Finally fresh rally above Life Time Top after expected Short Term correction completion

Technical Analysis,Research & Weekly Outlook

(Nov 20 to Nov 24,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (17-Nov-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 after life time top formations at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

7- Wave-A of Wave-(iv) of Wave-3 completion at 19333.6 on 04-10-2023.

8- Wave-B of Wave-(iv) of Wave-3 completion at 19849.8 on 17-10-2023.  

9- Corrective Wave-C of Wave-(iv) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(v) of Wave-3 beginning. 

10- Impulsive Wave-(v) of Wave-3 continuation for the last 16 sessions with its recent high formations at 19875.30 on 16-11-2023.

Conclusions from EOD chart analysis

(Waves structure)

New Waves structure started from 15183.4 on 17-06-2022 after corrective Wave-C previous Waves structure completion at this level. Now impulsive Wave-(v) of Wave-3 continuation for the last 16 sessions with its recent high formations at 19875.30 on 16-11-2023 after corrective Wave-C of Wave-(iv) of Wave-3 completion at 18837.80 on 26-10-2023. 

As per Elliott Wave Theory Wave-5 has to move above the highest of Wave-3 therefore on going impulsive Wave-(v) of Wave-3 will move above highest of Impulsive Wave-(iii) of Wave-3 which is at 20222.45. As highest of Wave-(iii) of Wave-3 is life time top also therefore on going Wave-(v) of Wave-3 will form new life timr top above 20222.45 in the coming week/weeks. 

Nifty-EOD Chart Analysis 

(Stochastic & MACD)

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

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 81.27 & %D(3)- 78.25.

3- Stochastic is showing negative divergence

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

5- MACD(26,12)- 139.39 & EXP(9)- -70.43 & Divergence- 209.82

Conclusions from EOD chart analysis

(Stochastic & MACD)

Technical Patterns and Formations in EOD charts

1- As in Stochastic its both lines are kissing in Over bought zone and this indicator is showing negative divergence also therefore suggesting Short Term correction beginning possibility in the coming week.

2- As in MACD its MACD line has intersected Average line upward and its both lines are rising in positive and negative zone therefore showing indications of finally up trend formations possibility.

Nifty-EOD Chart Analysis 

(Averages)

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

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 19628

2- 21-Day SMA is today at 19346

3- 55-Day SMA is today at 19573

4- 100-Day SMA is today at 19525

5- 200-Day SMA is today at 18717

Conclusions from EOD chart analysis

(Averages)

As Nifty has closed above all the Short to Long Term averages for the last 3 sessions therefore showed strong signals of all the trends turning up. Let Nifty to sustain above all the the averages in next week also and Short Term Average(21-Day SMA) to move above Intermediate Term Average(55-Day SMA) then will be confirmation of all the trends turning up and fresh rally beginning above life time top(20222.45)

Nifty-Intra Day Chart Analysis

(17-Nov-2023)

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

Technical Patterns formation in today intraday charts

1- More than 50 points up in first minute after 90 Points weaker opening.

2- Up moves with downward corrections in first hour.

3- Down moves with upward corrections in the last more than 5 hours.

4- Whole day actual trading between 19668-19806

Conclusions from intra day chart analysis 

Although 90 Points weaker opening last Friday but firstly more than 50 points up moves in first minute and after that again up moves with downward corrections in first hour therefore Nifty traded 40 points up also. As fresh selling started which remained continued in the last more than 5 hours through down moves with upward corrections hence good intraday selling will be understood and resultant firstly down moves are expected below last Friday lowest(19667.45) in the beginning of next week.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.(confirmation required)

3- Short Term trend is down.

Impulsive Wave-(v) of Wave-3 is in continuation for the last 16 sessions with its recent high formations at 19875.30 on 16-11-2023 which is above the top of Wave-B of Wave-(iv) of Wave-3(19849.80) and it is confirmation of impulsive Wave-(v) of Wave-3 formations for moving above the top of Impulsive Wave-(iii) of Wave-3(20222.45 on 15-09-2023). 

