Deeper correction towards 

next supports

Technical Analysis,Research & Weekly Outlook

(Jan 17 to Jan 21,2022)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (14-Jan-2022):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020  

2- Impulsive Wave-1 completion at 11794.30 on 31-08-2020  

3- Corrective Wave-2 completion at 10790.20 on 24-09-2020

4- Impulsive Wave-3 completion at 15431.8 on 16-02-2021

5- Corrective Wave-4 completion at 14151.4 on 22-04-2021

6- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC' correction beginning.

7- Corrective Wave-A of "ABC" correction completion at 16410.20 on 20-12-2021

8- Wave-B continuation with recent top formation at 18286.95 on 14-01-2022 and no confirmation of its completion yet.    

Conclusions from EOD chart analysis

(Waves structure)

Bullish rally which started through its Impulsive Wave-1 from 7511.10 on 24-03-2020 completed from its 5th Wave after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC' correction begun which completed at 16410.20 on 20-12-2021.

Now Wave-B continuation with recent top formation at 18286.95 on 14-01-2022 and no confirmation of its completion yet on EOD charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (14-Jan-2022):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC' correction beginning.

2- Corrective Wave-A of "ABC" correction completion at 16410.20 on 20-12-2021

3- Wave-B continuation with recent top formation at 18286.95 on 14-01-2022 and no confirmation of its completion yet.     

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

5- Stochastic is showing negative divergence 

6- Stochastic:- %K(5)- 96.69 & %D(3)- 95.97.

7- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.

8- MACD(26,12)- 550.41 & EXP(9)- 314.89 & Divergence- 235.52

Conclusions from EOD chart analysis

(Stochastic & MACD)

As in Stochastic both lines are kissing in over bought zone and this indicator is in over bought zone since long therefore if down moves starts then sharp fall will be seen in next week. 

As in MACD MACD line has intersected Average line upward and its both lines are rising in positive zone therefore it showing upward trend formations.

Conclusion from these 2 indicators is that Short Term correction is very much due which will start any day in next week but will not be deep because in MACD both lines are rising in positive zone and its has not given any indication of downward trend formation.

Nifty-Intra Day Chart Analysis

(14-Jan-2022)

Nifty-Intra Day Chart (14-Jan-2022):-

Technical Patterns formation in today intraday charts

1- 137 Points sharp fall in first 3 minutes

2- More than 110 points jump from lower levels in first 40 Minutes

3- Down moves with upward corrections

4- Up moves in Bearish Rising Channels

5- Whole day actual trading between 18120-18286

Conclusions from intra day chart analysis 

Although firstly 137 points sharp fall in first 3 minutes but after that more than 110 points jump also from lower levels in first 40 Minutes therefore first hour trading was highly volatile last Friday

As firstly down moves were with upward corrections and after that whole day up moves were in Bearish Rising Channels therefore good intraday selling patterns formations last Friday hence expected that down moves will be seen below last Friday in the beginning oof next week. 

Conclusions

(After putting all studies together)

All the trends are up and Wave-B continuation with recent top formation at 18286.95 on 14-01-2022 and no confirmation of its completion yet on EOD charts.

As short Term indicator Stochastic is in over bought zone since long and its both lines are kissing therefore emergence of Short Term correction beginning strong indications which will start any day in next week.

Union Budget 2022 is scheduled on 01-02-2022 and on going rally is on the back of market favouring Budget. Last 20 sessions rally which started from 16410.20 and on 20-12-2021 is in continuation without any significant correction. As Short Term indicators are completely overbought and good intraday selling patterns formations also last Friday therefore expected that deeper correction will be seen towards following supports in next week:-

1- 17965-18025

2- 17902-17945

3- 17740-17788

4- 17657-17721

5- 17332-17371

6- 17192-17241

18119 will confirm correction 

beginning of on going rally

Post-open Outlook(14-01-2022)

As Dow Jones closed 176 points down yesterday therefore most Asian markets were trading more than 0.65% down and resultant sentiment turned weaker hence gap down opening of Indian markets.

As selling patterns were not seen and consolidation patterns were formed yesterday therefore Nifty recovered more than 110 points from lower levels in first 40 Minutes and fresh selling patterns formations today will mean first signal of correction beginning.

