Pull back rally continuaton towards next resistances and 2 crucial levels

Technical Analysis,Research & Weekly Outlook

(Apr 03 to Apr 06,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (31-Mar-2023):-

Technical Patterns and Formations in EOD charts

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

2- Impulsive Wave-[(i)] of Wave-1 completion at 18096.2 on 15-09-2022.

3- Corrective Wave-[(ii)] of Wave-1 completion at 16747.7 on 30-09-2022.

4- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction begining.

5- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.

6- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.

7- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 16828.3 on 20-03-2023.

8- Last 12 Sessions sideways trading range(16829-17224) broken out on 31-03-2023

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure started from 15183.4 on 17-06-2022 after Corrective Wave-C of "ABC correction" of previous Waves structure completion at this level. Impulsive Wave-[(i)] of new Waves structure completed at 18096.2 on 15-09-2022 and corrective Wave-[(ii)] started which completed at 16747.7 on 30-09-2022 as well as Wave-[(iii)] begun.

Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction begun.Now its corrective Wave-C is in continuation with recent bottom formation at 16828.3 on 20-03-2023 and no confirmation of its completion yet on EOD charts but 1st signal of its completion emerged last Friday after last 12 Sessions sideways trading range(16829-17224) forceful break out that day.

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (31-Mar-2023):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction begining.

2- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.

3- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 corrected 1113.3 Points.

4- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.

5- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 16828.3 on 20-03-2023.

6- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 has corrected 1437 Points till now.

7- Last 12 Sessions sideways trading range(16829-17224) broken out on 31-03-2023

Conclusions from EOD chart analysis

(Corrective Waves)

Corrective Wave-A of "ABC" correction begun after impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022. Wave-A completed at 17774.3 on 26-12-2022 after 1113.3 Points correction and from this level corrective Wave-B started which completed at 18265.3 on 30-12-2022. After this corrective Wave-C begun which is in continuation with recent bottom formation at 16828.3 on 20-03-2023 after correcting 1437 Points till now. Although no confirmation of Wave-C completion yet but last 12 Sessions sideways trading range(16829-17224) forcefully broken out last Friday which 1st and strong indication of its completion on EOD charts. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (31-Mar-2023):-

Technical Patterns and Formations in EOD charts

1- Last 12 Sessions sideways trading range(16829-17224) forcefully broken out on 31-03-2023 

2- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising from Over sold zone.

3- Stochastic:- %K(5)- 55.17 & %D(3)- 36.28.

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

5- MACD(26,12)- -173.92 & EXP(9)- -269.92 & Divergence- 96.00

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Daily indicators are as follows 12 previous Sessions sideways trading range(16829-17224) forceful break out on 31-03-2023:-

1- As in Short Term indicator Stochastic %K(5) line has intersected %D(3) line upward and its both lines have started to rise from Over sold zone therefore showing signals of more up moves in next week.

2- As in MACD its MACD line has intersected Average line upward and its both lines are rising in negative zone therefore showing upward trend formation indications and rally continuation from negative zone to towards its 0.00 line.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (31-Mar-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 17064 

B- 21-Day SMA is today at 17225 

C- 55-Day SMA is today at 17591

D- 100-Day SMA is today at 17922

E- 200-Day SMA is today at 17482

 

Conclusions from EOD chart analysis

(Averages)

Short Term trend has turned up after last 2 sessions strong recovery from lower levels and closing above its deciders 5-Day and 21-Day SMA last friday. Firstly sustaining above Long Term trend decider 200-Day(17482) and after that after that finally Intermediate Term trend decider 200-Day(17591) will confirm trend reversals and strong Bullish rally beginning. 

Nifty-Intra Day Chart Analysis

(31-Mar-2023)

Nifty-Intra Day Chart (31-Mar-2023):-

Technical Patterns formation in today intraday charts

1- Sharp up after gap up strong opening

2- More than 3 hours consolidation between 17237-17286

3- Up moves with downward corrections

4- Consolidation in last 2 hours between 17337-17381

5- Whole day actual trading between 17205-17381

Conclusions from intra day chart analysis 

As firstly gap up strong opening and after that sharp up moves as well as more than 3 hours consolidation in Mid-session last Friday therefore whole day intraday rally remained continued till last hour. EXcept this Mid-session up moves were with downward corrections and higher levels consolidation in last 2 hours between 17337-17365 also therefore whole day trading will be understood with intraday consolidation patterns formations therefore firstly on going Pull Back Rally continuation is expected in the beginning of next week.