Although Short Term indicator Stochastic is indicating Short Term correction beginning possibility but MACD is showing Up Trend formation signals also therefore expected that finally up moves will be seen after Short Term correction completion because Averages are also suggesting all the trends turning upward possibility. As intraday charts of last Friday are showing down moves possibility in the beginning of next week therefore sustaining beyond following supports should be watched in the  coming week for the confirmations of expected correction continuation/completion:- 

1- 19709-19720

2- 19651-19670

3- 19613-19646

4- 19495-19580(Gap support)

All the resistances above the closing of last Friday are as follows:-

1- 19760-19806

2- 19819-19858

3- 19932-19971

4- 19993-20050

5- 20051-20115(Gap resistance)

6- 20141-20167

7- 20172-20220

As above mentioned multiple resistances are also lying therefore follow up consolidation is also required for crossing life time top but expected that finally fresh rally will be seen after Short Term correction completion because Impulsive Wave-(v) of Wave-3 formations does mean up moves above life time top.

 Finally sustaining beyond 19628-19875 will confirm next decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(17-11-2023)

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

Technical Patterns formation in today intraday charts

1- Consolidation between 19628-19646

2- Sharp up

3- Consolidation between 19709-19720

4- Sharp up

5- Mixed Patterns formation between 19783-19816

6- Up moves in Bearish Rising Channel

7- 151 Points sharp fall in last hour

8- Whole day actual trading between 19628-19875

Conclusions from intra day chart analysis 

Although firstly some down moves after flat opening but after that consolidation develop at lower levels therefore sharp up moves were seen from lower levels. As follow up consolidation therefore again sharp up moves were seen after 11:00 AM.

As 3 hours trading with Mixed Patterns formations in Mid-session and after that Up moves in Bearish Rising Channel therefore 151 Points sharp fall was seen  in last hour. 

Both lower levels consolidation and  higher levels selling between 19628-19875 today therefore Nifty will firstly trade and prepare for next Short Term moves within today trading range and finally sustaining beyond today trading range will confirm next Short Term  decisive moves beginning hence it should be firstly watched in the coming session.

Rally continuation expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-11-2023)

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

Technical Patterns formation in today intraday charts

1- 207 Points gap up strong opening

2- More than 4 hours consolidation between 19613-19642

3- Follow up consolidation between 19651-19670

4- Sharp up in last half hour

5- Whole day trading between 19580-19693

Conclusions from intra day chart analysis 

As firstly 207 points gap up strong opening and after that more than 4 hours consolidation as well as follow up consolidation therefore sharp up moves were seen in last half hour and on going rally continuation is expected in the coming sessions also.

 As out of station therefore unable to update tomorrow(15-11-2023) Outlook. 

Finally valid break out of 19375-19547 will generate big moves after next Trend formations

Technical Analysis,Research & Weekly Outlook

(Nov 13 to Nov 17,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (10-Nov-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 after new life time top formations at 20222.45 on 15-09-2023.

3- Wave-A of Wave-(iv) of Wave-3 completion at 19333.6 on 04-10-2023.

4- Wave-B of Wave-(iv) of Wave-3 completion at 19849.8 on 17-10-2023.  

5- Wave-C of Wave-(iv) of Wave-3 continuation with recent bottom formations at 18837.80 on 26-10-2023.

6- Pull Back Rally continuation for the last 12 sessions with its recent high formations at 19464.40 on 08-11-2023.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-(iii) of Wave-3 started after corrective Wave-(ii) of Wave-3 completion at 16828.3 on 20-03-2023. Impulsive Wave-(iii) of Wave-3 completed at 20222.45 on 15-09-2023 with new life time top formations at this level and Wave-A of "ABC" correction begun which completed at 19333.6 on 04-10-2023 and Wave-B started. Wave-B of Wave-(iv) of Wave-3 completion at 19849.8 on 17-10-2023 and Wave-C started which is in continuation with recent bottom formations at 18837.80 on 26-10-2023. Pull Back Rally started from this levels which is in continuation for the last 12 sessions with its recent high formations at 19464.40 on 08-11-2023 and no confirmation of its completion yet on EOD and intraday charts. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (10-Nov-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 in Over bought zone.

