Short Term correction in both
Nifty & Bank-Nifty
Nifty & Bank-Nifty Weekly Outlook
(Jan 04 to Jan 08,2021)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (01-Jan-2021):-
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- Wave-1(9889.05 on 30-04-2020)
3- Wave-2(8806.75 on 18-05-2020)
4- Wave-3(12025.50 on 15-10-2020)
5- Wave-4(11535.50 on 30-10-2020)
6- Impulsive Wave-5 continuation with recent top formation at 14049.85 on 01-01-2021
Conclusions from EOD chart analysis
(Waves structure)
Corrective Wave-C completed and Impulsive Wave-1 started from 7511.10 on 24-03-2020. As per previously given Waves structure maximum target of Nifty was at 13777.75 but Nifty has moved above it in last week therefore Waves have been recounted and new waves structure has been given.
As per new waves structure impulsive Wave-5 continuation with recent top formation at 14049.85 on 01-01-2021 and no confirmation of its completion yet on EOD charts.
Nifty-Last 4 Sessions intraday charts analysis
Nifty-Intra Day Chart (Dec 29 2020 to Jan 01,2021):-
Technical Patterns formation in last 4 Sessions intraday charts
1- Last 4 sessions up moves in Bearish Rising Channel
2- 4 Sessions actual trading between 13865-14049
Conclusions from 4 Sessions intra day chart analysis
As last 4 sessions up moves in Bearish Rising Channel therefore it seems that selling process is on in Indian markets and expected that finally decisive down moves will begin in next week and Nifty will slip below last 4 sessions lowest(13865).
Nifty-Intra Day Chart Analysis &
Market Outlook(01-01-2021)
Nifty-Intra Day Chart (01-Jan-2021):-
Technical Patterns formation in today intraday charts
1- Selling between 14023-14036
2- Sharp fall
3- Selling between 14027-14040
4- Selling between 14037-14049
5- Sharp fall
6- Whole day actual trading between 13992-14049
Conclusions from intra day chart analysis
As continuous selling after every rise above 14000 last Friday therefore expected that Nifty will slip and sustain below 14000 in the beginning of next week.
Nifty-Conclusions
(After Putting All Studies Together)
All trends are up. Impulsive Wave-5 continuation and no indication of its completion yet on EOD charts but last 4 sessions up moves in Bearish Rising Channel and last Friday intraday charts are showing good selling patterns formations therefore it seems that selling process is on in Indian markets and expected that finally decisive down moves will begin in next week and Nifty will slip below last 4 sessions lowest(13865).
Bank-Nifty-EOD Chart Analysis
(Corrective Waves)
Bank-Nifty-EOD Chart (01-Jan-2021):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-A completion at 16116.30 on 24-03-2020 and Wave-B beginning
2- Wave-a of Wave-B(25232.60 on 31-08-2020)
3- Wave-b of Wave-B(20404.90 on 24-09-2020)
4- Wave-c of Wave-B continuation with recent top formation at 31510.30 on 30-12-2020
Conclusions from EOD chart analysis
(Corrective Waves)
Life time highest formation of Bank-Nifty at 32613.10 on 30-12-2019 and its sharp "ABC" correction started in Feb 2020. Its corrective Wave-A completed at 16116.30 on 24-03-2020 and now Wave-c of Wave-B continuation with recent top formation at 31510.30 on 30-12-2020 as well as no indication of its completion yet on EOD charts.
Bank-Nifty-Last 4 Sessions
intraday charts analysis
Bank-Nifty-Intra Day Chart (Dec 29 2020 to Jan 01,2021):-
Technical Patterns formation in last 4 Sessions intraday charts
1- Last 4 sessions selling between 31260-31392
2- Consolidation in first 2 sessions between 31003-31169
3- 4 Sessions actual trading between 31003-31510
Conclusions from 4 Sessions intra day chart analysis
Although some consolidation at lower levels in first 2 sessions but higher levels good selling in last 4 sessions therefore expected that Bank-Nifty will not sustain above 31392 and will slip 31000 in next week.
Bank-Nifty-Intra Day Chart Analysis
& Market Outlook(01-01-2021)
Bank-Nifty-Intra Day Chart (01-Jan-2021):-
Technical Patterns formation in today intraday charts
1- Selling between 31270-31384
2- Sharp fall
3- Whole day actual trading between 31189-31384
Conclusions from intra day chart analysis
As continuous good selling till 03:00 PM therefore sharp fall in last half hour and expected that Bank-Nifty will slip and sustain below 31000 in the beginning of next week.
Bank-Nifty-Conclusions
(After Putting All Studies Together)
As Bank-Nifty has not moved above life time highest(32613.10) in that 2020 rally which started after Feb-2020 sharp fall therefore this post 24 March 2020 rally will be understood corrective Wave-B.
All trends are up. Now Wave-c of Wave-B continuation and no indication of its completion on EOD charts. Last 4 Sessions sideways trading between 31003-31392 with higher levels good selling and lower levels some buying. As selling was seen last Friday also therefore expected that Bank-Nifty will slip and sustain below last 4 sessions lowest(31003) because good higher levels selling in last 4 sessions.
Conclusions
(After Putting All Studies Together)
As Short Term indicators of Nifty and Bank-Nifty have turned Over bought and intraday charts of last 4 sessions in both are showing selling also therefore Short Term correction is expected in next week below 13800 and 30500 respectively.