Watch supports amid high possibility 

of deeper correction beginning

Technical Analysis,Research & Weekly Outlook

(Sep 26 to Sep 30,2022)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (23-Sep-2022):-

Technical Patterns and Formations in EOD charts

1- Wave-C completion at 15183.4 on 17-06-2022 and Wave-X beginning.

2- Wave-X continuation with recent top formation at 18096.20 on 15-09-2022.

3- Last 37 Sessions sideways correction between 17167-18096.

4- In Stochastic- %K(5) line has intersected %D(3) line downward,its %K(5) line is falling towards Over sold zone and %D(3) line is flat.

5- Stochastic:- %K(5)- 29.96 & %D(3)- 40.25.

6- In MACD its both lines are kissing in positive zone.

7- MACD(26,12)- 65.43 & EXP(9)- 99.05 & Divergence- -33.62

Conclusions from EOD chart analysis

(Stochastic & MACD)

Although Wave-X continuation and no confirmation of its completion yet but Short Term correction has been deepened and firstly sustaining beyond last 37 Sessions range lowest(17167) should be watched in next week for Wave-X deeper correction beginning confirmations. Positions of Short Term indicators are as follows:-

1- In Stochastic indicator %K(5) line has intersected %D(3) line downward and its %K(5) line is falling towards Over sold zone therefore showing some more down moves possibility in next week.

2- In MACD its both lines are kissing in positive zone and its both the lines are just above Zero line therefore not showing much strength of upward trend. Let MACD show one sided direction then next Short Term Trend will get confirmation accordingly.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (23-Sep-2022):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 17622 

B- 21-Day SMA is today at 17683

C- 55-Day SMA is today at 17230

D- 100-Day SMA is today at 16702

E- 200-Day SMA is today at 16993

 

Conclusions from EOD chart analysis

(Averages)

As Nifty has slipped and closed below Short Term Averages(5 & 21-Day SMA) therefore Short Term Trend has turned down and firstly sustaining beyond 55-Day SMA should be watched in next week for Intermediate Term Trend confirmations which is still up and firstly it should be watched in next week/weeks for its confirmation.

Nifty-Last 19 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Aug 29 to Sep 23,2022):-

Technical Patterns formation in last 19 Sessions intraday charts

1- Selling(Resistances) in last 19 Sessions are as follows:-

A- 17397-17489 

B- 17666-17713

C- 17798-17838

D- 17852-17919

E- 18044-18091

2- Consolidation(Supports) in last 19 Sessions are as follows:-

A- 17226-17380 

3- Last 19 Sessions actual trading between 17167-18096 

Conclusions from 19 Sessions

intra day chart analysis 

As last 19 Sessions trading between 17167-18096 with above mentioned 5 strong resistances and only 1 support therefore high  possibility of deeper corrrection beginning in next week after breakibg down of this last 19 sessions range because higher levels good selling was seen in all the previous 4 sessions of last week.

Nifty-Intra Day Chart Analysis

(23-Sep-2022)

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

Technical Patterns formation in today intraday charts

1- Sharp fall after weaker opening

2- Down moves with upward corrections

3- Sideways trading between 17292-17374

4- Whole day actual trading between 17292-17642

Conclusions from

intra day chart analysis 

As firstly sharp fall after weaker opening and after that good intraday selling through  down moves with upward corrections therefore down moves are expected. Although sideways trading was seen between 17292-17374 in last hour but higher levels too much selling last Friday hence correction continuation is expected below last Friday lowest(17291.65) 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 down.

Although Wave-X of "ABC" correction continuation and no confirmation of its completion yet on EOD charts but now correction of Wave-X is on which has deepened also in last week and deeper correction possibility has also emerged because Nifty closed little above last 37 Sessions and 19 sessions lowest(17167) and only one support(17226-17380) is lying between last Friday closing(17327) and 17167 while multiple resistances are above it. As sustaining below 17167 will confirm turning down of Intermediate Term Trend(55-Day SMA at 17230) therefore firstly sustaining it beyond should be watched in next week because Long Term Trend decider 200-Day SMA is just below it at 16993 and it will be at stake.

As Stochastic is showing some more down moves possibility in next week therefore if MACD slips below its Zero line after its MACD line downward intersection then this indicator will confirm Downward trend formations and will suggest deeper correction beginning possibility as well. 