Conclusions

(After putting all studies together)

1- Short Term Trend is up.

2- Intermediate Term Trend is down.

3- Long Term Trend is down.

Impulsive Wave-1 of new Waves structure begun from 15183.4 on 17-06-2022 and its impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022,then from this level Corrective Wave-A of "ABC" correction started. Now its corrective Wave-C is in continuation with recent bottom formation at 16828.3 on 20-03-2023 and no confirmation of its completion yet on EOD charts also but 1st indication of its completion was seen after forceful break out of last 12 Sessions sideways trading range(16829-17224) on 31-03-2023.

Next supports below last week highest(17381) are as follows:-

1- 17337-17365

2- 17237-17286

3- 16914-17126

4- 16840-16887

As last 12 Sessions sideways trading range forceful break out in previous week and Short Term indicators are showing signals of more up moves as well as intraday charts of last week have shown good intraday consolidation patterns formations therefore on going Pull back rally continuaton is expected towards following next resistances and 2 crucial levels in the coming week which should also be watched for next upward trend formation confirmations:-

1- 17378-17406

2- 17442-17473

3- 17491-17526

4- 17482(200-Day SMA for Long term trend confirmations)

5- 17591(55-Day SMA for Intermediate term trend confirmations)

Up moves towards next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(31-03-2023)

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

Technical Patterns formation in today intraday charts

1- Consolidation between 16941-17018

2- Sharp up in last half hour

3- Whole day actual trading between 16941-17126

Conclusions from intra day chart analysis 

As lower levels consolidation between 16941-17018 therefore sharp up moves were seen in last half hour and its continuation is expected towards next resistances between 17152-17205.

 Sustaining above 17000 will confirm 

next decisive up moves beginning 

after positive Asian markets 

led improved sentiments

Post-open Outlook(29-03-2023)

As Dow Jones Futures is trading more than 100 points up today morning and all the Asian markets are in Green as well as Hang Seng is traing more than 2% up therefore in reaction Indian markets are also trading in green after positive opening. 

As sentiment has improved today morning and Nifty traded 6 hours sideways between 16914-17000 yesterday which means most time one sided intraday patterns formations were not seen yesterday therefore sustaining above 17000 will confirm next decisive up moves beginning today after positive Asian markets led improved sentiments which should be firstly watched.

 Firstly watch today lowest for next decisive down moves beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-03-2023)

Nifty-Intra Day Chart (28-Mar-2023):-

Technical Patterns formation in today intraday charts

1- Down moves after positive opening

2- Last 6 hours sideways trading between 16914-17000

3- Whole day actual trading between 16914-17061

Conclusions from intra day chart analysis 

As down moves after positive opening in first half hour and after that last 6 hours sideways trading between 16914-17000 in which most time trading was in negative zone therefore sustaining beyond today lowest should be firstly watched tomorrow for next decisive down moves beginning confirmations.

 Finally sustaining beyond 16840-17205

 will confirm next one sided big moves 

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-03-2023)

Nifty-Intra Day Chart (27-Mar-2023):-

Technical Patterns formation in today intraday charts

1- Down moves after positive opening

2- Higher levels 3 times selling

3- Lower levels 3 times consolidation

4- Whole day actual trading between 16919-17091

Conclusions from intra day chart analysis 

Following lines were told on 25-03-2023 in "Firstly watch most crucial supports amid USA Banks failing news led crashing Global markets":-

1- up mones will be seen in the beginning of next week

2- but until Nifty will not sustain above last Friday highest after fresh consolidation till then decisive up moves will not be seen in next week because good intraday selling was below it between 17024-17097 last Friday.

As was told 100% same happened and:-

1- Nifty traded 145 points up today

2- Nifty could not move above last Friday highest which was at 17109.5

3- Nifty could not move above last Friday selling range(17024-17097) and closed below it at 16985.70 after today highest formation within it at 17091.00.

