Firstly up moves but emergence of Short Term correction possibility also

Technical Analysis,Research & Weekly Outlook

(Oct 31 to Nov 04,2022)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (28-Oct-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 beginning with Double Zig-Zag pattern formation. 

7- 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- Wave-X completion at 18114.70 on 04-04-2022.

11- Wave-A completion at 15735.80 on 12-05-2021.

12- Wave-B completion at 16793.80 on 03-06-2022.

13- Wave-C completion at 15183.4 on 17-06-2022.

14- Wave-X continuation with recent top formation at 18096.20 on 15-09-2022.

15- More than 1 year "ABC" correction continuation with Double Zig-Zag pattern formation

Conclusions from EOD chart analysis

(Waves structure)

Waves structure which begun from 7511.10 on 24-03-2020 through its Impulsive Wave-1 was completed through its impulsive Wave-5 at 18604.50 on 19-10-2021 after gaining 11093.4 points in almost 21 months and "ABC" correction begins which is in continuation for the last more than 1 year. On going "ABC" correction is with Double Zig-Zag pattern formation which lost 3421.1 points after its bottom formation at 15183.4 on 17-06-2022. It means that Nifty has corrected 30.84% in more than 12 months and showing signals of Price wise and Time wise correction completion of that Bullish rally which gained 11093.4 points in almost 21 months. 

Now Wave-X continuation with recent top formation at 18096.20 on 15-09-2022 and it has gained 2912.8 points during its more than 4 months Bullish journey as well as finally it will decide the life and length of on going "ABC" correction(with Zig-Zag pattern formation) therefore should be watched in the coming weeks/months for its confirmations.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (28-Oct-2022):-

Technical Patterns and Formations in EOD charts

1- Wave-C completion at 15183.4 on 17-06-2022 and Wave-X beginning.

2- Wave-X continuation with recent top formation at 18096.20 on 15-09-2022.

3- Last 60 Sessions sideways correction between 16748-18096.

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

5- Stochastic:- %K(5)- 74.93 & %D(3)- 75.95.

6- Stochastic is showing negative divergence

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

8- MACD(26,12)- 310.77 & EXP(9)- 64.22 & Divergence- 246.55

Conclusions from EOD chart analysis

(Stochastic & MACD)

As Wave-X is correcting into sideways mode between 16748-18096 for the last 60 Sessions which is too much long period and finally sustaining beyond or forceful break out/down of this trading range will decide also next one sided big moves therefore firstly it should be watched in the coming weeks/months for its confirmations. Positions of Short Term indicators are as follows:-

1 In Stochastic indicator %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone as well as it is showing negative divergence therefore showing strong sinals of Short Term correction beginning which may start any day in the coming 1/2 weeks,

2-  In MACD its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore showing upward trend and suggesting some more up moves possibilities.

Although both the above Short Term indicators are showing adverse signals but Stochastic is showing stronger indications therefore expected that firstly Short Term correction will be seen and after that up moves will restart after Short Term correction completion.

Nifty-Intra Day Chart Analysis

(28-Oct-2022)

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

Technical Patterns formation in today intraday charts

1- Volatility in first 2 hours between 17777-17838

2- Down moves with upward corrections

3- Up moves with downward corrections

4- Whole day actual trading between 17724-17838

Conclusions from intra day chart analysis 

Although firstly Nifty traded more than 100 points up after positive opening but volatility in first 2 hours and after that selling was seen through down moves with upward corrections and Nifty traded in negative zone also. As some up moves with downward corrections in last 2 hours after getting lower levels supports therefore some consolidation will also be understood and firstly up moves are expected towards following next resistances in the beginning of next week:-

1- 17798-17838

2- 17852-17919

3- 18044-18091

Conclusions (After putting

all studies together)

As Nifty has closed above all the Short to Long Term Averages for the last 8 sessions therefore all the Trends are up. 

On going Wave-X has shown too much strength after gaining 2912.8 points in the last more than 4 months rally which remained only 508.3 points short of life time highest(18604.50) after forming it recent top at 18096.20 therefore indications of its new life time top formations have emerged. As Wave-X is moving sideways between 16748-18096 for the last 60 Sessions like big period and Russia-Ukraine war may turn into Atomic World-war also therefore firstly sustaining beyond this range should be watched for the confirmation of:-

1- Above 18096 will confirm fresh strong rally beginning with high possibility of bullish moves after new life time top formations.

2- Below 16748 will mean deeper correction beginning towards and below the bottom(15183.4) of on going "ABC" correction.

