Sustaining beyond 18465-18662 will
confirm next trend
Technical Analysis,Research & Weekly Outlook
(Jun 05 to Jun 09,2023)
Nifty-EOD Chart Analysis
(Corrective Waves)
Nifty-EOD Chart (02-Jun-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 because that Pull Back Rally which begun from this level is continuing strongly with recent top formation at 18662.5 on 30-05-2023.
Conclusions from EOD chart analysis
(Corrective Waves)
Corrective Wave-A of "ABC" correction begun after impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022. Its Wave-A completed at 17774.3 on 26-12-2022 and from this level Wave-B started which completed at 18265.3 on 30-12-2022. Wave-C begun from this level which showed strong indications of its comletion after its bottom formations at 16828.3 on 20-03-2023 because that Pull Back Rally which begun from this level is continuing strongly with recent top formation at 18662.5 on 30-05-2023 and no confirmations of its completion yet on EOD Charts..
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Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (02-Jun-2023):-
Technical Patterns and Formations in EOD charts
1- Pull Back Rally beginning from 16828.3 on 20-03-2023
2- Pull Back Rally continuation with recent top formation at 18662.5 on 30-05-2023.
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)- 51.42 & %D(3)- 69.27.
5- MACD- Its both lines are kissing in positive zone.
6- MACD(26,12)- 147.36 & EXP(9)- 137.57 & Divergence- 9.79
Conclusions from EOD chart analysis
(Stochastic & MACD)
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 from Over bought zone therefore some more dowm moves can not be ruled out in the coming week.
2- As both lines of MACD are kissing in positive zone therefore this indicator is not showing any side clear direction. Let upward or downward clear cross over happen in it then that side next Trend will get confirmations. If finally upside clear cross over will develop then strong up moves will be seen because its both lines are in positive zone.
Nifty-Last 5 Sessions
intraday charts analysis
Nifty-Intra Day Chart (May 29 to Jun 02,2023):--
Technical Patterns formation in last 5 Sessions intraday charts
1- Selling(Resistances) in last 5 sessions are as follows:-
A- 18544-18580
B- 18615-18662
2- Consolidation(Supports) in last 5 sessions are as follows:-
A- 18479-18516
3- Last 5 Sessions actual trading between 18465-18662
Conclusions from 5 Sessions
intra day chart analysis
Last 5 Sessions trading between 18465-18662 with above mentioned supports and resistances. As both supports and resistances are stronger and firstly Nifty has to prepare for next decisive moves beginning beyond this 5 sessions range therefore firstly Nifty will have to trade within this range in the beginning of next week.
Finally sustaining beyond 18465-18662 should be watched in the coming week for fresh rally beginning after sustaining above 18662 and Short Term correction beginning after sustaining below 18465.
Nifty-Intra Day Chart Analysis
(02-Jun-2023)
Nifty-Intra Day Chart (02-Jun-2023):-
Technical Patterns formation in today intraday charts
1- 94 Points sharp fall in first hour after strong opening
2- Consolidation between 18479-18516
3- Up moves with downward corrections
4- Volatility in last 2 hours between 18495-18566
5- Whole day actual trading between 18479-18573
Conclusions from intra day chart analysis
Although firstly 94 points sharp fall in first hour after strong opening but after that lower levels consolidation developed and follow up consolidation was also seen in Mid-session through up moves with downward corrections therefore firstly up moves are expected in the beginning of next week. As volatility in last 2 hours between 18495-18566 and technical positions reverses also during such volatility therefore firstly sustaining beyond this range should also be watched in the beginning of next week amid rally continuation expectations.
Conclusions (After putting all studies together)
1- Short Term Trend is sideways between 18465-18662
2- Intermediate Term Trend is up.
3- Long Term Trend is up.
Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction started. Its Wave-C completion strong indications developed at 16828.3 on 20-03-2023 because the Pull Back Rally which started from this level has proved stronger after gaining 1834.2 points(10.89%) from Wave-C lower levels and no confirmation of its completion yet on EOD charts.
Although Short term indicator Stochastic is showing more down moves signals but intraday charts of last Friday are suggesting up moves in the beginning of next week therefore firstly sustaining beyond above mentioned resistances should be watched for the life and length of expected up moves. As finally sustaining beyond last 5 sessions trading range(18465-18662) will confirm fresh rally towards and above life time highest(18887.6) or Short Term correction towards following next supports therefore firstly should be watched in the coming week/weeks for its confirmations:-
1- 18419-18445
2- 18373-18397
3- 18325-18353
4- 18203-18261
5- 18059-18127
As finally sustaining beyond 18465-18662 will confirm next trend towards above mentioned levels therefore should be firstly watched in next week.