Emergence of Short to Intermediate Term correction possibility

Technical Analysis,Research & Weekly Outlook

(Mar 11 to Mar 15,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (07-Mar-2024):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of previous Waves structure "ABC correction" completion at 15183.40 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.

2- Impulsive Wave-1 completion at 18887.60 on 01-12-2022.

3- Corrective Wave-2 completion at 16828.30 on 20-03-2023.

4- Impulsive Wave-(i) of Wave-3 completion at  20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

7- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.

8- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.  

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

10- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22525.70 on 07-03-2024.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure begun from 15183.4 on 17-06-2022 after corrective Wave-C of "ABC correction" of previous Waves structure completion at this level. Impulsive Wave-1 completed at 18887.60 on 01-12-2022 and corrective Wave-2 begun from this level which completed at 16828.30 on 20-03-2023. 

Impulsive Wave-3 started from 16828.30 on 20-03-2023 and now its Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 22525.70 on 07-03-2024 as well as no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Wave-3 structure)

Nifty-EOD Chart (07-Mar-2024):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(i) of Wave-3 completion at  20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

2- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.

3- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.  

4- Corrective Wave-C of Wave-(ii) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 beginning. 

5- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22525.70 on 07-03-2024.

6- Bearish Rising Wedge pattern formations.

Conclusions from EOD chart analysis

(Wave-3 structure)

Although now Wave-(iii) of Wave-3 is in continuation and no confirmation of its completion yet on EOD charts but 'Bearish Rising Wedge" pattern formation is being seen on EOD charts and it has shown signals of Short to Intermediate Term correction beginning possibility therefore remain cautious in the coming week/weeks.

Nifty-EOD Chart Analysis

(Wave-(iii) of Wave-3 Trendline)

Nifty-EOD Chart (07-Mar-2024):-

Technical Patterns and Formations in EOD charts

1- Trendline formations in Wave-(iii) of Wave-3. 

Conclusions from EOD chart analysis

(Wave-(iii) of Wave-3 Trendline)

Impulsive Wave-(iii) of Wave-3 is moving up with its Trendline formations. As valid break down of this Trendline will confirm next Short to Intermediate Term correction beginning therefore it should be finally watched in the coming week/weeks for the confirmations of such correction beginning.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (07-Mar-2024):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 89.87 & %D(3)- 90.64.

3- Stochastic is showing negative divergence

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

5- MACD(26,12)- 202.53 & EXP(9)- 208.50 & Divergence- -5.97

6- MACD is showing negative divergence

Conclusions from EOD chart analysis

(Stochastic & MACD)

Technical positions of Short Term indicators are as follows;-

1- As in Stochastic indicator its %K(5) line has intersected %D(3) line upward and and its Both lines are kissing in Over bought zone as well as Stochastic is showing negative divergence therefore it will be understood that this indicator is showing Short Term correction beginning possibility.

2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are kissing in the positive zone as well as MACD is showing negative divergence therefore it will be understood that this indicator is showing stronger signals of downward trend formations possibility.

Nifty-Intra Day Chart Analysis

(07-Mar-2024)

Nifty-Intra Day Chart (07-Mar-2024):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels

2- Consolidation between 22437-22466

3- Sharp up

4- Selling between 22494-22523

5- Whole day actual trading between 22431-22525

Conclusions from intra day chart analysis 

Although gap up opening but firstly down moves started and Nifty traded 44 points negaive also. As these down moves were in Bullish Falling Channels and after that  lower levels consolidation also developed therefore sharp up moves were seen after 11:00 AM.

As intraday selling developed in last more than 4 hours after lower levels consolidation patterns formations therefore whole day last Thursday trading will be understood with Mixed patterns formations between 22431-22525 and firstly sustaining beyond this range should be watched in the beginning of coming week for the next Short Term moves beginning confirmations. 

Conclusions (After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term Trend is up.

Although Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22525.70 on 07-03-2024 and no confirmation of its completion yet on EOD and intraday charts but "Bearish Rising Wedge" pattern has been formed on EOD charts and indicators are also showing Short Term correction beginning possibility. As on going Impulsive Wave-(iii) of Wave-3 is now moving up with its trendline formations and finally valid break down of its trendline will confirm next Short to Intermediate Term correction beginning therefore it should be watched in the coming week/weeks for such correction beginning confirmations.

As intraday mixed patterns formations were seen between 22431-22525 last Thursday therefore Nifty will firstly trade and prepare for next Short Term moves within and near about last thursday trading range in the beginning of next week. Finally sustaining below last thursday trading range will confirm next Short Term moves beginning hence it should be firstly watched in the coming week for its confirmations. 

