Firstly watch immediate maximum target of Nifty at 14754.25 amid Pre-Post Budget news led volatility 

Technical Analysis,Research & Weekly Outlook

(Jan 18 to Jan 22,2021)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (15-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 14653.40 on 13-01-2021

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-5 continuation with recent top formation at 14653.40 on 13-01-2021 and no indication of its completion yet because no selling patterns formations on EOD charts except long black candle formation last Friday.

Nifty-EOD Chart Analysis

(Averages & Stochastic)

Nifty-EOD Chart (15-Jan-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 continuation with recent top formation at 14653.40 on 13-01-2021

2- Last 5 Sessions sideways trading between 14358-14653

3-Averages

A- 5-Day SMA is today at 14528

B- 13-Day SMA is today at 14276

C- 21-Day SMA is today at 14049

D- 55-Day SMA is today at 13292

4- Stochastic %K(5) is at 65.20 & %D(3) is at 81.78

5- Stochastic showing negative divergence in over bought zone through moving down when Nifty is moving up.

Conclusions from EOD chart analysis

(Averages & Stochastic)

Impulsive Wave-5 continuation and no confirmation of its completion yet on EOD charts but last Friday closing was below 5-Day SMA(14528) at 14433.70 which is first indication of Short term correction beginning.

Last 5 Sessions sideways trading between 14358-14653 and last session closing was near its lower levels therefore if Nifty sustains below last 5 sessions lowest(14358) then Short term correction will be seen after 5 sessions trading range breaking down confirmations.

Short term indicator Stochastic has confirmed Short term correction beginning through:-

1- Showing negative divergence in over bought zone.

2- Moving down from over bought zone. 

3- %K(5) intersecting downward %D(3).

Nifty-Last 5 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Jan 11 to Jan 15,2021):-

Technical Patterns formation in last 5 Sessions intraday charts

1- Selling(Resistances) in last 5 sessions are between:-

A- 14482-14549  

B- 14580-14617 

C- 14621-14648

2- Consolidation(Supports) in last 5 sessions are between:-

A- 14395-14430

B- 14461-14480

3- Sideways trading in last 5 sessions are between:- 

A- 14419-14457

4- 5 Sessions actual trading between 14358-14653 

Conclusions from 5 Sessions

intra day chart analysis 

As good selling at higher levels in last 5 sessions therefore Nifty fallen into last 5 sessions supports and traded sideways within these supports between 14419-14457 last Friday.

Nifty closed near the lower levels of last 5 sessions and higher levels good selling also therefore expected that Nifty will slip towards the lowest of last 5 sessions(14358) and once sustaining below it will mean sharp fall after valid break down of last 5 sessions trading range.

Next supports below 14358 are as follows:-

1- 14258-14301

2- 14230-14252

Nifty-Intra Day Chart

Analysis(15-Jan-2021)

Nifty-Intra Day Chart (15-Jan-2021):-

Technical Patterns formation in today intraday charts

1- Sharp fall after flat opening

2- Selling between 14482-14549(immediate Resistances)

3- Sharp fall 

4- Sideways trading in last hour between 14419-14457

5- Whole day actual trading between 14358-14617

Conclusions from

intra day chart analysis 

Firstly sharp fall after flat opening and after that more than 4 hours selling between 14482-14549 therefore this range will be immediate Resistance on Nifty.

Although again sharp fall after more than 4 hours selling but after that sideways trading in last hour between 14419-14457 therefore firstly sustaining beyond this range should be watched in next week for correction continuation confirmation below 14419 and first signal of correction completion above 14457. 

As good selling above 14482 in last 3 sessions of previous week therefore correction continuation is expected in the beginning of next week and complete consolidation is firstly required for correction completion and sustaining above 14457.

Conclusions

(After Putting All Studies Together)

1- Long Term Trend is up

2- Intermediate Term Trend is up

3- Short Term Trend has turned down after last Friday closing below 5-Day SMA(14528) at 14433.70

Impulsive Wave-5 of Nifty continuation and as per Elliott Wave theory maximum target of on going Wave-5 is at 14754.25. Its calculation is as follows:-                                                                                   

As per Elliott Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5. Now impulsive Wave-5 is on and it should not gain more points than Wave-3  gained.

Impulsive Wave-1 gained=2377.95 points(9889.05-7511.10)

Impulsive Wave-3 gained=3218.75 points(12025.50-8806.75)

Impulsive Wave-5 has gained 3117.90 points till 13-01-2021(14653.40-11535.50)

As according to Elliott Wave theory Wave-5 can not gain more points than Wave-3 gained therefore on going impulsive Wave-5 will gain lesser points than 3218.75.

