25324-25373

5- 24942-25062(Strong Supports)

6- 24894-24927

7- 24816-24872

Firstly watch sustaining beyond

 25795-25819 for next intraday

 decisive moves

 beginning confirmations

Nifty-Intra Day Chart Analysis

(01-Oct-2024)

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

Technical Patterns formation in today intraday charts

1- More than 5 hours down moves after 90 points gap down weaker opening

2- Supports in last hour between 25795-25819

3- Whole day actual trading between 25795-26134

Conclusions from intra day chart analysis 

Following lines were told on 29-09-2024 in "Firstly watch next supports & even Short Term correction will be after complete selling patterns formations on intraday & EOD charts":-

1- firstly downward moves are expected below last Friday lowest in the beginning on next week.

2- Intraday charts of last Friday are showing signals of firstly downward moves possibility in the beginning of next week which may be also therefore following next supports below last Friday lowest should be watched one by one for the confirmations of expected Short Term correction continuation/completion:-

1- 26084-26106

2- 26061-26073

3- 26013-26047

4- 25854-25948

As was told on 29-09-2024,all that 

100% same happened today and Nifty 

closed 368 points down today.

As whole day intraday selling was seen last Friday therefore firstly 90 points gap down weaker opening today and after that more than 5 hours selling was also seen today therefore Nifty closed 368 points down today. Some supports were also seen between 25795-25819 in last hour today therefore firstly sustaining it beyond should be watched tomorrow for next intraday decisive moves beginning confirmations.

Firstly watch next supports & even

 Short Term correction will be after

 complete selling patterns formations

 on intraday & EOD charts

Technical Analysis,Research & Weekly 

Outlook(Sep 30 to Oct 04,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (27-Sep-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 26277.30 on 27-09-2024. 

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 20222.4 on 15-09-20235 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 from this level. Wave-B completed at 19849.80 on 17-10-2023 and Wave-C started from this levels which completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 begun from this level. 

Now impulsive Wave-(iii) of Wave-3 is in continuation forcefully with its recent high and new life time top formations at 26277.30 on 27-09-2024 and no signal of its completion yet on EOD charts.

Nifty-Weekly Chart Analysis

(Stochastic & MACD)

Nifty-Weekly Chart (27-Sep-2024):-

Technical Patterns and Formations in Weekly charts

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

2- Stochastic:- %K(5)- 94.46 & %D(3)- 88.69.

3- In MACD- Both lines are kissing in positive zone.

4- MACD(26,12)- 1120.54 & EXP(9)- 1145.20 & Divergence- -24.66

Conclusions from Weekly chart analysis

(Stochastic & MACD)

Technical positions of Intermediate Term indicators are as follows:-

1- As in Stochastic its %K(5) line has intersected %D(3) line upward and its both lines are rising in Over bought zone therefore it will be understood that at present this indicator is suggesting on going upward moves continuation possibility and  not showing clear signals of Intermediate Term correction beginning but remain cautious and watchful because its both lines are in Over bought zone for the last 3 weeks.    

2- As in MACD indicator its both MACD line and Average lines are kissing in positive zone therefore it will be understood that at present this indicator is cautioning only and not confirming on going Upward Trend completion. Let any side clear intersection happen then that side next Intermediate Term Trend formations will get confirmations and resultant that side decisive bigger moves beginning will be seen.  

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (27-Sep-2024):-

Technical Patterns and Formations in EOD charts

1- Stochastic- Its both lines %K(5) and %D(3) are kissing in Over bought zone.

2- Stochastic:- %K(5)- 89.51 & %D(3)- 92.60.

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

4- MACD(26,12)- 412.43 & EXP(9)- 260.50 & Divergence- 151.93

Conclusions from EOD chart analysis

(Stochastic & MACD)

Technical positions of Short Term indicators are as follows:-

1- As in Stochastic its both lines %K(5) and %D(3) are kissing in Over bought zone therefore it will be understood that at present this indicator is not showing signals of any side next Short Terms decisive  moves beginning. Let firstly downward intersection happen and its both lines to move below Over bought zone then Short term correction beginning will be considered.

2- As in MACD indicator its both MACD line and Average lines are kissing in positive zone therefore it will be understood that at present this indicator is not confirming any side moves beginning. Let any side clear intersection happen then that side Short Term decisive moves will be seen after that side Short Term Trend formations.

Nifty-Intra Day Chart Analysis

(27-Sep-2024)

Nifty-Intra Day Chart (27-Sep-2024):-

Technical Patterns formation in today intraday charts

1- Up moves after positive opening

2- Selling between 26258-26277

3- Down moves

4- Selling between 26234-26248

5- Down moves

6- Selling between 26191-26231

7- Whole day actual trading between 26152-26277

Conclusions from intra day chart analysis 

Although firstly some up moves after positive opening but higher levels selling developed therefore downward move were seen after that. As follow up selling in Mid-Session and more selling in last hours also therefore firstly downward moves are expected below last Friday lowest in the beginning on 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.

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 with its recent high and new life time top formations last Friday at 26277.30 and no indication of its completion yet on EOD and intraday charts. 

Although Weekly indicator MACD is not showing clear signals of any side next Intermediate Term Trend formations but Weekly Stochastic is showing signals on going upward moves continuation possibility therefore at it will be understood that at present Intermediate Term Upward Trend is in continuation and let clear Bearish signals develop on Weekly indicators then Intermediate Term Trend reversal will be considered.

As Daily indicator MACD is suggesting on going upward trend continuation possibility in Short Term therefore finally on going Upward moves may remain continued after Short Term correction completion which may be seen also because Daily indicator Stochastic is showing signals Short Term correction beginning possibility.

Intraday charts of last Friday are showing signals of firstly downward moves possibility in the beginning of next week which may be also therefore following next supports below last Friday lowest should be watched one by one for the confirmations of expected Short Term correction continuation/completion:-

1- 26084-26106

2- 26061-26073

3- 26013-26047

4- 25854-25948

Although firstly watch above next supports but it also should be kept in mind that until complete selling patterns will not form on intraday and EOD charts till then even Short Term correction will not be seen.