Firstly watch next supports amid Short Term correction continuation expectations
Technical Analysis,Research & Weekly
Outlook(Sep 09 to Sep 13,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (06-Sep-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 25333.70 on 02-09-2024.
3- Short Term correction continuation with recent bottom formations at 24801.30 on 06-09-2024.
Conclusions from EOD chart
analysis(Waves structure)
Impulsive Wave-(iii) of Wave-3 which started after corrective Wave-C of Wave-(ii) of Wave-3 completion at 18837.80 on 26-10-2023 is now in continuation with its recent high and new life time top formations at 25333.70 on 02-09-2024 and no confirmation of its completion yet on EOD charts. As Short Term correction begun and that is now in continuation also with its recent bottom formations last Friday at 24801.30 therefore firstly its completion confirmations is also required for next fresh rally beginning above life time highest. Let it firstly happen then fresh up moves of impulsive Wave-(iii) of Wave-3 will be considered.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (06-Sep-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 towards Over sold zone.
2- Stochastic:- %K(5)- 31.27 & %D(3)- 54.86.
3- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
4- MACD(26,12)- 430.53 & EXP(9)- 328.33 & Divergence- 102.2
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 towards Over sold zone hence it will be understood that at present this indicator is showing on going Short Term correction continuation possibility.
2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore this indicator is suggesting that Short Term upward trend is still intact despite downward moves in previous week.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (06-Sep-2024):-
Technical Patterns and Formations in EOD charts
1- 5-Day SMA is today at 25150
2- 21-Day SMA is today at 24788
3- 55-Day SMA is today at 24505
4- 100-Day SMA is today at 23660
5- 200-Day SMA is today at 22647
Conclsions from EOD chart
analysis (Averages)
AS Nifty has closed below 5-Day SMA in last 3 sessions of previous week and also closed little above 21-Day SMA last Friday therefore it will be understood Short Term Trend is at stake which will turn downward after few sessions closing below 21-Day SMA(today at 24788). Nifty is well above Intermediate and Long Term trends deciders(55 & 200-Day SMAs) therefore it will be understood that these 2 trends are still up.
Nifty-Intra Day Chart Analysis
(06-Sep-2024)
Nifty-Intra Day Chart (06-Sep-2024):-
Technical Patterns formation in today intraday charts
1- 288 Points fall from intraday higher levels in first hour
2- Selling between 24881-24954
3- Selling between 24846-24890
4- Whole day actual trading between 24802-25168
Conclusions from intra day chart analysis
As higher levels intraday selling patterns formations were seen in previous week therefore firstly 288 Points fall from intraday higher levels was seen in first hour last Friday and after that more than 5 hours selling also developed 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 at stake.
Although impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 18837.80 on 26-10-2023 and no confirmation of its completion also but Short Term correction begun from this level which is also in continuation with its recent bottom formations at 24801.30 last Friday.
As till now no confirmation of on going Short Term corection completion yet and Short Term indicator Stochastic is also showing on going Short Term downward moves continuation possibility as well as intraday charts of last Friday are also showing complete intraday selling patterns formations therefore more downward moves and on going Short Term correction continuation is expected towards following supports in the beginning of coming week which should be watched one by one for on going Short Term correction continuation/completion confirmations because Short Term indicator MACD is still showing upward Trend formations:-
1- 24673-24729
2- 24533-24574
3- 24475-24497
4- 24394-24446
5- 24205-24272
6- 24117-24179
7- 23977-24094
8- 23932-24027
Although Short Term Trend is at stake but high possibility of its turning down because more downward moves are expexcted in the coming week therefore Nifty may slip well below its decider 21-Day SMA(today at 24788) and then finally sustaining beyond Intermediate Term Trend decider 55-Day SMA(today at 24505) should also be watched for its finally formation confirmations
Immediate next resistances are as follows which should be watched one by one for the life and length of fresh up moves which may begun after Short Term correction completion and/or Short Term indicators turning Over Sold:-
1- 24846-24954
2- 25168-25193
3- 25202-25225
4- 25249-25321