Strong rally after huge Victory of
our greatest Prime Minister Modi ji
on 4th June 2024
Technical Analysis,Research & Weekly Outlook
(Jun 03 to Jun 07,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (31-May-2024):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-(i) of Wave-3 completion at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.
2- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.
3- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.
4- Corrective Wave-C of Wave-(ii) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 beginning.
5- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 23110.80 on 27-05-2024.
6- Short Term correction continuation with recent bottom formations at 22417.00 on 30-05-2024
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-(i) of Wave-3 completed at 20222.45 and from this level corrective Wave-A of "ABC" correction of Wave-(ii) of Wave-3 started which completed at 19333.60 on 04-10-2023 and Wave-B begun. Wave-B completed at 19849.80 on 17-10-2023 and Wave-C started from this levels which completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 begun from this level.
Now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 23110.80 on 27-05-2024 and no confirmation of its completion yet on EOD charts. Short Term correction begun from life time top which is in continuation and no confirmation of its completion also on EOD charts therefore firstly sustaining beyond its recent bottom(22417.00) should be watched in the beginning of coming week for on going Short Term correction continuation/completion confirmations.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (31-May-2024):-
Technical Patterns and Formations in EOD charts
1- More than 5 months old Rising Channel Pattern formations and Nifty closed near its higher Rising Channel line in previous week.
2- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone.
3- Stochastic:- %K(5)- 16.86 & %D(3)- 34.71.
4- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
5- MACD(26,12)- 236.11 & EXP(9)- 124.54 & Divergence- 111.57
Conclusions from EOD chart analysis
(Stochastic & MACD)
More than 5 months old Rising Channel Pattern formations and Nifty closed almost in the middle of Rising Channel last Friday therefore it will be understood that at present it is not showing any side immediate break out/down signal. Let it happen then that side big moves will begin which should be firstly watched in the coming week/weeks for its confirmations. Technical positions of Short Term indicators are as follows;-
1- As in Stochastic its %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone therefore as per this indicator little more down moves can not be ruled out before fresh up moves beginning.
2- As in MACD indicator MACD line has intersected Average line upward and its both lines are rising in positive zone therefore it will be understood that this indicator has confirmed Upward Trend formations and resultant strong rally will be seen.
Nifty-Last 9 Sessions
intraday charts analysis
Nifty-Intra Day Chart (May 21 to May 31,2024):-
Technical Patterns formation in last 9 Sessions intraday charts
1- Selling(Resistances) in last 9 Sessions are as follows:-
A- 22744-22767
B- 22793-22825
C- 22937-22988
D- 23054-23110
2- Consolidation(Supports) in last 9 Sessions are as follows:-
A- 21417-21502
B- 21502-21582
3- Last 9 Sessions actual trading between 21405-23111
Conclusions from 9 Sessions
intra day chart analysis
Last 9 Sessions actual trading between 21405-23111 with above mentioned supports and resistances. As lower levels fresh consolidation was seen in last 2 sessions of previous week therefore firstly up moves are expected towards above mentioned resistances but finally sustaining beyond last 9 sessions trading range should be watched in the coming week/weeks for next big moves beginning confirmations.
Nifty-Intra Day Chart Analysis
(31-May-2024)
Nifty-Intra Day Chart (31-May-2024):-
Technical Patterns formation in today intraday charts
1- Up moves after positive opening
2- Selling between 22618-22653
3- Down moves
4- Consolidation between 22502-22559
5- Volatility between 22548-22628
6- Consolidation between 22466-22547
7- Whole day actual trading between 22466-22653
Conclusions from intra day chart analysis
Although firstly up moves after positive opening but higher levels selling developed in first half hour therefore down moves started and Nifty lost almost all intraday gains. As more than 3 hours consolidation in Mid-sessions and follow up consolidation also in last hour after some volatility therefore up moves are expected above last Friday highest(22653.75) 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 down.
Although Impulsive Wave-(iii) of Wave-3 continuation with new life time top formations and no confirmation of its completion yet on EOD charts but Short Term correction started from life time top level which is in continuation and no confirmation of its completion also.
As intraday charts of last 2 sessions are showing lower levels supports and Short Term indicator Stochastic has also moved into Oversold zone as well as MACD indicator has confirmed Upward Trend formations therefore finally up moves are expected towards above mentioned 4 resistances in the coming week. Firstly sustaining beyond life time highest(23110.80) should be watched in the coming week for strong rally beginning after huge Victory of our greatest Prime Minister Modi ji on 4th June 2024.