Watch levels one by one amid finally 

down moves expectations

Technical Analysis,Research & Weekly Outlook

(May 13 to May 17,2024)

Nifty-Weekly Chart Analysis

(Waves structure)

Nifty-Weekly Chart (10-May-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

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

6- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22794.70 on 03-05-2024.

7- Short Term correction continuation with its recent bottom formations at 21932.40 on 09-05-2024.

 

Conclusions from Weekly chart analysis

(Waves structure)

Corrective Wave-C of previous Waves structure completed at 15183.40 and Impulsive Wave-1 of new Waves structure started from this level. Now impulsive Wave-(iii) of Wave-3 of on going Waves structure is in continuation with its recent high and new life time top formations at 22794.70 on 03-05-2024 and no confirmation of its completion yet on Weekly charts. Short Term correction begun from this level which is in continuation with its recent bottom formations at 21932.40 on 09-05-2024 and no confirmation of its completion yet also on Weekly Charts. As in previous week long Weekly candle formations with closing near the lowest of previous week therefore emergence of more downward moves beginning signals will be understood and view has turned cautious. 

Nifty-Weekly Chart Analysis

(Stochastic & MACD)

Nifty-Weekly Chart (10-May-2024):-

Technical Patterns and Formations in Weekly charts

1- Last 8 weeks(33 Sessions) trading from 20-03-2024 to 10-05-2024 and between 21711-22794 with 2 Short Term Corrections bottom formations at 21717.70 on 19-04-2024 and 21932.40 on 09-05-2024.

2- Previous week closing at the lowest of last 8 weeks(33 Sessions)

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

3- Stochastic:- %K(5)- 53.43 & %D(3)- 57.29.

4- Stochastic is showing negative divergence.

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

6- MACD(26,12)- 384.61 & EXP(9)- 767.49 & Divergence- -382.88.

7- MACD is showing negative divergence.

Conclusions from Weekly chart analysis

 (Stochastic & MACD)

As short Term correction continuation with previous week closing at the lowest of last 8 weeks(33 Sessions) therefore it will be understood that on going correction continuation signals have been emerged. Technical positions of Intermediate Term indicators are as follows;-

1- As in Weekly Stochastic indicator its %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone as well as this indicator is showing negative divergence also therefore decisive downward moves are expected in the coming week/weeks.

2- As in Weekly MACD indicator its  MACD line has intersected Average line downward and its both lines are falling in positive zone as well as this indicator is showing negative divergence also therefore it will be understood that MACD is confirming Downward trend formations and resultant deeper correction beginning possibility also in the coming week/weeks. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (10-May-2024):-

Technical Patterns and Formations in EOD charts

1- More than 3 months old Rising Channel Pattern formations 

2- Nifty closed below lower rising line of Rising Channel Pattern for the last 2 sessions.

3- Stochastic- Both lines %K(5) and %D(3) are kissing in Over sold zone.

4- Stochastic:- %K(5)- 13.82 & %D(3)- 14.26.

5- In MACD- Both MACD line and Average line are kissing near about Zero Line

6- MACD(26,12)- -22.91 & EXP(9)- 23.53 & Divergence- -46.44

7- MACD is showing negative divergence

Conclusions from EOD chart analysis

(Stochastic & MACD)

More than 3 months old Rising Channel Pattern formations and last 2 sessions closing was below its lower rising line therefore now only first signal of decisive downward moves beginning will be understood.  Technical positions of Short Term indicators are as follows:-

1- As in Stochastic indicator its both lines %K(5) and %D(3) are kissing in Over sold zone therefore it will be understood that at present this indicator is not showing any side decisive moves beginning signals.

3- As in MACD indicator its both MACD line and Average line are kissing near about Zero Line therefore it will be understood that now it is not showing clear signals any side Trend formation. 

