Finally valid break out of 19375-19547 will generate big moves after next Trend formations
Technical Analysis,Research & Weekly Outlook
(Nov 13 to Nov 17,2023)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (10-Nov-2023):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-(ii) of Wave-3 completion at 16828.3 on 20-03-2023 and Impulsive Wave-(iii) of Wave-3 beginning.
2- Impulsive Wave-(iii) of Wave-3 completion after new life time top formations at 20222.45 on 15-09-2023.
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- Wave-C of Wave-(iv) of Wave-3 continuation with recent bottom formations at 18837.80 on 26-10-2023.
6- Pull Back Rally continuation for the last 12 sessions with its recent high formations at 19464.40 on 08-11-2023.
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-(iii) of Wave-3 started after corrective Wave-(ii) of Wave-3 completion at 16828.3 on 20-03-2023. Impulsive Wave-(iii) of Wave-3 completed at 20222.45 on 15-09-2023 with new life time top formations at this level and Wave-A of "ABC" correction begun which completed at 19333.6 on 04-10-2023 and Wave-B started. Wave-B of Wave-(iv) of Wave-3 completion at 19849.8 on 17-10-2023 and Wave-C started which is in continuation with recent bottom formations at 18837.80 on 26-10-2023. Pull Back Rally started from this levels which is in continuation for the last 12 sessions with its recent high formations at 19464.40 on 08-11-2023 and no confirmation of its completion yet on EOD and intraday charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (10-Nov-2023):-
Technical Patterns and Formations in EOD charts
1- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling in Over bought zone.
2- Stochastic:- %K(5)- 80.76 & %D(3)- 88.29.
3- In MACD- MACD line has intersected Average line upward and its both lines are rising in negative zone.
4- MACD(26,12)- -133.23 & EXP(9)- -259.44 & Divergence- 126.21
Conclusions from EOD chart analysis
(Stochastic & MACD)
Positions of Short Term indicators are as follows;-
1- As in Stochastic %K(5) line has intersected %D(3) line downward and its both lines are falling in Over bought zone therefore showing signals of Short Term correction beginning in the coming week.
2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in negative zone therefore this indicator has shown first signal of Short Term upward trend beginning.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (10-Nov-2023):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 19416
2- 21-Day SMA is today at 19375
3- 55-Day SMA is today at 19547
4- 100-Day SMA is today at 19482
5- 200-Day SMA is today at 18677
Conclusions from EOD chart analysis
(Averages)
As Nifty is well above Long Term Trend decider 200-Day SMA therefore Long Term Trend is clearly up but Intermediate Term Trend is confirmed down because Nifty has closed below its decider 55-Day SMA for the last 16 sessions. Short Term Trend has turned up after Nifty closing above its decider 21-Day SMA for the last few sessions.
Conclusions
(After putting all studies together)
1- Long Term trend up.
2- Intermediate Term trend down.
3- Short Term trend is up.
Wave-A of "ABC" correction started after Impulsive Wave-(iii) of Wave-3 completion at 20222.45 on 15-09-2023. Now its corrective Wave-C continuation with recent bottom formations at 18837.80 on 26-10-2023 and no confirmation of its completion yet on EOD charts but Pull Back Rally begun from this level which is also in continuation with its recent high formations at 19464.40 on 08-11-2023 and also no indication of its completion yet on EOD charts.
.
Although Short Term indicator Stochastic is indicating of Short Term correction beginning possibility in the coming week but MACD indicator is showing signals of upward Trend formations also therefore finally up moves can not be ruled out after initial down moves.
Now Pull Back Rally continuation and all the Short to Intermediate Term Averages are moving within 172 points between 19375-19547 as well as Nifty has closed within this range at 19425.35 last Friday. Basically Nifty is preparing for next Trend and big moves within these Averages(19375-19547) as well as finally valid break out of these Averages will generate big moves after forming break out side next Trend.
