Watch level for deeper correction beginning confirmations amid crashing Global markets 

Technical Analysis,Research & Weekly 

Outlook(May 13 to May 17,2022)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (10-Jun-2022):-

Technical Patterns and Formations in EOD charts

1- More than 7 months sideways correction between 15671.5-18604.50 with Wave-A to Wave-C formations within this range

2- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling just above Over sold zone.

3- Stochastic:- %K(5)- 20.61 & %D(3)- 21.93.

4- In MACD- MACD line has intersected Average line upward,its MACD line has started to move down in positive zone and its Average line is rising in positive zone.

5- MACD(26,12)- 219.65 & EXP(9)- 121.72 & Divergence- 97.93

Conclusions from EOD chart analysis

(Stochastic & MACD)

As in Stochastic indicator %K(5) line has intersected %D(3) line downward and its both lines are falling just above Over sold zone therefore some more down moves can not be ruled out but if intraday charts starts to show consolidation patterns then some up moves will be seen because during consolidation period Stochastic will also turn Over sold and will begin to suggest fresh up moves/Pull Back rally.

In MACD indicator its MACD line has started to move down in positive zone therefore suugesting that downward trend is on cards but its Average line is rising in positive zone therefore no confirmation. Let MACD line intersect Average line downward then decisive down moves will be seen after downward trend formation confirmations.

Nifty-Last 27 Sessions

intraday charts analysis

Nifty-Intra Day Chart (May 05 to Jun 10,2022):-

Technical Patterns formation in last 27 Sessions intraday charts

1- Selling(Resistances) in last 27 Sessions are as follows:-  

A- 16239-16257

B- 16271-16302

C- 16426-16483

D- 16556-16607

E- 16694-16731

F- 16724-16793

G- 16819-16936 

2- Consolidation(Supports) in last 27 Sessions are as follows:-

A- 16068-16133

B- 15904-15971  

C- 15776-15869

D- 15736-15758

3- Last 27 Sessions actual trading between 15736-16945 

Conclusions from 27 Sessions

intra day chart analysis 

Last 27 Sessions trading between 15736-16945 with above mentioned multiple supports and resistances. 

As resistances are stronger than supports and higher levels good selling was also seen last Friday therefore firstly sustaining beyond above mentioned supports should be watched in next week for the life and length of ongoing previous week started correction.

Nifty-Intra Day Chart Analysis

(10-Jun-2022)

Nifty-Intra Day Chart (10-Jun-2022):-

Technical Patterns formation in today intraday charts

1- Selling between 16271-16302

2- Selling between 16239-16257

3- Last more than 2 hours high volatility between 16234-16324

4- Whole day actual trading between 16173-16324

Conclusions from intra day chart

analysis 

As Global markets weakness therefore negative opening of Indian markets last Friday and selling remained continued hence closing was near the lower levels of the day. Although Dow Jones closed 880 points down last Friday and weaker opening of Indian markets can not be ruled out next Monday but firstly sustaining below 16234 should be watched for decisive down moves beginning confirmations because last more than 2 hours high volatility was seen between 16234-16324 last Friday and some times techniical positions reverses also during such high volatility.

Conclusions

(After putting all studies together)

1- Short Term Trend is down.

2- Intermediate Term Trend is sideways between 15672-17414 for the last 38 sessions.

3- Long Term Trend is down.

More than 7 months sideways correction between 15671.5-18604.50 with Wave-A to Wave-C formations within this range. As finally break out/down of this range will form next trend and big moves also therefore it should be watched in the next week/weeks/months and till then Nifty will be understood sideways within this range. 

Stochastic 1ndicator is suggesting some more down moves in next week and sustaining below last Friday lowest(16173) as well as downward trend formation confirmations from MACD will mean decisive down moves beginning towards the lowest of last 27 sessions trading range(15736) and  last 7 months sideways correctionlowest(15671.5). 

As finally slipping below 15671.5 will mean recounting of corrective "ABC" waves structure therefore firstly it should be watched in the coming weeks for deeper correction beginning confirmations amid crashing Global markets.

