Levels break out/down will confirm next trend after 6 months sideways "ABC" correction

Technical Analysis,Research & Weekly Outlook

(May 02 to May 06,2020)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (29-Apr-2020):-

Technical Patterns and Formations in EOD charts

1- Last 6 months sideways correction between 15671.5-18604.50

2- Last 10 Sessions trading between 16825-17414 

3- Stochastic- Its both lines %K(5) & %D(3) are kissing in the Middle zone.

4- Stochastic:- %K(5)- 51.45 & %D(3)- 48.22.

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

6- MACD(26,12)- -267.91 & EXP(9)- -102.24 & Divergence- -165.67

Conclusions from EOD chart analysis

(Stochastic & MACD)

Impulsive Wave-5 completed at 18604.50 on 19-10-2021 and after that "ABC" correction begun which is in continuation as well as no confirmation of its completion yet on EOD charts.

As more than 6 months old correction has turned sideways between 15672-18604 and finally its break out/break down will form next trend therefore let it happen then view will be accordingly and till then Outlook will be of sideways market. Last 10 Sessions trading between 16825-17414 and finally its break out will confirm next decisive moves towards  15672 or 18604 therefore should be firstly watched in the coming week/weeks.

In Stochastic its both lines %K(5) & %D(3) are kissing in the Middle zone therefore it is not showing any side decisive move but in MACD its MACD line has intersected Average line downward and its both lines are falling in negative zone hence confirming downward trend formations and more down moves possibilities.

 

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (29-Apr-2020):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at   17108

B- 21-Day SMA is today at  17425

C- 55-Day SMA is today at  17127

D- 100-Day SMA is today at 17283 

E- 200-Day SMA is today at 17226 

Conclusions from EOD chart analysis

(Averages)

All the Short to Long Term Averages have turned flat and all are moving between 17108-17425 therefore finally sustaining beyond this range will confirm next Long Term Trend as well as will generate one sided big moves towards the break out/down side of this range.

Nifty-Last 10 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Apr 18 to Apr 29,2020):-

Technical Patterns formation in last 10 Sessions intraday charts

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

A- 17242-17377 

B- 17384-17414 

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

A- 17075-17120 

B- 16959-16981 

C- 16918-16954

3- Last 10 Sessions actual trading between 16825-17414 

Conclusions from 10 Sessions

intra day chart analysis 

Last 10 sessions trading between 16825-17414 with above mentioned supports and resistances within it. As last Friday closing was almost in the middle of this range and both higher levels resistaances and lower levels supports are equally strong also therefore expected that Nifty will firstly trade within and near about last 10 sessions trading range(16825-17414) and finally sustaining it beyond will confirm next Short Term trend hence should be firstly watched in the coming week for its confirmations.

Nifty-Intra Day Chart Analysis

(29-Apr-2020)

Nifty-Intra Day Chart (29-Apr-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 17242-17377

2- Sharp fall in last hour

3- Whole day actual trading between 17054-17377

Conclusions from intra day chart analysis 

Although firtsly some up moves after positive opening but selling developed therefore sharp fall was seen in last hour. As good intraday selling last Friday therefore more down moves will be seen in next week.

Conclusions

(After putting all studies together)

Although more than 2 months old Russian-Ukraine war but Indian markets have not crashed and turned sideways between 15672-18604 therefore all the Trends are now sideways and all the Short to Long Term Averages are moving flat. It means that Indian markets are in Wait and watch mood and will finally break out or break down of this range after becoming the sky clear.

As correction of Nifty begun after Impulsive Wave-5 completion therefore it has to correct whole rally between 7511.10-18604.50 and it is being done nowadays in sideways markets between 15672-18604. As Nifty closed last Friday almost in the Middle of of this correction range and multiple lower levels supports are higher levels resistances are lying therefore Nifty will trade and prepare for those next big moves within this range as well as finally break out/down of this range will generate those big moves in the coming weeks/months.

 

Although Short Term indicator Stochastic is not showing anyside moves but MACD is suggesting more down moves. As good intraday selling and no consolidation last Friday therefore more down moves are expected towards above mentioned supports in the beginning of coming week. As finally following levels will finally produce next moves and form next trend therefore should be watched one by one in the coming week/weeks/months:-

1- 16825-17414(Last 10 Sessions trading range)

2- 17108-17425(Short to Long Term Averages)

3- 15672-18604(Last 6 months correction range)

As all the Short to Long Term Averages are lying almost within last 10 Sessions trading range therefore firstly sustaining it beyond or its forceful break out/down should be watched because that will generate strong signal of next Long Term Trend formation. As break out/down of last 6 months correction range will confirm life and length of on going "ABC" correction therefore finally should be watched for that Long Term moves confirmations.

