Watch levels amid Israel-Hamas 

war led Geo political tension

Technical Analysis,Research & 

Weekly Outlook(Oct 16 to Oct 20,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (13-Oct-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-1 completion at 18096.2 on 15-09-2022.

3- Corrective Wave-2 completion at 16747.7 on 30-09-2022.

4- Impulsive Wave-(i) of Wave-3 completion at 18887.6 on 01-12-2022.

5- Corrective Wave-(ii) of Wave-3 completion at 16828.3 on 20-03-2023.

6- Impulsive Wave-(iii) of Wave-3 completion at 19991.8 on 20-07-2023.

7- Corrective Wave-(iv) of Wave-3 completion at at 19223.7 on 31-08-2023.   

8- Impulsive Wave-(v) of Wave-3 continuation with recent and life time top formations at 20222.45 on 15-09-2023 but Short Term correction beginning from this level. 

9- Short Term correction continuation with recent bottom formations at 19333.60 on 04-10-2023. 

10- Last 15 sessions sideways trading between 19333-19843

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. Its Wave-1 and other waves completed as per above given levels and dates. 

Now impulsive Wave-(v) of Wave-3 continuation with recent and life time top formations at 20222.45 on 15-09-2023 but Short Term correction begun from this level which is in continuation with recent bottom formations at 19333.60 on 04-10-2023 and no confirmation of its completion yet on EOD charts. Last 15 sessions sideways trading between 19333-19843 and finally sustaining beyond this range will confirm the life and length of on going correction therefore it should be finally watched in the coming week/weeks.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

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

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 84.41 & %D(3)- 84.64.

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

4- MACD(26,12)- -137.75 & EXP(9)- -135.10 & Divergence- -2.65.

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- As in Stochastic its both lines are kissing in the Over bought zone therefore showing first signal of Short term correction beginning. Let clear downward intersection happen then Short term correction will be seen and till then up moves will be considered because some times it remains in Kising mode for longer periods.

2- As in MACD indicator its both lines are kissing in the negative zone therefore this indicator is suggesting to adopt wait and watchful approach for final confirmations of next trend formation which will be according to its Upward or Downward intersection by MACD line.

Nifty-EOD Chart Analysis

(Averages)

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

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 19711 

2- 21-Day SMA is today at 19750

3- 55-Day SMA is today at 19616

4- 100-Day SMA is today at 19338

5- 200-Day SMA is today at 18553

 

Conclusions from EOD chart analysis

(Averages)

Long Term Trend is up because Nifty is well above its decider 200-Day SMA but Intermediate and Short Term Term Trends are at stake because Nifty hovered around its deciders 21-Day SMA and 55-Day SMA in previous week therefore firstly sustaining beyond these 2 Averages should be watched coming week/weeks for next Trend formation confirmations.

Nifty-Last 15 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Sept 22 to Oct 13,2023):-

Technical Patterns formation in last 15 Sessions intraday charts

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

A- 19762-19836    

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

A- 19636-19722

B- 19589-19623

C- 19488-19540

D- 19343-19774

3- Last 15 Sessions sideways trading between 19333-19843 

Conclusions from 15 Sessions

intra day chart analysis 

Last 15 Sessions sideways trading between 19333-19843 with lower levels above mentioned multiple supports and higher levels only one resistance therefore firstly sustaining beyond above mentioned resistance should be watched in the coming week for on going rally continuation confirmations. As Geo Political tension therefore if Nifty fails to sustaining above 19843 then until Nifty will not sustain below 19333 after complete selling till then decisive down moves will not be seen,it should be kept in mind.

Nifty-Intra Day Chart

Analysis(13-Oct-2023)

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

Technical Patterns formation in today intraday charts

1- 87 Points recovery from lower levels in first 15 minutes after gap down opening.

1- Consolidation between 19671-19722

2- Up moves with downward corrections

3- Selling between 19762-19805

4- Whole day trading between 19636-19805

Conclusions from intra day chart analysis 

As Israel-Hamas war acceleration news and sentiment turned depressed last Friay therefore most Asian markets were trading in Red zone and resultant firstly gap down opening was seen in Indian markets. Although such Bearish mood but Nifty not sustaining at lower levels and recovered 87 Points in first 15 minutes. As more than 3 hours consolidation and after that up moves with downward corrections therefore Nifty recovered 169 points from lower levels and once Nifty traded in green after recovering all intraday losses.