 16426-16483 will confirm up moves 

towards next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(10-06-2022)

Nifty-Intra Day Chart (09-Jun-2022):-

Technical Patterns formation in today intraday charts

1- 112 points fall in first minute

2- Up moves with downward corrections

3- Consolidation between 16331-16415

4- Slow up moves in last hour

5- Whole day actual trading between 16244-16492

Conclusions from intra day

chart analysis 

Following lines were told yesterday in " Down moves below today lowest":-

down moves are expected below today lowest(16294)

As was told 100% same happened and 112 points fall was seen below 16294 in first minute as well as today lowest formation was at 16243.85.

Although sharp fall in first minute but Up moves started with downward corrections and almost 4 hours consolidation was seen between 16331-16415 in Mid sessions therefore up moves remained continued till last minute. 

Selling was seen between 16426-16483 yesterday and slow up moves were within this range in last hour today as well as today closing at 16478.10 was also within this range therefore firstly sustaining beyond 16426-16483 should be watched tomorrow for up moves continuation confirmations towards following resistances:-

1- 16556-16607

2- 16694-16731

3- 16724-16793

 Down moves below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(09-06-2022)

Nifty-Intra Day Chart (08-Jun-2022):-

Technical Patterns formation in today intraday charts

1- Huge volatility before and after RBI-MPC announcements

2- Selling between 16426-16483

3- Selling between 16312-16380

4- Whole day actual trading between 16294-16514

Conclusions from intra day chart analysis 

Although firstly traded 66 points up after positive opening but huge volatility was seen before and after RBI-MPC announcements. 

As firstly higher levels selling in Mid-session and after that follow up selling in last 2 hours therefore down moves are expected below today lowest(16294).

 Watch levels amid RBI-MPC announcements

Nifty-Intra Day Charts Analysis & 

Market Outlook(08-06-2022)

Nifty-Last 2 Sessions intraday 

charts analysis

Nifty-Intra Day Chart (Jun 06 & Jun 07,2022):-

Technical Patterns formation in last 2 Sessions intraday charts

1- Consolidation between 16458-16540 on 06-06-2022

2- Up moves in Bearish Rising Channel on 06-06-2022

3- Selling between 16556-16598 on 06-06-2022

4- Down moves in Bullish Falling Channels

5- Consolidation between 16348-16414 on 06-06-2022

6- Last 2 Sessions actual trading between 16348-16611 

Conclusions from 2 Sessions

intra day chart analysis 

Following lines were told on 04-06-2022 in " Levels will confirm next Intermediate & Long Term Trend":-

correction will remain continued in the 

beginning of next week

As was told 100% same happened and Nifty slipped 236 points from last Friday closing in first 2 sessions of this week. 

Although firstly some consolidation but good selling was also seen at higer levels below 16611 yesterday therefore weaker opening of Indian markets today. 

As lower levels whole day good consolidation between 16348-16414 today therefore firstly some up moves will be seen tomorrow and Nifty will trade within last 2 sessions trading range(16348-16611) as well as prepare for post RBI Monetary Policy Committee announcements decisive moves. Finally valid break out of last 2 sessions trading range(16348-16611) should be watched tomorrow for next decisive moves beginning which will be according to RBI-MPC announcements.    

 As busy therefore Stock Market Outlook of today(07-06-2022) is not being updated.

 Levels will confirm next Intermediate

 & Long Term Trend

Technical Analysis,Research & Weekly 

Outlook(Jun 06 to Jun 10,2022)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (03-Jun-2022):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020

2- Impulsive Wave-1 completion at 11794.30 on 31-08-2020  

3- Corrective Wave-2 completion at 10790.20 on 24-09-2020

4- Impulsive Wave-3 completion at 15431.8 on 16-02-2021

5- Corrective Wave-4 completion at 14151.4 on 22-04-2021

6- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction beginning.

7- More than 7 months sideways correction between 15671.5-18604.50 with Wave-A to Wave-c formations within this range

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure begun from 7511.10 on 24-03-2020 and its impulsive Wave-5 completed after new life time top formation at 18604.50 on 19-10-2021 as well as "ABC" correction started which is in continuation with its bottom formation at 15671.5 on 08-03-2022.

More than 7 months sideways correction between 15672-18604 with Wave-A to Wave-c formations within this range and no confirmation of this range break out yet. As finally valid break out of this range will confirm the life and lenth of this correction therefore should be watched for its confirmations in the coming weeks/months. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (03-Jun-2022):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction beginning.

