Strong rally beginning expectation 

towards & above life time highest 

after 2 Crucial Levels break out 

Technical Analysis,Research & Weekly Outlook

(Feb 13 to Feb 17,2023)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (10-Feb-2023):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022.

2- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 17353.40 on 01-02-2023.

3- 24 sessions sideways trading range(17762-18265) broken down on 27-01-2023 

4- Last Friday closing within previous 24 sessions trading range at 17856.50

5- Last 11 Sessions actual trading between 17354-17972 which is Budget day(01-02-2023) trading range. 

6- Last 7 sessions Pull Back Rally continuation with recent top formations at 17916.90 on 09-02-2023.

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

8- Stochastic:- %K(5)- 88.05 & %D(3)- 81.18.

9- MACD- Its both lines are kissing in the negative zone

10- MACD(26,12)- -122.47 & EXP(9)- -138.11 & Divergence- 15.64

Conclusions from EOD chart analysis

(Stochastic & MACD)

Waves structure of Nifty was potsed in previous week weekly Outlook and since then no material change in it therefore not being updated in this week weekly Outlook.

Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 was completed at 18887.6 on 01-12-2022 and its corrective Wave-(ii) of Wave-[(iii)] of Wave-1 started which is in continuation with recent bottom formation at 17353.40 on 01-02-2023 and no confirmation of its completion yet on EOD charts.

Although 24 sessions sideways trading range(17762-18265) was broken down on 27-01-2023 but after this next 2 Weekly closing was within this range therefore confirmation of this range valid break down is still required. As last 11 Sessions trading was between 17354-17972 which is within Budget day(01-02-2023) trading range also and Last 7 sessions Pull Back Rally continuation with recent top formations at 17916.90 on 09-02-2023 therefore firstly sustaining beyond last 11 Sessions trading range should be watched in the coming week for first strong signal of corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation/completion.

Positions of Daily indicators are as follows:-

1- In Stochastic its %K(5) line has intersected %D(3) line upward and its both lines are rising within Over bought zone therefore some more up moves can not be ruled out. Although its both lines are in Over bought zone but let its downward intersection happen then Short Term correction will be considered.

2- In MACD its both lines are kissing in negative zone therefore showing indecisiveness signals. Let its one sided clear cross over happen then that sided Short Term Trend will be considered accordingly.

Nifty-EOD Chart Analysis

(Fibonacci retracement levels)

Nifty-EOD Chart (10-Feb-2023):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-[(ii)] of Wave-1 completion at 16747.7 on 30-09-2022.

2- Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022.

3- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 17353.40 on 01-02-2023. 

4- Fibonacci Retracement levels of Impulsive Wave-(i) of Wave-[(iii)] of Wave-1 which started from 16747.7 and completed at 18887.6.

5- Fibonacci Retracement levels of Impulsive Wave-(i) of Wave-[(iii)] of Wave-1(16747.7-18887.6) are as follows:-

13.0%- 18609

23.6%- 18382

27.0%- 18309

38.2%- 18070(Crucial)

50.0%- 17817(Crucial)

61.8%- 17565(Crucial)

70.7%- 17374

76.4%- 17252

78.6%- 17205

88.6%- 16991

Conclusions from EOD chart analysis

(Fibonacci retracement levels)

Corrective Wave-[(ii)] of Wave-1 completed at 16747.7 and impulsive Wave-(i) of Wave-[(iii)] of Wave-1 started which completed at 18887.6. Now corrective Wave-(ii) of Wave-[(iii)] of Wave-1 is in continuation with recent bottom formation at 17353.40 on 01-02-2023 which will correct impulsive Wave-(i) of Wave-[(iii)] of Wave-1(16747.7-18887.6) according to above mentioned Fibonacci retracement levels.

As Nifty has corrected 61.8% Crucial Level(17565) and also has retraced upto 70.7% Level(17374) after lowest formation at 17353.40 on 01-02-2023 as well as strong Pull Back Rally developed after this lower levels formation therefore signals of Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 completion have emerged. Let confirmation come then its completion will be considered.

Nifty-Last 11 Sessions 

intraday charts analysis

Nifty-Intra Day Chart (Jan 27 to Feb 10,2023):-

Technical Patterns formation in last 11 Sessions intraday charts

1- Lower levels strong base formation from Jan 27 to Feb 03,2023 between 17354-17688 

2- Last 3 sessions most time trading between 17801-17876 with intraday consolidation patterns formation indications

3- Last 11 Sessions actual trading between  17354-17972 

Conclusions from 11 Sessions

intra day chart analysis 

Last 11 Sessions actual trading between  17354-17972 in which firstly strong base was formed at lower levels between 17354-17688 and after that up moves started on 03-02-2023. As last 3 sessions most time trading was below last 11 sessions highest without slipping below 17688 therefore signals of sustaining at higher levels of 11 sessions range have been seen. As some consolidation at lower levels in previous 3 sessions have also been seen therefore up moves beginning expectations above last 11 sessions highest(17972) have emerged. 

