Last 18 sessions lowest will confirm the life and length of on going correction

Technical Analysis,Research & Weekly Outlook

(Nov 15 to Nov 18,2021)

Nifty-Weekly Chart Analysis

(Waves,Stochastic & MACD)

Nifty-Weekly Chart(12-Nov-2021):-

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 indication after recent high and new life time top formation at 18604.50 on 19-10-2021

7- Short Term correction continuation with recent bottom formation at 17613.10 on 29-10-2021. 

8- Last 4 weeks and 18 Sessions sideways trading between 17453-18604 

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

10- Stochastic- %K(5) is at 33.72 & %D(3) is at 43.80.

11- In MACD- MACD line has intersected Average line downward. Its MACD line is moving down in positive zone while its Average line is moving up in positive zone .

Conclusions from Weekly chart analysis

(Waves,Stochastic & MACD)

Impulsive Wave-1 which started after Corrective Wave-C completion at 7511.10 on 24-03-2020 remained continued almost 19 months and its 5th Wave completion indications have also emerged on 19-10-2021 after new life time top formation at  18604.50 because now last 4 weeks and 18 Sessions long correction continuation with recent bottom formation at 17613.10 on 29-10-2021.  

As in weekly Stochastic %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone which means that  Stochastic has not turned Oversold yet therefore indications of more down moves in the coming week/weeks.

In weekly MACD indicator MACD line has intersected Average line downward and its MACD line is moving down therefore downward trend formation indications have emerged but its Average line is moving up also hence it is  signalling that MACD will give downward trend formation confirmations after some time and more selling patterns formations. 

Nifty-Last 29 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Oct 01 to Nov 12,2021):-

Technical Patterns formation in last 29 Sessions intraday charts

1- Selling(Resistances) in last 29 Sessions are as follows:- 

A- 18289-18334 

S- 18379-18458

C- 18548-18604 

2- Consolidation(Supports) in last 29 Sessions are as follows:-

A- 17984-18046 

B- 17716-17763 

C- 17641-17704 

D- 17453-17550

3- Last 29 Sessions trading between 17453-18604 

Conclusions from 29 Sessions

intra day chart analysis 

Nifty is trading between 17453-18604 for the last 29 sessions with above mentioned supports and resistances which are equally strong and nifty closed almost in the middle of this range last Friday therefore Nifty will trade and prepare for next trend within this range. As 29 sessions like big range and finally sustaining it beyond will generate big moves therefore should be watched in the coming week/weeks for its confirmations. 

Nifty-Intra Day Chart Analysis

(12-Nov-2021)

Nifty-Intra Day Chart (12-Nov-2021):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Up moves with downward corrections

3- Whole day actual trading between 17906-18123

Conclusions from intra day chart analysis 

Although 100 points up after strong opening but after that more than 1 and half hour down moves were also seen last Friday. As these down moves were in Bullish Falling Channel therefore after that strong rally developed which was with downward corrections also hence was near the higher levels of the day.

As whole day good intraday consolidation last Friday therefore up moves will remain continued in the beginning of next week but intraday correction will also be seen because Very Short Term Indicators have turned Over bought and its cooling down is also required through intraday corrections.

Conclusions

(After putting all studies together)

1- Long Term Trend is up.

2- Intermediate Term Trend is sideways between 17453-18604 for the last 29 Sessions.   

3- Short Term Trend is down.

As per above given Nifty Waves structure maximum target of Nifty is at 18793.00 and it was posted in following topics of previous weekly outlooks:-

1- On 16-10-2021 we posted this topic- "Remain cautious because maximum target of Nifty is at 18793.00" 

2- On 25-09-2021 we posted this topic- "Wave-5 Rally continuation towards its maximum target at 18793"

As on going correction started from 18604.50 on 19-10-2021 and it is below 18793.00 therefore Nifty is honouring this Waves structure till now which means that given Waves structure is still valid. Last 18 sessions on going correction lowest is at 17613.10 and if Nifty slips below it without moving above 18793.00 then that will generate stronger indications of deeper correction beginning because it will confirm Intermediate Term Trend turning down confirmations also after breaking down of 55-Day SMA which is today at 17705.40. 