Watch next resistances & supports after strong Global cues led rally

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-04-2022)

Nifty-Intra Day Chart (28-Apr-2020):-

Technical Patterns formation in today intraday charts

1- Consolidation between 17075-17120

2- Strong up moves

3- Intraday correction in last hour

4- Whole day actual trading between 17072-17322

Conclusions from intra day chart analysis 

Sentiment turned strong today morning because all the Asian markets were trading in Green and some were trading with good gains therefore positive opening of Indian markets. 

As selling Patterns formation between 17029-17110 yesterday therefore firstly consolidation was seen within this range between 17075-17120 and after that rally started which turned strong because sharp up moves developed in Dow Jones Futures and traded 400 points plus as well as all the European markets opened strong. intraday correction was seen in last hour because Very Short Term indicators turned Overbought after strong intraday rally. 

It is clear that whole day today rally was strong Global cues led and firstly sustaining beyond following next resistances(17264-17315) and supports(17075-17120 & 16959-16981) should be watched for one sided decisive moves beginning confirmations.

Watch levels for next decisive 

moves beginning confirmations

Post-open Outlook(28-04-2022)

As all the Asian markets are trading in Green and some are trading with good gains today morning therefore positive opening of Indian markets.

Selling Patterns formation between 17029-17175 in last 2 sessions and Nifty is reading within it since opening today as well as firstly sustaining beyond this range should be watched today and in the coming for next sessions for next decisive moves beginning confirmations.

 Down moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-04-2022)

Nifty-Intra Day Chart (27-Apr-2020):-

Technical Patterns formation in today intraday charts

1- Selling Patterns formation between 17029-17110

2- Support between 16959-16981

3- Whole day actual trading between 16959-17110

Conclusions from intra day chart analysis 

Although minor supports at lower levels but higher levels good selling therefore finally down moves are expected below today lowest(16959).

 Down moves towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-04-2022)

Nifty-Intra Day Chart (26-Apr-2020):-

Technical Patterns formation in today intraday charts

1- Selling Patterns formation between 17126-17175

2- Sharp jump in last half hour

3- Whole day actual trading between 17065-17223

Conclusions from intra day chart analysis 

Although intraday closing was near the top of the day after sharp jump in last half hour on 26-04-2022 but selling Patterns formation were seen between 17126-17175 therefore expected that down moves will be seen below 17126 and towards following next supports:- 

1- 17064-17115

2- 17003-17051

3- 16868-16952

 Firstly watch levels for next Short Term Trend confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(26-04-2022)

Nifty-Intra Day Chart (25-Apr-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 16994-17047

1- Down moves in Bullish Falling Channels

3- Whole day actual trading between 16889-17054

Conclusions from intra day chart analysis 

Following lines were told on 23-04-2022 in "Firstly watch next supports for the life of on going correction & finally 15672-18604 for next big moves beginning confirmations":-

1- firstly down moves will be seen in the beginning of next week.

2- correction continuation in the beginning of next week

As was told 100% same happened and Nifty closed 218 points down in the beginning of this week on Monday

Although 162 points weaker and gap down opening but lower levels consolidation was also seen in last 3 hours after selling in first 3 hours. As both lower levels intraday buying and higher levels intraday selling also between 16889-17047 therefore Nifty will firstly trade and prepare for next Short Term Trend within or near about this range in the coming sessions, 

As finally sustaining beyond 16889-17047 will confirm next Short Term Trend therefore should be firstly watched for its confirmations.

 Firstly watch next supports for the life of on going correction & finally 15672-18604 for next big moves beginning confirmations

Technical Analysis,Research & Weekly Outlook

(Apr 25 to Apr 29,2020)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (22-Apr-2020):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning from 7511.10 on 24-03-2020  

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

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

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

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

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

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

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

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

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

11- Correction continuation with recent bottom formation at 16824.70 on 19-04-2022 

Conclusions from EOD chart analysis

(Waves structure)

"ABC" correction beginning after impulsive Wave-5 completion at 18604.50 on 19-10-2021 and no confirmation of "ABC" correction completion yet on EOD charts.

