Watch Levels & Supports after Short to Intermediate Term correction beginning signals

Technical Analysis,Research & Weekly Outlook

(Apr 15 to Apr 19,2024)

Nifty-EOD Chart Analysis

(Impulsive Wave-3 structure)

Nifty-EOD Chart (12-Apr-2024):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-2 completion at 16828.30 on 20-03-2023 and Impulsive Wave-3 beginning.

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

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

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

5- 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. 

6- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22775.70 on 10-04-2024.

Conclusions from EOD chart analysis

(Impulsive Wave-3 structure)

Impulsive Wave-3 started from 16828.30 on 20-03-2023 after corrective Wave-2 completion at this level. Impulsive Wave-(i) of Wave-3 completed at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction started from this level. Corrective Wave-C of Wave-(ii) of Wave-3 completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 begun which is in continuation with its  recent high and new life time top formations at 22775.70 on 10-04-2024 as well as no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (12-Apr-2024):-

Technical Patterns and Formations in EOD charts

1- Rising Channel Pattern formations

2- Nifty faced resistance at the upper rising line of  Rising Channel Pattern.

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

4- Stochastic:- %K(5)- 64.90 & %D(3)- 76.31.

5- Stochastic is showing negative divergence

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

7- MACD(26,12)- 257.82 & EXP(9)- 85.62 & Divergence- 172.20

Conclusions from EOD chart analysis

(Stochastic & MACD)

Impulsive Wave-(iii) of Wave-3 started from 18837.80 on 26-10-2023 and is in continuation with its recent high formations at 22775.70 on 10-04-2024. Although no confirmations of its completion yet but Rising Channel Pattern started to develop 3 months before and Nifty is moving up within its both  upper and lower rising lines since then as well as Nifty faced resistance at its upper rising line in previous week. As finally valid break out of this Rising Channel Pattern will generate one sided big moves therefore it should be watched in the coming week/weeks for next big moves beginning confirmations. Technical positions of Short Term indicators are as follows:-

1- As in Stochastic indicator its %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone and this indicator is  showing negative divergence also therefore it will be understood that this indicator is suggesting high possibility of Short Term correction beginning in the coming week/weeks.

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 MACD is confirming upward trend formations and on going upward moves continuation possibility also.

Nifty-Last 9 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Apr 01 to Apr 12,2024):-

Technical Patterns formation in last 9 Sessions intraday charts

1- Selling(Resistances) in last 9 Sessions are as follows:-

A- 22735-22768 

B- 22654-22726 

C- 22504-22774 

2- Consolidation(Supports) in last 9 Sessions are as follows:-

A- 22306-22436

3- Last 9 Sessions actual trading between 22304-22775

Conclusions from 9 Sessions

intra day chart analysis 

Last 9 Sessions trading between 22304-22775 with above mentioned supports and resistances which shows that:-

1- All the supports were developed one week before.

2- All the resistances were developed in previous week.

As all the resistances are of previous week and closing of previous week was near the lower levels of previous week as well as "Bearish Shooting Star Weekly Candle" formation was seen in previos week therefore firstly down moves are expected towards above mentioned supports in the beginning of next week. Firstly sustaining beyond last 9 sessions lowest(22304) should be watched in the coming week for deeper correction beginning confirmations amid firstly down moves expectations.

Nifty-Intra Day Chart Analysis

(12-Apr-2024)

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

Technical Patterns formation in today intraday charts

1- Selling between 22654-22726

2- Sharp fall 2 times

3- Down moves with upward corrections

4- Whole day actual trading between 22504-22726

Conclusions from intra day chart analysis 

Although firstly some up moves after weaker opening but higher levels selling developed in first 3 hours therefore sharp fall was seen 2 times. As follow up selling also in last 2 hours through Down moves with upward corrections therefore more down moves are expected below last Friday lowest(22504) in the beginning of next week. 

Conclusions (After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term Trend is up.

Although now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 22775.70 on 10-04-2024 and no confirmation of its completion yet on EOD charts but Short Term correction possibility has been developed due to following technical developments:-

1- Intraday charts of previous week are showing intraday selling patterns formations

2- Nifty is moving upward within both upper and lower rising lines of Rising Channel Pattern for the last more than 3 months and Nifty faced resistance at its upper rising line in previous week.

3- Short Term indicator Stochastic is showing Short Term correction beginning possibility in the coming week/weeks.

