Firstly watch 21677-21801 amid
high possibility of Short Term
correction beginning
Technical Analysis,Research & Weekly Outlook
(Jan 01 to Jan 05,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (29-Dec-2023):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-(ii) of Wave-3 completion and Impulsive Wave-(iii) of Wave-3 beginning from 16828.3 on 20-03-2023.
2- Impulsive Wave-(iii) of Wave-3 completion at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.
3- Wave-A of Wave-(iv) of Wave-3 completion at 19333.6 on 04-10-2023.
4- Wave-B of Wave-(iv) of Wave-3 completion at 19849.8 on 17-10-2023.
5- Corrective Wave-C of Wave-(iv) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(v) of Wave-3 beginning.
6- Impulsive Wave-(v) of Wave-3 continuation with its recent high and new life time top formations at 21801.50 on 28-12-2023.
Conclusions from EOD chart analysis
(Waves structure)
Corrective Wave-(ii) of Wave-3 completed at 16828.3 on 20-03-2023 and from this level Impulsive Wave-(iii) of Wave-3 started which completed at 20222.45 on 15-09-2023 and "ABC" correction begun. Corrective Wave-C of Wave-(iv) of Wave-3 completed at 18837.80 and impulsive Wave-(v) of Wave-3 started which is in continuation with its recent high and new life time top formations at 21801.50 on 28-12-2023 and no confirmation of its completion yet on EOD charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (29-Dec-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 bought zone.
2- Stochastic:- %K(5)- 93.98 & %D(3)- 87.16.
3- Stochastic is showing negative divergence
4- In MACD- MACD line has intersected Average line downward and its both lines are falling in positive zone.
5- MACD(26,12)- 502.20 & EXP(9)- 597.33 & Divergence- -95.13
6- MACD is showing negative divergence
Conclusions from EOD chart analysis
(Stochastic & MACD)
Positions of Daily indicators are as follows:-
1- Although in Stochastic indicator its %K(5) line has intersected %D(3) line upward and its both lines are rising in Over bought zone but since long this indicator is hovering near about Over bought zone and showing negative divergence also therefore it will be understood that Stochastic is showing high possibility of Short Term Correction beginning.
2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in positive zone as well as this indicator is showing negative divergence therefore suggesting stronger possibility of short Term correction beginning with Short Term downward trend formations.
Nifty-EOD Chart Analysis
(Fibonacci retracement levels)
Nifty-EOD Chart (29-Dec-2023):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-C of Wave-(iv) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(v) of Wave-3 beginning.
2- Impulsive Wave-(v) of Wave-3 continuation with its recent high and new life time top formations at 21801.50 on 28-12-2023.
3- Crucial Fibonacci Retracement levels of Impulsive Wave-(v) of Wave-3 from 18837.80 to 21801.50 are as follows:-
4- Fibonacci Retracement levels from 21801.50 to 18837.80.
13.0%- 21,416
23.6%- 21,102
27.0%- 21,001
38.2%- 20,669 (Crucial Level)
50.0%- 20,319 (Crucial Level)
61.8%- 19,969 (Crucial Level)
70.7%- 19,706
76.4%- 19,537
78.6%- 19,472
88.6%- 19,175
Conclusions from EOD chart analysis
(Fibonacci retracement levels)
As Short Term indicators are showing higher possibility of Short Term correction beginning and selling patterns formations were also seen in last 2 sessions intraday charts therefore Short Term correction of impulsive Wave-(v) of Wave-3 may be seen in the coming week/weeks which will be according to above mentioned Fibonacci Retracement levels.
Nifty-Last 2 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Dec 28 & Dec 29,2023):-
Technical Patterns formation in last 2 Sessions intraday charts
1- Selling between 21730-21759 on 28-12-2023
2- Consolidation between 21678-21716 on 28-12-2023
3- Consolidation between 21722-21743 on 28-12-2023
4- Selling between 21746-21771 on 28-12-2023
5- Selling through up moves in Bearish Rising Channel on 28-12-2023
6- Higher levels good selling between 21727-21761 on 29-12-2023
7- Lower levels 2 times minor supports on 29-12-2023
8- Last 2 Sessions trading between 21677-21801
Conclusions from 2 Sessions
intra day chart analysis
Intraday charts of last 2 sessions are clearly showing that higher levels more selling was seen than lower levels consolidation therefore it seems that fresh selling has been started because sentiment is too much boosted after strong rally in last 2 months. It is very much clear that follow up intraday selling in the beginning of next week will mean Short Term correction beginning and its first strong signal will be sustaining below last 2 sessions lowest(21677)
Conclusions (After putting
all studies together)
1- Long Term trend is up.
2- Intermediate Term trend is up.
3- Short Term trend is at stake which will be finally decided by last 2 sessions trading range(21677-21801) valid break out.
Impulsive Wave-(v) of Wave-3 forcefully continuation with its recent high and new life time top formations at 21801.50 on 28-12-2023 as well as gaining 2963.7 points in 43 sessions. Although no confirmation of its completion yet on EOD charts but Short Term indicators are showing higher possibility of Short Term correction beginning and last 2 sessions intraday charts are also showing selling patterns formations therefore Fibonacci Retracement levels of on going Impulsive Wave-(v) of Wave-3 has been posted above which should be watched with following next supports in the coming week/weeks for the life and length of expected correction:-
1- 21678-21716
2- 21512-21599
3- 21282-21405
4- 21052-21161
5- 20950-20976
6- 20770-20852(Strong supports)
Although high possibility of Short Term correction beginning in the coming week but firstly sustaining beyond 21677-21801 should be watched for on going rally continuation confirmations above 21801 or Short Term correction beginning confirmations below 21677.