Although such strong recovery in Mid-session but higher levels selling developed therefore Nifty moves down 72 points in last hour and closed 42.95 down also last Friday. As both lower levels consolidation and higher levels selling between 19762-19805 therefore Nifty will firstly trade and prepare for next decisive moves within and near about this trading range and finally sustaining it beyond will confirm it hence it should be watched in the coming week for next decisive moves beginning confirmations.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is at stake.

3- Short Term trend is at stake.

Impulsive Wave-(v) of Wave-3 continuation with recent and life time top formations at 20222.45 on 15-09-2023 but Short Term correction begun from this level which is in continuation with recent bottom formations at 19333.60 on 04-10-2023 and no confirmation of its completion yet on EOD and intraday charts. 

 

As last 15 Sessions sideways trading between 19333-19843 therefore Short Term indicators are in indecisive mode and Nifty is hovering around Short and Intermediate Term Averages as well as intraday charts of last Friday are also showing both lower levels consolidation and higher levels selling therefore sustaining beyond following levels should be watched one by one in the coming week for next Trend formation confirmations because Indian and Global markets will react Israel-Hamas war also:-

1- Last Friday actual trading range(19762-19805)

2- Last 15 Sessions sideways trading range(19333-19843) 

3- 21-Day SMA(today at 19750)

4- 55-Day SMA(today at 19616)

 Down moves after expected below 

day's lowest and towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(13-10-2023)

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

Technical Patterns formation in today intraday charts

1- 70 Points fall in first hour after flat opening 

2- Whole day selling between 19773-19836

3- Whole day actual trading between 19773-19843

Conclusions from intra day chart analysis 

As firstly 70 Points fall in first hour after flat opening and after that  whole day selling between 19773-19836 and intraday consolidation patterns were not seen therefore down moves after expected below day's lowest and towards next supports:-

1- 19648-19677

2- 19589-19623

Finally sustaining beyond 19824-19839

 will confirm next decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-10-2023)

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

Technical Patterns formation in today intraday charts

1- Up moves after strong opening

2- Whole day sideways trading between 19786-19839

3- Whole day trading between 19757-19839

Conclusions from intra day chart analysis 

Although firstly up moves after strong opening but after that whole day sideways trading was seen between 19786-19839 in which one sided intraday trading patterns formations were not seen. As Nifty has to prepare for next decisive moves beginning which will be firstly done within and near about 19786-19839 therefore expected that Nifty will firstly trade and prepare for next decisive moves within this range. Finally sustaining beyond this range should be watched for next decisive moves beginning in the coming session.

Up moves towards next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(11-10-2023)

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

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 19566-19717

Conclusions from intra day

chart analysis 

As most Global markets were trading in Green therefore Whole day up moves were seen with downward corrections in Indian markets also and closing was near the higher levels of the day. 

Intraday consolidation was seen through up moves with downward corrections despite high Geo-Political tension therefore it will be understood that buying was done by stronger hands and up moves will be expected towards next resistances(19763-19798) and firstly sustaining it beyond should be watched for next big moves beginning confirmations.

Firstly watch 19481-19588 amid 

high Geo-Political tension

Nifty-Intra Day Chart Analysis & 

Market Outlook(10-10-2023)

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

Technical Patterns formation in today intraday charts

1- 172 Points down in first 15 minutes after gap down opening

2- More than 100 points sharp up

3- Selling between 19556-19586 

4- Consolidation between 19496-19536

5- Whole day actual trading between 19481-19588

Conclusions from intra day chart analysis 

As Geo-Political tension mounted after Hamas terrorist attack on Israel on 07-10-2023 therefore firstly Nifty crashed 172 in first 15 minutes after gap down opening. Although more than 100 points sharp up from lower levels but higher levels selling developed therefore down moves were seen in Mid-session.

Consolidation was also between 19496-19536 in last 3 hours therefore it will be understood that Mixed patterns were formed in whole day trading and firstly Nifty will have to trade and prepare for next decisive moves within and near day's trading range. As finally sustaining beyond 19481-19588 will confirm next decisive moves beginning therefore it should be firstly watched amid high Geo-Political tension.

19800 will confirm strong rally 

above life time top at 20222.45

Technical Analysis,Research & Weekly 

Outlook(Oct 09 to Oct 13,2023)

Nifty-EOD Chart Analysis

(Waves structure)

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

Technical Patterns and Formations in EOD charts

1- Corrective Wave-(ii) of Wave-3 completion at 16828.3 on 20-03-2023 and Impulsive Wave-(iii) of Wave-3 beginning.

2- Impulsive Wave-(iii) of Wave-3 completion at 19991.8 on 20-07-2023.

3- Corrective Wave-(iv) of Wave-3 completion at at 19223.7 on 31-08-2023.   

