Firstly watch 15672 for next Short Term trend formation confirmations
Technical Analysis,Research & Weekly
Outlook(Mar 14 to Mar 17,2022)
Nifty-EOD Chart Analysis
(Bollinger Band)
Nifty-EOD Chart (11-Mar-2022):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC' correction beginning.
2- Corrective Wave-A completion at 16410.20 on 20-12-2021
3- Wave-B completion at 18351.00 on 18-01-2022.
4- Wave-C continuation with recent bottom formation at 16944.6 on 07-03-2022
5- Facing resistance at Middle Band
Conclusions from EOD chart
analysis(Bollinger Band)
Wave-C continuation with recent bottom formation at 16944.6 on 07-03-2022 and no confirmation of its completion yet on EOD charts as well as Nifty faced resistance at Middle Band therefore generated down moves possibilities towards Lower Band of Bollinger Band.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (11-Mar-2022):-
Technical Patterns and Formations in EOD charts
1- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising towards Over bought zone.
2- Stochastic:- %K(5)- 78.25 & %D(3)- 57.63
3- In MACD- its both lines are kissing.
4- Facing resistance at falling Trend line
Conclusions from EOD chart analysis
(Stochastic & MACD)
As both lines are rising towards Over bought zone in Stochastic therefore showing some up moves possibilities but Nifty has faced resistance at falling Trend line in previous week therefore sustaining beyond falling trend line should be firstly watched in next moves for decisive up moves above previous week highest because both lines are kissing in MACD also and MACD is not showing any side Short Term Trend at this moment.
Nifty-Last 11 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Feb 24 to Mar 11,2022):-
Technical Patterns formation in last 11 Sessions intraday charts
1- Selling(Resistances) in last 11 Sessions are as follows:-
A- 16638-16745(Good selling in last 2 sessions)
2- Consolidation(Supports) in last 11 Sessions are as follows:-
A- 15672-16028
3- 8 Hours sideways trading between 16603-16740 on 25-02-2022 & 28-02-2022
4- Huge intraday volatility between 16134-16456 on 04-03-2022
5- Last 11 Sessions actual trading between 15672-16815
Conclusions from 11 Sessions
intra day chart analysis
As last 11 Sessions actual trading between 15672-16815 with above mentioned supports and resistances which are almost equally strong therefore expected that Nifty will firstly trade and prepare for next decisive moves within last 11 Sessions trading range and finally sustaining beyond this range will confirm next trend which should be firstly watched in next week for its confirmations.
As good selling between 16638-16745 in last 2 sessions therefore expected that firstly down moves will be seen in next week towards next supports between 15672-16028.
Conclusions
(After putting all studies together)
1- Short Term Trend is sideways.
2- Intermediate Term Trend is down.
3- Long Term Trend is down.
As Nifty faced resistance at falling trend line and Middle Band of Bollinger Band as well as good selling between 16638-16745 in last 2 sessions of previous week therefore firstly sustaining beyond next and last supports(15672-16028) of last 11 sessions should be watched in the coming week for next Short Term trend formation confirmations.
Long and Intermediate Term Trends are already down and sustaining below last 11 sessions lowest(15672) will mean fresh down moves beginning after Short Term Trend also turning down confirmations.