Firstly watch last 15 sessions highest
at 19584 for on going correction
compleiton confirmations
Technical Analysis,Research &
Weekly Outlook(Sep 04 to Sep 08,2023)
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (01-Sep-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 19223.7 on 31-08-2023.
4- Last 15 Sessions trading between 19224-19584.
5- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising from Over sold zone.
6- Stochastic:- %K(5)- 45.48 & %D(3)- 33.47.
7- In MACD- MACD line has intersected Average line upward and its both lines are rising in negative zone.
8- MACD(26,12)- -98.18 & EXP(9)- -131.48 & Divergence- 33.3
9- MACD is showing negative/positive divergence
Conclusions from EOD chart analysis
(Stochastic & MACD)
Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 which started from 16828.3 on 20-03-2023 is in continuation with recent top and life time top formation at 19991.8 on 20-07-2023. Although no confirmation of its completion yet on EOD Charts but Short Term correction begun from this level and in continuation with recent bottom formations at 19223.7 on 31-08-2023. Last 15 sessions trading between 19224-19584 and finally sustaining beyond this range will confirm the life and length of on going correction. 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 have started to rise from Over sold zone therefore more upward moves are expected in next week.
2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in negative zone therefore it will be understood that first signal of Short Term upward trend formation has emerged. Let its both lines to move into positive zone then upward trend formations will get confirmations.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (01-Sep-2023):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 19337
2- 21-Day SMA is today at 19419
3- 55-Day SMA is today at 19371
4- 100-Day SMA is today at 18853
5- 200-Day SMA is today at 18374
Conclusions from EOD chart analysis
(Averages)
As Nifty has closed above all the Short(5 and 21-Day SMA) and Intermediate(55-Day SMA) Term Averages last Friday therefore first signal of on going Short Term correction completion has emerged. Let 5-Day SMA to move above both 21 and 55-Day SMA then Short Term correction completion and fresh rally beginning above life time highest(19991.8) will get confirmations.
Nifty-Last 15 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Aug 11 to Sep 01,2023):-
Technical Patterns formation in last 15 Sessions intraday charts
1- Resistances in last 15 Sessions are as follows:-
A- 19414-19488
B- 19544-19584
2- Supports in last 15 Sessions are as follows:-
A- 19287-19349
B- 19258-19281
3- Last 15 Sessions actual trading between 19224-19584
Conclusions from 15 Sessions
intra day chart analysis
Last 15 Sessions actual trading between 19224-19584 with above mentioned supports and resistances which are almost equal strong also. As last Friday closng was near about in the middle of last 15 Sessions trading range also therefore firstly Nifty will have to trade and prepare for next trend formations within and near about last 15 sessions trading range. Finally sustaining beyond or forceful break out/down of this range will confirm next big moves beginning hence should be watched in next week for its confirmations.
Nifty-Intra Day Chart Analysis
(01-Sep-2023)
Nifty-Intra Day Chart (01-Sep-2023):-
Technical Patterns formation in today intraday charts
1- Up moves after positive opening
2- More than 3 hours consolidation between 19287-19349(immediate supports)
3- Up moves with downward corrections
4- Sideways trading in last hours between 19421-19458
5- Whole day actual trading between 19256-19458
Conclusions from intra day chart analysis
Most positive news that India's gross domestic product (GDP) grew by 7.8 per cent in the April-June quarter of current fiscal (2023-2024), compared to a growth of 6.1 per cent in the previous January-March quarter of fiscal 2022-23 therefore sentiment boosted and firstly up moves were seen after positive opening.
As more than 3 hours consolidation between 19287-19349 and after that up moves were with downward corrections therefore last Friday closing was near the higher levels of the day after sideways trading in last hours. Whole day only intraday consolidation and selling patterns were not seen therefore firstly up moves are expected in the beginning of next week.
Conclusions
(After putting all studies together)
1- Long Term trend is up.
2- Intermediate Term trend is at stake and firstly sustaining beyond its decider 55-Day SMA(today at 19371) should be watched in the coming week for its confirmations.
3- Short Term trend is at stake and firstly sustaining beyond its decider 5-Day and 21-Day SMA(today at 19337 and 19419 respectively) should be watched in the coming week for its confirmations.
Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 begun from 16828.3 on 20-03-2023 and in continuation with recent top formations at 19991.8 on 20-07-2023. Short Term correction started from this levels which is in continuation with recent bottom formations at 19223.7 on 31-08-2023 and no confirmation of its completion yet on EOD and intraday charts. As last 15 Sessions trading between 19224-19584 and finally sustaining beyond this range will confirm the life and length of on going last 30 sessions correction therefore it should be watched in the coming week/weeks.
As Nifty closed above all the Averages last Friday and Indicators are also showing upmoves beginning signals as well as last Friday intraday chart is shouing good intraday consolidation therefore up moves are expected towards the highest(19584) of last 15 sessions trading range and firstly sustaining beyond next resistances of last 15 Sessions should be watched in the coming week bacause:-
1- Sustaining above last 15 sessions highest(19584) will be confirmation of on going 30 sessions correction
2- Fresh rally beginning towards and above life time highest(19991.8).