Next resistance between 16748-18096 have been posted above and next supports within this range are as follows which may have to be watched in the coming week/weeks because as per Short Term indicator Stochastic Short Term correction is on cards:-

1- 17655-17712

2- 17477-17591

3- 17381-17401(Gap support)

4- 17226-17374

5- 17106-17219

6- 16941-17029

7- 16760-16855

Sustaining beyond 17655-17783 will confirm next intraday decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-10-2022)

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

Technical Patterns formation in today intraday charts

1- Down moves with upward corrections

2- Consolidation between 17655-17712

3- More than 100 points sharp up in last half hour

4- Whole day actual trading between 17655-17783

Conclusions from intra day chart analysis 

Although firstly Nifty traded 127 points up after strong opening but selling developed and that remained continued through Down moves with upward corrections. As lower levels good consolidation also developed therefore more than 100 points sharp up moves were seen in last half hour.

As lower levels consolidation after higher levels selling also therefore whole day today trading will be understood with mixed Patterns formation between 17655-17783 and firstly Nifty will traded and prepare for next intraday decisive moves within this range and finally sustaining beyond this confirm it hence should be firstly watch it tomorrow.

 Up Moves expectations towards day's highest & next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-10-2022)

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

Technical Patterns formation in today intraday charts

1- 102 Points sharp fall in first 9 minutes.

2- Selling between 17734-17773

3- Sharp fall

4- Down moves in Bullish Falling Channels

5- Whole day actual trading between 17637-17811

Conclusions from intra day chart analysis 

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

1- 17798-17838

2- 17852-17919

3- 18044-18091

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

Technical Analysis,Research & Weekly Outlook

(Oct 24 to Oct 28,2022)

Nifty-EOD Chart Analysis

(Corrective Waves & Averages)

Nifty-EOD Chart (21-Oct-2022):-

Technical Patterns and Formations in EOD charts

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

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

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

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

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

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

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

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

9- Wave-X continuation with recent top formation at 18096.20 on 15-09-2022.

10- Averages:-

A- 5-Day SMA is today at 17491

B- 21-Day SMA is today at 17218

C- 55-Day SMA is today at 17492

D- 100-Day SMA is today at 16888

E- 200-Day SMA is today at 16995

Conclusions from EOD chart analysis

(Corrective Waves & Averages)

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

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

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (21-Oct-2022):-

Technical Patterns and Formations in EOD charts

1- Wave-C completion at 15183.4 on 17-06-2022 and Wave-X beginning.

2- Wave-X continuation with recent top formation at 18096.20 on 15-09-2022.

3- Last 56 Sessions sideways correction between 16748-18096.

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

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

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

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

Conclusions from EOD chart analysis

 (Stochastic & MACD)

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

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

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

Nifty-Intra Day Chart Analysis

(21-Oct-2022)

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

Technical Patterns formation in today intraday charts

1- Selling between 17627-17670(immediate Resistances)

2- Down moves in Bullish Falling Channel

3- Support between 17521-17563

4- Whole day actual trading between 17521-17670

Conclusions from intra day chart analysis 

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

Conclusions

(After putting all studies together)

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

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

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

Firstly watch 17458-17522 for 

next intraday trend confirmation

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-10-2022)

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

Technical Patterns formation in today intraday charts

1- Up moves after 88 points weaker opening

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

3- Up moves in last hour

4- Whole day actual trading between 17421-17584

Conclusions from intra day chart analysis 

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

 Short Term correction beginning 

expectations after follow up selling

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-10-2022)

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

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel

2- Down moves with upward corrections

3- Volatility in last 2 hours between 17473-17556 

4- Whole day actual trading between 17473-17607

Conclusions from intra day chart analysis 

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

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

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

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

Expected that will be to restart from next week

Down moves expectations below 

today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(07-10-2022)

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

Technical Patterns formation in today intraday charts

1- Up moves after gap up strong opening

2- Selling between 17380-17428

3- Selling between 17348-17362

4- Whole day actual trading between 17314-17428

Conclusions from intra day chart analysis 

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

17287 will confirm next intraday decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-10-2022)

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

Technical Patterns formation in today intraday charts

1- Whole day up moves with intraday corrections

2- Whole day actual trading between 17118-17287

Conclusions from intra day chart analysis 

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

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

Post RBI Credit policy rally requires

 confirmations from Levels

Nifty-Intra Day Chart Analysis & 

Market Outlook(03-10-2022)

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

Technical Patterns formation in today intraday charts

1- Firstly slipping 70 points after weaker opening

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

3- Strong rally after RBI Credit policy

4- Intraday correction in last hours 

5- Whole day actual trading between 16745-17187

Conclusions from intra day chart analysis 

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

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

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

1- Sustaining above 17292 will confirm strong rally beginning.

