Firstly watch Supports for next
bigger moves beginning confirmations
in Union Budget week
Technical Analysis,Research &
Weekly Outlook(Jul 22 to Jul 26,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (19-Jul-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 24854.80 on 19-07-2024.
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-1 of new Waves structure started from 15183.40 on 17-06-2022 after Corrective Wave-C of "ABC correction" of previous Waves structure completion at this level. Wave-1 completed at 18887.60 on 01-12-2022 and Wave-2 begun from this level which completed at 16828.30 on 20-03-2023 and Impulsive Wave-3 started 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 started from this levels which completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 begun from this level.
Now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 24854.80 on 19-07-2024 and no confirmation of its completion yet on EOD charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (19-Jul-2024):-
Technical Patterns and Formations in EOD charts
1- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone.
2- Stochastic:- %K(5)- 74.38 & %D(3)- 84.36.
3- In MACD- MACD line has intersected Average line downward and its both lines are falling in positive zone.
4- MACD(26,12)- 392.11 & EXP(9)- 461.61 & Divergence- -69.5
5- MACD is showing negative divergence
Conclusions from EOD chart analysis
(Stochastic & MACD)
Technical positions of Short Term indicators are as follows:-
1- As in Stochastic its %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone therefore it will be understood that signals of Short Term correction beginning have been generated firstly expected also in the beginning of next week.
2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in positive zone therefore it will be understood that this indicator is showing Short Term trend formations and Short term down moves beginning possibility also in next week.
Nifty-Last 4 Sessions intraday
charts analysis
Nifty-Intra Day Chart (Jul 15 to Jul 19,2024):-
Technical Patterns formation in last 4 Sessions intraday charts
1- Selling(Resistances) in last 4 Sessions are as follows:-
A- 24590-24615
B- 24636-24675
C- 24729-24773
2- Consolidation(Supports) in last 4 Sessions are as follows:-
A- 24519-24564
3- Last 4 Sessions actual trading between 24509-24854
Conclusions from 4 Sessions
intra day chart analysis
As lower levels some consolidation therefore strong rally was seen on 18-07-2024 but Whole day down moves were seen last Friday because Microsoft Server down problems and all the Global Stock Markets were in Bearish mode. As most negative news led more than 1% down moves were seen last Friday therefore firstly sustaining beyond last 4 sessions supports(24519-24564) should be watched in the coming week for next Short Term Trend formation confirmations.
Nifty-Intra Day Chart Analysis
(19-Jul-2024)
Nifty-Intra Day Chart (19-Jul-2024):-
Technical Patterns formation in today intraday charts
1- Whole day down moves with upward corrections
2- Whole day actual trading between 24509-24854
Conclusions from intra day chart analysis
Although gap up opening last Friday but Nifty could not sustain at higher levels and starts crashing with all Global markets because massive Microsoft outage unleashed havoc on computer systems across the world. As whole day down moves were with upward corrections which is a distribution pattern also therefore more down moves are expected towards next supports 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 Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations last Friday at 24854.80 and no indication of its completion yet on EOD charts. As Microsoft Global Outrage last Friday therefore all the Global Stock Markets were down and resultant Indian markets also slipped more than 1% that day.
Short term indicators are suggesting Short Term correction possibility which may also be firstly seen in next week but bigger moves will be decided according to the Union Budget announcemnets next Tuesday(23-07-2024) therefore next week may be highly volatile also and firstly sustaining beyond following next supports should be watched in the coming week and next one sided bigger moves beginning confirmations:-
1- 24519-24564
2- 24358-24430
3- 24142-24355
4- 24095-24148
5- 23914-23997
6- 23671-23734
7- 23563-23612
8- 23502-23537
9- 23358-23476
Resistances above last Friday closing have been updated above and are not much strong also therefore once sustaining above 1st supports range(24519-24564) will mean strong rally beginning above life time top.