As high possibility of deeper correction beginning in next week after slipping below last 37 Sessions lowest(17167) therefore following supports below it should be firstly watched in the coming week/weeks for next Short term moves beginning confirmations:-

1- 17038-17097

2- 16948-17018(Gap support)

3- 16654-16746(Gap support)

4- 16565-16628

5- 16443-16494

6- 16360-16438(Gap support)

 Immediate supports & resistances will confirm next Short Term moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-09-2022)

Nifty-Intra Day Chart (22-Sep-2022):-

Technical Patterns formation in today intraday charts

1- Whole day only intraday volatility

2- Whole day actual trading between 17533-17722

Conclusions from intra day chart analysis 

As all the Asian markets were trading in deep Red after Post FOMC announcements led US markets crash therefore Indian markets firstly slipped after gap down opening but clear sellling patterns were not seen yesterday and some consolidation was also seen therefore Nifty could not sustain at lower levels and Nifty recovered 190 points as well as traded within yesterday trading range(17664-17838)

Whole day only intraday volatility today and any side intraday trading patterns were not seen as well as Nifty out performed because Nifty closed 0.50% down while all the Asian markets closed more than it therefore firstly sustaining beyond immediate supports( 17477-17591) and resistances(17763-17798) should be watched tomorrow for next Short Term moves beginning confirmations.

Sideways trading if FOMC

 announcements led no big 

Global markets moves 

Nifty-Intra Day Chart Analysis & 

Market Outlook(22-09-2022)

Nifty-Intra Day Chart (21-Sep-2022):-

Technical Patterns formation in today intraday charts

1- Firstly up moves after weaker opening 

1- Selling between 17798-17838

3- Sharp fall in Mid-session

4- Supports between 17664-17701

5- Up moves with downward corrections

6- Down moves in Bullish Falling Channel

7- Whole day actual trading between 17664-17838

Conclusions from intra day chart analysis 

Although firstly up moves after weaker opening but higher levels selling developed therefore sharp fall was seen in Mid-session. As lower levels supports and after that intraday consolidation also through Up moves with downward corrections and Down moves in Bullish Falling Channel also therefore whole day today trading will be understood with Mixed Patterns formation between 17664-17838.

As higher levels selling and lower levels consolidation today therefore expected that Nifty will trade sideways and prepare for next decisive moves within and near about today trading range and finally sustaining beyond today trading range will confirm it hence it should be firstly watched tomorrow for confirmations.

Intraday technical positions have be posted above but FOMC announcements tonight will also impact all the Global markets tomorrow therefore if due to it any one sided big move develops in Global markets then next those supports and resistances should also be watched which have already been posted in previous 3 sessions Outlooks.

Watch next supports amid Short 

Term down moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-09-2022)

Nifty-Intra Day Chart (20-Sep-2022):-

Technical Patterns formation in today intraday charts

1- Up moves after gap up opening

2- Selling between 17852-17919

3- Sharp fall in last hour

4- Whole day actual trading between 17745-17919

Conclusions from intra day chart analysis 

Following 3 resistances were posted on 17-09-2022 in "Most crucial range will confirm next trend and bigger moves":-

1- 17763-17798

2- 17862-17959

3- 18044-18091

As good intraday consolidation yesterday therefore more than 100 points gap up opening and after that up moves were seen in first hour today but higher levels more than 4 hours selling developed within above mentioned 2nd resistance also hence sharp fall in last hour. 

Immediate resistance of Nifty is now 17852-17959 which have become stronger also after fresh selling within previous resistance range(17862-17959) today and firstly down moves are expected below 17852 as well as complete fresh consolidation is firstly required for sustaining above 17959. As next supports below 17852 are between 17581-17667 therefore firstly sustaining beyond this range should be be watched amid Short Term down moves expectations.

Up moves towards next reasistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-09-2022)

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

Technical Patterns formation in today intraday charts

1- More than 100 points sharp fall after flat opening

2- More than 200 points recovery from lower levels in first hour 

3- Consolidation between 17581-17667

4- Whole day actual trading between 17430-17667

Conclusions from intra day chart analysis 

Although firstly more than 100 points sharp fall after flat opening in first 15 minutes but after that more than 200 points recovery from lower levels in first hour and then more than 5 hours higher levels good intraday consolidation between 17581-17667 therefore up moves are expected towards next reasistances between 17763-17798.