Fresh consolidation without sustaining below 17801 will be first strong signal of strong rally beginning and finally sustaining above last 11 sessions highest(17972) will confirm it which should be firstly watched in next week.

Nifty-Intra Day Chart Analysis

(10-Feb-2023)

Nifty-Intra Day Chart (10-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Whole day sideways trading with consolidation patterns indications between 17801-17876

2- Whole day actual trading between 17801-17876

Conclusions from intra day chart analysis 

Although firstly slipping after weaker opening and Nifty traded 92 points down also last Friday but whole day sideways trading was seen with consolidation patterns indications therefore view will not be Bearish immediately. Expected that Nifty will firstly trade within and near about last Friday trading range(17801-17876) as well as prepare for next decisive moves beginning therefore finally sustaining beyond last Friday trading range should be watched in the beginning of coming week for next decisive moves beginning confirmations. 

Conclusions

(After putting all studies together)

1- Short Term Trend is sideways between 17354-17902.

2- Intermediate Term is down.

3- Long Term Trend is up.

Although corrective Wave-(ii) of Wave-[(iii)] of Wave-1 is in continuation with recent bottom formation at 17353.40 on Union-Budget day(01-02-2023) and no confirmation of its completion yet on EOD charts but following signals of its completion have emerged which should be firstly watched in the coming week/weeks:-

1- Nifty has retraced 61.8% Crucial Level(17565) and sustaining above it for the last 6 sessions with recent lowest formation above it at 17585 on 03-02-2023. 

2- Last 11 Sessions trading between 17354-17972 with lower levels strong base formation between 17354-17688.

3- Last 3 sessions most time trading between 17801-17876 with intraday consolidation patterns formation indications.

4- Nifty has not slipped below Long Term Trend decider 200-Day SMA(today at 17313) during on going correction.

Next supports and resistances beyond last Friday closing(17856) are as follows:-

Supports:-

1- 17816-17841

2- 17719-17783

3- 17585-17718

4- 17513-17552

5- 17438-17492

6- 17226-17374

Resistances:-

1- 17912-17972

2- 18109-18132

3- 18155-18192

4- 18216-18240

5- 18345-18387(Strong resistances)

As more than 500 points recovery from lower levels from Union-Budget lowest and lower levels good intraday  consolidation patterns formations were seen also in the last 11 sessions therefore strong rally beginning possibility has emerged after on going Wave-(ii) of Wave-[(iii)] of Wave-1 correction completion. Let nifty to sustain above following next 2 Crucial levels then strong rally will be seen towards and above life time highest and it is expected also:-  

1- Last 11 sessions highest(17972)

2- Previous 24 sessions trading range highest(18265)

Firstly watch 17780-17916 after weaker Global cues amid fresh rally beginning possibility above 17916

Pre-open Outlook(10-02-2023)

As Dow Jones closed 249 points down after slipping 550 points from intraday highest yesterday therefore sentiment turned weaker today morning and resultant most Asian markets are trading in Red hence Indian markets will also open in negative zone today.

Lower levels good intraday consolidation was seen yesterday therefore until Nifty will not slip below yesterday lowest(17780) till then decisive down moves will not be seen and follow up consolidation today will mean finally strong rally above yesterday highest(17916)

Expected that Nifty will trade most time today within yesterday trading range(17780-17916) and finally sustaining it beyond will confirm next decisive moves beginning therefore finally it should be watched in the coming sessions amid fresh rally beginning possibility above yesterday highest(17916).

Finally decisive up moves above 

today highest & 18000 

Nifty-Intra Day Chart Analysis & 

Market Outlook(10-02-2023)

Nifty-Intra Day Chart (09-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Sharp up moves

3- Consolidation between 17823-17884

4- Sharp up moves

5- Sideways trading in last hour with consolidation patterns indications between 17878-17916

6- Whole day actual trading between 17780-17916

Conclusions from intra day

chart analysis 

Although firstly 103 Points down moves from intraday higher levels in first 30 minutes after positive opening but were in Bullish Falling Channel therefore sharp up moves were seen after that. As consolidation between 17823-17884 in Mid-session also therefore again sharp moves were seen after 01:30 PM. 

Sideways trading with consolidation patterns indications between 17878-17916 in last hour but Very Short Term indications have turned Overbought also after more than 400 points recovery from lower levels in last 6 sessions therefore expected that Nifty will firstly trade within and near about this range(17878-17916)  tomorrow but expected that finally decisive up moves will be seen above today highest and 18000 in the coming sessions/week.

 As out of station therefore Stock Market Outlook of today(09-02-2023) is not being updated.

