Watch 18100 amid firstly up moves & after that sideways market

Technical Analysis,Research & Weekly Outlook

(Apr 02 to Apr 05,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (28-Apr-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 completion indication with recent bottom formation at 16828.3 on 20-03-2023.

8- Pull Back Rally continuation with recent top formation at 18089.15 on 28-04-2023.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure begun 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 Wave-1 completed at 18096.2 on 15-09-2022 and Corrective Wave-[(ii)] of Wave-1 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.Although corrective Wave-C is in continuation with recent bottom formation at 16828.3 on 20-03-2023 but Nifty recovered more than 7.4% recovery from lower levels after on going Pull Back Rally recent top formation at 18089.15 therefore strong signals of corrective Wave-C completion has developed on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (28-Apr-2023):-

Technical Patterns and Formations in EOD charts

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

2- Pull Back Rally continuation with recent top formation at 18089.15 on 28-04-2023.

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

4- Stochastic:- %K(5)- 95.13 & %D(3)- 92.18.

5- Stochastic is showing negative/positive divergence

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

7- MACD(26,12)- 232.92 & EXP(9)- 306.94 & Divergence- -74.02

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- As in Short Term indicator Stochastic %K(5) line has intersected %D(3) line upward and its both lines are rising therefore firstly up moves will be seen in the beginning of next week but its both lines are in Over bought zone hence Short Term correction is also on cards which will also be seen in next week.

2- As in MACD its MACD line has intersected Average line downward and its both lines are moving flat in positive zone therefore suggesting finally up moves beginning possibility but after sideways trading.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (28-Apr-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 17861 

2- 21-Day SMA is today at 17593

3- 55-Day SMA is today at 17536

4- 100-Day SMA is today at 17806

5- 200-Day SMA is today at 17655

Conclusions from EOD chart analysis

(Averages)

Short and Intermediate Term trends were already up and last 5 sessions closing was well above Long Term trend decider 200-Day SMA as well as last 2 sessions closing was above 100-Day SMA therefore all the trends turning up confirmations.

Nifty-Intra Day Chart Analysis

(28-Apr-2023)

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

Technical Patterns formation in today intraday charts

1- Down moves after positive opening

2- Consolidation between 17886-17922

3- More than 3 hours consolidation between 17937-17988

4- Sharp up in last half hour

5- Whole day actual trading between 17886-18089

Conclusions from intra day chart analysis 

Although positive opening but firstly down moves were seen after some selling. As lower levels consolidation between 17886-17922 and after that more than 3 hours follow up consolidation also in Mid-Session between 17937-17988 therefore sharp up developed in last half hour.

As last Friday closing was near the higher levels of the day after good intraday consolidation therefore on going rally continuation is expected in the beginning of next week also.

Conclusions

(After putting all studies together)

1- Short Term Trend is up.

2- Intermediate Term Trend is up.

3- Long Term Trend is up.

As Nifty has sustained above Short to Long Term averages therefore all the trends have turned up. Pull Back rally strongly continuation and no indication of its completion yet on EOD charts hence more up moves are expected in the coming week also.

As intraday charts of last Friday have shown lower levels good intraday consolidation therefore previous week started rally will remain continued in the beginning of next week also. Conclusion from Short Term indicators is that firstly up moves and finally sideways trading will be seen in next week therefore following resistances and supports of Nifty should also be watched one by one for Short Term correction beginning from higher levels and fresh up moves beginning from lower levels:-

Resistances above last Friday closing are as follows:- 

1- 18069-18132

2- 18155-18192

3- 18216-18240

4- 18345-18387(Strong resistances) 

Supports of on going Pull Back rally and below last Friday closing are as follows:- 

1- 17937-17988

2- 17886-17922

3- 17712-17803

4- 17613-17646

5- 17503-17541

6- 17477-17493

7- 17313-17367

8- 17237-17286

9- 16914-17126

10- 16840-16887

Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1(18887.6-16828.3) completion indications have been developed during on going Pull Back rally strong up moves. Its 61.8% Fibonacci Retracement level which is crucial also is at 18100 and once confirmation of sustaining above it will mean on going rally continuation towards life time highest which should be firstly watched amid firstly up moves and after that sideways market in next week.