Most crucial range will confirm 

next trend and bigger moves

Technical Analysis,Research & Weekly Outlook

(Sep 19 to Sep 23,2022)

Nifty-EOD Chart Analysis 

(Corrective Waves)

Nifty-EOD Chart (16-Sep-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 with Double Zig-Zag pattern formation. 

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- Wave-X completion at 18114.70 on 04-04-2022.

6- Wave-A completion at 15735.80 on 12-05-2021.

7- Wave-B completion at 16793.80 on 03-06-2022.

8- Wave-C completion at 15183.4 on 17-06-2022.

9- Wave-X continuation with recent top formation at 18096.20 on 15-09-2022.

Conclusions from EOD chart analysis

(Corrective Waves)

11 Months old "ABC" correction continuation with Double Zig-Zag pattern formation and no confirmation of its completion yet on EOD charts. Wave-X of correction started from 15183.4 on 17-06-2022 and is very much on with recent top formation at 18096.20 on 15-09-2022 after gaining 2912.8 points in the last 63 sessions. As Wave-X has shown so much strength therefore finally it will decide the life and length of on going Double Zig-Zag correction hence its movements should be watched in the coming week/weeks for its confirmations

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (16-Sep-2022):-

Technical Patterns and Formations in EOD charts

1- Wave-C completion at 15183.4 on 17-06-2022 and Wave-X beginning.

2- Wave-X continuation with recent top formation at 18096.20 on 15-09-2022.

3- Last 32 Sessions sideways correction between 17167-18096.

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

5- Stochastic:- %K(5)- 38.78 & %D(3)- 65.57.

6- In MACD- MACD line has intersected Average line upward and its MACD line is rising and its Average line is flat in positive zone.

7- MACD(26,12)- 102.51 & EXP(9)- 42.47 & Divergence- 60.04.

Conclusions from EOD chart analysis

(Stochastic & MACD)

As Wave-X has turned sideways between 17167-18096 for the last 32 like bigger Sessions and finally break out/down of this range will decide its continuation/completion therefore it should be firstly watched in the coming week for its confirmations. Positions of Short Term indicators are as follows:-

1- In Stochastic indicator %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone therefore suggesting some more down moves in next week.

2- In MACD indicator MACD line is rising and its Average line is flat in positive zone and both the lines are just above Zero line therefore not showing much strength of upward trend. 

Nifty-Intra Day Chart Analysis

(16-Sep-2022)

Nifty-Intra Day Chart (16-Sep-2022):-

Technical Patterns formation in today intraday charts

1- Selling between 17763-17798

2- Sharp fall 

3- Down moves with upward corrections

4- Volatility in last hour between 17498-17602

5- Whole day actual trading between 17498-17820

Conclusions from intra day chart analysis

As firstly selling after gap down opening last Friday and good intrday selling was seen one day befpre also therefore sharp fall developed immediately after opening. Although follow up selling in Mid-session through Down moves with upward corrections but volatility in last hour between 17498-17602 which was within next supports range(17477-17591) therefore firstly sustaining beyond 17477-17602 should be watched in the beginning of coming week for immediate decisive moves beginning confirmations because:-

1- Very Short Term indicators have turned Over sold after intraday 598 points sharp falls in last 2 sesions of previous week.

2- Technical positins reverses also some times under such high depressed sentiments during last Friday like volatility and within supports range as well.

Conclusions

(After putting all studies together)

1- Long Term Trend is up.

2- Intermediate Term Trend is up.

3- Short Term Trend is down.

Wave-1 of which Waves structure begun from 7511.10 on 24-03-2020 completed after almost 19 months at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction started which is in continuation also with Double Zig-Zag pattern formation. As on going "ABC" correction is now 11 Months old therefore "timewise correction" completion of 19 months rally has been understood. 

Previous Waves structure gained 11093.4 points(18604.50-7511.10) and it has corrected 3421.1 points(18604.50-15183.4) during on going "ABC" correction. As 30.83% correction has been completed and it is more than 27%(15609) of Fibonacci retracement therefore "pricewise correction" completion will also be understood. Now Wave-X of Double Zig-Zag correction is in continuation which has shown complete strength because it has gained 2912.8 points(18096.20-15183.4) in the last 63 sessions and remained 508.3 points(18604.50-18096.20) shorter than previous Waves structure top and life time highest(18604.50). 

