Finally sustaining beyond or powerful break out/down of 23797-24601 will confirm next Bigger Moves beginning

Technical Analysis,Research & Weekly Outlook(May 11 to May 15,2026)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (08-May-2026):-

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-3 completion after new life time top formations at 26277.30 on 27-09-2024 and Corrective Wave-A of Wave-4 of "ABC" correction beginning.

5- Corrective Wave-A of Wave-4 completion at 23263.20 on 21-11-2024.

6- Corrective Wave-B of Wave-4 completion at 24857.80 on 05-12-2024.

7- Corrective Wave-C of Wave-4 completion at 21743.70 on 07-04-2025 and Impulsive Wave-5 beginning from this level.

8- Impulsive Wave-i of Wave-5 completion with new life time top formations at 26373.20 on 05-01-2026.

9- Corrective Wave-ii of Wave-5 continuation with recent bottom formations at 22182.55 on 02-04-2026.

10- Pull Back Rally continuation with recent top formations at 24601.70 on 21-04-2026.

11- Correction continuation with recent bottom formations at 23796.85 on 30-04-2026.

12- Last 17 sessions trading between 23797-24601

Conclusions from EOD chart

analysis(Waves structure)

Impulsive Wave-3 of that Waves structure completed after new life time top formations at 26277.30 on 27-09-2024 of which impulsive Wave-1 of new Waves structure begun from 15183.40 on 17-06-2022. Corrective Wave-A of Wave-4 of "ABC correction" started from life time top which completed at 23263.20 on 21-11-2024 and Wave-B begun from this level which completed at 24857.80 on 05-12-2024. Wave-C of "ABC correction" completed at 21743.70 on 07-04-2025 and impulsive Wave-5 started from this level.

Impulsive Wave-i of Wave-5 completed after its recent high and new life time top formations at 26373.20 on 05-01-2026 and from this levels corrective Wave-ii of Wave-5 begun which is now  continuation and no confirmation of its completion also on EOD charts after its recent lowest formations at 22182.55 on 02-04-2026. Pull Back Rally started from this level which is now in continuation with recent top formations at 24601.70 on 21-04-2026 and no confirmation of its completion also on EOD charts. Correction begun from this level which is also in continuation with its recent bottom formations at 23796.85 on 30-04-2026.

As all the Global Financial markets were reacting according to Middle East war escalation and De-escalation possibility therefore one sided bigger moves were not seen and Nifty traded within 804 points trading range between 23797-24601 in the last 17 sessions and finally sustaining beyond this range will form next trend as well as that side one sided bigger moves will be seen. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (08-May-2026):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 73.92 & %D(3)- 70.85.

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

4- MACD(26,12)- 143.32 & EXP(9)- 404.63 & Divergence- -261.31

Conclusions from EOD chart

analysis (Stochastic & MACD)

Technical positions of Short Term indicators are as follows:-

1- As in Stochastic indicator its %K(5) line has intersected %D(3) line upward and its both lines are rising towards Over bought zone therefore it will be understood that this indicator is suggesting more upward moves possibility in the coming week.  

2- As in MACD line has intersected Average line downward and its both lines are falling in positive zone therefore it will be understood that MACD indicator is showing stronger signals of Short Term downward trend formations and more downward moves possibility also.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (08-May-2026):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 24197(Very Short Term Trend decider) 

2- 21-Day SMA is today at 24147(Short Term Trend decider) 

3- 55-Day SMA is today at 24143(Intermediate Term Trend decider) 

4- 100-Day SMA is today at 24870

5- 200-Day SMA is today at 25071(Long Term Trend decider) 

 

Conclusions from EOD chart

analysis (Averages)

As Nifty is continuously closing well below Long Term Trend decider 200-Day SMA for the last 2 months therefore Long Term Trend is down. Nifty is hovering around Very Short to Intermediate Term Trends deciding 5-Day,21-Day and 55-Day SMAs for the last 15 sessions therefore there 3 Trends are now at Stake.

Nifty-Last 17 Sessions intraday

charts analysis

Nifty-Intra Day Chart (Apr 15 to May 08,2026):-

Technical Patterns formation in last 17 Sessions intraday charts

1- Selling(Resistances) in last 17 Sessions are as follows:-

A- 24343-24381 

B- 24387-24453

C- 24533-24579 

2- Consolidation(Supports) in last 17 Sessions are as follows:-

A- 23997-24115 

B- 23883-23965 

C- 23822-23881 

3- Last 17 Sessions trading between 23797-24601 

Conclusions from 17 Sessions

intra day chart analysis 

Nifty is trading between 23797-24601 with above mentioned supports and resistances for the last 17 sessions. As these supports and resistances seems to be almost equally stronger and Nifty has closed almost in the middle of this 17 sessions trading range therefore expected that Nifty will firstly trade and prepare for next bigger moves within this range and finally sustaining beyond this range will confirm it hence should be firstly watched in the coming week for its confirmations.