As above mentioned Technical developments are showing Short to Intermediate Term correction beginning signals therefore following levels and next supports below last Friday closing should be watched one by one for the life and length of expected correction:-

Levels:-

1- Last 9 sessions lowest(22304).

2- 21-Day SMA(Today at 22273) for Short Term Trend confirmations. 

3- 55-Day SMA(Today at 22080) for Intermediate Term Trend confirmations.

4- Lower rising line of Rising Channel Pattern 

5- Lowest(21710.20) of previous Short Term correction of on going Impulsive Wave-(iii) of Wave-3.

Supports:-

1- 22306-22436

2- 22207-22230

3- 22067-22114

4- 21886-22027

5- 21795-21860

6- 21711-21791

7- 21653-21690

8- 21544-21628

 Finally sustaining beyond 22613-22775 will confirm next decisive moves beginning

Nifty-Intra Day Chart Analysis & Market 

Outlook(12-04-2024)

Nifty-Intra Day Chart (10-Apr-2024):-

Technical Patterns formation in today intraday charts

1- More than 4 hours trading with mixed Patterns formation between 22674-22725

2- Slow up moves with downward corrections

3- Whole day actual trading between 22674-22775

Conclusions from intra day chart analysis 

Although positive opening last wednesday but firstly more than 4 hours trading was with mixed Patterns formation and after that last more than 2 hours slow up moves were with downward corrections therefore whole day trading will be understood without one-sided trading patterns formations. As whole day trading was with mixed Patterns formation therefore Nifty will firstly trade within last 2 sessions trading range(22613-22775) and finally sustaining it beyond will confirm next one-sided decisive moves beginning hence it should be watched for next decisive moves beginning confirmations.. 

 Sustaining beyond 22613-22671 will confirm next intraday decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(10-04-2024)

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

Technical Patterns formation in today intraday charts

1- Volatility in first hour between 22676-22725 

2- Selling in next 2 hours between 22735-22768

3- Down moves in Bullish Falling Channel

4- Volatility in last hour between 22613-22671

5- Whole day actual trading between 22613-22768

Conclusions from intra day chart analysis 

Although firstly gap up strong opening but after that Nifty slipped 90 points in first 10 minutes and volatility was seen in first hour as well as Nifty recovered all first hour loss. As higher levels selling developed in next 2 hours therefore down moves were seen in Mid-session and Nifty traded in Negative zone also.    

As Mid-Session Down moves were in Bullish Falling Channel and  volatility was seen in last hour also between 22613-22671 therefore firstly sustaining it beyond should be watched tomorrow for next intraday decisive moves beginning confirmations 

 As out of station therefore unable 
to post today(09-04-2024) Outlook. 

Just Watch next Levels & Supports after expected Correction beginning confirmations

Technical Analysis,Research & Weekly Outlook

(Apr 08 to Apr 12,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (05-Apr-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 22619.00 on 04-04-2024.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure begun from 15183.40 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 from this level corrective Wave-2 begun which completed at 16828.30 on 20-03-2023. From this level Impulsive Wave-3 started and now its Wave-(iii) is in continuation with its recent high and new life time top formations at 22619.00 on 04-04-2024 as well as no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (05-Apr-2024):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(iii) of Wave-3 beginning from 18837.80 on 26-10-2023. 

2- Short Term correction of Impulsive Wave-(iii) of Wave-3 started from 22526.60 on 11-03-2024.

3- Short Term correction of Impulsive Wave-(iii) of Wave-3 completion at 21710.20 on 28-03-2024.

4- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22619.00 on 04-04-2024. 

5- Rising Channel Pattern formations

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

7- Stochastic:- %K(5)- 74.57 & %D(3)- 80.45.

8- Stochastic is showing negative divergence

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

10- MACD(26,12)- 78.21 & EXP(9)- -69.32 & Divergence- 147.53

11- MACD is showing negative divergence

Conclusions from EOD chart analysis

(Stochastic & MACD)

Impulsive Wave-(iii) of Wave-3 which started from 18837.80 on 26-10-2023 faced previous Short Term correction from 22526.60 on 11-03-2024. Short Term correction  completed at 21710.20 on 28-03-2024 and Impulsive Wave-(iii) of Wave-3 restarted which is in continuation with its recent high and new life time top formations at 22619.00 on 04-04-2024. Technical positions of Short Term indicators are as follows:-

1- Rising Channel Pattern formation started to develop more than 3 months before and since then most time Nifty moved within its both upper and lower rising lines. As valid break out of this Rising Channel Pattern will generate that side big moves therefore it should be watched in the coming week/weeks for next big moves beginning confirmations.

