Sustaining beyond 18465-18662 will

 confirm next trend

Technical Analysis,Research & Weekly Outlook

(Jun 05 to Jun 09,2023)

Nifty-EOD Chart Analysis

(Corrective Waves)

Nifty-EOD Chart (02-Jun-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 beginning.

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

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

4- 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 because that Pull Back Rally which begun from this level is continuing strongly with recent top formation at 18662.5 on 30-05-2023. 

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. Its Wave-A completed at 17774.3 on 26-12-2022 and from this level Wave-B started which completed at 18265.3 on 30-12-2022. Wave-C begun from this level which showed strong indications of its comletion after its bottom formations at 16828.3 on 20-03-2023 because that Pull Back Rally which begun from this level is continuing strongly with recent top formation at 18662.5 on 30-05-2023 and no confirmations of its completion yet on EOD Charts.. 

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Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (02-Jun-2023):-

Technical Patterns and Formations in EOD charts

1- Pull Back Rally beginning from 16828.3 on 20-03-2023

2- Pull Back Rally continuation with recent top formation at 18662.5 on 30-05-2023.

3- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone.

4- Stochastic:- %K(5)- 51.42 & %D(3)- 69.27.

5- MACD- Its both lines are kissing in positive zone.

6- MACD(26,12)- 147.36 & EXP(9)- 137.57 & Divergence- 9.79

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 downward and its both lines are falling from Over bought zone therefore some more dowm moves can not be ruled out in the coming week. 

2- As both lines of MACD are kissing in positive zone therefore this indicator is not showing any side clear direction. Let upward or downward clear cross over happen in it then that side next Trend will get confirmations. If finally upside clear cross over will develop then strong up moves will be seen because its both lines are in positive zone. 

Nifty-Last 5 Sessions

intraday charts analysis

Nifty-Intra Day Chart (May 29 to Jun 02,2023):--

Technical Patterns formation in last 5 Sessions intraday charts

1- Selling(Resistances) in last 5 sessions are as follows:-

A- 18544-18580

B- 18615-18662 

2- Consolidation(Supports) in last 5 sessions are as follows:-

A- 18479-18516

3- Last 5 Sessions actual trading between 18465-18662 

Conclusions from 5 Sessions

intra day chart analysis 

Last 5 Sessions trading between 18465-18662 with above mentioned supports and resistances. As both supports and resistances are stronger and firstly Nifty has to prepare for next decisive moves beginning beyond this 5 sessions range therefore firstly Nifty will have to trade within this range in the beginning of next week. 

Finally sustaining beyond 18465-18662 should be watched in the coming week for fresh rally beginning after sustaining above 18662 and Short Term correction beginning after sustaining below 18465.

Nifty-Intra Day Chart Analysis

(02-Jun-2023)

Nifty-Intra Day Chart (02-Jun-2023):-

Technical Patterns formation in today intraday charts

1- 94 Points sharp fall in first hour after strong opening

2- Consolidation between 18479-18516

3- Up moves with downward corrections

4- Volatility in last 2 hours between 18495-18566

5- Whole day actual trading between 18479-18573

Conclusions from intra day chart analysis 

Although firstly 94 points sharp fall in first hour after strong opening but after that lower levels consolidation developed and follow up consolidation was also seen in Mid-session through up moves with downward corrections therefore firstly up moves are expected in the beginning of next week. As volatility in last 2 hours between 18495-18566 and technical positions reverses also during such volatility therefore firstly sustaining beyond this range should also be watched in the beginning of next week amid rally continuation expectations.

Conclusions (After putting all studies together)

1- Short Term Trend is sideways between 18465-18662 

2- Intermediate Term Trend is up.

3- Long Term Trend is up.

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. Its Wave-C completion strong indications developed at 16828.3 on 20-03-2023 because the Pull Back Rally which started from this level has proved stronger after gaining 1834.2 points(10.89%) from Wave-C lower levels and no confirmation of its completion yet on EOD charts. 

