Fresh rally towards and above life time highest amid only a Short Term correction possibility
Technical Analysis,Research & Weekly
Outlook(Nov 21 to Nov 25,2022)
Nifty-EOD Chart Analysis
(Corrective Waves)
Nifty-EOD Chart (18-Nov-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-X continuation with recent top formation at 18442.20 on 16-11-2022.
10- 13 Months "ABC" correction continuation with Double Zig-Zag pattern formation between 15183.4-18604.50.
Conclusions from EOD chart analysis
(Corrective Waves)
"ABC" correction begun with Double Zig-Zag pattern formation after new life time top formation at 18604.50 on 19-10-2021 and in continuation for the last 13 months with its lowest formations at 15183.4 on 17-06-2022. Then Wave-X started and still in continuation with recent top formation at 18442.20 on 16-11-2022 as well as no confirmation of its completion yet on EOD and intraday charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (18-Nov-2022):-
Technical Patterns and Formations in EOD charts
1- Wave-X continuation with recent top formation at 18442.20 on 16-11-2022.
2- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone.
3- Stochastic:- %K(5)- 60.50 & %D(3)- 76.33.
4- In MACD- MACD line has intersected Average line downward and its both lines are falling in positive zone.
5- MACD(26,12)- 344.21 & EXP(9)- 409.97 & Divergence- -65.76
Conclusions from EOD chart analysis
(Stochastic & MACD)
Although Wave-X continuation with recent top formation at 18442.20 on 16-11-2022 and no confirmation of its completion yet on EOD and intraday charts but following Short Term indicators are suggesting Short Term correction beginning possibility:-
1- In Stochastic indicator its %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone therefore confirming beginning of Short Term correction.
2- In MACD indicator its MACD line has intersected Average line downward and its both lines are falling in positive zone therefore showing 1st signal of downward trend formation.
Nifty-Last 6 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Nov 11 to Nov 18,2022):-
Technical Patterns formation in last 6 Sessions intraday charts
1- Selling(Resistances) in last 6 Sessions are as follows:-
A- 18356-18380
B- 18382-18442
2- Consolidation(Supports) in last 6 Sessions are as follows:-
A- 18282-18306
B- 18210-18272
3- Last 6 Sessions actual trading between 18210-18442
Conclusions from 6 Sessions
intra day chart analysis
As last 6 Sessions trading between 18210-18442 with above mentioned resistances and supports which are almost equally stronger also therefore expected that Nifty will firstly trade and prepare for next Short/Intermediate Tem Trend within last 6 sessions trading range and finally sustaining beyond this range will confirm it hence should be watched in the coming week for its confirmations.
Nifty-Intra Day Chart Analysis
(18-Nov-2022)
Nifty-Intra Day Chart (18-Nov-2022):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channel in first 2 hours
2- Consolidation between 18210-18272(immediate supports)
3- Sharp up moves in last half hour
3- Whole day actual trading between 18210-18394
Conclusions from intra day chart analysis
Although positive opening but not sustaining at intraday higher levels and down moves started. As these first 2 hours down moves were in Bullish Falling Channel and after that lower levels consolidation between 18210-272 therefore sharp up moves were seen in last half hour and these up moves continuation is expected towards next resistances in the beginning of next week also.
Immediate supports of Nifty are above last Friday lower levels between 18210-18272 and until Nifty will not sustain below 18210 after complete fresh selling till then decisive down moves will not be seen.
Conclusions
(After putting all studies together)
1- Long Term Trend is up.
2- Intermediate Term Trend is up.
3- Short Term Trend is sideways between 18210-18442 for the last 6 sessions.
"ABC" correction started after almost 21 months Bullish rally {from 7511.10(24-03-2020) to 18604.50(19-10-2021)} completion and still in continuation for the last 13 months with its lowest formations at 15183.4 on 17-06-2022. As Nifty has corrected 3421.1 points ie 30.84% of previous Bullish rally(11093.4 points gaining) also therefore strong signals of Price wise and Time wise correction completion in sideways market between 15183.4-18604.50 in the last 13 months.
Now Wave-X continuation after gaining 3258.8 points in 5 months with recent top and new highest of on going "ABC" correction formation at 18442.20 on 16-11-2022 as well as no confirmation of its completion yet on EOD and intraday charts therefore at present its continuation will be considered towards and above life time highest(18604.50). Although Wave-X remained only 162.3 points shorter than life time top(18604.50) but higher levels selling was seen in last 6 sessions and Short Term indicators also are suggesting Short Term correction beginning possibility therefore firstly sustaining beyond above mentioned 2 immediate supports of last 6 sessions trading range(18210-18442) should be watched in the coming week. Next supports below 18210 are as follows which should also be watched if Nifty sustains below 18210 amid finally Wave-X fresh rally beginning towards and above life time highest(18604.50) after expected Short Term correction completion:-
1- 17938-17964
2- 17724-17765
3- 17655-17712
4- 17477-17591
5- 17381-17401(Gap support)