Just Watch next Levels & Supports after expected Correction beginning confirmations
Technical Analysis,Research & Weekly Outlook
(Apr 08 to Apr 12,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (05-Apr-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 18887.60 on 01-12-2022.
3- Corrective Wave-2 completion at 16828.30 on 20-03-2023.
4- Impulsive Wave-(i) of Wave-3 completion at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.
7- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.
8- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.
9- Corrective Wave-C of Wave-(ii) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 beginning.
10- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22619.00 on 04-04-2024.
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-1 of new Waves structure begun from 15183.40 on 17-06-2022 after Corrective Wave-C of "ABC correction" of previous Waves structure completion at this level. Impulsive Wave-1 completed at 18887.60 on 01-12-2022 and from this level corrective Wave-2 begun which completed at 16828.30 on 20-03-2023. From this level Impulsive Wave-3 started and now its Wave-(iii) is in continuation with its recent high and new life time top formations at 22619.00 on 04-04-2024 as well as no confirmation of its completion yet on EOD charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (05-Apr-2024):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-(iii) of Wave-3 beginning from 18837.80 on 26-10-2023.
2- Short Term correction of Impulsive Wave-(iii) of Wave-3 started from 22526.60 on 11-03-2024.
3- Short Term correction of Impulsive Wave-(iii) of Wave-3 completion at 21710.20 on 28-03-2024.
4- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22619.00 on 04-04-2024.
5- Rising Channel Pattern formations
6- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone.
7- Stochastic:- %K(5)- 74.57 & %D(3)- 80.45.
8- Stochastic is showing negative divergence
9- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive & negative zone.
10- MACD(26,12)- 78.21 & EXP(9)- -69.32 & Divergence- 147.53
11- MACD is showing negative divergence
Conclusions from EOD chart analysis
(Stochastic & MACD)
Impulsive Wave-(iii) of Wave-3 which started from 18837.80 on 26-10-2023 faced previous Short Term correction from 22526.60 on 11-03-2024. Short Term correction completed at 21710.20 on 28-03-2024 and Impulsive Wave-(iii) of Wave-3 restarted which is in continuation with its recent high and new life time top formations at 22619.00 on 04-04-2024. Technical positions of Short Term indicators are as follows:-
1- Rising Channel Pattern formation started to develop more than 3 months before and since then most time Nifty moved within its both upper and lower rising lines. As valid break out of this Rising Channel Pattern will generate that side big moves therefore it should be watched in the coming week/weeks for next big moves beginning confirmations.
2- As in Stochastic indicator its %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone and this indicator is showing negative divergence also therefore it will be understood that this indicator is showing signals of Short Term correction beginning possibility in the coming week.
3- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive & negative zone and this indicator is showing negative divergence also therefore it will be understood that MACD is showing Mixed signals. As upward trend formations has not get confirmations yet therefore finally downward trend formations and decisive down moves beginning possibility also can not be ruled out in the coming week/weeks.
Nifty-Last 5 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Apr 01 to Apr 05,2024):-
Technical Patterns formation in last 5 Sessions intraday charts
1- Selling(Resistances) in last 5 Sessions are as follows:-
A- 22428-22563
2- Consolidation(Supports) in last 5 Sessions are as follows:-
A- 22306-22436
3- Last 5 Sessions actual trading between 22304-22619
Conclusions from 5 Sessions
intra day chart analysis
Last 5 Sessions trading between 22304-22619 with above mentioned Supports and Resistances which seems to be almost equally stronger therefore it will be understood that at present Nifty is not prepared for any side decisive moves beyond last 5 sessions trading range.
Expected that Nifty will firstly trade and prepare for next Short/Intermediate Term Trend between and near aout 22304-22619 in next week. As finally valid break out/down or sustanining beyond 22304-22619 will confirm next bigger moves after new Short/Intermediate Term Trend formation confirmations therefore it should be firstly watched in the coming week/weeks for next big moves beginning confirmations.
Nifty-Intra Day Chart Analysis
(05-Apr-2024)
Nifty-Intra Day Chart (05-Apr-2024):-
Technical Patterns formation in today intraday charts
1- Whole day up moves after weaker opening
2- Whole day up moves in Bearish Rising Channel
3- Whole day actual trading between 22428-22537
Conclusions from intra day chart analysis
Although firstly Nifty traded 87 points down in first 7 minutes after weaker opening last Friday but after that up moves started from intraday lower levels which remained continued whole day. As whole day up moves were in Bearish Rising Channel and Nifty traded almost whole day in negative zone also therefore most time intraday selling pattrens formations will be understood last Friday hence firstly down moves are expected in the beginning of next week.
Conclusions (After putting
all studies together)
1- Long Term trend is up.
2- Intermediate Term trend is up
3- Short Term Trend is up.
Now Wave-(iii) of Wave-3 is in continuation after previous Short Term Term correction completion at 21710.20 on 28-03-2024. No confirmation of Wave-(iii) of Wave-3 completion yet on EOD charts after its recent high and new life time top formations 22619.00 on 04-04-2024. As Rising Channel Pattern formations has been seen therefore firstly valid break out/down of its upper/lower lines should be watched in the coming week/weeks for Wave-(iii) of Wave-3 continuation or completion.
As Short Term indicators are showing Short Term correction beginning possibility and Short Term Trend turning downward possibility also therefore firstly sustaining below following levels should be watched in the coming week/weeks for its confirmations:-
1- Last Friday lowest(22428) because most time intraday selling pattrens formations were seen that day.
2- Last 5 sessions lowest(22304) because higher levels good selling pattrens formations have beeen seen in last 5 sessions.
3- 21-Day SMA(Today at 22229) for Short Term Trend confirmations.
4- 55-Day SMA(Today at 22001) for Intermediate Term Trend confirmations.
5- Lower rising line of Rising Channel Pattern
6- Lowest(21710.20) of previous Short Term correction of on going Impulsive Wave-(iii) of Wave-3.
Next and last resistances which are within last 5 sessions trading range have been posted above and next supports below last 5 sessions lowest are as follows which should also be watched one by one after expected correction beginning confirmations:-
1- 22207-22230
2- 22067-22114
3- 21886-22027
4- 21795-21860
5- 21711-21791
6- 21653-21690
7- 21544-21628