4- Impulsive Wave-(v) of Wave-3 continuation with recent and life time top formations at 20222.45 on 5-09-2023 but Short Term correction beginning from this level. 

6- Short Term correction continuation with recent bottom formations at 19333.60 on 04-10-2023. 

7- Last 10 sessions sideways trading between 19333-19798

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-(iii) of Wave-3 started after from 16828.3 on 20-03-2023 after corrective Wave-(ii) of Wave-3 completion at this level. Now impulsive Wave-(v) of Wave-3 of this this Waves structure is in continuation with recent and life time top formations at 20222.45 on 5-09-2023 but Short Term correction begun from this level which is in continuation with recent recent bottom formations at 19333.60 on 04-10-2023. As last 10 sessions trading has turned sideways between 19333-19798 and finally sustaining beyond this range will confirm next Trend formation and big moves therefore it should be firstly watched in the coming week/weeks. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

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

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 51.38 & %D(3)- 37.55.

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

4- MACD(26,12)- -147.25 & EXP(9)- 46.73 & Divergence- -193.98

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- As in Stochastic its %K(5) line has intersected %D(3) line upward and its both lines are rising from Over sold zone therefore indicating previous week started up moves continuation in the coming week.

2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in negative and positive zone therefore this indicator is showing stronger indications of Short term Trend formations.

Nifty-EOD Chart Analysis

(Averages)

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

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 19560 

2- 21-Day SMA is today at 19778

3- 55-Day SMA is today at 19623

4- 100-Day SMA is today at 19264

5- 200-Day SMA is today at 18517

 

Conclusions from EOD chart analysis

(Averages)

Although Nifty showed stronger indications of Intermediate Trend turning downward after forcefully slipping below its decider 55-Day SMA but strong recovery was seen from lower levels in last 3 sessions of previous week and and Nifty has closed above 55-Day SMA(19623) at 19653.50 last Friday. As Intermediate Trend is at stake and finally sustaining beyond 55-Day SMA will generate strong signals of next Trend formation and decisive moves beginning hence should be firstly watched in next week. 

Short term trend is down and if Nifty moves above 55-Day SMA(19623) then finally sustaining beyond Short term trend decider 21-Day SMA(today at 19778) should be watched for its confirmations. It should also be kept in mind that once sustaining above 21-Day SMA will mean Rally above life time highest(20222.45) after all trends turning upward and on going correction completion confirmations.

Nifty-Last 10 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Sep 22 to Oct 06,2023):-

Technical Patterns formation in last 10 Sessions intraday charts

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

A- 19660-19679

B- 19692-19751

C- 19763-19798 

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

A- 19592-19615

B- 19488-19540

C- 19343-19774

3- Last 10 Sessions actual trading between 19333-19798 

Conclusions from 10 Sessions

intra day chart analysis 

Last 10 Sessions sideways trading between 19333-19798 with above mentioned supports and resistances which seems to be almost equally strong and last Friday closing was also almost in the centre of last 10 sessions trading range therefore it will be understood that:-

1- Nifty will firstly trade and prepare for next big moves within and last 10 sessions trading range in the beginning of next week.

2- Finally sustaining beyond last 10 sessions trading range will confirm next Trend formations and big moves beginning.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is at stake.

3- Short Term trend is down.

Correction of Impulsive Wave-(v) of Wave-3 from 20222.45 on 5-09-2023 after life time top formations at this level which is in continuation with recent bottom formation at 19333.60 on 04-10-2023 and no confirmation of its completion yet on EOD charts but few signals of its completion have been emerged in previous week:-

1- Weekly Candle of previous week was "Bullish Hammer" 

2- Weekly closing of previous week was both above 5-Day and 55-Day SMA.

3- Forceful recovery was seen from lower levels in previous week.

4- Intraday consolidation patterns and supports were seen at lower levels in all the last 3 sessions of previous week.

As Short Term Indicator Stochastic is showing signals of previous week started up moves continuation in the coming sessions therefore firstly sustaining beyond following levels should be watched in next week:-

1- 21-Day SMA(today at 19778)

2- Top of last 10 Sessions trading range at 19798.

As finally sustaining above these 2 levels will mean 10 sessions trading range break out and all trends turning upward confirmations as well therefore finally sustaining above psychological level of 19800 should be watched for fresh rally beginning above life time top(20222.45) because psychological level of 19800 is little above these 2 levels(19778 & 19798).

