17453 will confirm deeper correction
beginning or correction completion first indication
Technical Analysis,Research & Weekly
Outlook(Nov 22 to Nov 26,2021)
Nifty-EOD Chart Analysis
(Averages,Stochastic & MACD)
Nifty-Weekly Chart(18-Nov-2021):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-5 completion indication after recent high and new life time top formation at 18604.50 on 19-10-2021
2- Last 22 Sessions Short Term Correction continuation with recent bottom formations at 17613.10 on 29-10-2021
3- Last 33 Sessions sideways trading between 17453-18604 from 01-10-2021 to 18-11-2021
4-Averages
A- 5-Day SMA is today at 17975
B- 21-Day SMA is today at 18006
B- 55-Day SMA is today at 17793
5- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone.
6- Stochastic:- %K(5) is at 29.26 & %D(3) is at 50.51.
7- In MACD- MACD line has intersected Average line downward and its both lines are falling in positive zone.
8- MACD:- (26,12) 20.87 & EXP(9)58.50 & Divergence- -37.63
Conclusions from EOD chart analysis
(Averages,Stochastic & MACD)
The correction which started after life time top formation at 18604.50 on 19-10-2021 is in continuation for the last 22 sessions with recent bottom formations at 17613.10 on 29-10-2021 and till now no indication of on going correction completion yet.
Nifty was hovering around short term averages(5 and 21-Day SMA) for the last 20 sessions has slipped and closed below Intermediate term averages(55-Day SMA) last Friday therefore indicating Intermediate term trend turning down possibility also and its confirmation will be finally sustaining below it which should be firstly watched in next week.
As both lines of MACD are falling therefore confirming downward trend formations and both lines of Stochastic are also falling towards Over sold zone therefore suggesting more down moves possibility in next week.
Last 33 Sessions sideways trading between 17453-18604 from 01-10-2021 to 18-11-2021 and finally sustaining it beyond will confirm the life and length of on going correction therefore should be watched in the coming week/weeks for it.
Nifty-Last 33 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Oct 01 to Nov 18,2021):-
Technical Patterns formation in last 33 Sessions intraday charts
1- Selling(Resistances) in last 33 Sessions are as follows:-
A- 17959-18005
B- 18070-18133
C- 18169-18193
D- 18289-18334
E- 18379-18458
F- 18548-18604
2- Consolidation(Supports) in last 33 Sessions are as follows:-
A- 17716-17763
B- 17641-17704
C- 17453-17550
3- Last 33 Sessions trading between 17453-18604
Conclusions from 33 Sessions
intra day chart analysis
Last 33 sessions sideways trading between 17453-18604 with above mentioned 6 resistances and 3 supports. As resistances are turning stronger than supports and higher good selling was seen in all the last 4 sessions of previous week therefore if fresh selling develops in the coming week also then firstly sustaining beyond last 33 sessions lowest(17453) should be watched in the next week because finally sustaining below it will mean deeper correction confirmation.
Nifty-Intra Day Chart
Analysis(18-Nov-2021)
Nifty-Intra Day Chart (18-Nov-2021):-
Technical Patterns formation in today intraday charts
1- Down moves with upward corrections
2- More than 5 hours sideways trading between 17689-17828
3- Whole day actual trading between 17689-17945
Conclusions from intra day chart analysis
Although flat opening but 220 points down moves with upward corrections in first 3 hours therefore sustaining at lower levels and 0.75% negative closing last Friday.
As more than 5 hours sideways trading between 17689-17828 in which supports at lower levels and some selling at higher levels was also seen within this range therefore Nifty will firstly trade within this range and prepare for next decisive moves in the beginning of next week as well as finally sustaining beyond this range will generate next decisive moves.
Conclusions (After putting
all studies together)
1- Long Term Trend is up.
2- Intermediate Term Trend is sideways between 17453-18604 for the last 33 Sessions.
3- Short Term Trend is down.
As 22 sessions like long big Impulsive Wave-5 correction and Nifty has closed below 55-Day SMA also therefore emergence of "ABC" correction possibility of that rally which started from 7511.10 on 24-03-2020. Let some more correction signals emerge then "ABC" correction of whole 5 waves rally(7511.10-18604.50) will be considered.
Last 33 Sessions like big sideways trading between 17453-18604 therefore finally sustaining it beyond will form next trend which will generate big moves. As 5 resistances above last Friday closing and below 18604 and 3 supports below last Friday closing and below 17453 therefore Nifty will trade and prepare for next trend between 17453-18604 and finally sustaining it beyond will form next trend.
MACD is suggesting downward trend formation and Stochastic is also showing more down moves possibility therefore correction continuation is expected towards 17453 in next week and firstly sustaining it beyond should be watched in next week for deeper correction beginning below it or on going correction completion first indication above it.