Let any side clear intersection happen in both Stochastic and MACD indicators then that side Short Term moves will be seen. As MACD is showing negative divergence also therefore higher possibility of decisive downward moves beginning will be understood after Downward trend formations in the coming week/weeks

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (10-May-2024):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 22212 

2- 21-Day SMA is today at 22381

3- 55-Day SMA is today at 22284

4- 100-Day SMA is today at 21992

5- 200-Day SMA is today at 20846

Conclusions from EOD chart analysis

(Averages)

As Nifty has closed below Short Term Trend deciders(5-Day and 21-Day SMA) in last 4 sessions of previous week therefore Short Term Trend is at stake and Nifty has closed below Intermediate Term Trend decider(55-Day SMA) in the last 3 sessions of previous week therefore Intermediate Term Trend will also be understood at stake. Although Long Term trend is up but both other Trends are at stake. As Nifty is closing near about 100-Day SMA for the last 2 sessions therefore firstly sustaining it beyond should be watched in the coming week/weeks for next bigger moves beginning and next Trend formation confirmations

Nifty-Intra Day Chart Analysis

(10-May-2024)

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

Technical Patterns formation in today intraday charts

1- 140 Points up moves after positive opening

2- Selling between 22062-22131

3- Down moves in Bullish Falling Channel

4- Consolidation between 22009-22037

3- Whole day actual trading between 21951-22131

Conclusions from intra day chart analysis 

Although firstly 140 points up moves after positive opening but selling developed in first 2 hours therefore down moves started and Nifty slipped more than 100 points as well as traded below 22000. As these down moves were in Bullish Falling Channel which is a consolidation pattern and after that consolidation was seen in sideways trading range also therefore whole day last Friday trading will be understood with higher levels selling and lower levels consolidation.

As whole day mixed intraday trading Patterns formation between 21951-22131 last Friday therefore expected that Nifty will firstly trade and prepare for next decisive moves within and near about last Friday trading range in the beginning of next week. Finally sustaining beyond last Friday trading range will confirm next decisive moves beginning therefore it should be watched in the coming sessions for one sided next decisive moves beginning confirmations. 

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend at stake.

3- Short Term Trend is at stake.

Although now impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22794.70 and no confirmation of its completion yet but Short Term correction begun from this level which is in continuation with its recent bottom formations at 21932.40 on 09-05-2024 and no confirmation of its completion also yet. 

As Intermediate Term indicators are showing clear signals of correction continuation therefore more down moves are expected but Short Term indicators not showing clear signals hence some up moves can not be ruled out. Finally down moves are expected and firstly following levels should be watched one by one in the coming week/weeks for next decisive moves beginning confirmations;-

1- 21951- Last Friday lowest because some intraday supports was seen above it that day.

2- 21992- 100-Day SMA because Nifty is closing near about it for the last 2 sessions and it will finally confirm the life of Short and Intermediate Term trends which are now at stake.

3- 21778- Bottom of previous Short Term correction

4- 21711- Bottom of Last 8 weeks(33 Sessions)

As correction continuation expectations therefore following next supports below previous session closing should be watched one by one in the coming week/weeks:-

1- 21886-22037

2- 21795-21860

3- 21711-21791

4- 21653-21690

5- 21544-21628

Resistances above previous session closing is as follows:-

1- 22062-22131

2- 22132-22183

3- 22281-22368

4- 22482-22536

5- 22674-22702

6- 22733-22783

Finally 21795-22183 will confirm 

next bigger moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(10-05-2024)

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

Technical Patterns formation in today intraday charts

1- Down moves with upward correction

2- Selling between 22122-22183

3- Selling between 22021-22078

4- Down moves in Bullish Falling Channel

5- Whole day actual trading between 21933-22307

Conclusions from intra day chart analysis 

Although firstly up moves after weaker opening but fresh selling started which remained continued more than 5 hours through Down moves with upward correction and 2 times within sideways trading. As some intraday consolidation also in last hour through Down moves in Bullish Falling Channel which was within supports range also therefore some up moves are expected towards above mentioned selling ranges. Until complete fresh will not develop till then more down moves will not be seen because following supports are also lying below today closing. Expected that Nifty will trade within above mentioned selling ranges and following supports in the coming sessions and will prepare for next bigger moves as well as finally sustaining beyond 21795-22183 will confirm these next bigger moves:- 