2- Wave-A completion at 16410.20 on 20-12-2021

3- Wave-B completion at 18351.00 on 18-01-2022.

4- Wave-C bottom formation at 15671.5 on 08-03-2022

5- Pull Back Rally completion at 18114.70 on 04-04-2022 and correction beginning.

6- Pull Back Rally correction continuation with recent bottom formation at 15735.8 on 12-05-2022 

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

8- Stochastic:- %K(5)- 68.40 & %D(3)- 79.31.

9- Stochastic is showing negative divergence

10- In MACD- MACD line has intersected Average line upward and its both lines are rising.

11- MACD(26,12)- 96.63 & EXP(9)- -197.30 & Divergence- 293.93

Conclusions from EOD chart analysis

(Stochastic & MACD)

Impulsive Wave-5 completed at 18604.50 on 19-10-2021 and Corrective Wave-A of "ABC" correction begun which is in continuation with its Wave-C bottom formation at 15671.5 on 08-03-2022. A strong Pull Back Rally started after Wave-C bottom formation which completed at 18114.70 on 04-04-2022 and its correction begun, now it is in continuation with its recent bottom formations at 15735.8 on 12-05-2022. "ABC" correction is very much on and no indication of its completion yet on EOD charts.

In Stochastic is showing negative divergence and both lines are falling below Over bought zone therefore indication of Short Term down moves beginning. 

In MACD indicator MACD line has intersected Average line upward and its both lines are rising as well as MACD line has moved into positive zone therefore shoowing upward trend. 

Nifty-Intra Day Chart Analysis 

(03-06-2022)

Nifty-Intra Day Chart (03-Jun-2022):-

Technical Patterns formation in today intraday charts

1- Selling between 16724-16793

2- Selling between 16694-16731

3- Down moves with upward corrections

4- Whole day actual trading between 16568-16793

Conclusions from intra day chart analysis 

Although firstly moved up 165 points after gap up opening but selling developed therefore could not sustain at higher levels and slipped. As follow up selling in Mid-sessions and after that down moves were seen with upward corrections till last hour therefore whole day intraday selling will be understood and correction will remain continued in the beginning of next week.

Conclusions

(After putting all studies together)

1- Short Term Trend is up.

2- Intermediate Term Trend is sideways between 15672-17414 for the last 33 sessions.

3- Long Term Trend is down.

Although Short Term Trend is up and Intermediate Term Trend is sideways between 15672-17414 for the last 33 sessions but Long Term Trend is down and it will be up after Nifty sustaining above its decider 200-Day SMA which is today at 17269.

As "ABC" correction begun after Impulsive Wave-5 completion at 18604.50 on 19-10-2021 therefore it will correct that whole Waves structure of which Impulsive Wave-1 started from 7511.10 on 24-03-2020. Now this "ABC" correction is on and it has converted into sideways between 15672-18604 for the last more than 7 months. Although Wave-A to Wave-c has been formed within this range and no indication of this range break out yet on EOD and intraday charts therefore finally valid break out of this range should be watched in the coming weeks/months for next trend formation confirmations. 

Although MACD indicator is suggesting upward trend but Stochastic is indicating correction possibility in Short Term and intraday chart of last Friday is also showing sellling patterns therefore firstly down moves will be seen in the beginning of next week. 

As Indian markets are completely sideways between following ranges and finally valid break out of these ranges will form next Intermediate and Long Term Trend one by one therefore should be watched in the coming weeks and months for its confirmations:-

1- Last more than 7 months "ABC" correction range 15672-18604

2- Last 33 sessions sideways trading range 15672-17414

 Up moves continuation 

Nifty-Intra Day Chart Analysis & 

Market Outlook(03-06-2022)

Nifty-Intra Day Chart (02-Jun-2022):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 16444-16646

Conclusions from intra day chart analysis 

Although firstly slipping after negative opening and traded 79 points weaker also but up moves started which remained continued till last minutes today. As whole day today up moves were with downward corrections therefore today started up moves continuation is expected in the coming session also.

