Finally sustaining beyond 23048-23391 will generate indications next Trend formations
Technical Analysis,Research & Weekly Outlook
(Jan 20 to Jan 24,2025)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (17-Jan-2025):-
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- 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 completion with new life time top formations at 26277.30 on 27-09-2024 and Corrective Wave-A of Wave-(iv) of Wave-3 of "ABC" correction beginning.
9- Corrective Wave-A of Wave-(iv) of Wave-3 completion at 23263.20 on 21-11-2024.
10- Corrective Wave-B of Wave-(iv) of Wave-3 completion at 24857.80 on 05-12-2024.
11- Corrective Wave-C of Wave-(iv) of Wave-3 continuation with recent bottom formations at 23047.30 on 13-01-2025.
12- Last 5 Sessions actual trading between 23048-23391
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-1 of new Waves structure started from 18887.60 on 01-12-2022 after Corrective Wave-C of "ABC correction" of previous Waves structure completion at this level and from this level corrective Wave-2 begun which completed at 16828.30 on 20-03-2023 and impulsive Wave-3 started from this level.
Impulsive Wave-(i) of Wave-3 completed at 20222.40 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. Wave-B started from this level which completed at 19849.80 on 17-10-2023 and Wave-C begun which completed at 18837.80 on 26-10-2023. Impulsive Wave-(iii) of Wave-3 started from this level which completed with new life time top formations at 26277.30 on 27-09-2024 and corrective Wave-A of Wave-(iv) of Wave-3 begun from this level.
Corrective Wave-A of Wave-(iv) of Wave-3 completed at 23263.20 on 21-11-2024 and Wave-B of Wave-(iv) of Wave-3 begun from this levels which completed at 24792.30 on 13-12-2024 and from this levels corrective Wave-C of Wave-(iv) of Wave-3 started which is now in continuation with recent bottom formations at 23047.30 on 13-01-2025 and no confirmation of its completion yet on EOD charts.
Last 5 sessions trading was between 23048-23391 after 148 points gap down opening on 13-01-2025 and this gap was filled up also on 16-01-2025. As finally sustaining beyond last 5 sessions trading range will generate first signal of following trends continuation/completion therefore for it should be watched in the coming week/weeks:-
1- On going corrective Wave-C of Wave-(iv) of Wave-3.
2- On going "ABC" correction.
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (17-Jan-2025):-
Technical Patterns and Formations in EOD charts
1- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising from Over sold zone.
2- Stochastic:- %K(5)- 57.72 & %D(3)- 47.38.
3- In MACD- MACD line has intersected Average line downward and its both lines are moving flat in negative zone.
4- MACD(26,12)- -1470.25 & EXP(9)- -1323.28 & Divergence- 146.97
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 upward and its both lines are rising from Over sold zone and this indicator have not turned Over bought yet therefore it will be understood that this indicator is showing signals of Short Term upward moves possibility in the coming week.
2- As in MACD its MACD line has intersected Average line downward and its both lines are in negative zone therefore it will be understood that this indicator is confirming Downward Trend formations but now its both lines are moving flat also hence remain watchful and if its MACD line intersects Average line upward then Short Term upward moves will be seen.
Nifty-EOD Chart Analysis
(Averages)
Nifty-EOD Chart (17-Jan-2025):-
Technical Patterns and Formations in EOD charts
Averages:-
1- 5-Day SMA is today at 23198
2- 21-Day SMA is today at 23608
3- 55-Day SMA is today at 23976
4- 100-Day SMA is today at 24507
5- 200-Day SMA is today at 23967
Conclusions from EOD chart analysis
(Averages)
Nifty has closed below all the 4 higher Averages and at 5-Day SMA last Friday which means that all the Trends are down. Let Nifty to sustain above following Averages then that Trend will be up:-
1- Short Term Trend will be up after sustaining above 21-Day SMA.
2- Intermediate Term Trend will be up after sustaining above 55-Day SMA.
3- Long Term Trend will be up after sustaining above 200-Day SMA.
Nifty-Last 5 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Jan 13 to Jan 17,2025):-
Technical Patterns formation in last 5 Sessions intraday charts
1- Higher levels resistanes developed in last 5 sessions between:-
A- 23218-23265
B- 23305-23349
2- Lower levels supports developed in last 5 sessions between:-
A- 23101-23202
B- 23054-23095
3- Last 5 Sessions actual trading between 23048-23391
Conclusions from 5 Sessions
intra day chart analysis
As last 5 Sessions actual trading between 23048-23391 with above mentioned supports and resistances which seems almost equally strong therefore Nifty will firstly trade and prepare for next Short Term Trend within and near about last 5 Sessions actual trading range and finally sustaining it beyond will confirm next Short Term Trend and that side bigger moves beginning which should be firstly watched in the coming week and next Short Term Trend formation confirmations.
Nifty-Intra Day Chart
Analysis(17-Jan-2025)
Nifty-Intra Day Chart (17-Jan-2025):-
Technical Patterns formation in today intraday charts
1- 3 Times higher levels selling between 23218-23265
2- Consolidation between 23101-23159
3- Consolidation between 23168-23202
4- Whole day actual trading between 23101-23292
Conclusions from intra day chart analysis
As firstly slipping after weaker opening and after that fresh selling also therefore sharp fall was seen after that and Nifty traded 211 points down in first 2 hours. Although Nifty traded 211 points down but lower level consolidation developed therefore Nifty recovered 162 points also in Mid-Session.
Although Nifty closed 108 points down last Friday but lower levels 2 times consolidation was seen despite 3 times higher levels selling also therefore Nifty will firstly trade and prepare for next decisive moves within and near about last Friday actual trading range(23101-23292) and finally sustaing it beyond will confirm next decisive moves beginning which should be firstly watched in the beginning of next week.
Conclusions (After putting all studies together)
1- Long Term Trend is at down.
2- Intermediate Term trend down.
3- Short Term Trend is down.
"ABC" correction of Wave-(iv) of Wave-3 begun from 26277.30 on 27-09-2024 after Impulsive Wave-(iii) of Wave-3 completion at this level and now its Wave-C is in continuations with its recent recent bottom formations at 23047.30 on 13-01-2025 as well as no confirmation of its completion yet on EOD charts.
As most Short Term Averages are below its next higher Averages therefore it will be understood that now on going correction continuation is in its complete force. Although Short Term indicator Stochastic is showing signals of Short Term upward moves beginning possibility in the coming week but now another Short Term indicator MACD is not indicating any side immediate decisive moves beginning possibility therefore remain watchful because now more confirmations are required.
First signal of next short Term moves beginning will emerge from sustaining beyond last 5 Sessions trading range(23048-23391) therefore next supports and resistances within this range have been updated above which should be firstly watched for next immediate moves beginning indications/confirmations. As sustaining beyond last 5 Sessions trading range will generate indications of next Trend formation also therefore should be firstly watched and finally sustaining beyond following levels should also be watched for next Trend formation confirmations:-
1- If Nifty sustains below 23048 then following levels should be watched:-
A- 50.0%- 22,557 (Fibonacci Retracement Crucial Level)
B- 61.8%- 21,679 (Fibonacci Retracement Crucial Level)
2- If Nifty sustains above 23391 then following levels should be watched:-
A- 21-Day SMA(today at 23608) for Short Term Trend confirmations.
B- 55-Day SMA(today at 23976) for Intermediate Term Trend confirmations.
C- 200-Day SMA(today at 23967) for Long Term Trend confirmations.