Conclusions (After putting

all studies together)

1- Very Short Term Trend is at stake.

2- Short Term Trend is at stake.

3- Intermediate Term Trend is at stake.

4- Long Term Trend is down.

Waves structure which started more than 3 years before through its impulsive Wave-1 from 15183.40 on 17-06-2022 is now in continuation through its impulsive Wave-5 of which impulsive Wave-i completed after new life time top formations at 26373.20 on 05-01-2026. Now Wave-ii of Wave-5 continuation with recent bottom formations at 22182.55 on 02-04-2026 and no confirmation of its completion yet on EOD charts. Pull Back Rally begun from this level which is also in continuation with its recent top formations at 24601.70 on 21-04-2026. Short Term correction begun from this level which is also in continuation with its recent bottom formations at 23796.85 on 30-04-2026.

As many news are coming daily regarding Middle East war escalation and De-escalation and not only Indian but all the Global Financial markets are reacting on these news and complete uncertainty therefore Nifty has also turned sideways for the last 17 sessions between 23797-24601 and resultant Very Short to Intermediate Term 3 Trends are now at Stake and Short Term indicators are not clearly showing one side decisive moves beginning possibilities because both Stochastic and MACD indicators are showing adverse directions

It is clear that finally sustaining beyond or powerful break out/down of this last 17 sessions trading range(23797-24601) will confirm next Short Term Trend formations and accordingly that side bigger moves beginning therefore it should be firstly watched in the coming week/weeks and most likely that will be according to final decision of Middle East war continuation or termination.

Downward moves expectations

 towards next supports 

Nifty-Intra Day Chart Analysis 

& Market Outlook(08-05-2026)

Nifty-Intra Day Chart (07-May-2026):-

Technical Patterns formation in today intraday charts

1- Selling Patterns formation between 24343-24381

2- 139 points sharp jump in Mid-session

2- Whole day trading between 24284-24482

Conclusions from intra day

chart analysis 

Although 67 points positive opening and and once Nifty traded 151 poinnts up also in Mid-session after 139 points sharp jump but could not sustain at intraday higher levels and Nifty again slipped. As selling Patterns formation were also seen between 24343-24381 therefore downward moves are expected towards following next supports which should be watched one by one for next intraday decisive moves beginning confirmations:-

1- 23998-24115

2- 23883-23965

3- 23797-23854

4- 23604-23740

5- 23154-23555(Gap Supports)

Upward moves expectations

 towards 24500 

Nifty-Intra Day Chart Analysis &

Market Outlook(07-05-2026)

Nifty-Intra Day Chart (06-May-2026):-

Technical Patterns formation in today intraday charts

1- Downward moves in first 2 hours after 138 points positive opening

2- More than 3 hours consolidation between 23998-24115

3- Sharp up

4- Last hour trading between 24288-24356

5- Whole day trading between 23998-24356

Conclusions from intra day chart analysis 

Although downward moves in first 2 hours after 138 points positive opening but after that lower levels more than 3 hours consolidation was seen between 23998-24115 therefore more than 160 points sharp upward moves were seen just before last hour. As last hour trading at intraday higher levels was between 24288-24356 and whole day intraday selling was not seen also therefore more upward moves are expected towards 24500 and firstly sustaining it beyond should be watched tomorrow for next intraday decisive moves beginning confirmations because next resistances are lying within today highest(24356) and 24500 between 24387-24453.

Upward moves towards next resistances

Nifty-Intra Day Chart Analysis

& Market Outlook(06-05-2026)

Nifty-Intra Day Chart (05-May-2026):-

Technical Patterns formation in today intraday charts

1- Volatility in first hour between 23979-24072

2- Downward moves

3- Consolidation between 23883-23965

4- Upward moves

5- Consolidation between 23997-24081

6- Whole day trading between 23883-24081

Conclusions from intra day

chart analysis 

Although firstly volatility in first hour after negative opening and after that downward moves were also seen but lower levels more than 2 hours consolidation between 23883-23965 therefore upward moves developed in Mid-Session. As higher levels follow up consolidation was also seen in the last more than 2 hours therefore upward moves are expected towards following next resistances which should be watched one by one for the next decisive moves beginning confirmations:- 