As weekly Stochastic is suggesting more down moves possibility and weekly MACD has started to show downward trend formation indications therefore firstly sustaining beyond last 18 sessions lowest(17613.10) should be watched in the coming week/weeks for the life of on giong correction confirmations because its valid break down will mean deeper "ABC" correction beginning confirmations.

 Levels will confirm next Short Term Trend

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-11-2021)

Nifty-Intra Day Chart (11-Nov-2021):-

Technical Patterns formation in today intraday charts

1- 90 Points down in first 15 minutes after weaker opening

2- Down moves in Bullish Falling Channels

3- Up moves in Bearish Rising Channels

4- More than 5 hours trading with mixed Patterns formation between 17799-17892 

5- Whole day actual trading between 17799-17971

Conclusions from intra day chart analysis 

As good intraday selling in last 2 sessions therefore firstly Nifty slipped 90 Points down in first 15 minutes after weaker opening and after that down moves remained continued but were in Bullish Falling Channels also therefore lower levels come supports was seen. Although continuous up moves also developed 3 times but were in Bearish Rising Channels also therefore intraday selling will also be considered.

More than 5 hours trading with mixed Patterns formation between 17799-17892 and expected that Nifty will firstly trade within and near about this range in the coming sessions as well as prepare for next Short Term Trend in the coming sessions. Let Nifty prepare for it within this range then will be decided according to coming sessions intraday patterns formations and finally sustaining beyond 17799-17892 will confirm next Short Term Trend.

 Emergence of down moves possibility

Nifty-Intra Day Chart Analysis & 

Market Outlook(10-11-2021)

Nifty-Intra Day Chart (09-Nov-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 18030-18113

2- Volatility in last 2 hours between 17984-18070

3- Whole day actual trading between 17984-18113

Conclusions from intra day chart analysis 

Although firstly up moves were seen after positive opening but selling developed therefore down moves developed in Mid-session. As volatile market in last 2 hours between 17984-18070 and closing was after good recovery from lower levels but good selling also at higher levels therefore emergence of down moves possibility below day's lowest(17984) and once sustaining below it after fresh selling will mean decisive down moves below 18000.

 Rally continuations with intraday volatility 

Nifty-Intra Day Chart Analysis &

Market Outlook(09-11-2021)

Nifty-Intra Day Chart (08-Nov-2021):-

Technical Patterns formation in today intraday charts

1- Consolidation between 17837-17925

2- Up moves with downward corrections

3- Sideways trading between 18042-18087

4- Whole day actual trading between 17837-18087

Conclusions from intra day chart analysis 

As selling was above 17950 on 03-11-2021 therefore firstly more than 2 hours consolidation was seen below it between 17837-17925 and after that decisive up moves were developed which were with downward corrections hence closing was near the top of the day with 0.85% gains.

Last 2 hours sideways trading between 18042-18087 which was near the higher levels of the day and was amid strong rally led heated sentiments also therefore some intraday volatility may be seen near about this range tomorrow because fresh consolidation is required for sustaining above today this range. 

Next resistances above today highest are between 18289-18334  and rally will remain continued towards it but with some volatility near about 18042-18087.

 Levels will confirm next decisive moves

Nifty-Intra Day Charts Analysis & 

Market Outlook(08-11-2021)

Nifty-Intra Day Chart (Nov 03 & Nov 04,2021):-

Technical Patterns formation in last 2 Sessions intraday charts

1- Selling between 17951-17988 on 03-11-2021

2- Down moves in Bullish Falling Channel on 03-11-2021

3- Volatility in last 2 hours between 17758-17901 on 03-11-2021

4- Down moves after strong opening on 04-11-2021 

5- Last 2 Sessions trading between 17758-17988 

Conclusions from 2 Sessions 

intra day chart analysis 

Although positive opening on 03-11-2021 but good selling between 17951-17988 therefore sharp down moves were seen up to 02:30 PM. As firstly down moves were in  Bullish Falling Channel therefore some up moves and volatility developed in last hours also.