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

 Down moves expectations 

towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-09-2022)

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

Technical Patterns formation in today intraday charts

1- Firstly up moves after strong opening

2- Down moves with upward corrections

3- Selling between 16795-16877

4- Whole day actual trading between 16789-17026

Conclusions from intra day chart analysis 

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

Up moves expectations towards

next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-09-2022)

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

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- Down moves in Bullish Falling Channel

3- Whole day actual trading between 16821-17037

Conclusions from intra day chart analysis 

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

 16943-17264 will confirm 

Long Term trend & next big moves

Nifty-Intra Day Charts Analysis & 

Market Outlook(28-09-2022)

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

Technical Patterns formation in last 2 Sessions intraday charts

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

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

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

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

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

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

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

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

9- Last 2 Sessions actual trading between 16943-17196 

Conclusions from 2 Sessions

intra day chart analysis 

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

1- 17038-17097

2- 16948-17018(Gap support)

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

1- 55-Day SMA is today at 17264

2- 200-Day SMA is today at 16990

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

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

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

Watch supports amid high possibility 

of deeper correction beginning

Technical Analysis,Research & Weekly Outlook

(Sep 26 to Sep 30,2022)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (23-Sep-2022):-

Technical Patterns and Formations in EOD charts

1- Wave-C completion at 15183.4 on 17-06-2022 and Wave-X beginning.

2- Wave-X continuation with recent top formation at 18096.20 on 15-09-2022.

3- Last 37 Sessions sideways correction between 17167-18096.

4- In Stochastic- %K(5) line has intersected %D(3) line downward,its %K(5) line is falling towards Over sold zone and %D(3) line is flat.

5- Stochastic:- %K(5)- 29.96 & %D(3)- 40.25.

6- In MACD its both lines are kissing in positive zone.

7- MACD(26,12)- 65.43 & EXP(9)- 99.05 & Divergence- -33.62

Conclusions from EOD chart analysis

(Stochastic & MACD)

Although Wave-X continuation and no confirmation of its completion yet but Short Term correction has been deepened and firstly sustaining beyond last 37 Sessions range lowest(17167) should be watched in next week for Wave-X deeper correction beginning confirmations. Positions of Short Term indicators are as follows:-

1- In Stochastic indicator %K(5) line has intersected %D(3) line downward and its %K(5) line is falling towards Over sold zone therefore showing some more down moves possibility in next week.

2- In MACD its both lines are kissing in positive zone and its both the lines are just above Zero line therefore not showing much strength of upward trend. Let MACD show one sided direction then next Short Term Trend will get confirmation accordingly.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (23-Sep-2022):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 17622 

B- 21-Day SMA is today at 17683

C- 55-Day SMA is today at 17230

D- 100-Day SMA is today at 16702

E- 200-Day SMA is today at 16993

 

Conclusions from EOD chart analysis

(Averages)

As Nifty has slipped and closed below Short Term Averages(5 & 21-Day SMA) therefore Short Term Trend has turned down and firstly sustaining beyond 55-Day SMA should be watched in next week for Intermediate Term Trend confirmations which is still up and firstly it should be watched in next week/weeks for its confirmation.

Nifty-Last 19 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Aug 29 to Sep 23,2022):-

Technical Patterns formation in last 19 Sessions intraday charts

1- Selling(Resistances) in last 19 Sessions are as follows:-

A- 17397-17489 

B- 17666-17713

C- 17798-17838

D- 17852-17919

E- 18044-18091

2- Consolidation(Supports) in last 19 Sessions are as follows:-

A- 17226-17380 

3- Last 19 Sessions actual trading between 17167-18096 

Conclusions from 19 Sessions

intra day chart analysis 

As last 19 Sessions trading between 17167-18096 with above mentioned 5 strong resistances and only 1 support therefore high  possibility of deeper corrrection beginning in next week after breakibg down of this last 19 sessions range because higher levels good selling was seen in all the previous 4 sessions of last week.

Nifty-Intra Day Chart Analysis

(23-Sep-2022)

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

Technical Patterns formation in today intraday charts

1- Sharp fall after weaker opening

2- Down moves with upward corrections

3- Sideways trading between 17292-17374

4- Whole day actual trading between 17292-17642

Conclusions from

intra day chart analysis 

As firstly sharp fall after weaker opening and after that good intraday selling through  down moves with upward corrections therefore down moves are expected. Although sideways trading was seen between 17292-17374 in last hour but higher levels too much selling last Friday hence correction continuation is expected below last Friday lowest(17291.65) in the beginning of next week.

Conclusions

(After putting all studies together)

1- Long Term Trend is up.

2- Intermediate Term Trend is up.

3- Short Term Trend is down.

