Correction continuation & Watch supports,resistances,levels for next
Short Term moves beginning
Technical Analysis,Research & Weekly
Outlook(Feb 24 to Feb 28,2025)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (21-Feb-2025):-
Technical Patterns and Formations in EOD charts
1- Wave-C of Wave-(ii) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 beginning.
2- Impulsive Wave-(iii) of Wave-3 completion with new life time top formations at 26277.30 on 27-09-2024 and Corrective Wave-A of Wave-(iv) of Wave-3 of "ABC" correction beginning.
3- Corrective Wave-A of Wave-(iv) of Wave-3 completion at 23263.20 on 21-11-2024.
4- Corrective Wave-B of Wave-(iv) of Wave-3 completion at 24857.80 on 05-12-2024.
5- Corrective Wave-C of Wave-(iv) of Wave-3 continuation with recent bottom formations at 22720.30 on 21-02-2025.
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-(iii) of Wave-3 started from 18837.80 on 26-10-2023 after corrective Wave-C of Wave-(ii) of Wave-3 completion at 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-A of Wave-(iv) of Wave-3 begun from this level.
Corrective Wave-A of Wave-(iv) of Wave-3 completed at 23263.20 on 21-11-2024 and Wave-B of Wave-(iv) of Wave-3 started from this levels which completed at 24792.30 on 13-12-2024 and from this levels corrective Wave-C of Wave-(iv) of Wave-3 begun which is now in continuation with recent bottom formations at 22720.30 on 21-02-2025 and no indication of its completion yet on EOD charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (21-Feb-2025):-
Technical Patterns and Formations in EOD charts
1- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone.
2- Stochastic:- %K(5)- 36.53 & %D(3)- 39.81.
3- MACD- In MACD its MACD line has intersected Average line downward and its both lines are falling in negative zone.
4- MACD(26,12)- -233.74 & EXP(9)- -01.50 & Divergence- -232.24
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 towards Over sold zone therefore it will be understood that this indicator is signalling on going correction continuation possibility in the coming week.
2- As in MACD indicator In MACD its MACD line has intersected Average line downward and its both lines are falling in negative zone therefore it will be understood that this indicator is confirming Short Term downward trend formations and resultant on going correction continuation possibility in the coming week.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (21-Feb-2025):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 22909
2- 21-Day SMA is today at 23197
3- 55-Day SMA is today at 23548
4- 100-Day SMA is today at 23925
5- 200-Day SMA is today at 24067
Conclusions from EOD chart analysis
(Averages)
All the Trends have turned down because;-
1- Nifty has closed all the Trend deciding Averages.
2- All the lesser Term Averages are below its higher Term Averages.
3- All the Averages except 200-Day SMA are in falling mode.
Nifty-EOD Chart Analysis(Fibonacci
retracement levels)
Nifty-EOD Chart (21-Feb-2025):-
Technical Patterns and Formations in EOD charts
1-Impulsive Wave-(iii) of Wave-3 begun from 18837.80 on 26-10-2023.
2-Impulsive Wave-(iii) of Wave-3 completed at 26277.30 on 27-09-2024 and corrective Wave-(iv) of Wave-3 begun.
3-Fibonacci Retracement levels of corrective Wave-(iv) of Wave-3(18837.80-18604.50):-
13.0%- 25,310.20
23.6%- 24,521.60
27.0%- 24,268.60
38.2%- 23,435.40 (Crucial Level)
50.0%- 22,557.50 (Crucial Level)
61.8%- 21,679.70 (Crucial Level)
70.7%- 21,017.60
76.4%- 20,593.50
78.6%- 20,429.90
88.6%- 19,685.90
100.0%- 18,837.85
Conclusions from EOD chart analysis
(Fibonacci retracement levels)
Impulsive Wave-(iii) of Wave-3 which started from 18837.80 and completed 26277.30 as well as from this completion level corrective Wave-A of "ABC" correction of Wave-(iv) of Wave-3 started. Now its Wave-C is in continuation with its recent bottom formations at 22720.30 on 21-02-2025 and no indication of its completion yet on EOD charts. As Wave-(iv) of Wave-3 is now correcting according to Fibonacci retracement levels of Wave-(iii) of Wave-3 therefore these levels have been updated above which should be watched one by one for first signal of on correction continuation/completion according to sustaining beyond these levels in the coming weeks/months.
Nifty-Intra Day Chart Analysis
(21-Feb-2025)
Nifty-Intra Day Chart (21-Feb-2025):-
Technical Patterns formation in today intraday charts
1- 200 Points sharp fall in first hour
2- More than 5 hours sideways trading between 22721-22820
3- Whole day actual trading between 22721-22921
Conclusions from intra day chart analysis
Although firstly some upward moves after negative opening and once Nifty traded in positive zone also but Nifty fallen 200 points sharply in first hour last Friday. As more than last 5 hours trading was sideways between 22721-22820 therefore firstly sustaining beyond this range should be watched in the beginning of bext week for the next Very Short Term moves beginning confirmations.
Conclusions (After putting
all studies together)
1- Long Term Trend is down.
2- Intermediate Term trend is down.
3- Short Term Trend is down.
All the Trends have turned down during on going "ABC" correction of Wave-(iv) of Wave-3 which begun from 26277.30 on 27-09-2024 and now in continuation with recent at 22720.30 on 21-02-2025 after loosing 3557 points in almost 5 months and no indication of its completion yet on EOD charts.
As all the Trends have turned down during on going correction and no indication of its completion yet on EOD charts as well as Short Term indicators are also signalling on going corrective wave-C of Wave-(iv) of Wave-3 continuation possibility therefore following supports,resistances and levels should be watched one by one for next Short Term moves beginning in the coming weeks:-
Next Supports below last Friday closing:-
1- 22657-22703
2- 22527-22583
3- 22444-22485
4- 22357-22403
5- 22291-22327
6- 22055-22106
7- 21884-22191
8- 21502-21582
9- 21417-21500
Fibonacci Retracement Crucial levels of corrective Wave-(iv) of Wave-3(18837.80-18604.50):-
38.2%- 23,435.40 (Corrected)
50.0%- 22,557.50 (Crucial Retracement Level)
61.8%- 21,679.70 (Crucial Retracement Level)
Retracement levels of on going corrective Wave C of Wave-(iv) of Wave-3:-
1- 21844(100% of Wave A correction)
2- 19981(161.8% of Wave A correction)
Next resistances above last Friday closing are as follows which should be watched one by one for on going correction completion/continuation confirmations:-
1- 22894-22923
2- 23020-23085
3- 23178-23235
4- 23284-23348
5- 23577-23681
6- 23745-23807