iCharts Discussions

[Sahil_investor]

Intraday Update at 09.55

NS moved above 6173, hence Applying of retrace from 6273-6146 is essential.

2 EW scenarios:
1. 6146 is 5 hence a larger ABC correction will unfold (at minimum)
2. 6146 is 3 hence a correction may unfold. Per EW, wave 4 high should not breach wave 1 low 6255.

DEMA & 21hr. sma will be the trend changer level.
Above which strength, further confirmation if price moves above 34hr.sma.

Update at 10.52:
6224 is 61.8% (6273-6146), and if I apply filter of 20 pt on DEMA zone(Resistance) 6211-31. 34hr.sma-6239, So above 6239, I will consider for any buy.

Update @12.22:
6169-6164 is 50-61.8%. Weaknes below 6164, weakness further confirmed if breaches 6156(80%)
Retrace 6147-6190

update @ 2.44:
6184.5 is termination of the corrective rise and also confirms start of 5.
When i look at the entire fall from 6415 from hour it seems 6153.35 is 3.3 and 6184.5 is 4.3.. Reason for change in labeling is if it was subdivisions of 3.3 from 2.3(6327) the fall would have been straight & swift without showing such time-wise correction. Such big timewise correction to me prompts 4.3 at 6184.5.

The 5.3 should now be swift and fast.

[Sahil_investor]

Nifty goes below 50DSMA.
Week
5/12/26:6162,6088,5986
Day
5/12/26: 6187,6202,6176
50sma:6150
Above 6190:6212,6229,6252,6343,6415
Below 6133:6093,6079,5973
TL:6224,6106,6052,5952

4.3 completed at 6185. If price breaches and stays below 6142(61.8% of 5973-6415), Next support zone will consist of 6106 (TL), 6088(wk.12ema), WLEMA (6090).
Only a move above 6185 will signal for a correction which may target 6227-6247(DHEMA+20 zone).

Resistance: Above 6154(D.pivot), 6176(26 DEMA), 6177(DLEMA), 6170(21hr.sma), 6187(DEMA), 6202(12DEMA), 6210(34hr.sma), 6212(Day num.)
FIb:6185-6133 gives 6159, 6166(50-61.8%) and 6175(80%)
P. resistance: 6175, 6211, 6232

Support: Below 6154(D.pivot), 6093(Day num,), 6090(WLEMA),6106(TL), 6088(12wk.ema), 6079(Day num.), 6052(TL), 5998-6045(MEMA zone)
Fib: 6142 and 6103(61.8 and 70.7% of 5973-6415)
P. support: 6118, 6097, 6081

[Sahil_investor]

Update @10.10
A big marubozu.. 5.3 completed? Doubtful since sts(35) is under 20.
Only above 6187(DEMA), A bigger correction likely to unfold.

update @11.30
As soon as prices breached DEMA,6187, prices moved up and are now trading above 34hr.sma.
EW wise: 6131 is the turncated 5.3/A. and possibly 4/B unfold.

Keeping above 34hr.SMA prices may find resistance at 6227-47(DHEMA+20) as stated earlier. Above which next resistance zone will comprise of 6262-6293.
Next imp. fib retrace is 6327-6131 giving 6229, 6252 as 50-61.8% and 80% at 6288.
6248 is Wk.pivot.. Moving above, is another sign of strength..


A retrace of last rise from 6162-6236 gives 6199-6190 as 50-61.8%, A breach below this will signal weakness. Below 6177(80%) weakness confirmed.[

[Sahil_investor]

NS turncates the last fall at 6130. Moves above DEMA indicating reversal but is under DHEMA+20 zone.

Week
5/12/26:6162,6088,5986
Day
5/12/26: 6197,6204,6179
50sma:6157
Above 6236:6252,6343,6415
Below 6130:6093,6079,5973
TL:6224,6106,6052,5952

Plan for the day follow up:
Although I was expecting the usual 5 wave down, but somehow waves turncated. A breach of DEMA was the signal of a swift rise.
As indicated in the plan for the day, Only a move above 6185 will signal for a correction which may target 6227-6247(DHEMA+20 zone)..