Firstly watch sustaining beyond 

19488-19576

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-10-2023)

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

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels

2- Supports between 19488-19500(immediate supports)

3- Sharp up

4- Selling between 19551-19576

5- Whole day actual trading between 19488-19576

Conclusions from intra day chart analysis 

Although gap up strong opening but firstly down moves were seen. As these down moves were in Bullish Falling Channels and after that lower levels some supports also developed therefore sharp moves were seen. Minor selling also at higher levels in last hours therefore expected that firstly sustaining beyond today trading range should be watched in the coming sessions because any side good intraday positions were not seen.

 As busy therefore unable to update today(05-10-2023) Outlook. 

 Down moves expectations below

 day's lowest

Nifty-Intra Day Chart Analysis & Market 

Outlook(04-10-2023)

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

Technical Patterns formation in today intraday charts

1- 104 Points down in first 3 minutes after flat opening

2- Whole day sideways trading with selling Patterns formation between 19480-19564

3- Whole day actual trading between 19480-19623

Conclusions from intra day chart analysis 

At the time of Indian markets opening most Asian markets were trading in negative zone and some were deeply down in following manner

Nikkei 225- was trading 537.50 points and 1.69% down.

Hang Seng- was trading 617.66 points and 3.47% down.

SET- was trading 19.89 points and 1.35% down.

As sentiment turned dampened due to crashing like situation in Asian markets therefore Nifty has fallen 104 Points in first 3 minutes after flat opening. After that whole day sideways trading with selling Patterns formation between 19480-19564 therefore down moves are expected below day's lowest(19480) in the coming sessions.

Finally 19493-19798 will confirm next trend amid firstly up moves expectations

Technical Analysis,Research & Weekly Outlook

(Oct 03 to Oct 06,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (29-Sep-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-1 completion at 18096.2 on 15-09-2022.

3- Corrective Wave-2 completion at 16747.7 on 30-09-2022.

4- Impulsive Wave-(i) of Wave-3 completion at 18887.6 on 01-12-2022.

5- Corrective Wave-(ii) of Wave-3 completion at 16828.3 on 20-03-2023.

6- Impulsive Wave-(iii) of Wave-3 completion at 19991.8 on 20-07-2023.

7- Corrective Wave-(iv) of Wave-3 completion at at 19223.7 on 31-08-2023.   

8- Impulsive Wave-(v) of Wave-3 continuation with recent and life time top formations at 20222.45 on 15-09-2023 but Short Term correction beginning from this level. 

9- Short Term correction continuation with recent bottom formations at 19492.10 on 28-09-2023. 

    

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure started after corrective Wave-C of "ABC correction" completion at 15183.4 on 17-06-2022. impulsive Wave-1 completed at  18096.2 on 15-09-2022 and corrective Wave-2 begun which completed at 16747.7 on 30-09-2022 and Impulsive Wave-(i) of Wave-3 started.

 

At present impulsive Wave-(v) of Wave-3 is in continuation with recent and life time top formations at 20222.45 on 15-09-2023 but Short Term correction begun from this level which is in continuation with recent bottom formations at 19492.10 on 28-09-2023 and no confirmation of its completion yet on EOD and intraday charts. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (29-Sep-2023):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 39.54 & %D(3)- 31.06.

3- Stochastic is showing negative/positive divergence

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

5- MACD(26,12)-33.87 & EXP(9)- 250.24 & Divergence- -216.37

Conclusions from EOD chart analysis (Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- As in Stochastic its %K(5) line has intersected %D(3) line upward and its both lines are rising from Over sold zone therefore showing signals of fresh up moves beginning in the coming week.

2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in positive zone as well as its MACD line is little above Zero line therefore suggesting stronger indications of downward trend formations. Divergence between its both lines has widened to 216.37 therefore some up moves also can not be ruled out hence this indicator is suggesting to adopt wait and watchful approach for final confirmations.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (29-Sep-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 19644 

2- 21-Day SMA is today at 19761

3- 55-Day SMA is today at 19628

4- 100-Day SMA is today at 19216

5- 200-Day SMA is today at 18498

 

Conclusions from EOD chart analysis

(Averages)

Nifty is hovering around both Short and Intermediate Term deciding Averages(5-Day SMA,21-Day SMA and 55-Day SMA) for the last 6 sessions therefore Short and Intermediate Term trends are at stake. Let one sided clear intersection of these Averages happen then that side trend formations and decisive moves beginning will get confirmations.  

