Strong rally beginning after our
Greatest Prime Minister Modi ji
oath taking ceremony
Technical Analysis,Research & Weekly
Outlook(Jun 10 to Jun 14,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (07-Jun-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.
5- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.
6- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.
7- 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.
8- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 23338.70 on 03-06-2024.
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 and Corrective Wave-2 started from this level which completed at 16828.30 on 20-03-2023. Impulsive Wave-3 begun from this level.
Impulsive Wave-(i) of Wave-3 completed at 20222.45 and from this level corrective Wave-A of "ABC" correction of Wave-(ii) of Wave-3 begun which completed at 19333.60 on 04-10-2023 and Wave-B started. Wave-B completed at 19849.80 on 17-10-2023 and Wave-C begun from this levels which completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 started from this level.
Now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 23338.70 on 03-06-2024 and no indication of its completion yet on EOD charts as well as last Friday closing was at life time top therefore firstly rally continuation is expected in the beginning of next week.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (07-Jun-2024):-
Technical Patterns and Formations in EOD charts
1- More than 5 months old Rising Channel Pattern formations and Nifty closed above its higher Rising Channel line in previous week.
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)- 79.19 & %D(3)- 65.90.
4- In MACD- Its both MACD line and Average line are kissing in positive zone.
5- MACD(26,12)- 180.20 & EXP(9)- 223.54 & Divergence- -43.34
Conclusions from EOD chart analysis
(Stochastic & MACD)
More than 5 months old Rising Channel Pattern formations and Nifty closed little above its higher Rising line in previous week therefore firstly sustaining above its higher rising line should be watched in the coming week for next strong rally beginning confirmations. Technical positions of Short Term indicators are as follows;-
1- As in Stochastic its both lines are rising towards Over bought zone and have not turned Overbought yet therefore some more up moves are expected in the beginning of next week. Let intraday selling patterns develop and downward intersection happen then Short Term correction will be seen.
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-Intra Day Chart Analysis
(07-Jun-2024)
Nifty-Intra Day Chart (07-Jun-2024):-
Technical Patterns formation in today intraday charts
1- Whole day up moves with downward corrections
2- Whole day actual trading between 23320-22789
Conclusions from intra day chart analysis
Although firstly little down moves after flat opening but after that up moves begun which remained continued till last minutes and Nifry closed with 2.05 gains. As whole day these last Friday intraday up moves were with downward corrections which is a consolidation pattern and intraday selling patterns were not seen last Friday as well as last Friday closing was at life time top therefore on going rally continuation will be seen in the beginning of next week also.
Conclusions (After putting
all studies together)
1- Long Term trend is up.
2- Intermediate Term trend is up.
3- Short Term Trend is down.
As last Friday closing was at life time top with 2.05% intraday gains with whole day only intraday consolidation patterns formations and intraday selling patterns were not seen therefore on going Impulsive Wave-(iii) of Wave-3 continuation will be seen above life time top(23338.70) in the beginning of next week. As BJP and NDA got much lower that expected seats from Parliamentary election results in previous week therefore previous week trading was highly volatile but finally it has been ascertained that Modi ji led strong Government will be formed therefore strong recovery was seen from lower levels and Nifty could close at life time top last Friday. Only Short Term correction may be seen towards following next supports which should be watched one by one for its completion and next decisive up moves beginning:-
1- 23161-23236
2- 22961-23096
3- 22760-22871
4- 22291-22395
5- 21884-22191
6- 21502-21582
7- 21417-21500
Indicators are suggesting some more up moves possibility and intraday selling patterns have not been developed yet till last Friday therefore rally will remain continued and once sustaining above higher rising line of Rising Channel Pattern will mean strong rally beginning after our Greatest Prime Minister Modi ji oath takling ceremony on 9th June 2024.