 Valid break out of today trading range 

will confirm next decisive beginning 

after RBI Credit Policy

Nifty-Intra Day Chart Analysis & 

Market Outlook(08-02-2023)

Nifty-Intra Day Chart (07-Feb-2023):-

Technical Patterns formation in today intraday charts

1- 79 Points sharp fall after positive opening

2- Selling between 17730-17785

3- Down moves in Bullish Falling Channel

4- Sharp up

5- Volatility in last hour between 17709-17778

6- Whole day actual trading between 17653-17811

Conclusions from intra day

chart analysis 

Although positive opening but firstly 79 points sharp fall and after that selling between 17730-17785 therefore down moves remained continued in first 4 hours and Nifty traded 111 points down also. As lower levels consolidation was also seen through down moves in Bullish Falling Channel therefore sharp up moves developed from lower levels.

As only volatility in last hour after higher levels selling and lower levels buying therefore it will be understood that one sided technical positions could not be formed today. it is clear that Nifty will have to prepare for next decisive moves beginning and that will be done within and near about today trading range therefore firstly valid break out today trading range(17653-17811) should be watched tomorrow for next decisive beginning confirmations after RBI Credit Policy announcements at 10:00 AM tomorrow.

Sustaining above 17783 will confirm

 sharp up moves beginning

Nifty-Intra Day Chart Analysis &

Market Outlook(07-02-2023)

Nifty-Intra Day Chart (06-Feb-2023):-

Technical Patterns formation in today intraday charts

1- 137 Points sharp fall in first 20 minutes after weaker opening.

2- Selling between 17769-17802

3- Sharp fall

4- Consolidation Patterns indications in last 5 hours between 17699-17783

5- Whole day actual trading between 17699-17823

Conclusions from intra day

chart analysis 

As higher levels selling last friday therefore firstly 137 Points sharp fall was seen in first 20 minutes after weaker opening and fresh selling developed after intraday recovery from lower levels hence sharp fall was seen again.  

Although whole day negative zone trading and today closing was 89.45 down also but consolidation Patterns indications were seen in the last 5 hours between 17699-17783. If fresh consolidation develops tomorrow then sharp up moves will be seen above today highest. Finally sustaining above 17783 should be watched in the coming sessions for such sharp up moves beginning confirmations.

Fresh Rally beginning above life time 

highest at 18887.6 without slipping 

on going correction lowest at 17353.4

Technical Analysis,Research & Weekly Outlook

(Feb 06 to Feb 10,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (03-Feb-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-[(i)] of Wave-1 completion at 18096.2 on 15-09-2022.

3- Corrective 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 18887.6 on 01-12-2022.

5- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 17353.40 on 01-02-2023.

6- Last 24 sessions sideways trading range(17762-18265) broken down on 27-01-2023 

7- Pull Back Rally continuation with recent top formations at 17870.30 on 03-02-2023.

8- Last Friday closing within previous 24 sessions trading range at 17854.05

Conclusions from EOD chart analysis

(Waves structure)

"ABC correction" of previous Waves structure completed at 15183.4 on 17-06-2022 and new "Waves structure" started through its Impulsive Wave-1. Wave-(i) of Wave-[(iii)] of Impulsive Wave-1 completed at 18887.6 on 01-12-2022 and its corrective Wave-(ii) of Wave-[(iii)] of Wave-1 begun which is in continuation with recent bottom formation at 17353.40 on 01-02-2023 and no confirmation of its completion yet on EOD Charts.

Nifty-EOD Chart Analysis

(Bollinger Band,Stochastic & MACD)

Nifty-EOD Chart (03-Feb-2023):-

Technical Patterns and Formations in EOD charts

1- Nifty closed just below Middle Band of Bollinger Band last Friday. 

2- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising from Over sold zone.

3- Stochastic:- %K(5)- 52.54 & %D(3)- 40.51.

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

5- MACD(26,12)- -142.68 & EXP(9)- -61.33 & Divergence- -81.35

Conclusions from EOD chart analysis

(Stochastic & MACD)

Although new low of on going correction formed in previous week but Pull back rally started in last 2 sessions and Nifty closed just below Middle Band of Bollinger Band last Friday which is an indication of up moves continuation towards Upper Band of Bollinger Band.

Positions of Daily indicators are as follows:-

1- In Stochastic its %K(5) line has intersected %D(3) line upward and its both lines are rising from Over sold zone which is an indication of Short Term up moves continuation in next week.

2- In MACD its  MACD line has intersected Average line downward and its both lines are falling in negative zone therefore showing downward trend formation indications.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (03-Feb-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 17678 

B- 21-Day SMA is today at 17902

C- 55-Day SMA is today at 18196

D- 100-Day SMA is today at 17945

E- 200-Day SMA is today at 17297

 

Conclusions from EOD chart analysis

(Averages)

Although Nifty closed well above 5-Day SMA at 17854 last Friday but below 21-Day SMA therefore Short Term Trend is still down. As Long Term trend decider 200-Day SMA is at 17297 therefore Long Term trend is up but Intermediate Term trend decider 55-Day SMA is at 18196  therefore Long Term trend is still down.