Although higher levels good intraday selling was seen last Thursday but complete selling paterns are must for Short to Intermediate Term correction beginning. As "Bearish Rising Wedge" pattern formations and Indicators are also showing signals of correction beginning therefore it will be understood that Correction is on Cards. 

Fresh intraday selling patterns formation in the coming week will mean high possibility of Short to Intermediate Term correction beginning and its final confirmation will be above mentioned Trendline break down. Let all this firstly happen in the coming week/weeks then correction will be seen towards following next supports which are below last week closing. As Short to Intermediate Term correction beginning possibility has emerged therefore finally following next supports should also be watched one by one for correction continuation/completion confirmations:-

1- 22437-22466

2- 22225-22344

3- 22146-22210  

4- 21861-21962

5- 21795-21860

6- 21653-21690

7- 21544-21628

More up moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(07-03-2024)

Nifty-Intra Day Chart (06-Mar-2024):-

Technical Patterns formation in today intraday charts

1- More than 4 hours consolidation between 22225-22344

2- Sharp up

3- Up moves with downward corrections in last 2 hours

4- Whole day actual trading between 22225-22497

Conclusions from intra day chart analysis 

As higher levels selling in last 2 sessions therefore firstly Nifty slipped 130 points but lower levels more than 4 hours conoslidation developed therefore:- 

1- Firstly sharp up moves were seen and after that 

2- Up moves with downward corrections were also seen in last 2 hours

Only intraday consolidation patterns formation today and intraday selling patterns were not seen today as well as today closing was at life time highest therefore more up moves are expected tomorrow

 Finally valid break out of today trading

 range will confirm next decisive 

moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-03-2024)

Nifty-Intra Day Chart (05-Mar-2024):-

Technical Patterns formation in today intraday charts

1- Selling between 22360-22378

2- Downward moves

3- Consolidation between 22270-22304

4- Upward moves

5- Sharp up

6- Selling between 22365-22408

7- Whole day actual trading between 22270-22416

Conclusions from intra day chart analysis 

As firstly selling after negative opening today and most time selling was seen yesterday also therefore Nifty traded 136 points down in first 2 hours. Although up moves were seen in Mid-session after lower levels some consolidation but follow up selling developed in last hours therefore Nifty closed in Red today. As both lower levels consolidation and higher levels selling today therefore expected that Nifty will firstly trade and prepare tomorrow for next decisive moves within today trading range. Let Nifty to prepare for it within today trading range then will be decided according to intraday patterns formations and finally next decisive moves beginning confirmation will be after sustaining beyond or forceful break out of above mentioned today trading range.

Down moves below today lowest 

& towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-03-2024)

Nifty-Intra Day Chart (04-Mar-2024):-

Technical Patterns formation in today intraday charts

1- Most time selling between 22385-22440

2- Whole day actual trading between 22359-22440

Conclusions from intra day chart analysis 

Although most time positive zone trading after Green opening but most time selling was seen was also seen between 22385-22440 therefore down moves are expected below today lowest and towards next supports between 22146-22210. Firstly sustaining beyond 22146-22210 should be watched tomorrow for next intraday secisive moves beginning confirmations. 

Strong GDP news led rally continuation & correction beginning only after fresh selling patterns formations

Technical Analysis,Research & Weekly 

Outlook(Mar 04 to Mar 07,2024)

Nifty-Weekly Chart Analysis

(Waves structure)

Nifty-Weekly Chart (01-Mar-2024):-

Technical Patterns and Formations in Weekly charts

1- Corrective Wave-C of previous Waves structure "ABC correction" completion at 15183.40 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.

2- Impulsive Wave-1 completion at 18887.60 on 01-12-2022.

3- Corrective Wave-2 completion at 16828.30 on 20-03-2023.

4- Impulsive Wave-(i) of Wave-3 completion at  20222.45 on 15-09-2023.  

5- Corrective Wave-(ii) of Wave-3 completion at 18837.80 on 26-10-2023. 

6- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22353.30 on 01-03-2024.

Conclusions from Weekly chart analysis

(Waves structure)

Corrective Wave-C of "ABC correction" of previous Waves structure completed at 15183.4 on 17-06-2022 and from this level Impulsive Wave-1 of new Waves structure begun. Impulsive Wave-1 of this waves structure completed at 18887.60 on 01-12-2022 and corrective Wave-2 started from this level which completed at 16828.30 on 20-03-2023. Impulsive Wave-3 begun from 16828.30 on 20-03-2023 and now its Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 22353.30 on 01-03-2024 as well as no confirmation of its completion yet on EOD charts and Weekly charts.

Nifty-Weekly Chart Analysis

(Stochastic & MACD)

Nifty-Weekly Chart (01-Mar-2024):-

Technical Patterns and Formations in Weekly 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)- 94.14 & %D(3)- 84.50.