As Wave-X is trading sideways between 17167-18096 for the last 32 Sessions which is like a bigger sideways trading range therefore it has become "most crucial" because:- 

1- Its highest level(18096) is only 508.3 points below previous waves structure top and life time highest(18604.50) and once moving above it will mean first strong signal of new Waves structure formation beginning after moving above 18604.50. 

2- Sustaining below 17167 will mean deeper correction beginning after more than 32 sessions like bigger trading range broken down confirmations.

As valid break out/down of this "most crucial range" will form next trend and bigger moves also therefore it should be firstly watched in the coming week/weeks for its confirmations. Next resistances and supports within this range are as follows which should also be firstly watched one by one for next decisive moves beginning indications and confirmations:-

Next resistances of 32 sessions trading range are as follows:- 

1- 17763-17798

2- 17862-17959

3- 18044-18091

Next supports of 32 sessions trading range are as follows:- 

1- 17477-17591

2- 17381-17401(Gap support)

3- 17226-17380

Down moves expectations towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-09-2022)

Nifty-Intra Day Chart (15-Sep-2022):-

Technical Patterns formation in today intraday charts

1- Firstly up moves after positive opening 

2- Down moves with upward corrections in first 2 hours

3- Last 4 hours selling between 17862-17959

4- Whole day actual trading between 17862-18096

Conclusions from intra day chart analysis 

Although firstly up moves after positive opening but down moves started which were with upward corrections in first 2 hours and after that last 4 hours lower levels selling between 17862-17959 thereofre firstly down moves are expected below day's lowest and towards following next supports:-

1- 17706-17748

2- 17477-17591

 Immediate resistance will confirm

 next intraday decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(15-09-2022)

Nifty-Intra Day Chart (14-Sep-2022):-

Technical Patterns formation in today intraday charts

1- 106 Points sharp up in first 2 miutes after gap down opening

2- Consolidation between 17855-17948 

3- Up moves with downward corrections

4- Selling between 18044-18091

5- 119 Points sharp fall in last hour

6- Whole day actual trading between 17772-18091

Conclusions from intra day chart analysis 

As good selling in last 3 sessions above last Friday lowest(17786) therefore today opening was just below it at 17771.15 after gap down opening but firstly 106 Points sharp up in first 2 miutes and after that consolidation was seen  between 17855-17948. Although follow up intraday consolidation through Up moves with downward corrections but fresh selling developed between 18044-18091 which was within and near about yesterday selling range(18059-18088) therefore 119 Points sharp fall in last hour.   

Last 2 sessions selling between 18044-18091 and today closing was below it also therefore this range has become immediate resistance of Nifty and firstly sustaining beyond this range should be watched tomorrow for next intraday decis1ve moves beginning confirmations.

Expected correction may be deeper

Nifty-Intra Day Chart Analysis & 

Market Outlook(14-09-2022)

Nifty-Intra Day Chart (13-Sep-2022):-

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channels

2- Selling between 18059-18088 

3- Whole day actual trading between 18016-18088

Conclusions from intra day chart analysis 

Although whole day positive zone trading after gap up opening and today closing was with 0.75% gains also but whole day good intraday selling patterns were seen therefore down moves are expected tomorrow. 

As more than 5 hours yesterday trading was with Mixed Patterns formation between 17936-17980 which menas that intraday selling patterns were also seen and intraday selling patterns were developed last Friday as well therefore expected correction may be deeper because last 2 sessions Indian markets up moves were due to Bullish Global markets sentiments. 

17936-17980 will confirm next

 intraday decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(13-09-2022)

Nifty-Intra Day Chart (12-Sep-2022):-

Technical Patterns formation in today intraday charts

1- Up moves after positive opening

2- Mixed Patterns formation between 17936-17980 

3- Whole day actual trading between 17890-17980

Conclusions from intra day chart analysis 

Although firstly up moves after positive opening and Green closing also with 0.58% gains today but clear one sided intraday patterns were not seen because more than 5 hours trading was with Mixed Patterns formation between 17936-17980 therefore firstly sustaining it beyond should be watched tomorrow for next intraday decisive moves beginning confirmations.

For next big moves firstly watch

 immediate supports,resistances &

 finally last 27 Sessions trading range

Technical Analysis,Research & Weekly

 Outlook(Sep 12 to Sep 16,2022)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (12-Sep-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 with Double Zig-Zag pattern formation. 

7- Wave-A completion at 16410.20 on 20-12-2021.

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

9- Wave-C bottom formation at 15671.5 on 08-03-2022.

