Finally sustaining beyond 55-Day SMA will confirm next bigger moves

Technical Analysis,Research & Weekly 

Outlook(Apr 22 to Apr 27,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (19-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 22775.70 on 10-04-2024.

11- Correction continuation with recent bottom formations at 21777.65 on 19-04-2024.

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-C of "ABC correction" of previous Waves structure completed at 15183.40 on 17-06-2022 and Impulsive Wave-1 of new Waves structure started from this level which completed at 18887.60 on 01-12-2022. Corrective Wave-2 begun from this level which completed at 16828.30 on 20-03-2023 Impulsive Wave-3 started from this level.

Impulsive Wave-(i) of Wave-3 completed at  20222.45 on 15-09-2023 and Wave-A of "ABC" correction means corrective Wave-(ii) of Wave-3 begun from this level. Wave-C of "ABC" correction means corrective Wave-(ii) of Wave-3 completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 begun. Although 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 but correction started from this levels which is in continuation with recent bottom formations at 21777.65 on 19-04-2024.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (19-Apr-2024):-

Technical Patterns and Formations in EOD charts

1- Rising Channel Pattern formations

2- Nifty is hovering around lower rising line of Rising Channel Pattern for the last 2 sessions.

3- Stochastic- %K(5) line has intersected %D(3) line upward in Over sold zone.

4- Stochastic:- %K(5)- 17.65 & %D(3)- 12.02.

5- In MACD- MACD line has intersected Average line downward in Positive zone.

6- MACD(26,12)- 157.92 & EXP(9)- 190.50 & Divergence- -32.58

Conclusions from EOD chart analysis

(Stochastic & MACD)

Impulsive Wave-(iii) of Wave-3 in continuation with Rising Channel Pattern formations which started to develop 3 months before and Nifty was moving up within its both  upper and lower rising lines since then. As Nifty hovered around lower rising line of this Rising Channel Pattern in last 2 sessions of previous week therefore firstly sustaining it beyond should be watched in next week for the life and length of previos week correction. Technical positions of Short Term indicators are as follows:-

1- As in Stochastic indicator its %K(5) line has intersected %D(3) line upward in Over sold zone therefore it will be understood that this indicator has generated first signal of up moves beginning. Let its both lines to start upward moves above Over sold zone then Bullish moves will be seen.

3- As in MACD indicator its MACD line has intersected Average line downward in Positive zone therefore it will be understood that MACD has shown 1st signal of downward Trend formations. Let its both lines to start downward moves and to sustain in Negative Zone then Decisive down moves will be seen after Downward Trend formation confirmations.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (19-Apr-2024):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at  22216

2- 21-Day SMA is today at 22276

3- 55-Day SMA is today at 22131

4- 100-Day SMA is today at 21729

5- 200-Day SMA is today at 20641

Conclusions from EOD chart analysis

(Averages)

As Nifty has closed below Short Term Trend decider 21-Day SMA in the last 3 sessions therefore Short Term Trend has turned down but Intermediate Term Trend is at stake because Nifty hovered around its decider 55-Day SMA in last 2 sessions of previous week. Firstly sustaining beyond 55-Day SMA(today at 22131) should be watched in the coming week/weeks for Intermediate Term Trend confirmations because once its turning down confirmations will mean minimum 2 weeks to 3 months long correction continuation. As Nifty is well above Long Term Trend decider 200-Day SMA therefore it is up.

Nifty-Intra Day Chart Analysis

19-Apr-2024)

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

Technical Patterns formation in today intraday charts

1- Consolidation between 21778-21928

2- Up moves

3- Consolidation between 22005-22047

4- Sharp moves

5- Consolidation between 22098-22179

6- Whole day actual trading between 21778-22179

Conclusions from intra day chart analysis 

As sentiment turned most depressed after Israel attack on Iran news therefore gap down and 134 points weaker opening was seen last Friday morning but lower levels almost 3 hours consolidation developed hence up moves were seen after 12:15 PM. Although so much negative mood but follow up consolidation developed in Mid sessions therefore after that sharp up moves were seen. As again follow up consolidation in last hours therefore it will be understood that whole day only consolidation patterns formations and no intraday selling patterns hence up moves will be seen in the beginning of next week.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is at stake.

3- Short Term Trend is down.

Although Impulsive Wave-(iii) of Wave-3 continuation and no confirmation of its completion yet on EOD charts but Short Term correction continuation with recent bottom formations at 21777.65 and Nifty has corrected 998 points till last session during on going correction.

As Short Term indicators are not showing clear one sided decisive moves beginning confirm signals and Intermediate Term Trend is also at stake therefore firstly sustaining beyond its decider 55-Day SMA(today at 22131) should be watched in the coming week/weeks because that will generate next bigger moves after its Trend formation confirmations. 

Firstly sustaining beyond following 2 next levels which are below Intermediate Term trend decider 55-Day SMA(today at 22131) should be watched one by one in the coming week/weeks for the life and length of on going correction:- 

1- Lower rising line of Rising Channel Pattern 

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

Next supports below 55-Day SMA(today at 22131) are as follows:-

1- 21886-22027

2- 21795-21860

3- 21711-21791

4- 21653-21690

5- 21544-21628

Next resistances above 55-Day SMA(today at 22131) are as follows:-

1- 22186-22213

2- 22266-22427 

3- 22516-22574 

4- 22654-22726 

5- 22735-22768 

 As out of station therefore unable 
to post today(19-04-2024) Outlook. 

Finally sustaining beyond 22080-22213 will confirm next decisive moves beginning amid firstly down moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(18-04-2024)

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

Technical Patterns formation in today intraday charts

1- More than 2 hours selling between 22186-22213

2- Down moves with upward corrections

3- Consolidation between 22080-22129

4- Sharp up moves in last half hour

5- Whole day actual trading between 22080-22213

Conclusions from intra day

chart analysis 

Although firstly 88 points up moves after gap down weaker opening but higher levels more than 2 hours selling was seen between 22186-22213 therefore down moves developed in Mid-Session and Nifty traded 197 points down also because these down moves with upward corrections which mean follow up selling in Mid Session.

As lower levels some consolidation developed therefore sharp up moves were seen in last half hour and last Tuesday whole day trading will be understood with Mixed Patterns formation. It means that one sided intraday trading patterns were not seen last Tuesday therefore expected that Nifty will firstly trade and prepare for next decisive moves within and near about last Tuesday trading range. As higher levels good selling therefore firstly down moves are expected but finally sustaining beyond last Tuesday trading range(22080-22213) will confirm next decisive moves beginning therefore it should be watched in the coming session for one sided next decisive moves beginning confirmations. 

Watch next supports amid 

down moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(16-04-2024)

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

Technical Patterns formation in today intraday charts

1- Volatility in first hour after weaker opening between 22266-22369

2- Selling between 22333-22427 

3- Down moves with upward corrections

4- Whole day actual trading between 22260-22427

Conclusions from intra day chart analysis 

Although firstly volatility in first hour after weaker opening but higher levels 4 hours selling was seen and last hour down moves were with upward corrections also. It means that follow up selling developed in last hour also therefore down moves are expected below today lowest(22260) and towards next supports. Sustaining beyond following next supports should be firstly watched for next decisive moves beginning confirmations:-

1- 22207-22230

2- 22067-22114

 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