Last 2 sessions trading between 18129-18272 and today first 3 minutes lowest is below it at 18119.65 therefore firstly sustaining beyond 18119 should also be watched in the coming sessions for correction beginning confirmation of that on going rally which started from 16410.20 on 20-12-2021. 

Rally on Union Budget expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(14-01-2022)

Nifty-Intra Day Chart (13-Jan-2022):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels

2- Consolidation between 18211-18222 

3- Sharp up moves in last half hour

4- Whole day actual trading between 18164-18272

Conclusions from intra day chart analysis 

Although positive opening but down moves were seen after that. As whole day down moves were in Bullish Falling Channels and consolidation was also seen between 18211-18222 therefore sharp up moves developed in last half hour.

As Union Budget will be tabled in Parliament on 01-02-2022 therefore Indian markets are preparing for post Budget decisive one sided moves hence moving up on post Budget expectations. As whole day consolidation today therefore up moves will be seen tomorrow and let selling develop then correction will be considered according to the size of selling patterns formations but remain cautious because Short Term indicators are Over bought and correction may also begin any day after fresh selling patterns formations.

 Sustaining beyond 18161-18227 will confirm Indian markets reaction on 3 IT big quarterly results 

Nifty-Intra Day Chart Analysis & 

Market Outlook(13-01-2022)

Nifty-Intra Day Chart (12-Jan-2022):-

Technical Patterns formation in today intraday charts

1- 5 Hours sideways trading between 18161-18227

2- Whole day actual trading between 18129-18227

Conclusions from intra day chart analysis 

As most Asian markets were trading with more than 1.5% gains after strong closing of US markets yesterday therefore gap up opening of Indian markets and Nifty traded 5 hours sideways between 18161-18227 as well as prepared for next moves tomorrow after quarterly results announcement of 3 big companies(INFY,TCS & WIPRO).

As Indian markets will firstly react on the results of these 3 big companies tomorrow and and sustaining beyond today sideways trading range(18161-18227) will finally confirm it therefore should be firstly watched tomorrow.

Sharp fall & correction of Rally 

will start in next 2 sessions

Nifty-Intra Day Chart (11-Jan-2022):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Sharp up

3- Up moves in Bearish Rising Channels

4- Sharp fall

5- Selling patterns formations between 18020-18081 in last 5 hours

6- Whole day actual trading between 17965-18081

Conclusions from intra day chart analysis 

Although firstly Down moves after flat opening but were in Bullish Falling Channel therefore after that sharp up moves were seen. 

As selling patterns formations between 18020-18081 through Up moves in Bearish Rising Channels in last 5 hours therefore Nifty will not sustain above 18020 and sharp fall as well as correction of that rally which begun from 16410.20 on 20-12-2021 will start in next 2 sessions despite:-

1- at present All US Indices are trading in Green and Nasdaq is 145 Points up.

2- at present SGX Nifty is trading more than 100 Points up.

3- All the European markets closed with good gains today.

 As busy therefore Stock Market Outlook of today(11-01-2022) is not being updated.

 Watch next supports during 

expected correction in next week

Technical Analysis,Research & Weekly 

Outlook(Jan 11 to Jan 15,2022)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (04-Jan-2022):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC' correction beginning.

2- Corrective Wave-A of "ABC" correction continuation with recent bottom formations at 16410.20 on 20-12-2021 and no confirmation of its completion yet.   

3- Pull Back Rally continuation with recent top formation at 17944.70 on 05-01-2022 

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

5- Stochastic is showing negative divergence 

6- Stochastic:- %K(5)- 81.97 & %D(3)- 89.13.

7- In MACD- MACD line has intersected Average line upward and its both lines are rising in positive zone.

8- MACD(26,12)- 244.73 & EXP(9)- 15.33 & Divergence- 229.40

Conclusions from EOD chart analysis

(Stochastic & MACD)

Pull Back Rally which started from 16410.20 on 20-12-2021 is in continuation with recent top formation at 17944.70 on 05-01-2022 and confirmation its completion yet.  

As in Stochastic %K(5) line has intersected %D(3) line downward and its both lines are falling in bought zone as well as it has shown negative divergence therefore it is suggesting strong signals of down moves beginning in next week.

As in MACD MACD line has intersected Average line upward and its both lines are rising in positive zone therefore it showing upward trend formations.