10- Wave-X completion at 18114.70 on 04-04-2022.

11- Wave-A completion at 15735.80 on 12-05-2021.

12- Wave-B completion at 16793.80 on 03-06-2022.

13- Wave-C completion at 15183.4 on 17-06-2022.

14- Wave-A continuation with recent top formation at 17992.20 on 19-08-2022.

15- Last 27 Sessions sideways correction between 17167-17992.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of which Waves structure begun from 7511.10 on 24-03-2020 completed through its impulsive Wave-5 at 18604.50 on 19-10-2021 after 11093.4 points gains in almost 21 months and its Wave-A of "ABC" correction begins. 

Now more than 10 months old "ABC" correction is in continuation with Double Zig-Zag pattern formation and lost maximum 3421.1 points loss. At present Wave-A of on going correction is on with recent top formation at 17992.20 on 19-08-2022 and no confirmation of its completion yet but now its  27 Sessions sideways correction is in continuation between 17167-17992 with recent bottom formation at 17166.2 on 29-08-2022.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (12-Sep-2022):-

Technical Patterns and Formations in EOD charts

1- Wave-C completion at 15183.4 on 17-06-2022 and Wave-A beginning.

2- Wave-A continuation with recent top formation at 17992.20 on 19-08-2022.

3- Last 27 Sessions sideways correction between 17167-17992.

4- Stochastic- Both %K(5) line and %D(3) line are kissing just below Over bought zone.

5- Stochastic:- %K(5)- 76.33 & %D(3)- 72.05.

6- In MACD- Both MACD line and Average line are kissing just above Zero line.

7- MACD(26,12)- 04.94 & EXP(9)- 51.37 & Divergence- -46.43.

Conclusions from EOD chart analysis

(Stochastic & MACD)

Wave-A of "ABC" Double Zig-Zag pattern correction continuation with recent top formation at 17992.20 on 19-08-2022 and no confirmation of its completion yet on EOD charts. Last 27 Sessions sideways trading between 17167-17992 and finally sustaining beyond this range will confirm  next one sided big moves beginning after breaking out/breaking down of this 27 Sessions like big trading range.

As both lines are kissing in Short Term indicators MACD and Stochastic therefore it will be understood that Indian markets are in indecisive and confusion mode. Let Short Term indicators show one sided signals then next Short Term trend will be understood accordingly.  

Nifty-Intra Day Chart Analysis

(09-Sep-2022)

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

Technical Patterns formation in today intraday charts

1- Selling between 17887-17925

2- 2 Hours Down moves in Bullish Falling Channel

3- Selling between 17833-17867

4- Whole day actual trading between 17786-17925

Conclusions from intra day chart analysis 

Although gap up strong opening last Friday but higher levels selling developed and follow up selling was also seen in last hours therefore closing was near the lower levels of the day. As 2 hours Mid-session Down moves were in Bullish Falling Channel therefore intraday consolidation was also seen hence last Friday intraday trafing will be understood with Mixed Patterns formation. Expected that Nifty will firstly trade and prepare for next decisive moves within and near about 17786-17925 and finally sustaining beyong this range will confirm it therefore should be watched in the beginning of next week. 

Conclusions

(After putting all studies together)

All the trends are up and "ABC" correction which started more than 10 months before is in continuation with Double Zig-Zag pattern formation as well as no confirmation of its completion yet.

Now Wave-A of correction is on with recent top formation at 17992.20 on 19-08-2022. As last 27 Sessions sideways trading between 17167-17992 and finally sustaining beyond this range will confirm life and length of on going correction therefore should be firstly watched in the coming week/weeks for next decisive one sided big moves beginning confirmations. Next supports and resistances between 17167-17992 are as follows:-

Immediate resistances:-

1- 17833-17867

2- 17887-17925

3- 17934-17979

Immediate supports:-

1- 17706-17748

2- 17477-17591

3- 17381-17401(Gap support)

4- 17226-17380

Firstly sustaining beyond above mentioned supports and resistances should be watched in the coming week/weeks for initial signals of next big moves beginning which will finally get 100% confirmation after break out/down of last 27 Sessions trading range(17167-17992).