Strong Pull Back Rally which developed after Wave-C bottom formation at 15671.50 completed at 18114.70 on 04-04-2022 and its correction beginning that is in continuation with recent bottom formation at 16824.70 on 19-04-2022 and no indication of its completion yet on EOD and intraday charts therefore on going correction will remain continued in the beginning of next week.

Nifty-Weekly Chart Analysis

(Stochastic & MACD)

Nifty-Weekly Chart (22-Apr-2020):-

Technical Patterns and Formations in EOD charts

1- Last 6 months sideways correction between 15671.5-18604.50

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

3- Stochastic:- %K(5)- 57.48 & %D(3)- 76.09

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

5- MACD(26,12)- -212.73 & EXP(9)- -257.67 & Divergence- 44.94

Conclusions from Weekly chart analysis

(Stochastic & MACD)

As in Weekly Stochastic %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone therefore confirming downward trend formations and showing more down moves indications in next week.

Although in MACD indicator MACD line has intersected Average line upward but its both lines are moving flat in negative zone therefore not confirming any immediate up moves and suggesting to adopt wait and watch policy in Short Term.

Nifty-Intra Day Chart Analysis

(22-Apr-2020)

Nifty-Intra Day Chart (22-Apr-2020):-

Technical Patterns formation in today intraday charts

1- 192 Points fall in first 4 minutes

2- Support between 17200-17245

3- Selling between 17264-17315

4- Selling between 17181-17230

5- Whole day actual trading between 17150-17315

Conclusions from intra day chart analysis 

Although firstly 192 Points fall in first 4 minutes but some supports developed at lower levels therefore up moves were seen after that. As higher levels fresh selling therefore sharp fall after that and follow up selling in last hour also hence last Friday closing was at the lower levels of the day.

As good intraday selling last Friday therefore firstly down moves will be seen in the beginning of next week.

Conclusions

(After putting all studies together)

Impulsive Wave-5 completed after new life time top formation at 18604.50 on 19-10-2021 and "ABC" correction started which has turned sideways between 15672-18604 for the last 6 months and Nifty closed almost at the centre of this range last Friday at 17171.75.

All the Long and Intermediate term Averages have tuned flat and all the trends are also now sideways therefore Nifty will trade and prepare for next Long Term Trend within this range which will be done in the coming week/weeks. As finally valid break out of this range(15672-18604) will produce next big moves after Long Term trend formation confirmations therefore firstly sustaining beyond following next supports and resistances of this correction range should be watched one by one:-

Next supports are as follows:-

1- 17064-17115

2- 17003-17051

3- 16868-16952

4- 16579-16674

5- 16484-16554

6- 16418-16447(Gap Support)

7- 16253-16304

8- 16098-16152

9- 15966-16019

10-15672-15846

Next resistances are as follows:-

1- 17181-17230

2- 17264-17315

3- 17524-17561 

4- 17616-17663 

5- 17727-17779

6- 17795-17832

7- 17959-18129

8- 18292-18321

9- 18379-18458

10-18548-18604 

Weekly Stochastic is indicating more down moves possibility and selling patterns in intraday charts of last Friday is also suggesting correction continuation in the beginning of next week therefore firstly sustaining beyond above next supports should be watched one by one in next week for the life of on going correction and finally sustaining beyond 15672-18604 should be watched for next big moves beginning confirmations.

 As busy therefore Stock Market Outlook of today(22-04-2022) is not being updated.

 Firstly up moves & finally levels

 will decide next trend

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-04-2022)

Nifty-Intra Day Chart (20-Apr-2020):-

Technical Patterns formation in today intraday charts

1- 45 Points jump in first minute after positive opening

2- Whole day sideways trading between with consolidation between 17066-17186

3- Whole day actual trading between 16979-17186

Conclusions from intra day chart analysis 

Following lines were told in previous Oulook"Firstly watch next supports":-

a sharp big jump or a Pull back rally will be seen towards 17172

As was told 100% same happened and Nifty closed at 17136.55 after gaining 177.90 Points as well as slipped below 17172 after forming intraday highest at 17186.90.

Although good selling between 17172-17275 on 19-04-2022 but some consolidation also between 17066-17186 on 20-04-2022 therefore expected that firstly Nifty will trade and prepsre for next decisive moves within and near about 17066-17275 in the coming sessions.  

