Short Term Correction is on cards

Technical Analysis,Research & Weekly Outlook

(Jul 11 to Jul 15,2022)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (08-Jul-2022):-

Technical Patterns and Formations in EOD charts

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

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

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

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

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

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

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

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

9- Wave-A continuation with recent top formation at 16275.5 on 08-07-2022 

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

11- Stochastic:- %K(5)- 93.77 & %D(3)- 85.13.

12- In MACD- MACD line has intersected Average line upward. Its MACD line is rising in positive zone and Average line is rising in negative zone. 

13- MACD(26,12)- 75.96 & EXP(9)- -193.52 & Divergence- 269.48

Conclusions from EOD chart analysis

(Stochastic & MACD)

Impulsive Wave-5 completed after new life time top formation at 18604.50 on 19-10-2021,this 5th wave was of that Waves structure which begun through its impulsive Wave-1 from 7511.10 on 24-03-2020. Now "ABC" correction of this Waves structure(7511.10-18604.50) is in continuation with Double Zig-Zag pattern formation and no confirmation of its completion yet on EOD charts. At present Wave-A is on after bottom formation at 15183.4 on 17-03-2022 and its recent top formation is at 16275.5 on 08-07-2022.

In Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising within Over bought zone. As it is strong indication of Short Term Correction beginning therefore it may begin any day in next week.

In MACD- MACD line has intersected Average line upward. Its MACD line is rising in positive zone and Average line is rising in negative zone. As it is first strong indication of upward trend formations therefore let firstly its Average line to move into positive zone then will get its confirmations 

 

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (08-Jul-2022):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 15998 

B- 21-Day SMA is today at 15748 

C- 55-Day SMA is today at 16194

D- 100-Day SMA is today at 16602 

E- 200-Day SMA is today at 17123

 

Conclusions from EOD chart analysis

(Averages)

Wave-A continuation with recent top formation at 16275.5 on 08-07-2022 which is well above 5-Day and 21-Day SMA therefore Short Term Trend has already turned up. As Nifty crossed and closed above 55-Day SMA(16194) last Friday and it is first indication of Intermediate Term Trend turning up therefore firstly sustaining it beyond should be watched in the coming 1/2 weeks for its turning up/down confirmations.

Nifty-EOD Chart Analysis

(Bollinger Band)

Nifty-EOD Chart (08-Jul-2022):-

Technical Patterns and Formations in EOD charts

1- Nifty closed above Upper Band of Bollinger Band in previous week

Conclusions from EOD chartanalysis

(Bollinger Band)

As Nifty closed above Upper Band of Bollinger Band in previous week after more than 1000 points rally therefore firstly sustaining beyond Upper Band should be watched in next week for rally continuation confirmations above it or Short Term correction beginning confirmations below it. 

Nifty-Intra Day Chart Analysis

(08-Jul-2022)

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

Technical Patterns formation in today intraday charts

1- 55 Points sharp fall in first 14 seconds

2- Selling Patterns formation between 16198-16236

3- Whole day actual trading between 16158-16236

Conclusions from intra day chart analysis 

Although gap up strong opening last Friday but firstly 55 points sharp fall in first 14 seconds and after that selling Patterns formation was seen between 16198-16236 therefore if Nifty sustains below last lowest(16157.90) in next week then it will be strong signal of correction beginning of that rally which started from 15183.4 on 17-06-2022.

Conclusions

(After putting all studies together)

1- Long Term trend is down.

2- Intermediate Term trend is sideays and finally sustaining beyond its decider 55-Day SMA(16194) will confirm its trend.

3- Short Term trend is up.

Although MACD is suggesting signals of upward trend formation but Stochastic is showing Short Term correction strong indications and it is most expected also in next week therefore let expected Short Term correction complete then upward trend will be considered.  

As Nifty has closed above 55-Day SMA(16194) and Upper Band of Bollinger Band also in previous week therefore  firstly sustaining beyond these 2 indicators should be watched in next week amid Short Term correction beginning strong indications.

