Nifty will celebrate more than 150
seats BJP victory expectations in
Gujarat polls through rally above
life time highest
Technical Analysis,Research & Weekly
Outlook(Nov 28 to Dec 02,2022)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (25-Nov-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-X continuation with recent top formation at 18534.90 on 25-11-2022.
15- More than 13 months "ABC" correction continuation with Double Zig-Zag pattern formation
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-1 started from 7511.10 on 24-03-2020 and new Waves structure begun which completed at 18604.50 on 19-10-2021 and "ABC" correction commenced that finally converted into Double Zig-Zag pattern. As this waves structure gained 11093.4 points in almost 21 months and its "ABC" correction corrected 3421.1 points in the last more than 13 months which is 30.84% of its impulsive Waves gains therefore strong signals of Price wise and Time wise correction completion generated within sideways market between 15183.4-18604.50.
Now Wave-X of Double Zig-Zag correction continuation with recent top formation at 18534.90 on 25-11-2022 and no indication of its completion yet on EOD charts. Wave-X has gained 3351.50 points in the last 5 months and remained only 69.6 points shorter from life time top at 18604.50.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (25-Nov-2022):-
Technical Patterns and Formations in EOD charts
1- Wave-C completion at 15183.40 on 17-06-2022 and Wave-X beginning.
2- Wave-X continuation with recent top formation at 18534.90 on 25-11-2022.
3- Wave-X gained 3351.50 points in last 5 months.
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)- 76.70 & %D(3)- 54.80.
6- In MACD- MACD line has intersected Average line downward and its both lines are falling in positive zone.
7- MACD(26,12)- 219.05 & EXP(9)- 313.84 & Divergence- -94.79
Conclusions from EOD chart analysis
(Stochastic & MACD)
Wave-X continuation after gaining 3351.50 points in the last 5 months with recent top formation at 18534.90 on 25-11-2022 and no signal of its completion yet. Positions of Short Term indicators are as follows:-
1- In Stochastic indicator %K(5) line has intersected %D(3) line upward and its both lines are rising towards Over bought zone therefore showing signals of more up moves.
2- In MACD its MACD line has intersected Average line downward and its both lines are falling in positive zone therefore showing signals of some more down moves .
Nifty-Intra Day Chart Analysis
(25-Nov-2022)
Nifty-Intra Day Chart (25-Nov-2022):-
Technical Patterns formation in today intraday charts
1- Slipping after positive opening
2- Down moves in Bullish Falling Channels
3- Up moves with downward corrections
4- Whole day actual trading between 18446-18534
Conclusions from intra day
chart analysis
Although positive opening but firstly slipping from intraday higher levels last Friday. As lower levls consolidation through Down moves in Bullish Falling Channels and after that up moves with downward corrections also therefore expected that fresh up moves will be seen in next week above last Friday highest(18534.90).
Conclusions (After putting all studies together)
Bullish Wave-X forcefully continuation and All the trends are up. As no signal of Wave-X completion on EOD and intraday charts therefore its continuation is expected in the coming weak. Short Term indicators are also showing signals of more up moves without deeper correction therefore finally rally will be expected after Short Term corrections completion.
Strong signals of Price wise and Time wise "ABC" correction completion generated in sideways market between 15183.4-18604.50 in the last 13 months after on going Wave-X continuation with 3351.50 points gains in the last 5 months. As Wave-X has remained only 69.6 points shorter from life time top at 18604.50 therefore it may move above it any day in the coming week/weeks and in this manner it will confirm new Waves-structure formation from 15183.40 on 17-06-2022 as well as in that situation Wave-X will be converted into Wave-1 of new Waves-structure
No immediate resistance above last friday highest and following supports are lying below last Friday lowest which should be watched in the situation of Short Term correction beginning:-
1- 18357-18405
2- 18246-18272
3- 18198-18225
4- 18134-18163
As strong signals of BJP victory by more than 150 seats in upcoming Gujarat assembly polls and it will impact positively of BJP victory prospects in 2024 Parliamentary elections also therefore Indian Stock markets are most Bullish in whole world hence Nifty will rally above life time highest(18604.50) because BJP victory means speedy economic and industrial growth after most honest and strong Central Government formation in 2024 under Modi ji leadership which is the guarantee of all around Indian strength,growth and prosperity.