Although Wave-X of "ABC" correction continuation and no confirmation of its completion yet on EOD charts but now correction of Wave-X is on which has deepened also in last week and deeper correction possibility has also emerged because Nifty closed little above last 37 Sessions and 19 sessions lowest(17167) and only one support(17226-17380) is lying between last Friday closing(17327) and 17167 while multiple resistances are above it. As sustaining below 17167 will confirm turning down of Intermediate Term Trend(55-Day SMA at 17230) therefore firstly sustaining it beyond should be watched in next week because Long Term Trend decider 200-Day SMA is just below it at 16993 and it will be at stake.

As Stochastic is showing some more down moves possibility in next week therefore if MACD slips below its Zero line after its MACD line downward intersection then this indicator will confirm Downward trend formations and will suggest deeper correction beginning possibility as well. 

As high possibility of deeper correction beginning in next week after slipping below last 37 Sessions lowest(17167) therefore following supports below it should be firstly watched in the coming week/weeks for next Short term moves beginning confirmations:-

1- 17038-17097

2- 16948-17018(Gap support)

3- 16654-16746(Gap support)

4- 16565-16628

5- 16443-16494

6- 16360-16438(Gap support)

 Immediate supports & resistances will confirm next Short Term moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-09-2022)

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

Technical Patterns formation in today intraday charts

1- Whole day only intraday volatility

2- Whole day actual trading between 17533-17722

Conclusions from intra day chart analysis 

As all the Asian markets were trading in deep Red after Post FOMC announcements led US markets crash therefore Indian markets firstly slipped after gap down opening but clear sellling patterns were not seen yesterday and some consolidation was also seen therefore Nifty could not sustain at lower levels and Nifty recovered 190 points as well as traded within yesterday trading range(17664-17838)

Whole day only intraday volatility today and any side intraday trading patterns were not seen as well as Nifty out performed because Nifty closed 0.50% down while all the Asian markets closed more than it therefore firstly sustaining beyond immediate supports( 17477-17591) and resistances(17763-17798) should be watched tomorrow for next Short Term moves beginning confirmations.

Sideways trading if FOMC

 announcements led no big 

Global markets moves 

Nifty-Intra Day Chart Analysis & 

Market Outlook(22-09-2022)

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

Technical Patterns formation in today intraday charts

1- Firstly up moves after weaker opening 

1- Selling between 17798-17838

3- Sharp fall in Mid-session

4- Supports between 17664-17701

5- Up moves with downward corrections

6- Down moves in Bullish Falling Channel

7- Whole day actual trading between 17664-17838

Conclusions from intra day chart analysis 

Although firstly up moves after weaker opening but higher levels selling developed therefore sharp fall was seen in Mid-session. As lower levels supports and after that intraday consolidation also through Up moves with downward corrections and Down moves in Bullish Falling Channel also therefore whole day today trading will be understood with Mixed Patterns formation between 17664-17838.

As higher levels selling and lower levels consolidation today therefore expected that Nifty will trade sideways and prepare for next decisive moves within and near about today trading range and finally sustaining beyond today trading range will confirm it hence it should be firstly watched tomorrow for confirmations.

Intraday technical positions have be posted above but FOMC announcements tonight will also impact all the Global markets tomorrow therefore if due to it any one sided big move develops in Global markets then next those supports and resistances should also be watched which have already been posted in previous 3 sessions Outlooks.

Watch next supports amid Short 

Term down moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-09-2022)

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

Technical Patterns formation in today intraday charts

1- Up moves after gap up opening

2- Selling between 17852-17919

3- Sharp fall in last hour

4- Whole day actual trading between 17745-17919

Conclusions from intra day chart analysis 

Following 3 resistances were posted on 17-09-2022 in "Most crucial range will confirm next trend and bigger moves":-

1- 17763-17798

2- 17862-17959

3- 18044-18091

As good intraday consolidation yesterday therefore more than 100 points gap up opening and after that up moves were seen in first hour today but higher levels more than 4 hours selling developed within above mentioned 2nd resistance also hence sharp fall in last hour. 

Immediate resistance of Nifty is now 17852-17959 which have become stronger also after fresh selling within previous resistance range(17862-17959) today and firstly down moves are expected below 17852 as well as complete fresh consolidation is firstly required for sustaining above 17959. As next supports below 17852 are between 17581-17667 therefore firstly sustaining beyond this range should be be watched amid Short Term down moves expectations.

Up moves towards next reasistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-09-2022)

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

Technical Patterns formation in today intraday charts

1- More than 100 points sharp fall after flat opening

2- More than 200 points recovery from lower levels in first hour 

3- Consolidation between 17581-17667

4- Whole day actual trading between 17430-17667

Conclusions from intra day chart analysis 

Although firstly more than 100 points sharp fall after flat opening in first 15 minutes but after that more than 200 points recovery from lower levels in first hour and then more than 5 hours higher levels good intraday consolidation between 17581-17667 therefore up moves are expected towards next reasistances between 17763-17798.