Strong opening on Dipawali Muhurt session but after that only down moves were seen therefore closing was near the lower levela of the day.

As higher levels selling and and lower levels some buying also in last 2 sessions therefore expected that Nifty will trade between 17758-17988 in the beginning of next week and finally sustaining it beyond will generate next decisive which should be watched in the coming sessions. 

 As still out of station and will remain busy also therefore will be able to post Stock Market Outlooks from and for 08-11-2021.

 Levels will confirm next big moves amid firstly Pull Back rally possibility

Technical Analysis,Research & Weekly Outlook

(Nov 01 to Nov 05,2021)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (29-Oct-2021):-

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 indication after recent high and new life time top formation at 18604.50 on 19-10-2021

7- Short Term correction continuation with recent bottom formations at 17613.10 on 29-10-2021 

Conclusions from EOD chart analysis

(Waves structure)

Following topic of "maximum target of Nifty at 18793.00" were posted:-

1- On 16-10-2021 we posted this topic- "Remain cautious because maximum target of Nifty is at 18793.00" 

2- On 25-09-2021 we posted this topic- "Wave-5 Rally continuation towards its maximum target at 18793"

As Nifty could not move above 18793.00 and slipped 991 Points till last Friday in last 9 sessions after life time top formation at 18604.50 on 19-10-2021 therefore as per above given Nifty waves structure indications of Impulsive Wave-5 completion. 

Confirmation of Wave 5 completion at 18604.50 will mean correction beginning of whole that rally which started from 7511.10 on 24-03-2020 and gained 11093.40 Points in almost 19 months after life time top formation at 18604.50. 

Let Wave 5 completion confirmation come then "ABC correction" will be considered as per Elliott Waves theory. 

Nifty-EOD Chart Analysis

(Averages,Stochastic & MACD)

Nifty-EOD Chart (29-Oct-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion indiction after recent high and new life time top formation at 18604.50 on 19-10-2021

2- Short Term correction continuation with recent bottom formations at 17613.10 on 29-10-2021 

2-Averages

A- 5-Day SMA is today at 18026 

B- 21-Day SMA is today at 18001

B- 55-Day SMA is today at 17466

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

4- Stochastic- %K(5) is at 25.66 & %D(3) is at 39.04.

5- In MACD- MACD line has intersected Average line downward. Its MACD line is moving down in positive zone while its Average line has turned flat.

Conclusions from EOD chart analysis

(Averages,Stochastic & MACD)

As last 9 sessions Short Term correction therefore Short Term indicators have started to show clear weakness signals through downward intersection of both Stochastic and MACD.In this manner MACD is showing downward trend formation but both lines of Stochastic are just above Oversold zone hence it is suggesting a Pull Back Rally possibility in next week. 

Another weakness signal has come from both Short Term Averages(5 and 21-Day SMA) after last 2 sessions closing below these 2 Averages. As Nifty is above intermediate Term Trend decider(55-Day SMA) therefore it is still up.  

Nifty-Last 20 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Oct 01 to Oct 29,2021):-

Technical Patterns formation in last 20 Sessions intraday charts

1- Selling(Resistances) in last 20 Sessions are as follows:- 

A- 18289-18334 

S- 18379-18458

C- 18548-18604 

2- Consolidation(Supports) in last 20 Sessions are as follows:-

A- 17616-17763 

B- 17641-17704 

C- 17453-17550

3- Last 20 sessions trading between 17453-18604 

Conclusions from 20 Sessions

intra day chart analysis 

Last 20 sessions of Oct 2021 trading was between 17453-18604 with above mentioned supports and resistances. As consolidation was seen within above mentioned 2nd supports last Friday therefore Up moves are firstly expected in the beginning of next week towards above mentioned resistances and finally sustaining it beyond will confirm next big moves after last more than 20 sessions trading range break out/down confirmations.

