Sustaining below 16783 will confirm correction towards 200-Day SMA
Technical Analysis,Research & Weekly Outlook
(Dec 06 to Dec 10,2021)
Only we told in whole world that:-
1- "Maximum target of Nifty at 18793.00 on 27-09-2021"when Nifty lifetime highest was at 17947.65.
2- "Maximum target of Nifty at 18793.00 on 14-10-2021"when Nifty lifetime highest was at 18350.75.
3- "Nifty above 18000 before DIWALI-2021" on 10-11-2020 in DIPAWALI ISSUE(2020) of The Economic Revolution" when Nifty lifetime highest was at 12643.90.
Live Proofs of our above 100% accurate predictions:-
Nifty-EOD Chart Analysis
(Corrective Waves)
Nifty-EOD Chart (03-Dec-2021):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-1 begun from 7511.10 on 24-03-2020 and its Impulsive Wave-5 completed after new life time top formation at 18604.50 on 19-10-2021 and "ABC" correction begun to correct whole rally from 7511.10 to 18604.50.
2- Wave-1 of Wave-A- 17613.1 on 29-10-2021
3- Wave-2 of Wave-A- 18210.2 on 15-11-2021
4- Wave-3 of Wave-A- 16782.4 on 29-11-2021
5- Wave-4 of Wave-A- 17489.8 on 03-12-2021
6- Corrective Wave-A continuation with recent bottom formations at 16782.40 on 29-11-2021
Conclusions from EOD chart analysis
(Corrective Waves)
As Impulsive Wave-5 completion confirmation therefore Wave-"A" of "ABC" correction beginning confirmation as well from 18604.50 on 19-10-2021 and now its continuation with recent bottom formation at 16782.40 on 29-11-2021.
Wave-4 of Wave-A is on with recent top formation at 17489.8 on 03-12-2021 but its completion indication generated on on 03-12-2021 after "Dark Cloud Cover Bearish candle" formation on EOD chart.
Nifty-EOD Chart Analysis
(Averages,Stochastic & MACD)
Nifty-EOD Chart (03-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
2- Correction continuation with recent bottom formations at 16782.40 on 29-11-2021
3-Averages
A- 5-Day SMA is today at 17160
B- 21-Day SMA is today at 17634
C- 55-Day SMA is today at 19789
D- 200-Day SMA is today at 16134
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)- 68.26 & %D(3)- 53.61
6- In MACD- MACD line has intersected Average line downward and its both lines are falling in negative zone.
7- MACD(26,12)- -198.42 & EXP(9)- -147.14 & Divergence- -51.30
Conclusions from EOD chart analysis
(Averages,Stochastic & MACD)
As Nifty has sustained below 55-Day SMA(19789) therefore Intermediate Term Trend turning down confirmation which means minimum 3 weeks to 3 months long correction but Long Term Trend is still up because Nifty is more than 1000 points above it and not tested it yet during on going correction.
In Stochastic both lines are moving up after upward intersection and not turned Over bought yet therefore suggesting some up moves possibilities but some times in Bear markets its both lines starts to move down without testing Over bought zone therefore this possibility should also be kept in mind.
MACD is confirming Downward Trend because MACD line has intersected Average line downward and its both lines are falling in negative zone.
Nifty-Last 9 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Nov 23 to Dec 03,2021):-
Technical Patterns formation in last 9 Sessions intraday charts
1- Selling(Resistances) in last 9 Sessions are as follows:-
A- 17353-17410
B- 17448-17485
C- 17509-17600
2- Consolidation(Supports) in last 9 Sessions are as follows:-
A- 17039-17160
B- 16953-17011
3- 9 Sessions actual trading between 16783-17600
Conclusions from 9 Sessions
intra day chart analysis
Nifty traded within 737 points in last 9 sessions with above mentioned supports and resistances between 16783-17600. As both supports and resistances strong therefore Nifty will firstly trade within this range and prepare for next decisive big moves beyond it.
Nifty-Intra Day Chart Analysis
(03-Dec-2021)
Nifty-Intra Day Chart (03-Dec-2021):-
Technical Patterns formation in today intraday charts
1- Selling between 17448-17485
2- More than 2 hours selling between 17353-17410
3- Down moves with upward corrections
4- Whole day actual trading between 17181-17489
Conclusions from intra day chart analysis
As firstly selling immediately after opening and after that more than 2 hours selling as well as selling through Down moves with upward corrections till last hour therefore whole day selling will be understood last Friday and resultant down moves will be seen 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 sideways between 16783-17600 for the last 9 Sessions.
Maximum target of Nifty at 18793.00 was told with calculations of Nifty Waves structure and Nifty slipped 1822 points from higher levels which is suggesting that "ABC" correction of whole rally between 7511.10-18604.50 is on and its retracement levels have already been updated in Previous week weekly Outlook.
Although Stochastic is suggesting some up moves possibility but MACD is showing Downward trend as well as last Friday intraday charts are also telling for more down moves in the beginning of next week therefore firstly sustaining beyond last 9 sessions trading range lowest(16783) should be watched in next week for more decisive down moves beginning confirmations but complete fresh selling is required for sustaining below 16783 because supports above it are sufficiently strong.
Dark Cloud Cover Bearish candle" formation on EOD chart last Friday therefore some more down moves are expected in next week. Firstly and firstly sustaining beyond last 9 sessions trading range lowest(16783) should be watched in next week because once sustaining below it will mean correction towards 200-Day SMA(16134) for deciding Long Term Trend.