Firstly immediate Supports & Resistances and Finally 3 Averages will show signals and finally confirmations
Technical Analysis,Research & Weekly Outlook
(Dec 02 to Dec 06,2024)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (29-Nov-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 completion with new life time top formations at 26277.30 on 27-09-2024 and corrective Wave-4 beginning.
7- Corrective Wave-4 continuation with recent bottom formations at 23263.20 on 21-11-2024.
8- Short Term upward moves continuation with recent top formations at 24354.5 on 27-11-2024.
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-3 started from 16828.30 on 20-03-2023 after corrective Wave-2 completion at this levels. Impulsive Wave-(i) of Wave-3 completed at 20222.4 on 15-09-20235 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 from this level. 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 begun from this level.
Impulsive Wave-(iii) of Wave-3 completed with new life time top formations at 26277.30 on 27-09-2024 and corrective Wave-4 started which is now in continuation with its recent bottom formations at 23263.20 on 21-11-2024 and no confirmation of its completion yet on EOD charts. Short Term upward moves begun from the lower levels(23263.20) of on going correction which are in continuation with recent top formations at 24354.5 on 27-11-2024 and no confirmation of its completion yet also on EOD and intraday charts.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (29-Nov-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)- 67.34 & %D(3)- 78.05.
3- In MACD- MACD line has intersected Average line upward and its both lines are rising in negative zone.
4- MACD(26,12)- -154.89 & EXP(9)- -324.64 & Divergence- 169.75
Conclusions from EOD chart analysis
(Stochastic & MACD)
Technical positions of Short Term indicators are as follows:-
1- As in Stochastic its %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone. therefore it will be understood that this indicator has generated first and strong signal of Short Term downward moves beginning which will be seen in the coming week/weeks.
2- As in MACD its MACD line has intersected Average line upward and its both lines are rising in negative zone therefore it will be understood that MACD indicator has generateed Short Term upward Trend formation with upward moves beginning and continuation signals which were seen in previous week also.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (29-Nov-2024):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 24147
2- 21-Day SMA is today at 23998
3- 55-Day SMA is today at 24723
4- 100-Day SMA is today at 24700
5- 200-Day SMA is today at 23651
Conclusions from EOD chart analysis
(Averages)
As Nifty has sustained above Long Term Trend decider 200-Day SMA in previous week up moves therefore Long Term Trend is still up but Intermediate Term Trend is still down confirmly because Nifty is sustaining well below its decider 55-Day SMA for the last more than 6 weeks. Short Term Trend is at stake because Nifty has hovered around its decider 21-Day SMA in previous week.
Although Short Term Trend decider 21-Day SMA is now between Long Term Trend decider 200-Day SMA and Intermediate Term Trend decider 55-Day SMA but at stake therefore firstly its clear direction should be watched in the coming week/weeks because that will confirm all the Trends turning upward above 55-Day SMA or all the Trends turning downward below 200-Day SMA
Nifty-Intra Day Chart Analysis
(29-Nov-2024)
Nifty-Intra Day Chart (29-Nov-2024):-
Technical Patterns formation in today intraday charts
1- Consolidation between 23928-24022
2- Sharp up
3- Last 5 hours upward moves with lower levels consolidation and higher levels selling patterns formations
4- Whole day actual trading between 23928-24188
Conclusions from intra day chart analysis
As positive Global cues last Friday morning therefore firstly consolidation and after that sharp upward moves were seen but last 5 hours upward moves were with lower levels consolidation and higher levels selling patterns formations hence whole day last Friday trading will be understood with Mixed Patterns formation between 23928-24188 and firstly sustaining beyond this range should be watched in next week for next decisive moves beginning confirmations.
Conclusions (After putting all studies together)
1- Long Term Trend is up.
2- Intermediate Term trend is down.
3- Short Term Trend is at stake.
Impulsive Wave-3 which started from 16828.30 completed with new life time top formations at 26277.30 and corrective Wave-4 begun which is now in continuation after recent bottom formations at 23263.20 and no confirmation of its completion yet on EOD charts. Short Term upward moves started which are in continuation with recent top formations at 24354.5 and no confirmation of its completion also on EOD and intraday charts.
As huge unexpected victory of BJP in Assembly Elections on 23-11-2024(Saturday) therefore previous week Short Term upward moves begun after 296 points gap up opening on 25-11-2024(Monday) but after that further decisive up moves were not seen in the following 4 sessions of previous week and Nifty traded sideways between 23874-24354 as well as 296 points gap of 25-11-2024 has also been filled up. As both intraday consolidation and selling patterns seen in last 5 sessions therefore expected that Nifty will firstly trade within last 5 sessions trading range in the coming week and will prepare for next trend within this range. Immediate supports and resistances of last 5 sessions are as follows:-
Immediate supports:-
1- 24079-24117
2- 24143-24222
Immediate resistances:-
1- 24286-24354
2- 24314-24345
Although Short Term indicator MACD is showing upward moves continuation signals but Stochastic is indicating downward moves beginning. As most time Stochastic shows immediate moves beginning signals and MACD generate signals little later therefore firstly downward moves beginning can not be ruled out hence firstly watch above mentioned immediate supports/resistances and finally sustaining beyond 23874-24354 should be watched in the coming week/weeks for first stronger signal of next trend formations.
As finally next bigger moves beginning will be seen after next Trend formations which will be decided through following 3 Averages therefore these should be watched one by one for next Trend formations and next bigger moves beginning confirmations:-
1- Firstly watch 21-Day SMA(today at 23998) for next Trend beginning first signal.
2- Finally sustaining above 55-Day SMA(today at 24723) will mean strong rally beginning after all Trends turning up.
3- Finally sustaining below 200-Day SMA(today at 23651) will mean deeper correction beginning after all Trends turning down.
