Short Term correction on cards
Technical Analysis,Research & Weekly Outlook
(Feb 26 to Mar 01,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (23-Feb-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.
7- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.
8- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.
9- 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.
10- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22297.50 on 23-02-2024.
Conclusions from EOD chart analysis
(Waves structure)
As per given previous Waves structure maximum target of Wave-3 was at 22231.95 but Nifty moved aove it in previous week therefore Waves structure has been recounted according to in above given manner which is according to "Elliott Waves theory".
As per present Waves structure Impulsive Wave-1 of new Waves structure started from 15183.4 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 on 01-12-2022 and corrective Wave-2 begun from this level which completed at 16828.30 on 20-03-2023. Impulsive Wave-3 started from 16828.30 on 20-03-2023 and now its Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 22297.50 on 23-02-2024 as well as no confirmation of its completion yet on EOD charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (23-Feb-2024):-
1- Beaish Rising Wedge pattern formations
2- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone.
3- Stochastic:- %K(5)- 75.96 & %D(3)- 79.76.
4- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
5- MACD(26,12)- 235.97 & EXP(9)- 144.91 & Divergence- 91.06
Conclusions from EOD chart analysis
(Stochastic & MACD)
Technical positions of Short Term indicators are as follows;-
1- As Beaish Rising Wedge pattern formation is being seen on EOD charts and it has shown signals of Short to Intermediate Term correction beginning possibiliy which will be seen in the coming week/weeks.
2- As in Stochastic indicator its %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone therefore Short Term correction beginning is expected in the coming week.
3- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone therefore it will be understood that this indicator is suggesting upward trend formations and up moves continuation possibility.
Nifty-Last 7 Sessions intraday
charts analysis
Nifty-Intra Day Chart (Feb 15 to Feb 23,2024):-
Technical Patterns formation in last 7 Sessions intraday charts
1- Selling(Resistances) in last 7 sessions are as follows:-
A- 22202-22281
2- Consolidation(Supports) in last 7 sessions are as follows:-
A- 21954-21969(Gap Support)
B- 21795-21931
3- Last 7 Sessions actual trading between 21795-22297
Conclusions from 7 Sessions
intra day chart analysis
Last 7 Sessions trading between 21795-22297 with above mentioned supports and resistances. Although Nifty closed near the higher levels of last 7 sessions but resistances are strong therefore firstly sustaining beyond last 7 sessions trading range should be watched in the coming week/weeks for next decisive moves beginning confirmations.
Nifty-Intra Day Chart Analysis
(23-Feb-2024)
Nifty-Intra Day Chart (23-Feb-2024):-
Technical Patterns formation in today intraday charts
1- Selling Patterns formations between 22234-22281
2- Whole day actual trading between 22187-22297
Conclusions from intra day chart analysis
Although little up moves after gap up strong opening last Friday but most time intraday selling Patterns formations were seen between 22234-22281 therefore expected that Nifty will move below the lowest of last Friday in the beginning on 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.
Although Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 22297.50 on 23-02-2024 as well as no confirmation of its completion yet on EOD charts but "Beaish Rising Wedge" pattern formations has also been seen in the last 2 months therefore Short to Intermediate Term correction beginning possibiliy has been emerged which will also seen towards above mentioned supports in the coming week/weeks.
As MACD indicator is showing upward trend formations therefore finally up moves continuation will be seen but firstly Short Term correction is expected because due to following technical reasons it is on cards:-
1- Stochastic indicator is showing Short Term correction beginning posssibility in the coming week
2- Intraday charts of previous sessions are showing good intraday selling at higher levels.