[Sahil_investor]

NS plan for the day.

A trader who also uses EW posted a chart with Bullish scenario.As per the chart the entire fall from 6415 was a 3 wave fall.

If i verify it using technicals keeping in mind the day t/f and yest.price action. I get the confirmation, as prices stopped falling at 6130 which is also close to 6142(61.8% from 5973-6415) and makes a bullish engulfing pattern. Adding his chart as well since I believe we cannot post a blogs link.

Price has closed above 12DEMA.STS and RSI on day have given a +ve crossover, However MACD is still down. Yest. since price closed below DHEMA hence a sell is valid till 6230-6250(DHEMA+20 zone).

If prices fall below 6194-6197(D.pivot-D.EMA) it represents weakness further confirmation once price breached 6199-6190(50-61.8%).

Last week, Price closed below WHEMA indicating a sell on rise which will get invalidated if price crosses
6293-6343(WHEMA+50zone).

Per EW:
1. 6130 is 2 and 3 is unfolding(Impulsive rise).
2. 6130 is 5.3. hence wave 4 unfolding (Corrective rise) and should not breach 6308(wave 1 low)
3. 6130 is A and B is unfolding (Corrective rise).

Resistance: Above 6194(D.pivot), 6230-50(DHEMA+50), 6248(Wk.pivot), 6293-6343(WHEMA+50 zone)
Fib: 6327-6131 gives 6229-6252 (50-61.8%)

P.resistance:
Day- 6259, 6300
Wk.- 6335,

Support: Below 6194(D.pivot), 6161-41(DLEMA-20), 6162(WEMA), 6090(WLEMA)

Fib: 5973-6415
P. Support
Day-6153, 6088, 6081

Week- 5994

[Sahil_investor]

Intraday Update @09.35
Spot reached till 6263, 6252 was 61.8%
A move above at opening indicated 6203 as 4.

6263 currently seems at 5.1/A. Keeping below D.pivot will represent weakness.
A retrace from 6130-6263 gives 6197-6181 (50-61.8%). Breach of the same will confirm weakness and breach of 6157(80%) should likely breach 6130.

Update at 09.59
A 10 am close of this 5 min. candle is to be seen. WIll partbook here.

Update at 11.44-
P.support-6153. Day's low(currently)-6151
A retrace from 6263-6151 gives 6207-6220. Weakness should be seen here.
HHEMA-6215. A breache of 6220 should represent strength. Further confirmation only when price breaches 6241(80%).

Update at 2.15PM-
HHEMA now at 6190. DEMA-6197.. Above this strength. Still would need to breach 6220(61.8%) for confirmation.

Update at 03:06:
Was not even able to keep itself at 6194(38.2%). b.B/2 done
Next support zone. 6142(61.8% of 5973-6415) coinicides with 6161-6141 (DLEMA-20 zone).
This fall may/may not breach 6130.

[Sahil_investor]

A review of today's price movement in respect to Plan for the day & intraday updates.

[Sahil_investor]

NS faces a sell off at 61.8% and moves towards DLEMA-20 zone.

Week
5/12/26:6162,6088,5986
Day
5/12/26: 6187,6198,6178
50sma:6161
Above 6264:6343,6415
Below 6151:6142,6134,6093,6079,5973
TL:6254,6122,6061,5925

[ca.krishna]

Superb sahil bhai...keep it up.

[Sahil_investor]

[Sahil_investor]

Plan for the day

End of the week is here, keeping above 6162(WEMA) will maintain the stance of a sell on rise and below this will imply reversal on week.
Below 6090(WLEMA) Bearishness has picked momentum.


Per EW :
1. 6130 being 2 is valid only till price does not breach the level. A likely follow up to this case is only if the fall truncates and Nifty opens with a gap up tomorrow.
2. 6130 is A and likely 6264 is a ... b unfolding?
3. Looking at the reversal in technicals which impacted the stance of Day t/f a likely possibility that 6264 is B. 6151-(i); 6197-(ii) and (iii) unfolding.