Nifty-Intra Day Chart Analysis

(29-Oct-2021)

Nifty-Intra Day Chart (29-Oct-2021):-

Technical Patterns formation in today intraday charts

1- 219 Points sharp fall in first 5 minutes after weaker opening

2- 300 Points sharp up

3- Down moves in Bullish Falling Channel

4- Consolidation between 17616-17763(immediate supports)

5- Whole day actual trading between 17614-17915

Conclusions from

intra day chart analysis 

Huge volatility in first 2 hours last Friday because firstly 219 points sharp fall in first 5 minutes and after that 300 Points sharp up moves developed. 

As Mid-session Down moves were in Bullish Falling Channel and after that lower levels consolidation was also seen between 17616-17763 in last 2 hours therefore up moves are expected towards/above last Friday highest(17915) in the beginning of next week.

Conclusions

(After putting all studies together)

1- Long Term Trend is up.

2- Intermediate Term Trend is still up. 

3- Short Term Trend is down.

As per above given Nifty Waves structure maximum target of Nifty is at 18793.00 and Nifty slipped 991 Points till last Friday in last 9 sessions after life time top formation at 18604.50 on 19-10-2021 therefore emergence of Waves structure validity signals and its confirmation will be as per following developments one by one in the coming weeks/months:-  

1- Its first signal will be after sustaining below last 20 sessions trading lowest(17453). As Intermediate Term Trend decider 55-Day SMA is also just above it is at 17466 therefore Intermediate Term Trend will also be down below 17453 which will mean correction continuation from 3 weeks to 3 months.

2- Its 2nd and last confirmation as well as deeper correction confirmation also will be after sustaining below Long Term Trend decider 200-Day SMA,which is today at 15773.

As some lower levels consolidation was seen last Friday and both lines of Short Term Indicator Stochastic are also just above Oversold zone therefore emergence of Pull Back rally possibility in the beginning of next week but finally sustaining beyond last 20 sessions trading range(17453-18604) will confirm following next big moves therefore it should also be watched in the coming week/weeks:-

1- Below 17453 will mean decisive down moves beginning and deeper correction possibility because it will generate strong signals of Impulsive Wave-5 completion at 18604.50 and after this emergence of "ABC" correction possibility of 19 months rally gaining 11093.40 Points between 7511.10-18604.50.

2- Above 18604 will mean rally continuation after Short Term correction completion in sideways market between 17453-18604 and in this situation moving above 18793 should also be watched because in that situiation Waves will also have to be recounted as per Elliott Wave theory principles. 

 As still out of station therefore Stock Market Outlook of today(28-10-2021) is not being updated.

 As out of station therefore Stock Market Outlook of today(26-10-2021) is not being updated.

 Levels will confirm life and size of 

previous week started correction

Technical Analysis,Research & 

Weekly Outlook(Oct 25 to Oct 29,2021)

Nifty-EOD Chart Analysis

(Averages,Stochastic & MACD)

Nifty-EOD Chart (22-Oct-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 continuation with recent high and new life time top formation at 18604.50 on 19-10-2021

2- Short Term correction continuation with recent bottom formations at 18034.30 on 22-10-2021 

2-Averages

A- 5-Day SMA is today at 18291 

B- 21-Day SMA is today at 17946

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

4- Stochastic- %K(5) is at 25.49 & %D(3) is at 46.46.

5- In MACD- MACD line has intersected Average line upward. Its MACD line has has turned flat while its Average line is moving up in positive zone.