1- 24190-24219

2- 24266-24328

3- 24387-24453

4- 24533-24579

 Sustaining beyond 24005-24140

 will confirm  for next intraday

 decisive moves beginning

Nifty-Intra Day Chart Analysis &

Market Outlook(05-05-2026)

Nifty-Intra Day Chart (04-May-2026):-

Technical Patterns formation in today intraday charts

1- Selling between 24203-24290

2- Sharp fall

1- Mixed Patterns formation between 24005-24140

3- Whole day trading between 24005-24290

Conclusions from intra day chart analysis 

Although firstly upward moves after 66 points positive opening but more than 2 hours selling was seen therefore sharp fall developed in Mid-Session. As more than 3 hours trading was with mixed Patterns formation between 24005-24140 therefore sustaining beyond this trading range should be firstly watched tomorrow for next intraday decisive moves beginning confirmations.

Middle East war escalation or

 De-escalation & accordingly

 sustaining beyond 55-Day & 

200-Day SMAs will confirm 

next one sided bigger 

moves beginning

Technical Analysis,Research & 

Weekly Outlook

(May 04 to May 08,2026)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (30-Apr-2026):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-3 completion after new life time top formations at 26277.30 on 27-09-2024 and Corrective Wave-A of Wave-4 of "ABC" correction beginning.

2- Corrective Wave-A of Wave-4 completion at 23263.20 on 21-11-2024.

3- Corrective Wave-B of Wave-4 completion at 24857.80 on 05-12-2024.

4- Corrective Wave-C of Wave-4 completion at 21743.70 on 07-04-2025 and Impulsive Wave-5 beginning from this level.

5- Impulsive Wave-i of Wave-5 completion with new life time top formations at 26373.20 on 05-01-2026.

6- Corrective Wave-ii of Wave-5 continuation with recent bottom formations at 22182.55 on 02-04-2026.

7- Pull Back Rally continuation with recent top formations at 24601.70 on 21-04-2026.

8- Correction continuation with recent bottom formations at 23796.85 on 30-04-2026.

Conclusions from EOD chart

analysis(Waves structure)

Impulsive Wave-3 of that Waves structure completed after new life time top formations at 26277.30 on 27-09-2024 of which impulsive Wave-1 of new Waves structure begun from 15183.40 on 17-06-2022. Corrective Wave-A of Wave-4 of "ABC correction" started from this level which completed at 23263.20 on 21-11-2024 and Wave-B begun from this level which completed at 24857.80 on 05-12-2024. Wave-C of "ABC correction" started from this level completed at 21743.70 on 07-04-2025 and impulsive Wave-5 begun from this level.

Impulsive Wave-i of Wave-5 completed after its recent high and new life time top formations at 26373.20 on 05-01-2026 and from this levels corrective Wave-ii of Wave-5 started which is now  continuation and no confirmation of its completion also on EOD charts after its recent lowest formations at 22182.55 on 02-04-2026. Pull Back Rally begun from this level which is now in continuation with recent top formations at 24601.70 on 21-04-2026 and no confirmation of its completion also on EOD charts. Correction started from this level which is also in continuation with its recent bottom formations at 23796.85 on 30-04-2026.

As all the Global Financial markets and Crude Prices are reacting daily on Trump and Iran Govt Statements as well as according to these statements Middle East war escalation and De-escalation possibilities are changing fast on daily and even hourly basis therefore until Nifty will not sustain above or below any crucial level till then that side next Trend formation will not get confirmations hence firstly sustaining beyond crucial levels should be watched in the coming week/weeks for next Trend formation confirmations.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (30-Apr-2026):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 44.37 & %D(3)- 37.37.

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

4- MACD(26,12)- 477.31 & EXP(9)- 638.12 & Divergence- -160.81

Conclusions from EOD chart

analysis (Stochastic & MACD)

Technical positions of Short Term indicators are as follows:-

1- As in Stochastic indicator its %K(5) line has intersected %D(3) line upward and its both lines are rising from Over sold zone therefore it will be understood that this indicator is suggesting fresh and more upward moves beginning possibility in the coming week. 

