Last 22 Sessions sideways
correction range break out/down
will confirm next trend
Technical Analysis,Research &
Weekly Outlook(Sep 05 to Sep 09,2022)
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (02-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- 22 Sessions sideways correction between 17155-17992
4- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising towards Over bought zone.
5- Stochastic:- %K(5)- 73.21 & %D(3)- 64.85.
6- In MACD- MACD line has intersected Average line downward and its both lines are falling in positive zone.
7- MACD(26,12)- 14.13 & EXP(9)- 288.33 & Divergence- -274.02
Conclusions from EOD chart analysis
(Stochastic & MACD)
Wave-A of "ABC" correction continuation is in continuation with recent top formation at 17992.20 on 19-08-2022 and no confirmation of its completion yet but last 22 Sessions sideways corretcion between 17155-17992 and finally sustaining beyond this range will confirm life and length of on going correction.
Although MACD is showing downward trend formations signals but both lines of Stochastic are rising towards Over bought zone and are just below Over bought zone also therefore correction continuation may be seen after some up moves.
Nifty-Last 10 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Aug 19 to Sep 02,2022):-
Technical Patterns formation in last 10 Sessions intraday charts
1- Selling(Resistances) in last 10 Sessions are as follows:-
A- 17582-17619
B- 17634-17726
C- 17762-17834
D- 17934-17979
2- Consolidation(Supports) in last 10 Sessions are as follows:-
A- 17477-17533
B- 17381-17401(Gap support)
C- 17226-17380
3- Last 10 Sessions actual trading between 17167-17992
Conclusions from 10 Sessions
intra day chart analysis
As last 10 Sessions trading between 17167-17992 with above mentioned supports and resistances which are almost equally stronger also therefore firstly sustaining beyond this range should be watched in the coming week for next Short to Intermediate term moves beginning confirmations.
Nifty-Intra Day Chart Analysis
(02-Sep-2022)
Nifty-Intra Day Chart (02-Sep-2022):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channel
2- Consolidation between 17477-17533
3- Up moves in Bearish Rising Channel
4- Sharp fall in last hour
5- Whole day actual trading between 17477-17643
Conclusions from intra day chart analysis
As good intraday selling one day before therefore Nifty could not sustain at higher levels and slipped after positive opening last Friday. Although firstly down moves but were in Bullish Falling Channel and lower levels consolidation also therefore up moves started. As Mid-session up moves were in Bearish Rising Channel therefore sharp fall was seen in last hour.
Lower levels consolidation and higher levels selling was seen between 17477-17643 last fiday therefore valid breakout of this range should be firstly watched in coming week for next decisive moves beginning confirmations.
Conclusions
(After putting all studies together)
1- Long Term Trend is up.
2- Intermediate Term Trend is up.
3- Short Term Trend is sideways.
More than 10 months old "ABC" correction continuation with Double Zig-Zag pattern formations and no confirmation of its completion yet. Now its Wave-A is on after gaining 2808.8 points in the last 48 sessions.
As last 22 Sessions sideways correction of Wave-A is being seen between 17155-17992 and above mentioned supports and resistances of last 10 sessions will decide the fate of this 22 sessions range. Finally last 22 Sessions sideways correction range break out/down will confirm next trend therefore should be firstly watched in the coming week/weeks for:-
1- Fresh rally after sideways correction completion above 17992.
2- Deeper correction beginning after breaking down below 17155.