Firstly up moves and Finally
24474-24576 will confirm Fresh Rally
or Short Term correction
Technical Analysis,Research & Weekly
Outlook(Jul 15 to Jul 19,2024)
Nifty-Weekly Chart Analysis
(Waves structure)
Nifty-Weekly Chart (12-Jul-2024):-
Technical Patterns and Formations in Weekly 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 02-12-2022.
3- Corrective Wave-2 completion at 16828.30 on 24-03-2023.
4- Impulsive Wave-(i) of Wave-3 completion at 20222.45 on 15-09-2023.
5- Corrective Wave-(ii) of Wave-3 completion at 18837.80 on 27-10-2023
6- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 24592.20 on 12-07-2024.
Conclusions from Weekly chart
analysis(Waves structure)
Corrective Wave-C of "ABC correction" of previous Waves structure completed at 15183.40 on 17-06-2022 and from this level Impulsive Wave-1 of new Waves structure started which completed at 18887.60 on 02-12-2022. From this level Wave-2 begun which completed at 16828.30 on 24-03-2023 and Impulsive Wave-3 begun from this level.
Impulsive Wave-(i) of Wave-3 completed at 20222.45 on 15-09-2023 and from this level corrective Wave-(ii) of Wave-3 started which completed at 18837.80 on 27-10-2023 and impulsive Wave-(iii) of Wave-3 begun from this level. Now Impulsive Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 24592.20 on 12-07-2024 and no indication of its completion yet on Weekly charts.
Nifty-Weekly Chart Analysis
(Stochastic & MACD)
Nifty-Weekly Chart (12-Jul-2024):-
Technical Patterns and Formations in Weekly charts
1- Stochastic- Its both lines %K(5) and %D(3) are kissing in Over bought zone.
2- Stochastic:- %K(5)- 95.13 & %D(3)- 95.17.
3- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.
4- MACD(26,12)- 769.40 & EXP(9)- 459.75 & Divergence- 309.65
5- MACD is showing negative divergence.
Conclusions from Weekly chart analysis
(Stochastic & MACD)
Technical positions of Intermediate Term indicators are as follows:-
1- As in Stochastic its both lines %K(5) and %D(3) are kissing in Over bought zone therefore it will be understood that signals of Intermediate Term correction beginning have started to generate. Let its downward intersection happen and its downward moves begun then Intermediate 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 but MACD is showing negative divergence also therefore it will be understood that MACD has confirmed upward Trend formation but cautious approach is required and let more downward trend formations develop then Intermediate Term correction will be seen.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (12-Jul-2024):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-(iii) of Wave-3 continuation with its recent high and new life time top formations at 24592.20 on 12-07-2024.
2- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone.
3- Stochastic:- %K(5)- 63.92 & %D(3)- 69.98.
4- Stochastic is showing negative divergence
5- In MACD- MACD line has intersected Average line downward and its both lines are falling in positive zone.
6- MACD(26,12)- 446.22 & EXP(9)- 509.56 & Divergence- -63.34
7- MACD is showing negative divergence.
Conclusions from EOD chart analysis
(Stochastic & MACD)
Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 24592.20 on 12-07-2024 and no indication of its completion yet on EOD charts. Technical positions of Short Term indicators are as follows:-
1- As in Stochastic %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone and it is showing negative divergence also therefore this indicator has shown clear signals of Short Term Correction beginning in the coming week/weeks.
2- As in MACD indicator its MACD line has intersected Average line downward and its both lines are falling in positive zone as well as it is showing negative divergence also therefore it will be understood that MACD is showing clear signals of downward trend formations.
Nifty-Intra Day Chart Analysis
(12-Jul-2024)
Nifty-Intra Day Chart (12-Jul-2024):-
Technical Patterns formation in today intraday charts
1- Consolidation between 24358-24430
2- More than 200 points sharp up
3- Down moves in Bullish Falling Channel
4- Consolidation between 24474-24523
5- Minor selling between 24548-24576
6- Whole day actual trading between 24332-24592
Conclusions from intra day
chart analysis
As more than one hour consolidation after positive opening and intraday consolidation patterns were seen in previous sessions also therefore more than 200 points sharp up moves developed in less than 20 minutes. Although higher levels minor intraday selling but consolidation patterns formations also in the last more than 4 hours trading between 24474-24576 therefore expected that firstly up moves will be seen towards last friday highest(24592) in the beginning of next week. As minor selling was seen below 24576 and above it selling patterns were not seen last Friday therefore once sustaining above 24576 will mean fresh strong rally beginning confirmations. If firstly Nifty fails to sustain above 24576 then finally sustaining beyond last more than 4 hours trading range(24474-24576) should be watched for next Short Term moves 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.
Wave-(iii) of Wave-3 is in continuation with its recent high and new life time top formations at 24592.20 on 12-07-2024 and no indication of its completion yet on Weekly and EOD charts therefore on going Bullish rally will remain continued in the coming week also.
Intermediate Term indicators have not shown any signal of Intermediate Term correction beginning but Short Term indicators have shown clear signals of Short Term correction beginning therefore it may begin. As intraday charts of previous week have shown lower levels supports and consolidation patterns formations also therefore Nifty closed at life time top with new life time top formations last Friday and until complete fresh intraday selling patterns will not develop till then even Short Term correction will not be seen.
Although firstly up moves are expected in the beginning of coming week but Short Term indicators are showing signals of Short Term correction beginning also therefore finally sustaining beyond 24474-24576 should be watched in the coming week for next Short Term moves beginning confirmations. Sustaining above 24576 will mean strong rally beginning and sustaining below 24474 will mean Short Term correction beginning towards following next supports which should be watched one by one for fresh rally beginning after Short Term correction completion:-
1- 24358-24430
2- 24142-24355
3- 24095-24148
4- 23914-23997
5- 23671-23734
6- 23563-23612
7- 23502-23537
8- 23358-23476