As some consolidation also between 17066-17186 on 20-04-2022 therefore firstly up moves will be seen towards 17186 but until complete consolidation will not develop till then Nifty will not sustain above 17275. 

17066-17275 will be very Short Term trading range and next trend decider as well hence finally sustaining it beyond should be watched amid firstly up moves expectations towards 17186.

Firstly watch next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-04-2022)

Nifty-Intra Day Chart (19-Apr-2020):-

Technical Patterns formation in today intraday charts

1- More than 5 hours selling between 17172-17275(immediate Resistances)

2- Sharp fall in last hour

3- Whole day actual trading between 16825-17275

Conclusions from intra day chart analysis 

As more than 5 hours selling between 17172-17275 therefore sharp fall was seen in last hour and until complete consolidation will not develop till then Nifty will not sustain above today highest(17275).

As very Short Term indicators have turned oversold and sentiment is completely depressed therefore if Nifty honours following next supports in the coming sessions then a sharp big jump or a Pull back rally will be seen towards 17172 hence sustaining it beyond should be firstly watched:-

1- 16838-16943

2- 16559-16672

Firstly watch levels for next decisive moves beginning confirmations

 Nifty-Intra Day Chart Analysis & 

Market Outlook(19-04-2022)

Nifty-Intra Day Chart (18-Apr-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 17186-17237

2- Sharp fall

3- Down moves in Bullish Falling Channel

4- Up moves with downward corrections

5- Whole day actual trading between 17068-17237

Conclusions from intra day chart analysis 

Following lines were told at 01:54 PM on 15-04-2022 in "Remain cautious amid deeper correction beginning possibility":-

1- down moves are expected in the beginning of next week

2- once sustaining below 17004 will mean deeper correction beginning of on going Pull Back Rally

As was told 100% same happened and Nifty closed 302 points down in the beginning of this weeek on Monday.

As firstly selling between 17186-17237 after huge gap down opening therefore sharp fall after that but Down moves in Bullish Falling Channel in Mid sessions hence up moves were seen in last 3 hours.

Although lower levels consolidation through Down moves in Bullish Falling Channeland and last 3 hours up moves with downward corrections also but could noy move above 17237 because good selling was seen between 17186-17237.

As both higher levels good selling and lower levels equally good consolidation also between 17068-17237 therefore expected that Nifty will firstly trade and prepare for next decisive moves within and near about this range and firstly sustaining it beyond should be watched in the coming sessions for next decisive moves beginning confirmations.

 Remain cautious amid deeper 

correction beginning possibility

Technical Analysis,Research & 

Weekly Outlook(Apr 18 to Apr 22,2020)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (13-Apr-2020):-

Technical Patterns and Formations in EOD charts

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

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

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

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

5- Pull Back Rally continuation with recent top formation at 18114.70 on 04-04-2022

6- Last 11 Sessions trading between 17388-18114 

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

8- Stochastic:- %K(5)- 14.18 & %D(3)- 21.62.

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

10- MACD(26,12)- 391.78 & EXP(9)- 486.98 & Divergence- -95.2

Conclusions from EOD chart analysis

(Stochastic & MACD)

Pull Back Rally continuation with recent top formation at 18114.70 on 04-04-2022 and no confirmation of its completion yet on EOD charts but last 11 Sessions trading between 17388-18114 and finally sustaining beyond this range will confirm its fate.

Although both lines of Stochastic are falling in Over bought zone but %K(5) line has not intersected %D(3) line upward and negative divergence has also not been seen yet therefore no confirmation of up moves beginning yet.

As in MACD MACD line has intersected Average line downward and its both lines are falling in positive zone therefore showing signals of downward trend formation. 

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (13-Apr-2020):-

Technical Patterns and Formations in EOD charts

1-Averages

A- 5-Day SMA is today at   17621 

B- 21-Day SMA is today at  17433

C- 55-Day SMA is today at  17169

D- 100-Day SMA is today at 17297

E- 200-Day SMA is today at 17158 

Conclusions from EOD

chart analysis (Averages)

Although Nifty moved below 5-Day SMA but got supports just above 21-Day SMA in last 2 sessions therefore firstly sustaining 17433 should be firstly watched in next week for first signal of next trend formations. As all the Intermediate and Long Term averages have turned flat therefore finally sustaining beyond all these Averages and specially 200-Day SMA(17158) should be watched in next week for Long Term Trend confirmations which is at stake after its being flat . 

