Firstly watch next supports for the life of on going correction & finally 15672-18604 for next big moves beginning confirmations
Technical Analysis,Research & Weekly Outlook
(Apr 25 to Apr 29,2020)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (22-Apr-2020):-
Technical Patterns and Formations in EOD charts
1- 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- Corrective Wave-A completion at 16410.20 on 20-12-2021
8- Wave-B completion at 18351.00 on 18-01-2022.
9- Wave-C bottom formation at 15671.5 on 08-03-2022
10- Pull Back Rally completion at 18114.70 on 04-04-2022 and correction beginning.
11- Correction continuation with recent bottom formation at 16824.70 on 19-04-2022
Conclusions from EOD chart analysis
(Waves structure)
"ABC" correction beginning after impulsive Wave-5 completion at 18604.50 on 19-10-2021 and no confirmation of "ABC" correction completion yet on EOD charts.
Strong Pull Back Rally which developed after Wave-C bottom formation at 15671.50 completed at 18114.70 on 04-04-2022 and its correction beginning that is in continuation with recent bottom formation at 16824.70 on 19-04-2022 and no indication of its completion yet on EOD and intraday charts therefore on going correction will remain continued in the beginning of next week.
Nifty-Weekly Chart Analysis
(Stochastic & MACD)
Nifty-Weekly Chart (22-Apr-2020):-
Technical Patterns and Formations in EOD charts
1- Last 6 months sideways correction between 15671.5-18604.50
2- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone.
3- Stochastic:- %K(5)- 57.48 & %D(3)- 76.09
4- In MACD- MACD line has intersected Average line upward and its both lines are moving flat in negative zone.
5- MACD(26,12)- -212.73 & EXP(9)- -257.67 & Divergence- 44.94
Conclusions from Weekly chart analysis
(Stochastic & MACD)
As in Weekly Stochastic %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone therefore confirming downward trend formations and showing more down moves indications in next week.
Although in MACD indicator MACD line has intersected Average line upward but its both lines are moving flat in negative zone therefore not confirming any immediate up moves and suggesting to adopt wait and watch policy in Short Term.
Nifty-Intra Day Chart Analysis
(22-Apr-2020)
Nifty-Intra Day Chart (22-Apr-2020):-
Technical Patterns formation in today intraday charts
1- 192 Points fall in first 4 minutes
2- Support between 17200-17245
3- Selling between 17264-17315
4- Selling between 17181-17230
5- Whole day actual trading between 17150-17315
Conclusions from intra day chart analysis
Although firstly 192 Points fall in first 4 minutes but some supports developed at lower levels therefore up moves were seen after that. As higher levels fresh selling therefore sharp fall after that and follow up selling in last hour also hence last Friday closing was at the lower levels of the day.
As good intraday selling last Friday therefore firstly down moves will be seen in the beginning of next week.
Conclusions
(After putting all studies together)
Impulsive Wave-5 completed after new life time top formation at 18604.50 on 19-10-2021 and "ABC" correction started which has turned sideways between 15672-18604 for the last 6 months and Nifty closed almost at the centre of this range last Friday at 17171.75.
All the Long and Intermediate term Averages have tuned flat and all the trends are also now sideways therefore Nifty will trade and prepare for next Long Term Trend within this range which will be done in the coming week/weeks. As finally valid break out of this range(15672-18604) will produce next big moves after Long Term trend formation confirmations therefore firstly sustaining beyond following next supports and resistances of this correction range should be watched one by one:-
Next supports are as follows:-
1- 17064-17115
2- 17003-17051
3- 16868-16952
4- 16579-16674
5- 16484-16554
6- 16418-16447(Gap Support)
7- 16253-16304
8- 16098-16152
9- 15966-16019
10-15672-15846
Next resistances are as follows:-
1- 17181-17230
2- 17264-17315
3- 17524-17561
4- 17616-17663
5- 17727-17779
6- 17795-17832
7- 17959-18129
8- 18292-18321
9- 18379-18458
10-18548-18604
Weekly Stochastic is indicating more down moves possibility and selling patterns in intraday charts of last Friday is also suggesting correction continuation in the beginning of next week therefore firstly sustaining beyond above next supports should be watched one by one in next week for the life of on going correction and finally sustaining beyond 15672-18604 should be watched for next big moves beginning confirmations.