Conclusions from EOD chart analysis

(Averages,Stochastic & MACD)

Impulsive Wave-5 continuation with recent high and new life time top formation at 18604.50 on 19-10-2021 and no confirmation of its completion yet on EOD Charts but Short Term correction begun in previous week which is in continuation with recent bottom formations at 18034.30 on 22-10-2021

In Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone. As it has not turned completely Oversold and positive divergence has also not developed yet therefore some more down moves are expected in the beginning of next week.

As up tend is still intact therefore MACD is still showing upward trend but with caution because its MACD line has has turned flat. 

Nifty-Last 8 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Oct 12 to Oct22,2021):-

Technical Patterns formation in last 8 Sessions intraday charts

1- Selling(Resistances) in last 8 Sessions are as follows:-

A- 18548-18604

B- 18379-18458

C- 18230-18314 

2- Consolidation(Supports) in last 8 Sessions are as follows:-

A- 18048-18084 

B- 18009-18050(Gap support)

C- 17865-17942

3- 8 Sessions actual trading between 17865-18604 

Conclusions from 8 Sessions intra day chart analysis 

Last 8 Sessions trading between 17865-18604 with above given lower levels supports and higher levels selling as well as last Friday closing was above all the supports therefore Nifty will have to trade and prepare for next decisive moves and that will firstly done in next week within last 8 sessions trading range(17865-18604). 

Let Nifty to trade and prepare for next decisive moves then will be decided according to intraday charts patterns formations in the coming week/weeks. Finally next decisive moves confirmation will be sustaining it beyond which should be firstly watched in the coming week/weeks.

Nifty-Intra Day Chart Analysis &

Market Outlook(25-10-2021)

Nifty-Intra Day Chart (22-Oct-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 18230-18314

2- Sharp fall

3- Down moves with upward corrections

4- Mixed Patterns formation in last 3 hours between 18035-18168

5- Whole day actual trading between 18035-18314

Conclusions from

intra day chart analysis 

Although strong opening last Friday and first 2 hours trading also in Green zone but selling developed therefore sharp fall was seen in Mid-session. As follow up selling was also seen after sharp fall therefore Down moves remain continued till last hours.

As last 3 hours trading was with Mixed Patterns formation between 18035-18168 with lower levels some supports also therefore firstly sustaining beyond this range should be watched in the beginning of next week for last week started correction continuation below 18035 or first signal of correction completion above 18168.

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 Nifty closed at life time highest at 18338.5 on 14-10-2021 but we posted following Weekly analysis topic on 18-10-2021:-

Remain cautious because maximum

 target of Nifty is at 18793.00 

Maximum target of Nifty was given at 18793.00 and correction started from 18604.50 on 19-10-2021 which remained continuaed till last Friday and no confirmation of previous week started correction yet. 

Although MACD is showing upward trend yet but Stochastic is showing some more down moves possibilities therefore it can not be ruled out in the beginning of next week. As  Stochastic is just above Over sold zone and MACD is still showing up trend therefore up moves may also be seen towards above given resistances after some down moves.

Last 8 sessions trading was between 17865-18604 with above updated supports and resistances and those are almost equally strong therefore expected that Nifty will firstly trade and prepare for next big moves within this range. As finally sustaining beyond this range will confirm the life and size of previous week started correction therefore it should be firstly watched in the coming week/weeks because sustaining below 17865 will mean deeper correction possibility after honouring maximum target of Nifty at 18793.00

 Sideways market expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(22-10-2021)

Nifty-Intra Day Chart (21-Oct-2021):-

Technical Patterns formation in today intraday charts

1- Down moves with continuous selling

2- Down moves in Bullish Falling Channels

3- Up moves with downward corrections

4- Whole day actual trading between 18048-18384

Conclusions from intra day chart analysis 

Although firstly almost 2 hours down moves with continuous selling after positive opening but after that more than 2 hours down moves were in Bullish Falling Channels therefore some recovery was seen from lower levels in last hours which were with downward corrections also. 