2- As in MACD line has intersected Average line downward and its both lines are falling in positive zone therefore it will be understood that MACD indicator has generated first signal of Short Term downward trend formations and more downward moves possibility also.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (30-Apr-2026):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 24032(Very Short Term Trend decider) 

2- 21-Day SMA is today at 23806(Short Term Trend decider) 

3- 55-Day SMA is today at 24293(Intermediate Term Trend decider) 

4- 100-Day SMA is today at 24960

5- 200-Day SMA is today at 25098(Long Term Trend decider) 

 

Conclusions from EOD chart

analysis (Averages)

As Nifty is hovering around Very Short to Intermediate Term Trends deciding 5-Day,21-Day and 55-Day SMAs for the last 10 sessions therefore there 3 Trends are now at Stake. Nifty is continuously trading and closing well below Long Term Trend decider 200-Day SMA for the last more than 2 months therefore Long Term Trend is now down. 

Nifty-Intra Day Chart 

Analysis(30-Apr-2026)

Nifty-Intra Day Chart (30-Apr-2026):-

Technical Patterns formation in today intraday charts

1- 380 Points down in first two hours after 63 points gap down and 180 points weaker opening

2- Consolidation between 23797-23854 

3- Upward moves with downward corrections

4- Volatility in last 2 hours between 23965-24087

5- Whole day trading between 23797-24087

Conclusions from intra day

chart analysis 

Although firstly 380 Points down in first two hours after 63 points gap down and 180 points weaker opening but lower levels almost 2 hours consolidation was also seen therefore upward moves developed from intraday lower levels. As these upward moves were with downward corrections therefore strong recovery was seen in Mid Session from intraday lower levels. 

As more than 100 points volatility developed in last 2 hours between 23965-24087 therefore firstly sustaining beyond this volatility range should be watched in the beginning of coming week because many times technical positions changes also completely during such high intraday volatility.

Conclusions (After putting all

studies together)

1- Very Short Term Trend is at stake.

2- Short Term Trend is at stake.

3- Intermediate Term Trend is at stake.

4- Long Term Trend is down.

Impulsive Wave-i of Wave-5 of that waves structure completed after new life time top formations at 26373.20 on 05-01-2026 of which impulsive Wave-1 started more than 3 years before from 15183.40 on 17-06-2022. Now its corrective Wave-ii of Wave-5 continuation with its recent bottom formations at 22182.55 on 02-04-2026 and no indication of its completion yet on EOD charts. Although Middle East war escalation risk but Pull Back Rally begun from this level which is now in continuation with recent top formations at 24601.70 on 21-04-2026. As now correction continuation with recent bottom formations at 23796.85 on 30-04-2026 and its recent bottom was formed in previous trading session also therefore firstly sustaining beyond following next supports below last Thursday closing(23997.55) should be watched one by one in the coming week for next decisive moves beginning confirmations:-

1- 23797-23854

2- 23604-23740

3- 23154-23555(Gap Supports)

4- 22821-22940

5- 22567-22682

6- 22295-22424

7- 22183-22284

8- 21825-22021

9- 21711-21791

10- 21653-21690

11- 21544-21628

Although Short Term indicator MACD is suggesting downward moves beginning possibility but another Short Term indicator Stochastic is showing signals of fresh upward moves beginning possibility and Nifty closed after 200 points recovery from intraday lower levels after lower levels good intraday consolidation also therefore if no negative news comes from Middle-East war front then fresh upward moves will be seen above last Thursday closing(23997.55) and then following next resistances should be watched one by one for next decisive moves beginning confirmations in the coming week/weeks:-

1- 24190-24219

2- 24266-24328

3- 24387-24453

4- 24533-24579

5- 24596-24700

6- 24830-24963

7- 24990-25141

8- 25272-25350

9- 25493-25572

10- 25588-25652

11- 25718-25754

12- 25775-25820

13- 25842-25881 

14- 25947-25984

15- 26069-26108

16- 26149-26181

17- 26216-26260

18- 26329-26373

As Intermediate Term Trend is now at Stake and finally sustaining beyond its decider  55-Day SMA will confirm its final formations and:-

1- If Nifty sustains above 55-Day SMA with Middle East war De-escalation strong signals then it will be first signal of next upward Trend formations but until Nifty will not sustain above Long Term Trend deciding 200-Day SMA till then upward Trend formations will not get confirmations because Long Term Trend is now down.

2- If finally Nifty sustains below 55-Day SMA then it will be confirmation of downward Trend formations and emergence of deeper correction begining possibility also because Long Term Trend is already down.

As next one sided bigger moves of Indian Stock Markets will get confirmations according to:-

1- Middle East war escalation or De-escalation  

and also 

2- Through next Trend formations according to sustaining beyond 55-Day & 200-Day SMAs

Therefore sustaining beyond these 2 SMAs should be firstly watched in the coming week/weeks/months for next one sided bigger moves beginning confirmations.