Watch next Supports amid firstly Short Term correction expectations
Technical Analysis,Research & Weekly Outlook
(Dec 09 to Dec 13,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (06-Dec-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-(iV) of Wave-3 recent bottom formations at 23263.20 on 21-11-2024.
10- Pull Back rally continuation with recent top formations at 24857.8 on 05-12-2024.
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 begun from this level. 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 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-(iV) of Wave-3 started and now stronger signals of its completion have emerged on EOD charts after its bottom formations at 23263.20 on 21-11-2024 because Pull Back rally which begun from its bottom is in continuation strongly with recent top formations at 24857.8 on 05-12-2024 after gaining 1594.6 points and no confirmation of its completion yet on EOD charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (06-Dec-2024):-
Technical Patterns and Formations in EOD charts
1- Stochastic- Its both lines %K(5) and %D(3) are kissing in Over bought zone.
2- Stochastic:- %K(5)- 82.55 & %D(3)- 86.34.
3- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive and negative zone.
4- MACD(26,12)- 260.70 & EXP(9)- -46.20 & Divergence- 306.9
Conclusions from EOD chart analysis
(Stochastic & MACD)
Technical positions of Short Term indicators are as follows:-
1- As in Stochastic its both lines %K(5) and %D(3) are kissing in Over bought zone therefore it will be understood that this indicator has generated first and strong signal of Short Term correction beginning which will be seen in the coming week/weeks
2- As in MACD its MACD line has intersected Average line upward and its both lines are rising in positive and negative zone therefore it will be understood that MACD indicator has shown stronger signals of Upward Trend formations and resultant on resultant on going rally continuation.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (06-Dec-2024):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 24517
2- 21-Day SMA is today at 24071
3- 55-Day SMA is today at 24652
4- 100-Day SMA is today at 24707
5- 200-Day SMA is today at 23719
Conclusions from EOD chart analysis
(Averages)
The rally which begun after getting supports at Long Term Trend decider 200-Day SMA at 23263.20 on 21-11-2024 is now in continuation and 2 times tested also Intermediate Term Trend decider 55-Day SMA in last 2 sessions of previous week. Short and Long Term Trends are already up and finally sustaining beyond 55-Day SMA will decide the fate of Intermediate Term Trend in following manner which is now at stake:-
1- Sustaining above 55-Day SMA will mean Strong rally beginning towards and/or above life time top because that will confirm on going Intermediate Term correction completion at 23263.20 on 21-11-2024.
2- Sustaining below 55-Day SMA will mean that Intermediate Term Trend is still down and resultant downward moves will be seen toward and/or below the bottom of on going Intermediate Term correction at 23263.20.
Nifty-Intra Day Chart Analysis
(06-Dec-2024)
Nifty-Intra Day Chart (06-Dec-2024):-
Technical Patterns formation in today intraday charts
1- RBI Monetary Policy led volatility
2- More than 4 hours sideways trading between 24658-24722 with more selling patterns formations signals
3- Whole day actual trading between 24621-24751
Conclusions from intra day chart analysis
Although firstly RBI Monetary Policy led volatility but after that quiet market and More than 4 hours Sideways trading was seen within 64 points between 24658-24722. As more selling patterns formations in the last more than 4 hours sideways trading therefore higher possibility of firsly downward moves beginning towards and/or below last Friday lowest(24621) as well as finally sustaining it beyond will generate next decisive moves beginning in the coming week.
Conclusions
(After putting all studies together)
1- Long Term Trend is up.
2- Intermediate Term trend is at stake.
3- Short Term Trend is up.
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-(iii) of Wave-3 of this Waves structure completed with new life time top formations at 26277.30 on 27-09-2024 and corrective Wave-(iV) of Wave-3 begun as well as its completion signals have also been emerged after its recent bottom formations at 23263.20 on 21-11-2024 because the Rally which started from this levels is now in continuation strongly with recent top formations at 24857.8 on 05-12-2024 and no confirmation of its completion yet on EOD and intraday charts.
Although Short Term indicator MACD is showing stronger signals of on going upward moves continuation after Upward Trend formations but another Short Term indicator Stochastic is indicating that Short Term downward moves are on card which may also begun any day. Final conclusion from Short Term indicators is that firstly Short Term correction will be seen because intraday charts of last Friday are also showing some selling patterns formations. Let firstly expected Short Term correction complete then after that upward moves will be considered according to that time technical patterns formations.
Intermediate Term trend is at stake and finally sustaining beyond its decider 55-Day SMA(today at 24652) will confirm its next Trend(Up or Down) formations as well as generate those bigger moves which have already been explained above. As Short Term indicator Stochastic is Over bought and selling patterns fomations in last Friday intraday charts also therefore firstly Short Term correction will be seen in the coming week and sustaining beyond following next supports should be watched one by one for next decisive moves beginning confirmations:-
1- 24565-24670
2- 24388-24439
3- 24143-24222
4- 24079-24117
