Bullish moves continuation & Short Term correction only after complete selling patterns formations
Technical Analysis,Research & Weekly Outlook
(Dec 18 to Dec 22,2023)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (15-Dec-2023):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-(ii) of Wave-3 completion and Impulsive Wave-(iii) of Wave-3 beginning from 16828.3 on 20-03-2023.
2- Impulsive Wave-(iii) of Wave-3 completion at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.
3- Wave-A of Wave-(iv) of Wave-3 completion at 19333.6 on 04-10-2023.
4- Wave-B of Wave-(iv) of Wave-3 completion at 19849.8 on 17-10-2023.
5- Corrective Wave-C of Wave-(iv) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(v) of Wave-3 beginning.
6- Impulsive Wave-(v) of Wave-3 continuation for the last 25 sessions with its recent high and new life time top formations at 21492.30 on 15-12-2023.
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-(iii) of Wave-3 started from 16828.3 on 20-03-2023 after Corrective Wave-(ii) of Wave-3 completion at this level. Wave-A of "ABC" correction begun after 3394.15 gains from 20222.45 on 15-09-2023 of which corrective Wave-C completed at 18837.80 on 26-10-2023 and impulsive Wave-(v) of Wave-3 begun which is in continuation for the last 25 sessions with its recent high and new life time top formations at 21492.30 on 15-12-2023 after gaining 2654.5 points.
As no signal of Impulsive Wave-(v) of Wave-3 completion at EOD and intraday charts therefore its continuation will be firstly seen in next week.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (15-Dec-2023):-
Technical Patterns and Formations in EOD charts
1- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising within and towards Over bought zone.
2- Stochastic:- %K(5)- 82.37 & %D(3)- 67.54.
3- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive.
4- MACD(26,12)- 713.30 & EXP(9)- 598.20 & Divergence- 115.1
Conclusions from EOD chart analysis
(Stochastic & MACD)
Position of Short Term indicators are as follows:-
1- %K(5) line has intersected %D(3) line upward and its both lines are rising within and towards Over bought zone therefore showing signals of some more up moves possibility.
2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore indicating upward moves continuation possibility because upward trend formation is well confirmed.
Nifty-Intra Day Chart Analysis
(15-Dec-2023)
Nifty-Intra Day Chart (15-Dec-2023):-
Technical Patterns formation in today intraday charts
1- Consolidation between 21236-21289
2- Sharp up
3- More than 4 hours consolidation between 21282-21363(Immdiate supports)
4- Sharp up
5- Whole day actual trading between 21236-21492
Conclusions from intra day chart analysis
Although firstty some down moves after gap up strong opening but lower levels fresh consolidation developed therefore sharp up moves were seen after that. As follow up more than 4 hours consolidation in Mid-session also hence sharp up moves were again seen in last hour and Nifty closed with 1.29% gains last Friday.
As only intraday consolidation and intraday selling patterns were not seen last Friday therefore on going rally continuation is expected in the beginning of next week as well as until complete selling patterns will not develop on intraday and EOD chars till then decisive down moves or Short Term correction will not be seen.
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 forcefully continuation with its recent high and new life time top formations at 21492.30 on 15-12-2023 and no signal of its completion yet on technical charts.
As indicators are showing signals of more moves in the beginning of next week and last Friday intraday charts are also showing whole day only consolidation patterns formations therefore firstly Bullish rally will remain continued in next week. Until complete selling pattrens formations will not be seen on intraday and EOD charts and Nifty will not sustain below immediate supports(21282-21363) till then even Short Term correction will not be seen.
Bullish moves continuation and let complete selling patterns develop on EOD and intraday charts as well as Nifty to sustain below immdiate supports(21282-21363) then firstly Short Term correction will be considered.