Although positive opening today but firstly down moves were seen and Nifty traded in negative zone also. As whole day today trading was with higher levels 3 times selling and lower levels 3 times consolidation therefore whole day today trading will be understood with Mixed Patterns formations.

As all the immediate supports and resistances beyond today trading range are between 16840-17205 and Nifty will firstly trade as well as prepare for next one sided big moves within this range therefore finally sustaining beyond this range should be watched in the coming sessions for its beginning confirmations. 

Firstly watch most crucial supports amid USA Banks failing news led crashing Global markets

Technical Analysis,Research & Weekly Outlook

(Mar 27 to Mar 31,2023)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (24-Mar-2023):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction begining.

2- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.

3- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 corrected 1113.3 Points.

4- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.

5- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 16828.3 on 20-03-2023.

6- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 has corrected 1437 Points till now.

7- Last 9 Sessions sideways trading between 16829-17224 

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

9- Stochastic:- %K(5)- 60.60 & %D(3)- 67.15.

10- In MACD- Its both lines are kissing in negative zone.

11- MACD(26,12)- -302.96 & EXP(9)- -261.36 & Divergence- -41.6

Conclusions from EOD chart analysis

(Stochastic & MACD)

Waves structure of Nifty was posted in previous week weekly Outlook and since then no material change in it therefore not being updated in this week weekly Outlook.

Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022 and corrective Wave-A of "ABC" correction started. Wave-A bottom formation was at 17774.3 on 26-12-2022 after correcting 1113.3 Points and from this level Wave-B begun which completed at 18265.3 on 30-12-2022. From this level corrective Wave-C begun which is in continuation with recent bottom formation at 16828.3 on 20-03-2023 after correcting 1437 Points till now and no confirmation of its completion yet on EOD charts. 

Positions of Daily indicators are as follows:-

 

1- As in Short Term indicator Stochastic its both lines are kissing just below Over bought zone and not turned Over bought yet therefore some up moves can not be ruled out but if clear downward intersection happens without testing Over bought zone then sharp down moves will be seen because that will clear weakness signal hence remain cautious in next week.   

2- In MACD also its both lines are kissing in the negative zone therefore this indicator is also not showing any side short term moves. As its both lines are in negative zone and if clear downward intersection happens then it will be move down moves and deeper correction beginning strong signal. 

Nifty-Last 9 Sessions intraday

charts analysis

Nifty-Intra Day Chart (Mar 14 to Mar 24,2023):-

Technical Patterns formation in last 9 Sessions intraday charts

1- Immediate Resistances are as follows:- 

A- 17152-17205

B- 17024-17097

2- Immediate Supports are as follows:-

A- 16914-16936

B- 16840-16887

3- Last 9 Sessions sideways trading between 16829-17224

Conclusions from 9 Sessions intra day

chart analysis 

Last 9 Sessions sideways trading between 16829-17224 with above mentioned immediate supports and resistances which are just above last 9 sessions lowest and just below last 9 sessions highest therefore have become crucial. Firstly Nifty will have to trade and prepare for next decisive moves beginning within and near about last 9 sessions trading range and finally sustaining it beyond will confirm it hence should be firstly watched for next one sided big moves beginning in the coming week.

Nifty-Intra Day Chart Analysis

(24-Mar-2023)

Nifty-Intra Day Chart (24-Mar-2023):-

Technical Patterns formation in today intraday charts

1- 114 Points sharp fall in first 15 minutes from intraday higher levels after flat opening

2- 4 Hours selling between 17024-17097

3- Down moves in Bullish Falling Channel in last 2 hours

4- Whole day actual trading between 16918-17109

Conclusions from intra day chart analysis 

Although flat opening but 114 points sharp fall was seen in first 15 minutes from intraday higher levels and after that 4 hours selling also between 17024-17097 therefore down moves developed in last 2 hours and last Friday closing was near the lower levels of the day. As last 2 hours Down moves were in Bullish Falling Channel also and lower levels some consolidation will be understood therefore up mones will be seen in the beginning of next week but until Nifty will not sustain above last Friday highest after fresh consolidation till then decisive up moves will not be seen in next week because good intraday selling was below it between 17024-17097 last Friday.