Nifty-Last 11 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Mar 30 to Apr 13,2020):-

Technical Patterns formation in last 11 Sessions intraday charts

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

A- 17478-17537 

B- 17524-17561 

C- 17616-17663 

D- 17727-17779

E- 17802-17842

F- 17818-17901 

G- 17975-18095 

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

A- 17457-17518

B- 17388-17533 

3- Last 11 Sessions actual trading between 17388-18114 

Conclusions from 11 Sessions

intra day chart analysis 

As intraday consolidation after 30-03-2022 therefore strong up moves were seen in the beginning of Apr-2022 but higher levels selling developed therefore not sustaining at higher levels and continuous down moves were seen in last 7 sessions with follow up selling and resultant above mentioned higher levels multiple resistances developed.

Now last 2 supports of last 11 sessions are between 17388-17533 and fresh selling was seen  within this range between 17478-17537 on 13-04-2022 therefore these supports have been weakened and higher levels good selling also in last 7 sessions therefore expected that firstly down moves will be seen in the beginning of next week and once sustaining below last 11 sessions lowest(17388) will mean deeper correction beginning after last 11 sessions trading range broken down confirmations.

Nifty-Intra Day Chart Analysis

(13-Apr-2020)

Nifty-Intra Day Chart (13-Apr-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 17616-17663

2- Selling between 17524-17561

3- Selling between 17478-17537

4- Whole day actual trading between 17458-17663

Conclusions from intraday

chart analysis 

Although strong opening but not sustaining at higher levels because immediately selling developed which remained continued till last hours. As good intraday selling on 13-04-2027 therefore down moves will be seen below day's lowest(17458) 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

Pull Back Rally which started from 15671.5 on 08-03-2022 is in continuation with recent top formation at 18114.70 on 04-04-2022 and no confirmation of its completion yet on EOD charts after gaining 2443 Points. As long Weekly Black Candle formation in previous week and Weekly Doji candle was formed before previous week as well as previous sessions closing was at the lowest of last 7 sessions therefore strong indication of more down moves in next week because higher levels good intraday selling was seen in last 7 sessions.

As MACD is showing signals of downward trend formation and Stochastic has not produced any upward move signal therefore more down moves can not be ruled out in next week and firstly sustaining below last 11 sessions lowest(17388) should be watched for first strong signal of deeper correction beginning and finally sustaining beyond 200-Day SMA(17158) should also be watched for Long Term Trend formation and next big moves beginning confirmations. Next supports below 11 sessions lowest(17388) are as follows:-

1- 17344-17387(Gap Support)

2- 17236-17387

3- 17138-17185

4- 17004-17081

As Long Term Trend  will also be down below 17158 therefore remain cautious because down moves are expected in the beginning of next week. Firstly 17388 and after that above mentioned supports should be watched and once sustaining below 17004 will mean deeper correction beginning of on going Pull Back Rally which is possible also after good higher levels intraday selling in previous weeks. 

Watch levels for next decisive 

moves beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-04-2022)

Nifty-Intra Day Chart (11-Apr-2020):-

Technical Patterns formation in today intraday charts

1- Sharp fall after gap down opeing

2- Down moves in Bullish Falling Channels

3- Sharp up in Mid-session

4- Up moves in Bearish Rising Channel

5- Sharp fall in last hour

6- Whole day actual trading between 17443-17595

Conclusions from intra day chart analysis 

Although firstly sharp fall after gap down opening but Down moves were also in Bullish Falling Channels therefore sharp up moves were seen in Mid-session. As selling developed at intraday higher levels through Up moves in Bearish Rising Channel also therefore Sharp fall was also seen in last hour.

As whole day intraday volatility with both lower levels some buying and higher levels selling also therefore sustaining beyond today trading range(17443-17595) should be watched tomorrow for next decisive moves beginning confirmations.