1- 21886-22027

2- 21795-21860

Down moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(09-05-2024)

Nifty-Intra Day Chart (08-May-2024):-

Technical Patterns formation in today intraday charts

1- Volarility in first 2 hours after weaker opening

2- Up moves in Bearish Rising Channel

3- Selling Patterns formation in last 4 hours between 22281-22368

4- Whole day actual trading between 22186-22368

Conclusions from intra day chart analysis 

Although firstly some down moves after weaker opening and Nifty slipped more than 100 points also but Nifty got supports just below yesterday mentioned next 1st supports 22199-22258 at 22,185.20 today. As up moves in Bearish Rising Channel in Mid-session after first 2 hours volatility and after that selling Patterns formation in last 4 hours also therefore whole day good intraday selling will be understood and down moves are expected in the coming sessions.

Down moves towards next Supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(08-05-2024)

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

Technical Patterns formation in today intraday charts

1- Down moves with upward corrections after positive opening

2- More than 4 hours trading with selling Patterns formation between 22233-22327

3- Whole day actual trading between 22233-22499

Conclusions from intra day chart analysis 

Although positive opening but selling started through down moves with upward corrections and lower levels more than 4 hours trading with selling Patterns also therefore whole day good intraday selling will be understood and resultant down moves are expected below day's lowest(22233) and towards following next supports in the coming sessions:-

1- 22199-22258

2- 21886-22027

Finally sustaining beyond 22349-22536

 will confirm next trend

Nifty-Intra Day Chart Analysis &

 Market Outlook(07-05-2024)

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

Technical Patterns formation in today intraday charts

1- Volatility in first half hour after positive opening.

2- Sharp fall

3- More than 5 hours trading with mixed Patterns formation between 22410-22536

4- Whole day actual trading between 22410-22588

Conclusions from intra day chart analysis 

Although firstly some up moves after positive opening but firstly volatility in first half hour and after that sharp fall was seen because higher levels good intraday selling last Friday hence Nifty could not sustain at higher levels.

Supports were seen between 22349-22494 last Friday and Nifty traded within and near about this range today also with mixed Patterns formation between 22410-22536 therefore Nifty will firstly trade and prepare for next trend within and near about 22349-22536 in the coming sessions. As finally sustaining beyond 22349-22536 will confirm next trend therefore should be watched for its confirmations.

Finally Downward moves towards

 next Supports

Technical Analysis,Research & Weekly Outlook

(May 06 to May 10,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (03-May-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 22794.70 on 03-05-2024.

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 completion at his level. Corrective Wave-2 begun from this level which completed at 16828.30 on 20-03-2023. Impulsive Wave-3 started from this level,of which Wave-(iii) is in continuation with its recent high and new life time top formations at 22794.70 on 03-05-2024 as well as no confirmation of its competion yet on EOD charts..

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (03-May-2024):-

Technical Patterns and Formations in EOD charts

1- Rising Channel Pattern formations and Nifty is moving within it

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

3- Stochastic:- %K(5)- 54.34 & %D(3)- 67.20.

4- Stochastic is showing negative divergence.

5- In MACD-its both lines are kissing in Positive zone.

6- MACD(26,12)- 61.44 & EXP(9)- 30.42 & Divergence- 31.02

7- MACD is showing negative divergence.

Conclusions from EOD chart analysis

(Stochastic & MACD)

Impulsive Wave-(iii) of Wave-3 is in continuation with Rising Channel Pattern formations on EOD Charts which started to develop 3 months before and since then Nifty moved most time within its both  upper and lower rising lines,let valid break out/down of its any side line happen then that side next big moves will be seen. 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 Stochastic is showing negative divergence also therefore decisive downward moves are expected in the coming week.