Wave-A continuation with its recent top formation at 16275.5 on 08-07-2022 and no confirmation of its completion yet on EOD charts but intraday chart of last Friday is showing selling patterns and indicators are suggesting that Short Term Correction is on cards therefore expected that firstly correction of Nifty will be seen and finally sustaining beyond Wave-A length(15183.4-16275.5) will confirm next trend.

 Rally continuation & remain cautious amid short term correction beginning possibility

Nifty-Intra Day Chart Analysis & 

Market Outlook(08-07-2022)

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

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels

2- Slow up moves

3- Whole day actual trading between 16046-16150

Conclusions from intra day chart analysis 

As intraday consolidation through Down moves in Bullish Falling Channels after gap up strong opening and as such intraday selling patterns therefore on going rally continuation is expected. Short term indicators have turned overbought therefore remain cautious also because firstly intraday selling and after that short term correction may begin any day.

 Watch next/last resistance amid 

globally crashing Crude oil prices

Nifty-Intra Day Chart Analysis & 

Market Outlook(07-07-2022)

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

Technical Patterns formation in today intraday charts

1- Sharp fall after positive opening

2- Consolidation between 15859-15903

3- Up moves in Mid-session

4- Consolidation between 15914-15948

5- Up moves in last hour

6- Whole day actual trading between 15801-16011

Conclusions from intra day chart analysis 

As Crude oil plummets more than $10 yesterday and traded below $100 also which is most favourable for Indian eeconomy therefore positive opening of Indian markets.

Good selling at higher levels was seen yesterday therefore firstly sharp fall for consolidation and after that up moves developed in Mid-session. As follow up also consolidation developed in Mid-session therefore  again up moves were seen in last hour and Nifty closed near the higher levels of the day.

Selling was seen between 15964-16025 yesterday and this range is next/last resistance of on going Pull Back Rally as well as Nifty clossed within it at 15989.80 today with after lower levels good consolidation therefore firstly sustaining beyond 15964-16025 should be watched tomorrow amid globally crashing Crude oil prices.

 Down moves continuation below

 today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-07-2022)

Nifty-Intra Day Chart (05-Jul-2022):-

Technical Patterns formation in today intraday charts

1- Sharp up after positive opening

2- Selling between 15964-16025

3- Crashing in last 2 hours

4- Whole day actual trading between 15786-16025

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Next resistances will confirm the life of on going rally":-

1- some up moves above today highest can not be ruled out

2- As Very Short indicators have turned Over bought and next resistances are lying just above today highest between 15869-15927 therefore firstly sustaining it beyond should be watched

As was told yesterday 100% same happened today and firstly up moves were seen but fresh selling developed between 15964-16025 which was above yesterday mentioned resistance range(15869-15927) therefore Nifty crashed in last 2 hours. 

Only intraday selling was seen and consolidation was not seen today therefore today started down moves will remain continued below today lowest in the coming session.

Next resistances will confirm 

the life of on going rally

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-07-2022)

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

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Consolidation between 15662-15697

3- Up moves with downward corrections

4- Whole day actual trading between 15662-15852

Conclusions from intra day chart analysis 

Although firstly slipping after negative opening and Nifty traded 90 points weaker also but first hour Down moves were in Bullish Falling Channel and lower levels consolidation was seen between 15662-15697 therefore up moves started which remained continued till last half hour. As last 5 hours up moves were with downward corrections and intraday selling patterns were not seen today therefore some up moves above today highest can not be ruled out.

As Very Short indicators have turned Over bought and next resistances are lying just above today highest between 15869-15927 therefore firstly sustaining it beyond should be watched in the coming sessions for the life confirmation of on going rally.