 Resistance range will confirm 

next intraday moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(09-09-2022)

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

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Up moves in Bearish Rising Channel

3- Whole day actual trading between 17692-17807

Conclusions from intra day chart analysis 

As firstly Down moves in Bullish Falling Channel after stong opening therefore up moves started from intraday lower levels which remained continued till last hour. Up moves in last 3 hours were in Bearish Rising Channel and within next resistance range also between 17762-17834 therefore:- 

1- Firstly fresh consolidation is required for intraday up moves above 17834.

and 

2- Fresh selling within or near about 17762-17834 and sustaining below 17762 will mean intraday correction beginning.

 17598-17650 will confirm next intraday trend

Nifty-Intra Day Chart Analysis & 

Market Outlook(08-09-2022)

Nifty-Intra Day Chart (07-Sep-2022):-

Technical Patterns formation in today intraday charts

1- Consolidation between 17532-17591

2- Sharp up moves in Mid-session

3- Last 4 hours sideways trading between 17598-17650

4- Whole day actual trading between 17485-17650

Conclusions from intra day chart analysis 

Although firstly gap down opening but firstly consolidation between 17532-17591 therefore sharp up moves developed in Mid-session. As last 4 hours sideways trading between 17598-17650 and one sided intraday trading patterns were not seen therefore firstly sustaining beyond this range should be watched tomorrow for next intraday trend beginning confirmations.

 Firstly down moves & today 

lowest will confirm sharp fall

Nifty-Intra Day Chart Analysis & 

Market Outlook(07-09-2022)

Nifty-Intra Day Chart (06-Sep-2022):-

Technical Patterns formation in today intraday charts

1- 177 Points fall in first hour after positive opening

2- Up moves with downward corrections

3- Selling between 17672-17715

4- Sharp fall in last hour

5- Whole day actual trading between 17588-17764

Conclusions from intra day chart analysis 

Although firstly up moves after positive opening but 177 Points fall in first hour and after that some up moves were seen. As selling developed in Mid-session and intrday consolidation was not seen therefore sharp fall in last hour and firstly down moves are expected towards today lowest(17588),once sustaining below it will mean sharp fall towards next supports between 17477-17533.

 As out of station therefore could not update Stock Market Outlook of today(06-09-2022) but tomorrow Outlook will be posted positively.

 Last 22 Sessions sideways 

correction range break out/down 

will confirm next trend

Technical Analysis,Research & 

Weekly Outlook(Sep 05 to Sep 09,2022)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (02-Sep-2022):-

Technical Patterns and Formations in EOD charts

1- Wave-C completion at 15183.4 on 17-06-2022 and Wave-A beginning

2- Wave-A continuation with recent top formation at 17992.20 on 19-08-2022

3- 22 Sessions sideways correction between 17155-17992

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

5- Stochastic:- %K(5)- 73.21 & %D(3)- 64.85.

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

7- MACD(26,12)- 14.13 & EXP(9)- 288.33 & Divergence- -274.02

Conclusions from EOD chart analysis

(Stochastic & MACD)

Wave-A of "ABC" correction continuation is in continuation with recent top formation at 17992.20 on 19-08-2022 and no confirmation of its completion yet but last 22 Sessions sideways corretcion between 17155-17992 and finally sustaining beyond this range will confirm life and length of on going correction.

Although MACD is showing downward trend formations signals but both lines of Stochastic are rising towards Over bought zone and are just below Over bought zone also therefore correction continuation may be seen after some up moves.  

Nifty-Last 10 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Aug 19 to Sep 02,2022):-

Technical Patterns formation in last 10 Sessions intraday charts

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

A- 17582-17619

B- 17634-17726 

C- 17762-17834 

D- 17934-17979 

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

A- 17477-17533 

B- 17381-17401(Gap support)

C- 17226-17380

3- Last 10 Sessions actual trading between 17167-17992 

Conclusions from 10 Sessions

intra day chart analysis 

As last 10 Sessions trading between 17167-17992 with above mentioned supports and resistances which are almost equally stronger also therefore firstly sustaining beyond this range should be watched in the coming week for next Short to Intermediate term moves beginning confirmations.

Nifty-Intra Day Chart Analysis

(02-Sep-2022)

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

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Consolidation between 17477-17533

3- Up moves in Bearish Rising Channel

4- Sharp fall in last hour

5- Whole day actual trading between 17477-17643

Conclusions from intra day chart analysis 

As good intraday selling one day before therefore Nifty could not sustain at higher levels and slipped after positive opening last Friday. Although firstly down moves but were in Bullish Falling Channel and lower levels consolidation also therefore up moves started. As Mid-session up moves were in Bearish Rising Channel therefore sharp fall was seen in last hour.

