Firstly watch levels after Corona 

Panic led crash beginning

Technical Analysis,Research & Weekly Outlook

(Dec 26 to Dec 30,2022)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (23-Dec-2022):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of "ABC correction" completion at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning

2- Wave-i of Wave-1 completion at 18096.2 on 15-09-2022.

3- Wave-ii of Wave-1 completion at 16747.7 on 30-09-2022.

4- Impulsive Wave-i of Wave-iii of Wave-1 completion at 17428.8 on 06-10-2022.

5- Corrective Wave-ii of Wave-iii of Wave-1 completion at 16950.3 on 11-10-2022.

6- Impulsive Wave-iii of Wave-iii of Wave-1 completion at 18887.6 on 01-12-2022.

7- Corrective Wave-iv of Wave-iii of Wave-1 continuation with recent bottom formation at 17779.50 on 23-12-2022

8- Corrective Wave-iv of Wave-iii of Wave-1 slipped and closed below Rising Trend Line on 23-12-2022 

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure started from 15183.4 on 17-06-2022 and in continuation with recent top formation at 18887.6 on 01-12-2022. Its impulsive Wave-iii of Wave-iii of Wave-1 completed at 18887.6 on 01-12-2022 and its corrective Wave-iv begun which is in continuation with recent bottom formation at 17779.50 on 23-12-2022 as well as no indication of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (23-Dec-2022):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-iii of Wave-iii of Wave-1 completion at 18887.6 on 01-12-2022.

2- Corrective Wave-iv of Wave-iii of Wave-1 continuation with recent bottom formation at 17779.50 on 23-12-2022

3- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling in Over sold zone.

4- Stochastic:- %K(5)- 8.62 & %D(3)- 18.69.

5- In MACD- MACD line has intersected Average line downward and its both lines are falling.

6- MACD(26,12)- -151.87 & EXP(9)- 4.73 & Divergence- -156.6

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Short Term indicators are as follows:-

1- In Stochastic indicator %K(5) line has intersected %D(3) line downward and its both lines are falling in Over sold zone. Althouugh Stochastic is completely Over sold but it has not generated any upward move beginning indication therefore let it happen first then fresh up moves will be considered.

2- In MACD its MACD line has intersected Average line downward and its both lines are falling therefore confirming Downward trend formation.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (23-Dec-2022):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 18187.8

B- 21-Day SMA is today at 18493.3(Short Term Trend decider)

C- 55-Day SMA is today at 18091.01(Intermediate Term Trend decider)

D- 100-Day SMA is today at 17839.0

E- 200-Day SMA is today at 17185.1(Long Term Trend decider)

 

Conclusions from EOD chart analysis

(Averages)

Nifty has closed below all the above Averages except 200-Day SMA last Friday after 01.77% down moves last Friday therefore Long Term Trend is still up. As Nifty has closed below Intermediate Term Trend decider 55-Day SMA therefore firstly sustaining it beyond should be watched in the coming week/weeks for final confirmation of Intermediate Term Trend formations. It shoild be kept in mind that confirmation of sustaining below 55-Day SMA will mean 3 Weeks to 3 months long weaker markets and deeper correction beginning possibility as well.   

Conclusions

(After putting all studies together)

1- Long Term Trend is up.

2- Intermediate Term Trend is at stake and finally sustaining beyond 55-Day SMA will confirm it.

3- Short Term Trend is down.

Corrective Wave-iv of Wave-iii of Wave-1 continuation with recent bottom formation at 17779.50 and no indication of its completion yet on EOD charts. As Nifty has moved below both 55 & 100-Day SMA therefore high risk of Intermediate Term Trend turning down which will confirm more down moves with longer term on on going correction.

Although MACD has shown strong indications of Downward trend formations but Stochastic is completely Over sold and a Pull Back rally may be seen toward following next resistances after getting supports within or near about following next supports/levels.

Watch following Crucial levels;-

1- Sustaining beyond 55-Day SMA(today at 18091.01)for Intermediate Term Trend confirmations.

2- 16747.7 for validity confirmations of on going Wave-iii of Wave-1. 

3- Long Term Trend decider 200-Day SMA(today at 17185.1) which is just above bottom of on going Wave-iii of Wave-1. 

Next supports up to the bottom of Wave-iii of Wave-1 are as follow:-

1- 17724-17765 

2- 17655-17712

3- 17477-17591

4- 17381-17401(Gap support)

5- 17226-17374

6- 17106-17219

7- 16941-17029

8- 16760-16855

Next resistances up to the top of Wave-iii of Wave-1 are as follow:-

1- 17867-17877

2- 17898-17956

3- 17993-18029

4- 18131-18180 

5- 18172-18258

6- 18345-18387

7- 18559-18586

8- 18674-18696

9- 18832-18854

As Corona panic and due to it economic issues surrounded all around therefore panic developed in all the Global markets and resultant most Global markets including Indian markets crashed in last 3 sessions of previous week. Let some clarity comes first then will be decided accordingly and till then just watch above mentioned levels/supports/resistances for all the Short to Long Term Trends formation confirmations which will be according to sustaining beyond its above mentioned deciding levels.

