Firstly watch next supports for the
life and length of expected correction
Technical Analysis,Research & Weekly
Outlook(Aug 05 to Aug 09,2024)
Nifty-Weekly Chart Analysis
(Waves structure)
Nifty-Weekly Chart (02-Aug-2024):-
Technical Patterns and Formations in Weekly 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 02-12-2022.
3- Corrective Wave-2 completion at 16828.30 on 24-03-2023.
4- Impulsive Wave-(i) of Wave-3 completion at 20222.45 on 15-09-2023.
5- Corrective Wave-(ii) of Wave-3 completion at 18837.80 on 27-10-2023
6- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 25078.30 on 01-08-2024.
7- Correction beginning with closing near weekly lowest and recent bottom formations at 24686.85 on 02-08-2024.
Conclusions from Weekly chart
analysis(Waves structure)
Impulsive Wave-1 of new Waves structure begun from 15183.40 on 17-06-2022 after Corrective Wave-C of "ABC correction" of previous Waves structure completion at this level. Impulsive Wave-1 completed at 18887.60 on 02-12-2022 and from this level Wave-2 started which completed at 16828.30 on 24-03-2023 and Impulsive Wave-3 begun from this level.
Impulsive Wave-(i) of Wave-3 completed at 20222.45 on 15-09-2023 and from this level corrective Wave-(ii) of Wave-3 begun which completed at 18837.80 on 27-10-2023 and impulsive Wave-(iii) of Wave-3 started from this level. Although now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 25078.30 on 01-08-2024 and no indication of its completion yet on Weekly charts also but correction started in previous week and Nifty closed near weekly lowest last Friday therefore firstly completion of previos week started correction should be watched for next up moves beginning confirmations.
Nifty-Weekly Chart Analysis
(Stochastic & MACD)
Nifty-Weekly Chart (02-Aug-2024):-
Technical Patterns and Formations in Weekly 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)- 81.17 & %D(3)- 87.03.
3- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
4- MACD(26,12)- 1096.21 & EXP(9)- 671.60 & Divergence- 424.61
Conclusions from Weekly chart
analysis (Stochastic & MACD)
Technical positions of Intermediate 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 it will be understood that signals of Intermediate Term correction beginning have been generated and its continuation can not be ruled out 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 it will be understood that MACD is confirming upward Trend formation but remain cautious also because gap between its both lines has been widened which is an indication of downward moves beginning possibility also.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (02-Aug-2024):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 25078.30 on 01-08-2024.
2- Short Term correction continuation with recent bottom formations at 24686.85 on 02-08-2024.
3- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling towards from Over bought zone.
4- Stochastic:- %K(5)- 63.87 & %D(3)- 79.49.
5- In MACD- MACD line has intersected Average line downward and its both lines are falling in positive zone.
6- MACD(26,12)- 197.05 & EXP(9)- 249.16 & Divergence- -52.11
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 from Over bought zone therefore it will be understood that signals of Short Term correction beginning have been generated and that may be seen in the coming week also.
2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in positive zone therefore it will be understood that this indicator is showing signals of Short Term downward trend formations and more downward moves possibility also can not be ruled out in next week.
Nifty-Intra Day Chart Analysis
(02-Aug-2024)
Nifty-Intra Day Chart (02-Aug-2024):-
Technical Patterns formation in today intraday charts
1- Sharp fall after 167 points gap down opening
2- Selling between 24791-24824
3- Downward moves in last hours
4- Whole day actual trading between 24687-24851
Conclusions from intra day chart analysis
As firstly sharp fall after 167 points gap down opening and after that selling in Mid-session also therefore intraday correction remained continued till last hours and Nifty closed near the lower levels of the day last Friday. Only intraday selling patterns formations and consolidation patterns were not seen therefore firstly downward moves towards next supports will be seen in the beginning of coming 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.
Although now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 25078.30 on 01-08-2024 and no indication of its completion yet on Weekly charts and EOD charts but Short Term Correction begun in previous week and Nifty closed near weekly lowest last Friday.
As Intermediate and Short Term indicators are showing Short Term correction possibility and last Friday intrday charts are also showing selling patterns formations therefore downward moves are expected towards following next supports one by one in the coming week/weeks for the life and length of expected correction:-
1- 24629-24655
2- 24580-24605
3- 24367-24426
4- 24308-24367
5- 24142-24307
6- 24095-24140
7- 23914-23997
8- 23671-23734
9- 23563-23612
10- 23502-23537
11- 23358-23476
Next resistances above last Friday closing are as follows. Sustaining above one by one should be watched one by one for fresh rally beginning possibility after on foing corerection completion:-
1- 24791-24824
2- 24932-24954
3- 24974-25026
4- 25038-25067