Up moves continuation expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-04-2023)

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

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- Sharp up in last hour

3- Whole day actual trading between 17798-17931

Conclusions from intra day

chart analysis 

Although firstly slipping after flat opening but good intraday consolidation yesterday therefore up moves started. As first 5 hours up moves were with downward corrections therefore sharp up moves were seen in last hour and up moves continuation is expected tomorrow also.

Firstly watch 17827 for next intraday decisive moves beginning confirmations amid US markets led weaker sentemnt

Pre-open Outlook(27-04-2023)

As Dow Jones closed 228 points down yesterday and sentemnt has turned weaker today morning therefore most Asian markets are trading flat to negative. Resultant flat to negative i disn msrkets opening can not be ruled out today and firstly sustaining beyond yesterday highest(17827) should be watched today for next intraday decisive moves beginning confirmations.

Up moves continuation expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-04-2023)

Nifty-Intra Day Chart (26-Apr-2023):-

Technical Patterns formation in today intraday charts

1- Consolidation between 17712-17771

2- Consolidation between 17768-17803

3- Sharp up in last half hour

4- Whole day actual trading between 17712-17827

Conclusions from intra day chart analysis 

Although firstly slipping after flat opening but firstly lower levels consolidation and after that consolidation in Mid-session also therefore sharp up moves were seen in last half hour. As intraday selling patterns were not seen today therefore on going up moves continuation is expected.

As busy therefore Stock Market Outlook of today(26-04-2023) is not being updated.

 17743 will confirm next intraday decisive moves after negative Asian markets 

Post-open Outlook(25-04-2023)

All the Asian markets are trading in Red and some are more than 1% down today morning therefore Nifty is trading near about yesterday closing(17743) after positive opening. As sentiment has turned weaker hence firstly sustaining beyond yesterday closing should be watched today for next intraday decisive moves beginning confirmations.

Up moves continuation towards

 next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(25-04-2023)

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

Technical Patterns formation in today intraday charts

1- Consolidation between 17613-17646

2- Up moves with downward corrections

3- Whole day actual trading between 17613-17754

Conclusions from intra day chart analysis 

As firstly lower levels more than 3 hours consolidation between 17613-17646 therefore up moves started which remained continued till last minutes because up moves were with downward corrections. 

Nifty closed above previous 5 sessions trading range(17554-17741) and intraday selling patterns were not seen also today therefore up moves continuation is expected towards following next resistances:-

1- 17866-17891

2- 17902-17924

3- 17949-18022

Firstly watch levels for next Trend & big moves beginning confirmations

Technical Analysis,Research & Weekly Outlook

(Apr 24 to Apr 28,2023)

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (21-Apr-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 beginning.

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

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

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

5- Pull Back Rally continuation with recent top formation at 17863.00 on 17-04-2023.

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. Strong signals of its Wave-C completion emerged because strong Pull Back Rally begun from its bottom(16828.3 on 20-03-2023) which recovered more than 1000 points(6%) from lower levels. Now correction of Pull Back Rally is on with its recent bottom formation at 17553.95 on 21-04-2023 and no confirmation of its completion yet on EOD charts

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (21-Apr-2023):-

Technical Patterns and Formations in EOD charts

1- "ABC" Correction in Falling Channel

2- Falling Channel broken out on 10-04-2023 and last 9 sessions closing above it. 

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

4- Stochastic:- %K(5)- 18.53 & %D(3)- 23.28.

5- In MACD- MACD line has intersected Average line upward. Its MACD line has started to move downwards while its Average line is moving upward. 

6- MACD(26,12)- 337.86 & EXP(9)- 250.01 & Divergence- 87.85

7- In MACD its both lines are in Positive zone.

Conclusions from EOD chart analysis

(Stochastic & MACD)

"ABC" Correction was seen in Falling Channel. As this channel was broken out on 10-04-2023 and last 9 sessions closing was above it also therefore firstly sustaining above Falling Channel upper line should be watched in the coming week for first strong signal of on going "ABC" Correction completion. 

Positions of Daily indicators are as follows:-

1- As in Short Term indicator Stochastic %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone as well as its both lines are within and just above Over sold zone therefore some more down moves can not be ruled out. Fresh up moves will be considered after its both lines moving above Over sold zone. 

2- As in MACD its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore confirming upward trend formation.

