Firstly watch next supports amid
high possibility of Short Term
correction beginning
Technical Analysis,Research & Weekly Outlook
(May 15 to May 19,2023)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (12-May-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 18389.7 on 11-05-2023.
Conclusions from EOD chart analysis
(Waves structure)
Corrective Wave-C of "ABC correction" of previous Waves structure completed at 15183.4 on 17-06-2022 and from this level Impulsive Wave-1 of new Waves structure started. Impulsive Wave-[(i)] of Wave-1 completed at 18096.2 on 15-09-2022 and Corrective Wave-[(ii)] of Wave-1 begun 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 started. Now corrective Wave-C is in continuation with recent bottom formation at 16828.3 on 20-03-2023 and no confirmation of its completion yet but strongest signals of its completion have emerged after 1561.4 points(9.27%) recovery from lower levels.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (12-May-2023):-
Technical Patterns and Formations in EOD charts
1- Stochastic- Its both lines are kissing in Over bought zone.
2- Stochastic:- %K(5)- 78.77 & %D(3)- 80.82.
3- Stochastic is showing negative divergence
4- MACD- Its both lines are kissing in positive zone.
5- MACD(26,12)- 301.64 & EXP(9)- 279.90 & Divergence- 21.74
6- MACD is showing negative divergence
Conclusions from EOD chart analysis
(Stochastic & MACD)
Positions of Daily indicators are as follows:-
1- As both lines of Short Term indicator Stochastic are kissing in Over bought zone and this indicator is showing negative divergence also therefore suggesting strongest indications of Short Term correction beginning.
2- As both lines of MACD are kissing in positive zone and this indicator is showing negative divergence as well therefore indicating Short Term correction beginning possibility.
Indicators are suggesting that Short Term correction is on cards which may begin any day in the coming week/weeks.
Nifty-Last 4 Sessions
intraday charts analysis
Nifty-Intra Day Chart (May 09 to May 12,2023):-
Technical Patterns formation in last 4 Sessions intraday charts
1- Selling(Resistances) in last 4 Sessions are as follows:-
A- 18318-18389
2- Consolidation(Supports) in last 4 Sessions are as follows:-
A- 18261-18389
3- Last 4 Sessions actual trading between 18195-18389
Conclusions from 4 Sessions
intra day chart analysis
Last 4 Sessions trading between 18195-18389 with above mentioned supports and resistances. As resistances seems much stronger than supports and selling was seen in previous 2 sessions at the higher levels of last 4 sessions also therefore firstly down moves are expected towards and below the lowest(18195) of last 4 sessions in the beginning of next week.
Conclusions
(After putting all studies together)
1- Short Term Trend is sideways for the last 4 sessions.
2- Intermediate Term Trend is up.
3- Long Term Trend is up.
Pull Back rally continuation strongly and no confirmation of its completion yet on EOD charts but Short Term correction beginning signals have developed in indicators and intraday charts of previous weeks have shown selling patterns formations also therefore Short Term correction may begin any day in the coming week/weeks which may be deeper also because Indicators have started to show negative divergence as well. Firstly sustaining beyond following next supports should be watched in next week one by one in the coming week amid high possibility of Short Term correction beginning:-
1- 18261-18389
2- 18144-18206
3- 17937-17988
4- 17886-17922
5- 17712-17803
6- 17613-17646
7- 17503-17541
Next resistances above previous week closing are as follows which should be watched after expected correction completion:-
1- 18318-18389
2- 18559-18586
3- 18674-18696
4- 18832-18854