The difference between 5-Day SMA and 55-Day SMA is 518 points and the difference between previous closing(17854) and 55-Day SMA is 342 points. As finally sustaining beyond 55-Day SMA will confirm Intermediate Term trend therefore should be firstly watched in the coming week/weeks for its confirmations because it is not far above last closing of Nifty.

Nifty-Last 6 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Jan 27 to Feb 03,2023):-

Technical Patterns formation in last 6 Sessions intraday charts

1- Lower levels strong base formation in last 6 sessions between 17354-17870  

2- Last 6 Sessions actual trading between 17354-17972 

Conclusions from 6 Sessions

intra day chart analysis 

Although on union Budget day Nifty lost 618 points from higher levels and closed in Red also but last 6 session which are 3 days before it and 2 days after it have shown lower levels good intraday consolidation patterns formations. As such nice consolidation in last 6 sessions therefore it will be understood that lower levels strong base has been formed in last 6 sessions between 17354-17870 and strong rally will be seen above last 6 sessions highest(17972)in the coming week/weeks.

Nifty-Intra Day Chart Analysis

(03-Feb-2023)

Nifty-Intra Day Chart (03-Feb-2023):-

Technical Patterns formation in today intraday charts

1- More than 4 hours consolidation between 17585-17718

2- Sharp up moves

3- Selling in last hour between 17817-17870

4- Whole day actual trading between 17585-17870

Conclusions from intra day chart analysis 

Although firstly slipping in first hours after positive opening and trading in negative zone also but in consolidation patterns formations as well as more than 4 hours consolidation between 17585-17718 therefore sharp up moves were seen in Mid-session. As minor selling at intraday higher levels in last hour therefore firstly some down moves can not be ruled out in the beginning of next week but lower levels good consolidation also last Friday therefore finally up moves are expected above 17870 in next week.

Conclusions

(After putting all studies together)

1- Short Term Trend is sideways between 

17354-17902.

2- Intermediate Term is down.

3- Long Term Trend is up.

Although corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation and no confirmation of its completion yet on EOD Charts.Although previous 24 sessions sideways trading range(17762-18265) was broken down on 27-01-2023 but Nifty closed within it at 17854.05 last Friday. As it is an indication of not sustaining below previous 24 sessions sideways trading range and once sustaining above it(18265) will mean strong rally beginning because that will confirm:-

1- 24 Sessions like big trading range break out  

2- Intermediate Term Trend turning up after sustaining above its decider 55-Day SMA which is today at 18196

Although MACD is showing downward trend formation signals but Stochastic is indicating Short Term up moves continuation towards its Over bought zone in next week and that is expected also therefore let it happen first then will be decided according to that time indicators positions formations. Next supports and resistances beyond last Friday closing are as follows:-

Supports:-

1- 17585-17718

2- 17513-17552

3- 17438-17492

4- 17226-17374

Resistances:-

1- 17912-17972

2- 18109-18132

3- 18155-18192

4- 18216-18240

5- 18345-18387(Strong resistances)

As 243 Points Pull Back Rally with its recent closing at 17854 was seen last Friday after last 6 Sessions strong base formation between 17354-17870 and last friday closing was within previous 24 sessions sideways trading range also therefore emergence of fresh and decisive Rally beginning expectations towards and above life time highest(18887.6) in the coming weeks/months without slipping below on going correction lowest(17353.4) after all the trends turning up and without affecting from Adani Group crisis.  

17490-17649 Will confirm next 

trend beginning first signal 

Nifty-Intra Day Chart Analysis & 

Market Outlook(03-02-2023)

Nifty-Intra Day Chart (02-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Firstly slipping 172 points in first 3 minutes after weaker opening

2- 205 Points sharp up moves in 45 minutes

3- Last 5 and half hour sideways trading between 17490-17649 

4- Whole day actual trading between 17446-17653

Conclusions from intra day chart analysis 

Although firstly slipping 172 points in first 3 minutes after weaker opening but after that 205 points sharp up moves was seen in the next 45 minutes. As last 5 and half hour sideways trading between 17490-17649 and one sided intraday trading patterns formations was not seen within this range therefore firstly sustaining beyond this range should be watched in the coming sessions for the confirmation of next trend beginning first signal.

 Finally 17290 will confirm Union Budget final reaction on Indian Stock markets & Long Term Trend

Nifty-Intra Day Chart Analysis & Market 

Outlook(02-02-2023)

Nifty-Intra Day Chart (01-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Slow up moves after gap up strong opening

2- Sharp up moves during Budget hours

3- Selling between 17912-17972

4- Down moves with upward corrections

5- Volatility in last hour between 17354-17669

6- Whole day actual trading between 17354-17972

Conclusions from intra day chart analysis 

As high expectations from Budget and good intraday consolidation was seen yesterday also therefore firstly gap up strong opening and sharp up moves developed during Budget hours also but higher levels selling developed between 17912-17972 after Budget announcements led heated sentiments and down started.  