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

4- MACD(26,12)- 1106.91 & EXP(9)- 1059.11 & Divergence- 47.80

Conclusions from Weekly chart analysis

(Stochastic & MACD)

Technical positions of Short Term indicators are as follows;-

1- As in Stochastic indicator  %K(5) line has intersected %D(3) line upward and its both lines are rising in Over bought zone therefore on going rally continuation is expected expected in the coming week.

3- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore it is clear that this indicator is confirming upward trend with up moves continuation possibility.

Nifty-Intra Day Chart Analysis

(01-Mar-2024)

Nifty-Intra Day Chart (01-Mar-2024):-

Technical Patterns formation in today intraday charts

1- Up moves after positive opening

2- Consolidation between 22146-22210

3- Sharp up

4- Last 4 hours up moves with downward corrections

5- Whole day actual trading between 22048-22353

Conclusions from intra day chart analysis 

The data released by the Ministry of Statistics and programme Implementation on February 29 showed that:-

1- India's GDP growth zooms to 8.4% in Q3. This is the strongest growth since the second quarter of 2022,  beating forecasts of 6.6%.

2- The NSO, in its second advance estimate of national accounts, pegged the country's growth at 7.6 per cent for 2023-24.

As such strong GDP growth rate data released on 29-02-2024 therefore on next day ie last Friday firstly up moves were seen after positive opening and fresh consolidation developed at intraday higher levels as well as after this Nifty moved up sharply. Last 4 hours up moves were with downward corrections which means that fresh consolidation at intraday higher levels also and intraday selling patterns were not seen last Friday therefore more up moves are expected in the coming sessions.

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-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22353.30 on 01-03-2024 and no indication of its completion yet on EOD and intraday charts. As Intermediate Term indicators are suggeting on going rally continuation and in traday charts of last Friday is also showing only consolidation patterns therefore on going rally will remain continued in the beginning of coming week

As Weekly indicator Stochastic is in Overbought zone and MACD is near life time high therefore it will be understood that Indian markets are mature for Intermediate Term correction. Let selling patterns complete on EOD charts and complete selling patterns develop on intradat charts then Short to intermediate term correction will be seen. Nifty closed near life time highest last Friday therefore there is no resistances. Immediate supports below last Friday closing aae as follows:-

1- 22146-22210  

2- 21861-21962

3- 21795-21860

4- 21653-21690

5- 21544-21628

New life time top formations with 356 points gains was seen last Friday after the news of India's GDP growth zooming to 8.4% in Quarter-3 of FY24 and FY 2023-24 growth pegged at 7.6%. AS intraday selling patterns were not seen last Friday therefore strong GDP news led on going rally will remain continued in the coming sessions and correction beginning will be considered only after fresh selling patterns formations on intraday charts and on going selling patterns completion on EOD charts.

Sustaining beyond 21861-22007 will confirm next intraday decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(01-03-2024)

Nifty-Intra Day Chart (29-Feb-2024):-

Technical Patterns formation in today intraday charts

1- 90 Points down in first hour

2- Almost whole day sideways trading between 21861-22007

3- Whole day actual trading between 21861-22060

Conclusions from intra day chart analysis 

As whole day good intraday selling yesterdy therefore firstly Nifty moved down 90 points in first hour. As Nifty traded almost whole day sideways between 21861-22007 and one sided intraday trading patterns were not seen therefore firstly sustaining beyond this trading range should be watched tomorrow for next intraday decisive moves beginning confirmations.

Down moves continuation

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-02-2024)

Nifty-Intra Day Chart (28-Feb-2024):-

Technical Patterns formation in today intraday charts

1- Selling between 22185-22229

2- Sharp fall

3- Selling between 22016-22081

4- Down moves

5- Selling between 21975-22048

6- Whole day actual trading between 21916-22229

Conclusions from intra day chart analysis 

Although firstly some up moves after positive opening but in previous 5/6 sessions intraday selling was seen near about today highest and fresh selling developed today also therefore Nifty could not sustain and falled sharply. As more intraday selling was seen in Mid-session and last hours also therefore whole day good intraday sessiong developed today and down moves will remain continued below today highest in the in coming session. 

Watch 22076-22218 for next one sided big moves beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-02-2024)

Nifty-Intra Day Chart (27-Feb-2024):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with lower levels supports and higher levels selling

2- Whole day actual trading between 22086-22218

Conclusions from intra day chart analysis 

Although negative opening today but up moves started which remained continued till last half hour. As whole day up moves were with lower levels supports and higher levels selling as well as almost whole day today trading was within and near about yesterday trading range(22076-22202) therefore expected that firstly Nifty will trade and prepare for next decisive within last 2 sessions trading range(22076-22218). Fiinally sustaining beyond last 2 sessions trading range should be watched tomorrow for next one sided big movew beginning confirmations.