2- Stochastic:- %K(5)- 80.76 & %D(3)- 88.29.

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

4- MACD(26,12)- -133.23 & EXP(9)- -259.44 & Divergence- 126.21

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Short Term indicators are as follows;-

1- As in Stochastic %K(5) line has intersected %D(3) line downward and its both lines are falling in Over bought zone therefore showing signals of Short Term correction beginning in the coming week. 

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in negative zone therefore this indicator has shown first signal of Short Term upward trend beginning.

Nifty-EOD Chart Analysis

(Averages)

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

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 19416 

2- 21-Day SMA is today at 19375

3- 55-Day SMA is today at 19547

4- 100-Day SMA is today at 19482

5- 200-Day SMA is today at 18677

Conclusions from EOD chart analysis

(Averages)

As Nifty is well above Long Term Trend decider 200-Day SMA therefore Long Term Trend is clearly up but Intermediate Term Trend is confirmed down because Nifty has closed below its decider 55-Day SMA for the last 16 sessions. Short Term Trend has turned up after Nifty closing above its decider 21-Day SMA for the last few sessions.

Conclusions

(After putting all studies together)

1- Long Term trend up.

2- Intermediate Term trend down.

3- Short Term trend is up.

Wave-A of "ABC" correction started after Impulsive Wave-(iii) of Wave-3 completion at 20222.45 on 15-09-2023.  Now its corrective Wave-C continuation with recent bottom formations at 18837.80 on 26-10-2023 and no confirmation of its completion yet on EOD charts but Pull Back Rally begun from this level which is also in continuation with its recent high formations at 19464.40 on 08-11-2023 and also no indication of its completion yet on EOD charts.  

      .

Although Short Term indicator Stochastic is indicating of Short Term correction beginning possibility in the coming week but MACD indicator is showing signals of upward Trend formations also therefore finally up moves can not be ruled out after initial down moves. 

Now Pull Back Rally continuation and all the Short to Intermediate Term Averages are moving within 172 points between 19375-19547 as well as Nifty has closed within this range at 19425.35 last Friday. Basically Nifty is preparing for next Trend and big moves within these Averages(19375-19547) as well as finally valid break out of these Averages will generate big moves after forming break out side next Trend.  

 As busy therefore unable to update tomorrow(10-11-2023) Outlook. 

Down moves expectations below 19400

Nifty-Intra Day Chart Analysis & 

Market Outlook(09-11-2023)

Nifty-Intra Day Chart (08-Nov-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 11427-11453

2- Selling between 19442-19464

3- Whole day actual trading between 19402-19464

Conclusions from intra day chart analysis 

Although almost whole day positive zone trading and Green closing also today but most time intraday selling patterns were seen therefore down moves are expected below 19400 tomorrow.

Rally ocntinuation exoectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(08-11-2023)

Nifty-Intra Day Chart (07-Nov-2023):-

Technical Patterns formation in today intraday charts

1- Volatility in first 3 hours between 19330-19392 

1- Up moves with downward corrections in last more than 3 hours

3- Whole day actual trading between 19330-19423

Conclusions from intra day chart analysis 

Although firstly volatility in first 3 hours but after that up moves with downward corrections were seen in last more than 3 hours therefore on going rally continuation is expected in the coming sessions.

 Up moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(07-11-2023)

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

Technical Patterns formation in today intraday charts

1- Consolidation between 19315-19368

2- Consolidation between 19370-19383

3- Sharp up

4- Whole day actual trading between 19310-19423

Conclusions from intra day chart analysis 

As all the Asian markets were trading with good gains and some were trading more than 1% gains day's morning therefore strong gap up opening on Indian market was seen. Firstly more than 4 hours consolidation and after that follow up consolidation therefore sharp jump was seen in last hour and days closing was 0.94% gains. As only intraday consolidation and selling was not seen therefore up moves are expected in the coming sessions.