 Down moves continuation expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(02-06-2022)

Nifty-Intra Day Chart (01-Jun-2022):-

Technical Patterns formation in today intraday charts

1- Firstly up moves after posiitve opening 

2- Whole day down moves

3- Sharp up in last half hour

4- Whole day actual trading between 16439-16649

Conclusions from intra day chart analysis 

Following lines were told at 12:39 AM on 01-06-2022 in " Down moves below 16522":-

sharp down moves were seen in last hour and its continuation is expected below today lowest(16522) in the coming sessions also

As was told 100% same happened and Nifty moved below 16522 as well as today lowest formed at 16438.85 today.

Although firstly up moves after posiitve opening but selling developed therefore down moves remained continued and its continuation is expected despite sharp up in last half hour today.

 Down moves below 16522

Nifty-Intra Day Chart Analysis & 

Market Outlook(01-06-2022)

Nifty-Intra Day Chart (31-May-2022):-

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel

2- Selling between 16620-16690 

3- Whole day actual trading between 16522-16690

Conclusions from intra day chart analysis 

As firstly Up moves in Bearish Rising Channel and after that selling  between 16620-16690 therefore sharp down moves were seen in last hour and its continuation is expected below today lowest(16522) in the coming sessions also.

Watch levels for next trend beginning

Nifty-Intra Day Chart Analysis &

 Market Outlook(31-05-2022)

Nifty-Intra Day Chart (30-May-2022):-

Technical Patterns formation in today intraday charts

1- Strong up moves after huge gap up opening

2- More than 4 hours sideways trading between 16611-16695

3- Whole day actual trading between 16507-16695

Conclusions from intra day chart analysis 

As all the Asian markets were trading with good gains today morning after strong rally in US markets last Friday therefore firstly huge gap up opening and after that strong up moves were seen in Indian markets. 

Last more than 4 hours sideways trading between 16611-16695 and clear one sided intraday trading patterns were not seen therefore expected that Nifty will firstly trade and prepare for next decisive moves within this range and finally sustaining it beyond will form next trend hence firstly sustaining beyond this range should be watched for next trend beginning,

 As out of station therefore could not post Weekly Outlook of this week but most likely outlook of tomorrow(31-05-2022) will be updated. 

Up moves continuation 

towards 16384

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-05-2022)

Nifty-Intra Day Chart (26-May-2022):-

Technical Patterns formation in today intraday charts

1- Down moves from 16131 after 105 gains

2- Consolidation between 15904-15971

3- Up moves with downward corrections

4- Whole day actual trading between 15904-16204

Conclusions from intra day chart analysis 

Following lines were told on 25-05-2022 in "Firstly some up moves expectations and finally watch today lowest also":-

1- some up moves can not be ruled out towards 16118

2- finally sustaining beyond today lowest(16007) should be watched

As was told 100% same happened and:- 

1- Firstly up moves were seen towards 16118 and down moves started from 16131 after 105 gains.

2- Nifty slipped below 16007 but could not sustain below it and strong rally started.

Although firstly strong opening and traded with 105 gains but could not sustain and down moves started because there was yesterday selling above it. As good consolidation at lower levels between 15904-15971 therefore could not sustain at lower levels and up moves begun with downward corrections hence remained continued till last minutes.

As lower levels good consolidation and after that up moves were with downward corrections therefore up moves will remained continued and sustaining above 16232 will confirm strong rally towards 16384.

 Firstly some up moves expectations and finally watch today lowest also 

Nifty-Intra Day Chart Analysis & 

Market Outlook(26-05-2022)

Nifty-Intra Day Chart (25-May-2022):-

Technical Patterns formation in today intraday charts

1- Selling between 16192-16223

2- Sharp fall

3- Selling between 16118-16170

4- Sharp fall

5- Down moves in Bullish Falling Channels

6- Double bottom supports at lower levels

7- Whole day actual trading between 16007-16223

Conclusions from intra day chart analysis 

Although firstly some up moves after strong opening but higher levels selling developed therefore sharp fall was seen after that and again follow up selling and sharp fall in Mid-session also. 

As lower levels some consolidation also in last hours through Down moves in Bullish Falling Channels therefore some up moves can not be ruled out towards 16118 because double bottom supports was also seen at lower levels. As higher levels today and previous sessions good selling also therefore finally sustaining beyond today lowest(16007) should be watched because follow up selling and sustaining below today lowest(16007) will confirm correction towards 15800.

 As busy therefore Stock Market Outlook of today(25-05-2022) is not being updated.