 Levels will confirm the life & length 

of on going "ABC" correction

Technical Analysis,Research & 

Weekly Outlook(Jul 04 to Jul 08,2022)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (01-Jul-2022):-

Technical Patterns and Formations in EOD charts

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

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

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

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

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

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

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

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

9- Wave-A continuation with recent top formation at 15927.5 on 27-06-2022 

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

11- Stochastic:- %K(5)- 62.39 & %D(3)- 72.10

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

13- MACD(26,12)- -250.35 & EXP(9)- -435.01 & Divergence- 184.66

Conclusions from EOD chart analysis

(Stochastic & MACD)

Impulsive Wave-1 of which Waves structure started from 7511.10 on 24-03-2020,that completed after its  impulsive Wave-5 completion with new life time top formation at 18604.50 on 19-10-2021. After impulsive Wave-5 completion "ABC" correction with Double Zig-Zag pattern formation begun to correct whole rally between 7511.10-18604.50 which is in continuation with recent bottom formation at 15183.4 on 17-03-2022. After this Wave-A started which is in continuation with recent top formation at 15927.5 on 27-06-2022 and no confirmation of its completion yet on EOD charts.

As in Stochastic indicator %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone therefore signalling Short Term correction beginning possibility in next week.

As in MACD MACD line has intersected Average line upward and its both lines are rising in negative zone therefore emergence of first signal of upward trend formations. Let both lines of MACD to move into positive zone then upward trend formations will get confirmations. 

Nifty-Last 15 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Jun 13 to Jul 01,2022):-

Technical Patterns formation in last 15 Sessions intraday charts

1- Selling(Resistances) in last 15 Sessions are as follows:-

A- 15807-15861(Strong resistances) 

B- 15869-15927

2- Consolidation(Supports) in last 15 Sessions are as follows:-

A- 15693-15723

B- 15592-15690 

C- 15503-15556

D- 15393-15462 

E- 15236-15314

3- Last 15 Sessions actual trading between 15184-15927 

Conclusions from 15 Sessions 

ntra day chart analysis 

Last 15 Sessions trading between 15184-15927 with above mentioned supports and resistances which are sufficiently stronger also therefore expected that Nifty will firstly trade within last 15 sessions trading range and prepare for next trend. As finally sustaining beyond last 15 Sessions trading range(15184-15927) will confirm next trend therefore it should be firstly watched in the coming week/weeks for next trend formation confirmations.

Nifty-Intra Day Chart Analysis

(01-Jul-2022)

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

Technical Patterns formation in today intraday charts

1- Sharp fall in first hour after gap down and 76 points weaker opening.

2- Up moves with downward corrections

3- Whole day actual trading between 15512-15793

Conclusions from intra day

chart analysis 

Although firstly 269 points sharp fall in first hour after gap down and 76 points weaker opening but up moves started which remained continued till last minutes. As last 5 hours up moves were with downward corrections therefore expected that some up moves will be seen towards next resistances in the beginning of next week if Global markets and its Futures will not be in crashing mode due to any Geo-Political negative news.

Conclusions

(After putting all studies together)

1- Long Term trend is down.

2- Intermediate Term trend is down.

3- Short Term trend is up.

More than 8 months old "ABC" correction continuation with Double Zig-Zag pattern formation after impulsive Wave-5 completion at 18604.50 on 19-10-2021 and no confirmation of its completion yet on EOD charts. 

As last 15 Sessions trading between 15184-15927 therefore finally sustaining beyond this range will confirm next trend and life/length of on going "ABC" correction therefore firstly sustaining it beyond should be watched in next week for:-

1- Sustaining above 15927 will mean 1st signal of on going "ABC" correction completion. 

2- Slipping below 15184 will mean corrective Wave-B continuation confirmation toward new lower levels of on going "ABC" correction.

 As busy therefore Stock Market Outlook of today(01-07-2022) is not being updated.

 Firstly watch 15869 for the life

 of on going Pull Back Rally

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-06-2022)

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

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- Up moves in Bearish Rising Channel

3- Sharp fall

4- Down moves in last hour

5- Whole day actual trading between 15688-15861

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Down moves toward today lowest":-

down moves will be seen toward today lowest(15710.15).

As was told 100% same happened today and down moves were seen towards and below yesterday lowest as well as today lowest was at 15687.80.

Although firstly slipping 162 points but after that up moves started which remained continued till last hour. As firstly Up moves were with downward corrections therefore intraday rally remained continued. Higher levels some selling was also seen through Up moves in Bearish Rising Channel hence firstly sharp fall from higher levels and after that Down moves developed in last hour.

