Bullish moves continuation & Short Term correction only after complete selling patterns formations

Technical Analysis,Research & Weekly Outlook

(Dec 18 to Dec 22,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (15-Dec-2023):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-(ii) of Wave-3 completion and Impulsive Wave-(iii) of Wave-3 beginning from 16828.3 on 20-03-2023.  

2- Impulsive Wave-(iii) of Wave-3 completion at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

3- Wave-A of Wave-(iv) of Wave-3 completion at 19333.6 on 04-10-2023.

4- Wave-B of Wave-(iv) of Wave-3 completion at 19849.8 on 17-10-2023.  

5- Corrective Wave-C of Wave-(iv) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(v) of Wave-3 beginning. 

6- Impulsive Wave-(v) of Wave-3 continuation for the last 25 sessions with its recent high and new life time top formations at 21492.30 on 15-12-2023.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-(iii) of Wave-3 started from 16828.3 on 20-03-2023 after Corrective Wave-(ii) of Wave-3 completion at this level. Wave-A of "ABC" correction begun after 3394.15 gains from  20222.45 on 15-09-2023 of which corrective Wave-C completed at 18837.80 on 26-10-2023 and impulsive Wave-(v) of Wave-3 begun which is in continuation for the last 25 sessions with its recent high and new life time top formations at 21492.30 on 15-12-2023 after gaining 2654.5 points.

As no signal of Impulsive Wave-(v) of Wave-3 completion at EOD and intraday charts therefore its continuation will be firstly seen in next week.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (15-Dec-2023):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 82.37 & %D(3)- 67.54.

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

4- MACD(26,12)- 713.30 & EXP(9)- 598.20 & Divergence- 115.1

Conclusions from EOD chart analysis

(Stochastic & MACD)

Position of Short Term indicators are as follows:-

1-  %K(5) line has intersected %D(3) line upward and its both lines are rising within and towards Over bought zone therefore showing signals of some more up moves possibility. 

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore indicating upward moves continuation possibility because upward trend formation is well confirmed. 

Nifty-Intra Day Chart Analysis

(15-Dec-2023)

Nifty-Intra Day Chart (15-Dec-2023):-

Technical Patterns formation in today intraday charts

1- Consolidation between 21236-21289

2- Sharp up 

3- More than 4 hours consolidation between 21282-21363(Immdiate supports)

4- Sharp up

5- Whole day actual trading between 21236-21492

Conclusions from intra day chart analysis 

Although firstty some down moves after gap up strong opening but lower levels fresh consolidation developed therefore sharp up moves were seen after that. As follow up more than 4 hours consolidation in Mid-session also hence sharp up moves were again seen in last hour and Nifty closed with 1.29% gains last Friday.

As only intraday consolidation and intraday selling patterns were not seen last Friday therefore on going rally continuation is expected in the beginning of next week as well as until complete selling patterns will not develop on intraday and EOD chars till then decisive down moves or Short Term correction will not be seen.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term trend is up.

Impulsive Wave-(v) of Wave-3 forcefully continuation with its recent high and new life time top formations at 21492.30 on 15-12-2023 and no signal of its completion yet on technical charts.

As indicators are showing signals of more moves in the beginning of next week and last Friday intraday charts are also showing whole day only consolidation patterns formations therefore firstly Bullish rally will remain continued in next week. Until complete selling pattrens formations will not be seen on intraday and EOD charts and Nifty will not sustain below immediate supports(21282-21363) till then even Short Term correction will not be seen. 

Bullish moves continuation and let complete selling patterns develop on EOD and intraday charts as well as Nifty to sustain below immdiate supports(21282-21363) then firstly Short Term correction will be considered.

On going rally continuation

Nifty-Intra Day Charts Analysis & 

Market Outlook(15-12-2023)

Nifty-Intra Day Chart (Dec 13 & Dec 14,2023):-

Technical Patterns formation in last 2 sessions intraday charts

1- 136 Points down in first 3 hours on 13-12-2023  

2- Consolidation between 20770-20852 in Mid-session on 13-12-2023  

3- Up moves with downward corrections in last 3 hours on 13-12-2023 

4- More than 6 hours consolidation between 20770-20852 on 14-12-2023 

5- Last 2 sessions actual trading between 20770-21210 

Conclusions from last 2 sessions

intra day chart analysis 

Following lines were told at 09:42 PM on 12-12-2023 in "Down moves continuation expectations":-

today started down moves continuation 

is expected in the coming session also.

