2 Most crucial levels will decide next

 big moves beginning after on going Trend reversal/continuation confirmations

Technical Analysis,Research & Weekly Outlook

(Apr10 to Apr 13,2023)

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (06-Apr-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 completion indication after 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

8- Pull Back Rally continuation with recent top formation at 17638.70 on 06-04-2023

Conclusions from EOD chart analysis

(Corrective Waves)

Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022 and corrective Wave-A of "ABC" correction started. Now its 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 its completion indications emerged:-

1- Firstly after previous 12 Sessions sideways trading range(16829-17224) forceuflly broken out on 31-03-2023. 

2- On going Pull Back Rally strongly continuation with 810 points gains from lower levels and no confirmation of its competion yet on EOD and intraday Charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (06-Apr-2023):-

Technical Patterns and Formations in EOD charts

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

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

3- Stochastic:- %K(5)- 95.48 & %D(3)- 91.18.

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

5- MACD(26,12)- -45.08 & EXP(9)- -197.04 & Divergence- 151.96

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Daily indicators are as follows after Pull Back Rally strongly continuation:-

1- As in Short Term indicator Stochastic %K(5) line has intersected %D(3) line upward and its both lines are rising in Over bought zone therefore Short Term correction beginning indications have also developed and remain cautious in next week amid more up moves possibilities in the coming week because no signal of on going Pull Back Rally completion yet.

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 signals and on going rally continuation from its negative zone to positive zone.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (06-Apr-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 17398 

B- 21-Day SMA is today at 17234

C- 55-Day SMA is today at 17570

D- 100-Day SMA is today at 17902

E- 200-Day SMA is today at 17511

 

Conclusions from EOD chart analysis

(Averages)

Short Term Trend was already up and Nifty closed above Intermediate Term(55-Day SMA) and Long Term(200-Day SMA) Trend deciders during on going Pull Back Rally last thursday therefore firstly sustaining beyond these 2 averages should be watched in the coming week for on going these 2 Trends continuation/completion confirmations. 

Nifty-Intra Day Chart Analysis

(06-Apr-2023)

Nifty-Intra Day Chart (06-Apr-2023):-

Technical Patterns formation in today intraday chart

1- Consolidation between 17503-17541

2- Sharp up moves immediately after RBI Credit policy announcements beginning

3- More than 5 hours sideways trading between 17575-17638

4- Whole day actual trading between 17503-17638

Conclusions from intra day chart analysis 

Although weaker opening but firstly consolidation developed at lower levels therefore sharp up moves were seen immediately after RBI Credit policy announcements beginning. As more than 5 hours sideways trading between 17575-17638 was under Credit policy led heated sentiments therefore firstly sustaining beyond this range should be watched in the beginning of next week for next decisive moves beginning confirmations.

Conclusions (After putting all studies together)

1- Short Term Trend is up.

2- Intermediate Term Trend will be up after sustaining above its decider 55-Day SMA which is today at 17570.

3- Long Term Trend will be up after sustaining above its decider 200-Day SMA which is today at 17511.

Now Pull Back Rally strongly continuation with recent top formation at 17638.70 on 06-04-2023 after previous 12 Sessions sideways trading range(16829-17224) forcefully broken out and no confirmation of its completion yet on EOD and intraday charts therefore signals of corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion at 16828.3 on 20-03-2023. Although Short Term indicators have not shown yet down moves beginning clear indications but remain cautions because Stochastic is completely Over bought and Short term correction may also be seen therefore next resistances between 17692-17718 should be firstly watched in next week after some more up moves.

Next resistances above last week closing are as follows:-

1- 17692-17718

2- 17754-17794

3- 17866-17891

4- 17902-17924

5- 17949-18022

6- 18069-18132

7- 18155-18192

8- 18216-18240

9- 18345-18387(Strong resistances)

Next supports below last week closing are as follows:-

1- 17503-17541

2- 17477-17493

3- 17313-17367

4- 17237-17286

5- 16914-17126

6- 16840-16887

As confirmation of Intermediate and Long term trends reversal is still required through sustaining beyond its decider following 2 most crucial levels therefore it should also be firstly watched in the coming week/weeks for next big moves beginning after on going Trend reversal/continuation confirmations:-

1- 17482(200-Day SMA for Long term trend confirmations)

2- 17591(55-Day SMA for Intermediate term trend confirmations)

Firstly Short Term intraday correction 

before next decisive up moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-04-2023)

Nifty-Intra Day Chart (05-Apr-2023):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 17403-17570

Conclusions from intra day chart

analysis 

Although whole day up moves with downward corrections after flat opening and intraday selling patterns were not seen and on going Pull Back rally continuation is expected also but Very Short Term indicators have turned overbought therefore firstly Short Term intraday correction will also be seen before next decisive up moves beginning.

Fresh consolidation is firstly required 

for next up moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-04-2023)

Nifty-Intra Day Chart (03-Apr-2023):-

Technical Patterns formation in today intraday charts

1- More than 100 points fall in first half hour

2- More than 5 hours consolidation between 17313-17367

3- Slow up moves in last hours 

4- Whole day actual trading between 17313-17428

Conclusions from intra day chart analysis 

Although gap up opening but firstly more than 100 points fall in first half hour was seen. As after this more than 5 hours consolidation between 17313-17367 therefore closing was near the higher levels of the day but slow up moves in last hours hence fresh consolidation is also firstly required for next up moves after sustaining above day's highest(17428).