Watch 18100 amid firstly up moves & after that sideways market
Technical Analysis,Research & Weekly Outlook
(Apr 02 to Apr 05,2023)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (28-Apr-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 completion indication with recent bottom formation at 16828.3 on 20-03-2023.
8- Pull Back Rally continuation with recent top formation at 18089.15 on 28-04-2023.
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-1 of new Waves structure begun 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 Wave-1 completed at 18096.2 on 15-09-2022 and Corrective Wave-[(ii)] of Wave-1 started which completed at 16747.7 on 30-09-2022.
Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022 and Corrective Wave-A of "ABC" correction begun.Although corrective Wave-C is in continuation with recent bottom formation at 16828.3 on 20-03-2023 but Nifty recovered more than 7.4% recovery from lower levels after on going Pull Back Rally recent top formation at 18089.15 therefore strong signals of corrective Wave-C completion has developed on EOD charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (28-Apr-2023):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1 completion indication with recent bottom formation at 16828.3 on 20-03-2023.
2- Pull Back Rally continuation with recent top formation at 18089.15 on 28-04-2023.
3- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising in Over bought zone.
4- Stochastic:- %K(5)- 95.13 & %D(3)- 92.18.
5- Stochastic is showing negative/positive divergence
6- In MACD- MACD line has intersected Average line downward and its both lines are moving flat in positive zone.
7- MACD(26,12)- 232.92 & EXP(9)- 306.94 & Divergence- -74.02
Conclusions from EOD chart analysis
(Stochastic & MACD)
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 are rising therefore firstly up moves will be seen in the beginning of next week but its both lines are in Over bought zone hence Short Term correction is also on cards which will also be seen in next week.
2- As in MACD its MACD line has intersected Average line downward and its both lines are moving flat in positive zone therefore suggesting finally up moves beginning possibility but after sideways trading.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (28-Apr-2023):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 17861
2- 21-Day SMA is today at 17593
3- 55-Day SMA is today at 17536
4- 100-Day SMA is today at 17806
5- 200-Day SMA is today at 17655
Conclusions from EOD chart analysis
(Averages)
Short and Intermediate Term trends were already up and last 5 sessions closing was well above Long Term trend decider 200-Day SMA as well as last 2 sessions closing was above 100-Day SMA therefore all the trends turning up confirmations.
Nifty-Intra Day Chart Analysis
(28-Apr-2023)
Nifty-Intra Day Chart (28-Apr-2023):-
Technical Patterns formation in today intraday charts
1- Down moves after positive opening
2- Consolidation between 17886-17922
3- More than 3 hours consolidation between 17937-17988
4- Sharp up in last half hour
5- Whole day actual trading between 17886-18089
Conclusions from intra day chart analysis
Although positive opening but firstly down moves were seen after some selling. As lower levels consolidation between 17886-17922 and after that more than 3 hours follow up consolidation also in Mid-Session between 17937-17988 therefore sharp up developed in last half hour.
As last Friday closing was near the higher levels of the day after good intraday consolidation therefore on going rally continuation is expected in the beginning of next week also.
Conclusions
(After putting all studies together)
1- Short Term Trend is up.
2- Intermediate Term Trend is up.
3- Long Term Trend is up.
As Nifty has sustained above Short to Long Term averages therefore all the trends have turned up. Pull Back rally strongly continuation and no indication of its completion yet on EOD charts hence more up moves are expected in the coming week also.
As intraday charts of last Friday have shown lower levels good intraday consolidation therefore previous week started rally will remain continued in the beginning of next week also. Conclusion from Short Term indicators is that firstly up moves and finally sideways trading will be seen in next week therefore following resistances and supports of Nifty should also be watched one by one for Short Term correction beginning from higher levels and fresh up moves beginning from lower levels:-
Resistances above last Friday closing are as follows:-
1- 18069-18132
2- 18155-18192
3- 18216-18240
4- 18345-18387(Strong resistances)
Supports of on going Pull Back rally and below last Friday closing are as follows:-
1- 17937-17988
2- 17886-17922
3- 17712-17803
4- 17613-17646
5- 17503-17541
6- 17477-17493
7- 17313-17367
8- 17237-17286
9- 16914-17126
10- 16840-16887
Corrective Wave-C of Wave-[(ii)] of Wave-[(iii)] of Wave-1(18887.6-16828.3) completion indications have been developed during on going Pull Back rally strong up moves. Its 61.8% Fibonacci Retracement level which is crucial also is at 18100 and once confirmation of sustaining above it will mean on going rally continuation towards life time highest which should be firstly watched amid firstly up moves and after that sideways market in next week.