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 and this indicator is  showing negative divergence also therefore it will be understood that this indicator is showing signals of Short Term correction beginning possibility 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 & negative zone and this indicator is showing negative divergence also therefore it will be understood that MACD is showing Mixed signals.  As upward trend formations has not get confirmations yet therefore finally downward trend formations and decisive down moves beginning possibility also can not be ruled out in the coming week/weeks.

Nifty-Last 5 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Apr 01 to Apr 05,2024):-

Technical Patterns formation in last 5 Sessions intraday charts

1- Selling(Resistances) in last 5 Sessions are as follows:-

A-  22428-22563

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

A- 22306-22436

3- Last 5 Sessions actual trading between 22304-22619 

Conclusions from 5 Sessions

intra day chart analysis 

Last 5 Sessions trading between 22304-22619 with above mentioned Supports and Resistances which seems to be almost equally stronger therefore it will be understood that at present Nifty is not prepared for any side decisive moves beyond last 5 sessions trading range.

Expected that Nifty will firstly trade and prepare for next Short/Intermediate Term Trend between and near aout 22304-22619 in next week. As finally valid break out/down or sustanining beyond 22304-22619 will confirm next bigger moves after new Short/Intermediate Term Trend formation confirmations therefore it should be firstly watched in the coming week/weeks for next big moves beginning confirmations.

Nifty-Intra Day Chart Analysis

(05-Apr-2024)

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

Technical Patterns formation in today intraday charts

1- Whole day up moves after weaker opening

2- Whole day up moves in Bearish Rising Channel

3- Whole day actual trading between 22428-22537

Conclusions from intra day chart analysis 

Although firstly Nifty traded 87 points down in first 7 minutes after weaker opening last Friday but after that up moves started from intraday lower levels which remained continued whole day. As whole day up moves were in Bearish Rising Channel and Nifty traded almost whole day in negative zone also therefore most time intraday selling pattrens formations will be understood last Friday hence firstly down moves are expected in the beginning of next week.

Conclusions (After putting

all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up

3- Short Term Trend is up.

Now Wave-(iii) of Wave-3 is in continuation after previous Short Term Term correction completion at 21710.20 on 28-03-2024. No confirmation of Wave-(iii) of Wave-3 completion yet on EOD charts after its recent high and new life time top formations 22619.00 on 04-04-2024. As Rising Channel Pattern formations has been seen therefore firstly valid break out/down of its upper/lower lines should be watched in the coming week/weeks for Wave-(iii) of Wave-3 continuation or completion.

As Short Term indicators are showing Short Term correction beginning possibility and Short Term Trend turning downward possibility also therefore firstly sustaining below following levels should be watched in the coming week/weeks for its confirmations:-

1- Last Friday lowest(22428) because most time intraday selling pattrens formations were seen that day.

2- Last 5 sessions lowest(22304) because higher levels good selling pattrens formations have beeen seen in last 5 sessions.

3- 21-Day SMA(Today at 22229) for Short Term Trend confirmations. 

4- 55-Day SMA(Today at 22001) for Intermediate Term Trend confirmations.

5- Lower rising line of Rising Channel Pattern 

6- Lowest(21710.20) of previous Short Term correction of on going Impulsive Wave-(iii) of Wave-3.

Next and last resistances which are within last 5 sessions trading range have been posted above and next supports below last 5 sessions lowest are as follows which should also be watched one by one after expected correction beginning confirmations:-

1- 22207-22230

2- 22067-22114

3- 21886-22027

4- 21795-21860

5- 21711-21791

6- 21653-21690

7- 21544-21628

 Finally sustaining beyond 22304-22563 will confirm next decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-04-2024)

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

Technical Patterns formation in today intraday charts

1- 315 Points fall in first 2 hours after gap up strong opening.

2- Consolidation between 22304-22436

3- 2 Times sharp up moves

4- Selling between 22497-22563

5- Whole day actual trading between 22304-22619

Conclusions from intra day chart analysis 

As good intraday selling was seen in previous session therefore Nifty could not sustaiin at higher levels after gap up strong opening and firstly  315 Points fall developed in first 2 hours. Although lower levels consolidation was seen and after that 2 times sharp up moves also but higher levels selling developed in last 2 hours therefore whole day intraday trading will be understood with mixed Patterns formation between 22304-22563.

