Firstly rally continuation & finally
15801-16275 will confirm
next Short Term trend
Technical Analysis,Research & Weekly Outlook
(Jul 18 to Jul 22,2022)
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (15-Jul-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 with Double Zig-Zag pattern formation
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- Wave-X completion at 18114.70 on 04-04-2022
6- Wave-A completion at 15735.80 on 12-05-2021
7- Wave-B completion at 16793.80 on 03-06-2022
8- Wave-C completion at 15183.4 on 17-06-2022
9- Wave-A continuation with recent top formation at 16275.5 on 08-07-2022
10-Wave-A correction continuation with recent bottom formation at 15858.2 on 14-07-2022
11- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone.
12- Stochastic:- %K(5)- 24.43 & %D(3)- 33.23.
13- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
14- MACD(26,12)- 252.20 & EXP(9)- 101.49 & Divergence- 150.71
Conclusions from EOD chart analysis
(Stochastic & MACD)
"ABC" correction continuation with Double Zig-Zag pattern formation and no confirmation of its completion yet on EOD charts.
In Stochastic its both lines are falling towards Over sold zone and not Oversold yet therefore some more down moves possibilities are still alive.
In MACD its both lines are rising in positive zone therefore showing upward trend formations and more up moves in the coming week also.
Nifty-Last 8 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Jul 06 to Jul 15,2022):-
Technical Patterns formation in last 8 Sessions intraday charts
1- Selling(Resistances) in last 8 Sessions are as follows:-
A- 16021-16070
B- 16064-16140
C- 16101-16158
D- 16198-16236
2- Consolidation(Supports) in last 8 Sessions are as follows:-
A- 15928-15985
B- 15916-15859
C- 15914-15948
D- 15859-15916
3- Last 8 Sessions actual trading between 15801-16275
Conclusions from 8 Sessions
intra day chart analysis
Last 8 Sessions trading between 15801-16275 with above mentioned supports and resistances which are equally stronger. As last Friday closing at 16049.20 was almost at the centre of last 8 Sessions trading range therefore expected that Nifty will firstly trade and prepare for next decisive moves within this range and finally sustaining it beyond will confirm it.
Nifty-Intra Day Chart Analysis
(15-Jul-2022)
Nifty-Intra Day Chart (15-Jul-2022):-
Technical Patterns formation in today intraday charts
1- Consolidation between 15928-15985
2- Up moves with downward corrections
3- Whole day actual trading between 15928-16066
Conclusions from intra day chart analysis
Although firstly slipping after positive opening but lower levels good consolidation developed between 15928-15985 therefore up moves were seen which remained continued till last minutes. As last 3 hours up moves were with downward corrections and intraday selling patterns were not seen last Friday therefore on going rally will remain continued in the beginning of next week also.
Conclusions
(After putting all studies together)
1- Long Term trend is down.
2- Intermediate Term trend is sideways.
3- Short Term trend is up.
Last 9 months "ABC" correction begun after impulsive Wave-5 completion at 18604.50 on 19-10-2021 and it is correcting that Waves structure which started from 7511.10 on 24-03-2020 through its impulsive Wave-1.
As MACD is showing upward trend formations and good consolidation patterns formations in last Friday intraday chart is also suggesting on going rally continuation therefore firstly decisive up moves will be seen towards above mentioned resistances in the beginning of next week.
Last 8 Sessions trading between 15801-16275 with almost equal stronger supports and resistances within it therefore Nifty will firstly trade and prepare for next trend within this range. As finally sustaining beyond this range will confirm next Short Term trend and life/length of on going Wave-A correction also therefore should be firstly watched in the coming week.