Firstly watch 14178-14244 after strong Global cues today morning

Pre-open Outlook(08-01-2021)

As Dow Jones Futures is now trading more than 110 points up and all the Asian markets are trading with 0.90% to 02.5% gains therefore sentiment is Bullish today morning hence strong opening of Indian markets will be seen.

More than 9 hours selling between 14178-14244 in last 2 sessions and firstly sustaining it beyond should be watched today for first signal of next decisive moves beginning beyond this range. 

As good selling between 14178-14244 therefore follow up selling within or near about this range will mean sharp fall and complete consolidation is required for sustaining above it.

 Emergence of Short to Intermediate term correction expectation

Nifty-Intra Day Chart Analysis & 

Market Outlook(08-01-2021)

Nifty-Intra Day Chart (07-Jan-2021):-

Technical Patterns formation in today intraday charts

1- More than 5 hours selling between 14178-14234
2- Down moves in last hour
3- Whole day actual trading between 14124-14234

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Firstly watch 14040-14244 for first signal of next Short Term trend beginning":-

1- Although Dow Jones is trading more than 700 points up but higher levels good selling between 14178-14244 today

2- until complete consolidation will not develop till then Nifty will not sustain above 14244

3- follow up selling within this range will mean sharp correction if sustains below today lowest.

As more than 5 hours follow up selling between 14178-14234 today which is within yesterday mentioned more than 4 hours good selling range(14178-14244) therefore today closing was near the lower levels of the day after last hour down moves. 

More than 9 hours selling between 14178-14244 in last 2 sessions therefore it will be immediate resistance of Nifty and Short Term indicators have turned overbought also also hence emergence of Short to Intermediate term correction expectation,its confirmation will be after sustaining below 14040 because some buying was seen above it yesterday.

 Firstly watch 14040-14244 for first signal of next Short Term trend beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(07-01-2021)

Nifty-Intra Day Chart (06-Jan-2021):-

Technical Patterns formation in today intraday charts

1- More than 4 hours selling between 14178-14244(immediate Resistances)

2- Sharp fall

3- Consolidation between 14040-14114

4- Last hour up move

5- Whole day actual trading between 14040-14244

Conclusions from intra day chart analysis 

As firstly more than 4 hours selling therefore sharp down in Mid-session but lower levels consolidation hence up moves in last hour. 

Both selling and buying between 14040-14244 therefore whole day trading will be understood with Mixed Patterns formation within this range and firstly Nifty has to trade and prepare for next decisive moves between and near about 14040-14244 as well as finally sustaining beyond this range will confirm next decisive moves.

Although Dow Jones is trading more than 700 points up but higher levels good selling between 14178-14244 today therefore until complete consolidation will not develop till then Nifty will not sustain above 14244 and follow up selling within this range will mean sharp correction if sustains below today lowest.

Firstly sustaining beyond 14040-14244 should be watched tomorrow for first signal of next Short Term trend beginning.

Firstly Short Term correction or sharp intraday fall

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-01-2021)

Nifty-Intra Day Chart (05-Jan-2021):-

Technical Patterns formation in today intraday charts

1- First half hour sideways trading between 14093-14113

2- Down moves in Bullish Falling Channel

3- Slow up moves

4- Sharp fall

5- Last half hour sideways trading between 14194-14215

6- Whole day actual trading between 14076-14215

Conclusions from intra day chart analysis 

As some seling yesterday therefore Nifty slipped more then 80 points in first hour but lower levels consolidation therefore rally continuation. Although whole day slow up moves but consolidation also through intraday correction hence closing at the top of the day. As last half hour sideways trading between 14194-14215 and some selling also due to slow up moves therefore firstly consolidation is required within or near about today trading range for decisive up moves above today highest. 

Short Term indicators are completely Over bought and slow up moves in last 2 sessions therefore therefore firstly Short Term correction or sharp intraday fall is expected tomorrow before any decisive up move if fresh consolidation develops.

 Watch today trading range amid sharp down moves possibility 

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-01-2021)

Nifty-Intra Day Chart (04-Jan-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 14082-14112

2- Sharp fall

3- Slow up moves with downward corrections

4- Whole day actual trading between 13954-14147

Conclusions from intra day chart analysis 

As sentiment was Bullish due to Covind-19 Vaccine news and strong most Asian markets therefore gap up opening of Indian markets but immediately selling developed hence sharp fall was seen. 

Although today closing was at the top of the day but last 5 hours up moves were slow hence some selling can not be ruled and downward corrections was also seen during these up moves therefore some buying will also be considered. 

As one sided technical patterns formations were not seen during today volatility therefore Nifty will firstly trade within today trading range tomorrow and finally valid break out of today trading range should be watched in the coming sessions amid sharp down moves possibility below today lowest(13954) because today lowest was much below last Friday lowest and little above last Thursday lowest.