Conclusion from these 2 indicators is that Short Term correction will be seen in next week but will not be deep because in MACD both lines are rising in positive zone.

Nifty-Last 4 Sessions intraday

charts analysis

Nifty-Intra Day Chart (Jan 04 to Jan 07,2022):-

Technical Patterns formation in last 4 Sessions intraday charts

1- Selling(Resistances) in last 4 Sessions are as follows:-

A- 17854-17905 

B- 17921-17944  

2- Consolidation(Supports) in last 4 Sessions are as follows:-

A- 17656-17727 

3- Last 4 Sessions actual trading between 17594-17944 

Conclusions from 4 Sessions

intra day chart analysis 

Last 4 Sessions sideways trading between 17594-17944 with above mentioned supports and resistances. As lower levels supports and higher levels resistances are almost equal stronger therefore Nifty will firstly trade and prepare for next decisive moves beginning within last 4 Sessions trading range(17594-17944),finally sustaining it beyond will confirm it hence should be firstly watched in next week for fate of that Pull Back rally which begun from 16410.20 on 20-12-2021.

Nifty-Intra Day Chart Analysis

(07-Jan-2022)

Nifty-Intra Day Chart (07-Jan-2022):-

Technical Patterns formation in today intraday charts

1- Selling between 17854-17905

2- Down moves with upward corrections

3- Up moves in Bearish Rising Channel

4- Whole day actual trading between 17705-17905

Conclusions from intra day chart analysis 

Although firstly 159 points up moves after positive opening but higher levels selling developed and after that follow up selling was also seen through Down moves with upward corrections therefore Nifty traded in negative zone also after loosing all first 2 hours intraday gains.

As Up moves in Bearish Rising Channels were also seen in last 3 hours therefore whole day good intraday selling will be understood last Friday and down moves will be seen below last Friday lowest(17705) in next week. 

Conclusions

(After putting all studies together)

All the trends have turned up during on going Pull Back rally and no confirmation of its completion yet but firstly its correction is expected in next week because:-

1- Higher levels good intraday selling was seen in previous week.

2- Stochastic is showing negative divergence and its both lines are falling in overbought zone.

Firstly above mentioned last 4 sessions supports and after that following supports below last 4 sessions lowest(17594) should be watched in next week because slipping below it will also be seen during on going Pull Back Rally expected correction:- 

1- 17177-17233

2- 16884-17093

3- 16820-16918

4- 16739-16782

5- 16411-16530

Today support levels will confirm 

size of correction

Nifty-Intra Day Chart (06-Jan-2022):-

Technical Patterns formation in today intraday charts

1- 250 Points crash in first 20 minutes

2- Support between 17656-17727

3- Volatility in last hours between 17730-17789

4- Whole day actual trading between 17656-17797

Conclusions from intra day chart analysis 

As Short Term indicators have turned completely Overbought and intraday selling patterns were also seen yesterday therefore 250 points crash in first 20 minutes but after that somo supports at lower levels hence some up moves developed in last hours which also could not sustain.

Correction of Pull Back rally begun today and today support levels(17656-17727) will confirm the size of that correction which has begun today.

 Remain cautious and watch 

sustaining beyond 18000

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-01-2022)

Nifty-Intra Day Chart (05-Jan-2022):-

Technical Patterns formation in today intraday charts

1- 70 Points sharp fall after positive opening 

2- Down moves in Bullish Falling Channel 

3- Up moves in Bearish Rising Channel

4- Downward corrections

5- Whole day actual trading between 17748-17944

Conclusions from intra day chart analysis 

Although positive opening but immediately after that 70 points sharp fall was also seen. As equally sharp recovery also from lower levels and after that consolidation through Down moves in Bullish Falling Channel therefore rally remained continued till last minutes.

As some selling was also seen through Up moves in Bearish Rising Channel therefore view will be cautious despite continuous consolidation was also seen through downward corrections.   

Short Term indicators have turned completely Overbought and intraday selling patterns were also seen today therefore if fresh selling develops tomorrow then correction of on going Pull Back rally will begin hence remain cautious and firstly watch sustaining beyond next psychological level of 18000 in the coming sessions. 