 Watch 16324-16414 amid 

Global markets High volatility

Nifty-Intra Day Chart Analysis & 

Market Outlook(24-05-2022)

Nifty-Intra Day Chart (23-May-2022):-

Technical Patterns formation in today intraday charts

1- Volatility in first hour

2- Selling between 16324-16414

3- Sharp fall

4- Whole day actual trading between 16186-16414

Conclusions from intra day chart analysis 

Following lines were told for 16404 on 14-05-2022 in "Most crucial level will confirm next one sided big moves":-

let nifty to sustain above 5th resistance top(16404) then decisive up moves will be seen

Following lines were told for 16404 on 21-05-2022 in " Levels will confirm next trend amid Geo-Political tension led high volatility":-

1- 15736-16404(For first signal)

Importance of 16404 was told several times in previous Outlooks also and:-

1- Nifty crashed 624 points after forming high at 16399.80 on 18-05-2022

2- Nifty could not sustain above 16404 today also and slipped 228 points after forming top at 16414.70.

Although strong up moves after positive opening but firstly volatility and after that higher levels good selling therefore sharp falls were seen after 01:30 PM. 

As Geo-Political tension led high volatility in Global markets and Dow Jones is now trading more than 600 points up therefore firstly sustaining beyond today selling range(16324-16414) should be watched tomorrow for decisive up moves beginning above 16414 and sustaining below 16324 will mean decisive down moves beginning towards 15736. 

 Levels will confirm next trend 

amid Geo-Political tension led 

high volatility

Technical Analysis,Research & 

Weekly Outlook(May 23 to May 27,2022)

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (20-May-2022):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction beginning.

2- Wave-A completion at 16410.20 on 20-12-2021

3- Wave-B completion at 18351.00 on 18-01-2022.

4- Wave-C bottom formation at 15671.5 on 08-03-2022

5- Pull Back Rally completion at 18114.70 on 04-04-2022 and correction beginning.

6- Pull Back Rally correction continuation with recent bottom formation at 15735.8 on 12-05-2022 

Conclusions from EOD chart analysis

(Corrective Waves)

Corrective Wave-A of "ABC" correction started after impulsive Wave-5 completion at 18604.50 on 19-10-2021 and now correction is still continued with its Wave-C bottom formation at 15671.5 on 08-03-2022. Strong Pull Back Rally developed after Wave-C bottom formation which completed at 18114.70 on 04-04-2022 and its correction begun which is in continuation with its recent bottom formations at 15735.8 on 12-05-2022. Now "ABC" correction is very much on and no indication of its completion yet on EOD charts

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (20-May-2022):-

Technical Patterns and Formations in EOD charts

1- 7 months sideways correction between 15671.50-18604.50.

2- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are kissing in the middle zone.

3- Stochastic:- %K(5)- 55.43 & %D(3)- 58.26.

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

5- MACD(26,12)- -576.26 & EXP(9)- -571.97 & Divergence- -4.29

Conclusions from EOD chart analysis

(Stochastic & MACD)

As 7 months correction turned sideways between 15671.50-18604.50 and at present both the lines are kissing in both Short Term indicators(Stochastic and MACD) therefore suggesting that Indian markets are not trending and will prepare for next trend in the coming week/weeks. 

Nifty-Last 10 Sessions

intraday charts analysis

Nifty-Intra Day Chart (May 09 to May 20,2022):-

Technical Patterns formation in last 10 Sessions intraday charts

1- Selling(Resistances) in last 10 Sessions are as follows:-

A- 16256-16304 

B- 16311-16404

2- Consolidation(Supports) in last 10 Sessions are as follows:-

A- 16185-16224

B- 16117-16163

C- 15776-15869

D- 15736-15758

3- Last 10 Sessions actual trading between 15736-16404 

Conclusions from 10 Sessions

intra day chart analysis 

Last 10 Sessions sideways trading between 15736-16404 with above mentioned supports and resistances. As both lower levels supports and higher levels resistances are almost equal stronger therefore firstly Nifty will have to trade and prepare for next decisive moves beyond this range which will be done in next week. 

Let Nifty to trade and prepare and then finally valid break out/down of this last 10 sessions trading range will confirm those next big moves which should be firstly watched in the coming week/weeks.

Conclusions

(After putting all studies together)

1- Short Term Trend is sideways between 15736-16404.  

