Watch next resistances amid strong
pull Back Rally beginning possibility
Technical Analysis,Research & Weekly
Outlook(Jan 16 to Jan 20,2023)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (13-Jan-2023):-
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- Impulsive Wave-i of Wave-1 completion at 18096.2 on 15-09-2022.
3- Corrective 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 17761.70 on 12-01-2023.
6- Last 16 sessions sideways trading between 17762-18265
Conclusions from EOD chart
analysis(Waves structure)
Corrective Wave-C of previous Waves structure completed at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new Waves structure started which is in continuation through its Wave-iii and this wave was completed at 18887.6 on 01-12-2022.
Now Corrective Wave-iv of Wave-1 is in continuation with recent bottom formation at 17761.70 on 12-01-2023 and no confirmation of its completion yet. As Last 16 sessions sideways trading between 17762-18265 and finally sustaining beyond this range will confirm the life and length of Wave-iv of Wave-1 therefore sustaining beyond this range should be watched in the coming week/weeks for next trend formation confirmations.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (13-Jan-2023):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-iii of Wave-1 completion at 18887.6 on 01-12-2022.
2- Corrective Wave-iv of Wave-1 continuation with recent bottom formation at 17761.70 on 12-01-2023.
3- Stochastic- Its both lines are kissing just above Over sold zone.
4- Stochastic:- %K(5)- 35.24 & %D(3)- 34.34.
5- In MACD- Its both lines are kissing in negative zone.
6- MACD(26,12)- -162.48 & EXP(9)- -186.15 & Divergence- -23.67
Conclusions from EOD chart
analysis (Stochastic & MACD)
Positions of Daily indicators are as follows:-
1- In Stochastic its both lines are kissing just above Over sold zone therefore at present not clearly indicating any side direction. As both lines are just above Over sold zone therefore upside intersection will mean Short Term strong moves beginning .
2- In MACD its both lines are kissing in negative 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 (Jan 12 & Jan 13,2023):-
Technical Patterns formation in last 16 Sessions intraday charts
1- Selling between 17906-17945 on 12-01-2023
2- Sharp fall on 12-01-2023
3- More than 5 hours consolidation between 17762-17851 on 12-01-2023
4- More than 2 hours consolidation between 17775-17831 on 13-01-2023
5- Sharp up on 13-01-2023
6- Selling between 17939-17999 on 13-01-2023
7- Last 2 Sessions actual trading between 17762-17999
Conclusions from 2 Sessions
intra day chart analysis
As lower levels more than 7 hours good consolidation between therefore this range will be strong supports and until complete selling will not develop till then decisive down moves will not be seen below last 2 sessions lowest(17762).
Although sharp up moves were seen from lower levels last Friday but higher levels selling developed between 17939-17999 therefore firstly sustaining above 18000 should be watched in the coming week for strong Pull Back rally continuation confirmations because 18000 is a psychological level also.
Conclusions (After putting
all studies together)
1- Short Term Trend is sideways between 17762-18141.
2- Intermediate Term Trend is at stake and finally sustaining below its decider 55-Day SMA(today at 18270) will confirm it. its downward trend formations.
3- Long Term Trend is up.
Corrective Wave-iv of Wave-1 continuation and no confirmation of its completion yet. As Short Term indicators have turned Oversold and lower levels good consolidation between 17762-17851 in last 2 sessions which was within and near about next supports range {17796-17879) as well as last Friday closing was above all these supports and consolidation ranges therefore a strong rally beginning possibility has emerged. Both Short Term indicators Stochastic and MACD are not showing any side deciding moves beginning indications but Stochastic is just above sold zone therefore once up moves beginning will mean Stochastic will generate up moves beginning signals and resultant strong pull Back Rally will be seen towards following next resistances:-
1- 17939-17999
2- 18084-18141
3- 18112-18153
4- 18216-18240
5- 18345-18387(Strong resistances)
Next supports are as follows;-
1- 17762-17851
2- 17724-17765
3- 17655-17712
4- 17477-17591
5- 17381-17401(Gap support)
6- 17226-17374