 Rally continuation and correction only after Fresh selling patterns formations

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-01-2022)

Nifty-Intra Day Chart (04-Jan-2022):-

Technical Patterns formation in today intraday charts

1- Sharp fall after gap up opening

2- Down moves in Bullish Falling Channels

3- Strong up moves in last hours

4- Whole day actual trading between 17594-17827

Conclusions from intra day chart analysis 

As US markets closed with good gains yesterday therefore most Asian markets were also trading strong hence gap up opening of Indian markets but firstly 85 Points fall was seen in first half hour but immediate after that Nifty jumped more tha 100 points from lower levels.

Consolidation developed in Mid-session through  Down moves in Bullish Falling Channels therefore strong up moves in last hour were seen in last hour.

Although Short term indicators have turned Over bought but intraday charts have not shown selling patterns yet therefore some more up moves can not be ruled. Let selling patterns develop then correction will be considered and since then rally continuation will be expected.

 Correction only after complete fresh selling patterns formations

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-01-2022)

Nifty-Intra Day Chart (03-Jan-2022):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Last hour sideways trading between 17608-17646

3- Whole day actual trading between 17384-17646

Conclusions from intra day chart analysis 

As Dow Jones Futures was trading more than 125 points up therefore following lines were told at 09:57 AM on 03-01-2022 in " Firstly watch Next resistances between 17552-17639":-

Next resistances are between 17552-17639 and it will decide the life and length of on going Pull Rack Rally therefore sustaining it beyond should be firstly watched for its confirmations.

As Nifty traded last hour sideways within and near about next resistances(17552-17639) between 17608-17646 as well as closed within it at 17625.70 therefore firstly sustaining it beyond should be watched in the coming sessions for the life and length of on going Pull Rack Rally. As Whole day up moves were with downward corrections and selling patterns were not seen on 03-01-2022 therefore complete fresh selling patterns formations are firstly required  minimum on intraday charts for the correction beginning.

 Firstly watch Next resistances

between 17552-17639

Post-open Outlook(03-01-2022)

As Dow Jones Futures is trading more than 125 points up since today morning therefore sentiment boosted on new year 1st trading day and resultant strong opening of Indian markets.

Next resistances are between 17552-17639 and it will decide the life and lenth of on going Pull Rack Rally therefore sustaining it beyond should be firstly watched for its confirmations.

 Live proofs of our accuracy

Prediction of "Nifty maximum Target" 

at 18793

Prediction of "Nifty above 18000" 

one year before

 Deeper correction beginning expectations

Technical Analysis,Research & Weekly 

Outlook(Jan 03 to Jan 07,2022)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (31-Dec-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC' correction beginning.

2- Corrective Wave-A of "ABC" correction continuation with recent bottom formations at 16410.20 on 20-12-2021 and no confirmation of its completion yet.   

3- Pull Back Rally continuation with recent top formation at 17400.80 on 31-12-2021 

4- Stochastic- Both %K(5) line and %D(3) line are kissing in Over bought zone.

5- Stochastic:- %K(5)- 87.32 & %D(3)- 87.56.

6- In MACD- Both MACD line and Average line are kissing in negative zone.

7- MACD(26,12)- -136.71 & EXP(9)- -134.98 & Divergence- -01.73 

8- Down moves below falling trend line

Conclusions from EOD chart analysis

(Stochastic & MACD)

As both lines of Stochastic are kissing in Over bought zone and both lines of MACD are also kissing in negative zone as well as Nifty is just below falling trend line therefore it will be understood that on going previous 10 sessions Pull Back rally is technically well prepared for its correction which will start any day in the coming week.

 

Nifty-Last 18 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Dec 08 to Dec 31,2021):-

Technical Patterns formation in last 18 Sessions intraday charts

1- Selling(Resistances) in last 18 Sessions are as follows:-

A- 17365-17421

B- 17552-17639  

2- Consolidation(Supports) in last 18 Sessions are as follows:-

A- 16884-17093

B- 16820-16918

C- 16739-16782

D- 16411-16530

3-  3 Sessions Mixed Patterns formations between 17177-17273

4- Last 18 Sessions actual trading between 16411-17639 

Conclusions from 18 Sessions

intra day chart analysis 

Last 18 Sessions actual trading between 16411-17639 with above mentioned supports and resistances and last Friday closing was near the higher levels of this range after 10 previous sessions rally. As both higher levels selling and lower levels buying in last 18 sessions therefore firstly Nifty will have to trade and prepare for next trend within this range. Let Nifty prepare then will be decided according to coming sessions intraday trading patterns formations.

