Fresh Rally beginning above Life Time Highest
Technical Analysis,Research & Weekly
Outlook(Jun 19 to Jun 23,2023)
Nifty-EOD Chart Analysis
(Corrective Waves)
Nifty-EOD Chart (16-Jun-2023):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction begining.
2- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.
3- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.
4- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion strong indications after its recent bottom formation at 16828.3 on 20-03-2023.
5- Pull Back Rally continuation with recent top formation at 18864.70 on 16-06-2023.
Conclusions from EOD chart analysis
(Corrective Waves)
Corrective Wave-A of "ABC" correction started after impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022. Its Wave-A completed at 17774.3 on 26-12-2022 and from this level Wave-B begun which completed at 18265.3 on 30-12-2022. Wave-C begun from this level which showed strong indications of its completion at its bottom at 16828.3 on 20-03-2023 because the Pull Back Rally which begun from this level:-
1- It has cleared all the resistances.
2- Its recent highest at 18864.70 on 16-06-2023 remained only 22.9 points shorter than Life Time Highest.
Expected that bottom(16828.3 on 20-03-2023) of on going strong Pull Back Rally will finally prove the bottom of Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 and also the bottom of Impulsive Wave-(iii) of Wave-[(iii)] of Wave-1 which is in continuation with recent top formations at 18864.70 on 16-06-2023.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (16-Jun-2023):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion strong indications after its recent bottom formation at 16828.3 on 20-03-2023.
2- Pull Back Rally continuation with recent top formation at 18864.70 on 16-06-2023.
3- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising towards Over bought zone.
4- Stochastic:- %K(5)- 77.67 & %D(3)- 71.30.
5- MACD- Is both lines are kissing in positive zone.
6- MACD(26,12)- 176.35 & EXP(9)- 171.33 & Divergence- 05.02
7- MACD is showing negative/positive divergence
Conclusions from EOD chart analysis
(Stochastic & MACD)
Positions of Daily indicators are as follows:-
1- As in Short Term indicator Stochastic %K(5) line has intersected %D(3) line upward and its both lines are rising towards Over bought zone and have not turned Over bought yet therefore some more up moves will be seen in the coming week.
2- As both lines of MACD are kissing in positive zone therefore at present this indicator is not indicating any side clear trend. Its both lines are in positive zone and for the last more than one month its both lines are in kissing mode therefore once upside clear intersection will mean strong fresh and strong rally beginning.
Nifty-Intra Day Chart Analysis
(16-Jun-2023)
Nifty-Intra Day Chart (16-Jun-2023):-
Technical Patterns formation in today intraday charts
1- More than 5 hourd consolidation between 18738-18781
2- More than 100 points sharp jump
3- Mild intraday correction in last half hour
4- Whole day actual trading between 18711-18864
Conclusions from intra day chart analysis
As firstly more than 5 hours consolidation after positive opening therefore more than 100 points sharp jump was seen after that in Mid-sessions. Mild intraday correction in last half hour which means that correction of more than 100 points sharp jump has been completed through it and resultant rally continuation above life time highest will be seen in the beginning of next week.
Conclusions
(After putting all studies together)
1- Short Term Trend is up.
2- Intermediate Term Trend is up.
3- Long Term Trend is up.
New Waves structure started from 15183.4 on 17-06-2022 after corrective Wave-C of "ABC correction" of previous Waves structure completion at this level. Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 of this new Waves structure completed at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction started.Its corrective Wave-C completion strongest indications have emerged at 16828.3 on 20-03-2023 because the Pull Back Rally which started from this level had gained 2036.4(98.885) points and remained only 22.9 points shorter from the top of Impulsive Wave-(i) of Wave-[(iii)] of Wave-1.
As no indication of on going Pull Back Rally completion yet on EOD and Intraday charts therefore expected that its upward journey will remain continued above the top of Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 and will confirm completion of Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 at 16828.3 on 20-03-2023 as well as Impulsive Wave-(iii) of Wave-[(iii)] of Wave-1 beginning from this level.
Short Term indicator Stochastic is showing more up moves possibilities and intraday charts of last Friday has shown good intraday consolidation also therefore expected that on going Pull Back rally will remain continued above life time highest(18887.6) in the beginning of next week and will finally emerge as Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 of that on going Waves structure which begun from 15183.4 on 17-06-2022.