Lower levels consolidation and higher levels selling was seen between 17477-17643 last fiday therefore valid breakout of this range should be firstly watched in coming week for next decisive moves beginning confirmations.

Conclusions

(After putting all studies together)

1- Long Term Trend is up.

2- Intermediate Term Trend is up.

3- Short Term Trend is sideways.

More than 10 months old "ABC" correction continuation with Double Zig-Zag pattern formations and no confirmation of its completion yet. Now its Wave-A is on after gaining 2808.8 points in the last 48 sessions. 

As last 22 Sessions sideways correction of Wave-A is being seen between 17155-17992 and above mentioned supports and resistances of last 10 sessions will decide the fate of this 22 sessions range. Finally last 22 Sessions sideways correction range break out/down will confirm next trend therefore should be firstly watched in the coming week/weeks for:-

1- Fresh rally after sideways correction completion above 17992.

2- Deeper correction beginning after breaking down below 17155. 

 Down moves expectations 

towards immediate supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(02-09-2022)

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

Technical Patterns formation in today intraday charts

1- Firstly up moves after weaker opening

2- Selling between 17634-17695

3- Selling between 17582-17619

4- Selling between 17525-17578

5- Whole day actual trading between 17469-17695

Conclusions from intra day chart analysis 

Although firstly up moves after weaker opening but Nifty could not moved above immediate resistance range(17522-17726) and down moves started which remained continued with whole day continuous selling. As whole day good intraday selling therefore down moves are expected below day's lowest(17469) and towards immediate supports(17226-17380).

 Immediate supports and resistances 

will confirm Short Term moves

 amid melting Global markets 

Nifty-Intra Day Chart Analysis & 

Market Outlook(01-09-2022)

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

Technical Patterns formation in today intraday charts

1- Whole day rally after gap up strong opening

2- Whole day actual trading between 17402-17777

Conclusions from intra day chart analysis 

Although whole day rally after gap up strong opening on 30-08-2022 and closing was above 2 immediate resistances as well as intraday selling patterns were not seen but Global markets are melting therefore SGX Nifty is trading more than 200 points down at this moment. 

As Global markets led intraday volatility may be seen tomorrow therefore sustaining beyond following immediate supports and resistances should be watched in the coming sessions for Short Term moves beginning confirmations :-

1- Immediate supports are between 17226-17380 

2- Immediate resistances are between 17522-17726

 17226-17380 Will confirm 

next Short terms moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-08-2022)

Nifty-Intra Day Chart (29-Aug-2022):-

Technical Patterns formation in today intraday charts

1- 160 Points jump from lower levels in first 48 minutes after huge gap down opening

2- More than 5 hours sideways trading between 17294-17380

3- Whole day actual trading between 17167-17380

Conclusions from intra day chart analysis 

Following conslusive line was told on 27-08-2022 in "Correction continuation & strong supports breaking down will confirm deeper correction":-

As supports between 17226-17293 are strong therefore firstly sustaining it beyond should be watched in next week 

Nifty honoured already mentioned strong supports between 17226-17293 in following manner today:-

1- Although crashing Global markets led huge gap down opening below 17226 but not sustaining below it and sharp 160 points jump was seen from lower levels in first 48 minutes today morning.

2- Last More than 5 hours sideways trading was above 17293 between 17294-17380 today.

As clear one sided trading patterns were not seen between 17294-17380 today therefore firstly sustaining beyond 17226-17380 should be watched in the coming sessions for next Short terms moves beginning confirmations because:-

1- Clear and complete fresh selling patterns are firstly required for sustaining below strong supports lowest(17226).

2- Fresh consolidation and sustaining above 17380 will mean decisive up moves beginning after honouring strong supports range(17226-17293)

Correction continuation & strong

 supports breaking down will

 confirm deeper correction

Technical Analysis,Research & Weekly 

Outlook(Aug 29 to Sep 02,2022)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (26-Aug-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 with Double Zig-Zag pattern formation 

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

8- Wave-B completion at 18351.00 on 18-01-2022

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

10- Wave-X completion at 18114.70 on 04-04-2022

11- Wave-A completion at 15735.80 on 12-05-2021

12- Wave-B completion at 16793.80 on 03-06-2022

13- Wave-C completion at 15183.4 on 17-06-2022

14- Wave-A continuation with recent top formation at 17992.20 on 19-08-2022

15- Wave-A correction continuation recent bottom formation at 17345.2 on 23-08-2022

Conclusions from EOD chart analysis

(Waves structure)

Waves structure which begun from 7511.10 on 24-03-2020 through its impulsive Wave-1 completed through its impulsive Wave-5 at 18604.50 on 19-10-2021 after 11093.4 points gains in almost 21 months and its Wave-A of "ABC" correction begins. 