Indicators are suggesting that finally up moves will be seen after little more down moves.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (21-Apr-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 17646

2- 21-Day SMA is today at 17401

3- 55-Day SMA is today at 17520

4- 100-Day SMA is today at 17845

5- 200-Day SMA is today at 17605

 

Conclusions from EOD chart analysis

(Averages)

As Nifty is moving between 21-Day SMA(17401) and 55-Day SMA(17845) for the last 13 sessions and faced resistance just below 100-Day SMA as well as hovered around Long Term trend decider 200-Day SMA in last 3 sessions of previous week therefore firstly sustaining beyond 17401-17845 should be watched in the coming week for first strong indication of rally continuation/completion because this range will confirm all the Short to Long Term Trends.

Nifty-Last 5 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Apr 17 to Apr 21,2023):-

Technical Patterns formation in last 5 Sessions intraday charts

1- Higher levels selling(Resistances) in last 5 sessions are as follows:-

A- 17676-17741

B- 17642-17664 

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

A- 17554-17613

3- Last 5 Sessions actual trading between 17554-17741 

Conclusions from 5 Sessions

intra day chart analysis 

As firstly selling devloped in first 3 sessions therefore Nifty traded at lower levels in last 3 sessions of previous week. Higher levels clear selling and lower levels supports were seen in last 5 sessions therefore Nifty will firstly trade and prepare for next trend within and near about last 5 sessions trading range. As finally sustaining beyond this range will confirm next trend therefore finally sustaining it beyond should be watched in next week for its beginning confirmations.

Nifty-Intra Day Chart Analysis

(21-Apr-2023)

Nifty-Intra Day Chart (21-Apr-2023):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Consolidation between 17554-17613

3- Sideways trading in last hour between 17616-17636

4- Whole day actual trading between 17554-17663

Conclusions from intra day chart analysis 

Although firstly up moves after flat opening but down moves started which remained continued till 01:00 PM. As firstly Down moves were in Bullish Falling Channel and after that consolidation between 17554-17613 therefore Nifty recovered 82 points from lower levels also. 

As sideways trading in last hour between 17616-17636 after lower levels consolidation therefore Nifty once sustaining above 17636 after fresh consolidation will mean first strong signal of decisive up moves beginning.

Conclusions (After putting all studies together)

1- Short Term Trend is up.

2- Intermediate Term Trend turning up strong signals after last 10 sessions closing above its decider 55-Day SMA which is today at 17547.

3- Long Term Trend is at stake because Nifty hovered around its decider 200-Day SMA in last 3 sessions of previous week 

Pull Back Rally which started after Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 bottom formation at 16828.3 on 20-03-2023 is in continuation with recent top formation at 17863.00 on 17-04-2023. Its correction begun which is in continuation with recent bottom formation at 17553.95 on 21-04-2023 and no confirmation of its completion yet on EOD charts.

As intraday charts of last 5 sessions are also showing lower levels supports and higher levels selling between 17554-17741 and Short Term indicators have also not suggested any side immediate big move yet as well as Long term Trend decider 200-Day SMA(17605) is within this range therefore firstly Nifty will trade and prepare for next Trend within this range. Finally sustaining beyond 17554-17741 will confirm next trend and big moves therefore should be firstly watched in next week for its brginning confirmations.

Next supports,resistances and levels beyond last 5 sessions trading range(17554-17741) have already been updated in previous week Outlook and still valid therefore not being posted this week and should be watched for Short Term trading after sustaining beyond last 5 sessions trading range.

Watch levels for first signal of 

next decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-04-2023)

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

Technical Patterns formation in today intraday charts

1- Sharp up moves after flat opening

2- 96 Points down in next one hour

3- Sideways trading in last 5 hours between 17585-17633

4- Whole day actual trading between 17585-17684

Conclusions from intra day chart analysis 

Following lines were told on 15-04-2023 in "Finally watch 17600 amid Short Term correction expectations":-

As was told on 15-04-2023 100% same happened in last 4 sessions of this week in folloowing manner:- 

1- Short Term correction was seen in this week. 

2- Nifty traded below 17600 in 3 sessions and traded near about in all the 4 sessions of this week. 

Although firstly sharp up moves after flat opening but not sustaining at higher levels and 96 Points down moves were also seen in next one hour therefore volatile trading will be understood in first hour today. As sideways trading developed in last 5 hours between 17585-17633 and most time one sided intraday trading patterns formations were not seen therefore firstly sustaining beyond this range should be watched tomorrow for first signal of next decisive moves beginning.

