Watch next supports & levels after Corrective Wave-4 continuation confirmations
Technical Analysis,Research & Weekly Outlook
(Nov 11 to Nov 14,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (08-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 and corrective Wave-4 beginning.
9- Corrective Wave-4 continuation with recent bottom formations at 23816.20 on 04-11-2024.
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-1 of new Waves structure begun after corrective Wave-C of "ABC correction" of previous Waves structure completion at 15183.40 on 17-06-2022. Impulsive Wave-1 completed at 18887.60 on 01-12-2022 and from this level corrective 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 20222.4 on 15-09-20235 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 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 Intermediate Term correction of Wave-4 started which is now in continuation with its recent bottom formations at 23816.20 on 04-11-2024 and no confirmation of its completion yet on EOD charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (08-Nov-2024):-
Technical Patterns and Formations in EOD charts
1- Stochastic- Its both lines %K(5) and %D(3) are kissing below Over bought zone.
2- Stochastic:- %K(5)- 63.91 & %D(3)- 63.64.
3- In MACD- MACD line has intersected Average line upward and its both lines are rising in negative zone.
4- MACD(26,12)- -308.21 & EXP(9)- -415.55 & Divergence- 107.34
Conclusions from EOD chart analysis
(Stochastic & MACD)
Technical positions of Short Term indicators are as follows:-
1- As in Stochastic its both %K(5) and %D(3) lines are kissing below Over sold zone therefore it will be understood that previous week upward moves were not strong because Nifty could not be able to enter into Over bought zone. Remain cautious because if downward intersection happen then decisive Downward moves will be seen.
2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in negative zone therefore it will be understood that 1st signal of Short Term Upward Trend formation has been generated and according to this indicator possibility of some upward moves beginning also can not be ruled out.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (08-Nov-2024):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 24208
2- 21-Day SMA is today at24509
3- 55-Day SMA is today at 25012
4- 100-Day SMA is today at 24709
5- 200-Day SMA is today at 23508
Conclusions from EOD chart analysis
(Averages)
Although little upward moves were seen in previous week but Nifty could not be able move above Short Term Trend decider 21-Day SMA and moved down. Intermediate Term Trend is confirm down because Nifty has sustained below its decider 55-Day SMA and now trading below 100-Day SMA also for the last 3 weeks. As Nifty is still well above Long Term Trend decider 200-Day SMA therefore it is up but remain cautious because Intermediate Term Correction is very much on and downward moves towards 200-Day SMA with its testing also can not be ruled out. It should be kept in mind that until Nifty will not sustain above Trend decider SMAs till then Trend reversal will not get confirmations.
Nifty-Intra Day Chart Analysis
(08-Nov-2024)
Nifty-Intra Day Chart (08-Nov-2024):-
Technical Patterns formation in today intraday charts
1- Selling Patterns formation between 24142-24215
2- Whole day actual trading between 24067-24276
Conclusions from intra day chart analysis
Although firstly some upward moves in half hour after flat opening but sufficient intraday selling patterns were also seen therefore downward moves are expected below today lowest(24066.65) in the beginning of next week.
Conclusions
(After putting all studies together)
1- Long Term Trend is up.
2- Intermediate Term trend is down.
3- Short Term Trend is down.
Impulsive Wave-(iii) of Wave-3 completed at 26277.30 on 27-09-2024 and from this level Corrective Wave-4 started which is now in continuation with recent bottom formations at 23816.20 on 04-11-2024 and no indication of its completion yet on EOD and intraday charts
Averages are confirming that Long Term Trend is up and Intermediate Term Trend is down. Now Short Term indicators are not confirming any side clear direction and intraday charts of last Friday are showing firstly downward moves possibility in the beginning of next week.
Corrective Wave-4 is very much on and now in continuation towards following next supports and levels which should be watched one by one for next immediate moves beginning confirmations:-
1- Supports:-
1- 23817-24025
3- 23671-23734
4- 23563-23612
5- 23502-23537
6- 23358-23476
2- Fibonacci Retracement Crucial levels of Wave-(iii) of Wave-3(18837.80-26277.30):-
38.2%- 23,435 (Crucial Level)
50.0%- 22,557 (Crucial Level)
61.8%- 21,679 (Crucial Level)
3- Long Term Trend decider 200-Day SMA which is today at 23508.