Rally continuation but remain cautious because Correction is on cards

Technical Analysis,Research & Weekly Outlook

(Jan 15 to Jan 19,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (15-Jan-2024):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of previous Waves structure "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 21928.25 on 12-01-2024.

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-C of "ABC correction" of previous Waves structure completed at 15183.4 on 17-06-2022 and from this level Impulsive Wave-1 of new Waves structure started. Now its Impulsive Wave-(v) of Wave-3 is in continuation with its recent high and new life time top formations at 21928.25 on 12-01-2024 and no confirmation of its completion yet on EOD and intraday charts

Nifty-EOD Chart Analysis 

(Bearish Rising Wedge Pattern formations)

Nifty-EOD Chart (15-Jan-2024):-

Technical Patterns and Formations in EOD charts

1- Bearish Rising Wedge Pattern formations

Conclusions from EOD chart analysis

(Bearish Rising Wedge Pattern formations)

Although impulsive Wave-(v) of Wave-3 continuation forcefully but  Bearish Rising Wedge Pattern formation is being seen for the last more than 1 month which is an indication of Short to Intermediate Term correction beginning therefore at present cautious approach is also required. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (15-Jan-2024):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 69.96 & %D(3)- 47.38.

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)- 173.92 & EXP(9)- 302.72 & Divergence- -128.8

6- MACD is showing negative divergence

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 upward and its both lines are rising towards Over bought zone therefore it will be understood that this indicator is signalling some more up moves possibility in the coming week but Stochastic is showing negative divergence also therefore only limited up moves will be expected.  

2- As in MACD indicator MACD line has intersected Average line downward and its both lines are falling in positive zone as well as this MACD is showing negative divergence therefore it will be understood that this indicator is sinalling stronger possibility of short Term downward trend formations.

Nifty-Intra Day Chart Analysis

(12-Jan-2024)

Nifty-Intra Day Chart (12-Jan-2024):-

Technical Patterns formation in today intraday charts

1- Consolidation between 21716-21749

2- Sharp up

3- Consolidation between 21799-21859

4- Consolidation between 21852-21928

5- Whole day actual trading between 21716-21928

Conclusions from intra day chart analysis 

As encouraging results and guidance by IT Sector leaders one day before therefore Indian markets celebrated it last Friday and most of the Indices closed in Green as well as NIFTY IT & Nifty 50 closed with 5.14% & 1.14% gains respectively.

Although little down moves after gap up opening but lower levels consolidation developed and after that sharp up moves were seen. As follow up consolidation remained continued in Mid-Session which remained continued till last minutes therefore Nifty closed near the higher levels of the day. Only intraday consolidation patterns formations and selling patterns wee not seen last Friday therefore last Friday started decisive up moves will remain continued towards Psychological levels of 22,000 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 has turned up after forceful break out of last 8 sessions trading range(21501-21834).

As stronger signals of growth was seen in Q3 results 2024 and Guideance of IT Sector Companies therefore Bullish rally with new life time top formations was seen last Friday. Although no confirmation of on going rally completion from EOD and intraday charts but "Bearish Rising Wedge" Pattern formation is being seen on Nifty EOD Charts which is indicating Short to Intermediate Term correction beginning possibility. Let complete selling patterns develop on EOD and intraday charts then any type of correction will be seen.

Although Stochastic indicator is showing more up moves signals and intraday charts of last Friday are also suggesting on going rally continuation possibility but MACD is showing downward trend formation signals therefore fresh and decisive down moves with correction beginning possibility can not be ruled out after some more up moves. As Q3 results 2024 will be declared in this month and on Union-Budget will also be tabled on 1st February 2024 therefore firstly Bullish Indian markets will be seen and finally correction of on going Impulsive Wave-(v) of Wave-3 will be seen which has gained 3090.45 points in the last 54 sessions.