Nifty lost 618 points from higher levels because Down moves were with upward corrections. As such huge intraday correction therefore Nifty corrected and recovered 315 points from lower levels in last 40 minutes during volatility last hour volatility between 17354-17669.  

Higher levels good intraday selling is confirm today and firstly complete consolidation is required for moving above today highest.

Following next supports have been updated in previous Outlooks and Nifty tested both today but closed well above it at 17616.30 today:-

1- 17381-17401(Gap support)

2- 17226-17374

Long Term Trend decider 200-Day SMA is today at 17290 which is within above mentioned 2nd supports(17226-17374) also therefore finally sustaining beyond this supports range should be watched in the coming sessions for Union Budget final reaction on Indian Stock markets and Long Term Trend also.

Finally sustaining beyond 17406-17709 will confirm post Budget next trend 

Nifty-Intra Day Chart Analysis & Market 

Outlook(01-02-2023)

Nifty-Intra Day Chart (31-Jan-2023):-

Technical Patterns formation in today intraday charts

1- 130 Points fall in first 6 minutes

2- Down moves in Bullish Falling Channel

3- Up moves with downward corrections

4- Whole day actual trading between 17538-17735

Conclusions from intra day chart analysis 

Although firstly 130 points fall in first 6 minutes but consolidation was seen firstly through Down moves in Bullish Falling Channel and after that Up moves with downward corrections therefore good intraday consolidation will be understood today and firstly up moves are expected towards today highest. As Union Budget will be tabled tomorrow  and its announcements led volatility will also be seen therefore finally sustaining beyond 17406-17709 should be watched for post Budget next trend formation confirmations. 

Firstly watch next supports for post Budget next trend formation confirmations 

Nifty-Intra Day Chart Analysis & 

Market Outlook(31-01-2023)

Nifty-Intra Day Chart (30-Jan-2023):-

Technical Patterns formation in today intraday charts

1- Whole day only intraday volatility

2- Whole day actual trading between 17406-17709

Conclusions from intra day chart analysis 

As sentiment turned depressed due to Adani Group negative news therefore Nifty slipped 150 points in first 2 minutes and Union Budget presentation also after 2 days and its led expectations also therefore more than 300 points intraday volatility developed and one sided technical positions formations was not seen today. 

Following next supports were updated in previous Outlook:-

1- 17381-17401(Gap support)

2- 17226-17374

As today lowest was just above 1st supports at 17405.55 and Nifty honored it during such dampened sentiments also therefore firstly sustaining beyond this 1st supports range should be watched in the coming 2 sessions for post Budget next trend formation confirmations.

Watch crucial levels,supports and resistances for next trend formation confirmations amid Budget proposals led huge volatility possibility

Technical Analysis,Research & Weekly 

Outlook(Jan 30 to Feb 03,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (27-Jan-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-i of Wave-1 completion at 18096.2 on 15-09-2022.

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

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

5- Corrective Wave-iv of Wave-1 continuation with recent bottom formation at 17493.55 on 27-01-2023.

6- Last 24 sessions sideways trading range(17762-18265) broken down on 27-01-2023 

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure begun after corrective Wave-C of previous Waves structure completion at 15183.4 on 17-06-2022. Impulsive Wave-iii of Wave-1 of on going Waves structure completed at 18887.6 on 01-12-2022 and after that corrective Wave-iv of Wave-1 started which is in continuation with recent bottom formation at 17493.55 on 27-01-2023.

Nifty traded sideways for the last 24 sessions like big period between 17762-18265 and this trading range was forcefully broken down on 27-01-2023 which has generated strong signal of corrective Wave-iv of Wave-1 continuation in the coming week/weeks 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (27-Jan-2023):-

Technical Patterns and Formations in EOD charts

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

2- Corrective Wave-iv of Wave-1 continuation with recent bottom formation at 17493.55 on 27-01-2023.

3- Last 24 sessions sideways trading range(17762-18265) broken down on 27-01-2023 

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

5- Stochastic:- %K(5)- 27.96 & %D(3)- 46.19.

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

7- MACD(26,12)- -26.91 & EXP(9)- -72.29 & Divergence- 45.38

Conclusions from EOD chart analysis

(Stochastic & MACD)

As deeper correction beginning signals emerged last Friday after forcefully broken down of last 24 sessions like big trading range and Short Term indicator Stochastic is also suggesting some more down moves possibilities because its both lines are falling towards Over sold zone therefore some more down moves can not be ruled out in next week. Although in MACD indicator its both lines are are rising in negative zone and showing upward trend formation signals also but its both lines are just below 0.00 line therefore no confirmations and let its both lines to move into positive zone then will confirm strong signals of upward trend formations. 