Conclusions

(After putting all studies together)

All the trends are down and corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 16828.3 on 20-03-2023 as well as no confirmation of its completion yet on EOD charts therefore more down moves can not be ruled out hence following next supports and level should be firstly watched in the coming week/weeks:-

1- Last Friday lowest at 16917.35 because it was formed during Down moves were in Bullish Falling Channel in last 2 hours last Friday which is a consolidation pattern and these down moves were due to following depressing Global markets moves:-

A- Dow Jones Futures was trading 190 points down at the time of Indian markets closing while Dow Jones closed 132 points up last friday.

B- Most European markets were trading more than 1% down at the time of Indian markets closing.

2- Above menitoned immediate Support

3- Last 9 sessions lowest(16828.3)

4- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 beginning level(16747.7) because slipping below it will mean as per "Elliot Waves theory" recounting of whole on going waves structure which begun from 15183.4 on 17-06-2022.

5- Most crucial supports between 16760-16855 because:-

A- It is last supports which is just above 16747.7(Wave-1 beginning level) 

B- Lowest of last 9 sessions trading range is within this range therefore finally sustaining beyond this support range will generate next big moves.

As many Banks failed in last 1 month in USA therefore crashing like situation in most of the Global markets and resultant Indian markets are also falling and no one knows the gravity of this worst situation hence firstly sustaining beyond above mentioned most crucial supports(16760-16855) should be watched in the coming week/weeks for next big moves beginning because:-  

1- Sustaining below 16760 will mean as per "Elliot Waves theory" recounting of whole on going waves structure.

1- Sustaining above 16855 will mean decisive up moves beginning which is within last supports(16840-16887) of previous 9 Sessions trading range(16829-17224).

 Finally watch today highest amid 

firstly up moves expectations 

Nifty-Intra Day Chart Analysis & 

Market Outlook(24-03-2023)

Nifty-Intra Day Chart (23-Mar-2023):-

Technical Patterns formation in today intraday charts

1- Down moves after weaker opening

2- Up moves with downward corrections

3- Selling between 17152-17205

4- Down moves in Bullish Falling Channel

5- Whole day actual trading between 17046-17205

Conclusions from intra day chart analysis 

Although firstly Down moves after weaker opening but Up moves started with downward corrections and Nifty recovered 159 points from lower levels as well as traded 53 Points positive also. As higher levels selling also developed therefore down moves started which remained continued till last minutes.

As last hour down moves were in Bullish Falling Channel and first hour up moves were with downward corrections also therefore lower levels some consolidation was will be understood and firstly up moves are expected towards today highest tomorrow but until Nifty will not sustain above today highest till then decisive up moves will not be seen because selling was also seen below it today.

Watch levels after FOMC announcements tonight

Nifty-Intra Day Chart Analysis & Market 

Outlook(23-03-2023)

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

Technical Patterns formation in today intraday charts

1- Sharp fall in first half hour.

2- Last 6 hours sideways trading between 17108-17178

3- Whole day actual trading between 17108-17207

Conclusions from intra day chart analysis 

Although firstly up moves after gap up strong opening but not sustaining at higher levels and sharp fall was seen in first half hour. As last 6 hours sideways trading between 17108-17178 and one sided technical patterns formations were not seen therefore firstly sustaining beyond this range should be watched tomorrow for next intraday decisive moves beginning confirmations because all the Global markets will react tomorrow on those FOMC announcements which will be done tonight.

 As busy therefore Stock Market Outlook of today(22-03-2023) is not being updated.

Up moves towards today highest &

 sustaining above it will mean

 intraday sharp up moves beginning 

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-03-2023)

Nifty-Intra Day Chart (20-Mar-2023):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels

2- Up moves with downward corrections

3- Sharp up moves in last half hour

4- Whole day actual trading between 16829-17066

Conclusions from intra day chart analysis 

Although down moves remained continued till 02:00 PM and Nifty lost 271 points also but consolidation was firstly seen down moves were in Bullish Falling Channels and after up moves were with downward corrections in next one hour therefore sharp up moves developed in last half hour. As lower levels good intraday consolidation was seen today therefore firstly up moves are expected towards today highest finally sustaining above it will mean intraday sharp up moves beginning.

