Watch next supports for the life and length of expected short Term correction
Technical Analysis,Research & Weekly Outlook
(Jun 24 to Jun 28,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (21-Jun-2024):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-C of previous Waves structure "ABC correction" completion at 15183.40 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.
2- Impulsive Wave-1 completion at 18887.60 on 01-12-2022.
3- Corrective Wave-2 completion at 16828.30 on 20-03-2023.
4- Impulsive Wave-(i) of Wave-3 completion at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.
5- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.
6- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.
7- 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.
8- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 23667.10 on 21-06-2024.
Conclusions from EOD chart analysis
(Waves structure)
Corrective Wave-C of "ABC correction" of previous Waves structure completed at 15183.40 on 17-06-2022 and from this level Impulsive Wave-1 of new Waves structure started which completed at 18887.60 on 01-12-2022 and Wave-2 begun from this level which completed 16828.30 on 20-03-2023 and Impulsive Wave-3 started from this level.
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 started. 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 started from this level.
Now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 23667.10 on 21-06-2024 and confirmation of its completion yet on EOD charts. As following Bearish signals emerged in previous week therefore remain watchful;-
1- Bearish Engulfing Candlestick formation was seen Last Friday.
2- "Doji" Weekly Candlestick formation was seen of previous week
3- Last Friday closing was at previous week lowest with new weekly lowest formations that day.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (21-Jun-2024):-
Technical Patterns and Formations in EOD charts
1- More than 5 months old Rising Channel Pattern formations and Nifty has closed above its higher Rising line in the last 4 sessions of previous week
2- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone.
3- Stochastic:- %K(5)- 60.17 & %D(3)- 72.28.
4- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
5- MACD(26,12)- 435.16 & EXP(9)- 315.19 & Divergence- 119.97
Conclusions from EOD chart analysis
(Stochastic & MACD)
Rising Channel Pattern formations is being seen for the last More than 5 months and Nifty has closed above its higher Rising line in the last 4 sessions of previous week but tested it also in the last 3 sessions also. Let higher Rising line break out confirmations comes either through sustaining above it or its forceful break out then strong rally will be seen. Technical 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 from Over bought zone therefore this indicator has shown clear 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 positive zone therefore this indicator is confirming upward moves continuation after upward Trend formation confirmations
Conclusions from Short Term indicators analysis is that finally upward moves will remain continued after Short Term correction completion.
Nifty-Intra Day Chart Analysis
(21-Jun-2024)
Nifty-Intra Day Chart (21-Jun-2024):-
Technical Patterns formation in today intraday charts
1- Selling between 23573-23667
2- Sharp fall
3- Selling between 23505-23556
4- Sharp fall
5- More than 2 hours volatile market between 23399-23584
6- Whole day actual trading between 23399-23667
Conclusions from intra day
chart analysis
Although gap up strong opening with new life time top formations last Friday but fresh selling developed immediate after opening therefore sharp fall was seen after more than first hour selling. As again follow up selling in Mid-session which remained continued near about 2 hours therefore again sharp fall developed.
As more than last 2 hours 185 points volatility between 23399-23584 therefore therefore firstly sustaining beyond this range should be watched in the beginning of coming week for next Short Term moves beginning confirmations because many times Technical positions revers also during such high volatile market.
Conclusions
(After putting all studies together)
1- Long Term trend is up.
2- Intermediate Term trend is up.
3- Short Term Trend is UP.
Although now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 23667.10 last Friday but Short term indicator is showing Short Term correction beginning signals and above mentioned minor Bearish signals have also been developed in Weekly and EOD charts As well as Last Friday intraday charts are also showing higher levels intraday selling therefore Short Term correction may be seen in the coming week. Following next supports should be watched one by one for the life and length of expected short Term correction:-
1- 23425-23452
2- 23161-23206
3- 22961-23096
4- 22760-22871
5- 22291-22395
6- 21884-22191
7- 21502-21582
8- 21417-21500