Finally Short to Intermediate Term Correction after some Up Moves
Technical Analysis,Research & Weekly Outlook
(Apr 1 to Apr 05,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (28-Mar-2024):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-2 completion at 16828.30 on 20-03-2023 and Impulsive Wave-(i) of Wave-3 beginning.
2- Impulsive Wave-(i) of Wave-3 completion at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.
3- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.
4- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.
5- 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.
6- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22526.60 on 11-03-2024 and Short Term correction started from this level.
7- Short Term correction completion at 21710.20 on 20-03-2024 and fresh up move begun in previous week which is in continuation with recent high formations at 21710.20 on 28-03-2024.
Conclusions from EOD chart
analysis(Waves structure)
Impulsive Wave-(i) of Wave-3 started on 16828.30 on 20-03-2023 after corrective Wave-2 completion at this level. Impulsive Wave-(i) of Wave-3 completed at 20222.45 on 15-09-2023 and corrective Wave-A of Wave-(ii) of Wave-3 of "ABC" correction begun. Corrective Wave-C of Wave-(ii) of Wave-3 completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 started.
Although Impulsive Wave-(iii) of Wave-3 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 but Short Term correction begun from this level. Short Term correction completed at 21710.20 on 20-03-2024 and fresh up move begun which is in continuation with recent high formations at 21710.20 on 28-03-2024 and no confirmation of its completion yet on EOD charts.
Nifty-Weekly Chart Analysis
(Stochastic & MACD)
Nifty-Weekly Chart (28-Mar-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)- 57.46 & %D(3)- 67.57.
3- Stochastic is showing negative divergence
4- In MACD- MACD line has intersected Average line downward and its both lines are falling in positive zone.
5- MACD(26,12)- 951.56 & EXP(9)- 1079.31 & Divergence- -127.75
Conclusions from Weekly chart analysis
(Stochastic & MACD)
Technical positions of Intermediate Term indicators are as follows;-
1- As in Stochastic indicator its %K(5) line has intersected %D(3) line downward and and its both lines are falling from Over bought zone therefore it will be understood that this indicator is showing deciive down moves possibility in the coming weeks.
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 stronger signals of downward trend formations and decisive down moves possibility also.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (28-Mar-2024):-
Technical Patterns and Formations in EOD charts
1- Rising Channel Pattern formations
2- Stochastic- Both lines %K(5) and %D(3) are kissing just below Over bought zone.
3- Stochastic:- %K(5)- 72.75 & %D(3)- 74.03.
4- In MACD- MACD line has intersected Average line downward and its both lines are falling in negative zone.
5- MACD(26,12)- -134.46 & EXP(9)- -59.09 & Divergence- -75.37
Conclusions from EOD chart analysis
(Stochastic & MACD)
Technical positions of Short Term indicators are as follows;-
1- As Rising Channel Pattern formation is being seen for the last more than 3 months therefore valid break out of this channel should be watched in the coming week/weeks for next big moves beginning confirmations.
2- As in Stochastic indicator its %K(5) line has intersected %D(3) line upward and and its both lines are rising towards Over bought zone and till now not turned Over bought therefore it will be understood that this indicator is showing some more up moves possibility in the coming sessions.
3- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in negative zone therefore it will be understood that this indicator is showing stronger signals of downward trend formations and more down moves possibility.
Nifty-Intra Day Chart Analysis
(28-Mar-2024)
Nifty-Intra Day Chart (28-Mar-2024):-
Technical Patterns formation in today intraday charts
1- Sharp up moves after positive opening
2- Sideways trading between 22297-22318
3- Sideways trading between 22347-22369
4- Sideways trading between 22409-22433
5- Up moves in Bearish Rising Channel
6- Sharp down moves in last hour
7- Whole day actual trading between 22164-22516
Conclusions from intra day chart analysis
Although firstly sharp up moves after positive opening and after that up moves remained continued with 3 times sideways trading also but last half hour up moves were in Bearish Rising Channel also therefore 250 points sharp down moves in last hour. As lower levels consolidation and higher levels selling was seen last Thursday therefore whole day intraday trading will be understood with Mixed Patterns formation between 22164-22516 and Nifty will firstly trade within this range in the beginning of next week and finally sustaining beyond last Thursday trading range should be watched in next week for next big moves beginning confirmations.
Conclusions (After putting all studies together)
1- Long Term trend is up.
2- Intermediate Term trend is sideways between 21711-22526.
3- Short Term Trend is up.
Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 22526.60 and no confirmation of its completion yet on EOD charts. Short Term correction which begun from this level was completed at completion at 21710.20 and fresh up move started in previous week which is in continuation with recent high formations at 21710.20 and no confirmation of its completion also.
As Weekly indicators are showing downward trend frmations and decisive down moves beginning possibility also therefore Nifty will not sustain at higher levels and finally down moves will be seen. Although Stochastic indicator on EOD charts is showing some more up moves possibility but MACD indicator on EOD charts is showing stronger signals of downward trend formations and finally down moves beginning possibility after some up moves.
Finally downward moves are expected therefore firstly sustaining beyond lower line of Rising Channel Pattern should be watched in the coming week/weeks because sustaining below it will mean first strong signal of deeper correction beginning and its confirmation will be sustaining below 21711 which was the bottom of previous Short Term correction. As sustainin below last Thursday lowest(22164) will confirm first signal of next Short/Intermediate correction beginning signal therefore firstly sustaining below it should be watched for it.
Supports below last Thursday closing are as follows:-
1- 22207-22230
2- 22067-22114
3- 21886-22027
4- 21795-21860
5- 21711-21791
6- 21653-21690
7- 21544-21628
Resistances above last Thursday closing are as follows:-
1- 22449-22492
2- 22494-22523