Both the indicators are showing adverse signals from each other therefore will be better to wait in the beginning of next week for the generation of one sided trend formation signals. Let it happen then should be understood from one sided trend formation signals from both these indicators.

Nifty-Intra Day Chart Analysis

(27-Jan-2023)

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

Technical Patterns formation in today intraday charts

1- More than 5 hours down moves in Bullish Falling Channel

2- 140 Points sharp recovery from lower levels in last hour

3- Whole day actual trading between 17494-17884

Conclusions from intra day chart analysis 

Although only 14 points weaker opening but after that down moves started which remained continued in the next 5 hours and once Nifty lost 398 points also. As these down moves were in Bullish Falling Channel therefore 140 points sharp recovery was seen from lower levels in last hour and Nifty closed 1.61% down last Friday.

As only intraday consolidation through more than 5 hours down moves in Bullish Falling Channel last Friday therefore view will not be Bearish and fresh consolidation with not sustaining below last Friday lowest(17494) will mean strong rally beginning in next week.

Conclusions (After putting

all studies together)

1- Short Term Trend is down.

2- Intermediate Term Trend is down.

3- Long Term Trend is up and finally sustaining beyond its decider 200-Day SMA(today at 17289) will confirm it after last Friday lowest formations(17493.55) little above it.

Corrective Wave-iv of Wave-1 continuation and no indication of its completion yet on EOD charts but strong signals of its continuation emerged after last 24 sesseion like big sideways trading range forcefully broken down on 27-01-2023. 

As Short Term indicator Stochastic has not turned Over bought yet therefore showing some more down moves possibilities hence correction continuation can not be ruled out in the beginning of next week but MACD is showing upward trend formation signals therefore fresh up moves beginning is expected after some more down moves. 

Although once Nifty lost 398 points and closed 1.61% down also last Friday but whole day intraday charts are showing consolidation patterns formations and follow up consolidation with not sustaining below last Friday lowest will mean(17494) strong Pull Back rally beginning possibility which is expected also therefore sustaining above following crucial levels should be watched for decisive up moves beginning confirmations:-  

1- Bottom of last 24 sessions at 17762 for 1st signal of decisive up moves beginning.

2- 100-Day SMA is today at 17950 for 2nd signal of decisive up moves beginning.

3- 55-Day SMA is today at 18259 for Intermediate Term Trend confirmations.

4- Top of last 24 sessions at 18265 for strong signal of corrective Wave-iv of Wave-1 completion and rally above life time top at 18887.6. 

Next supports below last Friday lowest are as follows:-

1- 17381-17401(Gap support)

2- 17226-17374

Next resistances above last Friday highest are as follows:-

1- 17909-17941

2- 18109-18132

3- 18155-18192

4- 18216-18240

5- 18345-18387(Strong resistances)

As firstly Union Budget-2023-24 led uncertainty will prevail and finally Indian markets will react on Budget proposals also in next week therefore sustaining beyond above mentioned "crucial levels,supports and resistances" should be watched one by one in next week for next trend formation confirmations amid Budget proposals led huge volatility possibility.

 17847-17902 will confirm next 

intraday decisive moves beginning

Nifty-Intra Day Chart Analysis & Market 

Outlook(27-01-2023)

Nifty-Intra Day Chart (25-Jan-2023):-

Technical Patterns formation in today intraday charts

1- Sharp fall after negative opening.

2- Minor consolidation between 17847-17902 in last 4 hours

3- Whole day actual trading between 17847-18100

Conclusions from intra day chart analysis 

Although more than 250 points sharp fall in first 2 hours after negative opening but lower levels minor consolidation was also seen in last 4 hours between 17847-17902 therefore firstly some up moves above 17902 and towards last Wednesday highest are expected. Finally sustaining beyond 17847-17902 should be watched tomorrow for next intraday decisive moves beginning confirmations. 

 समस्त भारतवासियों को 

गणतंत्र दिवस की हार्दिक शुभकामनाएं

भारत माता तेरी गाथा, सबसे ऊंची तेरी शान

तेरे आगे शीश झुकाएं, दें तुझको सब सम्मान।

26 जनवरी अर्थात भारतवर्ष का गणतंत्र दिवस 

(Republic Day) 

इस दिन हमारे देश का संविधान लागू हुआ था और 

भारत एक लोकतांत्रिक देश बना गया। 

भारत का संविधान दुनिया का

 सबसे बड़ा लिखित संविधान है जो 

दो साल ग्यारह महीने और अठारह दिनों की 

कड़ी मेहनत के बाद बनकर तैयार हुआ था।

 भारत माता की जय 

 वन्दे मातरम् 

Sideways trading between 17966-18240 

for Post Budget decisive moves preparation

Nifty-Intra Day Chart Analysis & 

Market Outlook(25-01-2023)

Nifty-Intra Day Chart (24-Jan-2023):-

Technical Patterns formation in today intraday charts

1- Firstly up moves after positive opening

2- Selling between 18164-18201

3- Consolidation between 18079-141

4- Whole day actual trading between 18079-18201

Conclusions from intra day chart analysis 

Although firstly up moves after positive opening and Nifty traded 83 points up also but selling developed in first 2 hours therefore Nifty slipped 122 points from higher levels. As lower levels consolidation patterns formations in last 3 hours also therefore Whole day today trading will be understood with Mixed Patterns formation between 18079-18201. 

