Finally 17007-17442 will confirm
next big moves
Technical Analysis,Research & Weekly
Outlook(Mar 25 to Apr 01,2022)
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (25-Mar-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 bottom formation at 15671.5 on 08-03-2022
5- Pull Back Rally continuation with recent top formation at 17442.40 on 23-03-2022
6- Last 6 Sessions sideways trading between 17007-17442
7- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling below Over bought zone.
8- Stochastic:- %K(5)- 50.24 & %D(3)- 66.25.
9- In MACD- MACD line has intersected Average line upward and its both lines are rising.
10- MACD(26,12)- 303.47 & EXP(9)- -79.85 & Divergence- 383.32
Conclusions from EOD chart
analysis (Stochastic & MACD)
Pull Back Rally continuation with recent top formation at 17442.40 on 23-03-2022 and no confirmation of its completion yet on EOD and intraday charts but last 6 Sessions sideways trading between 17007-17442 and finally sustaining beyond this range will form and confirm next trend.
As MACD line has intersected Average line upward and its both lines are rising therefore showing Upward trend formations but in Stochastic its both lines are falling below Over bought zone therefore confirming Short Term correction also.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (25-Mar-2022):-
Technical Patterns and Formations in EOD charts
1-Averages
A- 5-Day SMA is today at 17211
B- 21-Day SMA is today at 16734
C- 55-Day SMA is today at 17258
D- 100-Day SMA is today at 17340
E- 200-Day SMA is today at 17037
Conclusions from EOD chart
analysis (Averages)
All the Short to Long term Averages have flattened and Nifty has traded between and near about
5-Day SMA to 200-Day SMA(except 21-Day SMA) for the last 6 sessions which means that Indian markets are preparing for next big moves which will be firstly decided through sustaining beyond 5-Day SMA(17211) and finally:-
1- Sustaining above 100-Day SMA(17340) will mean all trend turning up confirmations.
2- Sustaining below 200-Day SMA(17037) will mean all trend turning down confirmations.
Nifty-Last 6 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Mar 17 to Mar 25,2022):-
Technical Patterns formation in last 6 Sessions intraday charts
1- Selling(Resistances) in last 6 Sessions are as follows:-
A- 17180-17246
B- 17218-17252
C- 17248-17307
D- 17331-17424
2- Consolidation(Supports) in last 6 Sessions are as follows:-
A- 17077-17145
B- 170012-17069
3- Last 6 Sessions actual trading between 17007-17442
Conclusions from 6 Sessions
intra day chart analysis
Pull Back Rally which started from 15671.5 on 08-03-2022 has turned sideways between 17007-17442 for the last 6 Sessions with above mentioned supports and resistances within it. As Nifty will firstly traded and prepare for next trend within this range in the coming week therefore sustaining it beyond should also be watched for next trend beginning confirmations.
Nifty-Intra Day Chart
Analysis(25-Mar-2022)
Nifty-Intra Day Chart (25-Mar-2022):-
Technical Patterns formation in today intraday charts
1- Selling between 17180-17246
2- Consolidation between 17077-17145
3- Whole day trading between 17077-17294
Conclusions from intra day
chart analysis
Although positive opening last Friday but not sustained at higher levels and slipped into negative zone within first 15 minutes. As firstly selling therefore down moves were seen in Mid-session but lower levels consolidation hence sharp up moves in last half hour.
As both lower levels consolidation and higher levels selling also therefore expected that Nifty will trade within last Friday actual trading range(17077-17246) in the beginning of coming week and prepare for next decisive moves within this range as well as firstly sustaining it beyond should be watched in next week for next decisive moves beginning.
Conclusions
(After putting all studies together)
As on going Pull Back Rally which started from 15671.5 on 08-03-2022 has turned sideways between 17007-17442 for the last 6 sessions and all the Short to Long term Averages except 21-Day SMA have also flattened between 17037-17340 which is within last 6 sessions trading range also therefore finally sustaining beyond 17007-17442 will confirm next Long Term trend.
As above mentioned supports and resistances are lying 17007-17442 therefore firstly sustaining it beyond should be watched in the coming week/weeks because it will confirm following big moves after next Long Term trend formation confirmations.
1- Sustaining above 17442 will mean Long Term Trend turning up confirmations and resultant fresh rally towards and possibly above life time highest(18604.50) after "ABC" correction completion at 15671.5 on 08-03-2022.
2- Sustaining below 17007 will mean Long Term Trend turning down confirmations and resultant fresh down moves towards the bottom of Wave-C at at 15671.5.