As was told 100% same happened & 

Nifty moves down 136 Points 

in first 3 hours on 13-12-2023 

As good intraday selling on 12-12-2023 therefore firstly Nifty moved down 136 Points on 13-12-2023 but consolidation developed between 20770-20852 in Mid-session and Up moves with downward corrections were also seen in last 3 hours also hence whole day consolidation will be understood on 13-12-2023 resultant 160 points gap up strong opening was seen today. Almost whole day consolidation between 20770-20852 today therefore on going rally will remain continued in the coming sessions also.

 As out of station therefore unable 
to post today(14-12-2023) Outlook 

Down moves continuation expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(13-12-2023)

Nifty-Intra Day Chart (12-Dec-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 20995-21037

2- Sharp down

3- Selling between 20954-20972

4- Sharp down

5- Little recovery from lower levels

6- Whole day actual trading between 20868-21037

Conclusions from intra day chart analysis 

Live Proofs of our 100% accurate 

Nifty predictions & Analysis

Following lines were told at 10:54 PM yesterday in "Decisive down moves below today lowest":-

decisive down moves will be seen below today lowest(20923) in the coming sessions.

As was told 100% same happened & 

Nifty closed below yesterday lowest(20923)

after loosing 90.70 points with 

today lowest was at 20867.15.

Although some up moves after positive opening today but higher levels selling developed and after that sharp down moves were seen. As follow up selling in Mid-session therefore again sharp down moves developed in last hour. 

Little recovery from lower levels in last half hour after lower levels some supports but higher levels good selling therefore today started down moves continuation is expected in the coming session also.

Decisive down moves below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-12-2023)

Nifty-Intra Day Chart (11-Dec-2023):-

Technical Patterns formation in today intraday charts

1- Whole day sideways trading with intraday selling patterns formations between 20951-21026

2- Whole day actual trading between 20923-21026

Conclusions from intra day chart analysis 

As whole day sideways today trading with intraday selling patterns formations between 20951-21026 therefore expected that decisive down moves will be seen below today lowest(20923) in the coming sessions.

Firstly watch 20865-21000 for next one sided decisive moves amid Short Term correction beginning expectations

Technical Analysis,Research & Weekly Outlook

(Dec 11 to Dec 15,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (08-Dec-2023):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of "ABC correction" completion at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.

2- Impulsive Wave-1 completion at 18096.2 on 15-09-2022.

3- Corrective Wave-2 completion at 16747.7 on 30-09-2022.

4- Impulsive Wave-(i) of Wave-3 completion at 18887.6 on 01-12-2022.

5- Corrective Wave-(ii) of Wave-3 completion at 16828.3 on 20-03-2023.  

6- Impulsive Wave-(iii) of Wave-3 completion at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

7- Wave-A of Wave-(iv) of Wave-3 completion at 19333.6 on 04-10-2023.

8- Wave-B of Wave-(iv) of Wave-3 completion at 19849.8 on 17-10-2023.  

9- Corrective Wave-C of Wave-(iv) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(v) of Wave-3 beginning. 

10- Impulsive Wave-(v) of Wave-3 continuation for the last 25 sessions with its recent high and new life time top formations at 21006.10 on 08-12-2023.

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-C of "ABC correction" of previous Waves structure completed at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new Waves structure started which  completed at 18096.2 on 15-09-2022. Its corrective Wave-2 completed at 16747.7 on 30-09-2022 and Impulsive Wave-3 begun which is at present in continuation.

Impulsive Wave-3 has been divided into 5 sub-waves in which "ABC" correction of Wave-(iv) of Wave-3 was also seen.  Now impulsive Wave-(v) of Wave-3 is in continuation for the last 25 sessions with its recent high and new life time top formations at 21006.10 on 08-12-2023 and no confirmation of its completion yet on EOD and intraday charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (08-Dec-2023):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 94.09 & %D(3)- 96.18.