One sided intraday trading patterns were not seen therefore expected that Nifty will firstly trade and prepare for next decisive moves within and near about 22304-22563. As finally sustaining beyond 22304-22563 will confirm next decisive moves beginning therefore it should be watched  in the coming session for one sided next decisive moves beginning confirmations.

Down moves expectations below

 today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-04-2024)

Nifty-Intra Day Chart (03-Apr-2024):-

Technical Patterns formation in today intraday charts

1- 110 Points sharp recovery from lower levels 

2- More than 4 hours selling Patterns formation between 22447-22521

3- Whole day actual trading between 22347-22521

Conclusions from intra day chart analysis 

Although firstly slipping after weaker opening and Nifty traded 106 points down also in first 15 minutes but 110 points sharp recovery was seen from lower levels in next one hour. As more than 4 hours intraday selling patterns formation  developed in Mid-session therefore down moves are expected below today lowest(22347) in the coming sessions.

 As busy therefore unable 
to post today(03-04-2024) Outlook. 

Down moves below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(02-04-2024)

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

Technical Patterns formation in today intraday charts

1- Selling between 22497-22529

2- Down moves

3- Selling between 22455-22490

4- Whole day actual trading between 22428-22529

Conclusions from intra day chart analysis 

Although firstly some up moves after positive opening but firstly selling was seen in first hour. As follow up selling in the last more than 4 hours therefore down moves will be seen below today lowest in the coming sessions. Finally sustaining beyond today lowest should be watched for next decisive moves beginning confirmations.

Finally Short to Intermediate Term Correction after some Up Moves

Technical Analysis,Research & Weekly Outlook

(Apr 1 to Apr 05,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (28-Mar-2024):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-2 completion at 16828.30 on 20-03-2023 and  Impulsive Wave-(i) of Wave-3 beginning.

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

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

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

5- 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. 

6- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22526.60 on 11-03-2024 and Short Term correction started from this level.

7- Short Term correction completion at 21710.20 on 20-03-2024 and fresh up move begun in previous week which is in continuation with recent high formations at 21710.20 on 28-03-2024. 

Conclusions from EOD chart 

analysis(Waves structure)

Impulsive Wave-(i) of Wave-3 started on 16828.30 on 20-03-2023 after corrective Wave-2 completion at this level. Impulsive Wave-(i) of Wave-3 completed at 20222.45 on 15-09-2023 and corrective Wave-A of Wave-(ii) of Wave-3 of "ABC" correction begun. Corrective Wave-C of Wave-(ii) of Wave-3 completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 started.

Although Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22526.60 on 11-03-2024 and no confirmation of its completion yet on EOD charts but Short Term correction begun from this level. Short Term correction completed at 21710.20 on 20-03-2024 and fresh up move begun which is in continuation with recent high formations at 21710.20 on 28-03-2024 and no confirmation of its completion yet on EOD charts.   

Nifty-Weekly Chart Analysis

(Stochastic & MACD)

Nifty-Weekly Chart (28-Mar-2024):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 57.46 & %D(3)- 67.57.

3- Stochastic is showing negative divergence

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

5- MACD(26,12)- 951.56 & EXP(9)- 1079.31 & Divergence- -127.75

Conclusions from Weekly chart analysis

(Stochastic & MACD)

Technical positions of Intermediate Term indicators are as follows;-

1- As in Stochastic indicator its %K(5) line has intersected %D(3) line downward and and its both lines are falling from Over bought zone therefore it will be understood that this indicator is showing deciive down moves possibility in the coming weeks.

2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in positive zone therefore it will be understood that this indicator is showing stronger signals of downward trend formations and decisive down moves possibility also.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (28-Mar-2024):-

Technical Patterns and Formations in EOD charts

1- Rising Channel Pattern formations

2- Stochastic- Both lines %K(5) and %D(3) are kissing just below Over bought zone.

3- Stochastic:- %K(5)- 72.75 & %D(3)- 74.03.

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

5- MACD(26,12)- -134.46 & EXP(9)- -59.09 & Divergence- -75.37

Conclusions from EOD chart analysis

(Stochastic & MACD)

Technical positions of Short Term indicators are as follows;-

1- As Rising Channel Pattern formation is being seen for the last more than 3 months therefore valid break out of this channel should be watched in the coming week/weeks for next big moves beginning confirmations.