3- As in MACD indicator its both lines are kissing in Positive zone therefore it will be understood that now it is not showing any side Trend formation signal. Let any side clear intersection happen then that side decisive moves will be seen after that side Trend formations but MACD is showing negative divergence also therefore finally decisive downward moves are expected in the coming week/weeks.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (03-May-2024):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 22558 

2- 21-Day SMA is today at 22453

3- 55-Day SMA is today at 22250

4- 100-Day SMA is today at 21929

5- 200-Day SMA is today at 20782

Conclusions from EOD chart analysis

(Averages)

As Nifty is well above Long and Intermediate Term Trend deciders 200-Day SMA and 55-Day SMA respectively therefore these 2 Trends are up but Short Term Trend is at stake because Nifty is hovering around its deciders 5-Day SMA and 21-Day SMA for the last few sessions.

Nifty-Intra Day Chart Analysis

(03-May-2024)

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

Technical Patterns formation in today intraday charts

1- Selling between 22759-22794

2- Down moves with upward corrections

3- Supports in the last 2 hours between 22349-22494

4- Whole day actual trading between 22349-22794

Conclusions from intra day chart analysis 

Although gap up strong opening last Friday but immediately selling developed and down moves started as well as Nifty moved into negative zone after loosing all intradaalso y gains. As down moves were with upward corrections in Mid-session therefore follow up selling will be understood. Lower levels supports developed in the last 2 hours between 22349-22494 therefore Nifty will firstly trade and prepare for next decisive moves within and near about this range in the beginning of next week. As finally sustaining beyond this supports range will confirm next decisive moves beginning hence it should be firstly watched in the coming week for next decisive moves beginning confirmations.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term Trend is at stake.

Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22794.70 in previous session and no confirmation of its completion yet on EOD charts. As Short Term indicator Stochastic is showing more downward moves signals and intraday chart of previous session is also showing higher levels good selling therefore more down moves are expected in the beginning of next week.

As "Rising Channel Pattern" formations on EOD Charts is being seen for the last more than 3 months therefore it is confirm that once valid break out/down of its line any side will mean that side bigger moves beginning confirmations. Although new life time top formations last Friday but both Short Term indicators Stochastic and MACD are showing negative divergence since longer period therefore deeper correction beginning possibility can not be ruled out. Let valid break down of lower Rising line of "Rising Channel Pattern" then deeper correction beginning will get confirmations therefore following next supports should be watched one by one in the coming week/weeks:-

1- 22349-22494

2- 22261-22349

3- 22199-22258

4- 21886-22027

5- 21795-21860

6- 21711-21791

7- 21653-21690

8- 21544-21628

Resistances above previous session closing is as follows:-

1- 22753-22794

2- 22733-22783

3- 22674-22702

4- 22578-22609

5- 22516-22552 

Sustaing beyond 22619-22710  will confirm next intraday decicisive moves beginning 

Nifty-Intra Day Chart Analysis & 

Market Outlook(03-05-2024)

Nifty-Intra Day Chart (02-May-2024):-

Technical Patterns formation in today intraday charts

1- Whole day trading with mixed Patterns formation between 22619-22710

2- Whole day actual trading between 22568-22710

Conclusions from intra day chart analysis 

Although firstly sharp up moves after weaker opening and positive closing after most time green zone trading but whole day trading with mixed Patterns formation between 22619-22710 which means one sided intraday trading patterns were not seen therefore firstky sustaing beyond 22619-22710 shoukd be firstly watched in the coming sessions fot next intraday decicisive moves beginning confirmations despite Pre-Open closing of today is 118.15 points up,Gift Nifty is trading more than 100 points up since today morning and strong closing of US yesterday because good intraday selling patterns were also seen Indian markets yesterday.