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

4- MACD(26,12)- 574.41 & EXP(9)- 409.51 & Divergence- 164.9

Conclusions from EOD chart analysis

(Stochastic & MACD)

Position of Short Term indicators are as follows:-

1- As in Stochastic its both lines %K(5) & %D(3) are kissing in Over bought zone therefore it has generated first signal of Short Term correction beginning 

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore confirming upward trend formations and on going Rally continuation possibility. 

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (08-Dec-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 20870 

2- 21-Day SMA is today at 20027

3- 55-Day SMA is today at 19697

4- 100-Day SMA is today at 19664

5- 200-Day SMA is today at 18891

Conclusions from EOD chart analysis

(Averages)

As Nifty is well above all the Short,intermediate and Long Term averages and all the Shorter Term Averages are above in comparison to their Longer Term Averages therefore showing good strength on Indian markets and confirming all the Trend turning up.

Nifty-Intra Day Chart Analysis

(08-Dec-2023)

Nifty-Intra Day Chart (08-Dec-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 20960-21006

2- Down moves

3- Consolidation between 20863-20914

4- Up moves

5- Selling between 20962-20981

6- Whole day actual trading between 20863-21006

Conclusions from intra day chart analysis 

Although firstly up moves after positive opening and Nifty tested 21,000 also but higher levels selling developed therefore down moves were seen after that. As lower levels fresh consolidation and after that some up moves also but again some selling was seen in last half hour.

As both lower levels buying and higher levels selling was seen last Friday between 20863-21006 therefore expected that Nifty will firstly trade and prepare for next decisive moves within and near about this range. Finally sustaining beyond this range should be watched in the beginning of next week for next Short Term 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 up.

Impulsive Wave-(v) of Wave-3 continuation in full force for the last 25 sessions with its recent high and new life time top formations  at 21006.10 on 08-12-2023.

 

Although no confirmation of Impulsive Wave-(v) of Wave-3 completion yet on EOD and intraday charts but Short Term correction beginning stronger signals have been emerged on Stochastic indicator. As MACD indicator is confirming upward trend formations and on going Rally continuation possibility also therefore expected that finally rally will remain continued after Short Term correction completion. 

As last 3 sessions most time trading between 20865-21000 and intraday selling patterns were also seen within this range as well as finally sustaining beyond this range will confirm following next one sided decisive moves beginning hence it should be firstly watched in the coming week for confirmations:-

1- Impulsive Wave-(v) of Wave-3 continuation confirmations above 21000.

2- Short Term correction beginning confirmations below 20865.

Finally sustaining beyond

 20879-20927 will confirm next

 intraday decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(08-12-2023)

Nifty-Intra Day Chart (07-Dec-2023):-

Technical Patterns formation in today intraday charts

1- 81 Points fall in first 15 minutes after flat opening.

2- Consolidation between 20851-20885

3- Up moves with downward corrections

4- More than last 4 hours trading with mixed Patterns formation between 20879-20927

5- Whole day actual trading between 20851-20941

Conclusions from intra day chart analysis 

Live Proofs of our 100% accurate Nifty predictions & Anlysis

Following lines were told at 09:04 PM yesterday in "Short Term down moves expectations below today lowest":-

"Short Term down moves below today lowest(20853) are expected tomorrow."

As was told 100% same happened and:-

1- Nifty slipped below yesterday lowest(20853) within first 15 minutes today.  

and 

2- Today lowest formation was at 20850.80

Although firstly 81 Points fall in first 15 minutes after flat opening but lower levels consolidation developed therefore up moves were seen after that. As these up moves were with downward corrections therefore new intraday highest was formed at 20941.25.

  

As more than last 4 hours trading with mixed Patterns formation between 20879-20927 therefore firstly Nifty will trade within and near about this range as well as prepare for next decisive moves. Finally sustaining beyond this range should be watched tomorrow for next intraday decisive moves beginning confirmations.

Short Term down moves expectations 

below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(07-12-2023)

Nifty-Intra Day Chart (06-Dec-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 20919-20940

2- Down moves in Bullish Falling Channel

3- Sharp up.