Correction towards next supports

 amid crashing Global markets

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-12-2022)

Nifty-Intra Day Chart (22-Dec-2022):-

Technical Patterns formation in today intraday charts

1- 147 Points sharp fall in first 25 minutes after positive opening

2- Selling between 18172-18258

3- More than 5 hours sideways trading between 18069-18180 with more than 100 points another fall 

4- Whole day actual trading between 18069-18318

Conclusions from intra day

chart analysis 

Minimum target of Nifty at 18154.2 was updated in following line on 17-12-2022 in "Firstly watch sustaining beyond 55-Day SMA for life and length of on going correction amid crashing Global markets":-

Now Wave-c of "abc" correction in on and as per following calculations it is correcting towards its minimum target at 18154.2

As was told 100% same happened and Nifty slipped 

below 18154.2 to 18068.6  as well as 

closed below it at 18127.35 today.

As storng global cues today morning and resultant firstly 118 up moves after positive opening but good intraday selling yesterday therefore not sustaining at higher and 147 points sharp fall developed in first 25 minutes and after that again more than 100 points down moves were also seen today. 

Last more than 5 hours sideways trading between 18069-18180 with lower levels supports and higher levels selling also seen within this range therefore firstly sustaining beyond this range should be watched tomorrow for next intraday decisive moves beginning confirmations.

Intraday technical positions and according to that trading policy has been updated above but US markets are trading more than 2% down at this moment and all the European markets have also closed in Red with some of them closed more tahn 1% down. As sentiment has turned extremely depressed therefore sustaining below today lowest(18069) or forcefully its broken down will mean deeper correction beginning towards following next supports which should be watched one by one amid crashing Global markets:-

1- 17970-18012 

2- 17938-17964

3- 17724-17765 

4- 17655-17712

Firstly watch 18163-18280 amid 

more down moves expectations

 below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(22-12-2022)

Nifty-Intra Day Chart (21-Dec-2022):-

Technical Patterns formation in today intraday charts

1- 88 Points up in first 10 minutes after gap up opening

2- Down moves with upward corrections

3- Volatility in last 2 hours between 18163-18280

4- Whole day actual trading between 18163-18473

Conclusions from intra day chart analysis 

Although firstly 88 Points up moves in first 10 minutes after gap up opening but not sustaining at higher levels and selling developed as well as down moves were seen with upward corrections.As good intraday selling therefore Nifty crashed 310 points from intraday higher levels. 

More than 100 points volatility was also seeen in last 2 hours between 18163-18280 therefore sustaining it beyond should be firstly watched in the coming session for first signal of next intraday decisive moves beginning amid more down moves expectations below today lowest because higher levels good intraday selling today.

Up moves towards next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-12-2022)

Nifty-Intra Day Chart (20-Dec-2022):-

Technical Patterns formation in today intraday charts

1- 206 Points down moves in first 25 minutes after weaker opening

2- More than 4 hours consolidation between 18203-18290

3- 135 Points sharp up moves in last one and half hour

4- Whole day actual trading between 18203-18404

Conclusions from intra day chart analysis 

Although firstly 206 points down moves in first 25 minutes after weaker opening but lower levels more than 4 hours good consolidation between 18203-18290 therefore after that 135 points sharp up moves in last one and half hour and today and today closing was near the higher levels of the day.

As only consolidation and intraday selling patterns

 were not seen today therefore firstly up moves are

 expected towards next resistances(18509-18586)

 and finally sustaining it beyond will confirm

 another intraday decisive move.

 Sustaining beyond today trading range will confirm next decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-12-2022)

Nifty-Intra Day Chart (19-Dec-2022):-

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- Consolidation between 18322-18383(immediate supports)

3- Slow up moves in last hour

4- Whole day actual trading between 18245-18431

Conclusions from intra day chart analysis 

As some Asian markets were trading in Green and Dow Jones Futures was also trading with more than 100 points gains therefore firstly up moves after positive opening and after that consolidation in Mid-session between 18322-18383 hence up moves were seen in last hour also. Although most European markets were trading with good gains and Dow Jones Futures was also  more than 230 POints up but last hour up moves were slow therefore some profit booking also can not be ruled out during last hours positive sentiments. 

Both lower levels good buying and higher levels some selling also today therefore Nifty will firstly trade and prepare for next decisive moves within and near about today trading range(18245-18431) and finally sustaining it beyond will confirm it which should be firstly watched tomorrow/in the coming sessions.

Immediate supports and resistances are as follows;-

1- 18322-18383 

2- 18509-18586