Selling was seen above 15869 on 27-06-2022 and Nifty closed below it with intraday selling near about it in last 2 sessions therefore firstly sustaining it beyond should be watched in the coming sessions for the life of that Pull Back Rally which started on 17-06-2022 from 16183.4.

 Down moves toward today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-06-2022)

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

Technical Patterns formation in today intraday charts

1- Down moves after gap down opening

2- Supports between 15711-15742

3- Up moves in Bearish Rising Channels

4- Whole day actual trading between 15711-15892

Conclusions from intra day chart analysis 

Following lines were told at 12:24 AM on 28-06-2022  in "Levels will confirm the life length of expected Very Short Term correction":-

Very Short Term correction is firstly expected below today lowest(15816)

As was told 100% same happened and Nifty slipped below 15816 as well as today lowest formed at 15710.15 in first hour today.

Although firstly slipping 122 points down moves after gap down opening in first hour but getting supports at lower levels and whole day up moves were seen as well as today closing was near the higher levels of the day. 

As whole day today up moves were in Bearish Rising Channels and yesterday selling was seen above 15869 therefore expected that Nifty will not sustain above today highest(15892.10) and down moves will be seen toward today lowest(15710.15).

 Levels will confirm the life length of 

expected Very Short Term correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-06-2022)

Nifty-Intra Day Chart (27-Jun-2022):-

Technical Patterns formation in today intraday charts

1- Selling between 15869-15927

2- Selling between 15872-15907

3- Whole day actual trading between 15816-15927

Conclusions from intra day chart analysis 

Although whole day positive zone trading after huge gap up opening and 0.85% Green closing also but higher levels selling was seen therefore Very Short Term correction is firstly expected below today lowest(15816) and finally sustaining beyond today seliing range(15869-15927) will confirm the life length of expected Very Short Term correction.

 Rally continuation expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-06-2022)

Nifty-Intra Day Chart (24-Jun-2022):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels

2- Up moves with downward corrections

3- Consolidation between 15679-15715 

4- Whole day actual trading between 15620-15749

Conclusions from intra day

chart analysis 

As whole day good intraday comsolidation after gap up strong opening last Friday therefore on going rally continuation is expected in the coming sessions also.

(As I was out of station during week end therefore could not post weekly Outlook of this week.)

 Levels will confirm next 

Short Term Trend

Nifty-Intra Day Chart Analysis & 

Market Outlook(24-06-2022)

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

Technical Patterns formation in today intraday charts

1- Sharp up after positive opening

2- Selling between 15558-15628

3- Down moves in Bullish Falling Channel

4- Sharp up moves

5- Sideways trading in last hour between 15549-15590

6- Whole day actual trading between 15368-15628

Conclusions from intra day chart analysis 

Following line was told yesterday in "Up moves expectations":-

up moves are expected towards the lowest of yesterday Sideways trading range(15620)

As was told 100% same happened and up moves were seen as well as today highest was at 15628.45.

Although firstly sharp up after positive opening but higher levels selling therefore not sustaining within yesterday profit booking range above 15620 and down moves were seen. As Down moves were in Bullish Falling Channel also therefore sharp up moves developed after that. Technical positions beyond today trading range are as follows:-

1- Selling was seen above today highest and below 15707 on 21-06-2022  

2- Conoslidation was seen below today lowest and above 15192 on 20-06-2022

As both lower levels buying and higher levels selling was seen between 15192-15707 in 4 previous sessions of this week therefore expected that Nifty will trade within this range in the coming sessions and finally sustaining beyond this range will form next Short Term Trend hence should be watched in the coming sessions for its confirmations. 

 Up moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-06-2022)

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

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels

2- Consolidation between 15386-15463 

3- Whole day actual trading between 15386-15565

Conclusions from intra day chart analysis 

Although more than 4 hours down moves after weaker opening but Down moves were in Bullish Falling Channels and consolidation was seen in last hour between 15386-15463 therefore up moves are expected towards the lowest of yesterday Sideways trading range(15620).