4- Up moves in Bearish Rising Channel

5- Selling between 20928-20962

6- Whole day actual trading between 20853-20962

Conclusions from intra day chart analysis 

Although gap up strong opening but selling developed therefore down moves were seen in Mid-session. As these Down moves were in Bullish Falling Channel therefore firstly sharp up moves were seen but after that Up moves were in Bearish Rising Channel and selling developed between 20928-20962 in last hour. 

As good intraday selling was seen at higher levels today therefore Short Term down moves below today lowest(20853) are expected tomorrow.

 Firstly watch sustaining above today

 highest for next up moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-12-2023)

Nifty-Intra Day Chart (05-Dec-2023):-

Technical Patterns formation in today intraday charts

1- 93 Points fall in first 9 minutes after gap up strong opening.

2- Up moves with downward corrections

3- Selling between 20815-20848

4- Sharp down 

5- Up moves with selling and intraday corrections

6- Up moves in Bearish Rising Channel

7- Whole day actual trading between 20712-20864

Conclusions from intra day chart analysis 

Although gap up strong opening but 93 points fall in first 9 minutes which indicated first signal of selling beginning. As fresh selling developed after Up moves with downward corrections therefore sharp fall was seen after that. Last more than 3 hours up moves were  with selling,intraday corrections and Up moves in Bearish Rising Channel therefore clear intraday selling pattern will be understood today. 

As Nifty has to trade and consolidate within and near about today trading range for fresh up moves beginning as well as sustaining above today highest will confirm it therefore should be firstly watched tomorrow for next up moves beginning. 

More Up moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-12-2023)

Nifty-Intra Day Chart (04-Dec-2023):-

Technical Patterns formation in today intraday charts

1- Consolidation between 20508-20587

2- Up moves with downward corrections

3- Whole day actual trading between 20508-20702

Conclusions from intra day chart analysis 

As grand victory of BJP in Assembly pools on 3rd Dec 2023 therefore Indian Stock Markets celebrated it next day today through huge up opening and with Nifty 2.07% gains. 

Firstly consolidation between 20508-20587 and after that Up moves with downward corrections which is also a consolidation pattern and intaday selling patterns were not seen therefore more up moves are expected above to highest(20702.65). Let intraday selling patterns develop then Short Term correction will be considered. 

Finally on going rally continuation

 towards 22231.95 after expected

 Short Term correction completion

Technical Analysis,Research & Weekly Outlook

(Dec 04 to Dec 08,2023)

Live Proofs of our 100% accurate Nifty Anlysis

Following Topic was posted 2 weeks before in "Nov 20 to Nov 24,2023 Weekly Outlook":- 

"Finally fresh rally above Life Time Top after 

expected Short Term correction completion"

Following line was told in above topic:-

"Finally fresh rally will be seen after Short Term correction completion because Impulsive Wave-(v) of Wave-3 formations does mean up moves above life time top."

As was told 100% same happened and Nifty crossed previous life time top(20222.45) on 01-12-2023 and now "new life time top" is at 20291.55 

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (01-Dec-2023):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of "ABC correction" completion at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.

2- Impulsive Wave-1 completion at 18096.2 on 15-09-2022.

3- Corrective Wave-2 completion at 16747.7 on 30-09-2022.

4- Impulsive Wave-(i) of Wave-3 completion at 18887.6 on 01-12-2022.

5- Corrective Wave-(ii) of Wave-3 completion at 16828.3 on 20-03-2023.  

6- Impulsive Wave-(iii) of Wave-3 completion at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

7- Wave-A of Wave-(iv) of Wave-3 completion at 19333.6 on 04-10-2023.

8- Wave-B of Wave-(iv) of Wave-3 completion at 19849.8 on 17-10-2023.  

9- Corrective Wave-C of Wave-(iv) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(v) of Wave-3 beginning. 

10- Impulsive Wave-(v) of Wave-3 continuation for the last 20 sessions with its recent high and new life time top formations at 20291.55 on 01-12-2023.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure started from 15183.4 on 17-06-2022 after corrective Wave-C of previous Waves structure completion at this level. Its Wave-3 has been divided into sub-Waves,now impulsive Wave-(v) of Wave-3 continuation with recent high and  new life time top formations at 20291.55 on 01-12-2023 as well as no indication of its completion yet on EOD and intraday charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (01-Dec-2023):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 95.64 & %D(3)- 90.17.