As both higher levels selling and lower levels buying therefore sideways market is expected within today trading range(18048-18384) tomorrow. 

 18209 will confirm next 

decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-10-2021)

Nifty-Intra Day Chart (20-Oct-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 18379-18458

2- Down moves with upward corrections

3- Down moves in Bullish Falling Channel

4- Up moves in last half hour

5- Whole day actual trading between 18209-18458

Conclusions from intra day chart analysis 

As good selling in first more than 4 hours therefore down moves remained continued till last hour but some supports were also seen at lower levels in last hour therefore hence sustaining beyond today lowest(18209) should be firstly watched tomorrow for:-

1- Sharp down moves towards 18000 below 18209

2- Up moves towards 18556 above 18209 

Today trading range will confirm next decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-10-2021)

Nifty-Intra Day Chart (19-Oct-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 18556-18604

2- Up moves in Bearish Rising Channel

3- Selling between 18548-18590

4- Sharp fall

5- Whole day actual trading between 18377-18604

Conclusions from intra day chart analysis 

Although firstly strong up moves after gap up opening but selling developed therefore sharp fall was seen in first hour. Strong recovery from lower levels but Up moves were in Bearish Rising Channel and again good selling was seen at higher levels hence sharp fall was seen in last hours also.

As good selling between 18548-18604 today therefore this range will be immediate resistance of Nifty and until Nifty will not sustain above it till then decisive up moves will not be seen and fresh selling tomorrow will mean fresh down moves towards 18000.  

Sustaining beyond today trading range should be firstly watched tomorrow for next decisive moves confirmations

 As busy therefore Stock Market Outlook of today(19-10-2021) is not being updated.

 Live Proofs of our "100% accurate Indian Stock markets predictions"

"Nifty above 18000 before 

DIWALI-2021"

was told only by us in whole world on 16-11-2020 in "DIPAWALI ISSUE(2020) of The Economic Revolution" when previous closing of Nifty was at 12643.90 on 10-11-2020 & Nifty highest was at 18350.75 on 14-10-2021.

In "English" edition of "The Economic Revolution"

In "Gujarati" edition of "The Economic Revolution"

Nifty above 18000 till Diwali-2021

Above topic was posted in our this Blog also on 11-11-2020. 

Just click following topic link of our this Blog and see live proofs of our "100% accurate prediction of Nifty above 18000" on yours own  .

Nifty above 18000 till Diwali-2021

 Remain cautious because maximum target of Nifty is at 18793.00 

Technical Analysis,Research & Weekly 

Outlook(Oct 18 to Oct 22,2021)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart(14-Oct-2021):-

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- Wave-1 gained 4283.20 points  

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

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

6- Wave-3 gained 4641.60 points

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

8- Impulsive Wave-5 continuation with recent high and new life time top formation at 18350.75 on 14-10-2021

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-5 continuation with recent high and new life time top formation in previous session at 18350.75 on 14-10-2021 and no signal of Wave-5 completion yet on EOD chartS.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (14-Oct-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 continuation with recent high and new life time top formation at 18350.75 on 14-10-2021

2- Stochastic- %K(5) is at 92.54 & %D(3) is at 87.58 and its both lones are rising in Over bought zone.

3- In MACD- MACD line has intersected Average line upward. Its MACD line has started to move up while its Average line is moving flat in positive zone.

4- MACD is showing negative divergence

Conclusions from EOD chart analysis

(Stochastic & MACD)

Although strong rally continuation but Short Term indicator Stochastic is completely overbought therefore it will be understood that Short Term correction is on cards and it may be seen in next week.

As strong rally continuation therefore MACD line has intersected Average line upward in MACD indicator but MACD is showing negative divergence and its Average line is moving flat also therefore some more confirmation is required for upward trend formations in this indicator.   