As my family members have been affected from Corona therefore Stock Market Outlook of today(19-04-2023) is not being updated. 

Although I shall try to post regularly but Outlooks may remain interrupped also in the coming few sessions due to unavoiadable reasons.

As busy therefore Stock Market Outlook of today(18-04-2023) is not being updated.

Finally watch 17600 amid Short Term 

correction expectations

Technical Analysis,Research & Weekly Outlook

(Apr 17 to Apr 21,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (13-Apr-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 completion indication with recent bottom formation at 16828.3 on 20-03-2023.

8- Pull Back Rally continuation with recent top formation at 17842.20 on 13-04-2023.

Conclusions from EOD chart analysis

(Waves structure)

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

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. As more than 6% recovery from lower levels after on going Pull Back Rally recent top formation at 17842.20 on 13-04-2023 therefore strong signals of corrective Wave-C completion have emerged on EOD charts also.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (13-Apr-2023):-

Technical Patterns and Formations in EOD charts

1- Falling Trendline broken out and last 4 sessions closing above it.

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

3- Stochastic:- %K(5)- 95.54 & %D(3)- 93.00.

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

5- MACD(26,12)- 253.46 & EXP(9)- -15.01 & Divergence- 268.47

Conclusions from EOD chart analysis

(Stochastic & MACD)

As falling Trendline has been broken out and last 4 sessions closing was above it also during on going Pull Back Rally upward moves therefore strong signals of upward trend formations have emerged after Wave-C of "ABC" correction completion at 16828.3 on 20-03-2023. 

Positions of Daily indicators are as follows:-

1- As in Short Term indicator Stochastic its both lines are kissing within Over bought zone and this situation ls being seen for the last 5 sessions therefore signals of Short Term correction beginning has developed.   

2- As 2- As in MACD its MACD line has intersected Average line upward and its both lines are rising in positive & negative zone therefore showing upward trend formation stronger indications.

Although indications are showing signals of upward trend formations after Short term correction completion but confirmations are still required.

Nifty-EOD Chart Analysis

(Fibonacci retracement levels)

Nifty-EOD Chart (13-Apr-2023):-

Technical Patterns and Formations in EOD charts

 

Fibonacci Retracement levels of corrective Wave-[(ii)] of Wave-[(iii)] of Wave-1(18887.6-16828.3):-

13.0%- 17,096

23.6%- 17,314

27.0%- 17,384

38.2%- 17,615-(Crucial)

50.0%- 17,857-(Crucial)

61.8%- 18,100-(Crucial)

70.7%- 18,284

76.4%- 18,401

78.6%- 18,446

88.6%- 18,652

Conclusions from EOD chart analysis

(Fibonacci retracement levels)

Pull Back Rally continuation with recent top formation at 17842.20 which is just below 50.0% Retracement level. As both 50.0% and 61.8% levels are crucial and finally finally sustaining beyond these 2 levels will confirm the life and length of on going Pull Back Rally also therefore should be firstly watched in the coming week/weeks for next trend confirmations also.

Nifty-Intra Day Chart Analysis

(13-Apr-2023)

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

Technical Patterns formation in today intraday charts

1- Selling between 17785-17827

2- Consolidation between 17730-17769

3- Up moves with downward corrections

4- Up moves in Bearish Rising Channel

5- Whole day actual trading between 17730-17842

Conclusions from intra day chart analysis 

As firstly selling after flat opening therefore down moves started  which remained continued more than 3 hours but lower levels consolidation developed and next up moves were with downward corrections also hence intraday closing was near the higher levels of the day. Although lower levels consolidation but higher levels selling was also seen through sideways trading in first hour and Up moves in Bearish Rising Channel in last hour therefore last Thursday whole day trading will be understood with Mixed Patterns formation between 17730-17842. As firstly Nifty will have to trade and prepare for next decisive moves within and near about last Thursday trading range as well as finally sustaining it beyond will confirm it therefore should be firstly watched in next week.

Conclusions

(After putting all studies together)

1- Short Term Trend is up.

2- Intermediate Term Trend turning up strong signals after last 5 sessions closing above its decider 55-Day SMA which is today at 17547.

3- Long Term Trend turning up strong signals after last 5 sessions closing above its decider 200-Day SMA which is today at 17557.

