Levels will confirm strong rally above
life time highest or correction
towards next supports
Technical Analysis,Research & Weekly Outlook
(Jun 12 to Jun 16,2023)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (09-Jun-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-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction begining.
5- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.
6- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.
7- 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.
8- Pull Back Rally continuation with recent top formation at 18777.90 on 08-06-2023.
Conclusions from EOD chart analysis
(Waves structure)
Corrective Wave-C of "ABC correction" of previous Waves structure completed at 15183.4 on 17-06-2022 and from this level Impulsive Wave-1 of new Waves structure begun. Impulsive Wave-[(i)] of Wave-1 completed at 18096.2 on 15-09-2022 and Corrective Wave-[(ii)] of Wave-1 started which completed at 16747.7 on 30-09-2022 and from this levels impulsive Wave-[(iii)] of Wave-1 begun.
Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction started. Now its corrective Wave-C is in continuation with recent bottom formation at 16828.3 on 20-03-2023 but strongest indications of its completion emerged at this levels because:-
1- Nifty has surged 1949.6 points(11.58%) from lowest levels of corrective Wave-C.
2- Nifty remained only 109.7 shorter of Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 top(18887.6) which is also Nifty life time highest.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (09-Jun-2023):-
Technical Patterns and Formations in EOD charts
1- Last 10 Sessions trading between 18465-18777
2- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone.
3- Stochastic:- %K(5)- 53.49 & %D(3)- 69.10.
4- Stochastic is showing negative divergence
5- MACD- Its both lines are kissing in positive zone.
6- MACD(26,12)- 170.22 & EXP(9)- 158.03 & Divergence- 12.19
7- MACD is showing negative 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 downward and its both lines are falling towards Over sold zone as well as this indicator is showing negative divergence therefore showing more down moves possibilities in next week.
2- As both lines of MACD are kissing in positive zone and this indicator is showing negative divergence also therefore at present this indicator is not showing any side direction but if downward intersection get confirmations then deeper correction will be seen after Downward Trend formation confirmations.
Nifty-Last 10 Sessions
intraday charts analysis
Nifty-Intra Day Chart (May 29 to Jun 09,2023):-
Technical Patterns formation in last 10 Sessions intraday charts
1- Selling(Resistances) in last 10 Sessions are as follows:-
A- 18608-18665
B- 18679-18738
C- 18761-18777
2- Consolidation(Supports) in last 10 Sessions are as follows:-
A- 18532-18565
B- 18479-18516
3- Last 10 Sessions actual trading between 18465-18777
Conclusions from 10 Sessions
intra day chart analysis
Last 10 sessions sideways trading between 18465-18777 with above mentioned supports and resistances which seems to be almost equal stronger therefore firstly Nifty will have to trade and prepare for next trend within this range in next week. As finally sustaining beyond last 10 sessions like bigger trading range will confirm next one sided decisive moves therefore it should be watched in the coming week/weeks for its confirmations.
Nifty-Intra Day Chart
Analysis(09-Jun-2023)
Nifty-Intra Day Chart (09-Jun-2023):-
Technical Patterns formation in today intraday charts
1- Volaitlity in first hour between 18609-18676
2- Selling between 18623-18665
3- Down moves with upward corrections
4- Down moves in Bullish Falling Channels
5- Whole day actual trading between 18556-18676
Conclusions from intra day
chart analysis
Although firstly up moves after positive opening but turned into volaitlity in first hour and after that selling was seen in next 2 hours as well as follow up selling through Down moves with upward corrections therefore correction remained continued till last minutes. As lower levels consolidation through Down moves in Bullish Falling Channels in last 2 hours therefore firstly up moves will be seen within last Friday trading range(18556-18676) but complete conoslidation is required for sustaining above last friday highest because good intraday selling was also seen below it last Friday.
More or less firstly up moves and after that sideways trading is expected within last Friday trading range(18556-18676) in the beginning on next week.
Conclusions
(After putting all studies together)
1- Short Term Trend is sideways between 18465-18777
2- Intermediate Term Trend is up.
3- Long Term Trend is up.
Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 new Waves structure completed at 18887.6 on 01-12-2022 and "ABC" correction started. The Pull Back Rally which started from its Wave-C bottom(16828.3) has recovered 94.67% of "ABC" correction and remained only 109.7 shorter from the top of on going correction therefore strongest indications of "ABC" correction completion have emerged.
As intraday charts of last Friday are suggesting up moves beginning possibilities in the beginning of next week therefore firstly sustaining beyond above above mentioned resistances should be watched in next week because Short term indicators are suggesting some more down moves possibilities which will be deeper if Nifty sustains below last 10 sessions sideways trading range lowest(18465). Supports below the lowest of last 10 sessions trading range are as follows:-
1- 18419-18445
2- 18373-18397
3- 18325-18353
4- 18203-18261
5- 18059-18127
It has been seen that many times Bullish markets completes its correction in sideways markets also and Nifty has turned sideways between 18465-18777 for the last 10 Sessions therefore firstly sustaining beyond this trading range should be watched in the coming week/weeks for:-
1- Forceful break out or sustaining above 18777 will mean strong rally above life time highest(18887.6)
2- Forceful break down or sustaining below 18465 will mean correction continuation towards above mentioned next supports.