Firstly watch last 4 sessions trading 

range amid crashing Global markets

Technical Analysis,Research & Weekly Outlook

(Mar 20 to Mar 24,2023)

Nifty-EOD Chart Analysis

(Waves structure)

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

Technical Patterns and Formations in EOD charts

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

2- Impulsive Wave-[(i)] of Wave-1 completion at 18096.2 on 15-09-2022.

3- Corrective Wave-[(ii)] of Wave-1 completion at 16747.7 on 30-09-2022.

4- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction begining.

5- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.

6- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.

7- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 16850.2 on 16-03-2023.

Conclusions from EOD chart analysis

(Waves structure)

"ABC correction" of previous Waves structure completed at 15183.4 on 17-06-2022 and from this level Impulsive Wave-1 of new "Waves structure" started. Its impulsive Wave-[(i)] completed at 18096.2 on 15-09-2022 and corrective Wave-[(ii)] started which completed at 16747.7 on 30-09-2022.

Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction begun.Now its corrective Wave-C is in continuation with recent bottom formation at 16850.2 on 16-03-2023 and no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Corrective Waves)

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

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction begining.

2- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.

3- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 corrected 1113.3 Points.

4- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.

5- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 16850.2 on 16-03-2023.

6- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 has corrected 1415.1 Points till now. 

Conclusions from EOD chart analysis

(Corrective Waves)

Corrective Wave-A of "ABC" correction started after impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022. Wave-A corrected 1113.3 Points till its bottom formation at 17774.3 on 26-12-2022 and from this level corrective Wave-B begun which completed at 18265.3 on 30-12-2022. From this level corrective Wave-C started which is in continuation with recent bottom formation at 16850.2 on 16-03-2023 after correcting 1415.1 Points till now and no confirmation of its completion yet. 

Nifty-EOD Chart Analysis

(Bollinger Band,Stochastic & MACD)

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

Technical Patterns and Formations in EOD charts

1- Bollinger Band- Nifty is hovering around Lower Band for the last 5 sessions

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

3- Stochastic:- %K(5)- 20.23 & %D(3)- 12.09.

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

5- MACD(26,12)- -225.98 & EXP(9)- -202.32 & Divergence- -23.66

Conclusions from EOD chart analysis

(Bollinger Band,Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- Bollinger Band:-

A- Nifty tested its falling Lower Band in first 4 sessions of previous week.

B- Nifty remained above its falling Lower Band in last session of previous week which is first signal of up moves beginning towards its Middle Band and Upper Band. 

2- In Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising in Over sold zone therefore showing signals of Short Term up moves beginning.

3- In MACD- MACD line has intersected Average line downward and its both lines are falling in negative zone therefore suggesting Downward trend formations.

Nifty-Last 4 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Mar 14 to Mar 17,2023):-

Technical Patterns formation in last 4 Sessions intraday charts

1- Selling(Resistances) in last 4 Sessions are as follows:-

A- 17024-17062 

B- 17040-17066 

C- 17137-17167 

2- Consolidation(Supports) in last 4 Sessions are as follows:-

A- 16959-17019 

B- 16914-16969

C- 16955-16986

D- 16988-17070

3- Last 4 Sessions actual trading between 16851-17224 

Conclusions from 4 Sessions

intra day chart analysis 

Above supports were seen at lower levels in last 4 sessions during on going that correction which started from 18887.6 on 01-12-2022. As selling was also seen at higher levels between above mentioned resistance ranges therefore Nifty has to prepare for next decisive moves within last 4 sessions trading range(16851-17224) which will be firstly done in the coming week. Let Nifty to to fistly prepare and finally to sustain beyond last 4 sessions trading range then that side big decisive moves will be seen.

Nifty-Intra Day Chart Analysis

(17-Mar-2023)

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

Technical Patterns formation in today intraday charts

1- Down moves after gap up strong opening 

2- Down moves in Bullish Falling Channel

3- Consolidation between 16959-17019 

4- Up moves with downward corrections

5- Whole day actual trading between 16959-17145

Conclusions from intra day chart analysis 

Although gap up strong opening last Friday but not sustaining at higher levels and down moves started immediately after opening. As Down moves started in Bullish Falling Channel after 1 hour and after that lower levels some consolidation also between 16959-17019 therefore up moves begun after 1:00 PM which remained continued till last minutes.

