Firstly watch 16411-17379 amid finally down moves expectations below it
Technical Analysis,Research & Weekly Outlook
(Dec 27 to Dec 31,2021)
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (24-Dec-2021):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC' correction beginning.
2- Corrective Wave-A of "ABC" correction continuation with recent bottom formations at 16410.20 on 20-12-2021
4- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising towards Over bought zone.
5- Stochastic:- %K(5)- 70.16 & %D(3)- 54.79.
6- In MACD- MACD line has intersected Average line downward and its MACD line is falling while Average line is flat in negative zone EOD.
7- MACD(26,12)- -162.95 & EXP(9)- -123.32 & Divergence- -39.63
Conclusions from EOD chart analysis
(Stochastic & MACD)
corrective Wave-A of "ABC' correction begun after Impulsive Wave-5 completion at 18604.50 on 19-10-2021. As Wave-A is in continuation and no indication of its completion yet therefore its continuation will be seen in the coming week/weeks.
As in Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising towards Over bought zone therefore some more up ward moves can not be ruled out in the coming week but MACD has started Short term downward trend formations through MACD line downward intersection of Average line hence down moves possibilities have also turned alive.
Both Short Term indicators Stochastic and MACD are showing adverse moves possibilities therefore it will be understood that at present Indian markets are not prepared for any type of one sided moves and will firstly remain sideways as well as firstly prepare for next decisive moves in the coming week.
Nifty-Last 9 Sessions intraday
charts analysis
Nifty-Intra Day Chart (Dec 14 to Dec 24,2021):-
Technical Patterns formation in last 9 Sessions intraday charts
1- Selling(Resistances) in last 9 Sessions are as follows:-
A- 17045-17118
B- 17245-17332(Multiple strong resistances)
2- Consolidation(Supports) in last 9 Sessions are as follows:-
A- 16820-16918
B- 16739-16782
C- 16411-16530
3- Last 9 Sessions actual trading between 16411-17379
Conclusions from 9 Sessions
intra day chart analysis
Last 9 Sessions actual trading between 16411-17379 with above mentioned supports and resistances which are equally stronger also therefore Nifty will firstly trade within 9 Sessions trading range in the coming week and prepare for next trend.
Let Nifty prepare for next trend between 16411-17379 then finally sustaining it beyond should be watched for its confirmations and till then trading strategy should be for targets within this 9 sessions trading range.
Nifty-Intra Day Chart Analysis
(24-Dec-2021)
Nifty-Intra Day Chart (24-Dec-2021):-
Technical Patterns formation in today intraday charts
1- 186 Points sharp fall in first 15 minutes after positive opening
2- Mixed Patterns formation between 16910-16988
3- Slow up moves in Mid-Session
4- Slipping in last hour
5- Whole day actual trading between 16910-17155
Conclusions from intra day chart analysis
As Indian markets are in Bearish mode therefore firstly 186 Points sharp fall in first 15 minutes after positive opening last Friday and after that some lower levels supports were also seen amid Mixed Patterns formation between 16910-16988.
Although up moves in Mid-Session but were slow therefore slipping in last hour again. As some lower levels supports and selling patterns formations were also therefore whole day last Friday trading will be understood with Mixed patterns formations between 16910-17155 and resultant Nifty will firstly trade as well as prepare for next decisive moves within this range hence sustaining beyond this range should be firstly watched in the coming week for next decisive moves beginning confirmations.
Conclusions
(After putting all studies together)
1- Long Term Trend is up.
2- Intermediate Term Trend is down.
3- Short Term Trend is sideways between 16411-17379.
Corrective Wave-A of "ABC" correction continuation with recent bottom formations at 16410.20 on 20-12-2021 and no indication of its completion yet on EOD charts.
Although sharp fall in the first day of previous week on 20-12-2021 but after that strong up moves were also seen in the following 4 sessions and previous week closing was in Green but higher levels good selling and Nifty could not sustain at higher levels also. As selling was also seen in previous week therefore Nifty will be understood sideways within last 9 Sessions trading range(16411-17379) and will prepare for next Trend within or near about it in the coming week.
As finally sustaining beyond 16411-17379 will form following next decisive moves therefore should be firstly watched in the coming week/weeks for its confirmations:-
1- Above 17379 will mean rally towards following next resistances:-
A- 17365-17421
B- 17552-17639
2- Below 16411 will mean Wave-A of "ABC" correction continuation towards following next supports:-
A- 16303-16356
B- 16179-16247(Multiple supports)
C- 16147-16176(Gap support)
D- 15893-15914(Gap support)
Although all the crucial levels have been updated above for Short to Intermediate Term moves possibilities but expected that finally Nifty will move and sustain below 16411 as well as test above mentioned supports in the coming weeks/months.