Watch Levels for next Trend formation confirmations amid worsening 

Israel-Arab war crisis

Technical Analysis,Research & Weekly Outlook

(Nov 06 to Nov 10,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (03-Nov-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 after life time top formations at 20222.45 on 15-09-2023.

7- Wave-A of Wave-(iv) of Wave-3 at 19333.6 on 04-10-2023.

8- Wave-B of Wave-(iv) of Wave-3 at 19849.8 on 17-10-2023.  

9- Wave-C of Wave-(iv) of Wave-3 continuation with recent bottom formations at 18837.80 on 26-10-2023.

10- Pull Back Rally continuation for the last 7 sessions with its highest formations at 19276.25 on 03-10-2023.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure started from 15183.4 on 17-06-2022 which completed  at 18096.2 on 15-09-2022 and and Corrective Wave-2 begun which completed at 16747.7 on 30-09-2022 and Impulsive Wave-(i) of Wave-3 started.  

Impulsive Wave-(iii) of Wave-3 completed after life time top formations at 20222.45 on 15-09-2023 and Wave-A of "ABC' correction begun in the form of (iv) of Wave-3. Now its Wave-C continuation with recent bottom formations at 18837.80 on 26-10-2023 and no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (03-Nov-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 towards Over bought zone.

2- Stochastic:- %K(5)- 63.98 & %D(3)- 52.52.

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

4- MACD(26,12)- -344.70 & EXP(9)- -155.00 & Divergence- -189.7

Conclusions from EOD chart analysis

(Stochastic & MACD)

1- As in Stochastic its %K(5) line has intersected %D(3) line upward and its both lines are rising towards Over bought zone and has not turned Over bought yet therefore indicating some more up moves possibility 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 zone therefore it is showing downward trend formations and on going correction continuation possibility.                                           .

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (03-Nov-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 19114 

2- 21-Day SMA is today at 19429

3- 55-Day SMA is today at 19545

4- 100-Day SMA is today at 19447

5- 200-Day SMA is today at 18641

Conclusions from EOD chart analysis

(Averages)

Although Nifty has closed above 5-Day SMA but sustaining above it and 21-Day SMA is must for first signal of Short Term correction completion. As still Nifty has not slipped and sustained below Long Term Trend decider 200-Day SMA but Intermediate Term Trend is down because Nifty has sustained below its decider both 55 & 100-Day SMA which means that above mentioned above Averages should be watched in the coming weeks/months for next one sided Trend and next sided big moves beginning confirmations.

Nifty-EOD Chart Analysis

(Fibonacci retracement levels)

Nifty-EOD Chart (03-Nov-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 20222.45 on 15-09-2023 and Corrective Wave-(iv) of Wave-3 beginning.   

3- Corrective Wave-(iv) of Wave-3 continuation with recent bottom formations at 18837.80 on 26-10-2023.  

4- Fibonacci Retracement levels of Wave-(iii) of Wave-3(16828.3-20222.45)

13.0%- 19,781.20

23.6%- 19,421.44

27.0%- 19,306.00

38.2%- 18,925.90(Crucial Level)-Retraced 

50.0%- 18,525.40(Crucial Level)

61.8%- 18,124.89(Crucial Level)

70.7%- 17,822.80

76.4%- 17,629.30

78.6%- 17,554.60

88.6%- 17,215.20

Conclusions from EOD chart analysis

(Fibonacci retracement levels)

As corrective Wave-(iv) of Wave-3 continuation which will correct up moves of Impulsive Wave-(iii) of Wave-3 according to Fibonacci Retracement levels therefore these levels have been updated above. 3 Crucial Level have been updated above because many times retracement completes at these levels. 

Nifty has retraced 38.2% level and after testing this level Nifty has recovered 438 points from lower levels in last 6 sessions as well as closed at the top of last 6 sessions last Friday. As strong recovery was seen from 38.2% level therefore first signal of on going correction completion has been emerged in previous week.

