Finally Bullish moves above life time highest after Short term correction completion
Technical Analysis,Research & Weekly Outlook
(Sep 18 to Sep 22,2023)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (15-Sep-2023):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-C of "ABC correction" completion at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.
2- Impulsive Wave-1 completion at 18096.2 on 15-09-2022.
3- Corrective Wave-2 completion at 16747.7 on 30-09-2022.
4- Impulsive Wave-(i) of Wave-3 completion at 18887.6 on 01-12-2022.
5- Corrective Wave-(ii) of Wave-3 completion at 16828.3 on 20-03-2023.
6- Impulsive Wave-(iii) of Wave-3 completion at 19991.8 on 20-07-2023.
7- Corrective Wave-(iv) of Wave-3 completion at at 19223.7 on 31-08-2023.
8- Impulsive Wave-(v) of Wave-3 continuation with recent top formations at 20222.45 on 15-09-2023.
Conclusions from EOD chart analysis
(Waves structure)
As Nifty has gained more points than Impulsive Wave-1 therefore Wave-3 formation confirmation and as per this development new Waves structure has been posted above,
As per new Waves structure now Impulsive Wave-(v) of Wave-3 is in continuation with recent top formations at 20222.45 on 15-09-2023 and no indication of its completion yet on EOD charts therefore its continuation will be expected. Until complete selling patterns will not develop on EOD charts till then Impulsive Wave-(v) of Wave-3 will remain continued.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (15-Sep-2023):-
Technical Patterns and Formations in EOD charts
1- Stochastic- Its both lines are kissing in Over bought zone.
2- Stochastic:- %K(5)- 89.91 & %D(3)- 88.95.
3- Stochastic is showing negative divergence
4- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
5- MACD(26,12)- 325.18 & EXP(9)- 119.70 & Divergence- 205.48
Conclusions from EOD chart analysis
(Stochastic & MACD)
Positions of Daily indicators are as follows:-
1- As in Stochastic its both lines are in kissing mode for the last 7 sessions within Over bought zone and showing negative divergence also on EOD charts therefore stronger signals of Short term correction have developed. Let %K(5) line to intersect %D(3) line downward clearly then Short term correction will be seen.
2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore Short term trend turning up upward has got confirmations and on going rally continuation will be seen.
Although MACD indicator is confirming Short term upward trend formations but Stochastic indicator is suggesting that Short term correction is on cards therefore expected that finally up moves will be seen after Short term corrections MACD indicator shows trend for longer periods.
Nifty-Intra Day Chart Analysis
(15-Sep-2023)
Nifty-Intra Day Chart (15-Sep-2023):-
Technical Patterns formation in today intraday charts
1- Up moves with downward corrections
2- Sharp fall
3- Up moves in Bearish Rising Channel
4- Sharp fall
5- Whole day actual trading between 20130-20222
Conclusions from intra day chart analysis
As Bullish Global cues last Friday morning therefore firtsly up moves were seen in first 3 hours but fallen sharply in Mid-Session. First 3 hours Up moves were with downward corrections therefore again up moves begun from lower levels which remain continued till 03:00 PM. As these last hours up moves were in Bearish Rising Channel which is intraday selling pattern also therefore again sharp fall developed in last half hour. Higher levels intraday selling was seen last Friday therefore firstly down moves are expected towards/below last Friday lowest(20129.70) 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.
Impulsive Wave-(v) of Wave-3 continuation with recent top formations at 20222.45 on 15-09-2023 and no indication of its completion yet on EOD and intraday charts therefore its continuation will be expected with new life time top formations.
As On going impulsive Wave-(v) of Wave-3 has gained 998 points in the last 12 sessions and indicators are suggesting that Short term correction may start any day as well as intraday charts of last Friday are showing selling patterns formations therefore down moves will be seen towards following next supports in the beginning of next week:-
1- 20130-20154
2- 20044-20072
3- 19965-19990
4- 19918-19959
5- 19881-19912
Finally Bullish moves of impulsive Wave-(v) of Wave-3 will remain continued above life time highest(20222.45) after expected Short term correction completion in the coming week/weeks.