2- As in Stochastic indicator its %K(5) line has intersected %D(3) line upward and and its both lines are rising towards Over bought zone and till now not turned Over bought therefore it will be understood that this indicator is showing some more up moves possibility in the coming sessions.

3- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in negative zone therefore it will be understood that this indicator is showing stronger signals of downward trend formations and more down moves possibility.

Nifty-Intra Day Chart Analysis

(28-Mar-2024)

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

Technical Patterns formation in today intraday charts

1- Sharp up moves after positive opening

2- Sideways trading between 22297-22318

3- Sideways trading between 22347-22369

4- Sideways trading between 22409-22433

5- Up moves in Bearish Rising Channel

6- Sharp down moves in last hour

7- Whole day actual trading between 22164-22516

Conclusions from intra day chart analysis 

Although firstly sharp up moves after positive opening and after that up moves remained continued with 3 times sideways trading also but last half hour up moves were in Bearish Rising Channel also therefore 250 points sharp down moves in last hour. As lower levels consolidation and higher levels selling was seen last Thursday therefore whole day intraday trading will be understood with Mixed Patterns formation between 22164-22516 and Nifty will firstly trade within this range in the beginning of next week and finally sustaining beyond last Thursday trading range should be watched in next week for next big moves beginning confirmations.

Conclusions (After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is sideways between 21711-22526.

3- Short Term Trend is up.

Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22526.60 and no confirmation of its completion yet on EOD charts. Short Term correction which begun from this level was completed at completion at 21710.20 and fresh up move started in previous week which is in continuation with recent high formations at 21710.20  and no confirmation of its completion also.

As Weekly indicators are showing downward trend frmations and decisive down moves beginning possibility also therefore Nifty will not sustain at higher levels and finally down moves will be seen. Although Stochastic indicator on EOD charts is showing some more up moves possibility but MACD indicator on EOD charts is showing stronger signals of downward trend formations and finally down moves beginning possibility after some up moves. 

Finally downward moves are expected therefore firstly sustaining beyond lower line of Rising Channel Pattern should be watched in the coming week/weeks because sustaining below it will mean first strong signal of deeper correction beginning and its confirmation will be sustaining below 21711 which was the bottom of previous Short Term correction. As sustainin below last Thursday lowest(22164) will confirm first signal of next Short/Intermediate correction beginning signal therefore firstly sustaining below it should be watched for it.  

Supports below last Thursday closing are as follows:-

1- 22207-22230

2- 22067-22114

3- 21886-22027

4- 21795-21860

5- 21711-21791

6- 21653-21690

7- 21544-21628

Resistances above last Thursday closing are as follows:-

1- 22449-22492

2- 22494-22523

Firstly watch 22098-22155 amid down moves expectations below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-03-2024)

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

Technical Patterns formation in today intraday charts

1- 2 Times sharp up moves

2- 5 Hours selling between 22138-22193

3- Volatility in last half hour between 22098-22155

4- Whole day actual trading between 22053-22193

Conclusions from intra day chart analysis 

Although firstly 2 times sharp up move after positive opening but higher levels 5 hours selling was seen between 22138-22193 therefore Nifty could not sustain at higher levels. As volatility also in last half hour between 22098-22155 therefore:-

1- Firstly sustaining beyond  22098-22155 should be watched tomorrow for next intraday decisive moves beginning confirmations 

2- Amid down moves expectations below today lowest(22053) because higher levels 5 hours good selling was seen today.

 Down moves towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(27-03-2024)

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

Technical Patterns formation in today intraday charts

1- More than 5 hours selling between 22038-22073

2- Sharp fall

3- Sideways trading between 21994-22018

4- Whole day actual trading between 21994-22073

Conclusions from intra day chart analysis 

As firstly more than 5 hours selling between 22038-22073 therefore sharp fall was seen after 02:30 PM. Although sideways trading was seen in last hour but higher levels good intraday selling today therefore down moves are expected below today lowest and towards next supports between 21795-21860 in the coming sessions.

Firstly watch next resistances amid 

finally on going correction

 continuation expectations 

Technical Analysis,Research & Weekly Outlook

(Mar 26 to Mar 28,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (22-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 22526.60 on 11-03-2024.

11- Short Term correction continuation with recent bottom formations at 21710.20 on 20-03-2024. 

