Sustaining beyond 24655-24858 will confirm next bigger moves beginning
Technical Analysis,Research & Weekly
Outlook(Aug 26 to Aug 30,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (23-Aug-2024):-
Technical Patterns and Formations in EOD charts
1- 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.
2- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 25078.30 on 01-08-2024.
3- Short Term correction completion at 23893.70 on 05-08-2024.
4- Pull Back rally continuation with recent top formations at 24867.30 on 22-08-2024
Conclusions from EOD chart analysis
(Waves structure)
Corrective Wave-C of Wave-(ii) of Wave-3 completed at 18837.80 on 26-10-2023 and from this level Impulsive Wave-(iii) of Wave-3 begun which is in continuation with its recent high and new life time top formations at 25078.30 on 01-08-2024 as well as no confirmation of its completion yet on EOD xharts. Short Term correction begun on 02-08-2024 which completed at 23893.70 on 05-08-2024 and Pull Back rally started from this level which is in continuation with recent top formations at 24867.30 on 22-08-2024 and no confirmation of its completion also.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (23-Aug-2024):-
Technical Patterns and Formations in EOD charts
1- Stochastic- Its both lines %K(5) and %D(3) are kissing in Over bought zone.
2- Stochastic:- %K(5)- 92.05 & %D(3)- 93.24.
3- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive and negative zones.
4- MACD(26,12)- 09.70 & EXP(9)- 141.97 & Divergence- -132.27
Conclusions from EOD chart
analysis (Stochastic & MACD)
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 decisive moves beginning signals. Let downward intersection happen then Short term correcion will be considered.
2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive and negative zones therefore it will be understood that this indicator is showing signals of Short Term upward trend formations. Let its both lines to move into Positive zone then more decisive upward moves will be seen.
Nifty-Last 4 Sessions intraday
charts analysis
Nifty-Intra Day Chart (Aug 20 to Aug 23,2024):-
Technical Patterns formation in last 4 Sessions intraday charts
1- More than 10 hours trading with Mixed patterns formations between 24655-24749 on 20-08-2024 and 21-08-2024
2- More than 10 hours trading with Mixed patterns formations between 24791-24858 on 22-08-2024 and 23-08-2024
3- Last 4 Sessions actual trading between 24608-24867
Conclusions from 4 Sessions
intra day chart analysis
It is clear that Nifty has traded with Mixed patterns formations between 24655-24858 in last 4 sessions of previous week which means that one sided intraday trading patterns were not seen therefore expected that Nifty will firstly trade and prepare for next one sided decisive moves within and near about Mixed patterns formation strading range(24655-24858) of last 4 sessions. As finally sustaining beyond this trading range will confirm next one sided bigger moves beginning therefore it should be firstly watched in the coming week for its confirmations.
Nifty-Intra Day Chart Analysis
(23-Aug-2024)
Nifty-Intra Day Chart (23-Aug-2024):-
Technical Patterns formation in today intraday charts
1- Volatility in first hour between 24772-24847
2- More than 4 hours trading with Mixed Patterns formation between 24818-24858
3- Whole day actual trading between 24772-24858
Conclusions from intra day
chart analysis
Although volatility in first hour after positive opening last Friday but Nifty slipped in negative zone during this volatility and once traded 39 points down also before those up moves beginning in which Nifty traded 48 points up also. As more than last 4 hours trading with Mixed Patterns formation between 24818-24858 and it means that both consolidation and selling patterns developed within this tradding range therefore it will be understood that one sided intraday trading patterns could not develop hence expected that Nifty will firstly traded and prepare for next decisive moves within and near about this trading range in the beginning of coming 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.
Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 25078.30 on 01-08-2024 and no confirmation of its completion yet on EOD charts. As now Pull Back rally is very much on with its recent top formations at 24867.30 on 22-08-2024 and its recent top is little below life time top therefore firstly moves beyond life time top should be watched in the coming week because that will confirm next bigger moves beginning.
As Short Term indicators are not showing any side clear Short Terrm Trend formations and most time intraday trading patterns of last 4 sessions are also not showing one sided clear intraday trading patterns formations between 24655-24858 therefore firstly sustaining beyond this trading range should be watched in the coming week for next one sided bigger moves beginning confirmations. Supports and resistances beyond 24655-24858 are as follows which should be watched one by one for next Short term moves beginning confirmations:-
Resistances above 24858 are as follows:-
1- 24932-24954
2- 24974-25026
3- 25038-25067
Supports below 24655 are as follows:-
1- 24533-24574
2- 24475-24497
3- 24394-24446
4- 24205-24272
5- 24117-24179
6- 23977-24094
7- 23932-24027