Levels will confirm next Intermediate
& Long Term Trend
Technical Analysis,Research & Weekly
Outlook(Jun 06 to Jun 10,2022)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (03-Jun-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- More than 7 months sideways correction between 15671.5-18604.50 with Wave-A to Wave-c formations within this range
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-1 of new Waves structure 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 as well as "ABC" correction started which is in continuation with its bottom formation at 15671.5 on 08-03-2022.
More than 7 months sideways correction between 15672-18604 with Wave-A to Wave-c formations within this range and no confirmation of this range break out yet. As finally valid break out of this range will confirm the life and lenth of this correction therefore should be watched for its confirmations in the coming weeks/months.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (03-Jun-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- 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 completion at 18114.70 on 04-04-2022 and correction beginning.
6- Pull Back Rally correction continuation with recent bottom formation at 15735.8 on 12-05-2022
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)- 68.40 & %D(3)- 79.31.
9- Stochastic is showing negative divergence
10- In MACD- MACD line has intersected Average line upward and its both lines are rising.
11- MACD(26,12)- 96.63 & EXP(9)- -197.30 & Divergence- 293.93
Conclusions from EOD chart analysis
(Stochastic & MACD)
Impulsive Wave-5 completed at 18604.50 on 19-10-2021 and Corrective Wave-A of "ABC" correction begun which is in continuation with its Wave-C bottom formation at 15671.5 on 08-03-2022. A strong Pull Back Rally started after Wave-C bottom formation which completed at 18114.70 on 04-04-2022 and its correction begun, now it is in continuation with its recent bottom formations at 15735.8 on 12-05-2022. "ABC" correction is very much on and no indication of its completion yet on EOD charts.
In Stochastic is showing negative divergence and both lines are falling below Over bought zone therefore indication of Short Term down moves beginning.
In MACD indicator MACD line has intersected Average line upward and its both lines are rising as well as MACD line has moved into positive zone therefore shoowing upward trend.
Nifty-Intra Day Chart Analysis
(03-06-2022)
Nifty-Intra Day Chart (03-Jun-2022):-
Technical Patterns formation in today intraday charts
1- Selling between 16724-16793
2- Selling between 16694-16731
3- Down moves with upward corrections
4- Whole day actual trading between 16568-16793
Conclusions from intra day chart analysis
Although firstly moved up 165 points after gap up opening but selling developed therefore could not sustain at higher levels and slipped. As follow up selling in Mid-sessions and after that down moves were seen with upward corrections till last hour therefore whole day intraday selling will be understood and correction will remain continued in the beginning of next week.
Conclusions
(After putting all studies together)
1- Short Term Trend is up.
2- Intermediate Term Trend is sideways between 15672-17414 for the last 33 sessions.
3- Long Term Trend is down.
Although Short Term Trend is up and Intermediate Term Trend is sideways between 15672-17414 for the last 33 sessions but Long Term Trend is down and it will be up after Nifty sustaining above its decider 200-Day SMA which is today at 17269.
As "ABC" correction begun after Impulsive Wave-5 completion at 18604.50 on 19-10-2021 therefore it will correct that whole Waves structure of which Impulsive Wave-1 started from 7511.10 on 24-03-2020. Now this "ABC" correction is on and it has converted into sideways between 15672-18604 for the last more than 7 months. Although Wave-A to Wave-c has been formed within this range and no indication of this range break out yet on EOD and intraday charts therefore finally valid break out of this range should be watched in the coming weeks/months for next trend formation confirmations.
Although MACD indicator is suggesting upward trend but Stochastic is indicating correction possibility in Short Term and intraday chart of last Friday is also showing sellling patterns therefore firstly down moves will be seen in the beginning of next week.
As Indian markets are completely sideways between following ranges and finally valid break out of these ranges will form next Intermediate and Long Term Trend one by one therefore should be watched in the coming weeks and months for its confirmations:-
1- Last more than 7 months "ABC" correction range 15672-18604
2- Last 33 sessions sideways trading range 15672-17414