Sustaining beyond 24169-24401 will
confirm next Short Term Trend
Technical Analysis,Research & Weekly
Outlook(Jul 08 to Jul 12,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (05-Jul-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.
5- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.
6- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.
7- 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.
8- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 24401.10 on 04-07-2024.
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-1 of new Waves structure begun from 15183.40 on 17-06-2022 after Corrective Wave-C of "ABC correction" of previous Waves structure completion at this level. Wave-1 completed at 18887.60 on 01-12-2022 and Wave-2 begun from this level which completed at 16828.30 on 20-03-2023 and Impulsive Wave-3 begun from this level.
Impulsive Wave-(i) of Wave-3 completed at 20222.45 and from this level corrective Wave-A of "ABC" correction of Wave-(ii) of Wave-3 begun which completed at 19333.60 on 04-10-2023 and Wave-B started. Wave-B completed at 19849.80 on 17-10-2023 and Wave-C started from this levels which completed at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 started from this level.
Now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 24401.10 on 04-07-2024 and no confirmation of its completion yet on EOD charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (05-Jul-2024):-
Technical Patterns and Formations in EOD charts
1- Stochastic- Its both lines %K(5) and %D(3) are kissing in Over bought zone.
2- Stochastic:- %K(5)- 84.27 & %D(3)- 86.11.
3- Stochastic is showing negative divergence
4- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
5- MACD(26,12)- 545.87 & EXP(9)- 487.10 & Divergence- 58.77
Conclusions from EOD chart analysis
(Stochastic & MACD)
Technical positions of Short Term indicators are as follows:-
1- As in Stochastic its both lines %K(5) and %D(3) are kissing in Over bought zone and this indicator is showing negative divergence also therefore it will be understood that signals of Short Term correction beginning have been generated. Let its downward intersection happen and its downward moves starts then Short Term correction will be seen.
2- As in MACD indicator its MACD line has intersected Average line upward and its both lines are rising in positive zone also therefore it will be understood that MACD has confirmed upward Trend formation and on going Bullish moves will remain continued in the coming week also.
Nifty-Last 3 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Jul 03 to Jul 05,2024):-
Technical Patterns formation in last 3 Sessions intraday charts
1- Selling(Resistances) in last 3 Sessions are as follows:-
A- 24251-24287
B- 24322-24356
C- 24375-24401
2- Consolidation(Supports) in last 3 Sessions are as follows:-
A- 24245-24266
B- 24207-24244
C- 24169-24202
3- Last 3 Sessions actual trading between 24169-24401
Conclusions from 3 Sessions
intra day chart analysis
As last 3 Sessions trading between 24169-24401 with above mentioned supports and resistances which seems almost equally stronger also therefore expected that Nifty will firstly trade and prepare for next bigger moves within this range in next week as well as finally sustaining beyond this range will confirm next Short Term Trend hence it should also be watched for confirmations.
Nifty-Intra Day Chart Analysis
(05-Jul-2024)
Nifty-Intra Day Chart (05-Jul-2024):-
Technical Patterns formation in today intraday charts
1- Down moves after gap down opening
2- Minor consolidation between 24169-24202
3- Up moves with downward corrections
4- Selling between 24251-24287
5- Down moves in Bullish Falling Channel
6- 159 Points sharp up moves in last half hour
7- Whole day actual trading between 24169-24363
Conclusions from intra
day chart analysis
Firstly down moves after gap down weaker opening last Friday but lower levels minor consolidation developed therefore up moves were seen after 10:00 AM. Although these up moves were with downward correctaions but almost 4 hours selling developed in Mid-Session also therefore almost one hour downward moves was seen after that. As these downward moves were in Bullish Falling Channel which is a intraday consolidation pattern and consolidation patterns were seen in first hour also therefore Nifty moved up 159 Points sharply in last half hour and closed at life time top.
As Nifty closed at the top of the day and at life time top also after lower levels good intraday consolidation and last half hour sharp surge was also seen therefore firstly up moves are expected in the beginning of next week and sustaining above next resistances should also be watched for next strong rally beginning confirmations.
Conclusions (After putting
all studies together)
1- Long Term Trend is up.
2- Intermediate Term trend is up.
3- Short Term Trend is UP.
Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 24401.10 on 04-07-2024 and no confirmation of its completion yet on EOD charts as well as no indication of its completion yet on intraday charts also because last Friday closing was at life time highest.
Although MACD indicator is showing signals of on going rally continuation but Short Term indicator Stochastic is indicating Short Term correction beginning possibility also therefore possibility of fresh Bullish rally after Short Term correction completion can not be ruled out.
As last 3 Sessions actual trading between 24169-24401 with above mentioned almost equally strong consolidation and selling patterns within this range therefore expected that Nifty will firstly trade within this range and finally sustaining beyond this range will confirm next Short Term Trend. Last 3 resistances of Nifty which are below 24401 have been posted above and following next supports below 24169 should be watched one by one if Nifty sustains below 24169:-
1- 24095-24148
2- 23914-23997
3- 23671-23734
4- 23563-23612
5- 23502-23537
6- 23358-23476
