Pull back rally continuaton towards next resistances and 2 crucial levels

Technical Analysis,Research & Weekly Outlook

(Apr 03 to Apr 06,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (31-Mar-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 continuation with recent bottom formation at 16828.3 on 20-03-2023.

8- Last 12 Sessions sideways trading range(16829-17224) broken out on 31-03-2023

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure started 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 new Waves structure completed at 18096.2 on 15-09-2022 and corrective Wave-[(ii)] started which completed at 16747.7 on 30-09-2022 as well as Wave-[(iii)] begun.

Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction begun.Now its corrective Wave-C is in continuation with recent bottom formation at 16828.3 on 20-03-2023 and no confirmation of its completion yet on EOD charts but 1st signal of its completion emerged last Friday after last 12 Sessions sideways trading range(16829-17224) forceful break out that day.

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (31-Mar-2023):-

Technical Patterns and Formations in EOD charts

1- 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.

2- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 17774.3 on 26-12-2022.

3- Corrective Wave-A of Wave-[(ii)] of Wave-[(iii)] of Wave-1 corrected 1113.3 Points.

4- Corrective Wave-B of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 18265.3 on 30-12-2022.

5- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 16828.3 on 20-03-2023.

6- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 has corrected 1437 Points till now.

7- Last 12 Sessions sideways trading range(16829-17224) broken out on 31-03-2023

Conclusions from EOD chart analysis

(Corrective Waves)

Corrective Wave-A of "ABC" correction begun after impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022. Wave-A completed at 17774.3 on 26-12-2022 after 1113.3 Points correction and from this level corrective Wave-B started which completed at 18265.3 on 30-12-2022. After this corrective Wave-C begun which is in continuation with recent bottom formation at 16828.3 on 20-03-2023 after correcting 1437 Points till now. Although no confirmation of Wave-C completion yet but last 12 Sessions sideways trading range(16829-17224) forcefully broken out last Friday which 1st and strong indication of its completion on EOD charts. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (31-Mar-2023):-

Technical Patterns and Formations in EOD charts

1- Last 12 Sessions sideways trading range(16829-17224) forcefully broken out on 31-03-2023 

2- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising from Over sold zone.

3- Stochastic:- %K(5)- 55.17 & %D(3)- 36.28.

4- In MACD- MACD line has intersected Average line upward and its both lines are rising in negative zone.

5- MACD(26,12)- -173.92 & EXP(9)- -269.92 & Divergence- 96.00

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Daily indicators are as follows 12 previous Sessions sideways trading range(16829-17224) forceful break out on 31-03-2023:-

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 showing signals of more up moves in next week.

2- As in MACD its MACD line has intersected Average line upward and its both lines are rising in negative zone therefore showing upward trend formation indications and rally continuation from negative zone to towards its 0.00 line.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (31-Mar-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 17064 

B- 21-Day SMA is today at 17225 

C- 55-Day SMA is today at 17591

D- 100-Day SMA is today at 17922

E- 200-Day SMA is today at 17482

 

Conclusions from EOD chart analysis

(Averages)

Short Term trend has turned up after last 2 sessions strong recovery from lower levels and closing above its deciders 5-Day and 21-Day SMA last friday. Firstly sustaining above Long Term trend decider 200-Day(17482) and after that after that finally Intermediate Term trend decider 200-Day(17591) will confirm trend reversals and strong Bullish rally beginning. 

Nifty-Intra Day Chart Analysis

(31-Mar-2023)

Nifty-Intra Day Chart (31-Mar-2023):-

Technical Patterns formation in today intraday charts

1- Sharp up after gap up strong opening

2- More than 3 hours consolidation between 17237-17286

3- Up moves with downward corrections

4- Consolidation in last 2 hours between 17337-17381

5- Whole day actual trading between 17205-17381

Conclusions from intra day chart analysis 

As firstly gap up strong opening and after that sharp up moves as well as more than 3 hours consolidation in Mid-session last Friday therefore whole day intraday rally remained continued till last hour. EXcept this Mid-session up moves were with downward corrections and higher levels consolidation in last 2 hours between 17337-17365 also therefore whole day trading will be understood with intraday consolidation patterns formations therefore firstly on going Pull Back Rally continuation is expected in the beginning of next week.

