Watch next resistances and levels amid firstly upward moves expectations
Technical Analysis,Research & Weekly
Outlook(Nov 25 to Nov 29,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (22-Nov-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 completion with new life time top formations at 26277.30 on 27-09-2024.
9- Corrective Wave-4 continuation with recent bottom formations at 23263.20 on 21-11-2024.
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 impulsive Wave-1 of new Waves structure started from this level. Impulsive Wave-1 completed at 18887.60 on 01-12-2022 and from this level corrective 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 20222.4 on 15-09-20235 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 from this level. 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.
Impulsive Wave-(iii) of Wave-3 completed with new life time top formations at 26277.30 on 27-09-2024 and corrective Wave-4 started which is now in continuation with its recent bottom formations at 23263.20 on 21-11-2024 and no confirmation of its completion yet on EOD charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (22-Nov-2024):-
Technical Patterns and Formations in EOD charts
1- Stochastic- Its %K(5) line has intersected %D(3) line upward. Its %K(5) line is rising and %D(3) line is moving flat in Over sold zone.
2- Stochastic:- %K(5)- 22.25 & %D(3)- 15.34.
3- In MACD- MACD line has intersected Average line upward and after this its both lines are kissing in negative zone.
4- MACD(26,12)- -309.96 & EXP(9)- -330.06 & Divergence- 20.10
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. Its %K(5) line is rising and %D(3) line is moving flat in Over sold zone therefore it will be understood that this indicator has generated first and strong signal of Short Term upward moves beginning which will be seen in the coming week/weeks
2- As in MACD firstly its MACD line has intersected Average line upward and after this its both lines are kissing in negative zone therefore it will be understood that MACD indicator has started to generate Short Term upward Trend formation signals which will be seen if its both lines starts to move upward after MACD line clear upward intersection of Average line.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (22-Nov-2024):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 23552
2- 21-Day SMA is today at 24050
3- 55-Day SMA is today at 24803
4- 100-Day SMA is today at 24705
5- 200-Day SMA is today at 23593
Conclusions from EOD chart analysis
(Averages)
Short and Intermediate Term Trends are confirm down because Nifty has sustained below its deciders 21-Day SMA and 55-Day SMA for the last many weeks but Long Term Trend is at stake because Nifty hovered around its decider 200-Day SMA for the last 5 sessions in which Nifty closed below it in the last 4 sessions.
Although Nifty opened at the lowest of on going corrective Wave-4 last friday but 2.39% strong intraday recovery was seen from lower levels and Nifty closed near the higher levels of the day. As such strong recovery therefore some more upward moves can not be ruled out in the coming week. As Nifty has closed well above 3-Day SMA last Friday therefore firstly sustaining beyond 21-Day SMA and 55-Day SMA should be watched in the coming week for the life and length of on going Wave-4 correction.
Nifty-Intra Day Chart Analysis
(22-Nov-2024)
Nifty-Intra Day Chart (22-Nov-2024):-
Technical Patterns formation in today intraday charts
1- Whole day up moves with downward corrections.
2- Whole day actual trading between 23360-23956.
Conclusions from intra day chart analysis
As whole day up moves with downward corrections after positive opening and it means that whole day only intraday consolidation patterns developed and intrday selling patterns were not seen last Friday therefore firstly upward moves will be seen in the beginning of next week.
Conclusions (After putting
all studies together)
1- Long Term Trend is at stake.
2- Intermediate Term trend is down.
3- Short Term Trend is down.
Corrective Wave-4 which begun after impulsive Wave-(iii) of Wave-3 completion at 26277.30 on 27-09-2024 is now in continuation with recent bottom formations at 23263.20 on 21-11-2024 and no confirmation of its completion yet on EOD charts.
As Short Term indicators are showing Short Term upward moves beginng signals and last Friday intraday charts are also suggesting that firstly upward moves will be seen in the beginning of next week therefore firstly following next resistances and levels should be watched one by one in the coming week for the life and length of expected upward moves:-
Resistances above last Friday closing are as follows:-
1- 23915-24034
2- 24091-24242
3- 24264-24315
4- 24537-24604
5- 24627-24684
6- 24787-24886
Levels:-
1- 21-Day SMA(today at 24050)
2- 55-Day SMA(today at 24803)
As no confirmation of on going corrective Wave-4 completion yet on EOD charts therefore if Nifty fails to sustain above mentioned resistances and levels and correction restarts then following next supports and Levels should be watched the the life and length of on going Wave-4 correction:-
Supports below last Friday closing are as follows:-
1- 23816-23853
2- 23654-23712
3- 23447-23545
4- 23298-23337
5- 23161-23206
6- 22961-23096
7- 22760-22871
8- 22291-22395
9- 21884-22191
10- 21502-21582
11- 21417-21500
Now corrective Wave-4 is correcting Wave-(iii) of Wave-3(18837.80-26277.30) and its Fibonacci Retracement levels as follows :-
38.2%- 23,435 (Crucial Level)(Retraced)
50.0%- 22,557 (Crucial Level)
61.8%- 21,679 (Crucial Level)