Nifty-Intra Day Chart Analysis

(14-Oct-2021)

Nifty-Intra Day Chart (14-Oct-2021):-

Technical Patterns formation in today intraday charts

1- Consolidation between 18255-18291

2- Down moves in Bullish Falling Channel

3- Up moves with downward corrections

4- Whole day actual trading between 18248-18350

Conclusions from intra day chart analysis 

As firstly sideways trading consolidation and after that till end of the day follow up consolidation through Down moves in Bullish Falling Channel and Up moves with downward corrections therefore whole day last Thursday trading will be understood with good intraday consolidation and resultant up moves above day highest(18350) will be seen in the beginning of next week.

Conclusions (After putting all studies together)

Bullish rally continuation and all the trends are up as well as no indication of its completion yet on intraday and EOD charts patterns. 

As EOD,Weekly and Monthly indicators have turned Overbought and many of them are showing negative divergence also therefore view should be cautious because Short,Intermediate and/or Long Term correction may begun any day after selling patterns formations on EOD and intraday charts because indicators are such high Overbought.

Nifty highest at 18350.75 was formed on 14-10-2021 and as per above given Waves structure its maximum target is at 18793,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-1 gained=4283.20 points(11794.30-7511.10)

Impulsive Wave-3 gained=4641.60 points(15431.80-10790.20)

Impulsive Wave-5 has gained 3796.25 points till 24-09-2021(17947.65-14151.40)

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 4641.60.

Impulsive Wave-5 started from 14151.4 on 22-04-2021 and it has to gain less than 4641.60 points therefore maximum target of on going impulsive Wave-5 is 18793.00(14151.40+4641.60)

As Nifty has travelled upto 18350.75 till last Thursday(14-10-2021) and as per present Waves structure its maximum target is at 18793.00 therefore remain cautious and if clear selling patterns develop on intraday and EOD Charts then correction should be considered according to the weightage,size and duration of selling patterns formations. 

It should also be kept in mind that As per Eliot Waves theory Waves structure will be recalculated after Nifty moving above 18793.00 and till then trading policies should be above given Nifty Waves structure. 

 Rally continuation expectations amid higher levels Profit booking possibilities

Nifty-Intra Day Chart Analysis & 

Market Outlook(14-10-2021)

Nifty-Intra Day Chart (13-Oct-2021):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 18051-18197

Conclusions from intra day chart analysis 

As whole day up moves with downward corrections and selling patterns were not seen therefore rally continuation is expected but Short Term indicators have turned over bought hence remain cautious and sustaining above today highest(18197) should also be watched because some higher levels Profit booking can not be ruled out in today like heated sentiments. 

 Rally towards life time highest

Nifty-Intra Day Chart Analysis & 

Market Outlook(13-10-2021)

Nifty-Intra Day Chart (12-Oct-2021):-

Technical Patterns formation in today intraday charts

1- Consolidation between 17865-17942

2- Consolidation between 17860-17980

3- Whole day actual trading between 17865-18008

Conclusions from intra day chart analysis 

Although firstly slipping but good consolidation was seen after 10:30 AM therefore today closing was near the top of the day and expected that on going rally will reain continued towards life time highest(18042) tomorrow and sustaining above it will confirm fresh rally.

 Firstly watch 18000 for next

decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-10-2021)

Nifty-Intra Day Chart (11-Oct-2021):-

Technical Patterns formation in today intraday charts

1- Up moves after weak opening

2- Selling between 17980-18041

3- Down moves in last hours

4- Whole day actual trading between 17840-18041

Conclusions from intra day chart analysis 

Although weaker opening but strong up moves started which crossed 18000 first time today. As selling developed above 18000 and selling patterns were seen between 17980-18041 therefore down moves begun which remain continued till last minutes and Nifty closed after loosing almost 100 points from higher levels.

As good selling above 18000 today therefore if follow up selling develops tomorrow also then sharp down moves well be seen and for its confirmations firstly sustaining beyond 18000 should be watched tomorrow for fresh rally above 18000 and Short Term correction below it.