As IT Sector Companies encouraging Q3-2024 results and Guidance therefore sideways correction trading range(21501-21834) was broken out last Friday and fresh Bullish moves of Impulsive Wave-(v) of Wave-3 restarted which remain continued also in the coming week. It should also be kept in mind that "Bearish Rising Wedge Pattern" has also been developed therefore it will be understood that Short to Intermediate Term correction is on cards which may start just before or immediate after Union Budget 2024-25 hence remain cautious also.

 Watch sustaining beyond today lowest for deeper correction beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-01-2024)

Nifty-Intra Day Chart (11-Jan-2024):-

Technical Patterns formation in today intraday charts

1- 70 Points in down moves in first hour

2- More than 4 hours trading with mixed Patterns formation between 21641-21681

3- Half hour volatility after 02:00 PM between 21594-21661 

4- Whole day actual trading between 21594-21726

Conclusions from intra day chart analysis 

As whole day intraday consolidation yesterday and all the Asian markets were trading in Green as well as some were trading with good gains today morning therefore firstly some up moves were seen after gap up opening but selling developed and Nifty slipped 70 points in first hour from intraday higher levels. 

Although more than 4 hours  trading with mixed Patterns 21641-21681 but half hour volatility was also seen after 02:00 PM in which technical positions may also have changed and new intraday lowest was also formed during this volatility therefore firstly sustaining beyond today lowest should be watched tomorrow for deeper correction beginning confirmations.

Watch 21679-21749 for next trend confirmations amid more up moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(11-01-2024)

Nifty-Intra Day Chart (10-Jan-2024):-

Technical Patterns formation in today intraday charts

1- 96 Points down in first 15 minutes after little weaker opening.

2- More than 4 hours consolidation between 21477-21567(immediate supports)

3- Up moves with downward corrections

4- Whole day actual trading between 21449-21641

Conclusions from intra day chart analysis 

Although 96 points down moves in first 15 minutes after little weaker opening but lower levels  more than 4 hours consolidation and after that up moves with downward corrections in last 2 hours which is also a consolidation pattern therefore whole day only iintraday consolidation will be understood and more up moves will be seen in the coming sessions towards next Resistances between 21679-21749.

As finally sustaining beyond 21679-21749 will confirm next trend therefore it should firstly watched in the coming for its confirmations.

Sustaining beyond 21518-21724 will confirm next decisive moves beginning

Nifty-Intra Day Chart Analysis & Market 

Outlook(10-01-2024)

Nifty-Intra Day Chart (09-Jan-2024):-

Technical Patterns formation in today intraday charts

1- Down moves after strong opening

1- Consolidation between 21594-21639

3- Up moves

4- More than 3 hours selling between 21679-21724(immediate Resistances)

5- Sharp down moves

6- Down moves in Bullish Falling Channel

7- Whole day actual trading between 21518-21724

Conclusions from intra day chart analysis 

Although strong opening but firstly sharp fall was seen immediately after opening. As lower levels some consolidation developed therefore up moves also seen and once Nifty traded more than 200 points positive also.

As more than 3 hours fresh selling developed at higher levels therefore decisive intraday down moves were seen but lower levels some consolidation was also in last hour through Down moves in Bullish Falling Channel therefore lower levels some consolidation will; also be understood whole day today trading will be understood with lower levels buying and higher levels good intraday selling and firstly  today trading will be understood with Mixed Patterns formation between 21518-21724 and finally sustaining beyond today range will confirm next decisive moves beginning

Sideways trading within today 

trading range expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(09-01-2024)

Nifty-Intra Day Chart (08-Jan-2024):-

Technical Patterns formation in today intraday charts

1- Selling between 11715-21763

2- Selling between 11685-11726

3- Selling between 21619-21642

4- Selling between 21570-21606

5- Down moves in Bullish Falling Channel in last hour

6- Whole day actual trading between 21493-21763

Conclusions from intra day

chart analysis 

Following lines were told on 06-01-2024 in "Remain cautious & watch supports amid Short to Intermediate Term correction beginning expectations":-

"down moves below last Friday lowest(21629.2) 

will be expected in the beginning of next week"

As was told 100% same happened and Nifty moved down 197.80 points as well as closed at 21513.00 today. 