Although Short term indicator Stochastic is showing more down moves signals but intraday charts of last Friday are suggesting up moves in the beginning of next week therefore firstly sustaining beyond above mentioned resistances should be watched for the life and length of expected up moves. As finally sustaining beyond last 5 sessions trading range(18465-18662) will confirm fresh rally towards and above life time highest(18887.6) or Short Term correction towards following next supports therefore firstly should be watched in the coming week/weeks for its confirmations:- 

1- 18419-18445

2- 18373-18397

3- 18325-18353

4- 18203-18261

5- 18059-18127

As finally sustaining beyond 18465-18662 will confirm next trend towards above mentioned levels therefore should be firstly watched in next week.

Watch yesterday lowest & immediate Resistances after loosing all 86 points gains in first hour

Post-open Outlook(02-06-2023)

As all the Asian markets were trading with good gains and most were more than 1% up as well as Hang Seng was more than 3 % up after strong closing of all US markets yesterday therefore Indian markets opened positive and firstly traded 86 points up.

More than 4 hours selling was seen between 18544-18580 yesterday and it was immediate resistances of Nifty therefore Nifty moved down sharply in first hour and now trading in Red after loosing all 86 points intraday gains.

Although Bullish Global markets but firstly Indian markets will have to prepare technically for decisive up moves beginning therefore firstly sustaining beyond yesterday lowest(18465) and immediate resistances of Nifty(18544-18580) should be watched today and in the coming sessions for the life and length of on going correction in Indian markets.

Watch next supports for the life & length of on going Short Term correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(02-06-2023)

Nifty-Intra Day Chart (01-Jun-2023):-

Technical Patterns formation in today intraday charts

1- More than 4 hours selling between 18544-18580(immediate Resistances)

2- Down moves with upward corrections

3- Sharp fall in last half hour

4- Whole day actual trading between 18465-18580

Conclusions from intra day chart analysis 

Following lines were told on 29-05-2023 in "Firstly watch next supports amid down moves expectations towards it":-

down moves expectations towards next 

supports between 18419-18445.

Following lines were told on 30-05-2023 in "Down moves towards next supports":-

down moves are expected below today lowest and towards yesterday mentioned next supports(18419-18445)

As was told 100% same happened and Down moves were seen in last 2 sessions with today lowest formations at 18464.55 today which was little above in last 2 sessions mentioned next supports.

As firstly more than 4 hours selling and after that down moves with upward corrections in Mid-session therefore sharp fall was seen in last half hour today. More than 5 hours clear selling patterns formations therefore correction continuation is expected towards next supports. Finally sustaining beyond following next supports should be watched in the coming sessions for the life and length of on going Short Term correction:-.

1- 18419-18445

2- 18373-18397

As busy therefore Stock Market Outlook of today(01-06-2023) is not being updated.

Down moves towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(31-05-2023)

Nifty-Intra Day Chart (30-May-2023):-

Technical Patterns formation in today intraday charts

1- Sharp up moves from lower levels

2- Selling between 18628-18662 

3- Up moves in Bearish Rising Channel

4- Selling between 18631-18647

5- Whole day actual trading between 18576-18662

Conclusions from intraday

chart analysis 

Although firstly slipping after flat opening but immediately after that sharp up moves were seen from lower levels. As higher levels selling and after that follow follow up selling in Mid-sessions and last hour also therefore down moves are expected below today lowest and towards yesterday mentioned next supports(18419-18445) despite positive closing today after most time positive zone trading.

Firstly watch next supports amid

 down moves expectations towards it

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-05-2023)

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

Technical Patterns formation in today intraday charts

1- Selling between 18615-18641(immediate Resistances)

2- Down moves

3- Support between 18585-18593

4- Up moves in Bearish Rising Channel

5- Down moves

6- Support between 18582-18597

7- Whole day actual trading between 18582-18641

Conclusions from intra day chart analysis 

Following lines were told on 27-05-2023 in "Finally fresh rally towards & above life time highest after volatility within supports & resistances":-

firstly up moves are expected towards following next resistances in the beginning of next week:-

1- 18559-18586

2- 18674-18696

3- 18832-18854

As was told 100% same happened today and whole day positive zone trading was seen and Nifty closed 99.30 points up today. 

Although gap up strong opening today but higher levels continuous selling developed therefore down moves were seen again and again from intraday higher levels. As minor supports at lower levels also therefore sustaining below today lowest should also be firstly watched tomorrow amid down moves expectations towards next supports between 18419-18445. Sustaining beyond this supports range should be firstly watched in the coming sessions for next  decisive moves beginning confirmations.