Watch 3 levels one by one for next trend formations and bigger moves beginning confirmations
Technical Analysis,Research &
Weekly Outlook(Aug 12 to Aug 16,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (09-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 23893.70 on 05-08-2024.
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 started. Wave-1 completed at 18887.60 on 01-12-2022 and from this level Wave-2 begun which completed at 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 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 25078.30 on 01-08-2024 and no confirmation of its completion yet on EOD charts but Short Term correction begun from this level which is also in continuation with its recent bottom formations at 23893.70 on 05-08-2024 and no confirmation of its completion yet also on EOD Charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (09-Aug-2024):-
Technical Patterns and Formations in EOD charts
1- Stochastic-%K(5) line has intersected %D(3) line upward and its both lines are rising from Over sold bought zone
2- Stochastic:- %K(5)- 21.91 & %D(3)- 16.86.
3- In MACD- MACD line has intersected Average line downward and its both lines are falling in positive zone.
4- MACD(26,12)- 27.72 & EXP(9)- 160.18 & Divergence- -132.46
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 upward and its both lines are rising from Over sold bought zone therefore it will be understood that signals of fresh upward moves towards Over bought zone have been generated.
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.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (09-Aug-2024):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 24166
2- 21-Day SMA is today at 24533
3- 55-Day SMA is today at 23869
4- 100-Day SMA is today at 23173
5- 200-Day SMA is today at 22121
Conclusions from EOD chart analysis
(Averages)
Although Nifty whole day traded and closed above 5-Day SMA last Friday but Nifty traded and closed below Short Term trend decider 21-Day SMA in all the sessions of previous week therefore it is confirm that Short Term trend has turned down. As Nifty has not even tested Intermediate Term trend decider 55-Day SMA and well above Long Term trend decider 200-Day SMA therefore it will be understood that Intermediate and Long Term trends are confirm up.
As next Upward trend will be decided through sustaining above Short Term trend decider 21-Day SMA(today at 24533) or Downward trend through sustaining below Intermediate Term trend decider 55-Day SMA(today at 23869) therefore sustaining beyond these 2 SMAs should be watched in the coming weeks for next Trend formations and resultant next bigger moves beginning confirmations.
Nifty-Last 5 Sessions intraday
charts analysis
Nifty-Intra Day Chart (Aug 05 to Aug 09,2024):-
Technical Patterns formation in last 5 Sessions intraday charts
1- Selling(Resistances) in last 5 Sessions are as follows:-
A- 24283-24379
B- 24173-24266
2- Consolidation(Supports) in last 5 Sessions are as follows:-
A- 24185-24269
B- 24136-24251
C- 24080-24192
D- 23977-24094
E- 23932-24027
3- More than 4 hours trading with mixed Patterns formation between 24323-24387 on 09-08-2012
4- Last 5 Sessions of previous week actual between 23894-24419
Conclusions from 5 Sessions intraday
chart analysis
Nifty opened 384 points gap down at 24302.80 in the beginning of previous week ie on 05-08-2012 and after that whole week traded between 23894-24419 with above mentioned technical positions formations. Although minor intraday selling was seen at higher levels but lower levels good intraday consolidation also developed therefore Nifty closed at the top of previous week.
As more than 4 hours trading with mixed Patterns formation between 24323-24387 last Friday ie on 09-08-2012 therefore firstly sustaining beyond this range should be watched in the beginning of next week for first signal of that side decisive moves beginning.
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 its recent high and new life time top formations at 25078.30 on 01-08-2024 and no confirmation of its completion yet on EOD charts but Short Term correction started on 02-08-2024 and in continuation with recent bottom formations at 23893.70 on 05-08-2024 and no confirmation of its completion also.
As Short Term indicator Stochastic is showing signals of upward moves beginning therefore some more up moves may be seen in the coming week but MACD is confirming Downward trend formations also therefore finally downward moves possibility can not be ruled out after initial upward moves.
Although Short Term Trend(its decider 21-Day SMA is today at 24533) is Down and Intermediate Term trend(its decider 55-Day SMA is today at 23869) is up but Nifty traded in last 5 sessions of previous week within these 2 trends between 23894-24419. As finally sustaining beyond 23869-24533 will confirm next trend therefore finally sustaining beyond these 2 trends should be watched in the coming week/weeks for next trend formation confirmations.
As intraday charts of last 5 sessions are also showing all consolidation , selling and mixed patterns formations between 23894-24419 therefore following 3 levels should be watched one by one in the coming week/weeks for next trend formations and bigger moves beginning confirmations:-
1- 24323-24387(More than 4 hours trading range with mixed Patterns formations on 09-08-2012)
2- 23894-24419(Last 5 Sessions trading range)
3- 23869-24533(Next Trend confirmations)