Nifty-Intra Day Chart Analysis

(29-Sep-2023)

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

Technical Patterns formation in today intraday charts

1- Consolidation between 19552-19604

2- Sharp up 

3- Consolidation between 19653-19682

4- Selling between 19705-19726

5- Sharp fall in last hour

6- Whole day actual trading between 19552-19726

Conclusions from intra day chart analysis 

Although firstly slipping after flat opening but lower levels consolidation developed therefore sharp up moves were seen after 11:00 AM. As follow up consolidation in Mid-session therefore after that some up moves were seen but higher levels fresh selling therefore Nifty had fallen more than 100 points in last hour,

As good intraday consolidation in comparison to selling therefore finally up moves are expected above last Friday highest(19726) but consolidation is also firstly required because some selling was also seen at higher levels last Friday.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is at stake.

3- Short Term trend is at stake.

Short Term correction of impulsive Wave-(v) of Wave-3 is in continuation now with recent bottom formations at 19492.10 on 28-09-2023 and no confirmation of its completion yet on EOD and intraday charts. 

Although Nifty had moves below 61.8%(18605) crucial retracement level during on going correction and hovered around Intermediate Term trend decider 55-Day SMA(today at 19628) in previous week but closed above both these levels last Friday therefore firstly sustaining beyond both these levels will be watched in the coming week for the life of on going correction.

As Short Term indicator Stochastic is showing signals of fresh up moves beginning in the coming week and last Friday intraday charts are showing good consolidation also therefore firstly up moves are expected towards next resistances in the beginning of next week:- 

1- 19705-19726

2- 19761-19797

Next supports below last Friday closing are as follows:-

1- 19552-19604

2- 19493-19556

As Nifty traded in last 6 sessions between 19493-19798 with above mentioned supports and resistances in which Nifty has tested and broken down 2 most Crucial levels(61.8% retracement level & Intermediate Term trend decider 55-Day SMA) as well as both these levels are within last 6 sessions trading range therefore firstly sustaining it beyond should be watched in the coming week for next big moves beginning after following next trend formation confirmations:- 

1- Sustaining above 19798 will mean strong rally beginning towards and above life time top(20222.45) after all trends turning upward confirmations.

2- Sustaining below 19493 will mean all trends turning downward confirmations and down moves continuation towards the bottom of Impulsive Wave-(v) of Wave-3(19223.7).

As last Friday intraday charts and Short Term indicator Stochastic are suggesting firstly up moves beginning possibility therefore firstly up moves are expected in next week but finally sustaining beyond 19493-19798 will confirm next trend therefore should be finally watched for next trend confirmations.

Finally sustaining beyond 19600

 will confirm next Trend 

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-09-2023)

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

Technical Patterns formation in today intraday charts

1- Whole day down moves in Bullish Falling Channels

2- Support in last hour between 19493-19556

3- Whole day actual trading between 19493-19766

Conclusions from intra day chart analysis 

Although finally up moves were expected after fresh consolidation between 19555-19730 but firstly some up moves were seen after flat opening. As after that down moves started which remained continued till last hour and today closing was also below most Crucial level at 19600.  

As intraday selling patterns were not seen and on the contrary whole day down moves were in Bullish Falling Channels and lower levels supports were also seen therefore Watchful approach will be adopted and finally sustaining beyond 19600 will be watched in the coming sessions for next Trend formation confirmations

Finally up moves after fresh consolidation

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-09-2023)

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

Technical Patterns formation in today intraday charts

1- Down moves in first 2 hours after negative opening

2- Consolidation between 19555-19583

3- Up moves with downward corrections

4- Up moves in Bearish Rising Channel

5- Whole day actual trading between 19555-19730

Conclusions from intra day chart analysis 

Following lines were told at 02:15 AM on 27-11-2023 in "Firstly watch sustaining beyond 19600 under Global markets depressed sentiments":-

1- firstly sustaining beyond 19600 should be watched tomorrow 

2- finally up moves are expected above day's highest(19699).

As was told 100% same happened and;- 

1- Firstly Nifty slipped below 19600.

2- Finally Nifty moved above yesterday highest(19699) and closed at 19,716.45.

Although firstly Down moves in first 2 hours after 

negative opening and Nifty fell sharply below 19600 

also but lower levels good intraday consolidation developed therefore up moves started which remained continued till last minutes. 

As last hour up moves were in Bearish Rising Channel therefore higher levels some selling also can not be ruled out and expected that Nifty will firstly trade within day's trading range but finally up moves are expected above day's highest in the coming sessions which means that up moves will remain continued after fresh consolidation within day's trading range(19555-19730). 

Firstly watch sustaining beyond 19600 under Global markets depressed sentiments

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-09-2023)

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

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels

2- Consolidation between 19638-11656

3- Whole day actual trading between 19638-19699

Conclusions from intra day chart analysis 

Although minor negative closing after whole day sideways trading within 61 points but whole day good intraday consolidation was seen through most time Down moves in Bullish Falling Channels and lower levels consolidation also therefore finally up moves are expected above day's highest(19699).