Finally down moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-02-2024)

Nifty-Intra Day Chart (26-Feb-2024):-

Technical Patterns formation in today intraday charts

1- Up moves after gap down opening

2- Sharp fall

3- Selling between 22122-22151

4- Consolidation between 22076-22112

5- Selling between 22121-22174

6- Whole day actual trading between 22076-22202

Conclusions from intra day chart analysis 

Live Proofs of our 100% accurate

Nifty predictions & Analysis

Following lines were told on 24-02-2024 in "Short Term correction on cards":-

Nifty will move below the lowest of last 

Friday in the beginning on next week.

As was told last Friday 100% same happened today and:-

1- Nifty opened below last Friday lowest ie gap down opening was seen today

2- Nifty closed 90 points down today

Although some up moves were seen after gap down opening today but not sustaining at intraday higher levels and immediately sharp fall developed because good intraday selling was seen last Friday. As fresh selling in Mid Session and last hour also therefore finally down moves are expected below today lowest but firstly sideways trading will be seen within today trading range(22076-22202) because some consolidation was also seen above today lowest.

Short Term correction on cards

Technical Analysis,Research & Weekly Outlook

(Feb 26 to Mar 01,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (23-Feb-2024):-

Technical Patterns and Formations in EOD charts

 

1- Corrective Wave-C of previous Waves structure "ABC correction" completion at 15183.40 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.

2- Impulsive Wave-1 completion at 18887.60 on 01-12-2022.

3- Corrective Wave-2 completion at 16828.30 on 20-03-2023.

4- Impulsive Wave-(i) of Wave-3 completion at  20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

7- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.

8- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.  

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

10- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22297.50 on 23-02-2024.

Conclusions from EOD chart analysis

(Waves structure)

As per given previous Waves structure maximum target of Wave-3 was at 22231.95 but Nifty moved aove it in previous week therefore Waves structure has been recounted according to in above given manner which is according to "Elliott Waves theory". 

As per present Waves structure Impulsive Wave-1 of new Waves structure started from 15183.4 on 17-06-2022 after corrective Wave-C of "ABC correction" of previous Waves structure completion at this level. Impulsive Wave-1 completed at 18887.60 on 01-12-2022 and corrective Wave-2 begun from this level which completed at 16828.30 on 20-03-2023. Impulsive Wave-3 started from 16828.30 on 20-03-2023 and now its Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 22297.50 on 23-02-2024 as well as no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (23-Feb-2024):-

Technical Patterns and Formations in EOD charts

1- Beaish Rising Wedge pattern formations

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

3- Stochastic:- %K(5)- 75.96 & %D(3)- 79.76.

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

5- MACD(26,12)- 235.97 & EXP(9)- 144.91 & Divergence- 91.06

Conclusions from EOD chart analysis

(Stochastic & MACD)

Technical positions of Short Term indicators are as follows;-

1- As Beaish Rising Wedge pattern formation is being seen on EOD charts and it has shown signals of Short to Intermediate Term correction beginning possibiliy which will be seen in the coming week/weeks.

2- As in Stochastic indicator its %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone therefore Short Term correction beginning is expected in the coming week.

3- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore it will be understood that this indicator is suggesting upward trend formations and up moves continuation possibility.

Nifty-Last 7 Sessions intraday

charts analysis

Nifty-Intra Day Chart (Feb 15 to Feb 23,2024):-

Technical Patterns formation in last 7 Sessions intraday charts

1- Selling(Resistances) in last 7 sessions are as follows:-

A-  22202-22281

2- Consolidation(Supports) in last 7 sessions are as follows:-

A- 21954-21969(Gap Support) 

B- 21795-21931 

3- Last 7 Sessions actual trading between 21795-22297 

Conclusions from 7 Sessions 

intra day chart analysis 

Last 7 Sessions trading between 21795-22297 with above mentioned supports and resistances. Although Nifty closed near the higher levels of last 7 sessions but resistances are strong therefore firstly sustaining beyond last 7 sessions trading range should be watched in the coming week/weeks for next decisive moves beginning confirmations.

Nifty-Intra Day Chart Analysis

(23-Feb-2024)

Nifty-Intra Day Chart (23-Feb-2024):-

Technical Patterns formation in today intraday charts

1- Selling Patterns formations between 22234-22281

2- Whole day actual trading between 22187-22297

Conclusions from intra day chart analysis 

Although little up moves after gap up strong opening last Friday but most time intraday  selling Patterns formations were seen between 22234-22281 therefore expected that Nifty will move below the lowest of last Friday in the beginning on 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.