Impulsive Wave-5 started from 11535.50 on 30-10-2020 and it has to gain less than 3218.75 points therefore maximum target of on going impulsive Wave-5 is 14754.25(11535.50+3218.75)

It must be kept in mind that nothing is absolute in financial markets and if Nifty moves above 14754.25 then as per Elliott Wave theory Waves structure has to be recalculated and if correction remain continued without moving above 14754.25 then "ABC" correction of rally between 7511.10-14754.25 will be considered.

At present Short Term correction is on and its continuation is expected below last 5 sessions lowest(14358)in the coming week. For correction life firstly sustaining beyond 13-Day SMA(14276) should be watched in the coming week because it is between immediate next supports(14230-14301).

As per given Waves structure immediate maximum target of Nifty is at 14754.25 and correction started from just below it in previous week from 14653.40 therefore firstly 14754.25 should be watched in the coming 3 weeks of Pre-Post Budget news led volatility for rally continuation or deeper "ABC" correction. 

 Sustaining below 14580 will be first strong signal of Short Term Correction 

Nifty-Intra Day Chart Analysis & 

Market Outlook(15-01-2021)

Nifty-Intra Day Chart (14-Jan-2021):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Slow up moves

3- Down moves in Bullish Falling Channel

4- Selling between 14580-14617

5- Whole day actual trading between 14472-14617

Conclusions from intra day chart analysis 

As firstly Down moves in Bullish Falling Channel therefore after that up moves were seen but those up moves were slow hence some selling also can not be ruled out.

Although again some consolidation in Mid-session but last hours selling patterns formations between 14580-14617 which were below yesterday selling levels therefore higher levels follow up selling will be understood.

As selling above 14580 in last 2 sessions therefore if fresh selling develops tomorrow then Short Term Correction will be seen and its first strong signal will be sustaining below 14580.

watch levels for next Short Term trend confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(14-01-2021)

Nifty-Intra Day Chart (13-Jan-2021):-

Technical Patterns formation in today intraday charts

1- Down moves with upward corrections

2- Down moves in Bullish Falling Channel

3- Up moves in Bearish Rising Channel

4- Whole day actual trading between 14436-14653

Conclusions from intra day chart analysis 

Although gap up opening but selling developed and down moves were seen with upward corrections therefore Nifty slipped more than 200 points from higher levels. 

As some consolidation at lower levels through Down moves in Bullish Falling Channel hence up moves in last hours which were in Bearish Rising Channel therefore follow up selling will be understood at higher levels today. 

Both lower levels some supports and higher levels good selling between 14436-14653 therefore firstly sustaining beyond this range should be watched tomorrow for next Short Term trend confirmations.

 As busy therefore Stock Market Outlook of 13-01-2021 is not being updated.

 Firstly watch levels for next Very Short term trend confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-01-2021)

Nifty-Intra Day Chart (11-Jan-2021):-

Technical Patterns formation in today intraday charts

1- Whole day up moves in Bearish Rising Channels

2- Down moves in Bullish Falling Channels

3- Whole day actual trading between 14384-14498

Conclusions from intra day chart analysis 

Although firstly some consolidation through Down moves in Bullish Falling Channels but Whole day up moves were in Bearish Rising Channels therefore some selling also can not be ruled out.

As both buying and selling therefore some consolidation is required for sustaining above day's highest and more selling will mean Very Short term correction below day's lowest.

Nifty will have to prepare for the next Very Short term trend within or near about day's range(14384-14498) and firstly sustaining its beyond should be watched for its confirmations.

Nifty IT led Rally continuation and correction only after fresh selling patterns formation

Nifty & Bank Nifty Weekly Outlook

(Jan 11 to Jan 15,2021)

Nifty-EOD Chart Analysis (Stochastic)

Nifty-EOD Chart (08-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- Impulsive Wave-5 continuation with recent top formation at 14367.30 on 08-01-2021

3- Stochastic at %K(5) is at 74.67 & %D(3) is at 78.52

Conclusions from EOD chart analysis(Stochastic)

Impulsive Wave-5 continuation with recent top formation at 14367.30 on 08-01-2021 and no confirmation of its completion yet because no selling patterns formations on EOD charts and intraday charts.

