Up Moves expectations towards day's highest & next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-10-2022)

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

Technical Patterns formation in today intraday charts

1- 102 Points sharp fall in first 9 minutes.

2- Selling between 17734-17773

3- Sharp fall

4- Down moves in Bullish Falling Channels

5- Whole day actual trading between 17637-17811

Conclusions from intra day chart analysis 

Although gap up strong opening but not sustaining and slipped 102 Points in first 9 minutes and again sharp fall was seen after selling between 17734-17773. As all the down moves after 10:20 AM were in Bullish Falling Channels therefore lower levels good intraday consolidation will also be understood and firstly up moves will be seen towards day's highest(17811) in the coming sessions and sustaining above it will mean up moves towards following next resistances:-

1- 17798-17838

2- 17852-17919

3- 18044-18091

Firstly down moves & finally last 56 sessions range will confirm next Short to Long Term Trend

Technical Analysis,Research & Weekly Outlook

(Oct 24 to Oct 28,2022)

Nifty-EOD Chart Analysis

(Corrective Waves & Averages)

Nifty-EOD Chart (21-Oct-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.

10- Averages:-

A- 5-Day SMA is today at 17491

B- 21-Day SMA is today at 17218

C- 55-Day SMA is today at 17492

D- 100-Day SMA is today at 16888

E- 200-Day SMA is today at 16995

Conclusions from EOD chart analysis

(Corrective Waves & Averages)

Corrective Wave-A of "ABC" correction beginning with Double Zig-Zag pattern formation after impulsive Wave-5 completion and new life time top formation at 18604.50 on 19-10-2021. Now Wave-X of Double Zig-Zag correction continuation with recent top formation at 18096.20 on 15-09-2022 and no confirmation of its completion yet on EOD and intraday charts.

Nifty has closed above all the Short to Long Term Averages last Friday which is a strong indication of Indian markets strength,let Nifty to sustain above all these Averages then strong rally will be seen in the coming weeks/months..

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (21-Oct-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 56 Sessions sideways correction between 16748-18096.

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

5- Stochastic:- %K(5)- 86.78 & %D(3)- 88.77.

6- In MACD- MACD line has intersected Average line upward. Its MACD line is rising in positive zone while its Average line is rising in negative zone.

7- MACD(26,12)- 26.65 & EXP(9)- -152.73 & Divergence- 179.38

Conclusions from EOD chart analysis

 (Stochastic & MACD)

Wave-X started and in continuation after Wave-C completion at 15183.4 on 17-06-2022 as well as no confirmation of its completion yet after recent top formation at 18096.20 on 15-09-2022. As last 56 Sessions like big sideways correction between 16748-18096 and finally sustaining beyond this range will confirm the life and length of on going Wave-X with one sided next big moves. Positions of Short Term indicators are as follows:-

1 In Stochastic indicator its both %K(5) and %D(3) lines are kissing in Over bought zone and suggesting that Short Term correcion is on cards which will be seen in next week,

2-  In MACD its both lines rising but MACD line is rising in positive zone while its Average line is rising in negative zone which is sugesting some more up moves possibilities.

Nifty-Intra Day Chart Analysis

(21-Oct-2022)

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

Technical Patterns formation in today intraday charts

1- Selling between 17627-17670(immediate Resistances)

2- Down moves in Bullish Falling Channel

3- Support between 17521-17563

4- Whole day actual trading between 17521-17670

Conclusions from intra day chart analysis 

Although firstly up moves after gap up strong opening but selling developed which remain continued more than 4 hours therefore down moves were seen in Mid-session. As these Down moves were in Bullish Falling Channel and lower levels supports also therefore firstly up moves are expected towards immediate resistances between 17627-17670 and finally sustaining it beyond will confirm next intraday decisive moves in the beginning of next week.

Conclusions

(After putting all studies together)

All the trends are up and now Wave-X continuation after Short Term correction completion as well as no confirmation of its compleiton yet on EOD and intraday charts.

As last 56 Sessions like big Wave-X sideways correction between 16748-18096 therefore finally sustaining beyond this range will confirm next big moves. Once sustaining below 16748 will mean deeper correction beginning towards/below the the lowest(15183.4) of on going correction and sustaining above 18096 will mean rally towards and above life time highest(18604.50)

Although Short indicator MACD is showing upward trend while Stochastic is suggesting that Short Term correction which may be seen in next week and fresh rally will be seen after its completion if Nifty does not sustain below last 56 sessions lowest(16748).As finally last 56 sessions range(16748-18096) will confirm next Short to Long Term Trend therefore its break out/down should be watched in the coming week/weeks for its confirmations.

Firstly watch 17458-17522 for 

next intraday trend confirmation

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-10-2022)

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

Technical Patterns formation in today intraday charts

1- Up moves after 88 points weaker opening

2- More than 4 hours sideways trading between 17458-17522

3- Up moves in last hour

4- Whole day actual trading between 17421-17584

Conclusions from intra day chart analysis 

Although 88 points weaker opening but closing was at the top of the day because  more than 4 hours sideways trading between 17458-17522 and some consolidation was seen within this range. As clear one sided trading patterns were not seen between 17458-17522 therefore firstly sustaining beyond this range should be firstly watched tomorrow for next intraday trend confirmation.

 Short Term correction beginning 

expectations after follow up selling

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-10-2022)

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

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel

2- Down moves with upward corrections

3- Volatility in last 2 hours between 17473-17556 

4- Whole day actual trading between 17473-17607

Conclusions from intra day chart analysis 

Although firstly up moves after strong opening but Up moves were in Bearish Rising Channel and after that Down moves were with upward corrections therefore good intraday selling will be understood in first 4 hours. As volatility in last 2 hours between 17473-17556 and technical positions changes also during such volatility therefore expected that Nifty will firstly trade within and near about this volatility range.