Finally sustaining beyond 22569-22733 will confirm next decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(02-05-2024)

Nifty-Intra Day Chart (30-Apr-2024):-

Technical Patterns formation in today intraday charts

1- More than 5 hours up moves

2- More than 4 hours selling between 22733-22783

3- 214 Points sharp fall in last hour

4- Whole day actual trading between 22569-22783

Conclusions from intra day chart analysis 

Although more than 5 hours up moves after positive opening and Nifty traded 139 points up also with new life time top formations but higher levels more than 4 hours selling developed between 22733-22783 therefore 214 Points sharp fall was seen in last hour. As good intraday selling of last Tuesday was within and near about previous resistance range(22735-22768) therefore this resistance range turned stronger and 214 Points sharp fall was seen in last hour. 

Expected that Nifty will firstly trade between 22569-22733 in the coming sessions and finally sustaining beyond this range will confirm next decisive moves beginning which should be watched for its beginning.

Watch next resistances amid 

more up moves expectations

Nifty-Intra Day Chart Analysis & Market Outlook(30-04-2024)

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

Technical Patterns formation in today intraday charts

1- More than 2 hours consolidation between 2244222547

2- Up moves with downward corrections

3- Whole day actual trading between 22442-22655

Conclusions from intra day chart analysis 

As all the Asian markets were trading with good gains therefore sentiment turned Bullish hence firstly more than 2 hours consolidation was seen after positive opening. Last 4 hours up moves were with downward corrections which is also consolidation pattern therefore more up moves are expected towards next resistances:-  

1- 22654-22726 

2- 22735-22768

Finally sustaining above resistances should be watched tomorrow for next intraday decisive moves beginning confirmations

 Down moves expectations towards

 next supports

Technical Analysis,Research & Weekly Outlook

(Apr 29 to May 03,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (26-Apr-2024):-

Technical Patterns and Formations in EOD charts

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

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.

7- Short Term correction completed at 21777.65 on 19-04-2024.

8- Pull Back rally continuation with its recent high formations at 22626.00 on 25-04-2024.

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-3 started from 16828.30 after corrective Wave-2 completion at this level. Now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and life time top formations at 22775.70 on 10-04-2024 as well as no conirmation of its completion yet on EOD charts but Short Term correction started form this level which completed at 21777.65 on 19-04-2024. Now Pull Back rally continuation with its recent high formations at 22626.00 on 25-04-2024 and no confirmation of its completion yet therefore firstly life and length of this on going Pull Back rally should be watched in the coming week/weeks for next big moves beginning confirmations.

 Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (26-Apr-2024):-

Technical Patterns and Formations in EOD charts

1- Rising Channel Pattern formations and Nifty is moving within it

2- Stochastic- %K(5) line has intersected %D(3) line downward in Over bought zone.

3- Stochastic:- %K(5)- 78.23 & %D(3)- 85.47.

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

5- MACD(26,12)- -38.74 & EXP(9)- 113.71 & Divergence- -152.45

Conclusions from EOD chart analysis

(Stochastic & MACD)

Rising Channel Pattern started to develop 3 months and now Nifty is moving within it after getting supports its rising lower line in previous week. Let Nifty to sustain it beyond and start decisive moves towards that direction then that side trend formations and big moves beginning will be considered. Technical positions of Short Term indicators are as follows:-

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

2- As in MACD indicator its MACD line has intersected Average line downward in positive zone and its both lines are falling in positive and negative zones therefore it will be understood that this indicator has started to show downward trend formation signals.                                                           

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (26-Apr-2024):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 22419 

2- 21-Day SMA is today at 22384

3- 55-Day SMA is today at 22195

4- 100-Day SMA is today at 21852

5- 200-Day SMA is today at 20717

Conclusions from EOD chart analysis

(Averages)

As Nifty has closed above all the averages last Friday after getting supports at 55-Day SMA therefore all the trends will be understood up but confirmation is required through sustaining above 21-Day SMA then decisive up moves will be seen after previous weeks correction completion.