Nifty-Intra Day Chart Analysis

(03-Nov-2023)

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

Technical Patterns formation in today intraday charts

1- Whole day sideways trading with selling indications between 19211-19276

2- Whole day actual trading between 19211-19276

Conclusions from intra day chart analysis 

As all the Asian markets were trading with good gains and some were more than 1% up after previous day strong closing of US markets therefore sentiment turned Bullish and gap up strong opening of Indian markets was seen last Friday. Although such buoyant mood but whole day sideways trading was seen with selling indications therefore:- 

1- Firstly sustaining above last Friday highest should be watched in the beginning of next week for next decisive up moves beginning confirmations.

2- Sustaining below last Friday lowest will mean correction continuation towards 18837.80.

Conclusions

(After putting all studies together)

1- Long Term trend up.

2- Intermediate Term trend down.

3- Short Term trend is down.

Although some Arab countries have jumped into Israel-Hamas war to help Hamas and fear of Israel-Arab war escalation has been mounted but many Global Stock markets including Indian markets have shown good recovery from lower levels in previous week and Nifty has closed above the highest of last 6 sessions. As huge uncertainity and all the Global markets and Indian markets will react according to worsening or relaxation of this Global crisis therefore cautios approach adoption is must during Stock markets trading.

Corrective Wave-C of Wave-(iv) of Wave-3 continuation with recent bottom formations at 18837.80 on 26-10-2023. Although Pull Back Rally begun from this levels which is in continuation for the last 7 sessions with its highest formations at 19276.25 on 03-10-2023 and no confirmation of its completion yet on EOD and intraday charts but firstly sustaining beyond 19211-19276 should be firstly watched in next week for its continuation/completion confirmations.

Although MACD indicator is showing downward trend formation but Stochastic indicator is suggesting some up moves possibility therefore more down moves can not be ruled out. Nifty is trading between 100-Day SMA & 200-Day SMA for the last 9 sessions and finally sustaining beyond these 2 Averages will confirm next Trend therefore break out of these 2 Averages should be watched for next Trend formation confirmations.

Firstly watch sustaining beyond 19175 

amid firstly up moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(03-11-2023)

Nifty-Intra Day Chart (02-Nov-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 19146-19175

2- Selling between 19107-19129

3- Sharp fall

4- Up moves with downward corrections

5- Whole day actual trading between 19065-19175

Conclusions from intra day chart analysis 

Although firstly some up moves after gap up strong opening but selling developed at higher levels and after that follow up also selling after some down moves therefore sharp fall developed after 11:30 AM. 

As last  more than 3 hours up moves were seen with downward corrections therefore lower levels good intraday consolidation will also be understood and firstly up moves will be seen towards today highest. Firstly sustaining beyond today highest(19175) should be watched tomorrow because this levels is trading top of last 6 sessions and finally:-

1- Sustaining above 19175 will mean strong rally beginning after break out of last sessions trading range break out.

2- Sustaining below 19175 will mean down moves towards the lowest of last 6 sessions(18838)

Although still not completely recovered and unable to post Market Outlook of today(02-11-202) but most likely will update tomorrow outlook.

 As not recovered yet therefore unable to post tomorrows(01-11-2023) market Outlook

 As not feeling well therefore Stock market Outlook of 31-10-2023 is not being updated 

 For next big moves beginning firstly 

Watch Long Term trend decider 

200-Day SMA which is today at 18612

Technical Analysis,Research & Weekly Outlook

(Oct 30 to Nov 02,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (27-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 after life time top formations at 20222.45 on 15-09-2023. 

7- Corrective Wave-(iv) of Wave-3 continuation with recent bottom formations at 18837.80 on 26-10-2023. 

Conclusions from EOD chart analysis

(Waves structure)

As Geo-Political high tension due to Israel-Hamas war therefore most Global markets started melting hence resultant Nifty has fallen 1012 points in last 8 sessions from intraday highest on 17-10-2023 in which Nifty has slipped below the bottom of Wave-(v) of Wave-3 (19223.7) and Waves structure has to be recounted which has been done through given new Waves structure formations.