Correction of 2443 Points Pull Back Rally will begin

 Correction of 2443 Points 

Pull Back Rally will begin

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-04-2022)

Nifty-Intra Day Chart (11-Apr-2020):-

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channels

2- Selling between 17727-17779(immediate Resistances)

3- Sharp falls in last hour

4- Whole day actual trading between 17650-17779

Conclusions from intra day chart analysis 

Following lines were told on 09-04-2022 in "Remain cautious from 2443 Points rally correction possibility amid firstly sideways market between 17601-18114 ":-

firstly Nifty will trade and prepare for next decisive moves within last Friday trading range(17601-17842) in the beginning of next week

As was told 100% same happened and:- 

Nifty traded whole day within mentioned range(17601-17842) between 17650-17779 on 11-04-2022.

We clearly told and concluded in above mentioned Outlook that:-

 "higher levels selling in previous week therefore remain cautious in next week because sustaining below 17601 will confirm 2443 Points Pull Back Rally correction."

As good intraday selling on 11-04-2022 therefore Nifty will trade below 17601 and correction of 2443 Points Pull Back Rally will begin as well as its continuation will also be seen in the coming sessions. 

 Remain cautious from 2443 Points rally correction possibility amid firstly sideways market between 17601-18114 

Technical Analysis,Research & Weekly Outlook(Apr 11 to Apr 13,2020)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (08-Apr-2020):-

Technical Patterns and Formations in EOD charts

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

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

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

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

5- Pull Back Rally continuation with recent top formation at 18114.70 on 04-04-2022

6- Last 5 Sessions actual trading between 17601-18114 

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

8- Stochastic:- %K(5)- 55.12 & %D(3)- 73.23.

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

10- MACD(26,12)- 535.59 & EXP(9)- 465.80 & Divergence- 69.79

Conclusions from EOD chart analysis

(Stochastic & MACD)

Pull Back Rally started after Wave-C bottom formation at 15671.5 on 08-03-2022 and its is in continuation with recent top formation at 18114.70 on 04-04-2022 as well as no confirmation of its completion yet after gaining 2443.2 points. As last 5 Sessions trading between 17601-18114 therefore finally its valid break out will confirm next trend which should be firstly watched in the coming week.

As both lines of Short term indicator Stochastic are falling towards Over sold zone therefore suggesting some more down moves possibilities in next week. Although both lines of MACD are rising in positive zone but MACD line has started to flatten therefore remain watchful also in the coming weeks despite no other downward trend formation signal yet.

Nifty-Last 5 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Apr 04 to Apr 08,2020):-

Technical Patterns formation in last 5 Sessions intraday charts

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

A- 17802-17842

B- 17818-17901 

C- 17975-18095 

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

A- 17703-17744

B- 17601-17675 

3- Last 5 Sessions actual trading between 17601-18114 

Conclusions from 5 Sessions

intra day chart analysis 

Last 5 Sessions trading between 17601-18114 with above mentioned supports and resistances within it. Although firstly slipping after higher levels good selling but lower levels some supports were also seen therefore Nifty will firstly traded and prepare for next trend within this range in the coming week therefore sustaining it beyond should also be watched for next trend beginning confirmations. 

Nifty-Intra Day Chart Analysis &

Market Outlook(11-04-2022)

Nifty-Intra Day Chart (08-Apr-2020):-

Technical Patterns formation in today intraday charts

1- Firstly 97 Points fall after positive opening

2- Consolidation between 17601-17675

3- Up moves with downward corrections & consolidation 

4- Consolidation between 17703-17744

5- Selling between 17802-17842

6- Whole day actual trading between 17601-17842

Conclusions from intra day chart analysis 

Although firstly 97 Points fall after positive opening but lower levels consolidation developed between 17601-17675 therefore up moves begun which remained continued with follow up Mid-session consolidation between 17703-17744. As higher levels selling was also seen between 17802-17842 therefore down moves developed in last hour. 

Until complete fresh selling will not develop till then Nifty will not slip and sustain below last Friday lowest(17601) because lower levels good consolidation was seen and fresh consolidation in the beginning of next week will mean on going rally continuation towards and above 18000.

As both lower levels good intraday consolidation and higher levels some selling also last Friday therefore firstly Nifty will trade and prepare for next decisive moves within last Friday trading range(17601-17842) in the beginning of next week and finally this range break out will confirm next decisive moves which should be firstly watched for its beginning confirmations. 

Conclusions

(After putting all studies together)

1- Long Term Trend is up.

2- Intermediate Term Trend is up.

3- Short Term Trend has turned sideways for the last 5 sessions.