Although firstly some up moves after positive opening but fresh selling developed which remained continued whole day with regular down moves. As whole day selling therefore down moves remained till last hour and Nifty closed near the lowest of the day with 0.93% fall.

As Down moves in Bullish Falling Channel in last hour therefore lower levels some consolidation will also be understood and some up moves will be seen in  today trading range as well as sideways trading is expected within today trading range(21493-21763).

Remain cautious & watch supports amid

 Short to Intermediate Term correction

 beginning expectations

Technical Analysis,Research & Weekly Outlook

(Jan 08 to Jan 12,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (05-Jan-2024):-

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 21834.30 on 01-01-2024.

11- Short Term correction continuation with its recent bottom formations at 21500.30 on 03-01-2024

12- Last 8 sessions trading between 21501-21834

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 previous Waves structure completion at this level. Now its impulsive Wave-(v) of Wave-3 continuation with its recent high and new life time top formations at 21834.30 on 01-01-2024 and no confirmation of its completion yet on EOD charts but Short Term correction begun from this levels which has now turned sideways for the last 8 sessions between 21501-21834. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (05-Jan-2024):-

Technical Patterns and Formations in EOD charts

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

2- Stochastic:- %K(5)- 38.49 & %D(3)- 39.46.

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)- 349.53 & EXP(9)- 461.97 & Divergence- -112.44

6- MACD is showing negative divergence

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  towards Over sold zone as well as this this indicator  showing negative divergence therefore strong signals of Short Term correction continuation will be understood. 

2- As in MACD indicator MACD line has intersected Average line downward and its both lines are falling in positive zone as well as this this indicator is showing negative divergence therefore it will be understood that MACD indicator is showing strong possibility of short Term downward trend formations.

Nifty-Last 8 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Dec 27 2023 to Jan 05,2024):-

Technical Patterns formation in last 8 Sessions intraday charts

1- Selling(Resistances) in last 8 Sessions are as follows:-

A- 21701-21749

B- 21683-21700

2- Consolidation(Supports) in last 8 Sessions are as follows:-

A- 21630-21662

B- 21594-21624

C- 21501-21542

3- Mixed Patterns formation between

A- 21628-21685

B- 21558-21591

5- Last 8 Sessions trading between 21501-21834

Conclusions from 8 Sessions 

intra day chart analysis 

Last 8 Sessions trading between 21501-21834 with above mentioned supports, resistances and sideways trading ranges with Mixed Patterns formation. It seems that both supports and resistances of last 8 sessions are almost equally strong therefore it will be understood that at present Nifty is technically not prepared for any side decisive moves beyond last 8 sessions range and will firstly prepare for it in the coming week within it. As finally sustaining beyond or forceful break out/down of last 8 sessions trading range will confirm next Short/intermediate Term trend therefore it should be firstly watched in the coming week/weeks for its confirmations.

Nifty-Intra Day Chart 

Analysis(05-Jan-2024)

Nifty-Intra Day Chart (05-Jan-2024):-

Technical Patterns formation in today intraday charts

1- Selling between 21725-21749

2- Sharp fall

3- Selling between 21683-21704

4- 63 Points down in one hour

4- Support between 21630-21662

5- Sharp up

6- Selling between 21701-21724

7- Whole day actual trading between 21630-21749

Conclusions from intra day

chart analysis 

Although firstly up moves after positive opening and Nifty traded 91 points Plus also but fresh selling developed at intraday higher levels and more than 2 hours selling was seen in Mid-Session also therefore Nifty traded in negative zone after slipping 63 points down in next one hour and lost all intraday gains. 