As on going Pull Back Rally recovered more than 1000 points(6%) from lower levels of "ABC" correction with recent top formation at 17842.20 which has completed almost 50% retracement also therefore strong indications of corrective Wave-C completion at 16828.3 have developed on EOD charts also. Indications are suggesting that upward trend formation will get confirmation after Short term correction completion if this correction will not be deeper and will not damage structure of trends formation indicators also.

Resistances above the top of on going Pull Back Rally are as follows:- 

1- 17866-17891

2- 17902-17924

3- 17949-18022

4- 18069-18132

5- 18155-18192

6- 18216-18240

7- 18345-18387(Strong resistances) 

Supports below the top of on going Pull Back Rally are as follows:- 

1- 17734-17778

2- 17656-17682

3- 17600-17638

4- 17503-17541

5- 17477-17493

6- 17313-17367

7- 17237-17286

8- 16914-17126

9- 16840-16887

As above mentioned multiple resistances are lying above 61.8% retracement level(18,100) therefore complete consolidation is firstly required for next big up moves beginning. Strong resistances are between 18345-18387 and finally sustaining above it will mean rally above life time highest after all the trends upward turning confirmations. 

Higher levels intraday selling last Thursday and indicators are also in Over bought zone therefore showing Short Term correction beginning signals which will be seen in the next week. Sustaining beyond 17600 should be finally watched in the coming week amid Short Term correction beginning expectations because 38.2% retracement lebvel(17,615) ia also just above it.

Sideways trading expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(13-04-2023)

Nifty-Intra Day Chart (12-Apr-2023):-

Technical Patterns formation in today intraday charts

1- Consolidation between 17734-17778

2- Volatility in last 3 hours between 17768-17825 

3- Whole day actual trading between 17718-17825

Conclusions from intra day chart analysis 

Although firstly down moves after positive opening but firstly consolidation was seen between 17734-17778 therefore sharp up moves were seen after 01:00 PM. As not sustaining at higher levels also after some selling and volatility developed in last 3 hours between 17768-17825 therefore sideways trading is expected tomorrow within today trading range.

Watch levels amid Short term 

correction beginning signals

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-04-2023)

Nifty-Intra Day Chart (11-Apr-2023):-

Technical Patterns formation in today intraday charts

1- Up moves after strong opening

2- Selling between 17719-17748

3- Down moves with upward corrections

4- Support between 17656-17682

5- Up moves

6- Up moves in Bearish Rising Channel

7- Whole day actual trading between 17656-17748

Conclusions from intra day chart analysis 

Although firstly up moves after strong opening but higher levels selling was seen between 17719-17748 therefore down moves were seen in Mid-session. As lower levels intraday supports developed between 17656-17682 therefore up moves started which remained continued till last minutes. Selling was again seen in last hours through Up moves in Bearish Rising Channel therefore whole day today trading will be understood with lower levels supports and higher levels selling. 

As mixed intraday Patterns formations between 17656-17748 today therefore firstly Nifty will have to trade and prepare for next decisive moves within and near about today trading range and finally sustaining it beyond will confirm it hence should be watched for confirmations amid Short term correction beginning expectations because Short term indicators have turned Over bought and showing its beginning signals also.

 As busy therefore Stock Market Outlook of today(11-04-2023) is not being updated.

2 Most crucial levels will decide next

 big moves beginning after on going Trend reversal/continuation confirmations

Technical Analysis,Research & Weekly Outlook

(Apr10 to Apr 13,2023)

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (06-Apr-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 completion indication after 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

8- Pull Back Rally continuation with recent top formation at 17638.70 on 06-04-2023

Conclusions from EOD chart analysis

(Corrective Waves)

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. Now its 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 its completion indications emerged:-

1- Firstly after previous 12 Sessions sideways trading range(16829-17224) forceuflly broken out on 31-03-2023. 

2- On going Pull Back Rally strongly continuation with 810 points gains from lower levels and no confirmation of its competion yet on EOD and intraday Charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (06-Apr-2023):-

Technical Patterns and Formations in EOD charts

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

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

3- Stochastic:- %K(5)- 95.48 & %D(3)- 91.18.

