Cautious approach is required after
Intraday Selling Patterns formations
Technical Analysis,Research & Weekly Outlook(Jun 18 to Jun 21,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (14-Jun-2024):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-2 completion at 16828.30 on 20-03-2023 and Impulsive Wave-3 beginning from this level.
2- Impulsive Wave-(i) of Wave-3 completion at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.
3- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.
4- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.
5- 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.
6- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 23490.40 on 14-06-2024.
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-3 started from 16828.30 on 20-03-2023 after Corrective Wave-2 completion at this level. Impulsive Wave-(i) of Wave-3 completed at 20222.45 on 15-09-2023 and corrective Wave-(ii) of Wave-3 begun from this level in the form of Wave-A of "ABC" correction.
Finally Wave-C of "ABC" correction completed at 18837.80 on 26-10-2023 which means that Corrective Wave-(ii) of Wave-3 completion at this level. Impulsive Wave-(iii) of Wave-3 started from this level which is in continuation with its recent high and new life time top formations at 23490.40 on 14-06-2024 and no indication of its completion yet on EOD charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (14-Jun-2024):-
Technical Patterns and Formations in EOD charts
1- More than 5 months old Rising Channel Pattern formations and Nifty is hovering around as well as closing near about its higher Rising line for the last 6 sessions
2- Stochastic- Its both lines %K(5) and %D(3) are kissing in Over bought zone.
3- Stochastic:- %K(5)- 88.17 & %D(3)- 88.61.
4- MACD- Its both MACD line and Average line are kissing in positive zone.
5- MACD(26,12)- 245.67 & EXP(9)- 217.14 & Divergence- 28.53
Conclusions from EOD chart analysis
(Stochastic & MACD)
Rising Channel Pattern formations is being seen for the last More than 5 months and Nifty is hovering around as well as closing near about its higher Rising line for the last 6 sessions. Its a strong signal of fresh strong rally beginng which will be seen after valid break out confirmations of its higher Rising line. Technical positions of Short Term indicators are as follows;-
1- As in Stochastic its both lines %K(5) and %D(3) are kissing in Over bought zone therefore it will be understood that at present this indicator is not showing any side bigger moves beginning confirmations. Let its both lines to move below Over bought zone line after after downward intersection then that will be Short Term correction beginning confirmations which should be watched for next decisive down moves beginning confirmations.
2- As in MACD indicator its both MACD line and Average lines are kissing in positive zone therefore at present this indicator is not showing any side bigger moves beginning confirmations. Let any side clear intersection happen then that side decisive moves will be seen after that side Short Term Trend formations.
Nifty-Last 5 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Jun 10 to Jun 14,2024):-
Technical Patterns formation in last 5 Sessions intraday charts
1- Selling Patterns formation in last 5 Sessions are as follows:-
A- 23394-23441
B- 23314-23389
C- 23312-23377
2- Mixed Patterns formation in last 5 Sessions are as follows:-
A- 23425-23490
B- 23354-23419
3- Last 5 Sessions actual trading between 23207-23490
Conclusions from 5 Sessions
intra day chart analysis
Last 5 Sessions actual trading between 23207-23490 with above mentioned intraday trading patterns formations which are suggesting that up moves remained continued despite intraday selling patterns formations. As sentiment boosted after stable Modi Ji Government formation after elections therefore up moves remained continued despte good intraday selling patterns formations.
Last 2 sessions trading was with Mixed Patterns formation between 23354-23490 which means that both intraday consolidation and selling patterns were seen within this range. As finally sustaining beyond 23354-23490 will confirm next big moves beginning therefore firstly sustaining beyond this range should be watched in the coming week. Remain cautious also because Intraday selling patterns formation were also seen at lower levels below 23354 in first 3 sessions of previous week therefore once sustaining below 23354 will mean high possibility of sharp fall beginning.
Nifty-Intra Day Chart Analysis
(14-Jun-2024)
Nifty-Intra Day Chart (14-Jun-2024):-
Technical Patterns formation in today intraday charts
1- 130 Points sharp fall in first 18 minutes after positive opening
2- 123 Points up moves in next one hour
3- More than 4 hours trading with Mixed Patterns formation between 23425-23490
4- Whole day actual trading between 23335-23490
Conclusions from intra day chart analysis
Although firstly 130 Points sharp fall in first 18 minutes after positive opening but after that 123 Points up moves were also seen in next one hour therefore first one and half hour trading will be understood with high volatility last Friday. As more than last 4 hours trading with Mixed Patterns formation between 23425-23490 which means that intraday selling patterns formations have also been seen within this range.
As most time one sided intraday trading patterns were not seen last Friday between 23425-23490 therefore expected that Nifty will firstly trade and prepare for next decisive moves within and near about this trading range in the beginning of next week. Finally sustaining it beyond will confirm that side next decisive moves beginning therefore it should be watched in the coming week for next one sided next decisive moves beginning confirmations.
Conclusions (After putting
all studies together)
1- Long Term trend is up.
2- Intermediate Term trend is up.
3- Short Term Trend is UP.
As last Friday closing was at life time top with new life time top formations and this closing was above higher Rising line of last more than 5 months old "Rising Channel Pattern" also therefore it will be understood that signals of on going Impulsive Wave-(iii) of Wave-3 continuation have been generated and at present no indication of its completion yet on EOD and intraday charts.
Cautious approach is also required in next week due to following technical developments:-
1- Intraday selling patterns formations at higher levels have also been seen in last Friday intraday charts.
2- Intraday selling patterns formations in all the 5 sessions of previous week.
3- In Stochastic indicator its both lines are in kissing mode in Over bought zone therefore Short Term correction beginning can not be ruled out in the coming week.
4- In MACD indicator its both lines are in kissing mode in positive zone and at present this indicator is also not confirming any side bigger moves beginning.
Nifty traded within 283 points between 23207-23490 in previous week and almost all the 5 days intraday selling patterns were also seen therefore if Short Term correction begins then firstly sustaining beyond following levels should be watched one by one for next decisive/bigger moves beginning confirmations:-
1- Lowest of last 2 sessions Mixed Patterns formation range because Nifty has traded above it more than 9 hours in last 2 sessions(23354)
2- Lowest of last 5 sessions(23207)
If Short Term correction begins then finally sustaining below previous week lowest(23207) will mean correction continuation towards following next supports which should be watched one by one for next decisive moves beginning confirmations:-
1- 23161-23206
2- 22961-23096
3- 22760-22871
4- 22291-22395
5- 21884-22191
6- 21502-21582
7- 21417-21500