Finally sustaining beyond 19297-19538
will confirm the life & length
of on going Correction
Technical Analysis,Research & Weekly Outlook
(Aug 07 to Aug 11,2023)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (04-Aug-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 at 16828.3 on 20-03-2023 and Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 beginning.
8- Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 continuation with recent top formations at 19991.8 on 20-07-2023.
9- Short Term correction continuation with recent bottom formations at 19296.5 on 03-08-2023.
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-1 of new Waves structure begun 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-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 its "ABC" correction begun, Corrective Wave-C of "ABC" correction completed at 16828.3 on 20-03-2023. From this level Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 started which is in continuation with recent and life time top formations at 19991.8 on 20-07-2023. Although no confirmations of its completion yet on EOD charts but Short Term correction started from this levels which is in continuation with recent bottom formations at 19296.5 on 03-08-2023
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (04-Aug-2023):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 beginning from 16828.3 on 20-03-2023.
2- Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 continuation with recent top formations at 19991.8 on 20-07-2023.
3- Short Term correction continuation with recent bottom formations at 19296.5 on 03-08-2023.
4- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling little above Over Sold zone.
5- Stochastic:- %K(5)- 28.15 & %D(3)- 35.84.
6- In MACD- MACD line has intersected Average line downward and its both lines are falling in positive zone.
7- MACD(26,12)- 41.56 & EXP(9)- 219.17 & Divergence- -177.61
Conclusions from EOD chart analysis
(Stochastic & MACD)
Short Term correction begun after Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 recent top formations at 19991.8 on 20-07-2023 and in continuation with recent bottom formations at 19296.5 on 03-08-2023 as well as no confirmations of its completion yet on EOD charts. 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 little above Over Sold zone therefore indicating some more down moves possibilities.
2- As in MACD indicator MACD line has intersected Average line downward and its both lines are falling in positive zone therefore showing downward trend formation indications.
Nifty-EOD Chart Analysis
(Fibonacci retracement levels)
Nifty-EOD Chart (04-Aug-2023):-
Technical Patterns and Formations in EOD charts
Fibonacci Retracement levels of Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1(from 16828.3 to Wave-19991.8):-
13.0%- 19,580.5 (Retraced)
23.6%- 19,245.2
27.0%- 19,137.7
38.2%- 18,783.3 (Crucial)
50.0%- 18,410.1 (Crucial)
61.8%- 18,036.8 (Crucial)
70.7%- 17,755.2
76.4%- 17,574.9
78.6%- 17,505.3
88.6%- 17,188.9
Conclusions from EOD chart analysis
(Fibonacci retracement levels)
As Short Term correction of Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 is in continuation and no confirmations of its completion yet on EOD charts therefore above mentioned its Fibonacci Retracement levels should also be watched one by one in the coming weeks/months for the life and length of on going correction.
Nifty-Last 2 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Aug 03 & Aug 04,2023):-
Technical Patterns formation in last 2 Sessions intraday charts
1- Intraday trading patterns on 03-08-2023
A- Selling between 19472-19537
B- Consolidation between 19297-19365
2- Intraday trading patterns on 04-08-2023
A- Consolidation between 19439-19480
B- Selling between 19516-19537
3- Last 2 Sessions actual trading between 19297-19538
Conclusions from 2 Sessions
intra day chart analysis
Previous strong supports were between 19434-19519. As Nifty was to prepare for next decisive moves beginning beyond these strong supports therefore traded within and near about it between 19297-19538 in last 2 sessions as well as closed within it at 19517 last Friday. Last 2 Sessions trading was between 19297-19538 with both lower levels consolidation and higher levels selling patterns formations therefore firstly Nifty will have to trade and prepare for next decisive moves in the beginning on next week and finally sustaining beyond last 2 sessions trading range(19297-19538) will confirm it therefore should be firstly watched in next week because strong supports(19434-19519) are lying within this range.
Conclusions
(After putting all studies together)
1- Long Term trend is up.
2- Intermediate Term trend is up.
3- Short Term trend is down.
Short Term correction of Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 begun from 19991.8 on 20-07-2023 after gaining 3163.5 points in exactly 4 months and in continuation with recent bottom formations at 19296.5 on 03-08-2023 as well as no confirmations of its completion yet on EOD and intraday charts. Nifty has retraced 13.0%(19,580.5) during on going correction and Short Term indicators are showing some more down moves possibilities therefore above mentioned Fibonacci retracement levels should also be watched one by one. As Crucial retracement levels tends to reverse the trend also therefore should also be positively watched during on going correction.
Next resistances above last Friday closing are as follows:-
1- 19518-19537
2- 19642-19707
3- 19724-19793
4- 19793-19825(Strong resistance)
5- 19906-19925
6- 19964-19987
Next supports below last Friday closing and upto 38.2% retracement levels are as follows:-
1- 19439-19480
2- 19297-19365
3- 19202-19234(Gap supports)
4- 19139-19156
5- 19076-19094
6- 19012-19024(Gap supports)
7- 18963-19002
8- 18869-18890
9- 18830-18861(Gap supports)
10- 18715-18746
11- 18647-18675
Strong supports were between 19434-19519 and Nifty traded within/near about it between 19297-19538 in last 2 sessions of previous week to prepare for next decisive moves beginning. As finally sustaining beyond last 2 sessions trading range(19297-19538) will confirm the life and length of on going Short term correction also through honouring/dishonouring of strong supports(19434-19519) therefore should be firstly watched for it in next week.