2- Intermediate Term Trend is down.

3- Long Term Trend is down.

As "ABC" correction begun after impulsive Wave-5 completion at 18604.50 on 19-10-2021 therefore it has to correct that whole Waves structure of which impulsive Wave-1 started from 7511.10 on 24-03-2020. Now its "ABC" correction continuation in sideways mode between 15671.50-18604.50 for the last 7 months and no indication of its completion yet on EOD charts.

Short Term Trend is sideways between 15736-16404 for the last 10 sessions and Short Term indicators(Stochastic and MACD) are also not showing any trend therefore firstly sustaining beyond this last 10 sessions trading range should be watched for first signal of next trend beginning.  

As high Geo-Political tension due to Russian-Ukraine war and mounting China-Taiwan war possibility also therefore all the Global markets including Indian markets remained highly volatile in previous week. It is an established fact that technical positions reverses also amid such high volatility therefore firstly valid break out/down of following levels should be watched one by one in the coming week/weeks for next Short to Long Trend formation confirmations:-

1- 15736-16404(For first signal)

2- 15672-18604(For confirmations)

 Watch 15964 amid firstly up moves 

expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-05-2022)

Nifty-Intra Day Chart (19-May-2022):-

Technical Patterns formation in today intraday charts

1- Selling between 15923-15964

2- Down moves in Bullish Falling Channels

3- Whole day actual trading between 15776-15984

Conclusions from intra day chart analysis 

Following lines were told on 14-05-2022 in "Most crucial level will confirm next one sided big moves":-

let nifty to sustain above 5th resistance top(16404) 

then decisive up moves will be seen

Importance of 16404 was told on 14-05-2022 and Nifty crashed 624.6 points in last 2 sessions after forming Pull Back Rally top at 16399.80 yesterday(18-05-2022)

Although firstly selling between 15923-15964 after huge gap down opening but lower levels some consolidation was also seen in last hours through Down moves in Bullish Falling  Channels therefore firstly up moves will be seen towards 15964 tomorrow because this consolidation pattern formation was within next most crucial supports range(15672-15846). Let Nifty to sustain above 15964 then decisive up moves will be seen therefore watch it also tomorrow.

 Down moves below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(19-05-2022)

Nifty-Intra Day Chart (18-May-2022):-

Technical Patterns formation in today intraday charts

1- Selling between 16331-16399

2- Selling between 16311-16354

3- Whole day actual trading between 16212-16399

Conclusions from intra day chart analysis 

Importance of next resistances were told yesterday and Nifty could not cross 2nd resistances as well as closed near the lower levels of the day within 1st resistance. As good selling at higher levels also therefore down moves will be seen below today lowest(16212) in the coming sessions.

Next resistance at 16304 will confirm

 rally towards and above 16404

Nifty-Intra Day Chart Analysis & 

Market Outlook(18-05-2022)

Nifty-Intra Day Chart (17-May-2022):-

Technical Patterns formation in today intraday charts

1- Consolidation between 15921-15969

2- Sharp up moves

3- UP moves with downward corrections

4- Whole day actual trading between 15901-16284

Conclusions from intra day chart analysis 

As consolidation was seen immediate after positive opening therefore firstly sharp up moves developed which remained continued whole day with downward corrections hence today closing was at the top of the day. 

Following next resistances were posted on 14-05-2022 in " Most crucial level will confirm next one sided big moves":-

1- 16256-16304

2- 16335-16404

Today highest and closing(16259.30) was within above mentioned 1st resistance range and Very Short term indicators have turned Over bought also after strong intraday rally today therefore firstly Nifty will have to consolidate within and near about 1st resistance range. Firstly let it happen then sustaining above 1st resistance(16304) should be watched tomorrow for rally continuation confirmations towards and above 16404.

 As busy therefore Stock Market Outlook of today(17-05-2022) is not being updated.

 Most crucial level will confirm 

next one sided big moves

Technical Analysis,Research & Weekly 

Outlook(May 16 to May 20,2022)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (13-May-2022):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020

2- Impulsive Wave-1 completion at 11794.30 on 31-08-2020  

3- Corrective Wave-2 completion at 10790.20 on 24-09-2020

4- Impulsive Wave-3 completion at 15431.8 on 16-02-2021

5- Corrective Wave-4 completion at 14151.4 on 22-04-2021

6- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction beginning.

