Watch Levels & Supports after Short to Intermediate Term correction beginning signals
Technical Analysis,Research & Weekly Outlook
(Apr 15 to Apr 19,2024)
Nifty-EOD Chart Analysis
(Impulsive Wave-3 structure)
Nifty-EOD Chart (12-Apr-2024):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-2 completion at 16828.30 on 20-03-2023 and Impulsive 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 22775.70 on 10-04-2024.
Conclusions from EOD chart analysis
(Impulsive Wave-3 structure)
Impulsive Wave-3 started from 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 Wave-A of "ABC" correction started from this level. Corrective Wave-C of Wave-(ii) of Wave-3 completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 begun which is in continuation with its recent high and new life time top formations at 22775.70 on 10-04-2024 as well as no confirmation of its completion yet on EOD charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (12-Apr-2024):-
Technical Patterns and Formations in EOD charts
1- Rising Channel Pattern formations
2- Nifty faced resistance at the upper rising line of Rising Channel Pattern.
3- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone.
4- Stochastic:- %K(5)- 64.90 & %D(3)- 76.31.
5- Stochastic is showing negative divergence
6- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
7- MACD(26,12)- 257.82 & EXP(9)- 85.62 & Divergence- 172.20
Conclusions from EOD chart analysis
(Stochastic & MACD)
Impulsive Wave-(iii) of Wave-3 started from 18837.80 on 26-10-2023 and is in continuation with its recent high formations at 22775.70 on 10-04-2024. Although no confirmations of its completion yet but Rising Channel Pattern started to develop 3 months before and Nifty is moving up within its both upper and lower rising lines since then as well as Nifty faced resistance at its upper rising line in previous week. As finally valid break out of this Rising Channel Pattern will generate one sided big moves therefore it should be watched in the coming week/weeks for next big moves beginning confirmations. 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 from Over bought zone and this indicator is showing negative divergence also therefore it will be understood that this indicator is suggesting high possibility of Short Term correction beginning in the coming week/weeks.
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 MACD is confirming upward trend formations and on going upward moves continuation possibility also.
Nifty-Last 9 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Apr 01 to Apr 12,2024):-
Technical Patterns formation in last 9 Sessions intraday charts
1- Selling(Resistances) in last 9 Sessions are as follows:-
A- 22735-22768
B- 22654-22726
C- 22504-22774
2- Consolidation(Supports) in last 9 Sessions are as follows:-
A- 22306-22436
3- Last 9 Sessions actual trading between 22304-22775
Conclusions from 9 Sessions
intra day chart analysis
Last 9 Sessions trading between 22304-22775 with above mentioned supports and resistances which shows that:-
1- All the supports were developed one week before.
2- All the resistances were developed in previous week.
As all the resistances are of previous week and closing of previous week was near the lower levels of previous week as well as "Bearish Shooting Star Weekly Candle" formation was seen in previos week therefore firstly down moves are expected towards above mentioned supports in the beginning of next week. Firstly sustaining beyond last 9 sessions lowest(22304) should be watched in the coming week for deeper correction beginning confirmations amid firstly down moves expectations.
Nifty-Intra Day Chart Analysis
(12-Apr-2024)
Nifty-Intra Day Chart (12-Apr-2024):-
Technical Patterns formation in today intraday charts
1- Selling between 22654-22726
2- Sharp fall 2 times
3- Down moves with upward corrections
4- Whole day actual trading between 22504-22726
Conclusions from intra day chart analysis
Although firstly some up moves after weaker opening but higher levels selling developed in first 3 hours therefore sharp fall was seen 2 times. As follow up selling also in last 2 hours through Down moves with upward corrections therefore more down moves are expected below last Friday lowest(22504) 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 up.
Although now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 22775.70 on 10-04-2024 and no confirmation of its completion yet on EOD charts but Short Term correction possibility has been developed due to following technical developments:-
1- Intraday charts of previous week are showing intraday selling patterns formations
2- Nifty is moving upward within both upper and lower rising lines of Rising Channel Pattern for the last more than 3 months and Nifty faced resistance at its upper rising line in previous week.
3- Short Term indicator Stochastic is showing Short Term correction beginning possibility in the coming week/weeks.
As above mentioned Technical developments are showing Short to Intermediate Term correction beginning signals therefore following levels and next supports below last Friday closing should be watched one by one for the life and length of expected correction:-
Levels:-
1- Last 9 sessions lowest(22304).
2- 21-Day SMA(Today at 22273) for Short Term Trend confirmations.
3- 55-Day SMA(Today at 22080) for Intermediate Term Trend confirmations.
4- Lower rising line of Rising Channel Pattern
5- Lowest(21710.20) of previous Short Term correction of on going Impulsive Wave-(iii) of Wave-3.
Supports:-
1- 22306-22436
2- 22207-22230
3- 22067-22114
4- 21886-22027
5- 21795-21860
6- 21711-21791
7- 21653-21690
8- 21544-21628