As last 2 hours up moves were with downward corrections also therefore whole day good consolidation will be understood last Friday and up moves are expected in the beginning of next week.

Conclusions

(After putting all studies together)

1- Short Term Trend is down.

2- Intermediate Term Trend is down .

3- Strong indications of Long Term Trend turning down after last 6 sessions closing below its decider 200-Day SMA which is today at 17451 and until Nifty will not sustain above it till then decisive up moves will not be seen.

Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 16850.2 on 16-03-2023 after correcting 1415.1 Points till now and no confirmation of its completion yet as well as indications of Long Term Trend turning down therefore more down moves can not be ruled out. Last Supports range within and below the lowest(16850.2) of on going correction is between 16760-16855. Immediate 3 resistance rangeS within last 4 sessions trading range(16851-17224) has been posted above. Next resistances above 17224 are as follows which are below and just above 200-Day SMA(17451) and should be watched for Long Term Trend formation next signals and confirmations:-

1- 17266-17293

2- 17378-17406

3- 17442-17473

4- 17491-17526

Although Stochastic indicator is showing signals of Short Term up moves beginning but MACD indicator is suggesting Downward trend formations also therefore fresh down moves beginning can not be ruled after some up moves. Lower levels consolidation in 4 previous sessions and last Friday also but Dow Jones closed 384 points down last Friday and US based Banks negative news led weakness iS being seen in all the Global Markets therefore firstly following levels should be watched in the beginning of next week:-

1- Last Friday lowest(16959)

2- Last 4 sessions lowest(16851)

3- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 beginning level(16747.7) because slipping below it will mean as per "Elliot Waves theory" recounting of whole on going waves structure which begun from 15183.4 on 17-06-2022.

As any decisive up move will be seen only after sustaining above last 4 sessions highest(17224) therefore firstly sustaining beyond last 4 sessions trading range(16851-17224) should be watched in next week amid crashing Global markets.

Sustaining above 17062 will confirm 

strong Pull Back rally beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(17-03-2023)

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

Technical Patterns formation in today intraday charts

1- 144 Points down in first 52 minutes after positive opening

2- Consolidation between 16851-16895

3- Up moves with downward corrections

4- Down moves in Bullish Falling Channel

5- Consolidation between 16914-16969

6- Sharp up 

7- Selling between 17024-17062

8- Sharp down

9- Consolidation between 16955-16986

10- Whole day actual trading between 16851-17062

Conclusions from intra day chart analysis 

Although positive opening and firstly 144 points down moves were seen in first 52 minutes but whole day good intraday consolidation was seen in following manner:-

1- 3 Times consolidation in sideways trading range.

2- Consolidation through Up moves with downward corrections.

3- Consolidation through Down moves in Bullish Falling Channel.

Next supports between 16760-16855 was posted yesterday in "Watch next supports amid crashing Global markets". Nifty got supports within this range and consolidated just above it also between 16851-16895 therefore up moves are expected tomorrow. 

As some selling was also seen at higher levels between 17024-17062 therefore fresh consolidation and sustaining above 17062 will confirm strong Pull Back rally beginning.   

Firstly watch yesterday lowest after sentiment improvement today monrning

Pre-open Outlook(16-03-2023)

As Dow Jones closed after 444 points recovery lower levels and its Futures are trading more than 100 points up today monrning also therefore sentiment has improved and firstly sustaining beyond yesterday lowest(16938.90) should be firstly watched today for next decisive moves beginning confirmations.

Watch next supports amid crashing Global markets

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-03-2023)

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

Technical Patterns formation in today intraday charts

1- 163 Points up in first 5 minutes after positive opening

2- Whole day down moves with upward corrections

3- Whole day actual trading between 16939-17211

Conclusions from intra day chart analysis 

As good intraday consolidation yesterday therefore Nifty traded 163 Points up in first 5 minutes after positive opening but negaive cues were from Global markets therefore selling started which remained continued whole day through down moves with upward corrections. 