Now corrective Wave-(iv) of Wave-3 continuation with recent bottom formations at 18837.80 on 26-10-2023 and no confirmation of its completion yet on EOD and intraday charts. Let its completion confirmations come through its EOD and intraday charts then then next Up Trend will be considered.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (27-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 in Over sold zone.

2- Stochastic:- %K(5)- 12.09 & %D(3)- 07.57.

3- Stochastic is showing negative/positive divergence

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

5- MACD(26,12)- -144.35 & EXP(9)- -54.95 & Divergence- -89.4

Conclusions from EOD chart analysis

(Stochastic & MACD)

Corrective Wave-(iv) of Wave-3 continuation with recent bottom formations at 18837.80 on 26-10-2023,now positions of indicators are as follows;-

1- As in Stochastic its %K(5) line has intersected %D(3) line upward and its both lines are rising in Over sold zone therefore it has generated first strong signal of Short Term up moves beginning.

2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in negative zone therefore it is confirming Short term downward trend formations.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (27-Oct-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 19170 

2- 21-Day SMA is today at 19537

3- 55-Day SMA is today at 19582

4- 100-Day SMA is today at 19423 

5- 200-Day SMA is today at 18612

Conclusions from EO

 chart analysis (Averages)

As Nifty has slipped and closed  below all the Short Term and Intermediate Term Averages therefore confirming both these term Averages turning downward but Long Term Trend is still Up and safe because on going correction bottom( 18837.80) is more than 200 points above its decider 200-Day SMA(today at 18612). 

Testing of 200-Day SMA can not be ruled out in the coming week/weeks therefore firstly sustaining it beyond should be watched for next Long Term Trend confirmations.

Nifty-Intra Day Chart

Analysis(27-Oct-2023)

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

Technical Patterns formation in today intraday charts

1- Whole day slow up moves in rising channel

2- Whole day actual trading between 18927-19076

Conclusions from intra day

chart analysis 

As all the Asian markets were trading in Green and some were more than 1% plus also last Friday and resultant sentiment turned positive therefore strong opening of Indian markets. Although Nifty closed near the higher levels with 190 points gains but whole day up moves were slow and in rising channel as well as last Friday closing was near the lower line of rising channel therefore Nifty will firstly trade within last Friday trading range(18927-19076)and finally sustaining beyond this range will confirm next decisive moves beginning  which should be firstly watched in the coming week for next decisive moves beginning. 

Conclusions (After putting

all studies together)

1- Long Term trend up.

2- Intermediate Term trend down.

3- Short Term trend is down.

Corrective Wave-(iv) of Wave-3 continuation with recent bottom formations at 18837.80 on 26-10-2023 after Impulsive Wave-(iii) of Wave-3 completion and life time top formations at 20222.45 on 15-09-2023. 

Although Short Term indicator Stochastic is showing strong signals of upward moves possibility but MACD indicator is confirming Short term downward trend formations therefore finally fresh down moves may br seen after some up moves. 

As corrective Wave-(iv) of Wave-3 continuation and no confirmation of its completion yet on EOD charts and  Short & Intermediate Term trends are already down therefore firstly sustaining beyond Long Term trend decider 200-Day SMA(today at 18612) should be watched in the coming week for next big moves beginning confirmations after worsening Israel-Hamas war situation.

Watch levels amid Hamas Israel 

war escalation fear

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-10-2023)

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

Technical Patterns formation in today intraday charts

1- 266 Points doen moves in first 2 hours

2- More than 5 hours sideways trading between 18838-18903 

3- Whole day actual trading between 18838-19041

Conclusions from intra day chart analysis 

As most Asian markets were trading in Red and Dow Jones Futures was also weak today morning therefore firstly Nifty slipped 266 Points down in first 2 hours after gap down opening. More than 5 hours sideways trading between 18838-18903 in which one sided trading patterns were not seen therefore firstly sustaing beyond this range should be firstly watched tomorrow for next decisive moves beginning because all the Global markets are reacting on Hamas Israel war escalation fear.

Sustaining beyond 19075-19171 will

 confirm next intraday decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(26-10-2023)

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

Technical Patterns formation in today intraday charts

1- More than 1 hour selling between 19291-19347

2- More than 200 points down in the next two and half hour.

