View is cautious & Watch levels amid deeper correction beginning possibility
Technical Analysis,Research & Weekly Outlook
(Feb 19 to Feb 23,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (16-Feb-2024):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-C of previous Waves structure "ABC correction" completion at 15183.40 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.
2- Impulsive Wave-1 completion at 18096.20 on 15-09-2022.
3- Corrective Wave-2 completion at 16747.70 on 30-09-2022.
4- Impulsive Wave-(i) of Wave-3 completion at 18887.60 on 01-12-2022.
5- Corrective Wave-(ii) of Wave-3 completion at 16828.30 on 20-03-2023.
6- Impulsive Wave-(iii) of Wave-3 completion at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.
7- Wave-A of Wave-(iv) of Wave-3 completion at 19333.60 on 04-10-2023.
8- Wave-B of Wave-(iv) of Wave-3 completion at 19849.80 on 17-10-2023.
9- Corrective Wave-C of Wave-(iv) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(v) of Wave-3 beginning.
10- Impulsive Wave-(v) of Wave-3 continuation with its recent high and new life time top formations at 22126.80 on 02-02-2024.
11- Last 12 Session trading between 21531-22126
Conclusions from EOD chart analysis
(Waves structure)
Corrective Wave-C of previous Waves structure "ABC correction" completed at 15183.40 on 17-06-2022 and from this level Impulsive Wave-1 of new Waves structure started. Impulsive Wave-3 of this waves structure begun from 16747.70 on 30-09-2022 after corrective Wave-2 completion at this level. Now Impulsive Wave-(v) of Wave-3 is in continuation with its recent high and new life time top formations at 22126.80 on 02-02-2024 as well as no confirmation of its completion yet on EOD charts and intraday charts. Last 12 Session trading between 21531-22126 and finally sustaining beyond this range will confirm next trend formations therefore it should also be watched in the coming week/weeks for next trend formations and big movrs beginning confirmations.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (16-Feb-2024):-
Technical Patterns and Formations in EOD charts
1- Expanding Triangle Pattern formations
2- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising towards Over bought zone.
3- Stochastic:- %K(5)- 83.02 & %D(3)- 61.65.
4- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
5- MACD(26,12)- 116.95 & EXP(9)- 82.67 & Divergence- 34.28
Conclusions from EOD chart analysis
(Stochastic & MACD)
Technical positions of Short Term indicators are as follows;-
1- As Expanding Triangle Pattern formation is being seen on EOD charts and finally its lines(upper or lower) valid break out will confirm next Trend therefore it should also be watched in the coming week/weeks for next trend formation confirmations
2- As in Stochastic indicator %K(5) line has intersected %D(3) line upward and its both lines are rising towards Over bought zone and still not turned Ovrerbought yet therefore scope of some more up moves are stll left.
3- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore it will be understood that this indicator has started to show fresh signals of Upwards trend formations.
Nifty-EOD Chart Analysis
(Rising Channel Pattern)
Nifty-EOD Chart (16-Feb-2024):-
Technical Patterns and Formations in EOD charts
1- Rising Channel Pattern-1 formations
2- Rising Channel broken down on 17-01-2024
2- Rising Channel Pattern-2 formations
Conclusions from EOD chart analysis
(Rising Channel Pattern)
Impulsive Wave-(v) of Wave-3 is in continuation with 2 Rising Channel Patterns formations in which 1st Channel was forcefully broken down on 17-01-2024 and now Rising Channel Pattern-2 in on. Although new life time top formation was seen within this channel-2 on 02-02-2024 but could not sustain above it and finally Nifty closed within Channel-2 same day. As sustaining beyond or valid break out/down of Rising Channel Pattern-2 will generate 1st strong signal of next trend formations therefore finally it should also be watched for next trend formation confirmations.
Nifty-Last 12 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Feb 01 to Feb 16,2024):-
Technical Patterns formation in last 12 Sessions intraday charts
1- Selling(Resistances) in last 12 sessions are as follows:-
A- 22029-22126
B- 21947-22018
2- Consolidation(Supports) in last 12 sessions are as follows:-
A- 21954-21969(Gap Support)
B- 21795-21931
C- 21653-21690
D- 21544-21628
3- Mixed patterns formations between 22007-22068
4- Last 12 Session trading between 21531-22126
Conclusions from 12 Sessions
intra day chart analysis
Last 12 Session trading between 21531-22126 with above mentioned intraday patterns. As above mentioned multiple supports and resistances are lying between 21531-22126 therefore Nifty will firstly trade within last 12 sessions trading range in next week.
As firstly sustaining beyond last Friday Mixed patterns formations range(22007-22068) will generate first signal of next trend formation therefore it should be firstly watched in next week as well as finally sustaining beyond last 12 sessions trading range(21531-22126) will confirm next trend hence it should also be watched for next trend formation and next big moves beginning confirmations.
Nifty-Intra Day Chart Analysis
(16-Feb-2024)
Nifty-Intra Day Chart (16-Feb-2024):-
Technical Patterns formation in today intraday charts
1- Down moves after gap up opening
2- More than 5 hours trading with mixed patterns formation between 22007-22068
3- Whole day actual trading between 21969-22068
Conclusions from intra day chart analysis
Although gap up opening last Friday but firstly down moves were seen below 22000. As more than 5 hours trading was seen with mixed patterns formation also between 22007-22068 after some recovery from intraday lower levels therefore:-
1- Nifty will firstly trade and prepare for next decisive moves between and near about 22007-22068 in the beginning of next week.
2- Finally sustaining beyond 22007-22068 will confirm next decisive moves beginning.
Conclusions (After putting
all studies together)
1- Long Term trend is up.
2- Intermediate Term trend is up.
3- Short Term Trend is sideways for the last 12 sessions between 21531-22126
Impulsive Wave-(v) of Wave-3 is now in continuation and no confirmation of its completion yet on EOD charts. Although Nifty is moving up with "Expanding Triangle Pattern" formations but within it "2 Rising Channel Patterns" have also been formed. As up moves force have been slowed down within these channels in last 2 months and once sustaining below its rising lower lines will mean deeper correction beginning therefore remain cautious.
As Short term indicators are showing signals of some more up moves and intraday charts of last Friday have not shown clear selling signals also therefore some more up moves towards above mentioned resistances may also be seen in the beginning of next week but until Nifty will not sustain above upper lines of "Rising channels" till then decisive up moves will not be seen.
Although Nifty closed at the weekly highest last Friday but above mentioned patterns on EOD Charts are showing signals of deeper correction beginning possibility therefore view is caution and firstly watch sustaning beyond or valid break out/down of:-
1- Above mentioned supports and resistances between last 12 Session trading range(21531-22126).
2- Expanding Triangle Pattern.
3- 2 Rising Channel Patterns.