Firstly watch most crucial supports amid USA Banks failing news led crashing Global markets
Technical Analysis,Research & Weekly Outlook
(Mar 27 to Mar 31,2023)
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (24-Mar-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 begining.
2- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.
3- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 corrected 1113.3 Points.
4- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.
5- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 16828.3 on 20-03-2023.
6- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 has corrected 1437 Points till now.
7- Last 9 Sessions sideways trading between 16829-17224
8- Stochastic- Stochastic- Its both lines %K(5) & %D(3) are kissing in the just below Over bought zone.
9- Stochastic:- %K(5)- 60.60 & %D(3)- 67.15.
10- In MACD- Its both lines are kissing in negative zone.
11- MACD(26,12)- -302.96 & EXP(9)- -261.36 & Divergence- -41.6
Conclusions from EOD chart analysis
(Stochastic & MACD)
Waves structure of Nifty was posted in previous week weekly Outlook and since then no material change in it therefore not being updated in this week weekly Outlook.
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. Wave-A bottom formation was at 17774.3 on 26-12-2022 after correcting 1113.3 Points and from this level Wave-B begun which completed at 18265.3 on 30-12-2022. From this level corrective Wave-C begun which is in continuation with recent bottom formation at 16828.3 on 20-03-2023 after correcting 1437 Points till now and no confirmation of its completion yet on EOD charts.
Positions of Daily indicators are as follows:-
1- As in Short Term indicator Stochastic its both lines are kissing just below Over bought zone and not turned Over bought yet therefore some up moves can not be ruled out but if clear downward intersection happens without testing Over bought zone then sharp down moves will be seen because that will clear weakness signal hence remain cautious in next week.
2- In MACD also its both lines are kissing in the negative zone therefore this indicator is also not showing any side short term moves. As its both lines are in negative zone and if clear downward intersection happens then it will be move down moves and deeper correction beginning strong signal.
Nifty-Last 9 Sessions intraday
charts analysis
Nifty-Intra Day Chart (Mar 14 to Mar 24,2023):-
Technical Patterns formation in last 9 Sessions intraday charts
1- Immediate Resistances are as follows:-
A- 17152-17205
B- 17024-17097
2- Immediate Supports are as follows:-
A- 16914-16936
B- 16840-16887
3- Last 9 Sessions sideways trading between 16829-17224
Conclusions from 9 Sessions intra day
chart analysis
Last 9 Sessions sideways trading between 16829-17224 with above mentioned immediate supports and resistances which are just above last 9 sessions lowest and just below last 9 sessions highest therefore have become crucial. Firstly Nifty will have to trade and prepare for next decisive moves beginning within and near about last 9 sessions trading range and finally sustaining it beyond will confirm it hence should be firstly watched for next one sided big moves beginning in the coming week.
Nifty-Intra Day Chart Analysis
(24-Mar-2023)
Nifty-Intra Day Chart (24-Mar-2023):-
Technical Patterns formation in today intraday charts
1- 114 Points sharp fall in first 15 minutes from intraday higher levels after flat opening
2- 4 Hours selling between 17024-17097
3- Down moves in Bullish Falling Channel in last 2 hours
4- Whole day actual trading between 16918-17109
Conclusions from intra day chart analysis
Although flat opening but 114 points sharp fall was seen in first 15 minutes from intraday higher levels and after that 4 hours selling also between 17024-17097 therefore down moves developed in last 2 hours and last Friday closing was near the lower levels of the day. As last 2 hours Down moves were in Bullish Falling Channel also and lower levels some consolidation will be understood therefore up mones will be seen in the beginning of next week but until Nifty will not sustain above last Friday highest after fresh consolidation till then decisive up moves will not be seen in next week because good intraday selling was below it between 17024-17097 last Friday.
Conclusions
(After putting all studies together)
All the trends are down and corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 16828.3 on 20-03-2023 as well as no confirmation of its completion yet on EOD charts therefore more down moves can not be ruled out hence following next supports and level should be firstly watched in the coming week/weeks:-
1- Last Friday lowest at 16917.35 because it was formed during Down moves were in Bullish Falling Channel in last 2 hours last Friday which is a consolidation pattern and these down moves were due to following depressing Global markets moves:-
A- Dow Jones Futures was trading 190 points down at the time of Indian markets closing while Dow Jones closed 132 points up last friday.
B- Most European markets were trading more than 1% down at the time of Indian markets closing.
2- Above menitoned immediate Support
3- Last 9 sessions lowest(16828.3)
4- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 beginning level(16747.7) because slipping below it will mean as per "Elliot Waves theory" recounting of whole on going waves structure which begun from 15183.4 on 17-06-2022.
5- Most crucial supports between 16760-16855 because:-
A- It is last supports which is just above 16747.7(Wave-1 beginning level)
B- Lowest of last 9 sessions trading range is within this range therefore finally sustaining beyond this support range will generate next big moves.
As many Banks failed in last 1 month in USA therefore crashing like situation in most of the Global markets and resultant Indian markets are also falling and no one knows the gravity of this worst situation hence firstly sustaining beyond above mentioned most crucial supports(16760-16855) should be watched in the coming week/weeks for next big moves beginning because:-
1- Sustaining below 16760 will mean as per "Elliot Waves theory" recounting of whole on going waves structure.
1- Sustaining above 16855 will mean decisive up moves beginning which is within last supports(16840-16887) of previous 9 Sessions trading range(16829-17224).