Conclusions

(After putting all studies together)

1- Short Term Trend is up.

2- Intermediate Term Trend is down.

3- Long Term Trend is down.

Impulsive Wave-1 of new Waves structure begun from 15183.4 on 17-06-2022 and its impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022,then from this level 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 and no confirmation of its completion yet on EOD charts also but 1st indication of its completion was seen after forceful break out of last 12 Sessions sideways trading range(16829-17224) on 31-03-2023.

Next supports below last week highest(17381) are as follows:-

1- 17337-17365

2- 17237-17286

3- 16914-17126

4- 16840-16887

As last 12 Sessions sideways trading range forceful break out in previous week and Short Term indicators are showing signals of more up moves as well as intraday charts of last week have shown good intraday consolidation patterns formations therefore on going Pull back rally continuaton is expected towards following next resistances and 2 crucial levels in the coming week which should also be watched for next upward trend formation confirmations:-

1- 17378-17406

2- 17442-17473

3- 17491-17526

4- 17482(200-Day SMA for Long term trend confirmations)

5- 17591(55-Day SMA for Intermediate term trend confirmations)

Up moves towards next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(31-03-2023)

Nifty-Intra Day Chart (29-Mar-2023):-

Technical Patterns formation in today intraday charts

1- Consolidation between 16941-17018

2- Sharp up in last half hour

3- Whole day actual trading between 16941-17126

Conclusions from intra day chart analysis 

As lower levels consolidation between 16941-17018 therefore sharp up moves were seen in last half hour and its continuation is expected towards next resistances between 17152-17205.

 Sustaining above 17000 will confirm 

next decisive up moves beginning 

after positive Asian markets 

led improved sentiments

Post-open Outlook(29-03-2023)

As Dow Jones Futures is trading more than 100 points up today morning and all the Asian markets are in Green as well as Hang Seng is traing more than 2% up therefore in reaction Indian markets are also trading in green after positive opening. 

As sentiment has improved today morning and Nifty traded 6 hours sideways between 16914-17000 yesterday which means most time one sided intraday patterns formations were not seen yesterday therefore sustaining above 17000 will confirm next decisive up moves beginning today after positive Asian markets led improved sentiments which should be firstly watched.

 Firstly watch today lowest for next decisive down moves beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-03-2023)

Nifty-Intra Day Chart (28-Mar-2023):-

Technical Patterns formation in today intraday charts

1- Down moves after positive opening

2- Last 6 hours sideways trading between 16914-17000

3- Whole day actual trading between 16914-17061

Conclusions from intra day chart analysis 

As down moves after positive opening in first half hour and after that last 6 hours sideways trading between 16914-17000 in which most time trading was in negative zone therefore sustaining beyond today lowest should be firstly watched tomorrow for next decisive down moves beginning confirmations.

 Finally sustaining beyond 16840-17205

 will confirm next one sided big moves 

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-03-2023)

Nifty-Intra Day Chart (27-Mar-2023):-

Technical Patterns formation in today intraday charts

1- Down moves after positive opening

2- Higher levels 3 times selling

3- Lower levels 3 times consolidation

4- Whole day actual trading between 16919-17091

Conclusions from intra day chart analysis 

Following lines were told on 25-03-2023 in "Firstly watch most crucial supports amid USA Banks failing news led crashing Global markets":-

1- up mones will be seen in the beginning of next week

2- but until Nifty will not sustain above last Friday highest after fresh consolidation till then decisive up moves will not be seen in next week because good intraday selling was below it between 17024-17097 last Friday.

As was told 100% same happened and:-

1- Nifty traded 145 points up today

2- Nifty could not move above last Friday highest which was at 17109.5

3- Nifty could not move above last Friday selling range(17024-17097) and closed below it at 16985.70 after today highest formation within it at 17091.00.

Although positive opening today but firstly down moves were seen and Nifty traded in negative zone also. As whole day today trading was with higher levels 3 times selling and lower levels 3 times consolidation therefore whole day today trading will be understood with Mixed Patterns formations.

As all the immediate supports and resistances beyond today trading range are between 16840-17205 and Nifty will firstly trade as well as prepare for next one sided big moves within this range therefore finally sustaining beyond this range should be watched in the coming sessions for its beginning confirmations.