Nifty-Intra Day Chart Analysis

(26-Apr-2024)

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

Technical Patterns formation in today intraday charts

1- Down moves with upward corrections

2- Sharp fall

3- Lower levels support in last 2 hours between 22386-22460

4- Whole day actual trading between 22386-22620

Conclusions from intra day chart analysis 

Although 49 points positive opening last Friday but selling developed therefore down moves started which remained continued more than 4 hours. As these down moves were with upward corrections which mean intraday selling patterns formations therefore sharp fall was seen in the last of this intraday fall.  

As lower levels support was also seen in last 2 hours between 22386-22460 therefore expected that Nifty will firstly trade and prepare for next decisive moves within and near about this supports range in the beginning of next week. Finally sustaining beyond this range will confirm next decisive moves beginning hence it should be firstly watched in the coming week for its confirmations.

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term Trend is up.

Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22775.70 and no confirmation of its completion yet on EOD charts  but Short Term begun from this level which completed at 21777.65 in previous week. Pull Back rally started from this level which is in continuation with its recent high formations at 22626.00 on 25-04-2024.

Although Averages are suggesting that now all the Trends are up but Short Term indicators have started to show Short Term correction beginning signals and intraday charts of last Friday have also shown higher levels intraday selling patterns formations therefore firstly down moves are expected towards following next supports:-

1- 22261-22471

2- 22199-22258

3- 21886-22027

4- 21795-21860

5- 21711-21791

6- 21653-21690

7- 21544-21628

Resistances above last Friday closing are as follows and until Nifty will not sustain above these resistances till then decisive up moves will not be seen amid firstly down moves expectation in next week:-

1- 22516-22552 

2- 22578-22609

3- 22654-22726 

4- 22735-22768 

Watch next resistances amid up

 moves expectations

Nifty-Intra Day Chart Analysis &

Market Outlook(26-04-2024)

Nifty-Intra Day Chart (25-Apr-2024):-

Technical Patterns formation in today intraday charts

1- More than 4 hours consolidation between 22306-22471

2- Up moves with downward corrections

3- Sideways trading in last 2 hours between 22551-22625

4- Whole day actual trading between 22306-22625

Conclusions from intra day chart analysis 

Althiough 78 points gap down opening but firstly more than 4 hours lower levels consolidation therefore up moves moves developed with downward corrections in Mid session which means follow up consolidation was also seen. As sideways trading in last 2 hours between 22551-22625 therefore it will be understood that clear intraday selling patterns could not develop and up moves are expected towards next resistances(22654-22726) as well as firstly sustaining it beyond should be watched tomorrow for next intraday decisive up moves beginning confirmations.

Sustaining beyond 22384-22421 will confirm next intraday decisive moves beginning 

Nifty-Intra Day Chart Analysis & 

Market Outlook(25-04-2024)

Nifty-Intra Day Chart (24-Apr-2024):-

Technical Patterns formation in today intraday charts

1- 54 Points up moves after 53 points positive opening

2- Selling between 22443-22476

3- Sharp fall

4- Volatility in last hour between 22384-22421

5- Whole day actual trading between 22384-22476

Conclusions from intra day chart analysis 

Although firstly up moves in first 2 hours after positive opening but higher levels selling was seen in the next more than 3 hours therefore sharp fall developed after 2 PM. As lower levels volatility in last hour and technical positions reverses during such volatility also therefore firstly sustaining beyond 22384-22421 should be watched tomorrow for next intraday decisive moves beginning confirmations.

 As out of station therefore unable 
to post today(24-04-2024) Outlook. 

On going up moves continuation 

towards next resistances 

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-04-2024)

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

Technical Patterns formation in today intraday charts

1- Consolidation between 22199-22258

2- Consolidation between 22261-22311

3- Sharp up in last hours

4- Whole day actual trading between 22199-22375

Conclusions from intra day chart analysis 

Although gap up and 189 points positive opening but firstly Nifty slipped 138 points in first hour. As Nifty consolidated at lower levels in first 2 hour and after that More than 3 hours consolidation in Mid session therefore on going up moves continuation is expected towards next resistances(22516-22574).

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