Crashing Global markets situation is as follows:-

1- Dow Jones traded more than 700 points down today.

2- All the European markets closed more than 3% down today.

As such depressing Global markets sentiments and only selling patterns were seen today in Indian Markets also therefore more down moves will be seen tomorrow also and firstly next supports between 16760-16855 should be watched also for next intraday decisive moves beginning confirmations.

 Up moves towards/above today highest

Nifty-Intra Day Chart Analysis & 

Market Outlook(15-03-2023)

Nifty-Intra Day Chart (14-Mar-2023):-

Technical Patterns formation in today intraday charts

1- Sharp up moves after flat opening

2- Down moves with upward corrections

3- High volatility in Mid-session

4- Consolidation between 16988-17070

5- Whole day actual trading between 16988-17224

Conclusions from intra day chart analysis 

Although firstly sharp up moves after flat opening but selling was seen through Down moves with upward corrections and Nifty slipped. Although high volatility in Mid-session but lower levels good consolidation between 16988-17070 therefore up moves will be seen towards/above today highest tomorrow.

17106-17219 will confirm next intraday 

Short Term Moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(14-03-2023)

Nifty-Intra Day Chart (13-Mar-2023):-

Technical Patterns formation in today intraday charts

1- Nifty traded 119 points up after little positive opening

2- 5 Hours Down moves with upward corrections

3- Support in last hour between 17114-17167

4- Whole day actual trading between 17114-17529

Conclusions from intra day chart analysis 

As Dow Jones Futures was trading more than 400 Points up and all the Asian markets were also trading with good gains today morning therefore Nifty traded 119 points up after little positive opening but after that down moves started which remained continued till last hour. 

Sentiments turned most depressing after Dow Jones Futures more than 600 points sharp fall therefore down moves started in Indian markets also. 5 Hours Mid-session Down moves were with upward corrections ie with continuous selling therefore more down moves can not be ruled out. Although today closing was 1.49 down but following points should also be kept in mind:-

1- Support was seen today in last hour between 17114-17167

2- Today lowest and closing was last Saturday posted 2nd supports range(17106-17219)

3- Very Short Term indicators have become oversold after last week and today down moves

As today last hours supports(17114-17167) were within last Saturday posted 2nd supports range(17106-17219) also therefore firstly sustaining beyond 17106-17219 should be watched tomorrow for next intraday Short Term Moves beginning confirmations.

Most crucial levels will confirm Long Term Trend and next one-sided big moves

Technical Analysis,Research & Weekly Outlook

(Mar 13 to Mar 17,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (10-Mar-2023):-

Technical Patterns and Formations in EOD charts

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

2- Impulsive Wave-[(i)] of Wave-1 completion at 18096.2 on 15-09-2022.

3- Corrective Wave-[(ii)] of Wave-1 completion at 16747.7 on 30-09-2022.

4- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022.

5- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation with recent bottom formations at 17255.2 on 28-02-2023.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new "Waves structure" begun from 15183.4 on 17-06-2022 after "ABC correction" of previous Waves structure completion at this level. Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022 and its corrective Wave-(ii) begun which is in continuation with recent bottom formations at 17255.2 on 28-02-2023 and no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (10-Mar-2023):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and its Corrective Wave-(ii) beginning.

2- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation with Falling Channel formation.

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

4- Stochastic:- %K(5)- 55.60 & %D(3)- 73.37.

5- In MACD- Its both lines are kissing in the negative zone

6- MACD(26,12)- -93.36 & EXP(9)- -99.43 & Divergence- 6.07

Conclusions from EOD chart analysis

(Stochastic & MACD)

As corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation within Falling Channel therefore valid break out of this channel should be watched in the coming week/weeks for next Trend confirmations. Positions of Daily indicators are as follows:-

1- In Stochastic its %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone therefore showing signals of more down moves in next week.

2- In MACD its both lines are kissing therefore this indicator is not suggesting any side Short term moves but its both lines are in the negative zone therefore showing downward trend formation signals. 