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-C of "ABC correction" of previous Waves structure completed at 15183.4 on 17-06-2022 and from this level Impulsive Wave-1 of new Waves structure started. Impulsive Wave-1 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 22526.60 on 11-03-2024 as well as no confirmation of its completion yet on EOD charts but Short Term correction begun from this levels which is in continuation with recent bottom formations at 21710.20 on 20-03-2024.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (22-Mar-2024):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(iii) of Wave-3 beginning from 18837.80 on 26-10-2023.

2- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22526.60 on 11-03-2024.

3- Short Term correction continuation with recent bottom formations at 21710.20 on 20-03-2024.

4- Bearish Rising Wedge pattern formations.

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

6- Stochastic:- %K(5)- 60.40 & %D(3)- 37.91.

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

8- MACD(26,12)- -132.30 & EXP(9)- 59.62 & Divergence- -191.92

Conclusions from EOD chart analysis

(Stochastic & MACD)

Technical positions of Short Term indicators are as follows;-

Although Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22526.60 on 11-03-2024 and no confirmation of its completion yet but "Bearish Rising Wedge" pattern formation has also being seen which is now more than 2 months old also therefore it means that deeper correction beginning signals have been emerged on EOD charts. 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 rising towards Over bought zone and till now not turned Over bought therefore it will be understood that this indicator is showing some more up moves possibility in the coming sessions.

2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in positive and negative zone therefore it will be understood that this indicator is showing stronger signals of downward trend formations and decisive down moves beginning possibility.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (22-Mar-2024):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 21964 

2- 21-Day SMA is today at 22170

3- 55-Day SMA is today at 21914

4- 100-Day SMA is today at 21268

5- 200-Day SMA is today at 20350

Conclusions from EOD chart analysis

(Averages)

As Nifty is well above Long Term trend Decider 200-Day SMA therefore it will be understood that Long Term trend is up but Short and Intermediate Term trends are at stake because:- 

1- Nifty has closed(22096.75) below Short Term trend Decider 21-Day SMA and above 5-Day SMA last Friday.

2- Nifty has closed(22096.75) below Intermediate Term trend Decider 55-Day SMA last Friday. 

3- Nifty is hovering around 5,21,55-Day SMAs for the last 8 sessions.

Nifty-Intra Day Chart Analysis

(22-Mar-2024)

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

Technical Patterns formation in today intraday charts

1- 48 Points more downward moves after 79 points weaker opening

2- Up moves with downward corrections

3- Up moves in Bearish Rising Channel

4- Selling between 2106-22180

5- Whole day actual trading between 21884-22180

Conclusions from intra day chart analysis 

Although firstly 48 points more downward moves after 79 points weaker opening but lower levels consolidation was seen through up moves with downward corrections in first hour. As selling patterns developed firstly through Up moves in Bearish Rising Channel and after that higher levels selling also in last hour between 2106-22180 as well as lower levels consolidation patterns formations therefore last Friday whole day trading will be understood with Mixed Patterns formation between 21884-22180.

As one sided intraday trading patterns were not seen last Friday therefore expected that Nifty will firstly trade and prepare for next decisive moves within and near about 21884-22180 in the beginning of next week. Let Nifty prepare for it then will be decided according to coming sessions intraday patterns formations and finally next decisive moves confirmation will be after sustaining beyond or forceful break out/down of 21884-22180.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is at stake.

3- Short Term Trend is at stake.

Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 22526.60 on 11-03-2024. Although no confirmation of its completion yet on EOD charts but Short Term correction begun from this this levels which is in continuation with its recent bottom formations at 21710.20 on 20-03-2024 and no confirmation of its completion also. 

As "Bearish Rising Wedge" pattern formation has been seen on EOD charts which is now more than 2 months old also as well as Short Term correction has already begun therefore once sustaining below on going correction lowest(21710.20) should be watched in the coming week for life and length of on going Short Term correction. 

