Firstly watch levels for next Trend & big moves beginning confirmations
Technical Analysis,Research & Weekly Outlook
(Apr 24 to Apr 28,2023)
Nifty-EOD Chart Analysis
(Corrective Waves)
Nifty-EOD Chart (21-Apr-2023):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction beginning.
2- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.
3- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.
4- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion indication with recent bottom formation at 16828.3 on 20-03-2023.
5- Pull Back Rally continuation with recent top formation at 17863.00 on 17-04-2023.
Conclusions from EOD chart analysis
(Corrective Waves)
Corrective Wave-A of "ABC" correction started after impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022. Strong signals of its Wave-C completion emerged because strong Pull Back Rally begun from its bottom(16828.3 on 20-03-2023) which recovered more than 1000 points(6%) from lower levels. Now correction of Pull Back Rally is on with its recent bottom formation at 17553.95 on 21-04-2023 and no confirmation of its completion yet on EOD charts
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (21-Apr-2023):-
Technical Patterns and Formations in EOD charts
1- "ABC" Correction in Falling Channel
2- Falling Channel broken out on 10-04-2023 and last 9 sessions closing above it.
3- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone.
4- Stochastic:- %K(5)- 18.53 & %D(3)- 23.28.
5- In MACD- MACD line has intersected Average line upward. Its MACD line has started to move downwards while its Average line is moving upward.
6- MACD(26,12)- 337.86 & EXP(9)- 250.01 & Divergence- 87.85
7- In MACD its both lines are in Positive zone.
Conclusions from EOD chart analysis
(Stochastic & MACD)
"ABC" Correction was seen in Falling Channel. As this channel was broken out on 10-04-2023 and last 9 sessions closing was above it also therefore firstly sustaining above Falling Channel upper line should be watched in the coming week for first strong signal of on going "ABC" Correction completion.
Positions of Daily indicators are as follows:-
1- As in Short Term indicator Stochastic %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone as well as its both lines are within and just above Over sold zone therefore some more down moves can not be ruled out. Fresh up moves will be considered after its both lines moving above Over sold zone.
2- As in MACD its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore confirming upward trend formation.
Indicators are suggesting that finally up moves will be seen after little more down moves.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (21-Apr-2023):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 17646
2- 21-Day SMA is today at 17401
3- 55-Day SMA is today at 17520
4- 100-Day SMA is today at 17845
5- 200-Day SMA is today at 17605
Conclusions from EOD chart analysis
(Averages)
As Nifty is moving between 21-Day SMA(17401) and 55-Day SMA(17845) for the last 13 sessions and faced resistance just below 100-Day SMA as well as hovered around Long Term trend decider 200-Day SMA in last 3 sessions of previous week therefore firstly sustaining beyond 17401-17845 should be watched in the coming week for first strong indication of rally continuation/completion because this range will confirm all the Short to Long Term Trends.
Nifty-Last 5 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Apr 17 to Apr 21,2023):-
Technical Patterns formation in last 5 Sessions intraday charts
1- Higher levels selling(Resistances) in last 5 sessions are as follows:-
A- 17676-17741
B- 17642-17664
2- Consolidation(Supports) in last 5 sessions are as follows:-
A- 17554-17613
3- Last 5 Sessions actual trading between 17554-17741
Conclusions from 5 Sessions
intra day chart analysis
As firstly selling devloped in first 3 sessions therefore Nifty traded at lower levels in last 3 sessions of previous week. Higher levels clear selling and lower levels supports were seen in last 5 sessions therefore Nifty will firstly trade and prepare for next trend within and near about last 5 sessions trading range. As finally sustaining beyond this range will confirm next trend therefore finally sustaining it beyond should be watched in next week for its beginning confirmations.
Nifty-Intra Day Chart Analysis
(21-Apr-2023)
Nifty-Intra Day Chart (21-Apr-2023):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channel
2- Consolidation between 17554-17613
3- Sideways trading in last hour between 17616-17636
4- Whole day actual trading between 17554-17663
Conclusions from intra day chart analysis
Although firstly up moves after flat opening but down moves started which remained continued till 01:00 PM. As firstly Down moves were in Bullish Falling Channel and after that consolidation between 17554-17613 therefore Nifty recovered 82 points from lower levels also.
As sideways trading in last hour between 17616-17636 after lower levels consolidation therefore Nifty once sustaining above 17636 after fresh consolidation will mean first strong signal of decisive up moves beginning.
Conclusions (After putting all studies together)
1- Short Term Trend is up.
2- Intermediate Term Trend turning up strong signals after last 10 sessions closing above its decider 55-Day SMA which is today at 17547.
3- Long Term Trend is at stake because Nifty hovered around its decider 200-Day SMA in last 3 sessions of previous week
Pull Back Rally which started after Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 bottom formation at 16828.3 on 20-03-2023 is in continuation with recent top formation at 17863.00 on 17-04-2023. Its correction begun which is in continuation with recent bottom formation at 17553.95 on 21-04-2023 and no confirmation of its completion yet on EOD charts.
As intraday charts of last 5 sessions are also showing lower levels supports and higher levels selling between 17554-17741 and Short Term indicators have also not suggested any side immediate big move yet as well as Long term Trend decider 200-Day SMA(17605) is within this range therefore firstly Nifty will trade and prepare for next Trend within this range. Finally sustaining beyond 17554-17741 will confirm next trend and big moves therefore should be firstly watched in next week for its brginning confirmations.
Next supports,resistances and levels beyond last 5 sessions trading range(17554-17741) have already been updated in previous week Outlook and still valid therefore not being posted this week and should be watched for Short Term trading after sustaining beyond last 5 sessions trading range.