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (10-Mar-2023):-

Technical Patterns and Formations in EOD charts

1- Averages:-

A- 5-Day SMA is today at  17612

B- 21-Day SMA is today at 17675

C- 55-Day SMA is today at 17844

D- 100-Day SMA is today at 18030

E- 200-Day SMA is today at 17434

2- Nifty closed below Long Term Trend decider 200-Day SMA at 17412.90 on 10-02-2023 

 

Conclusions from EOD chart analysis

(Averages)

Although Nifty closed below all the Short to Long Term Averages last Friday but closed little below Long Term Trend decider 200-Day SMA therefore firstly sustaining it beyond should be watched in the coming week for Long Term Trend confirmations because that will decide next one sided big moves.

Nifty-Intra Day Chart Analysis

(10-Mar-2023)

Nifty-Intra Day Chart (10-Mar-2023):-

Technical Patterns formation in today intraday charts

1- 265 Points down in first half hour after 122 points huge gap down opening.

2- 109 Points recovery from lower levels in next 2 hours.

3- More than 5 hours sideways trading between 17367-17434

4- Whole day actual trading between 17325-17451

Conclusions from intra day

chart analysis 

As all the Global markets were in crashing mode last Friday therefore Nifty also moved down 265 Points in first half hour after 122 points huge gap down opening. Although Nifty recovered 109 points from lower levels in the next 2 hours but sideways trading was also seen between 17367-17434 in the last more than 5 hours and one-sided intraday patterns could not develop within this range.

Whole day last Friday trading was under Bearish Global cues led depressed sentiments and technical positions reverses also during such public psychology therefore firstly Nifty will have to trade and prepare for next decisive moves within and near about this sideways trading range(17367-17434) in the beginning of next week. As finally sustaining beyond this range will confirm next decisive moves beginning therefore it should be firstly watched in the coming week for confirmations.

Conclusions

(After putting all studies together)

1- Short Term Trend is down.

2- Intermediate Term Trend is down .

3- Long Term Trend is at stake and finally it will be decided through sustaining beyond its decider 200-Day SMA which is today at 17434.

As corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation and no indication of its completion yet on EOD charts therefore its continuation is expected because:-

1- Stochastic indicator is showing down moves signals in short term Short Term. 

2- Both lines of MACD indicator is in negative zone therefore indicating downward trend formation.

3- Intraday charts of last Friday have not shown clear consolidation patterns formation.

As US markets and most Global markets closed more than 1% down last Friday and if such Bearish sentiment prevails next Monday also then Indian markets will also open weak next Moday and firstly sustaining beyond lowest of last Friday sideways trading range(17367-17434) should be watched for next decisive down moves beginning confirmations. Next supports below 17367 are as follows:-

1- 17256-17304

2- 17106-17219

3- 16941-17029

4- 16760-16855

Next resistances above  last Friday sideways trading range highest(17434) are as follows:-

1- 17574-17772

2- 17775-17799

3- 17866-17891

4- 17902-17924

5- 17949-18022

6- 18069-18132

7- 18155-18192

8- 18216-18240

9- 18345-18387(Strong resistances)

Sideways trading range(17367-17434) of last Friday has become most crucial because top of this range is exactly at Long Term Trend decider 200-Day SMA(17434) therefore finally sustaining beyond these most crucial levels will confirm Long Term Trend and next one-sided big moves also hence it should be firstly watched in the coming week/weeks for confirmations.

Watch next supports after 

more down moves

Nifty-Intra Day Chart Analysis & Market 

Outlook(10-03-2023)

Nifty-Intra Day Chart (09-Mar-2023):-

Technical Patterns formation in today intraday charts

1- 100 Points down moves in first hour after gap up opening

2- Selling between 17681-17722 

3- Down moves with upward corrections

4- Whole day actual trading between 17574-17772

Conclusions from intra day chart analysis 

Although firstly gap up opening but huge selling developed therefore 100 points down moves were seen in first hour. As again selling between 17681-17722 and after that follow up selling through Down moves with upward corrections also therefore Nifty slipped 222 points from higher levels and Nifty closed 0.93% down. 

As only intraday selling and and consolidation was not seen therefore expected that more down moves will be seen towards following next supports. 

1-  17536-17577

2-  17452-17493

Let Nifty to consolidate and sustain above next supports then fresh up decisive up moves will be seen.