Firstly sideways trading between
17799-18387 & finally its valid break out
will form next trend
Technical Analysis,Research & Weekly
Outlook(Jan 02 to Jan 06,2023)
Nifty-Weekly Chart Analysis
(Waves structure)
Nifty-Weekly Chart (30-Dec-2022):-
Technical Patterns and Formations in weekly 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- Impulsive Wave-iii of Wave-1 completion at 18887.6 on 01-12-2022.
5- Corrective Wave-iv of Wave-1 continuation with recent bottom formation at 17779.50 on 23-12-2022.
6- Bullish Harami candle formation in previous week.
Conclusions from Weekly chart
analysis(Waves structure)
New Waves structure which started through its impulsive Wave-1 from 15183.4 on 17-06-2022 is in continuation. Now its corrective Wave-iv of Wave-1 is in continuation with recent bottom formation at 17779.50 on 23-12-2022 and no confirmation of its completion yet.
As Bullish Harami candle formation in Weekly chart of previous week therefore first signal of Wave-iv of Wave-1 completion emerged but sustaining above previoud week candle highest(18473.3) is must for its confirmations.
Nifty-Weekly Chart Analysis
(Stochastic & MACD)
Nifty-Weekly Chart (30-Dec-2022):-
Technical Patterns and Formations in weekly charts
1- Impulsive Wave-1 of new Waves structure beginning from 15183.4 on 17-06-2022. 2- Impulsive Wave-iii of Wave-1 completion at 18887.6 on 01-12-2022.
3- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone.
4- Stochastic:- %K(5)- 16.73 & %D(3)- 31.56.
5- MACD- Its both lines are kissing in positive zone.
6- MACD(26,12)- 539.82 & EXP(9)- 569.21 & Divergence- -29.39
7- MACD is showing negative/positive divergence
Conclusions from Weekly chart
analysis (Stochastic & MACD)
Positions of weekly indicators are as follows:-
1- In Stochastic indicator %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone therefore some more down moves possibilities.
2- In MACD Its both lines are kissing in positive zone therefore suggesting indecisiveness. Let one sided clear cross over happen then that sided trend will be understood.
Nifty-Last 2 Sessions intraday
charts analysis
Nifty-Intra Day Chart (Dec 29 & Dec 30,2022):-
Technical Patterns formation in last 2 Sessions intraday charts
1- Consolidation between 17993-18055(immediate supports) on 29-12-2022.
2- Sharp up in last 2 hours on 29-12-2022.
3- Selling between 18198-18265(immediate Resistances) on 30-12-2022.
4- Sharp fall in last half hour on 30-12-2022.
5- Last 2 Sessions actual trading between 17993-18265.
Conclusions from 2 Sessions
intra day chart analysis
As more than 4 hours good consolidation near about psychological level 18000 on 29-12-2022 therefore sharp up moves were seen in last 2 hours. In the same manner more than 4 hours good selling therefore sharp fall developed in last half hour on 30-12-2022.
It is clear that last 2 sessions intraday trading will be understood with mixed Patterns formation between 17993-18265 therefore firstly sustaining beyond this range should be watched in the coming week for the next one sided decisive moves beginning confirmations.
Conclusions
(After putting all studies together)
1- Long Term Trend is up.
2- Intermediate Term Trend is at stake and finally sustaining beyond 55-Day SMA(today at 18174) will confirm it.
3- Short Term Trend is sideways between 17775-18473.
Corrective Wave-iv of Wave-1 continuation and no confirmation of its completion yet. As on going correction completion first signal was seen through weekly Bullish Harami candle formation therefore firstly sustaining beyond last 2 weeks trading range(17775-18473) should be watched in the coming week for on going correction continuation/completion.
As Stochastic indicator is showing some more down moves possibilities therefore it can not be ruled out but good intraday consolidation between 17993-18055 on 29-12-2022 hence firstly sustaining it beyond should be watched in next week for decisive down moves beginning confirmations.
Immediate supports are as follows:-
1- 17993-18055
2- 17922-17943
3- 17799-17864
Immediate resistances are as follows:-
1- 18198-18265
2- 18345-18387(Strong resistances)
As both lower levels supports and higher levels equally strong resistances are lying between 17799-18387 therefore expected that firstly sideways trading will be seen within this range and finally its valid break out will confirm next trend which should be watched in next week.
