View is cautious after Emergence of Intermediate Term correction turning down possibility
Technical Analysis,Research & Weekly
Outlook(Mar 18 to Mar 22,2024)
Nifty-EOD Chart Analysis
(Wave-(iii) of Wave-3 structure)
Nifty-EOD Chart (15-Mar-2024):-
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Technical Patterns and Formations in EOD charts
1- Impulsive Wave-(iii) of Wave-3 beginning from 18837.80 on 26-10-2023.
2- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22526.60 on 11-03-2024.
3- Bearish Rising Wedge pattern formations.
4- Rising Trend Line broken down.
Conclusions from EOD chart analysis
(Wave-(iii) of Wave-3 structure)
Impulsive Wave-(iii) of Wave-3 which started from 18837.80 on 26-10-2023 is in continuation with its recent high and new life time top formations at 22526.60 on 11-03-2024 and no confirmation of its completion yet on EOD charts. As Bearish Rising Wedge pattern formations has been seen on EOD charts and its Rising Trend Line has also been broken down therefore it will be understood that deeper correction beginning signals have been emerged and firstly sustaining below "Rising Trend Line" should be watched in the coming week/weeks for deeper correction beginning confirmations.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (15-Mar-2024):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-(i) of Wave-3 completion at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.
2- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.
3- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.
4- 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.
5- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22526.60 on 11-03-2024.
6- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold.
7- Stochastic:- %K(5)- 24.20 & %D(3)- 27.84.
8- In MACD- MACD line has intersected Average line downward and its both lines are falling in positive zone.
9- MACD(26,12)- 123.55 & EXP(9)- 192.14 & Divergence- -68.59
Conclusions from EOD chart analysis
(Stochastic & MACD)
Technical positions of Short Term indicators are as follows;-
1- As in Stochastic indicator its %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone and has not turned Over sold yet therefore it will be understood that this indicator is indicating some more downward moves possibility.
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 confirming downward Trend formations decisive down moves befinning possibility.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (15-Mar-2024):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 22167
2- 21-Day SMA is today at 22208
3- 55-Day SMA is today at 21887
4- 100-Day SMA is today at 21122
5- 200-Day SMA is today at 20265
Conclusions from EOD chart analysis
(Averages)
As Nifty has closed below in last 3 sessions Short Term Trend decider(21-Day SMA) therefore it has become confirm that Short Term Trend has turned down. Nifty has hovered just above Intermediate Term Trend decider(55-Day SMA) in the last 3 sessions also therefore firstly sustaining beyond 55-Day SMA should be watched in the coming week/weeks for Intermediate Term Trend confirmations which is still up.
Nifty-Last 12 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Feb 29 to Mar 15,2024):-
Technical Patterns formation in last 12 Sessions intraday charts
2- Selling(Resistances) in last 12 Sessions are as follows:-
A- 22087-22204
B- 22346-22452
C- 22494-22523
3- Consolidation(Supports) in last 12 Sessions are as follows:-
A- 21932-22014
B- 21861-21954
5- Last 12 Sessions trading between 21861-22526
Conclusions from 12 Sessions
intra day chart analysis
Last 12 Sessions trading between 21861-22526 with above mentioned supports ane resistances. It seems that resistances are stronger supports and Nifty closed near the lower levels of last 12 sessions trading range also therefore firstly sustaining beyond above mentioned supports should be watched in the coming week because sustaining below last 12 sessions lowest(21861) will mean deeper correction beginning after last 12 sessions trading range breaking down confirmations.
Nifty-Intra Day Chart Analysis
(15-Mar-2024)
Nifty-Intra Day Chart (15-Mar-2024):-
Technical Patterns formation in today intraday charts
1- Sharp fall after first 15 minutes volatility
2- Consolidation between 21932-22014
3- Whole day actual trading between 21932-22120
Conclusions from intra day chart analysis
Although firstly some up moves after 81 points weaker opening but sharp fall was seen after 09:30 AM last Friday. As lower levels consolidation also developed in the last more than 5 hours therefore firstly some up moves are expected in the beginning of next week but sustaining above 22014 should also be watched because intraday selling was seen above it in previous week.
Conclusions(After putting all studies together)
1- Long Term trend is up.
2- Intermediate Term trend is up.
3- Short Term Trend is down.
Although Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22526.60 in previous week on 11-03-2024 and no confirmation of its completion yet on EOD charts but Short Term Trend has turned down in previous week strong correction. As Nifty has hovered just above Intermediate Term Trend decider(55-Day SMA) in the last 3 sessions of previous week and higher levels good intraday selling was also seen during last 12 sessions therefore view has turned cautious and sustaining beyond following levels should also be watched in the coming week/weeks for next Trend formations and big moves beginning confirmations:-
1- Last 12 lowest(21861).
2- Intermediate Term Trend decider 55-Day SMA(today at 21887).
3- Lower line of Rising Trend Line which was broken down broken down in previous week and this line was below "Bearish Rising Wedge pattern" which was formed in last 3 months.
As Intermediate Term correction turning down possibility has been emerged therefore view is cautious and firstly above mentioned levels and afterwards following next supports should also be watched also for Intermediate Term Trend turning down confirmations. As next 3 supports has been given below therefore sustaining beyond each suport range should be watched one by one for next Very Short Term moves beginning/correction continuation/completion confirmations:-
1- 21795-21860
2- 21653-21690
3- 21544-21628