 Firstly watch 15620-15707 for 

next decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(22-06-2022)

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

Technical Patterns formation in today intraday charts

1- Consolidation between 15420-15472

2- Sharp up

3- Consolidation between 15645-15613

4- Sideways trading in last 3 hours between 15620-15707

5- Whole day actual trading between 15420-15707

Conclusions from intra day chart analysis 

Following conclusive line was told on 18-06-2022 in "Relief rally possibility after previous week crash":-

relief rally possibility after previous week crash

Following lines were told on 20-06-2022 in "Today started up moves continuation expectations":-

up moves were seen in last hour and its continuation is expected in the coming sessions also.

As was told 100% same happened and up moves were seen in both previous sessions of this week in following manner:-

1- Nifty gained 56 points yesterday.

2- Nifty gained 288 points today.

As firstly consolidation after gap up opening therefore sharp up moves were seen after that and follow up consolidation developed in Mid-Session also. Although 1.88% positive closing but very Short Term indicators have turned Over bought after today strong rally and higher levels some profit booking was seen therefore Nifty slipped 87 points from higher levels in last hour. 

Last 3 hours sideways trading between 15620-15707 and higher levels some profit booking also therefore firstly sustaining beyond this range should be watched tomorrow for next decisive moves beginning.

 Today started up moves 

continuation expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-06-2022)

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

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Consolidation between 15253-15312

3- Down moves in Bullish Falling Channel

4- Consolidation between 15264-15322

5- Whole day actual trading between 15192-15382

Conclusions from intra day chart analysis 

Although positive opening but not sustaining at higher levels and down moves started. As Down moves were in Bullish Falling Channel therefore after that up moves were seen.

As three times good consolidation in Mid-session therefore up moves were seen in last hour and its continuation is expected in the coming sessions also.

Relief rally possibility after previous week crash

Technical Analysis,Research & Weekly Outlook

(Jun 20 to Jun 24,2022)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (17-Jun-2022):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020

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

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

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

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

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

7- "ABC" correction continuation with recent bottom formation at 15183.4 on 17-03-2022

8- More than 7 months sideways correction range(15671.5-18604.50) forcefully broken down on 16-10-2021 

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of which Waves structure started from 7511.10 on 24-03-2020,that completed after its  impulsive Wave-5 completion with new life time top formation at 18604.50 on 19-10-2021. After impulsive Wave-5 completion "ABC" correction with Double Zig-Zag pattern formation begun to correct whole rally between 7511.10-18604.50 which is in continuation with recent bottom formation at 15183.4 on 17-03-2022. 

As more than 7 months sideways correction range(15672-18604) forcefully broken down in previous week therefore on going "ABC" correction will remain continied.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (17-Jun-2022):-

Technical Patterns and Formations in EOD charts

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

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

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

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

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

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

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

8- Wave-C continuation with recent bottom formation at 15183.4 on 17-03-2022

9- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines have turned flat in complete Over sold zone

10- Stochastic:- %K(5)- 07.39 & %D(3)- 06.72

11- In MACD- MACD line has intersected Average line downward and its both lines are falling

12- MACD(26,12)- -257.16 & EXP(9)- 86.20 & Divergence- -343.36

Conclusions from EOD chart analysis 

(Corrective Waves,Stochastic & MACD)

"ABC" correction with Double Zig-Zag pattern formation begun after impulsive Wave-5 completion at 18604.50 on 19-10-2021 and now its continuation with recent bottom formation at 15183.4 on 17-03-2022.

As in Stochastic indicator its both lines have turned flat in complete Over sold zone therefore suggesting that Short Term up moves are on cards.

As in MACD indicator its both lines are falling after downward intersection therefore showing Short Term downward trend formations and indicating that finally on going correction will remain continued.

Nifty-Intra Day Chart Analysis

(17-Jun-2022)

Nifty-Intra Day Chart (17-Jun-2022):-

Technical Patterns formation in today intraday charts

1- Sharp jump after gap down opening

2- More than 5 hours sideways trading between 15223-15379

3- Whole day actual trading between 15184-15400

Conclusions from intra day chart analysis 

Although firstly slipping after gap down opening but after that more than 5 hours sideways trading between 15223-15379. As one-sided patterns were not seen between 15223-15379 last Friday therefore expected that Nifty will firstly trade and prepare for next Short term moves within this range as well as finally sustaining beyond this range will confirm it in next week.