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

4- MACD(26,12)- 232.97 & EXP(9)- 283.76 & Divergence- -50.79

Conclusions from EOD chart analysis

(Stochastic & MACD)

Position of Short Term indicators are as follows:-

1- As in Stochastic its %K(5) line has intersected %D(3) line upward and its both lines are rising in extreme Over bought zone therefore showing first signal of Short Term correction possibility in the coming week. 

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore confirming uward trend formations and on going Rally continuation possibility. 

Nifty-Intra Day Chart Analysis

(01-Dec-2023)

Nifty-Intra Day Chart (01-Dec-2023):-

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- More than 5 hours trading with mixed Patterns formation between 20232-20291 

3- Whole day actual trading between 20183-20291

Conclusions from intra day chart analysis 

Although firstly consolidation through up moves with downward corrections after gap up strong opening but after that more than 5 hours trading with mixed Patterns formation between 20232-20291 therefore sustaining beyond this range should be firstly watched in the beginning of next week for:- 

1- Short Term correction beginning confirmations below 20232 or 

2- On going rally continuation confirmations above 20291.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term trend is up.

Impulsive Wave-(v) of Wave-3 continuation for the last 20 sessions with its recent high and new life time top formations at 20291.55 on 01-12-2023 as well as no indication of its completion yet on EOD and intraday charts.

As per Elliott Wave theory maximum target of On going impulsive Wave-(v) of Wave-3) is at 22231.95. Its calculations are as follows:-

As per Elliott Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5. Now impulsive Wave-5 is on and it should not gain more points than Wave-3 has gained.

Impulsive Wave-i gained=2912.8 points(18096.2-15183.4)

Impulsive Wave-iii gained=3394.15 points(20222.45-16828.3)

Impulsive Wave-v has gained 1453.75 points till 01-12-2023(20291.55-18837.80)

As according to Elliott Wave theory Wave-5 can not gain more points than Wave-3 gained therefore on going impulsive Wave-5 will gain lesser points than 3394.15.

Impulsive Wave-5 started from 18837.80 on 26-10-2023 and it has to gain less than 3394.15 points therefore maximum target of on going impulsive Wave-5 is 22231.95(18837.80+3394.15)

Although MACD indicator is confirming uward trend formations and on going Rally continuation possibility but Short Term indicator Stochastic is showing first signal of Short Term correction possibility in the coming week which may also be seen. Finally on going rally(Impulsive Wave-(v) of Wave-3) will remain continued towards 22231.95 after expected Short Term correction completion which may be sideways also.

Up moves above today highest with

 new life time top formation possibility

 above 20222.45

Nifty-Intra Day Chart Analysis & 

Market Outlook(01-12-2023)

Nifty-Intra Day Chart (30-Nov-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 20107-20128

2- Sharp fall

3- Consolidation between 20045-20101(immediate supports)

4- Up moves with downward corrections

5- Whole day actual trading between 20016-20158

Conclusions from intra day chart analysis 

As firstly some selling after positive opening therefore sharp fall was seen in first hour but lower levels good consolidation developed and after that up moves were with downward corrections which is a consolidation pattern also hence up moves above today highest will be seen tomorrow that may form new life time top above 20222.45.

Finally up moves above life time highest

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-11-2023)

Nifty-Intra Day Chart (29-Nov-2023):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections 

2- Whole day actual trading between 19956-20105

Conclusions from intra day chart analysis 

As whole day up moves with downward corrections after Gap up strong opening and today closing was near the higher levels of the day with more than 1% gains therefore finally up moves are expected above life time highest(20222.45) in the coming sessions.

 As still out of station therefore unable to post tomorrow(29-11-202!) outloom

 As out of station therefore unable to post Market Outlooks of tomorrow(27-.11-2023). 

 As out of station therefore unable to post tomorrow(24-.11-2023) Outlook. 

 Firstly watch sustaining beyond 19704-19825 for next decisive moves beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-11-2023)

Nifty-Intra Day Chart (22-Nov-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 19788-19825

2- Sharp down

3- Consolidation between 19704-19755

4- Sharp up

5- Sideways between 19799-19816

6- Whole day actual trading between 19704-19825

Conclusions from intra day chart analysis 

Although firstly some up moves after flat opening but higher levels good selling therefore sharp fall was seen after that. As lower levels consolidation also developed therefore sharp up moves were seen after that. 