As deeper down moves were seen in US and most European markets yesterday therefore sentiment may be much depressed and weaker opening may also be been seen in Indian markets tomorrow. Good intraday consolidation has been seen above 19600 in last 2 seen therefore firstly sustaining beyond 19600 should be watched tomorrow for next decisive moves beginning confirmations which will be under dampened Global markets sentiments.

Firstly watch 19600 after weaker 

Global sentiments

Pre-open Outlook(26-09-2023)

As Moody's warning about shut down in US markets and sentiment has turned weaker today morning therefore all the Asian markets are trading in negative zone and Dow Jones Futures is also trading more than 120 points down and resultant negative opening of Indian markets will seen. 

Consolidation was seen above 19600 yesterday therefore firstly sustaining beyond 19600 should be watched today for next intraday decisive moves beginning confirmation after weaker Global sentiments.

Up moves expectations towards

 next strong resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(26-09-2023)

Nifty-Intra Day Chart (25-Sep-2023):-

Technical Patterns formation in today intraday charts

1- Consolidation between 19602-19651

2- Sharp up moves

3- Selling between 19709-19734

4- Sharp fall

5- Consolidation between 19630-19682

6- Whole day actual trading between 19602-19734

Conclusions from intra day chart analysis 

Although down moves after flat opening but lower levels good consolidation developed therefore sharp up moves were seen in Mid-session. As higher levels selling also therefore sharp fall was seen after that but again consolidation was seen in last 2 hours.

As lower levels good consolidation therefore up moves are expected towards next strong resistances between 19759-19796 and sustaining it beyond should be watched in the coming sessions for next decisive moves beginning after on going Short term correction completion.

 Finally rally above life time highest(20222.45) without sustaining below 19600

Technical Analysis,Research & Weekly Outlook

(Sep 25 to Sep 29,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (22-Sep-2023):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-(ii) of Wave-3 completion at 16828.3 on 20-03-2023 & Impulsive Wave-(iii) of Wave-3 beginning.

2- Impulsive Wave-(iii) of Wave-3 completion at 19991.8 on 20-07-2023 & Corrective Wave-(iv) of Wave-3 beginning.

3- Corrective Wave-(iv) of Wave-3 completion at 19223.7 on 31-08-2023 & Impulsive Wave-(v) of Wave-3 beginning.  

4- Impulsive Wave-(v) of Wave-3 continuation with recent and life time top formations at 20222.45 on 15-09-2023 but Short Term correction beginning from this level. 

5- Short Term correction continuation with recent bottom formations at 19657.50 on 22-09-2023.   

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-(ii) of Wave-3 completed at 16828.3 and Impulsive Wave-(iii) of Wave-3 started which completed at 19991.8. Then corrective Wave-(iv) of Wave-3 begun which completed at 19223.7 and impulsive Wave-(v) of Wave-3 started which is in continuation with recent top formations at 20222.45 on 15-09-2023 and no confirmation of its completion yet on EOD charts. As Short Term correction begun from this level which is in continuation with recent bottom formations at 19657.50 on 22-09-2023 and no confirmation of its completion also on EOD and intraday charts therefore fate of this on going Short Term correction should be firstly watched in the coming week for next trend formation confirmations.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (22-Sep-2023):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 5.28 & %D(3)- 29.88.

3- In MACD- MACD line has intersected Average line upward,Its MACD line is falling and Average line is rising  in positive zone.

4- MACD(26,12)- 326.82 & EXP(9)- 280.22 & Divergence- 46.6

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- As in Stochastic %K(5) line has intersected %D(3) line downward and its both lines are falling within and towards Over sold zone therefore first signal of on going Short term correction completion has been developed. Let %K(5) line to intersect %D(3) line upward clearly then upward moves will be seen after Short term correction completion.

2- Although in MACD indicator its MACD line has intersected Average line upward but its MACD line is falling and Average line is rising therefore showing little indecisiveness. As its both lines are in positive zone therefore finally up moves will be expected after on going Short Term correction completion on EOD charts.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (22-Sep-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 19928  

2- 21-Day SMA is today at 19686

3- 55-Day SMA is today at 19606

4- 100-Day SMA is today at 19143

5- 200-Day SMA is today at 18471

Conclusions from EOD chart analysis

(Averages)

Nifty closed below both 5-Day and 21-Day SMA last Friday during on going Short Term correction which is its continuation confirmation. Although Nifty has not tested Intermediate Term Trend decider 55-Day SMA and recent bottom of on going correction is at 19657.5 which was formed last Friday therefore firstly sustaining beyond 55-Day SMA(19606) should be watched in the coming week for:-

1- The life and length of on going correction.