3- More than 2 hours sideways trading between 19075-19171

4- Whole day actual trading between 19075-19347

Conclusions from intra day chart analysis 

Although firstly some up moves after flat opening but selling was seen therefore down moves started which remained continued in the next two and half hour. As more than last 2 hours sideways trading between 19075-19171 therefore firstly sustaining beyond this range should be watched tomorrow for next intraday decisive moves beginning confirmations because Short Term indicators are completely Oversold and a jump from lower levels can not bE ruled out towards 19291.

Watch 19406 & 19608 amid firstly 

up moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(25-10-2023)

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

Technical Patterns formation in today intraday charts

1- Selling in first hour between 19525-19556

2- Sharp fall

3- Selling in Mid-Session between 19406-19489

4- 169 Points sharp fall in last hour

5- Whole day actual trading between 19258-19556

Conclusions from intra day chart analysis 

Following lines were told on 21-10-2023 in "Watch Levels for next trend confirmations amid escalating Israel-Hamas war":-

"firstly down moves are expected 

towards  above mentioned supports in the 

beginning of next week."

As was told 100% same happened 

and 

"Nifty closed 260 points down today" 

Conclusions from intra day chart analysis

As firstly selling in first hour therefore sharp fall was seen after that and follow up good selling in Mid-Session also hence 169 points sharp fall developed in last hour. 

Following 2 crucial levels have been broken down during today crash:-

1- Previous 20 Sessions trading range 19333-19849 broken down and Nifty closed below it at 19281.75 today.

2- Nifty closed well below Intermediate Term trend decider 55-Day SMA(today at 19608).

As Indian markets today crash was due to Geo-Political rising tension and Global markets weakness led therefore sustaining below above mentioned 2 levels should be firstly watched in the coming sessions for decisive down moves beginning confirmations. 

Although such crashing market today but very Short Term indicators have turned Oversold also therefore firstly up moves are expected towards 19406 in the coming sessions but decisive up moves will be seen only after sustaining above 55-Day SMA(today at 19608).

Watch Levels for next trend confirmations amid escalating Israel-Hamas war

Technical Analysis,Research & 

Weekly Outlook(Oct 23 to Oct 27,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (20-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 15-09-2023 but Short Term correction beginning from this level. 

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

6- Last 20 sessions sideways trading between 19333-19849

Conclusions from EOD chart analysis

(Waves structure)

Now impulsive Wave-(v) of Wave-3 continuation with recent and life time top formations at 20222.45 on 15-09-2023 and no confirmation of its completion yet on EOD Charts therefore possibility of Nifty moving above life time top(20222.45) can not be ruled out after on going Short Term Correction completion.

At present Short Term correction is in continuation but Nifty has turned sideways between 19333-19849 for the last 20 sessions and finally  sustaining beyond this range will confirm the life and length of on going correction which should be firstly watched in the coming week/weeks for deeper correction beginning confirmations below 19333 or fresh up moves beginning confirmations towards and above life time top above 19849. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (20-Oct-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)- 19.66 & %D(3)- 38.87.

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

4- MACD(26,12)- 7.32 & EXP(9)- -94.62 & Divergence- 101.94

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 downward and its both lines are falling within and towards Over sold zone therefore some more down moves can not be ruled out in the coming week. Let upward intersection happen then fresh up moves will be seen.

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive and negative zone therefore first signal of upward trend formation has been generated. Let its Average line to move into positive zone then decisive up moves will be seen after upward trend formation confirmations.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (20-Oct-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 19676  

2- 21-Day SMA is today at 19654 

3- 55-Day SMA is today at 19613

4- 100-Day SMA is today at 19402

5- 200-Day SMA is today at 18594 

Conclusions from EOD chart analysis

(Averages)

Nifty is hovering around near about Short and Intermediate term trend deciding Averages(5,21 & 55-Day SMAs). Intermediate term trend decider 55-Day SMA has turned flat while Short term trend decider 5 & 21-Day SMAs have started to move downward therefore clearly showing Short term trend turning downward signals.

