Finally on going rally continuation

 towards 22231.95 after expected

 Short Term correction completion

Technical Analysis,Research & Weekly Outlook

(Dec 04 to Dec 08,2023)

Live Proofs of our 100% accurate Nifty Anlysis

Following Topic was posted 2 weeks before in "Nov 20 to Nov 24,2023 Weekly Outlook":- 

"Finally fresh rally above Life Time Top after 

expected Short Term correction completion"

Following line was told in above topic:-

"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."

As was told 100% same happened and Nifty crossed previous life time top(20222.45) on 01-12-2023 and now "new life time top" is at 20291.55 

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (01-Dec-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 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 20 sessions with its recent high and new life time top formations at 20291.55 on 01-12-2023.

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 previous Waves structure completion at this level. Its Wave-3 has been divided into sub-Waves,now impulsive Wave-(v) of Wave-3 continuation with recent high and  new life time top formations at 20291.55 on 01-12-2023 as well as no indication of its completion yet on EOD and intraday charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (01-Dec-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 bought zone.

2- Stochastic:- %K(5)- 95.64 & %D(3)- 90.17.

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

4- MACD(26,12)- 232.97 & EXP(9)- 283.76 & Divergence- -50.79

Conclusions from EOD chart analysis

(Stochastic & MACD)

Position of Short Term 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 extreme Over bought zone therefore showing first signal of Short Term correction possibility in the coming week. 

2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore confirming uward trend formations and on going Rally continuation possibility. 

Nifty-Intra Day Chart Analysis

(01-Dec-2023)

Nifty-Intra Day Chart (01-Dec-2023):-

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- More than 5 hours trading with mixed Patterns formation between 20232-20291 

3- Whole day actual trading between 20183-20291

Conclusions from intra day chart analysis 

Although firstly consolidation through up moves with downward corrections after gap up strong opening but after that more than 5 hours trading with mixed Patterns formation between 20232-20291 therefore sustaining beyond this range should be firstly watched in the beginning of next week for:- 

1- Short Term correction beginning confirmations below 20232 or 

2- On going rally continuation confirmations above 20291.

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 for the last 20 sessions with its recent high and new life time top formations at 20291.55 on 01-12-2023 as well as no indication of its completion yet on EOD and intraday charts.

As per Elliott Wave theory maximum target of On going impulsive Wave-(v) of Wave-3) is at 22231.95. Its calculations are as follows:-

As per Elliott Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5. Now impulsive Wave-5 is on and it should not gain more points than Wave-3 has gained.

Impulsive Wave-i gained=2912.8 points(18096.2-15183.4)

Impulsive Wave-iii gained=3394.15 points(20222.45-16828.3)

Impulsive Wave-v has gained 1453.75 points till 01-12-2023(20291.55-18837.80)

As according to Elliott Wave theory Wave-5 can not gain more points than Wave-3 gained therefore on going impulsive Wave-5 will gain lesser points than 3394.15.

Impulsive Wave-5 started from 18837.80 on 26-10-2023 and it has to gain less than 3394.15 points therefore maximum target of on going impulsive Wave-5 is 22231.95(18837.80+3394.15)

Although MACD indicator is confirming uward trend formations and on going Rally continuation possibility but Short Term indicator Stochastic is showing first signal of Short Term correction possibility in the coming week which may also be seen. Finally on going rally(Impulsive Wave-(v) of Wave-3) will remain continued towards 22231.95 after expected Short Term correction completion which may be sideways also.

Up moves above today highest with

 new life time top formation possibility

 above 20222.45

Nifty-Intra Day Chart Analysis & 

Market Outlook(01-12-2023)

Nifty-Intra Day Chart (30-Nov-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 20107-20128

2- Sharp fall

3- Consolidation between 20045-20101(immediate supports)

4- Up moves with downward corrections

5- Whole day actual trading between 20016-20158

Conclusions from intra day chart analysis 

As firstly some selling after positive opening therefore sharp fall was seen in first hour but lower levels good consolidation developed and after that up moves were with downward corrections which is a consolidation pattern also hence up moves above today highest will be seen tomorrow that may form new life time top above 20222.45.

Finally up moves above life time highest

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-11-2023)

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

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections 

2- Whole day actual trading between 19956-20105

Conclusions from intra day chart analysis 

As whole day up moves with downward corrections after Gap up strong opening and today closing was near the higher levels of the day with more than 1% gains therefore finally up moves are expected above life time highest(20222.45) in the coming sessions.

 As still out of station therefore unable to post tomorrow(29-11-202!) outloom

 As out of station therefore unable to post Market Outlooks of tomorrow(27-.11-2023). 

 As out of station therefore unable to post tomorrow(24-.11-2023) Outlook. 

 Firstly watch sustaining beyond 19704-19825 for next decisive moves beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-11-2023)

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

Technical Patterns formation in today intraday charts

1- Selling between 19788-19825

2- Sharp down

3- Consolidation between 19704-19755

4- Sharp up

5- Sideways between 19799-19816

6- Whole day actual trading between 19704-19825

Conclusions from intra day chart analysis 

Although firstly some up moves after flat opening but higher levels good selling therefore sharp fall was seen after that. As lower levels consolidation also developed therefore sharp up moves were seen after that. 

As both lower levels consolidation and higher levels selling developed today therefore whole day today intraday trading will be understood with Mixed patterns formations between 19704-19825 and Nifty will firstly trade as well as prepare for next decisive moves within this range. Firstly sustaining beyond today trading range(19704-19825) should be watched tomorrow for next decisive moves beginning confirmations.

Up moves above today highest 

Nifty-Intra Day Chart Analysis & 

Market Outlook(22-11-2023)

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

Technical Patterns formation in today intraday charts

1- Consolidation between 19758-19788

2- Sharp up  

3- Selling between 19800-19829

4- Sharp down

5- Down moves in Bullish Falling Channel

6- Whole day actual trading between 19755-19829

Conclusions from intra day chart analysis 

As firstly consolidation after gap up opening therefore sharp up moves were seen after that but some selling developed at higher levels therefore sharp down moves were seen in Mid-session. Down moves in Bullish Falling Channel also developed after some up moves in last 2 hours therefore whole day good intraday consolidation will be understood and up moves above today highest(19829.10) is expected in the coming sessions.

 As not feeling well therefore unable to 

post today(21-11-2023) Outlook 

 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.