2- The life of both Short and Intermediate Term Trends.

Nifty-EOD Chart Analysis

(Fibonacci retracement levels)

Nifty-EOD Chart (22-Sep-2023):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(v) of Wave-3 beginning from 19223.7 on 31-08-2023 & .  

2- Impulsive Wave-(v) of Wave-3 continuation with recent top formations at 20222.45 on 15-09-2023.

3- Short Term correction continuation with recent bottom formations at 19657.50 on 22-09-2023.  

4- Crucial Fibonacci Retracement levels of Impulsive Wave-(v) of Wave-3 from 19223.7 to 20222.45 are as follows:-

23.6%- 18986 (Retraced)

38.2%- 18840 (Retraced)

50.0%- 18723 (Retraced)

61.8%- 18605

76.4%- 19459

 

Conclusions from EOD chart analysis

(Fibonacci retracement levels)

Correction of impulsive Wave-(v) of Wave-3 is in continuation and Nifty has retraced more than 50.0% of this wave up moves. As most crucial 61.8% retracement level(19605) is little below the lowest(19657.5) of on going correction therefore firstly sustaining it beyond should be watched in the coming week for the life of this wave correction.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up. This will be finally decided according to sustaining beyond its decider 55-Day SMA which is today at 19606.

3- Short Term trend is down.

Impulsive Wave-(v) of Wave-3 is on with recent top formations at 20222.45 on 15-09-2023 but Short Term correction started from this level which is in continuation with recent bottom formations at 19657.50 on 22-09-2023 and no confirmation of its completion also on EOD and intraday charts. 

Nifty has closed below both 5-Day,21-Day SMA and most Crucial 50.0% retracment level last Friday therefore Short Term Trend turning down confirmations. As Nifty has not tested Intermediate Term Trend decider 55-Day SMA which is today at 19606 and most crucial 61.8% retracement level which is at 19605 as well as both these levels are just above next psychological level of 19600 therefore this levels has become next trend and big moves decider in following manner:-

1- Sustaining below 19600 will mean correction correction confirmations towards the bottom of Wave-(v) of Wave-3 at 19223.7 after Intermediate Term trend turning down and 61.8% retracement level broken down confirmations 

2- Sustaining above 19600 will mean fresh rally beginning towards and above life time highest(20222.45) after Short Term correction completion and honouring both Intermediate Term trend decider 55-Day SMA and most crucial 61.8% retracement level.

As Stochastic indicator has shown first signal of on going Short term correction completion and both lines of MACD indicator are in positive zone therefore it will be understood that indicators are signalling fresh up moves beginning after some more lower levels consolidations. 

Indian Stock market is Bullish mode and now correction of impulsive Wave-(v) of Wave-3 is in continuation which is near its completion levels because Indicators are also suggesting its completion therefore expected that finally rally will start and remain continued above life time highest(20222.45) without sustaining below 19600 despite slipping towards and below it can not be ruled out.

Valid break out of 19710-19787 will confirm next intraday decisive moves

Nifty-Intra Day Chart Analysis & Market 

Outlook(22-09-2023)

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

Technical Patterns formation in today intraday charts

1- 160 Points fall in first hour after gap down opening 

2- More than 5 hours sideways trading between 19710-19787

3- Whole day actual trading between 19710-19848

Conclusions from intra day chart analysis 

As most Asian markets were trading in Red and some were more than 1% down therefore firstly 160 Points fall was seen in first hour after gap down opening. More than 5 hours sideways trading between 19710-19787 which was near about lower levels of the day and some supports was also seen at lower levels also therefore firstly valid break out of 19710-19787 should be watched in the coming sessions for next intraday decisive moves beginning confirmations.

Firstly watch today lowest for up 

moves beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-09-2023)

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

Technical Patterns formation in today intraday charts

1- Selling between 19993-20050

2- Down moves with upward corrections

3- Down moves in Bullish Falling Channel

4- Support between 19879-19919

5- Whole day actual trading between 19879-20050

Conclusions from intra day chart analysis 

Following lines were told on 16-09-2023 in "Finally Bullish moves above life time highest after Short term correction completion":-

A- firstly down moves are expected towards/below last Friday lowest(20129.70) in the beginning of next week

V- down moves will be seen towards following next supports in the beginning of next week:-

1- 20130-20154

2- 20044-20072

3- 19965-19990

4- 19918-19959

5- 19881-19912

C- after expected Short term correction completion in the coming week/weeks.