Conclusions

(After putting all studies together)

All the trends are down. As more than 7 months sideways correction range(15671.5-18604.50) forcefully broken down in previous week therefore it has opened the gate of decisive deeper correction beginning which was seen  till last Friday of previous week through 0.44% negative closing near the lowest levels of on going correction.

Although MACD indicator is suggesting Short Term downward trend formation and finally correction continuation will be seen but Stochastic indicator has turned completely Oversold because its both lines have turned flat in complete Over sold zone hence Stochastic is showing short Term up moves beginning possibility in next week.

As more than 5 hours sideways trading between 15223-15379 last Friday and one-sided patterns were not seen within this range therefore firstly Nifty will prepare for next Short Term Trend within this range and finally valid break out of this range will generate it hence it should be watched in next week amid relief rally possibility after previous week crash because Stochastic indicator has turned completely oversold also.

 Pull Back rally only after stopping of 

Global markets crashing

Nifty-Intra Day Chart Analysis & 

Market Outlook(17-06-2022)

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

Technical Patterns formation in today intraday charts

1- Whole day crashing after gap up strong opening

2- Whole day actual trading between 15335-15863

Conclusions from intra day chart analysis 

Following conclusive lines were told on 11-06-2022 in "Watch level for deeper correction beginning confirmations amid crashing Global markets ":-

As finally slipping below 15671.5 will mean recounting of corrective "ABC" waves structure therefore firstly it should be watched in the coming weeks for deeper correction beginning confirmations amid crashing Global markets.

As was cautioned 100% same happened and Nifty crashed today after slipping below 15671.5 

Although firstly gap up strong opening but good intraday selling developed in last 3 sessions therefore not sustaining at higher levels and the down moves which started immediately after opening remained continued till last minutes. Lowest of previous more than 7 months old "ABC" correction was at 15671.5 and today lowest of Nifty was at 15335.10 as well as 2.11% negative closing was at 15360.60.

As previous more than 7 months old correction range(15671.5-18604.50) was forcefully broken down today therefore correction will remain continued and only a Pull Back rally will be considered because very Short Term indicators have turned Oversold but will be only after stopping of Global markets crashing which is due to Russian-Ukraine war led Geo-Political high tension and economic crisis. 

 As not feeling well therefore Stock Market Outlook of today(15-06-2022) is not being updated.

 Levels will confirm Pull Back rally

 beginning or correction continuation 

Nifty-Intra Day Chart Analysis & 

Market Outlook(14-06-2022)

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

Technical Patterns formation in today intraday charts

1- Selling between 15766-15819

2- Support between 15684-15716

3- Up moves with downward corrections 

4- Whole day actual trading between 15684-15886

Conclusions from intra day chart analysis 

As all the Global markets were in crashing mode therefore huge gap down opening and after that fresh selling between 15766-15819 hence down moves remain continued. Lower levels some supports also therefore up moves were seen with downward corrections in last hour hence firstly sustaining beyond today selling range(15766-15819) should be watched tomorrow for Pull Back rally beginning above 15819 and correction continuation below 15766.

Watch level for deeper correction beginning confirmations amid crashing Global markets 

Technical Analysis,Research & Weekly 

Outlook(May 13 to May 17,2022)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (10-Jun-2022):-

Technical Patterns and Formations in EOD charts

1- More than 7 months sideways correction between 15671.5-18604.50 with Wave-A to Wave-C formations within this range

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

3- Stochastic:- %K(5)- 20.61 & %D(3)- 21.93.

4- In MACD- MACD line has intersected Average line upward,its MACD line has started to move down in positive zone and its Average line is rising in positive zone.

5- MACD(26,12)- 219.65 & EXP(9)- 121.72 & Divergence- 97.93

Conclusions from EOD chart analysis

(Stochastic & MACD)

As in Stochastic indicator %K(5) line has intersected %D(3) line downward and its both lines are falling just above Over sold zone therefore some more down moves can not be ruled out but if intraday charts starts to show consolidation patterns then some up moves will be seen because during consolidation period Stochastic will also turn Over sold and will begin to suggest fresh up moves/Pull Back rally.

