Firstly Bullish moves & Short Term Correction beginning confirmations below 25200
Technical Analysis,Research & Weekly
Outlook(Sep 02 to Sep 06,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (30-Aug-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 25078.30 on 01-08-2024.
9- Short Term correction continuation with recent bottom formations at 25268.35 on 30-08-2024.
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 his level Impulsive Wave-1 of new Waves structure begun. Wave-1 completed at 18887.60 on 01-12-2022 and from this level Wave-2 started which completed at 16828.30 on 20-03-2023 and Impulsive Wave-3 begun from this level which is now in continuation.
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 begun 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 begun from this levels which completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 begun from this level.
Short Term correction was seen in previous month which completed at 23893.70 on 05-08-2024 and from this level fresh up moves of Impulsive Wave-(iii) of Wave-3 begun which are in continuation with its recent high and new life time top formations at 25268.35 on 30-08-2024 and no indication of its completion yet on EOD charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (30-Aug-2024):-
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)- 86.82 & %D(3)- 85.95.
3- Stochastic is showing negative divergence
4- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
5- MACD(26,12)- 305.84 & EXP(9)- 76.78 & Divergence- 229.06
Conclusions from EOD chart analysis
(Stochastic & MACD)
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 in Over bought zone as well as this indicator is showing negative divergence also hence it will be understood that at present this indicator is showing strong possibility of Short Term downward move beginning.
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 this indicator is confirming Short Term upward trend formations and on going Bullish moves continuation possibility as well.
Nifty-Intra Day Chart Analysis
(30-Aug-2024)
Nifty-Intra Day Chart (30-Aug-2024):-
Technical Patterns formation in today intraday charts
1- Whole day sideways trading between 25205-25268
2- Down moves in Bullish Falling Channels formations
3- Whole day actual trading between 25200-25268
Conclusions from intra day chart analysis
Although whole day sideways trading between 25205-25268 after gap up opening but Down moves in Bullish Falling Channels were also seen within this range and intraday selling patterns were not seen last Friday therefore expected that on going rally will remain continued 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 up.
Now impulsive Wave-(iii) of Wave-3 is in continuation forcefully with its recent high and new life time top formations at 25268.35 last Friday and no indication of its completion yet on EOD charts.
Although Short Term MACD indicator is confirming upward Trend formations but Short Term Stochastic indicator is showing strong possibility of Short Term correction beginning possibility also therefore finally up moves after Short Term correction completion possibility can not be ruled out,
As last Friday intraday charts are showing some Bullish Patterns formations within whole day sideways trading range therefore firstly up moves with new life time top formations are expected in the beginning of next week. Until Nifty will not sustain below last Friday lowest after complete intraday selling patterns formations till then even Very Short Term correction will not be seen. As Nifty closed at life time top last Friday and intraday selling patterns were not seen that day therefore now there is no resistance at higher levels. Next supports below last Friday lowest are as follows which should be watched one by one after fresh intraday selling patterns formations and Short Term correction beginning confirmations below last friday lowest(25200):-
1- 25091-25116
2- 25014-25041
3- 24971-25033
4- 24859-24874(Gap Support)
5- 24820-24832
6- 24781-24809