As Nifty has closed below all the Short and Intermediate term deciding averagess(5,21 & 55-Day SMAs)) last Friday therefore generated stronger signals of Intermediate term trend turning down hence firrsly sustaining beyond its decider 55-Day SMA(today at 19613) should be watched in the coming week for deeper correction beginning or on going correction confirmations. 

Nifty-Last 20 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Oct 01 & Oct 01,2023):-

Technical Patterns formation in last 20 Sessions intraday charts

1- Selling(Resistances) in last 20 Sessions are as follows:-

A- 19519-19593 

B- 19628-19681 

C- 19685-19724 

D- 19819-19845

2- Consolidation(Supports) in last 20 Sessions are as follows:-

A- 19488-19540

B- 19343-19374

3- Sideways trading in last 20 Sessions are between 19333-19849

Conclusions from 20 Sessions

intra day chart analysis 

Last 20 Sessions sideways trading between 19333-19849 with above mentioned supports and resistances. As resistances seems stronger than supports and intraday selling was seen last Friday also therefore firstly down moves are expected towards above mentioned supports in the beginning of next week.

Firstly sustaining beyond last 20 sessions lowest(19333) should be watched in next week because sustaining below it will mean break down confirmation of more than 20 sessions like bigger trading range and resultant deeper correction beginning confirmations.

Nifty-Intra Day Chart Analysis

(20-Oct-2023)

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

Technical Patterns formation in today intraday charts

1- 50 Points up in first 18 minutes after weaker opening.

2- Whole day trading with selling patterns formation between 19519-19593

3- Whole day actual trading between 19519-19593

Conclusions from intra day chart analysis 

Although firstly 50 points up moves in first 18 minutes after weaker opening but whole day trading was seen with selling patterns formation between 19519-19593 therefore down moves are expected below last Friday lowest(19519) in the beginning of next week.

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.

Middle east crisis led Geo-political uncertainty and resultant Crude Price risen also in international markets therefore all the Global markets closed in red and many markets closed more than 1% down last Friday therefore Indian markets also remained subdued. 

Short Term Correction which begun from life time top(20222.45) is very much on and no indication of its completion yet on EOD charts. As last 20 Sessions like bigger period sideways trading near the bottom of on going correction between 19333-19849 therefore finally sustaining beyond this range will confirm the life and length of on going correction which should be firstly watched in the coming week/weeks for its confirmations.

Short Term trend is confirm down and Short Term indicators are showing some more down moves possibility as well as intraday charts of last Friday are showing selling patterns formations therefore some more down moves will be seen towards above mentioned supports in the beginning of next week and sustaining beyond last 20 sessions lowest(19333) should be finally watched in next week for correction completion or deeper correction beginning confirmations.  

Firstly following levels should be watched in next week during on going correction because next trend will get confirmations according to Israel-Hamas war escalation/de-escalation:-

1- Above mentioned next 2 supports ranges.

2- Sustaining beyond Intermediate Term trend decider 55-Day SMA which is today at 19613 because it will decide next 3 weeks to 3 months one sided moves.

3- Last 20 Sessions lowest(19333) for the life and length of on going correction.

 19513-19681 will confirm next 

decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-10-2023)

Nifty-Intra Day Chart (19-Oct-2023):-

Technical Patterns formation in today intraday charts

1- Down moves after 125 points weaker opening

2- Consolidation between 19513-19545

3- Consolidation between 19554-19593

4- Sharp up 

5- Selling between 19628-19681

6- Whole day actual trading between 19513-19681

Conclusions from intra day chart analysis 

Although firstly down moves after 125 points weaker opening but lower levels consolidation developed therefore sharp up moves were seen in Mid-session. As selling also in the last more than 3 hours which was near the intraday higher levels therefore whole day today trading will be understood with Mixed patterns formations within today trading range. 

Expected that Nifty will firstly trade within 19513-19681 and prepare for next decisive moves beginning within and near about today trading range(19513-19681) as well as finally sustaining it beyond will confirm it which should be watched in the coming sessions.