As Short Term Indicator Stochastic has become Overbought and showing negative divergence as well as %K has intersected downward %D therefore indicating signals of Short Term correction which will be seen after selling patterns formations on Intraday and EOD charts.

Nifty-Intra Day Chart Analysis(08-Jan-2021)

Nifty-Intra Day Chart (08-Jan-2021):-

Technical Patterns formation in today intraday charts

1- Consolidation between 14230-14252 

2- Consolidation between 14258-14301

3- Up moves with downward correction 

4- Whole day actual trading between 14222-14367

Conclusions from intra day chart analysis 

As Dow Jones Futures was trading more than 110 points up and all the Asian markets were trading with 0.90% to 02.5% gains therefore sentiment was Bullish last Friday morning hence strong opening of Indian markets.

Firstly consolidation between 14230-14252 and after that some up moves then follow up consolidation between 14258-14301 as well as last hour up moves with downward correction therefore whole day last Friday trading will be understood with consolidation hence firstly up moves above last Friday highest will be considered in the beginning of next week. 

Nifty-Conclusions

(After Putting All Studies Together)

All trends are up,rally continuation and no indication of its completion yet on EOD and intraday charts. 

As Short to Intermediate Term indicators have turned over bought and shown negative divergence also therefore Short to Intermediate Term correction is very much due which will be seen after selling patterns formation on both EOD and intraday charts 

  

Bank Nifty-EOD Chart Analysis (Stochastic)

Bank Nifty-EOD Chart (08-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-c of Wave-B continuation with recent top formation at 32298.05 on 08-01-2021

3- Stochastic at %K(5) is at 83.52 & %D(3) is at 82.30

Conclusions from 

EOD chart analysis (Stochastic)

Wave-c of Wave-B continuation with recent top formation at 32298.05 on 08-01-2021 and no confirmation of its completion yet because no selling patterns formations on EOD charts.

As Short Term Indicator Stochastic has become Overbought and showing negative divergence therefore indicating signals of Short Term correction which will be seen after complete selling patterns formations on Intraday and EOD charts.

Bank Nifty-Last 3 Sessions intraday charts analysis

Bank Nifty-Intra Day Chart (Jan 06 to Jan 08,2021):-

Technical Patterns formation in last 3 Sessions intraday charts

1- Selling(Resistances) in last 3 sessions are between:-

A- 32120-32227 

B- 32093-32167

C- 32072-32150

D- 31852-31981 

2- Consolidation(Supports) in last 3 sessions are

A- 31580-31772

3- 3 Sessions actual trading between 31549-32227 

Conclusions from 

3 Sessions intra day chart analysis 

Rally continuation with its new top formation last Friday and closing also near the top of on gong rally but good selling and minor consolidation near last 3 sessions lowest.

As good selling and only little consolidation in last 3 sessions therefore if more selling develops in next week then Short Term correction will be seen below 31549. As minor buying therefore complete consolidation is firstly required for decisive up moves above 32227.

Bank Nifty-Intra Day Chart 

Analysis(08-Jan-2021)

Bank Nifty-Intra Day Chart (08-Jan-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 32120-32227

2- Selling between 32093-32167

3- Whole day actual trading between 32003-32227

Conclusions from intra day chart analysis 

Bank Nifty traded sideways between 32003-32227 last Friday with higher levels selling therefore signalling some down moves in the beginning of next week.

Bank Nifty-Conclusions

(After Putting All Studies Together)

All trends are up,Wave-c of Wave-B continuation continuation and no confirmation of its completion yet on EOD and intraday charts. 

As Short to Intermediate Term indicators have turned over bought and shown negative divergence also therefore Short to Intermediate Term correction is very much due which will be seen after complete selling patterns formation on both EOD and intraday charts 

Conclusions 

(After Putting All Studies Together)

As strong rally in Nifty IT therefore rally continuation forcefully in Nifty but Bank Nifty is under performing and slow up moves in last 3 sessions. 

Although Short to Intermediate Term indicators have turned over bought and shown negative divergence also therefore Short to Intermediate Term correction is very much due but no selling patterns formation on both EOD and Nifty intraday charts of last Friday therefore immediate correction will not be considered. 

As Bank Nifty has shown  some selling in last 3 sessions therefore if more selling develop in it and in other Indices also then  Bank Nifty will lead correction.

Nifty IT led Rally continuation and let fresh selling patterns develop on EOD and Intraday charts then Short to Intermediate Term correction will be considered according to the size of selling patterns formation.