For next big moves firstly watch
immediate supports,resistances &
finally last 27 Sessions trading range
Technical Analysis,Research & Weekly
Outlook(Sep 12 to Sep 16,2022)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (12-Sep-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 with Double Zig-Zag pattern formation.
7- 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- Wave-X completion at 18114.70 on 04-04-2022.
11- Wave-A completion at 15735.80 on 12-05-2021.
12- Wave-B completion at 16793.80 on 03-06-2022.
13- Wave-C completion at 15183.4 on 17-06-2022.
14- Wave-A continuation with recent top formation at 17992.20 on 19-08-2022.
15- Last 27 Sessions sideways correction between 17167-17992.
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-1 of which Waves structure begun from 7511.10 on 24-03-2020 completed through its impulsive Wave-5 at 18604.50 on 19-10-2021 after 11093.4 points gains in almost 21 months and its Wave-A of "ABC" correction begins.
Now more than 10 months old "ABC" correction is in continuation with Double Zig-Zag pattern formation and lost maximum 3421.1 points loss. At present Wave-A of on going correction is on with recent top formation at 17992.20 on 19-08-2022 and no confirmation of its completion yet but now its 27 Sessions sideways correction is in continuation between 17167-17992 with recent bottom formation at 17166.2 on 29-08-2022.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (12-Sep-2022):-
Technical Patterns and Formations in EOD charts
1- Wave-C completion at 15183.4 on 17-06-2022 and Wave-A beginning.
2- Wave-A continuation with recent top formation at 17992.20 on 19-08-2022.
3- Last 27 Sessions sideways correction between 17167-17992.
4- Stochastic- Both %K(5) line and %D(3) line are kissing just below Over bought zone.
5- Stochastic:- %K(5)- 76.33 & %D(3)- 72.05.
6- In MACD- Both MACD line and Average line are kissing just above Zero line.
7- MACD(26,12)- 04.94 & EXP(9)- 51.37 & Divergence- -46.43.
Conclusions from EOD chart analysis
(Stochastic & MACD)
Wave-A of "ABC" Double Zig-Zag pattern correction continuation with recent top formation at 17992.20 on 19-08-2022 and no confirmation of its completion yet on EOD charts. Last 27 Sessions sideways trading between 17167-17992 and finally sustaining beyond this range will confirm next one sided big moves beginning after breaking out/breaking down of this 27 Sessions like big trading range.
As both lines are kissing in Short Term indicators MACD and Stochastic therefore it will be understood that Indian markets are in indecisive and confusion mode. Let Short Term indicators show one sided signals then next Short Term trend will be understood accordingly.
Nifty-Intra Day Chart Analysis
(09-Sep-2022)
Nifty-Intra Day Chart (09-Sep-2022):-
Technical Patterns formation in today intraday charts
1- Selling between 17887-17925
2- 2 Hours Down moves in Bullish Falling Channel
3- Selling between 17833-17867
4- Whole day actual trading between 17786-17925
Conclusions from intra day chart analysis
Although gap up strong opening last Friday but higher levels selling developed and follow up selling was also seen in last hours therefore closing was near the lower levels of the day. As 2 hours Mid-session Down moves were in Bullish Falling Channel therefore intraday consolidation was also seen hence last Friday intraday trafing will be understood with Mixed Patterns formation. Expected that Nifty will firstly trade and prepare for next decisive moves within and near about 17786-17925 and finally sustaining beyong this range will confirm it therefore should be watched in the beginning of next week.
Conclusions
(After putting all studies together)
All the trends are up and "ABC" correction which started more than 10 months before is in continuation with Double Zig-Zag pattern formation as well as no confirmation of its completion yet.
Now Wave-A of correction is on with recent top formation at 17992.20 on 19-08-2022. As last 27 Sessions sideways trading between 17167-17992 and finally sustaining beyond this range will confirm life and length of on going correction therefore should be firstly watched in the coming week/weeks for next decisive one sided big moves beginning confirmations. Next supports and resistances between 17167-17992 are as follows:-
Immediate resistances:-
1- 17833-17867
2- 17887-17925
3- 17934-17979
Immediate supports:-
1- 17706-17748
2- 17477-17591
3- 17381-17401(Gap support)
4- 17226-17380
Firstly sustaining beyond above mentioned supports and resistances should be watched in the coming week/weeks for initial signals of next big moves beginning which will finally get 100% confirmation after break out/down of last 27 Sessions trading range(17167-17992).