Now more than 10 months old "ABC" correction continuation with maximum 3421.1 points loss and Double Zig-Zag pattern formation. At present Wave-A of on going correction continuation with recent top formation at 17992.20 on 19-08-2022 and no confirmation of its completion yet but now its correction is on with recent bottom formation at 17345.2 on 23-08-2022.

Nifty-Weekly Chart Analysis

(Stochastic & MACD)

Nifty-Weekly Chart (26-Aug-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 with Double Zig-Zag pattern formation 

2- Wave-A continuation with recent top formation at 17992.20 on 19-08-2022

3- Wave-A correction continuation recent bottom formation at 17345.2 on 23-08-2022

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

5- Stochastic:- %K(5)- 86.02 & %D(3)- 92.39.

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

7- MACD(26,12)- 150.77 & EXP(9)- -383.96 & Divergence- 534.73

Conclusions from Weekly chart analysis

(Stochastic & MACD)

Although no confirmation of Wave-A completion but its correction has started and in continuation with  recent bottom formation at 17345.2 on 23-08-2022. Positions of Weekly indicators are as follows:-

1- In Stochastic indicator %K(5) line has intersected %D(3) line downward and its both lines are falling within Over bought zone therefore showing strong signals of Intermedaite Term correction continuation.

2- In MACD indicator MACD line has intersected Average line upward and its both lines are rising therefore suggesting that Intermediate Term upward trend is still intact.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (26-Aug-2022):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 17550 

B- 21-Day SMA is today at 17487

C- 55-Day SMA is today at 16549

D- 100-Day SMA is today at 16643

E- 200-Day SMA is today at 16979

 

Conclusions from EOD chart analysis

(Averages)

Nifty is well above Long and Intermediate Term trend(55,100,200-Day SMA) deciding Averages but hovering near about Short Term trend(5 & 21-Day SMA) and firstly sustaining it(17550 & 17487) beyond should be watched in next week for on going correction continuation or completion.

Nifty-Last 5 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Aug 22 to Aug 26,2022):-

Technical Patterns formation in last 5 Sessions intraday charts

1- Selling(Resistances) in last 5 sessions are as follows:-

A- 17671-17726 

B- 17522-17627  

2- Consolidation(Supports) in last 5 sessions are as follows:-

A- 17425-17470 

3- Last 5 Sessions trading between 17346-17726 

Conclusions from 5 Sessions

intra day chart analysis 

Last 5 Sessions trading between 17346-17726 with above mentioned supports and resistances. As higher levels resistances are much stronger than lower levels supports and good intraday selling was seen last Friday also therefore firstly down moves are expected towards above mentioned supports. Finally sustaining below 17425 will mean strong signals of deeper correction beginning after last 10 sessions actual trading range breaking down confirmations therefore should be firstly watched in next week for its confirmations.

Conclusions

(After putting all studies together)

1- Long Term Trend is up.

2- Intermediate Term Trend is up.

3- Short Term Trend is down.

At present correction of Wave-A is on and no indication of its completion yet on EOD and intraday charts. As intraday charts of both previous sessions are showing selling patterns formations also therefore on going correction continuation is expected in the beginning of next week and finally sustaining beyond 21-Day SMA(17487) will confirm the life and length of on going correction.

Although Intermedaite Term indicator Weekly MACD is showing upward trend but Weekly Stochastic is confirming decisive down moves beginning therefore firstly on oging correction will remained continued in next week towards following next supports:-

1- 17425-17470

2- 17366-17428

3- 17226-17293(Strong supports)

As supports between 17226-17293 are strong therefore firstly sustaining it beyond should be watched in next week because sustaining below 17226 will open the gate of deeper correction beginning towards following next supports after last 17 sessions trading range breaking down confirmations:-

1- 17061-17121

2- 16948-17018(Gap supports)

3- 16654-16746(Gap supports)

4- 16565-16628

5- 16495-16542