Firstly watch next supports & resistances amid correction continuation expectations
Technical Analysis,Research & Weekly
Outlook(Dec 12 to Dec 16,2022)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (09-Dec-2022):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-C of "ABC correction" completion at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning
2- Wave-i of Wave-1 completion at 18096.2 on 15-09-2022.
3- Wave-ii of Wave-1 completion at 16747.7 on 30-09-2022.
4- Wave-iii of Wave-1 continuation with recent top formation at 18887.6 on 01-12-2022.
5- Short Term correction continuation with recent bottom formation at 18410.1 on 09-12-2022.
6- Slipping and closing below rising trendlene-2 on 09-12-2022.
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-1 of new Waves structure started from 15183.4 on 17-06-2022 after Corrective Wave-C of previous Waves structure completion.
Now impulsive Wave-iii of Wave-1 continuation with recent top formation at 18887.6 on 01-12-2022 but its Short Term correction begun and in continuation also with recent bottom formation at 18410.1 on 09-12-2022. As Nifty slipped and closed below rising trendlene-2 on 09-12-2022 therefore firstly sustaining it beyond should be watched in next week for the life and lenbth of on going correction.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (09-Dec-2022):-
Technical Patterns and Formations in EOD charts
1- Wave-iii of Wave-1 continuation with recent top formation at 18887.6 on 01-12-2022.
2- Stochastic- Its both lines are kissing near Over sold zone.
3- Stochastic:- %K(5)- 22.67 & %D(3)- 22.68.
4- MACD- Its both lines are kissing in positive zone.
5- MACD(26,12)- 210.96 & EXP(9)- 217.62 & Divergence- -6.66.
Conclusions from EOD chart analysis
(Stochastic & MACD)
Positions of Short Term indicators are as follows:-
1- In Stochastic indicator its both lines are kissing near Over sold zone and at present not showing any side Short Term moves beginning signals. As its both lines are near Over sold zone therefore if its %K(5) line ntersects %D(3) line upward then will indicate Short Term up moves beginning otherwise previous week started correction will remain continued.
2- In MACD its both lines are kissing in positive zone therefore not showing any Short Term trend signal. Let any side clear intersection happen then next Short Term trend will be considered according to its cross over direction. As its both lines are in positive zone therefore upward intersection will mean fresh strong rally beginning after upwards trend formation confirmations
Nifty-Intra Day Chart Analysis
(09-Dec-2022)
Nifty-Intra Day Chart (09-Dec-2022):-
Technical Patterns formation in today intraday charts
1- Down moves with upward corrections
2- Consolidation between 18411-18498
3- Whole day actual trading between 18411-18664
Conclusions from intra day
chart analysis
Although gap up opening last Friday but selling started through down moves with upward corrections and Nifty closed 0.61% down. As lower levels consolidation was seen between 18411-18498 therefore firstly up moves are expected towards last Friday highest(18664) in the beginning of next week.
As good intraday selling was seen above 18498 therefore complete follow up consolidation is also required for decisive up moves beginning hence it should also be firstly watched.
Conclusions
(After putting all studies together)
1- Long Term Trend is up.
2- Intermediate Term Trend is up.
3- Short Term Trend is down
Wave-iii of Wave-1 continuation but Short Term correction begun after higher levels good selling in previous week and no confirmation of its completion yet on EOD and Intraday charts. As Short Term indicators are also not showing any side decisive moves beginning indication and lower levels some intraday supports were also seen between 18411-18498 last friday therefore sustaining it beyond should be firstly watched in the beginning of next week for:-
Sustaining above 18498 will mean rally towards following next resistances:-
1- 18543-18567
2- 18584-18628
3- 18647-18665
4- 18832-18854
Sustaining below 18411 will mean on going correction continuation towards following next supports:-
1- 18411-18498
2- 18357-18405
3- 18246-18272
4- 18198-18225
5- 18134-18163
Its clear that correction is very much on and no confirmation of its completion. Above mentioned multiple resistances are lying above last Friday closing(18496.60) therefore complete consolidation is required for fresh rally beginning above life time highest and fresh selling will mean correction continuation towards above mentioned supports.
As Nifty is not prepared for any side big decisive moves beginning therefore sustaining beyond above mentioned supports and resistances should be firstly watched one by one in the coming week for immediate next move beginning amid correction continuation expectations.