As some supports developed at lower levels therefore sharp up moves were also seen after that but again selling was seen in last 40 Minutes therefore whole day good intraday selling at higher levels and minor supports at lower levels will be understood last Friday and resultant down moves below last Friday lowest(21629.2) will be expected 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 sustaining beyond or forceful break out/down of last 8 sessions trading range(21501-21834).

Although Impulsive Wave-(v) of Wave-3 forcefully continuation and no confirmation of its completion yet on EOD charts but intraday charts of last 8 sessions are showing some selling at higher levels and Short term indicators are also signalling Short term correction beginning possibility therefore firstly sustaining beyond or forceful break out/down of last 8 sessions trading range should be watched in the coming week/weeks for its confirmations.

As Union Budget will be tabled after 17 sessions and Quarterly results of the most Companies will also be announced in this month as well as euphoria has been developed after 2996.5 points strong rally in the last 2 months 9 sessions trading therefore view should be cautious because:-

1- This Union Budget is Pre-Election and may be populist also.

2- EOD charts of last 1 month are showing "Bearish Rising Wedge" like formations also.

3- Euphoria developed after 2996.5 points strong rally and due to it intraday Selling is being seen for the last few sessions.

Remain cautious and watch following next supports one by one amid Short to Intermediate Term correction expectations in the coming week/weeks 

1- 21512-21599

2- 21282-21405 

3- 21052-21161

4- 20950-20976

5- 20770-20852(Strong supports)

Sustaining beyond 21628-21685 will confirm the life of on going Short Term correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-01-2024)

Nifty-Intra Day Chart (04-Jan-2024):-

Technical Patterns formation in today intraday charts

1- Consolidation between 21594-21624

2- Sharp up

3- More than 5 hours trading with mixed Patterns formation between 21628-21685

4- Whole day actual trading between 21565-21685

Conclusions from intra day chart analysis 

As firstly consolidation after positive opening and after that sharp up moves also but more than 5 hours trading was seen with mixed Patterns formation between 21628-21685 therefore firstly sustaining beyond this range should be watched tomorrow for on going Short Term correction continuation/completion confirmations.

Watch next supports amid 

more down moves possibility

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-01-2024)

Nifty-Intra Day Chart (03-Jan-2024):-

Technical Patterns formation in today intraday charts

1- Selling between 21608-21677

2- Sharp fall

3- More than 4 hours trading with mixed Patterns formation between 21558-21591

4- Down moves in Bullish Falling Channels

5- Whole day actual trading between 21501-21677

Conclusions from intra day chart analysis 

As more than 4 hours trading with mixed Patterns formation and after that today closing was near the lowest of on going correction therefore some more down moves can not be ruled out. As down moves in last 2 hours were in Bullish Falling Channels also therefore following next next supports should be watched one by one amid Short Term Pull Back rally possibility from any levels after getting fresh supports there.

1- 21512-21599

2- 21282-21405 

3- 21052-21161

Short Term Correction continuation

Nifty-Intra Day Chart Analysis & 

Market Outlook(03-01-2024)

Nifty-Intra Day Chart (02-Jan-2024):-

Technical Patterns formation in today intraday charts

1- Selling between 21711-21755

2- Sharp falls

3- Up moves in Bearish Rising Channels

4- Whole day actual trading between 21556-21755

Conclusions from intra day chart analysis

Live Proofs of our 100% accurate 

Nifty predictions & Analysis

Following topics telling for "Short Term correction beginning" were posted for this week and today:-

1- Weekly Analysis posted on 30-12-2023-"Firstly watch 21677-21677-21834 amid high possibility of Short Term correction beginning"

2- Today Analysis posted on 01-01-2024-"Firstly watch 21677-21801 amid high possibility of Short Term correction beginning"

As was told 100% same happened and Nifty crashed 186 points in first 2 hours today. 

Although little positive opening but fresh selling developed and good intraday selling was seen in last 3 sessions also therefore sharp falls was seen in first 2 hours and Nifty traded 186 points down.

As up moves were seen in Bearish Rising Channels in the last more than 4 hours also therefore again good intraday selling will be understood and today started Short Term Correction will remain continued in the coming sessions also. 