 Rally continuation except 

minor correction possibility

Technical Analysis,Research & 

Weekly Outlook(Oct 11 to Oct 14,2021)

Nifty-EOD Chart Analysis

(Averages,Stochastic & MACD)

Nifty-EOD Chart (08-Oct-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 continuation with recent high and new life time top formation at 17947.65 on 24-09-2021

2-Averages

A- 5-Day SMA is today at 17769

B- 21-Day SMA is today at 17634

3- Stochastic- %K(5) is at 69.98 & %D(3) is at 69.25 and its both lones are kissing just below Over bought zone.

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

5- MACD is showing negative divergence

6- Doji Candle formation last Friday

Conclusions from EOD chart analysis

(Averages,Stochastic & MACD)

Nifty got supports at 21-Day SMA on 01-10-2021 and after that strong rally was seen as well as last Friday closing was above all the Short Term Averages. 

As in Stochastic both its lines are kissing just below Over bought zone therefore has shown 1st indication of Short Term correction beginning but selling patterns have not developed on EOD charts yet therefore let it happen then Short Term correction will be seen. 

As in MACD both lines are falling in positive zone after MACD line downward intersection of Average line and it is showing negative divergence also therefore suggesting Downward trend beginning possibilities but selling patterns have not been developed on EOD charts yet hence let it happen the decisive down moves will be seen. 

Nifty-Last 11 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Sep 24 to Oct 08,2021):-

Technical Patterns formation in last 11 Sessions intraday charts

1- Selling(Resistances) in last 11 Sessions are as follows:-

A- 17907-17943

B- 17852-17890

2- Consolidation(Supports) in last 11 Sessions are as follows:-

A- 17641-17704 

B- 17453 47516

4- Last 11 Sessions actual trading between 17453-17947 

Conclusions from 11 Sessions 

intra day chart analysis 

Last 11 Sessions trading between 17453-17947 with above mentioned lower levels supports and higher levels resistances within it.  

As Nifty traded almost whole day last Friday within above mentioned both resistance ranges and closed below 1st resistance range but above 2nd resistance range therefore firstly sustaining beyond or forceful break out of both resistance ranges(17852-17943)should be watched in next week for first strong signal of next decisive moves beginning as well as its confirmation will be sustaining beyond last 11 Sessions trading range(17453-17947).

Nifty-Intra Day Chart 

Analysis(08-Oct-2021)

Nifty-Intra Day Chart (08-Oct-2021):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels

2- Selling between 17917-17941

3- Sharp fall

4- Up moves with downward corrections

5- Whole day actual trading between 17841-17941

Conclusions from intra day 

chart analysis 

Although last Friday closing was at life time highest but some intraday selling was also seen at higher levels. As lower levels consolidation patterns have also developed therefore expected that Nifty will firstly trade within last Friday trading range((17841-17941)) in the beginning of next week and will prepare for next decisive moves within this range,firstly sustaining it beyond or its forceful break out should be watched in next week for its beginning.

Conclusions (After Putting 

All Studies Together)

All the trends are up with closing at life time highest last Friday and no indication of Impulsive Wave-5 completion yet on EOD charts. 

As Doji Candle formation after some higher levels intraday selling patterns formations last Friday but lower levels good consolidation was also seen therefore firstly sustaining beyond last Friday trading range(17841-17941) should be watched in next week for:- 

1- Above 17941 will mean rally above 18000 after last 11 sessions trading range break out.

2- Below 17841 will mean Short Term correction beginning towards next supports within above mentioned last 11 sessions trading range(17453-17947)

Sustaining below 17453 will mean correction continuation towards next supports of last 24 sessions trading range:- 

1- 17360-17411

2- 17280-17305

Impulsive Wave-5 rally continuation is expected except minor correction possibility because some intraday selling patterns were seen last Friday. It must be kept in mind that until complete selling patterns will not develop on intraday and EOD charts till then Short/Intermediate Term correction will not be seen.