7- Almost 7 months sideways correction between 15672-18604 with bottom formation at 15671.5 on 08-03-2022

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 begun after previous Waves structure Wave-C completion at 7511.10 on 24-03-2020 and news Waves structure started which completed after its impulsive Wave-5 completion with new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction commenced. Now "ABC" correction continuation which is at present sideways between 15672-18604 with bottom formation at 15671.5 on 08-03-2022

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (13-May-2022):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction beginning.

2- Corrective Wave-A completion at 16410.20 on 20-12-2021

3- Wave-B completion at 18351.00 on 18-01-2022.

4- Wave-C bottom formation at 15671.5 on 08-03-2022

5- Pull Back Rally completion at 18114.70 on 04-04-2022 and correction beginning.

6- Pull Back Rally correction continuation with recent bottom formation at 15735.8 on 12-05-2022 

7- Almost 7 months sideways correction between 15672-18604 with bottom formation at 15671.5 on 08-03-2022

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

9- Stochastic:- %K(5)- 11.63 & %D(3)- 13.01.

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

11- MACD(26,12)- -593.58 & EXP(9)- -406.85 & Divergence- -186.73

Conclusions from EOD chart analysis

(Stochastic & MACD)

Although "ABC" correction continuation with its Wave-C bottom formation at 15671.5 on 08-03-2022 but after that strong Pull Back Rally developed which completed at 18114.70 on 04-04-2022 and its correction begun and now that is in continuation with bottom formation at 15735.8 on 12-05-2022 as well as no indication of its completion yet on EOD charts. 

As Pull Back Rally correction bottom is at 15735.8 and it is little above Wave-C bottom(15671.5) as well as "ABC" correction has turned sideways between 15672-18604 for the last almost 7 months therefore if Nifty slips below 15671.5 then as per Elliott Wave Theory above mentioned correction Waves structure will turn invalid therefore has to be recalculated.

As Stochastic is now completely Oversold therefore suggesting short term up moves indications but MACD is clearly showing downward trend. Let down moves stop and up moves begin then firstly a Short term Pull Back rally will be considered but without Nifty slipping below Wave-C bottom(15671.5).

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (13-May-2022):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at   16060

2- 21-Day SMA is today at  16834

3- 55-Day SMA is today at  16970

4- 100-Day SMA is today at 17197

5- 200-Day SMA is today at 17251

 

Conclusions from EOD chart analysis

(Averages)

As all the shorter Term averages have moves below their longer Term averages and Nifty has closed below all the averages at 15782.15 last Fiday therefore confirming complete weakness in Indian Stock markets. 

Conclusions

(After putting all studies together)

All the trends are down and Indian markets are completely in Bearish mode. Last 7 months correction has turned sideways between 15672-18604 with recent bottom formation formation at 15735.8 on 12-05-2022. Next supports and resistances within this sideways trading range(15672-18604) as follows:-

Next and last supports are as follows:-

1- 15672-15846

Next immediate resistances are as follows:-

1- 15823-15925

2- 16011-16083

3- 16165-16222

4- 16256-16304

5- 16335-16404

Last supports of 7 months sideways correction range(15672-18604) are between 15672-15846 and Nifty closed within it in both previous sessions at 15808.0 on 12-05-2022 and at 15782.1 on 13-05-2022. As Wave-C bottom is at 15671.5 which is just below the bottom of last supports(15672) and 7 months sideways correction range(15672) therefore 15672 has become most crucial because:-

1- Sustaining below 15672 will mean 7 previous months like big trading range break down.

2- Sustaining below 15672 will mean break down of last supports of 7 previous months trading range.

3- Slipping below 15671.5 will mean previous corrective Waves structure becoming invalid because as per it Wave-C bottom was at 15671.5 and corrective Waves structure will be recounted. 

As Short Term Indicators are Oversold therefore suggesting some up moves possibilities in Short Term but above mentioned multiple resistances are lying and let nifty to sustain above 5th resistance top(16404) then decisive up moves will be seen and sustaining below 15672 will mean deeper correction beginning. First signal of these moves will be after sustaining beyond supports between 15672-15846 therefore it should be carefully watched in next week because deeper correction beginning most crucial level is the bottom(15672) of these supports and it will confirm next one sided big moves.