Although Short Term indicator Stochastic is showing signals of some more up moves possibility but MACD is indicating decisive down moves beginning possibility after emergence of Short Term Trend turning down signals in MACD indicator. Its means that finally down moves will be seen below the lowest(21710.20) of on going correction after some up moves:-

Next supports below last Friday closing are as follows;-

1- 21886-22019

2- 21795-21860

3- 21711-21791

4- 21653-21690

5- 21544-21628

As finally down moves are expected after some up moves in next week therefore firstly sustaining beyond following resistances which are above last Friday closing should be watched in the coming week for the life of expected some up moves:-

1- 22100-22204

2- 22346-22452

3- 22494-22523

 Finally watch 21942-22080) for next

 intraday decisive moves beginning

 confirmations amid firstly

 down moves expectations 

Nifty-Intra Day Chart Analysis & 

Market Outlook(22-03-2024)

Nifty-Intra Day Chart (21-Mar-2024):-

Technical Patterns formation in today intraday charts

1- Consolidation between 21991-22019

2- Sharp up 

3- Selling between 22051-22080

4- Down moves with upward corrections

5- Mixed Patterns formation in last 3 hours between 21985-22036

6- Whole day actual trading between 21942-22080

Conclusions from intra day chart analysis 

As firstly 45 minutes consolidation after gap up strong opening therefore sharp up moves seen after that and Nifty traded 241 points up also. 

Following lines were told yesterday Outlook named "Fresh up moves towards next resistances":-

fresh up moves will be seen in the coming session towards next resistances(22063-22204).

As was told 100% same happened and up moves seen towards mentioned resistances as well as down moves started after forming intraday top within already mentioned resistance at 22080.95.

As fresh selling developed within and just below already mentioned resistance between 22051-22080 therefore down moves started which were with upward corrections hence follow up selling will be also be understood. Although some up moves were seen from intraday lower leveles but Mixed Patterns formation were seen in last 3 hours between 21985-22036 which is little bigger time period therefore finally sustaining beyond day's trading range(21942-22080) should be watched in the coming sessions for next intraday decisive moves beginning confirmations amid firstly down moves expectations because sufficient selling patterns have been seen.

Fresh up moves towards 

next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-03-2024)

Nifty-Intra Day Chart (20-Mar-2024):-

Technical Patterns formation in today intraday charts

1- Minor selling between 21842-21894

2- Down moves

3- Consolidation between 21711-21791

4- Sharp up

5- Last 4 hours consolidation between 21824-21930

6- Whole day actual trading between 21711-21930 

Conclusions from intra day chart analysis 

Although firstly minor selling in first half hour but decisive down moves were seen and Nifty traded more than 100 points down also because higher levels good intraday selling was seen in previous sessions. As lower levels consolidation developed therefore sharp up moves were seen and after that higher levels follow up consolidation also in the last 4 hours therefore fresh up moves will be seen in the coming session towards next resistances(22063-22204).

21794-21893 will confirm next 

intraday decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-03-2024)

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

Technical Patterns formation in today intraday charts

1- Selling between 21924-21970

2- Sharp fall

3- More than 5 hours trading with Mixed Patterns formation between 21794-21893

4- Whole day actual trading between 21794-21978

Conclusions from intra day chart analysis 

As firstly selling after 109 points weaker opening therefore sharp fall was seen within first half hour. Although Nifty closed 1.08% down and near the lower levels of the day as well as near the lower levels of on going correction but more than 5 hours trading was with Mixed Patterns formation between 21794-21893 therefore firstly sustaining beyond of this range should be watched tomorrow for next intraday decisive moves beginning confirmations.

Watch today lowest amid firstly 

down moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(19-03-2024)

Nifty-Intra Day Chart (18-Mar-2024):-

Technical Patterns formation in today intraday charts

1- Consolidation between 21957-22014

2- Up moves

3- Selling between 22063-22123

4- Whole day actual trading between 21916-22123

Conclusions from intra day chart analysis 

Although Nifty traded 106 points down in first 2 hours after negative opening but local levels consolidation also developed therefore  some up moves were seen in Mid-session. As higher levels selling also developed in last 3 hours therefore firstly down moves are expected towards today lowest(21916) and sustaining beyond today lowest should be watched tomorrow for next intraday decisive moves beginning confirmations. 

 View is cautious after Emergence of Intermediate Term correction turning down possibility 

Technical Analysis,Research & Weekly 

Outlook(Mar 18 to Mar 22,2024)

Nifty-EOD Chart Analysis

(Wave-(iii) of Wave-3 structure)

Nifty-EOD Chart (15-Mar-2024):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(iii) of Wave-3 beginning from 18837.80 on 26-10-2023.

2- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22526.60 on 11-03-2024.

3- Bearish Rising Wedge pattern formations.

4- Rising Trend Line broken down.