As Very Short Term indicators have turned Overbought and intraday selling was seen in first 4 hours also today therefore follow up selling tomorrow will mean Short Term correction beginning of that rally which begun from 16247.7 on 30-09-2022 and it is expected also.

 Although not able to post Market Outlook today but almost recovered therefore expected that I shall be able to restart posting within 2/3 days.   

 As not feeling well therefore unable to update Outlook. As soon as will recover then will stat tp post

Expected that will be to restart from next week

Down moves expectations below 

today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(07-10-2022)

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

Technical Patterns formation in today intraday charts

1- Up moves after gap up strong opening

2- Selling between 17380-17428

3- Selling between 17348-17362

4- Whole day actual trading between 17314-17428

Conclusions from intra day chart analysis 

Although firstly up moves after gap up strong opening but higher levels selling developed therefore slipping. As follow up selling in last hour also therefore down moves are expected below today lowest.

17287 will confirm next intraday decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-10-2022)

Nifty-Intra Day Chart (04-Oct-2022):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with intraday corrections

2- Whole day actual trading between 17118-17287

Conclusions from intra day chart analysis 

As whole day up moves with intraday corrections after strong opening therefore up moves are expected but Very Short Term indicators have turned Over bought therefore expected that Nifty will firstly trade and prepare for next intraday decisive moves near about last Tuesday highest(17287). As follow up moves and finally sustaining it beyond will confirm it hence should be firstly watched for its confirmations.

 As not feeling well therefore unable to update tomorrow(04-10-2022) Market Outlook 

Post RBI Credit policy rally requires

 confirmations from Levels

Nifty-Intra Day Chart Analysis & 

Market Outlook(03-10-2022)

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

Technical Patterns formation in today intraday charts

1- Firstly slipping 70 points after weaker opening

2- Sideways trading between 16745-16836 before RBI Credit policy

3- Strong rally after RBI Credit policy

4- Intraday correction in last hours 

5- Whole day actual trading between 16745-17187

Conclusions from intra day chart analysis 

As I was out of station therefore could not update Weekly Outlook of this week but posting Market Outlook of 03-10-2022.

Although firstly slipping 70 points after weaker opening and traded most time in negative zone before RBI Credit policy announcements beginning but market welcomed Credit policy and after that strong rally was seen. As Very Short Term intraday indicators turned Overbought therefore Intraday correction developed in last hours,   

As last Friday rally was RBI Credit policy led and Nifty could not test next gap resistance between 17197-17292 as well as intraday correction was seen from 10 points below it(17187) therefore expected that Nifty will firstly traded within last Friday trading range in the beginning of next week and finally:-

1- Sustaining above 17292 will confirm strong rally beginning.

2- Sustaining below 16745 will confirm next phace of correction beginning.

 Down moves expectations 

towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-09-2022)

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

Technical Patterns formation in today intraday charts

1- Firstly up moves after strong opening

2- Down moves with upward corrections

3- Selling between 16795-16877

4- Whole day actual trading between 16789-17026

Conclusions from intra day chart analysis 

Although firstly up moves after strong opening but selling developed through Down moves with upward corrections and after follow up selling between 16795-16877 also therefore firstly down moves are expected towards following next supports between 16654-16746 and finally sustaining it beyond should be watched for next Short Term moves beginning confirmations.

Up moves expectations towards

next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-09-2022)

Nifty-Intra Day Chart (28-Sep-2022):-

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- Down moves in Bullish Falling Channel

3- Whole day actual trading between 16821-17037

Conclusions from intra day chart analysis 

Although gap down opening today but Consolidation was seen between 16943-17059 in last 2 sessions therefore firstly up moves were seen towards 17037.60. As these up moves were with downward corrections and after down moves were in Bullish Falling Channel therefore intraday consolidation patterns formations will be understood for today and firstly up moves are expected towards next resistances between 17063-17170 as well as finally sustaining it beyond should be watched for next Short Term moves beginning confirmations..

 16943-17264 will confirm 

Long Term trend & next big moves

Nifty-Intra Day Charts Analysis & 

Market Outlook(28-09-2022)

Nifty-Intra Day Chart (Sep 26 & Sep 27,2022):-

Technical Patterns formation in last 2 Sessions intraday charts

1- Sharp fall after gap down opening on 26-09-2022

2- Consolidation between 16979-17059 on 26-09-2022

3- Selling between 17120-17165 on 26-09-2022

4- Sharp fall in last hour on 26-09-2022

5- Selling between 17118-17170 on 27-09-2022

6- Consolidation between 16943-17048 on 27-09-2022

7- Selling between 17063-17116 on 27-09-2022

8- Consolidation between 16968-17028 on 27-09-2022

9- Last 2 Sessions actual trading between 16943-17196 

Conclusions from 2 Sessions

intra day chart analysis 

First 2 following supports were posted on 24-09-2022 in "Watch supports amid high possibility of deeper correction beginning":-

1- 17038-17097

2- 16948-17018(Gap support)

Positions of Intermediate and Long Term averages are as follows:-

1- 55-Day SMA is today at 17264

2- 200-Day SMA is today at 16990

Last 37 Sessions and 19 sessions like big trading range lowest(17167) was forcefully broken down yesterday therefore it is strong indication of deeper correction beginning.

As Nifty traded in last 2 sessions with higher levels selling and lower levels supports also between 16943-17196 and this range was within and near about above mentioned supports and Intermediate/Long Term averages therefore sustaining beyond 16943-17264 should be firstly watched in the coming sessions for Long Term trend and next big moves confirmations.

 As busy therefore Stock Market Outlook of today(27-09-2022) is not being updated.

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