Watch next supports for fresh rally beginning after expected Short Term correction completion
Technical Analysis,Research & Weekly
Outlook(Jul 01 to Jul 05,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (28-Jun-2024):-
Technical Patterns and Formations in EOD charts
1- 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.
2- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 24174.00 on 28-06-2024.
Conclusions from EOD chart analysis
(Waves structure)
Corrective Wave-C of "ABC correction" of Wave-(ii) of Wave-3 completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 begun from this level which is in continuation with its recent high and new life time top formations at 24174.00 on 28-06-2024 and no indication of its completion yet on EOD charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (28-Jun-2024):-
Technical Patterns and Formations in EOD charts
1- Rising Channel Pattern formations was seen in the last more than 5 months old. Its upper Rising line has been broken out forcefully in previos week.
1- Stochastic- Its both lines %K(5) and %D(3) are kissing in Over bought zone.
2- Stochastic:- %K(5)- 90.15 & %D(3)- 88.86.
3- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
4- MACD(26,12)- 475.22 & EXP(9)- 433.19 & Divergence- 42.03
Conclusions from EOD chart analysis
(Stochastic & MACD)
Rising Channel Pattern formations was seen in the last more than 5 months and its upper Rising line was forcefully broken out in previous week which means stronger signals of fresh strong rally beginning with continuous new life time top formations. Technical positions of Short Term indicators are as follows:-
1- As in Stochastic its both lines %K(5) and %D(3) are kissing in Over bought zone therefore it will be understood that signals of Short Term correction has been generated. Let its downward intersection happen and its downward moves begun 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 it will be understood that MACD has confirmed upward Trend formation and resultant decisive up moves will remain continued.
Nifty-Weekly Chart Analysis
(Stochastic & MACD)
Nifty-Weekly Chart (28-Jun-2024):-
Technical Patterns and Formations in Weekly charts
1- Weekly Long Bullish Candle formations
2- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising in Over bought zone.
3- Stochastic:- %K(5)- 95.42 & %D(3)- 91.93.
4- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
5- MACD(26,12)- 538.09 & EXP(9)- 405.75 & Divergence- 132.34
Conclusions from Weekly chart analysis
(Stochastic & MACD)
As long Bullish Weekly Candle formations in previous week Weekly charts therefore it will be understood that stronger signals of on going Bullish rally continuation has been generated. Technical positions of Intermediate Term indicators are as follows:-
1- As in Stochastic its %K(5) line has intersected %D(3) line upward and its both lines are rising in Over bought zone therefore it is signaling more up moves possibility but remain cautious because its both lines in absolute Over bought zone.
2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore it is a confirmation of upward Trend formations and resultant upward moves continuation also.
Nifty-Intra Day Chart Analysis
(28-Jun-2024)
Nifty-Intra Day Chart (28-Jun-2024):-
Technical Patterns formation in today intraday charts
1- Selling between 24114-24174
2- Sharp down
3- Consolidation between 24017-24070
4- Up moves
5- Selling between 24114-24130
6- Sharp down
7- Selling between 24088-240102
8- Sharp down
9- Whole day actual trading between 23986-24174
Conclusions from intra day chart analysis
Although firstly up moves after positive opening and new life time top formations also in first hour but higher levels good selling was seen in first 3 hours therefore Nifty fallen sharply after that. As fresh consolidation developed in Mid-session therefore up moves were also seen after that but again selling developed 2 times and sharp fall was also seen 2 times in last hours hence Nifty closed in Red at the lower levels of the day.
As higher levels good intraday selling last Friday therefore expected that firstly down moves ie Short Term correction will be seen in the beginning of coming week and next supports which developed in previous week should be watched one by one for the life of expected Short Term correction.
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-(iii) of Wave-3 continuation with its recent high and new life time top formations at 24174.00 last Friday with long Bullish Weekly Candle formations in previous week and forceful break out of "upper Rising line" of more than 5 months old "Rising Channel Pattern" also in previos week therefore these signals will be understood stronger confirmations of impulsive Wave-(iii) of Wave-3 continuation in the coming week/weeks.
Although Weekly indicators are showing signals of on going Bullish moves continuation but EOD Stochastic indicator is showing signals of Short Term correction beginning and intraday charts of last Friday are also showing higher levels selling therefore Short Term correction is expected in the coming week towards following next supports:-
1- 23914-23997
2- 23671-23734
3- 23563-23612
4- 23502-23537
5- 23358-23476
Sustaining beyond above supports should be watched one by one in the coming week for fresh rally beginning after expected Short Term correction completion.