Firstly watch 21677-21801 amid 

high possibility of Short Term

 correction beginning

Technical Analysis,Research & Weekly Outlook

(Jan 01 to Jan 05,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (29-Dec-2023):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-(ii) of Wave-3 completion and Impulsive Wave-(iii) of Wave-3 beginning from 16828.3 on 20-03-2023.  

2- Impulsive Wave-(iii) of Wave-3 completion at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

3- Wave-A of Wave-(iv) of Wave-3 completion at 19333.6 on 04-10-2023.

4- Wave-B of Wave-(iv) of Wave-3 completion at 19849.8 on 17-10-2023.  

5- Corrective Wave-C of Wave-(iv) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(v) of Wave-3 beginning. 

6- Impulsive Wave-(v) of Wave-3 continuation with its recent high and new life time top formations at 21801.50 on 28-12-2023.

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-(ii) of Wave-3 completed at 16828.3 on 20-03-2023 and from this level Impulsive Wave-(iii) of Wave-3 started which completed at 20222.45 on 15-09-2023 and "ABC" correction begun. Corrective Wave-C of Wave-(iv) of Wave-3 completed at 18837.80 and impulsive Wave-(v) of Wave-3 started which is in continuation with its recent high and new life time top formations at 21801.50 on 28-12-2023 and no confirmation of its completion yet on EOD charts.

 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (29-Dec-2023):-

Technical Patterns and Formations in EOD charts

1- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising in Over bought zone.

2- Stochastic:- %K(5)- 93.98 & %D(3)- 87.16.

3- Stochastic is showing negative divergence

4- In MACD- MACD line has intersected Average line downward and its both lines are falling in positive zone.

5- MACD(26,12)- 502.20 & EXP(9)- 597.33 & Divergence- -95.13

6- MACD is showing negative divergence

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- Although in Stochastic indicator its %K(5) line has intersected %D(3) line upward and its both lines are rising in Over bought zone but since long this indicator is hovering near about Over bought zone and showing negative divergence also therefore it will be understood that Stochastic is showing high possibility of Short Term Correction beginning. 

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 this indicator is showing negative divergence therefore suggesting stronger possibility of short Term correction beginning with Short Term downward trend formations.

Nifty-EOD Chart Analysis

(Fibonacci retracement levels)

Nifty-EOD Chart (29-Dec-2023):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of Wave-(iv) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(v) of Wave-3 beginning. 

2- Impulsive Wave-(v) of Wave-3 continuation with its recent high and new life time top formations at 21801.50 on 28-12-2023.

3- Crucial Fibonacci Retracement levels of Impulsive Wave-(v) of Wave-3 from 18837.80 to 21801.50 are as follows:- 

4- Fibonacci Retracement levels from 21801.50 to 18837.80.

13.0%- 21,416 

23.6%- 21,102 

27.0%- 21,001 

38.2%- 20,669 (Crucial Level)

50.0%- 20,319 (Crucial Level)

61.8%- 19,969 (Crucial Level)

70.7%- 19,706

76.4%- 19,537

78.6%- 19,472

88.6%- 19,175

Conclusions from EOD chart analysis

(Fibonacci retracement levels)

As Short Term indicators are showing higher possibility of Short Term correction beginning and selling patterns formations were also seen in last 2 sessions intraday charts therefore Short Term correction of impulsive Wave-(v) of Wave-3 may be seen in the coming week/weeks which will be according to above mentioned Fibonacci Retracement levels.   

Nifty-Last 2 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Dec 28 & Dec 29,2023):-

Technical Patterns formation in last 2 Sessions intraday charts

1- Selling between 21730-21759 on 28-12-2023

2- Consolidation between 21678-21716 on 28-12-2023

3- Consolidation between 21722-21743 on 28-12-2023

4- Selling between 21746-21771 on 28-12-2023

5- Selling through up moves in Bearish Rising Channel on 28-12-2023

6- Higher levels good selling between 21727-21761 on 29-12-2023  

7- Lower levels 2 times minor supports on 29-12-2023 

8- Last 2 Sessions trading between 21677-21801 

Conclusions from 2 Sessions

intra day chart analysis 

Intraday charts of last 2 sessions are clearly showing that higher levels more selling was seen than lower levels consolidation therefore it seems that fresh selling has been started because sentiment is too much boosted after strong rally in last 2 months. It is very much clear that follow up intraday selling in the beginning of next week will mean Short Term correction beginning and its first strong signal will be sustaining below last 2 sessions lowest(21677)

Conclusions (After putting 

all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term trend is at stake which will be finally decided by last 2 sessions trading range(21677-21801) valid break out.