Firstly watch 21677-21834 amid 

high possibility of Short Term

 correction beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(02-01-2024)

Nifty-Intra Day Chart (01-Jan-2024):-

Technical Patterns formation in today intraday charts

1- More than 4 hours trading with mixed Patterns formation between 21681-21752

2- New year euphoria led up moves

3- 148 Points sharp fall in last hour

4- Whole day actual trading between 21681-21834

Conclusions from intra day chart analysis 

Although more than 4 hours trading with mixed Patterns formation between 21681-21752 but new year euphoria therefore up moves were seen and Nifty traded more than 100 points up with new life time top formations also. As clear consolidation patterns were not developed and intraday selling patterns were also seen therefore Nifty could not sustain at higher levels and sharp fallen 148 Points in last hour.

Following conclusive lines were told on 30-12-2023 in "Firstly watch 21677-21801 amid high possibility of Short Term correction beginning" and are being repeated for the coming sessions with little change of levels which are 21677-21834:-

"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."

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.

 Finally sustaining beyond today trading 

range will confirm that side 

decisive moves beginning 

Nifty-Intra Day Chart Analysis & 

Market Outlook(22-12-2023)

Nifty-Intra Day Chart (21-Dec-2023):-

Technical Patterns formation in today intraday charts

1- Down moves after 116 points weaker opening

2- Up moves with downward corrections

3- Up moves in Bearish Rising Channels

4- Whole day actual trading between 20977-21288

Conclusions from intra day chart analysis 

Firstly down moves after 116 points weaker opening and Nifty traded 173 points down also but lower levels some consolidation was seen through up moves with downward corrections. Although up moves remained continued till last minutes and Nifty closed with 104.90 points gains also but last 4 hours up moves were in Bearish Rising Channels therefore higher levels selling patterns will be understood.

As today trading was with lower levels consolidation and higher levels selling therefore Nifty will firstly 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.

Firstly watch next strong supports for the life and length of today started correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(21-12-2023)

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

Technical Patterns formation in today intraday charts

1- Selling between 21481-21593

2- Down moves with upward corrections

3- Whole day actual trading between 21088-21593

Conclusions from intra day chart analysis 

Outlooks of last 2 sessions are live proofs of this fact that:- 

1- we were Bearish because selling patterns were also developed in last 2 sessions intraday charts.

2- We also told for "Down moves expectations" in the coming sessions in the Outlook for 19-12-2023.

Although gap up strong opening today but fresh selling developed in first 4 hours and last 2 hours down moves were with upward corrections as well as inraday selling was seen in last sessions therefore Nifty closed 1.41% down today after loosing more than 300 points.

As Long Black Candle formations with today closing was below last 3 sessions lowest which means that strong signals of Short term correction beginning hence firstly sustaining beyond next strong supports(20770-20852) should be watched in the coming sessions for the life and length of today started correction.

 Firstly watch sustaining beyond 21338-21505 for next one sided decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-12-2023)

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

Technical Patterns formation in today intraday charts

1- 139 Points fall in first hour after positive opening 

2- Consolidation between 21338-21405

3- Sharp up

4- Up moves in Bearish Rising Channels

5- Sharp down in last hour

6- Whole day actual trading between 21338-21505

Conclusions from intra day chart analysis 

Although positive opening but could not sustain at higher levels and 139 Points fall was seen in first hour because good intraday selling was seen yesterday. As lower levels consolidation developed therefore Nifty moved up sharply also but after that up moves were in Bearish Rising Channels which is a selling pattern hence sharp down moves were also seen in last hour.

As whole day today trading will be understood with both lower levels consolidation and selling patterns formations therefore firstly Nifty will have to trade and prepare for next one side decisive moves which will be firstly done within and near about today trading range(21338-21505). Finally sustaining beyond today trading range will confirm next one sided moves beginning which should be firstly watched tomorrow.