Although Mixed Patterns formations was seen in the 3 sessions of previous week between 17177-17273 but Nifty closed well above it at 17354.05 last Friday with higher levels some selling therefore firstly sustaining beyond 17273 should also be watched in next week for correction beginning confirmation of on going last 10 sessions Pull back rally.

Nifty-Intra Day Chart Analysis

(31-Dec-2021)

Nifty-Intra Day Chart (31-Dec-2021):-

Technical Patterns formation in today intraday charts

1- 97 Points jump in first 2 minutes after positive opening

2- Sideways trading between 17324-17360

3- Selling between 17362-17400(Immediate Resistance) 

4- Whole day actual trading between 17239-17400

Conclusions from intra day chart analysis 

Although 97 points jump in first 2 minutes after positive opening and after that 2 hours sideways trading also but higher levels selling was also seen between 17324-17360 therefore this range will be immediate resistance of Nifty and firstly Nifty has to consolidate for decisive up moves beginning above 17400.   

Remain cautious also in next week because fresh selling within or near about 17324-17360 in the beginning of coming week will mean decisive down moves beginning and its confirmation will be sustaining below 17324.

Conclusions

(After putting all studies together)

1- Long Term Trend is up.

2- Intermediate Term Trend is down.

3- Short Term Trend is sideways between 16411-17400.

Last 10 Sessions Pull Back rally continuation with recent top formation at 17400.80 on 31-12-2021 and no confirmation of its completion yet on EOD charts but following developments are suggesting that its correction is on cards which will be seen in next week despite last Friday closing was at its top.

1- Overbought indicators.

2- both lines are kissing in Stochastic and MACD.

3- Higher levels selling on 31-12-2021.

4- Mixed Patterns formations between 17177-17273 in the 3 sessions of previous week.

Sustaining beyond 17177 should be firstly watched in next week for the life and length of last 10 sessions rally amid deeper correction beginning expectations towards/below above mentioned next supports.

 17245 will confirm next trend 

Nifty-Intra Day Chart Analysis & 

Market Outlook(31-12-2021)

Nifty-Intra Day Chart (30-Dec-2021):-

Technical Patterns formation in today intraday charts

1- 67 Points fall in first minute

2- Up moves in Bearish Rising Channel

3- Down moves in Bullish Falling Channel

4- Up moves with downward corrections

5- Down moves with upward corrections

6- Whole day actual trading between 17147-17264

Conclusions from intra day chart analysis 

As multiple strong resistances were above 17245 therefore following topic was posted told on 27-12-2021:-

"Remain cautious and watch 17245 amid up moves continuation expectations"

We cautioned and Nifty closed below 17245 in all the previous 3 sessions after our above posted topic therefore  firstly sustaining it beyond should be watched in the coming sessions for the life of last 9 sessions rally which started form 16410.2 on 20-12-2021.

"Down moves towards next supports" topic was posted on 29-12-2021 for yesterday trading and 67 Points fall was seen in first minute yesterday. As whole day trading was with both above mentioned consolidation and selling patterns formations therefore yesterday trading will be understood with Mixed Patterns formation between 17147-17264 and resultant closing was with only 9 points down.

As Mixed Patterns formation between 17147-17264 yesterday therefore firstly sustaining it beyond should be firstly watched today for next decisive moves beginning confirmations and remain cautious also because Nifty hovered around 17245 in last 3 sessions and it will confirm next trend. 

 Down moves towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-12-2021)

Nifty-Intra Day Chart (29-Dec-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 17266-17285

2- Sharp fall

3- Down moves in Bullish Falling Channel

4- Selling between 17234-17255

5- Sharp fall in last hour

6- Whole day actual trading between 17177-17285

Conclusions from intra day chart analysis 

Multiple strong resistances between 17245-17332 were updated on 25-12-2021 in " Firstly watch 16411-17379 amid finally down moves expectations below it" and cautioned also in last 2 sessions outlooks for watching to sustain above 17245.   

Nifty whole day hovered around 17245 today and fresh intrday selling patterns formations developed therefore sharp fall was seen 2 times despite some buying was also seen through Down moves in Bullish Falling Channel.