Conclusions from EOD chart analysis

(Wave-(iii) of Wave-3 structure)

Impulsive Wave-(iii) of Wave-3 which started from 18837.80 on 26-10-2023 is in continuation with its recent high and new life time top formations at 22526.60 on 11-03-2024 and no confirmation of its completion yet on EOD charts. As Bearish Rising Wedge pattern formations has been seen on EOD charts and its Rising Trend Line has also been broken down therefore it will be understood that deeper correction beginning signals have been emerged and firstly sustaining below "Rising Trend Line" should be watched in the coming week/weeks for deeper correction beginning confirmations.

 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (15-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 22526.60 on 11-03-2024.

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

7- Stochastic:- %K(5)- 24.20 & %D(3)- 27.84.

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

9- MACD(26,12)- 123.55 & EXP(9)- 192.14 & Divergence- -68.59

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 downward and its both lines are falling towards Over sold zone and has not turned Over sold yet therefore it will be understood that this indicator is indicating some more downward moves possibility.

2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in positive zone therefore it will be understood that this indicator is confirming downward Trend formations decisive down moves befinning possibility.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (15-Mar-2024):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 22167 

2- 21-Day SMA is today at 22208

3- 55-Day SMA is today at 21887

4- 100-Day SMA is today at 21122

5- 200-Day SMA is today at 20265

Conclusions from EOD chart analysis

(Averages)

As Nifty has closed below in last 3 sessions Short Term Trend decider(21-Day SMA) therefore it has become confirm that  Short Term Trend has turned down. Nifty has hovered just above Intermediate Term Trend decider(55-Day SMA) in the last 3 sessions also therefore firstly sustaining beyond 55-Day SMA should be watched in the coming week/weeks for Intermediate Term Trend confirmations which is still up.

Nifty-Last 12 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Feb 29 to Mar 15,2024):-

Technical Patterns formation in last 12 Sessions intraday charts

2- Selling(Resistances) in last 12 Sessions are as follows:-

A- 22087-22204

B- 22346-22452

C- 22494-22523

3- Consolidation(Supports) in last 12 Sessions are as follows:-

A- 21932-22014

B- 21861-21954 

5- Last 12 Sessions trading between 21861-22526 

Conclusions from 12 Sessions

intra day chart analysis 

Last 12 Sessions trading between 21861-22526 with above mentioned supports ane resistances. It seems that resistances are stronger supports and Nifty closed near the lower levels of last 12 sessions trading range also therefore firstly sustaining beyond above mentioned supports should be watched in the coming week because sustaining below last 12 sessions lowest(21861) will mean deeper correction beginning after last 12 sessions trading range breaking down confirmations.

Nifty-Intra Day Chart Analysis

(15-Mar-2024)

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

Technical Patterns formation in today intraday charts

1- Sharp fall after first 15 minutes volatility

2- Consolidation between 21932-22014

3- Whole day actual trading between 21932-22120

Conclusions from intra day chart analysis 

Although firstly some up moves after 81 points weaker opening but sharp fall was seen after 09:30 AM last Friday. As lower levels consolidation also developed in the last more than 5 hours therefore firstly some up moves are expected in the beginning of next week but sustaining above 22014 should also be watched because intraday selling was seen above it in previous week. 

Conclusions(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term Trend is down.

Although Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22526.60 in previous week on 11-03-2024 and no confirmation of its completion yet on EOD charts but Short Term Trend has turned down in previous week strong correction. As Nifty has hovered just above Intermediate Term Trend decider(55-Day SMA) in the last 3 sessions of previous week and higher levels good intraday selling was also seen during last 12 sessions therefore view has turned cautious and sustaining beyond following levels should also be watched in the coming week/weeks for next Trend formations and big moves beginning confirmations:-

1- Last 12 lowest(21861).

2- Intermediate Term Trend decider 55-Day SMA(today at 21887).

3- Lower line of Rising Trend Line which was broken down broken down in previous week and this line was below "Bearish Rising Wedge pattern" which was formed in last 3 months.

As Intermediate Term correction turning down possibility has been emerged therefore view is cautious and firstly above mentioned levels and afterwards following next supports should also be watched also for Intermediate Term Trend turning down confirmations. As next 3 supports has been given below therefore sustaining beyond each suport range should be watched one by one for next Very Short Term moves beginning/correction continuation/completion confirmations:-

1- 21795-21860

2- 21653-21690

3- 21544-21628