Although Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 22297.50 on 23-02-2024 as well as no confirmation of its completion yet on EOD charts but "Beaish Rising Wedge" pattern formations has also been seen in the last 2 months therefore Short to Intermediate Term correction beginning possibiliy has been emerged which will also seen towards above mentioned supports in the coming week/weeks. 

As MACD indicator is showing upward trend formations therefore finally up moves continuation will be seen but firstly Short Term correction is expected because due to following technical reasons it is on cards:-

1- Stochastic indicator is showing Short Term correction beginning posssibility in the coming week

2- Intraday charts of previous sessions are showing good intraday selling at higher levels. 

Finally immediate resistance will confirm next intraday decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-02-2024)

Nifty-Intra Day Chart (22-Feb-2024):-

Technical Patterns formation in today intraday charts

1- Minor selling in first hour between 22044-22067

2- Sharp fall 

3- More than 3 hours consolidation between 21876-21984

4- Up moves 

5- Down moves in Bullish Falling Channel

6- Up moves 

7- Up moves in Bearish Rising Channel

8- Whole day actual trading between 21876-22252

Conclusions from intra day chart analysis 

As higher levels good intraday selling yesterday and little selling in first hour also today therefore sharp fall was seen in first hour and Nifty slipped 206 points in first 2 hours. Although such weakness but lower levels more than 3 hours consolidation therefore up moves started which remained continued till last Minutes. As  last half hour up moves were in Bearish Rising Channel which is a signal of higher levels some selling also therefore expected that Nifty will firstly trade within and near about immediate resistance range(22202-22249) tomorrow and finally sustaining it beyond will confirm next intraday decisive moves. 

 As I9 was out of station therefore I could not post today Outlook but will positively update tomorrow(23-02-2024) Outlook. 

 As out of station therefore unable 
to post today(21-02-2024) Outlook. 

Firstly sideways trading and finally sustaining beyond 22022-22186 will confirm next decisive moves

Nifty-Intra Day Chart Analysis & Market 

Outlook(20-02-2024)

Nifty-Intra Day Chart (19-Feb-2024):-

Technical Patterns formation in today intraday charts

1- Firstly down moves after positive opening

2- Up moves with downward corrections

3- Selling between 22139-22186

4- Whole day actual trading between 22022-22186

Conclusions from intra day chart analysis 

Although firstly down moves after positive opening but lower levels consolidation was seen through up moves with downward corrections. As higher levels more than 3 hours selling also after new life time top formations therefore whole day today trading will be understood with Mixed patterns formations  

As  one sided intraday trading pattrens were not seen today therefore expected that Nifty will firstly trade and prepare for next decisive moves within and near about today trading range. Finally sustaining beyond today trading range will confirm next decisive moves beginning therefore it should be watched  in the coming session for one sided next decisive moves beginning confirmations. 

View is cautious & Watch levels amid deeper correction beginning possibility

Technical Analysis,Research & Weekly Outlook

(Feb 19 to Feb 23,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (16-Feb-2024):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of previous Waves structure "ABC correction" completion at 15183.40 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.

2- Impulsive Wave-1 completion at 18096.20 on 15-09-2022.

3- Corrective Wave-2 completion at 16747.70 on 30-09-2022.

4- Impulsive Wave-(i) of Wave-3 completion at 18887.60 on 01-12-2022.

5- Corrective Wave-(ii) of Wave-3 completion at 16828.30 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 19333.60 on 04-10-2023.

8- Wave-B of Wave-(iv) of Wave-3 completion at 19849.80 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 with its recent high and new life time top formations at 22126.80 on 02-02-2024.

11- Last 12 Session trading between 21531-22126

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-C of previous Waves structure "ABC correction" completed at 15183.40 on 17-06-2022 and from this level Impulsive Wave-1 of new Waves structure started. Impulsive Wave-3 of this waves structure begun from 16747.70 on 30-09-2022 after corrective Wave-2 completion at this level. Now Impulsive Wave-(v) of Wave-3 is in continuation with its recent high and new life time top formations at 22126.80 on 02-02-2024 as well as no confirmation of its completion yet on EOD charts and intraday charts. Last 12 Session trading between 21531-22126 and finally sustaining beyond this range will confirm next trend formations therefore it should also be watched in the coming week/weeks for next trend formations and big movrs beginning confirmations.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (16-Feb-2024):-

Technical Patterns and Formations in EOD charts

1- Expanding Triangle Pattern formations

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

3- Stochastic:- %K(5)- 83.02 & %D(3)- 61.65.