As both lower levels consolidation and higher levels selling developed today therefore whole day today intraday trading will be understood with Mixed patterns formations between 19704-19825 and Nifty will firstly trade as well as prepare for next decisive moves within this range. Firstly sustaining beyond today trading range(19704-19825) should be watched tomorrow for next decisive moves beginning confirmations.

Up moves above today highest 

Nifty-Intra Day Chart Analysis & 

Market Outlook(22-11-2023)

Nifty-Intra Day Chart (21-Nov-2023):-

Technical Patterns formation in today intraday charts

1- Consolidation between 19758-19788

2- Sharp up  

3- Selling between 19800-19829

4- Sharp down

5- Down moves in Bullish Falling Channel

6- Whole day actual trading between 19755-19829

Conclusions from intra day chart analysis 

As firstly consolidation after gap up opening therefore sharp up moves were seen after that but some selling developed at higher levels therefore sharp down moves were seen in Mid-session. Down moves in Bullish Falling Channel also developed after some up moves in last 2 hours therefore whole day good intraday consolidation will be understood and up moves above today highest(19829.10) is expected in the coming sessions.

 As not feeling well therefore unable to 

post today(21-11-2023) Outlook 

 Finally fresh rally above Life Time Top after expected Short Term correction completion

Technical Analysis,Research & Weekly Outlook

(Nov 20 to Nov 24,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (17-Nov-2023):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of "ABC correction" completion at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.

2- Impulsive Wave-1 completion at 18096.2 on 15-09-2022.

3- Corrective Wave-2 completion at 16747.7 on 30-09-2022.

4- Impulsive Wave-(i) of Wave-3 completion at 18887.6 on 01-12-2022.

5- Corrective Wave-(ii) of Wave-3 completion at 16828.3 on 20-03-2023.  

6- Impulsive Wave-(iii) of Wave-3 completion after life time top formations at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

7- Wave-A of Wave-(iv) of Wave-3 completion at 19333.6 on 04-10-2023.

8- Wave-B of Wave-(iv) of Wave-3 completion at 19849.8 on 17-10-2023.  

9- Corrective Wave-C of Wave-(iv) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(v) of Wave-3 beginning. 

10- Impulsive Wave-(v) of Wave-3 continuation for the last 16 sessions with its recent high formations at 19875.30 on 16-11-2023.

Conclusions from EOD chart analysis

(Waves structure)

New Waves structure started from 15183.4 on 17-06-2022 after corrective Wave-C previous Waves structure completion at this level. Now impulsive Wave-(v) of Wave-3 continuation for the last 16 sessions with its recent high formations at 19875.30 on 16-11-2023 after corrective Wave-C of Wave-(iv) of Wave-3 completion at 18837.80 on 26-10-2023. 

As per Elliott Wave Theory Wave-5 has to move above the highest of Wave-3 therefore on going impulsive Wave-(v) of Wave-3 will move above highest of Impulsive Wave-(iii) of Wave-3 which is at 20222.45. As highest of Wave-(iii) of Wave-3 is life time top also therefore on going Wave-(v) of Wave-3 will form new life timr top above 20222.45 in the coming week/weeks. 

Nifty-EOD Chart Analysis 

(Stochastic & MACD)

Nifty-EOD Chart (17-Nov-2023):-

Technical Patterns and Formations in EOD charts

1- Stochastic- Its both lines are kissing in Over bought zone.

2- Stochastic:- %K(5)- 81.27 & %D(3)- 78.25.

3- Stochastic is showing negative divergence

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

5- MACD(26,12)- 139.39 & EXP(9)- -70.43 & Divergence- 209.82

Conclusions from EOD chart analysis

(Stochastic & MACD)

Technical Patterns and Formations in EOD charts

1- As in Stochastic its both lines are kissing in Over bought zone and this indicator is showing negative divergence also therefore suggesting Short Term correction beginning possibility in the coming week.