2443 Points gaining Pull Back Rally which started from 15671.5 on 08-03-2022 is in continuation with recent top formation at 18114.70 on 04-04-2022 and no confirmation of its completion yet on EOD charts but Weekly Doji candle formation in previous week which is suggesting indecision and confusion on the side of both buyers and sellers.. 

As sideways trading was seen between 17601-18114 in last 5 sessions with higher levels good selling also therefore if fresh selling develops in next week then correction of this 2443 Points rally will begin in the coming week but complete fresh selling is firstly required for sustaining below 17601 because lower levels good consolidation was also seen last Friday. 

Although finally 17601-18114 break out will confirm next trend but short term indicator Stochastic is showing some more down moves possibilities and MACD is also suggesting watchful approach as well as higher levels selling in previous week therefore remain cautious in next week because sustaining below 17601 will confirm 2443 Points Pull Back Rally correction.

Firstly watch next supports for the life of last 3 sessions correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(08-04-2022)

Nifty-Intra Day Chart (07-Apr-2020):-

Technical Patterns formation in today intraday charts

1- Whole day intraday volatility Only

2- Whole day actual trading between 17624-17787

Conclusions from intra day chart analysis 

Down moves towards next supports was told for today and Nifty closed 0.94% down at 17639.55 which was just above yesterday mentioned 1st supports(17568-17597).

As whole day only inraday volatility and one sided any clear cut intraday trading pattern formation was not seen therefore firstly sustaining beyond next 1st supports(17568-17597) should be watched tomorrow for the life of last 3 sessions correction.

 Down moves towards next supports

Nifty-Intra Day Chart Analysis &

Market Outlook(07-04-2022)

Nifty-Intra Day Chart (06-Apr-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 17818-17901

2- Whole day actual trading between 17780-17901

Conclusions from intra day chart analysis 

As firstly huge gap down opening and after that whole day good selling between  17780-17901 therefore down moves are expected below today lowest(17780) and towards following next supports:-

1- 17568-17597

2- 17512-17553

3- 17436-17485

 Down moves after good intraday selling

Nifty-Intra Day Chart Analysis &

 Market Outlook(06-04-2022)

Nifty-Intra Day Chart (05-Apr-2020):-

Technical Patterns formation in today intraday charts

1- Sharp down after positive opening

2- Selling between 17975-18095

3- Sharp fall in last hour

4- Whole day actual trading between 17922-18095

Conclusions from intra day chart analysis 

Following lines were told on 04-04-2022 in "Firstly rally continuation amid big intraday correction possibility":-

1- on going rally will remain continued.

2- big intraday correction may also be seen

As was told 100% same happened:-

1- Firstly up moves were seen after positive opening

2- Nifty traded 131 points down.

Although firstly positive opening but immediately sharp fall was seen and after that good intraday selling developed between 17975-18095 therefore sharp fall in last hour on 05-04-2022 and resultant down moves will remain continued in the coming session also.

 Firstly rally continuation amid big intraday correction possibility

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-04-2022)

Nifty-Intra Day Chart (04-Apr-2020):-

Technical Patterns formation in today intraday charts

1- Sharp up after gap up opening

2- Down moves in Bullish Falling Channel upto 17895

3- Up moves with downward corrections

4- Whole day actual trading between 17792-18114

Conclusions from intra day chart analysis 

Following conclusive lines were told on 02-04-2022 in " Firstly rally continuation and finally 17436-18351 will confirm next big moves":-

1- Pull Back Rally continuation towards next psychological level at 18000.

2- Firstly rally continuation expectations in next week

As was told 100% same happened and Rally remained continued above 18000 as well as closed above it today.

Firstly sharp up moves after gap up opening and after that higher levels good consolidation also through Down moves in Bullish Falling Channel up to 17895 as well as up moves with downward corrections therefore whole day good consolidation will be understood and on going rally will remain continued.

As sentiment has turned extremely heated and Very Short Term indicators have also moved into Overbought zone therefore big intraday correction may also be seen but until Nifty will not sustain below 17895 till then decisive moves will not be seen because good consolidation was seen above it today.

