For next big moves beginning firstly
Watch Long Term trend decider
200-Day SMA which is today at 18612
Technical Analysis,Research & Weekly Outlook
(Oct 30 to Nov 02,2023)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (27-Oct-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-1 completion at 18096.2 on 15-09-2022.
3- Corrective Wave-2 completion at 16747.7 on 30-09-2022.
4- Impulsive Wave-(i) of Wave-3 completion at 18887.6 on 01-12-2022.
5- Corrective Wave-(ii) of Wave-3 completion at 16828.3 on 20-03-2023.
6- Impulsive Wave-(iii) of Wave-3 completion after life time top formations at 20222.45 on 15-09-2023.
7- Corrective Wave-(iv) of Wave-3 continuation with recent bottom formations at 18837.80 on 26-10-2023.
Conclusions from EOD chart analysis
(Waves structure)
As Geo-Political high tension due to Israel-Hamas war therefore most Global markets started melting hence resultant Nifty has fallen 1012 points in last 8 sessions from intraday highest on 17-10-2023 in which Nifty has slipped below the bottom of Wave-(v) of Wave-3 (19223.7) and Waves structure has to be recounted which has been done through given new Waves structure formations.
Now corrective Wave-(iv) of Wave-3 continuation with recent bottom formations at 18837.80 on 26-10-2023 and no confirmation of its completion yet on EOD and intraday charts. Let its completion confirmations come through its EOD and intraday charts then then next Up Trend will be considered.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (27-Oct-2023):-
Technical Patterns and Formations in EOD charts
1- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising in Over sold zone.
2- Stochastic:- %K(5)- 12.09 & %D(3)- 07.57.
3- Stochastic is showing negative/positive divergence
4- In MACD- MACD line has intersected Average line downward and its both lines are falling in negative zone.
5- MACD(26,12)- -144.35 & EXP(9)- -54.95 & Divergence- -89.4
Conclusions from EOD chart analysis
(Stochastic & MACD)
Corrective Wave-(iv) of Wave-3 continuation with recent bottom formations at 18837.80 on 26-10-2023,now positions of indicators are as follows;-
1- As in Stochastic its %K(5) line has intersected %D(3) line upward and its both lines are rising in Over sold zone therefore it has generated first strong signal of Short Term up moves beginning.
2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in negative zone therefore it is confirming Short term downward trend formations.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (27-Oct-2023):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 19170
2- 21-Day SMA is today at 19537
3- 55-Day SMA is today at 19582
4- 100-Day SMA is today at 19423
5- 200-Day SMA is today at 18612
Conclusions from EO
chart analysis (Averages)
As Nifty has slipped and closed below all the Short Term and Intermediate Term Averages therefore confirming both these term Averages turning downward but Long Term Trend is still Up and safe because on going correction bottom( 18837.80) is more than 200 points above its decider 200-Day SMA(today at 18612).
Testing of 200-Day SMA can not be ruled out in the coming week/weeks therefore firstly sustaining it beyond should be watched for next Long Term Trend confirmations.
Nifty-Intra Day Chart
Analysis(27-Oct-2023)
Nifty-Intra Day Chart (27-Oct-2023):-
Technical Patterns formation in today intraday charts
1- Whole day slow up moves in rising channel
2- Whole day actual trading between 18927-19076
Conclusions from intra day
chart analysis
As all the Asian markets were trading in Green and some were more than 1% plus also last Friday and resultant sentiment turned positive therefore strong opening of Indian markets. Although Nifty closed near the higher levels with 190 points gains but whole day up moves were slow and in rising channel as well as last Friday closing was near the lower line of rising channel therefore Nifty will firstly trade within last Friday trading range(18927-19076)and finally sustaining beyond this range will confirm next decisive moves beginning which should be firstly watched in the coming week for next decisive moves beginning.
Conclusions (After putting
all studies together)
1- Long Term trend up.
2- Intermediate Term trend down.
3- Short Term trend is down.
Corrective Wave-(iv) of Wave-3 continuation with recent bottom formations at 18837.80 on 26-10-2023 after Impulsive Wave-(iii) of Wave-3 completion and life time top formations at 20222.45 on 15-09-2023.
Although Short Term indicator Stochastic is showing strong signals of upward moves possibility but MACD indicator is confirming Short term downward trend formations therefore finally fresh down moves may br seen after some up moves.
As corrective Wave-(iv) of Wave-3 continuation and no confirmation of its completion yet on EOD charts and Short & Intermediate Term trends are already down therefore firstly sustaining beyond Long Term trend decider 200-Day SMA(today at 18612) should be watched in the coming week for next big moves beginning confirmations after worsening Israel-Hamas war situation.