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

5- MACD(26,12)- -45.08 & EXP(9)- -197.04 & Divergence- 151.96

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Daily indicators are as follows after Pull Back Rally strongly continuation:-

1- As in Short Term indicator Stochastic %K(5) line has intersected %D(3) line upward and its both lines are rising in Over bought zone therefore Short Term correction beginning indications have also developed and remain cautious in next week amid more up moves possibilities in the coming week because no signal of on going Pull Back Rally completion yet.

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 signals and on going rally continuation from its negative zone to positive zone.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (06-Apr-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 17398 

B- 21-Day SMA is today at 17234

C- 55-Day SMA is today at 17570

D- 100-Day SMA is today at 17902

E- 200-Day SMA is today at 17511

 

Conclusions from EOD chart analysis

(Averages)

Short Term Trend was already up and Nifty closed above Intermediate Term(55-Day SMA) and Long Term(200-Day SMA) Trend deciders during on going Pull Back Rally last thursday therefore firstly sustaining beyond these 2 averages should be watched in the coming week for on going these 2 Trends continuation/completion confirmations. 

Nifty-Intra Day Chart Analysis

(06-Apr-2023)

Nifty-Intra Day Chart (06-Apr-2023):-

Technical Patterns formation in today intraday chart

1- Consolidation between 17503-17541

2- Sharp up moves immediately after RBI Credit policy announcements beginning

3- More than 5 hours sideways trading between 17575-17638

4- Whole day actual trading between 17503-17638

Conclusions from intra day chart analysis 

Although weaker opening but firstly consolidation developed at lower levels therefore sharp up moves were seen immediately after RBI Credit policy announcements beginning. As more than 5 hours sideways trading between 17575-17638 was under Credit policy led heated sentiments therefore firstly sustaining beyond this range should be watched in the beginning of next week for next decisive moves beginning confirmations.

Conclusions (After putting all studies together)

1- Short Term Trend is up.

2- Intermediate Term Trend will be up after sustaining above its decider 55-Day SMA which is today at 17570.

3- Long Term Trend will be up after sustaining above its decider 200-Day SMA which is today at 17511.

Now Pull Back Rally strongly continuation with recent top formation at 17638.70 on 06-04-2023 after previous 12 Sessions sideways trading range(16829-17224) forcefully broken out and no confirmation of its completion yet on EOD and intraday charts therefore signals of corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 16828.3 on 20-03-2023. Although Short Term indicators have not shown yet down moves beginning clear indications but remain cautions because Stochastic is completely Over bought and Short term correction may also be seen therefore next resistances between 17692-17718 should be firstly watched in next week after some more up moves.

Next resistances above last week closing are as follows:-

1- 17692-17718

2- 17754-17794

3- 17866-17891

4- 17902-17924

5- 17949-18022

6- 18069-18132

7- 18155-18192

8- 18216-18240

9- 18345-18387(Strong resistances)

Next supports below last week closing are as follows:-

1- 17503-17541

2- 17477-17493

3- 17313-17367

4- 17237-17286

5- 16914-17126

6- 16840-16887

As confirmation of Intermediate and Long term trends reversal is still required through sustaining beyond its decider following 2 most crucial levels therefore it should also be firstly watched in the coming week/weeks for next big moves beginning after on going Trend reversal/continuation confirmations:-

1- 17482(200-Day SMA for Long term trend confirmations)

2- 17591(55-Day SMA for Intermediate term trend confirmations)

Firstly Short Term intraday correction 

before next decisive up moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-04-2023)

Nifty-Intra Day Chart (05-Apr-2023):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 17403-17570

Conclusions from intra day chart

analysis 

Although whole day up moves with downward corrections after flat opening and intraday selling patterns were not seen and on going Pull Back rally continuation is expected also but Very Short Term indicators have turned overbought therefore firstly Short Term intraday correction will also be seen before next decisive up moves beginning.

Fresh consolidation is firstly required 

for next up moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-04-2023)

Nifty-Intra Day Chart (03-Apr-2023):-

Technical Patterns formation in today intraday charts

1- More than 100 points fall in first half hour

2- More than 5 hours consolidation between 17313-17367

3- Slow up moves in last hours 

4- Whole day actual trading between 17313-17428

Conclusions from intra day chart analysis 

Although gap up opening but firstly more than 100 points fall in first half hour was seen. As after this more than 5 hours consolidation between 17313-17367 therefore closing was near the higher levels of the day but slow up moves in last hours hence fresh consolidation is also firstly required for next up moves after sustaining above day's highest(17428).

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)