Impulsive Wave-(v) of Wave-3 forcefully continuation with its recent high and new life time top formations at 21801.50 on 28-12-2023 as well as gaining 2963.7 points in 43 sessions. Although no confirmation of its completion yet on EOD charts but Short Term indicators are showing higher possibility of Short Term correction beginning and last 2 sessions intraday charts are also showing selling patterns formations therefore Fibonacci Retracement levels of on going Impulsive Wave-(v) of Wave-3 has been posted above which should be watched with following next supports in the coming week/weeks for the life and length of expected correction:-

1- 21678-21716

2- 21512-21599

3- 21282-21405 

4- 21052-21161

5- 20950-20976

6- 20770-20852(Strong supports)

Although high possibility of Short Term correction beginning in the coming week but firstly sustaining beyond 21677-21801 should be watched for on going rally continuation confirmations above 21801 or Short Term correction beginning confirmations below 21677. 

Sustaining beyond 21678-21801 will confirm next decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-12-2023)

Nifty-Intra Day Chart (28-Dec-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 21730-21759

2- Sharp down

3- Consolidation between 21678-21716

4- Sharp up

5- Consolidation between 21722-21743

6- Selling between 21746-21771

7- Up moves in Bearish Rising Channel

8- Whole day actual trading between 21678-21801

Conclusions from intra day chart analysis 

Although gap up strong opening but firstly selling developed therefore sharp fall was seen after that. As lower levels consolidation therefore sharp up moves were also seen after 11:00 AM.

As again consolidation after sharp up moves therefore sentiment boosted and intraday rally remained continued till last minutes but higher levels fresh selling was also seen in Mid-session and selling through Up moves in Bearish Rising Channel in last hour hence today intraday trading will be understood with Mixed Patterns formation between 21678-21801.

It is clear that  today trading was with lower levels consolidation and higher levels selling therefore firstly Nifty will have to trade and prepare for next decisive moves within and near about today trading range as well as finally sustaining beyond today trading range will confirm that side decisive moves beginning hence finally sustaining beyond today trading range(21678-21801) should be watched in the coming sessions for that side next decisive moves beginning confirmations.

On going rally continuation expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(28-12-2023)

Nifty-Intra Day Chart (27-Dec-2023):-

Technical Patterns formation in today intraday charts

1- Consolidation between 21512-21599

2- Sharp up

3- Whole day actual trading between 21496-21675

Conclusions from intra day chart analysis 

As more than 6 hours fresh consolidation after gap up opening therefore sharp up moves were seen in last half hour and on going rally continuation is expected because intraday selling patterns were not seen today.

 As out of station therefore unable to post today(27-12-2023) Outlook 

Watch supports amid Short Term correction continuation expectations

Technical Analysis,Research & Weekly Outlook

(Dec 26 to Dec 29,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (22-Dec-2023):-

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- Impulsive Wave-1 completion at 18096.2 on 15-09-2022.

3- Corrective Wave-2 completion at 16747.7 on 30-09-2022.

4- Impulsive Wave-(i) of Wave-3 completion at 18887.6 on 01-12-2022.

5- Corrective Wave-(ii) of Wave-3 completion at 16828.3 on 20-03-2023.  

6- Impulsive Wave-(iii) of Wave-3 completion at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

7- Wave-A of Wave-(iv) of Wave-3 completion at 19333.6 on 04-10-2023.

8- Wave-B of Wave-(iv) of Wave-3 completion at 19849.8 on 17-10-2023.  

9- Corrective Wave-C of Wave-(iv) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(v) of Wave-3 beginning. 

10- Impulsive Wave-(v) of Wave-3 continuation with its recent high and new life time top formations at 21593.00 on 22-12-2023.