As higher levels good intraday selling developed 

today and resultant resistances between 

17245-17332 have turned stronger also therefore 

down moves are expected towards 

next supports(16820-16918)

 Watch levels for next decisive 

moves beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-12-2021)

Nifty-Intra Day Chart (28-Dec-2021):-

Technical Patterns formation in today intraday charts

1- Volatility in first hour

2- Up moves in Bearish Rising Channels

3- Volatility in last hour

4- Whole day actual trading between 17162-17250

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Remain cautious and watch 17245 amid up moves continuation expectations":-

1- some up moves will remain continued towards next resistances(17245-17332). 

2- sustaining above 17245 should be watched for next decisive up moves beginning confirmations

3- remain cautious also because failing to sustain above it will mean correction beginning towards/below the lowest(16410.20) of on going"ABC" correction.

As was told 100% same happened and Nifty closed 147 points up as well as closed below 17245 at 17233.25 after today highest formation just above it at 17250.25

Although Up moves were in Bearish Rising Channels therefore selling patterns formations will be understood today but high volatility in first and last hour hence view will be watchful because technical positions reverses also during such today high volatility.

As one sided clear intraday patterns were not seen today and firstly Nifty will have to prepare for next decisive moves as well as that will be firstly done between 17162-17379 in the coming sessions therefore sustaining beyond this range should be watched in the coming sessions. First strong signal of next decisive moves beginning will come from sustaining beyond 17245 therefore should be firstly watched but its final confirmation will be from sustaining beyond 17162-17379. 

Remain cautious and watch 17245 amid up moves continuation expectations

Nifty-Intra Day Chart Analysis & Market

Outlook(28-12-2021)

Nifty-Intra Day Chart (27-Dec-2021):-

Technical Patterns formation in today intraday charts

1- 104 Points sharp fall in first 7 minutes

2- Whole day up moves with downward corrections

3- Whole day actual trading between 16834-17112

Conclusions from intra day chart analysis 

Although 104 points sharp fall in first 7 minutes and traded 170 points down also but after that up moves started which remain continued till last minutes. As last 6 hours up moves were with downward corrections and as such selling patterns were not seen therefore some up moves will remain continued towards next resistances(17245-17332). 

As Short Term indicators are just below Overbought zone and next resistances are strong also therefore firstly sustaining above 17245 should be watched for next decisive up moves beginning confirmations and remain cautious also because failing to sustain above it will mean correction beginning towards/below the lowest(16410.20) of on going"ABC" correction.

  Firstly watch 16411-17379 amid finally down moves expectations below it

Technical Analysis,Research & Weekly Outlook

(Dec 27 to Dec 31,2021)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (24-Dec-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC' correction beginning.

2- Corrective Wave-A of "ABC" correction continuation with recent bottom formations at 16410.20 on 20-12-2021   

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

5- Stochastic:- %K(5)- 70.16 & %D(3)- 54.79.

6- In MACD- MACD line has intersected Average line downward and its MACD line is falling while Average line is flat in negative zone EOD.

7- MACD(26,12)- -162.95 & EXP(9)- -123.32 & Divergence- -39.63

Conclusions from EOD chart analysis

(Stochastic & MACD)

corrective Wave-A of "ABC' correction begun after Impulsive Wave-5 completion at 18604.50 on 19-10-2021. As Wave-A is in continuation and no indication of its completion yet therefore its continuation will be seen in the coming week/weeks. 

 

As in Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising towards Over bought zone therefore some more up ward moves can not be ruled out in the coming week but MACD has started Short term downward trend formations through MACD line downward intersection of Average line hence down moves possibilities have also turned alive.

Both Short Term indicators Stochastic and MACD are showing adverse moves possibilities therefore it will be understood that at present Indian markets are not prepared for any type of one sided moves and will firstly remain sideways as well as firstly prepare for next decisive moves in the coming week. 