 Firstly rally continuation and finally 17436-18351 will confirm next big moves

Technical Analysis,Research & Weekly Outlook

(Apr 04 to Apr 08,2020)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (01-Apr-2020):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning from 7511.10 on 24-03-2020  

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

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

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

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

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

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

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

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

10- Pull Back Rally continuation with recent top formation at 17703.70 on 01-04-2022  

Conclusions from EOD chart analysis

(Waves structure)

Waves structure which begun through its Impulsive Wave-1 from 7511.10 on 24-03-2020 completed after its 5th Wave termination at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction started. Wave-C bottom of "ABC" correction formed at 15671.5 on 08-03-2022 and after that Pull Back Rally begun which is in continuation with recent top formation at 17703.70 on 01-04-2022. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (01-Apr-2020):-

Technical Patterns and Formations in EOD charts

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

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

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

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

5- Pull Back Rally continuation with recent top formation at 17703.70 on 01-04-2022

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

7- Stochastic:- %K(5)- 91.16 & %D(3)- 82.59.

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

9- MACD(26,12)- 459.70 & EXP(9)- 322.03 & Divergence- 137.67

Conclusions from EOD chart analysis

(Stochastic & MACD)

Although Pull Back Rally continuation after Wave-C bottom formation at 15671.5 on 08-03-2022 and no confirmation of its completion yet on intraday and EOD charts but both lines of Short term indicator Stochastic have moved into bought zone and showing first signal of Short Term correction beginning. As both lines of MACD are rising in positive zone therefore confirming that upward trend is completely intact.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (01-Apr-2020):-

Technical Patterns and Formations in EOD charts

1-Averages

A- 5-Day SMA is today at   17436

B- 21-Day SMA is today at  16915

C- 55-Day SMA is today at  17214

D- 100-Day SMA is today at 17315

E- 200-Day SMA is today at 17078 

Conclusions from EOD chart analysis

(Averages)

As Nifty has closed above all the Short to Long Term Averages and some Averages have started to rise also therefore suggesting that Indian markets are in Bullish mode and on going Pull Back rally will remain continued.

Nifty-Intra Day Chart Analysis

(01-Apr-2020)

Nifty-Intra Day Chart (01-Apr-2020):-

Technical Patterns formation in today intraday charts

1- Up moves after weaker opening

2- Consolidation between 17512-17553

3- Consolidation between 17568-17597

4- Sharp  125 Points jump was seen in last half hour

5- Whole day actual trading between 17423-17703

Conclusions from intra day chart analysis 

Although weaker opening but after that recovery from lower levels and 2 times sideways good consolidation also therefore sharp 125 Points jump was seen in last half hour and closing was at the top of the day.

As good consolidation between 17512-17597 therefore rally will remain continued and until complete selling will not develop till then Nifty will not sustain below 17512.As sentiment has turned heated after last Friday strong rally therefore some intraday correction can not be ruled between and near about 17597-17703 before fresh decisive rally above 17703.

Conclusions

(After putting all studies together)

All the trends are up and Pull Back Rally continuation towards next psychological level at 18000. As Nifty has closed above Long Term Trend decider 200-Day SMA(today at 17078) in last 11 sessions therefore confirming that Long Term Trend has turned up and on going rally will remain continued as well as until complete selling patterns will not develop on intraday and EOD charts till then any big correction will not be seen because Nifty has closed above last 35 sessions trading range also. 

As both lines of Short term indicator Stochastic have moved into bought zone and showing first signal of Short Term correction beginning as well as sentiment has turned heated therefore Short Term correction may begin also any day but intraday charts have not shown selling patterns formations yet therefore let complete selling patterns develop on intraday charts then Short Term correction will begin hence remain watchful also.

Next resistances above last Friday highest(17703.70) are as follows:-

1- 17795-17832

2- 17959-18129

3- 18292-18321

4- 18379-18458

5- 18548-18604 

Next supports above last Friday closing(17670.50) are as follows:-

1- 17568-17597

2- 17512-17553

3- 17436-17485

4- 17344-17387(Gap Support)

5- 17236-17387

6- 17138-17185

7- 17004-17081

Wave-C bottom was formed at 15671.5 and Nifty has moved up 2031 points from this levels as well as Long Term Trend has turned up therefore strong signals of Wave-C completion at 15671.5 and news Waves structure formation from this level for fresh rally above life time highest(18604.50),its confirmation will be after moving the top of Wave-B at 18351.00.

Firstly rally continuation expectations in next week and until Nifty will not sustain below 17436 till then deeper correction will not be seen as well as moving above 18351 will confirm rally above life time highest therefore Nifty will trade and prepare for next big moves between 17436-18351 in the coming week/weeks as well as finally confirm next big moves after moving beyond this range.