In case 2 & 3 direction is down.
Focusing on 2nd possibility, since if it is (iii) it will be a free fall.

Price fell in (a): 113 pts (6264-6151)
If (c)=(a) then 6084(6197-113)
Also considering 61.8% Fibonaaci extension, (c)= 6197-.618(a)
(a)=113 pts. Hence (c)= 6127.
6158-6138 (DLEMA-20 zone) will be important. If breaks 6138 further fall towards WLEMA( 6090).

Resistance: Above 6194(D.pivot), 6241-61(DHEMA+20), 6248(Wk.pivot), 6293(Wk.HEMA)
Fib: If crosses 6194, will retrace using 6264-6151.
P.resistance: 6237, 6308, 6335

Support: Below 6194(D.pivot), 6161(50DSMA), 6158-38(DLEMA-20), 6142(Day num.), 6134(Day num.), 6093(Day num.), 6090(WLEMA), 6088(12wk.ema), 6080(Day num,), 6054-5998(MEMA zone)
Fib: 5973-6415 has 6142, 6103 and 6061 (61.8, 70.7 and 80%)
P. support: 6124, 6081(also week's pivot support), 5994, 5985.

[Sahil_investor]

Update @ 09.36
Upper ORB range-6192.55.. A close above this will mean strength.. price already broke the trendline. Above 6194(D.pivot) Strength confirmed.
If 6194 gets breached need to apply fib. at 6264-6151.

update @11.07
HLEMA-6172. 61.8% of this last rise at 6173. Weakness below it. Further confirmation when price goes below 6161 (50sma, wk.ema).
Attaching a chart if I just look at the chart pattern it looks like a bearish flag (6264-6151 as the pole?)which will get invalidated if price moves past 6205.

[Sahil_investor]

Update @ 11.38
Keeping above D.pivot(6194) and moving above 6205.. Bear flag gets invalidated... 6221 as 61.8%, above which strength.. Moving above 6241(80%) strength confirms.

update at 12.20-
Keeping Plan for the day in mind. 6241-6261(DHEMA+20 zone).. 6241(80%).. 6248(Wk.pivot)..
Moving above 6241 next fib retrace 6327-6130 gives 6252 at 61.8%

Basically, I am looking for a divergence now at the Plan of the day resistance levels.. Part booking, an essential step to keep breathing.

Update at 1.48 pm-
Part booking advisable at completion of this candle.
If price falls below 6220 retrace from 6177-6237 is required.

Update at 2.05 pm-
case 1: A 5 waves complete from 6177. To be followed by ABC.
case 2: A 3 wave complete from 6151 to be followed by a swift fall breaking 6130.(will show in EOD post)
In both cases direction DOWN.

Retrace from 6177-6237 gives 6207-6200 as 50-61.8%. 6200 also DEMA.
Hence breach of 6200 weakness. Breach of 6194(D.pivot)-6189(80%) weakness confirmed.

Update at 2.40 pm-
Makes a new high,6240.. NS reached 6213(H.EMA& 38.2%)
A retrace from 6213-6240 gives 6227-6223(50-61.8%) strength should return somewhere here. Breach of 6218 (80%) is weakness.

update at 2.54pm-
6213 is c.2 or A, either 3rd or B unfolding.. Meanwhile market seems to have crossed 6241(80%).. Probably strength confirmed. If falls will retrace by last rise.
Retrace from 6327-6130 is now essential 6252, 61.8% above which strength.. Above 6288(80%) strength confirms..
Need to watch here, WHEMA also at 6293, Day P.R2-6308 and Week. R1-6335

[manojkr78]

thanks for your views and update....

[Sahil_investor]

NS asserts its weekly trend, still closed below WHEMA.

Week
5/12/26:6199,6117,6008
Day
5/12/26: 6210,6186,6178
50sma:6167
Above 6284:6343,6415
Below 6170:6142,6134,6093,6079,5973
TL:6267,6130,6393,6293(Hour),6373(Week)