Next immediate supports below today lowest are as follows:- 

1- 18028-18054

2- 17966-18007

Next resistances today highest are as follows:- 

1- 18216-18240

As Nifty has turned sideways for the last 22 sessions between 17762-18265 and preparing for post Union Budget 2023-24 decisive moves therefore expected that Nifty will firstly trade sideways and prepare for it between 17966-18240 in the coming 1/2 sessions. Let Nifty to prepare for one sided big moves then will be decided according to coming sessions intraday patterns formations and till then sustaining beyond 17966-18240 should be watched for its confirmations.

Sustaining above 18240 will mean strong rally towards life time highest at 18887.6

Nifty-Intra Day Chart Analysis & 

Market Outlook(24-01-2023)

Nifty-Intra Day Chart (23-Jan-2023):-

Technical Patterns formation in today intraday charts

1- 99 Points sharp up moves from lower levels in 30 minutes

2- Selling between 18139-18162

3- 80 Points down moves in next 3 hours

4- Consolidation between 18079-18110

5- Consolidation between 18108-18136

6- Whole day actual trading between 18063-18162

Conclusions from intra day chart analysis 

Although firstly slipping after strong opening but after that 99 points sharp up moves were seen in the next 30 minutes. As higher levels selling developed therefore after that 80 Points down moves were seen in the next 3 hours. 

As firstly consolidation between 18079-18110 after 3 hours down moves and after that follow up consolidation between 18108-18136 therefore last 3 hours lower levels consolidation will be understood and firstly up moves are expected towards today highest tomorrow.

Next resistances above today highest are as follows:- 

1- 18159-18183

2- 18216-18240

As resistances are lying up to 18240 and once follow up consolidation and after that sustaining above it will mean strong rally towards life time highest at 18887.6.

Levels will confirm Pre/Post Budget big moves beginning in the next 7 sessions 

Technical Analysis,Research & Weekly 

Outlook(Jan 23 to Jan 27,2023)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (20-Jan-2023):-

Technical Patterns and Formations in EOD charts

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

2- Corrective Wave-iv of Wave-1 continuation with recent bottom formation at 17761.70 on 12-01-2023.

3- Last 21 sessions sideways trading between 17762-18265 

4- Stochastic- Its both lines %K(5) & %D(3) are kissing in Over bought zone.

5- Stochastic:- %K(5)- 76.61 & %D(3)- 80.76.

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

7- MACD(26,12)- -71.69 & EXP(9)- -134.70 & Divergence- 63.01

Conclusions from EOD chart analysis

(Stochastic & MACD)

Waves structure on Nifty was potsed in previous week weekly Outlook and since then no material change in it therefore not being updated in this week weekly Outlook.

Impulsive Wave-iii of Wave-1 completed at 18887.6 on 01-12-2022 and its corrective Wave-iv of Wave-1 started which is in continuation with recent bottom formation at 17761.70 on 12-01-2023 as well as no confirmation of its completion yet on EOD charts. As last 21 sessions like bigger sideways trading between 17762-18265 therefore finally sustaining beyond this range will generate one sided big moves. Positions of Daily indicators are as follows:-

1- In Stochastic its both lines are kissing in Over bought zone which is indicating Short Term down moves beginning possibilities in next week.

2- In MACD its  MACD line has intersected Average line upward and its both lines are rising in negative zone therefore showing upward trend formation signals.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (20-Jan-2023):-

Technical Patterns and Formations in EOD charts

1- Averages:-

A- 5-Day SMA is today at 18049  

B- 21-Day SMA is today at 18032 

C- 55-Day SMA is today at 18273

D- 100-Day SMA is today at 17937

E- 200-Day SMA is today at 17286

2- Nifty is hovering around between 55-Day SMA & 100-Day SMA for thr last 21 sessions.

 

Conclusions from EOD chart analysis

(Averages)

Following action of Nifty is well clear that:-

1- Nifty is sustaining well above Long Term Trend decider 200-Day SMA.

2- Nifty is hovering around Intermediate Term Trend deciders 55-Day & 100-Day SMA for the last 21 sessions.

3-  Short Term Trend deciders 5-Day & 21-Day SMA are also continuously moving between 55-Day & 100-Day SMA. 