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

5- MACD(26,12)- 116.95 & EXP(9)- 82.67 & Divergence- 34.28

Conclusions from EOD chart analysis

(Stochastic & MACD)

Technical positions of Short Term indicators are as follows;-

1- As Expanding Triangle Pattern formation is being seen on EOD charts and finally its lines(upper or lower) valid break out will confirm next Trend therefore it should also be watched in the coming week/weeks for next trend formation confirmations 

2- As in Stochastic indicator %K(5) line has intersected %D(3) line upward and its both lines are rising towards Over bought zone and still not turned Ovrerbought yet therefore scope of some more up moves are stll left.

3- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore it will be understood that this indicator has started to show fresh signals of Upwards trend formations.

Nifty-EOD Chart Analysis

(Rising Channel Pattern)

Nifty-EOD Chart (16-Feb-2024):-

Technical Patterns and Formations in EOD charts

1- Rising Channel Pattern-1 formations

2- Rising Channel broken down on 17-01-2024

2- Rising Channel Pattern-2 formations

Conclusions from EOD chart analysis

(Rising Channel Pattern)

Impulsive Wave-(v) of Wave-3 is in continuation with 2 Rising Channel Patterns formations in which 1st Channel was forcefully broken down on 17-01-2024 and now Rising Channel Pattern-2 in on. Although new life time top formation was seen within this channel-2 on 02-02-2024 but could not sustain above it and finally Nifty closed within Channel-2 same day. As sustaining beyond or valid break out/down of Rising Channel Pattern-2 will generate 1st strong signal of next trend formations therefore finally it should also be watched for next trend formation confirmations.

Nifty-Last 12 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Feb 01 to Feb 16,2024):-

Technical Patterns formation in last 12 Sessions intraday charts

1- Selling(Resistances) in last 12 sessions are as follows:-

A- 22029-22126

B- 21947-22018

2- Consolidation(Supports) in last 12 sessions are as follows:-

A- 21954-21969(Gap Support) 

B- 21795-21931 

C- 21653-21690

D- 21544-21628

3- Mixed patterns formations between 22007-22068

4- Last 12 Session trading between 21531-22126  

Conclusions from 12 Sessions

intra day chart analysis 

Last 12 Session trading between  21531-22126 with above mentioned intraday patterns. As above mentioned multiple supports and resistances are lying between 21531-22126 therefore Nifty will firstly trade within last 12 sessions trading range in next week.

As firstly sustaining beyond last Friday Mixed patterns formations range(22007-22068) will generate first signal of next trend formation therefore it should be firstly watched in next week as well as finally sustaining beyond last 12 sessions trading range(21531-22126) will confirm next trend hence it should also be watched for next trend formation and next big moves beginning confirmations.

Nifty-Intra Day Chart Analysis

(16-Feb-2024)

Nifty-Intra Day Chart (16-Feb-2024):-

Technical Patterns formation in today intraday charts

1- Down moves after gap up opening

2- More than 5 hours trading with mixed patterns formation between 22007-22068

3- Whole day actual trading between 21969-22068

Conclusions from intra day chart analysis 

Although gap up opening last Friday but firstly down moves were seen below 22000. As more than 5 hours trading was seen with mixed patterns formation also between 22007-22068 after some recovery from intraday lower levels therefore:- 

1- Nifty will firstly trade and prepare for next decisive moves between and near about 22007-22068 in the beginning of next week.

2- Finally sustaining beyond 22007-22068 will confirm next decisive moves beginning. 

Conclusions (After putting

all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term Trend is sideways for the last 12 sessions between  21531-22126

Impulsive Wave-(v) of Wave-3 is now in continuation and no confirmation of its completion yet on EOD charts. Although Nifty is moving up with "Expanding Triangle Pattern" formations but within it "2 Rising Channel Patterns" have also been formed. As up moves force have been slowed down within these channels in last 2 months and once sustaining below its rising lower lines will mean deeper correction beginning therefore remain cautious.

As Short term indicators are showing signals of some more up moves and intraday charts of last Friday have not shown clear selling signals also therefore some more up moves towards above mentioned resistances may also be seen in the beginning of next week but until Nifty will not sustain above upper lines of "Rising channels" till then decisive up moves will not be seen.

Although Nifty closed at the weekly highest last Friday but above mentioned patterns on EOD Charts are showing signals of deeper correction beginning possibility therefore view is caution and firstly  watch sustaning beyond or valid break out/down of:-

1- Above mentioned supports and resistances between last 12 Session trading range(21531-22126).

2- Expanding Triangle Pattern.   

3- 2 Rising Channel Patterns.