11- Short Term correction continuation with its recent bottom formations at 210976.80 on 21-12-2023

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure started from 15183.4 on 17-06-2022 after corrective Wave-C of "ABC correction" of previous Waves structure completion at this level. Its corrective Wave-2 completed at 16747.7 on 30-09-2022 and Impulsive Wave-3 begun of which Wave-(v) is in continuation.

Impulsive Wave-3 was divided into 5 sub-waves in which "ABC" correction of Wave-(iv) of Wave-3 was also seen. Impulsive Wave-(v) of Wave-3 is in continuation with its recent high and new life time top formations at 21593.00 on 22-12-2023 and no confirmation of its completion yet on EOD and intraday charts.Now Short Term correction is in continuation with its recent bottom formations at 210976.80 on 21-12-2023

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (22-Dec-2023):-

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)- 40.07 & %D(3)- 52.25.

3- In MACD- MACD line has intersected Average line downward and its both lines are falling in positive zone.

4- MACD(26,12)- 578.20 & EXP(9)- 662.10 & Divergence- -83.90

Conclusions from EOD chart analysis

(Stochastic & MACD)

Position of Short Term indicators are as follows:-

1- As in Stochastic indicator %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone therefore first strong signal of Short Term correction beginning has been developed. 

2- As in MACD indicator MACD line has intersected Average line downward and its both lines are falling in positive zone. therefore signalling short Term downward  trend formations possibility.

Nifty-Last 7 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Dec 14 to Dec 22,2023):-

Technical Patterns formation in last 7 Sessions intraday charts

1- Selling(Resistances) in last 7 Sessions are as follows:-

A- 21481-21593 

B- 21461-21501 

C- 21419-21451 

D- 21225-21296

2- Consolidation(Supports) in last 7 Sessions are as follows:-

A- 21338-21405 

B- 21282-21363

C- 20770-20852

D- 21052-21161

3- Last 7 Sessions actual trading between 20977-21593 

Conclusions from 7 Sessions

intra day chart analysis 

Previous 7 sessions trading between 20977-21593 with above mentioned supports and resistances in which it seems that resistances are stronger than supports despite both supports and resistances are equally 4. As above mentioned first 2 supports(21338-21405,21282-21363) has been nullified because below these 2 supports fresh selling(Resistances) was seen on 21-12-2022 between 21225-21296.

As resistances are stronger therefore fresh selling in next week will mean decisive down moves below last 7 sessions lowest(20977) which can not be ruled out.

Nifty-Intra Day Chart Analysis

(22-Dec-2023)

Nifty-Intra Day Chart (22-Dec-2023):-

Technical Patterns formation in today intraday charts

1- Consolidation between 21250-21279

2- Sharp up

3- Selling between 21331-21390

4- Sharp down

5- Selling between 21340-21371

6- Whole day actual trading between 21233-21390

Conclusions from intra day chart analysis 

Although firstly consolidation after positive opening and sharp up moves were also seen after that but higher levels good selling developed hence Nifty moved down sharply and new intraday lowest was formed. 

As again follow up selling in last hour after some up moves therefore minor lower levels consolidation and higher levels good intraday selling will be understood last Friday and resultant down moves below last Friday lowest(21232.45) will be seen 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 at stake which will be finally decided by last 7 sessions trading range valid break out.

Impulsive Wave-(v) of Wave-3 and no confirmation of its completion yet on EOD and intraday charts but Short Term correction started on 20-12-023 which is in continuation with its recent bottom formations at 210976.80 on 21-12-2023 and no confirmation of its also completion yet. 

As Stochastic indicator is signalling Short Term correction beginning possibility and MACD indicator is also indicating short Term downward  trend formations possibility therefore more down moves can not be ruled out in the coming week bacause higher levels good intraday selling has been seen in last 7 sessions as well as good intraday selling was seen last Friday. 

Supports of last 7 sessions(20977-21593) have been updated above and Next supports below 20977 are as follows:-

1- 20950-20976

2- 20770-20852(Strong supports)

As on going Short Term correction continuation is expected therefore above mentioned supports should be firstly watched in the coming week for the life and length of on going correction.