As finally sustaining beyond Intermediate Term Trend deciders 55-Day & 100-Day SMA(today at 17937-18273) will confirm next big moves therefore it should be firstly watched in the coming week/weeks.

Nifty-Intra Day Chart Analysis

(20-Jan-2023)

Nifty-Intra Day Chart (20-Jan-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 18091-18145 in first 3 hours

2- Down moves in Bullish Falling Channels in last 3 hours

3- Whole day actual trading between 18017-18145

Conclusions from intra day

chart analysis 

Although firstly up moves after positive opening but selling was seen in first 3 hours therefore down moves developed which remained continued till last hour. 

As last 3 hours Down moves were in Bullish Falling Channels therefore last Friday whole day trading will be understooed with mixed patterns formation between 18017-18145. Nifty will firstly trade and prepare for next decisive moves within this range in the beginning of next week. Let Nifty to sustain beyond 18017-18145 then that side decisive moves beginning will be considered according to its sustaining beyond direction.

Conclusions

(After putting all studies together)

1- Short Term Trend is sideways between 17854-18183.

2- Intermediate Term is sideways between 17762-18265.

3- Long Term Trend is up.

Corrective Wave-iv of Wave-1 is in continuation and no confirmation of its completion yet on EOD Charts but Nifty has turned sideways for the last 21 sessions between 17762-18265. As 21 sessions like like bigger period sideways moves therefore finally sustaining beyond its trading range(17762-18265) will confirm next Intermediate Term formation and will generate one sided big moves also hence it should be firstly watched in the coming week/weeks for its confirmations.

 

Although Stochastic indicator is showing Short Term down moves signals but MACD is suggesting upward trend formation therefore finally finally up moves beginning possibilities have emerged after some down moves.

Firstly sustaining beyond following ranges should be watched in the coming week/weeks for next trend formation beginning signals one by one:-

1- 18017-18145(For immediate moves beginning confirmations)

2- 17854-18183(For Short Term Trend confirmations)

3- 17762-18265(For Intermediate Term Trend confirmations)

Next supports and resistances between 17762-18265 are as follows:-

Supports:-

1- 18028-18054

2- 17966-18007

3- 17854-17893

4- 17762-17851

Resistances:-

1- 18091-18145

2- 18159-18183

3- 18216-18240

6 trading sessions are left for Union Budget-2023-24 and Nifty will prepare for post Budget next big moves in these 6 sessions. As Nifty is sideways between 17762-18265 for the last 21 sessions and closed in the middle of this range last Friday with above mentioned next supports and resistances which are almost equally stronger also therefore:-

1- Nifty will firstly trade and prepare for post-Budget one sided big moves within last 21 sessions trading range.

2- Finally sustaining beyond last 21 sessions trading range will confirm one sided big moves. 

As above mentioned levels,supports and resistances will firstly indicate next decisive moves beginning therefore should be firstly watched but finally valid break out of last 21 sessions trading range will confirm next big moves beginning after Intermediate Term Trend formation confirmations and that may happen before or after Budget therefore remain watchful in the coming week/weeks. 

Watch 18092-18183 for next 

decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-01-2023)

Nifty-Intra Day Chart (19-Jan-2023):-

Technical Patterns formation in today intraday charts

1- Down moves after negative opening

2- More than 5 hours sideways trading between 18092-18155

3- Whole day actual trading between 18064-18155

Conclusions from intra day chart analysis 

Although firstly down moves after negative opening and whole day today trading was in negative zone but more than 5 hours sideways trading between 18092-18155 today which was within and below 4 hours trading range(18139-18183) of yesterday therefore 9 hours sideways trading will be understood between 18092-18183 in last 2 sessions. 

As one sided intraday trading patterns formations was not seen in last 2 sesions therefore firstly sustaining beyond 18092-18183 should be watched in the coming sessions for next decisive moves beginning towards those next supports and resistances wich have been updated in yesterday Outlook.

18139-18183 will confirm next

 intraday decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(19-01-2023)

Nifty-Intra Day Chart (18-Jan-2023):-

Technical Patterns formation in today intraday charts

1- Sharp up after flat opening

2- Consolidation between 18103-18038

3- Last more than 4 hours trading with Mixed Patterns formation between 18139-18183

4- Whole day actual trading between 18033-18183

Conclusions from intra day chart analysis 

Although firstly sharp up after flat opening and after that consolidation also between 18103-18038 but last more than 4 hours trading was with Mixed Patterns formation between 18139-18183 therefore firstly sustaining beyond this range should be watched tomorrow for next intraday decisive moves beginning confirmations. 

Resistances above today highest are as follows:-

1- 18216-18240

2- 18345-18387

Supports below today lowest are as follows:-

1- 17966-18007

2- 17854-17893

 As busy therefore Stock Market Outlook of today(18-01-2023) is not being updated.