More up moves towards next resistances

Nifty-Intra Day Chart Analysis & Market 

Outlook(16-02-2024)

Nifty-Intra Day Chart (15-Feb-2024):-

Technical Patterns formation in today intraday charts

1- Consolidation between 21795-21915

2- Sharp up

3- Consolidation between 21875-21931

4- Whole day actual trading between 21795-21953

Conclusions from intra day chart analysis 

Although firstly down moves after positive opening but lower levels consolidation developed which remained continued more than 4 hours therefore sharp up moves were seen after that. As follow up consolidation in last hours also therefore more up moves will be seen tomorrow towards following next resistances and sustaining its beyond  should also be watched one by one tomorrow for next intraday decisive moves beginning confirmations:-

1- 21947-22018

2- 22029-22126

Firstly watch next resistances amid

 more up moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(15-02-2024)

Nifty-Intra Day Chart (14-Feb-2024):-

Technical Patterns formation in today intraday charts

1- Down moves after 165 points weaker opening

2- Up moves with downward corrections

3- Sharp up moves in last 2 hours

4- Whole day actual trading between 21531-21870

Conclusions from intra day chart analysis 

Although firstly down moves after 165 points weaker opening and Nifty slipped 212 points also in first 15 minutes but up moves started with downward corrections which remained continued more than 3 hours. It means that lower levels good consolidation developed therefore sharp up moves begun which remained continued till last half hour. 

As intraday selling patterns were not seen today therefore more up moves are expected towards next resistances(21947-22018) and firstly sustaining it beyond should be watched tomorrow for next intraday decisive moves beginning confirmations.

Down moves expectations towards/below

 today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(14-02-2024)

Nifty-Intra Day Chart (13-Feb-2024):-

Technical Patterns formation in today intraday charts

1- 120 Points sharp fall in first 7 minutes after positive opening

2- Up moves with downward corrections

3- Selling Patterns formation between 21683-21766

4- Whole day actual trading between 21544-21766

Conclusions from intra day chart analysis 

Although positive opening but firstly 120 points sharp fall was seen in first 7 minutes and after that up moves were also seen with downward corrections which means that lower levels supports and consolidation developed in first hour. As higher levels selling Patterns formations between 21683-21766 in the last 5 hours therefore down moves are expected below 21683 and towards today lowest(21544) in the coming sessions as well as firstly sustaining beyond today lowest should be watched tomorrow for next decisive move beginning confirmations despite today closing was with 0.59% gains. Next immediate supports below 21683 are as follows:-

1- 21468-21571

2- 21248-21311

Up moves expectations towards 

today highest

Nifty-Intra Day Chart Analysis & Market

 Outlook(13-02-2024)

Nifty-Intra Day Chart (12-Feb-2024):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Consolidation between 21575-21726

3- Whole day actual trading between 21575-21831

Conclusions from intra day chart analysis 

Although firstly some up moves after flat opening but down moves started which remined continued till 01:00 PM. As these Down moves were in Bullish Falling Channel and except this lower levels consolidation also therefore up moves are expected towards today highest(21831) but firstly sustaining above 21726 should also be watched tomorrow for next decisive moves beginning confirmations.

Watch Levels amid Parliamentary Election news led high volatility & Short to Intermediate Term correction beginning possibility

Technical Analysis,Research & Weekly Outlook

(Feb 12 to Feb 16,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (09-Feb-2024):-

Technical Patterns and Formations in EOD charts

 

1- 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. 

2- Impulsive Wave-(v) of Wave-3 continuation with its recent high and new life time top formations at 22126.80 on 02-02-2024.

3- Ascending Channel formations

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-(v) of Wave-3 started from 18837.80 on 26-10-2023 after corrective Wave-C of Wave-(iv) of Wave-3 completion at this level and now is in continuation with its recent high and new life time top formations at 22126.80 on 02-02-2024 as well as no confirmation of its completion yet on EOD charts. 

As per Elliott Wave theory maximum target of on going impulsive Wave-(v) of Wave-3) at 22231.95 was explained with its calculations in previous week weekly Outlook(Feb 05 to Feb 09,2024) in the topic named "Watch Levels amid maximum target of on going Wave at 22231.95". It was also told in this topic that on going Impulsive Wave-(v) of Wave-3 has gained 3289.00 till now and as per Elliott Wave theory it will not gain more than 3394.15 points which mean that now this wave can not gain more than 105.15 points(3394.15-3289.00). Although now Nifty is trading(Previous closing at 21,782.50) little below its maximum target(22231.95) and recent high(22126.80) but remain watchful and cautious because coming weeks and months may remain Parliamentary Elections news flow led highly volatile.

Now Nifty is moving within Ascending Channel. As its valid break out/down with generate first strong signal of next Trend formations and big moves beginning therefore it should also be watched in the coming weeks and months.  

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (09-Feb-2024):-

Technical Patterns and Formations in EOD charts

1- Last 7 Sessions actual trading between 21630-22126 

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

3- Stochastic:- %K(5)- 35.17 & %D(3)- 46.94.

