Remain cautious from 2443 Points rally correction possibility amid firstly sideways market between 17601-18114
Technical Analysis,Research & Weekly Outlook(Apr 11 to Apr 13,2020)
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (08-Apr-2020):-
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.
2- Corrective 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- Pull Back Rally continuation with recent top formation at 18114.70 on 04-04-2022
6- Last 5 Sessions actual trading between 17601-18114
7- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone.
8- Stochastic:- %K(5)- 55.12 & %D(3)- 73.23.
9- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
10- MACD(26,12)- 535.59 & EXP(9)- 465.80 & Divergence- 69.79
Conclusions from EOD chart analysis
(Stochastic & MACD)
Pull Back Rally started after Wave-C bottom formation at 15671.5 on 08-03-2022 and its is in continuation with recent top formation at 18114.70 on 04-04-2022 as well as no confirmation of its completion yet after gaining 2443.2 points. As last 5 Sessions trading between 17601-18114 therefore finally its valid break out will confirm next trend which should be firstly watched in the coming week.
As both lines of Short term indicator Stochastic are falling towards Over sold zone therefore suggesting some more down moves possibilities in next week. Although both lines of MACD are rising in positive zone but MACD line has started to flatten therefore remain watchful also in the coming weeks despite no other downward trend formation signal yet.
Nifty-Last 5 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Apr 04 to Apr 08,2020):-
Technical Patterns formation in last 5 Sessions intraday charts
1- Selling(Resistances) in last 5 sessions are as follows:-
A- 17802-17842
B- 17818-17901
C- 17975-18095
2- Consolidation(Supports) in last 5 sessions are as follows:-
A- 17703-17744
B- 17601-17675
3- Last 5 Sessions actual trading between 17601-18114
Conclusions from 5 Sessions
intra day chart analysis
Last 5 Sessions trading between 17601-18114 with above mentioned supports and resistances within it. Although firstly slipping after higher levels good selling but lower levels some supports were also seen therefore Nifty will firstly traded and prepare for next trend within this range in the coming week therefore sustaining it beyond should also be watched for next trend beginning confirmations.
Nifty-Intra Day Chart Analysis &
Market Outlook(11-04-2022)
Nifty-Intra Day Chart (08-Apr-2020):-
Technical Patterns formation in today intraday charts
1- Firstly 97 Points fall after positive opening
2- Consolidation between 17601-17675
3- Up moves with downward corrections & consolidation
4- Consolidation between 17703-17744
5- Selling between 17802-17842
6- Whole day actual trading between 17601-17842
Conclusions from intra day chart analysis
Although firstly 97 Points fall after positive opening but lower levels consolidation developed between 17601-17675 therefore up moves begun which remained continued with follow up Mid-session consolidation between 17703-17744. As higher levels selling was also seen between 17802-17842 therefore down moves developed in last hour.
Until complete fresh selling will not develop till then Nifty will not slip and sustain below last Friday lowest(17601) because lower levels good consolidation was seen and fresh consolidation in the beginning of next week will mean on going rally continuation towards and above 18000.
As both lower levels good intraday consolidation and higher levels some selling also last Friday therefore firstly Nifty will trade and prepare for next decisive moves within last Friday trading range(17601-17842) in the beginning of next week and finally this range break out will confirm next decisive moves which should be firstly watched for its beginning confirmations.
Conclusions
(After putting all studies together)
1- Long Term Trend is up.
2- Intermediate Term Trend is up.
3- Short Term Trend has turned sideways for the last 5 sessions.
2443 Points gaining Pull Back Rally which started from 15671.5 on 08-03-2022 is in continuation with recent top formation at 18114.70 on 04-04-2022 and no confirmation of its completion yet on EOD charts but Weekly Doji candle formation in previous week which is suggesting indecision and confusion on the side of both buyers and sellers..
As sideways trading was seen between 17601-18114 in last 5 sessions with higher levels good selling also therefore if fresh selling develops in next week then correction of this 2443 Points rally will begin in the coming week but complete fresh selling is firstly required for sustaining below 17601 because lower levels good consolidation was also seen last Friday.
Although finally 17601-18114 break out will confirm next trend but short term indicator Stochastic is showing some more down moves possibilities and MACD is also suggesting watchful approach as well as higher levels selling in previous week therefore remain cautious in next week because sustaining below 17601 will confirm 2443 Points Pull Back Rally correction.
