Bullish rally continuation after Short Term Sideways Correction completion
Technical Analysis,Research & Weekly
Outlook(Jul 17 to Jul 21,2023)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (14-Jul-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 at 16828.3 on 20-03-2023.
8- Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 continuation with recent top formations at 19595.35 on 14-07-2023
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-1 of new Waves structure begun after Corrective Wave-C of "ABC correction" of previous Waves structure completion at 15183.4 on 17-06-2022. 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 and from this levels impulsive Wave-[(iii)] of Wave-1 begun.
Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completed at 18887.6 on 01-12-2022 and "ABC" correction started. Corrective Wave-C of "ABC" correction completed at 16828.3 on 20-03-2023 and from this level Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 started which is in continuation with recent top formations at 19595.35 on 14-07-2023.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (14-Jul-2023):-
Technical Patterns and Formations in EOD charts
1- Previous 6 Sessions sideways correction range(19304-19567) broken out on 14-07-2023 and Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 continuation with recent top formations at 19595.35 on 14-07-2023.
2- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising in Middle Zone.
3- Stochastic:- %K(5)- 55.67 & %D(3)- 47.85.
4- In MACD- MACD line has intersected Average line upward. Its MACD line is falling and Average line is rising in positive zone.
5- MACD(26,12)- 368.54 & EXP(9)- 312.78 & Divergence- 55.76.
Conclusions from EOD chart analysis
(Stochastic & MACD)
Previous 6 Sessions sideways correction range(19304-19567) broken out on 14-07-2023 and Impulsive Wave-[(iii)] of Wave-[(iii)] of Wave-1 continuation with recent top formations at 19595.35 on 14-07-2023,no indication of its completion yet on EOD and intraday charts.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 in Middle Zone therefore showing more up moves signals in the coming week.
2- Although in MACD indicator its MACD line has intersected Average line upward but its MACD line is falling and Average line is rising therefore showing little mixed signals. As its Average line is rising and its both lines are in positive zone therefore suggesting more possibilities of up moves continuation in next week.
Nifty-Intra Day Chart Analysis
(14-Jul-2023)
Nifty-Intra Day Chart (14-Jul-2023):-
Technical Patterns formation in today intraday charts
1- More than 5 hours consolidation between 19434-19519
2- Sharp up moves in last half hour
3- Whole day actual trading between 19434-19595
Conclusions from intra day
chart analysis
Intraday good selling was seen above 16400 in last 4 sessions of previous week therefore complete consolidation was firstly required for decisive up moves beginning. As most Asian markets were trading in Green last Friday therefore firstly 79 points strong opening and after that higher levels more than 5 hours required consolidation was seen between 19434-19519 hence finally sharp up moves developed in last half hour which will remain continued in the beginning of next week.
Conclusions
(After putting all studies together)
All the trends have turned up last Friday after last 6 Sessions sideways correction range(19304-19567) forceful break out and Bullish rally continuation after Short Term Sideways Correction completion as well as Bull Market will remain conitnued in the coming week because:-
1- Indicators are showing more up moves possibilities.
2- More than 5 hours consolidation between 19434-19519 last Friday therefore this range will be immediate supports of Nifty and until Nifty will not sustain below it after complete selling patterns formations till then decisive down moves will not be seen.