Nifty-Last 9 Sessions intraday

charts analysis

Nifty-Intra Day Chart (Dec 14 to Dec 24,2021):-

Technical Patterns formation in last 9 Sessions intraday charts

1- Selling(Resistances) in last 9 Sessions are as follows:-

A- 17045-17118

B- 17245-17332(Multiple strong resistances)   

2- Consolidation(Supports) in last 9 Sessions are as follows:-

A- 16820-16918

B- 16739-16782

C- 16411-16530

3- Last 9 Sessions actual trading between 16411-17379 

Conclusions from 9 Sessions

intra day chart analysis 

Last 9 Sessions actual trading between 16411-17379 with above mentioned supports and resistances which are equally stronger also therefore Nifty will firstly trade within 9 Sessions trading range in the coming week and prepare for next trend.

Let Nifty prepare for next trend between 16411-17379 then finally sustaining it beyond should be watched for its confirmations and till then trading strategy should be for targets within this 9 sessions trading range.

Nifty-Intra Day Chart Analysis

(24-Dec-2021)

Nifty-Intra Day Chart (24-Dec-2021):-

Technical Patterns formation in today intraday charts

1- 186 Points sharp fall in first 15 minutes after positive opening 

2- Mixed Patterns formation between 16910-16988

3- Slow up moves in Mid-Session

4- Slipping in last hour 

5- Whole day actual trading between 16910-17155

Conclusions from intra day chart analysis 

As Indian markets are in Bearish mode therefore firstly 186 Points sharp fall in first 15 minutes after positive opening last Friday and after that some lower levels supports were also seen amid Mixed Patterns formation between 16910-16988. 

Although up moves in Mid-Session but were slow therefore slipping in last hour again. As some lower levels supports and selling patterns formations were also therefore whole day last Friday trading will be understood with Mixed patterns formations between 16910-17155 and resultant Nifty will firstly trade as well as prepare for next decisive moves within this range hence sustaining beyond this range should be firstly watched in the coming 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 sideways between 16411-17379.

Corrective Wave-A of "ABC" correction continuation with recent bottom formations at 16410.20 on 20-12-2021 and no indication of its completion yet on EOD charts.

Although sharp fall in the first day of previous week on 20-12-2021 but after that strong up moves were also seen in the following 4 sessions and previous week closing was in Green but higher levels good selling and Nifty could not sustain at higher levels also. As selling was also seen in previous week therefore Nifty will be understood sideways within last 9 Sessions trading range(16411-17379) and will prepare for next Trend within or near about it in the coming week. 

As finally sustaining beyond 16411-17379 will form following next decisive moves therefore should be firstly watched in the coming week/weeks for its confirmations:-    

1- Above 17379 will mean rally towards following next resistances:-

A- 17365-17421

B- 17552-17639  

2- Below 16411 will mean Wave-A of "ABC" correction continuation towards following next supports:- 

A- 16303-16356

B- 16179-16247(Multiple supports)

C- 16147-16176(Gap support)

D- 15893-15914(Gap support)

Although all the crucial levels have been updated above for Short to Intermediate Term moves possibilities but expected that finally Nifty will move and sustain below 16411 as well as test above mentioned supports in the coming weeks/months.  

Today lowest will confirm correction beginning 

Nifty-Intra Day Chart Analysis & 

Market Outlook(24-12-2021)

Nifty-Intra Day Chart (23-Dec-2021):-

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channels

2- Sharp falls

3- Whole day actual trading between 17016-17118

Conclusions from intra day chart analysis 

Although strong gap up opening but converted into sideways trading between 17016-17118 with selling through 2 times up moves in Bearish Rising Channels and resultant sharp falls were also seen 3 times therefore selling patterns formations will be understood for today. 

If follow up selling develops within or near about today trading range tomorrow then once sustaining below today lowest(17016) will mean Pull back rally completion and correction beginning towards the lowest(16411) of on going Wave-A of "ABC" correction.

Up moves continuation towards next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-12-2021)

Nifty-Intra Day Chart (22-Dec-2021):-

Technical Patterns formation in today intraday charts

1- More than 5 hours consolidation between 16820-16918

2- Up moves in last hour

3- Whole day actual trading between 16820-16971

Conclusions from intra day chart analysis 

Although good selling between 16864-16936 yesterday but equally good more than 5 hours consolidation was seen within and near about this range between 16820-16918 today therefore up moves developed in last hour.

As today closing was at the highest levels of last 3 sessions and consolidation was seen at the higher levels of last 3 sessions trading range as well therefore up moves will remain continued towards next resistances between 17245-17332.