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)- 91.35 & EXP(9)- -24.75 & Divergence- 116.1

Conclusions from EOD chart analysis

(Stochastic & MACD)

Position of Short Term indicators are as follows:-

1- As in Stochastic indicator its both lines are falling from Over bought zone therefore it will be understood that this indicator is suggesting Short term down moves possibility.

2- As in MACD indicator MACD line has intersected Average line upward and its MACD line is rising in positive zone as well as its Average line is moving flat in negative zone therefore it will be understood that at present this indicator is showing minor signal of upward Short Term Trend formations but not confirming.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (09-Feb-2024):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 21826

2- 21-Day SMA is today at 21696

3- 55-Day SMA is today at 21299

4- 100-Day SMA is today at 20510

5- 200-Day SMA is today at 19777

Conclusions from EOD chart analysis

(Averages)

As Nifty is well above Long and Intermediate Term Trend decider(200 and 55-Day SMA) therefore these 2 Trend are up but its Short Term Trend is at stake because Nifty is hovering around its deciders(5 and 21-Day SMA) therefore firstly sustaining beyond 21696-21826 should be watched in the coming week for Short Term Trend formation confirmations.  

Nifty-Last 7 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Feb 01 to Feb 09,2024):-

Technical Patterns formation in last 7 Sessions intraday charts

1- Selling(Resistances) in last 7 Sessions are as follows:-

A- 21716-21818

B- 21947-22018

C- 22029-22126

2- Consolidation(Supports) in last 7 Sessions are as follows:-

A- 21711-21769

B- 21666-21741`

C- 21630-21665 

3- Last 7 Sessions actual trading between 21630-22126 

Conclusions from 7 Sessions

intra day chart analysis 

As both higher levels selling and lower levels consolidation patterns formations in the last 7 sessions therefore expected that Nifty will firstly trade and prepare for next Trend and big moves within last  7 Sessions trading range in the coming week. As finally sustaining beyond last 7 Sessions trading range will confirm next big moves beginning therefore it should also be watched in next week for its confirmations.

Nifty-Intra Day Chart Analysis

(09-Feb-2024)

Nifty-Intra Day Chart (09-Feb-2024):-

Technical Patterns formation in today intraday charts

1- 149 Points volatility in first hour between 21630-21779

2- Down moves in Bullish Falling Channels

3- Sharp up

4- Consolidation between 21711-21769 

5- Up moves in Bearish Rising Channel in last hours

6- Whole day actual trading between 21630-21804

Conclusions from intra day

chart analysis 

Although flat opening last Friday but firstly 149 Points volatility in first hour last Friday and after that consolidation was seen through  Down moves in Bullish Falling Channels therefore sharp up moves developed after 2 hours. As good consolidation in Mid session therefore up moves remained continued till last hslf hour but these up moves were in Bearish Rising Channel which is a selling pattern therefore higer levels selling will also be understood despite Nifty closing in Green with 0.30% gains.

As both consolidation and selling has patterns developed last Friday and one sided intraday trading patterns were not seen therefore expected that Nifty will firstly trade and prepare for next decisive moves within last Friday trading range in the beginning of next week. Let Nifty to trade and prepare then will be decided according to coming sessions intraday charts formations as well as finally sustaining beyond or forceful break out/down of 21630-21804 will confirm next decisive moves beginning which should also be watched in the next week for its confirmations.

Conclusions (After putting

all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term Trend at stake.

Although impulsive Wave-(v) of Wave-3 is now in continuation and no confirmation of its completion yet on EOD charts but remain cautious because EOD and intraday selling patterns formations were seen in previous sessions charts as well as as per Elliott Wave theory maximum target of on going impulsive Wave-(v) of Wave-3) is at 22231.95 which is only 105.15 points above the highest of on going Wave-(v) of Wave-3(22126.80). 

As above posted resistances of last 7 sessions are last trading resistances(22126) of Nifty therefore once sustaining above last resistances will mean fresh strong rally beginning above life time highest. Next immediate supports below last 7 sessions lowest(21630) are as follows:-

1- 21468-21571

2- 21248-21311

3- 21193-21263

4- 21078-21154

5- 20770-20852

Although indicators are not showing any side bigger decisive beginning indication but selling patterns have been seen in previous sessions EOD and intraday charts therefore Short to Intermediate Term correction may be seen in the coming weeks/months. As Parliamentary Election results are less than 100 away and till then election results news led high volatility may also be seen till Election results announcements as well as selling patterns have also been developed in previous weeks therefore following patterns and levels should be watched for next trend formation confirmations:-

1- Valid break out of "Ascending Channel"

2- Valid break out of last 7 sessions trading range(21630-22126)

3- Sustaining beyond above mentioned supports and resistances of last 7 sessions trading range(21630-22126) one by one.