2- As in MACD its MACD line has intersected Average line upward and its both lines are rising in positive and negative zone therefore showing indications of finally up trend formations possibility.

Nifty-EOD Chart Analysis 

(Averages)

Nifty-EOD Chart (17-Nov-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 19628

2- 21-Day SMA is today at 19346

3- 55-Day SMA is today at 19573

4- 100-Day SMA is today at 19525

5- 200-Day SMA is today at 18717

Conclusions from EOD chart analysis

(Averages)

As Nifty has closed above all the Short to Long Term averages for the last 3 sessions therefore showed strong signals of all the trends turning up. Let Nifty to sustain above all the the averages in next week also and Short Term Average(21-Day SMA) to move above Intermediate Term Average(55-Day SMA) then will be confirmation of all the trends turning up and fresh rally beginning above life time top(20222.45)

Nifty-Intra Day Chart Analysis

(17-Nov-2023)

Nifty-Intra Day Chart (17-Nov-2023):-

Technical Patterns formation in today intraday charts

1- More than 50 points up in first minute after 90 Points weaker opening.

2- Up moves with downward corrections in first hour.

3- Down moves with upward corrections in the last more than 5 hours.

4- Whole day actual trading between 19668-19806

Conclusions from intra day chart analysis 

Although 90 Points weaker opening last Friday but firstly more than 50 points up moves in first minute and after that again up moves with downward corrections in first hour therefore Nifty traded 40 points up also. As fresh selling started which remained continued in the last more than 5 hours through down moves with upward corrections hence good intraday selling will be understood and resultant firstly down moves are expected below last Friday lowest(19667.45) in the beginning of next week.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.(confirmation required)

3- Short Term trend is down.

Impulsive Wave-(v) of Wave-3 is in continuation for the last 16 sessions with its recent high formations at 19875.30 on 16-11-2023 which is above the top of Wave-B of Wave-(iv) of Wave-3(19849.80) and it is confirmation of impulsive Wave-(v) of Wave-3 formations for moving above the top of Impulsive Wave-(iii) of Wave-3(20222.45 on 15-09-2023). 

Although Short Term indicator Stochastic is indicating Short Term correction beginning possibility but MACD is showing Up Trend formation signals also therefore expected that finally up moves will be seen after Short Term correction completion because Averages are also suggesting all the trends turning upward possibility. As intraday charts of last Friday are showing down moves possibility in the beginning of next week therefore sustaining beyond following supports should be watched in the  coming week for the confirmations of expected correction continuation/completion:- 

1- 19709-19720

2- 19651-19670

3- 19613-19646

4- 19495-19580(Gap support)

All the resistances above the closing of last Friday are as follows:-

1- 19760-19806

2- 19819-19858

3- 19932-19971

4- 19993-20050

5- 20051-20115(Gap resistance)

6- 20141-20167

7- 20172-20220

As above mentioned multiple resistances are also lying therefore follow up consolidation is also required for crossing life time top but expected that finally fresh rally will be seen after Short Term correction completion because Impulsive Wave-(v) of Wave-3 formations does mean up moves above life time top.

 Finally sustaining beyond 19628-19875 will confirm next decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(17-11-2023)

Nifty-Intra Day Chart (16-Nov-2023):-

Technical Patterns formation in today intraday charts

1- Consolidation between 19628-19646

2- Sharp up

3- Consolidation between 19709-19720

4- Sharp up

5- Mixed Patterns formation between 19783-19816

6- Up moves in Bearish Rising Channel

7- 151 Points sharp fall in last hour

8- Whole day actual trading between 19628-19875

Conclusions from intra day chart analysis 

Although firstly some down moves after flat opening but after that consolidation develop at lower levels therefore sharp up moves were seen from lower levels. As follow up consolidation therefore again sharp up moves were seen after 11:00 AM.

As 3 hours trading with Mixed Patterns formations in Mid-session and after that Up moves in Bearish Rising Channel therefore 151 Points sharp fall was seen  in last hour. 

Both lower levels consolidation and  higher levels selling between 19628-19875 today therefore Nifty will firstly trade and prepare for next Short Term moves within today trading range and finally sustaining beyond today trading range will confirm next Short Term  decisive moves beginning hence it should be firstly watched in the coming session.