As was told 3 times on 16-09-2023 100% same happened and 

1- Nifty slipped 311 points in first 2 sessions of this week.

2- Today lowest was just below above mentioned 5th supports range(19881-19912) at 19878.85.

Although firstly up moves after 134 points gap down opening but selling was seen 19993-20050 which remained continued through Down moves with upward corrections which will be understood follow up selling after higher levels selling.

As down moves after 12:30 PM were were in Bullish Falling Channel and lower levels supports were also seen therefore some up moves can not be ruled out towards today highest. Firstly sustaining beyond today lowest should also be watched tomorrow for these up moves beginning confirmations.

 As I was out of station therefore unable to update today(20-09-2023) Outlook. 

Finally Bullish moves above life time highest after Short term correction completion

Technical Analysis,Research & Weekly Outlook

(Sep 18 to Sep 22,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (15-Sep-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-1 completion at 18096.2 on 15-09-2022.

3- Corrective Wave-2 completion at 16747.7 on 30-09-2022.

4- Impulsive Wave-(i) of Wave-3 completion at 18887.6 on 01-12-2022.

5- Corrective Wave-(ii) of Wave-3 completion at 16828.3 on 20-03-2023.

6- Impulsive Wave-(iii) of Wave-3 completion at 19991.8 on 20-07-2023.

7- Corrective Wave-(iv) of Wave-3 completion at at 19223.7 on 31-08-2023.   

8- Impulsive Wave-(v) of Wave-3 continuation with recent top formations at 20222.45 on 15-09-2023.    

Conclusions from EOD chart analysis

(Waves structure)

As Nifty has gained more points than Impulsive Wave-1 therefore Wave-3 formation confirmation and as per this development new Waves structure has been posted above,

As per new Waves structure now Impulsive Wave-(v) of Wave-3 is in continuation with recent top formations at 20222.45 on 15-09-2023 and no indication of its completion yet on EOD charts therefore its continuation will be expected. Until complete selling patterns will not develop on EOD charts till then Impulsive Wave-(v) of Wave-3 will remain continued.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (15-Sep-2023):-

Technical Patterns and Formations in EOD charts

1- Stochastic- Its both lines are kissing in Over bought zone.

2- Stochastic:- %K(5)- 89.91 & %D(3)- 88.95.

3- Stochastic is showing negative divergence

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

5- MACD(26,12)- 325.18 & EXP(9)- 119.70 & Divergence- 205.48

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- As in Stochastic its both lines are in kissing mode for the last 7 sessions within Over bought zone and showing negative divergence also on EOD charts therefore stronger signals of Short term correction have developed. Let %K(5) line to intersect %D(3) line downward clearly then Short term correction will be seen.

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore Short term trend turning up upward has got confirmations and on going rally continuation will be seen. 

Although MACD indicator is confirming Short term upward trend formations but Stochastic indicator is suggesting that Short term correction is on cards therefore expected that finally up moves will be seen after Short term corrections MACD indicator shows trend for longer periods.  

Nifty-Intra Day Chart Analysis

(15-Sep-2023)

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

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- Sharp fall

3- Up moves in Bearish Rising Channel

4- Sharp fall

5- Whole day actual trading between 20130-20222

Conclusions from intra day chart analysis 

As Bullish Global cues last Friday morning therefore firtsly up moves were seen in first 3 hours but fallen sharply in Mid-Session. First 3 hours Up moves were with downward corrections therefore again up moves begun from lower levels which remain continued till 03:00 PM. As these last hours up moves were in Bearish Rising Channel which is intraday selling pattern also therefore again sharp fall developed in last half hour. Higher levels intraday selling was seen last Friday therefore firstly down moves are expected towards/below last Friday lowest(20129.70) 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 up.

Impulsive Wave-(v) of Wave-3 continuation with recent top formations at 20222.45 on 15-09-2023 and no indication of its completion yet on EOD and intraday charts therefore its continuation will be expected with new life time top formations. 

As On going impulsive Wave-(v) of Wave-3 has gained 998 points in the last 12 sessions and indicators are suggesting that Short term correction may start any day as well as intraday charts of last Friday are showing selling patterns formations therefore down moves will be seen towards following next supports in the beginning of next week:-

1- 20130-20154

2- 20044-20072

3- 19965-19990

4- 19918-19959

5- 19881-19912

Finally Bullish moves of impulsive Wave-(v) of Wave-3 will remain continued above life time highest(20222.45) after expected Short term correction completion in the coming week/weeks.