In MACD indicator its MACD line has started to move down in positive zone therefore suugesting that downward trend is on cards but its Average line is rising in positive zone therefore no confirmation. Let MACD line intersect Average line downward then decisive down moves will be seen after downward trend formation confirmations.

Nifty-Last 27 Sessions

intraday charts analysis

Nifty-Intra Day Chart (May 05 to Jun 10,2022):-

Technical Patterns formation in last 27 Sessions intraday charts

1- Selling(Resistances) in last 27 Sessions are as follows:-  

A- 16239-16257

B- 16271-16302

C- 16426-16483

D- 16556-16607

E- 16694-16731

F- 16724-16793

G- 16819-16936 

2- Consolidation(Supports) in last 27 Sessions are as follows:-

A- 16068-16133

B- 15904-15971  

C- 15776-15869

D- 15736-15758

3- Last 27 Sessions actual trading between 15736-16945 

Conclusions from 27 Sessions

intra day chart analysis 

Last 27 Sessions trading between 15736-16945 with above mentioned multiple supports and resistances. 

As resistances are stronger than supports and higher levels good selling was also seen last Friday therefore firstly sustaining beyond above mentioned supports should be watched in next week for the life and length of ongoing previous week started correction.

Nifty-Intra Day Chart Analysis

(10-Jun-2022)

Nifty-Intra Day Chart (10-Jun-2022):-

Technical Patterns formation in today intraday charts

1- Selling between 16271-16302

2- Selling between 16239-16257

3- Last more than 2 hours high volatility between 16234-16324

4- Whole day actual trading between 16173-16324

Conclusions from intra day chart

analysis 

As Global markets weakness therefore negative opening of Indian markets last Friday and selling remained continued hence closing was near the lower levels of the day. Although Dow Jones closed 880 points down last Friday and weaker opening of Indian markets can not be ruled out next Monday but firstly sustaining below 16234 should be watched for decisive down moves beginning confirmations because last more than 2 hours high volatility was seen between 16234-16324 last Friday and some times techniical positions reverses also during such high volatility.

Conclusions

(After putting all studies together)

1- Short Term Trend is down.

2- Intermediate Term Trend is sideways between 15672-17414 for the last 38 sessions.

3- Long Term Trend is down.

More than 7 months sideways correction between 15671.5-18604.50 with Wave-A to Wave-C formations within this range. As finally break out/down of this range will form next trend and big moves also therefore it should be watched in the next week/weeks/months and till then Nifty will be understood sideways within this range. 

Stochastic 1ndicator is suggesting some more down moves in next week and sustaining below last Friday lowest(16173) as well as downward trend formation confirmations from MACD will mean decisive down moves beginning towards the lowest of last 27 sessions trading range(15736) and  last 7 months sideways correctionlowest(15671.5). 

As finally slipping below 15671.5 will mean recounting of corrective "ABC" waves structure therefore firstly it should be watched in the coming weeks for deeper correction beginning confirmations amid crashing Global markets.

 16426-16483 will confirm up moves 

towards next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(10-06-2022)

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

Technical Patterns formation in today intraday charts

1- 112 points fall in first minute

2- Up moves with downward corrections

3- Consolidation between 16331-16415

4- Slow up moves in last hour

5- Whole day actual trading between 16244-16492

Conclusions from intra day

chart analysis 

Following lines were told yesterday in " Down moves below today lowest":-

down moves are expected below today lowest(16294)

As was told 100% same happened and 112 points fall was seen below 16294 in first minute as well as today lowest formation was at 16243.85.

Although sharp fall in first minute but Up moves started with downward corrections and almost 4 hours consolidation was seen between 16331-16415 in Mid sessions therefore up moves remained continued till last minute. 

Selling was seen between 16426-16483 yesterday and slow up moves were within this range in last hour today as well as today closing at 16478.10 was also within this range therefore firstly sustaining beyond 16426-16483 should be watched tomorrow for up moves continuation confirmations towards following resistances:-

1- 16556-16607

2- 16694-16731

3- 16724-16793