Watch supports & resistances also amid Russia-Ukraine war led
violent volatility
Technical Analysis,Research & Weekly Outlook
(Feb 28 to Mar 04,2022)
Live Proofs of our accurate & profitable Indian Stock Markets Predictions
Following topic was posted in previous week Outlook on 19-02-2022:-
As was told 100% same happened and "Nifty crashed more than 1000 Points" in first 4 sessions of previous week
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (24-Feb-2022):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020
2- Impulsive Wave-1 completion at 11794.30 on 31-08-2020
3- Corrective Wave-2 completion at 10790.20 on 24-09-2020
4- Impulsive Wave-3 completion at 15431.8 on 16-02-2021
5- Corrective Wave-4 completion at 14151.4 on 22-04-2021
6- 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.
7- Correction continuation with recent bottom formation at 16203.3 on 24-02-2022
Conclusions from EOD chart analysis(Waves structure)
Waves structure which begun through its Impulsive Wave-1 starting from 7511.10 on 24-03-2020 completed at 18604.50 on 19-10-2021 after its Impulsive Wave-5 completion and Corrective Wave-A of "ABC" correction beginning. Now corrective Wave-C of "ABC' correction continuation with recent bottom formation at 16203.3 on 24-02-2022 and no confirmation of its completion yet.
Nifty-EOD Chart Analysis
(Corrective Waves)
Nifty-EOD Chart (24-Feb-2022):-
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 completion at 16410.20 on 20-12-2021
3- Wave-B completion at 18351.00 on 18-01-2022.
4- Wave-C continuation with recent bottom formation at 16203.3 on 24-02-2022
Conclusions from EOD chart analysis
(Corrective Waves)
Corrective Wave-A of "ABC" correction which started from 18604.50 on 19-10-2021 completed at 16410.20 on 20-12-2021 and Wave-B begun. Wave-C begun after Wave-B completion at 18351.00 on 18-01-2022 and now in continuation with its recent bottom formation at 16203.3 on 24-02-2022 and no confirmation of its completion yet on EOD charts.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (24-Feb-2022):-
Technical Patterns and Formations in EOD charts
A- 5-Day SMA is today at 16853
B- 21-Day SMA is today at 17246
C- 55-Day SMA is today at 17405
D- 100-Day SMA is today at 17577
E- 200-Day SMA is today at 16903
Conclusions from EOD chart analysis
(Averages)
Simple Moving Averages(SMA) are suggesting that weakness is deepening In Indian markets because 5-Day SMA and last Friday closing was below Long Term trend decider 200-Day SMA as well as all Short to Intermediate Term decider Averages(SMA) have started to move downward which is also a strong signal of weakness.
Conclusions (After putting all studies together)
All the trends have turned down during on going "ABC' correction and no confirmation of its completion yet on EOD charts.
Russia-Ukraine war led huge volatility was seen in previous week and it will remain continued in next week also according to the length and size of Geo-Political tension. As Long Term Trend is at stake after last 2 sessions below it closing therefore firstly sustaining beyond it should be watched in the coming week/weeks for next trend formation confirmation and final moves Indian markets accordingly.
As violent volatility may be seen in all the Global and Indian markets according to Russia-Ukraine war news flow therefore sustaining beyond following supports and resistances should also be watched for next decisive moves beginning confirmations.
Immediate resistances are as follows:-
A- 17156-17220
B- 17290-17417
C- 17580-17639
D- 17648-17684
E- 17699-17731
F- 17736-17761
Immediate supports are as follows:-
A- 16633-16676
B- 16558-16602
C- 16361-16396
D- 16218-16279