Deeper correction beginning expectations

Technical Analysis,Research & Weekly 

Outlook(Jan 03 to Jan 07,2022)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (31-Dec-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC' correction beginning.

2- Corrective Wave-A of "ABC" correction continuation with recent bottom formations at 16410.20 on 20-12-2021 and no confirmation of its completion yet.   

3- Pull Back Rally continuation with recent top formation at 17400.80 on 31-12-2021 

4- Stochastic- Both %K(5) line and %D(3) line are kissing in Over bought zone.

5- Stochastic:- %K(5)- 87.32 & %D(3)- 87.56.

6- In MACD- Both MACD line and Average line are kissing in negative zone.

7- MACD(26,12)- -136.71 & EXP(9)- -134.98 & Divergence- -01.73 

8- Down moves below falling trend line

Conclusions from EOD chart analysis

(Stochastic & MACD)

As both lines of Stochastic are kissing in Over bought zone and both lines of MACD are also kissing in negative zone as well as Nifty is just below falling trend line therefore it will be understood that on going previous 10 sessions Pull Back rally is technically well prepared for its correction which will start any day in the coming week.

 

Nifty-Last 18 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Dec 08 to Dec 31,2021):-

Technical Patterns formation in last 18 Sessions intraday charts

1- Selling(Resistances) in last 18 Sessions are as follows:-

A- 17365-17421

B- 17552-17639  

2- Consolidation(Supports) in last 18 Sessions are as follows:-

A- 16884-17093

B- 16820-16918

C- 16739-16782

D- 16411-16530

3-  3 Sessions Mixed Patterns formations between 17177-17273

4- Last 18 Sessions actual trading between 16411-17639 

Conclusions from 18 Sessions

intra day chart analysis 

Last 18 Sessions actual trading between 16411-17639 with above mentioned supports and resistances and last Friday closing was near the higher levels of this range after 10 previous sessions rally. As both higher levels selling and lower levels buying in last 18 sessions therefore firstly Nifty will have to trade and prepare for next trend within this range. Let Nifty prepare then will be decided according to coming sessions intraday trading patterns formations.

Although Mixed Patterns formations was seen in the 3 sessions of previous week between 17177-17273 but Nifty closed well above it at 17354.05 last Friday with higher levels some selling therefore firstly sustaining beyond 17273 should also be watched in next week for correction beginning confirmation of on going last 10 sessions Pull back rally.

Nifty-Intra Day Chart Analysis

(31-Dec-2021)

Nifty-Intra Day Chart (31-Dec-2021):-

Technical Patterns formation in today intraday charts

1- 97 Points jump in first 2 minutes after positive opening

2- Sideways trading between 17324-17360

3- Selling between 17362-17400(Immediate Resistance) 

4- Whole day actual trading between 17239-17400

Conclusions from intra day chart analysis 

Although 97 points jump in first 2 minutes after positive opening and after that 2 hours sideways trading also but higher levels selling was also seen between 17324-17360 therefore this range will be immediate resistance of Nifty and firstly Nifty has to consolidate for decisive up moves beginning above 17400.   

Remain cautious also in next week because fresh selling within or near about 17324-17360 in the beginning of coming week will mean decisive down moves beginning and its confirmation will be sustaining below 17324.

Conclusions

(After putting all studies together)

1- Long Term Trend is up.

2- Intermediate Term Trend is down.

3- Short Term Trend is sideways between 16411-17400.

Last 10 Sessions Pull Back rally continuation with recent top formation at 17400.80 on 31-12-2021 and no confirmation of its completion yet on EOD charts but following developments are suggesting that its correction is on cards which will be seen in next week despite last Friday closing was at its top.

1- Overbought indicators.

2- both lines are kissing in Stochastic and MACD.

3- Higher levels selling on 31-12-2021.

4- Mixed Patterns formations between 17177-17273 in the 3 sessions of previous week.

Sustaining beyond 17177 should be firstly watched in next week for the life and length of last 10 sessions rally amid deeper correction beginning expectations towards/below above mentioned next supports.

 17245 will confirm next trend 

Nifty-Intra Day Chart Analysis & 

Market Outlook(31-12-2021)

Nifty-Intra Day Chart (30-Dec-2021):-

Technical Patterns formation in today intraday charts

1- 67 Points fall in first minute

2- Up moves in Bearish Rising Channel

3- Down moves in Bullish Falling Channel

4- Up moves with downward corrections

5- Down moves with upward corrections

6- Whole day actual trading between 17147-17264

Conclusions from intra day chart analysis 

As multiple strong resistances were above 17245 therefore following topic was posted told on 27-12-2021:-

"Remain cautious and watch 17245 amid up moves continuation expectations"

We cautioned and Nifty closed below 17245 in all the previous 3 sessions after our above posted topic therefore  firstly sustaining it beyond should be watched in the coming sessions for the life of last 9 sessions rally which started form 16410.2 on 20-12-2021.

"Down moves towards next supports" topic was posted on 29-12-2021 for yesterday trading and 67 Points fall was seen in first minute yesterday. As whole day trading was with both above mentioned consolidation and selling patterns formations therefore yesterday trading will be understood with Mixed Patterns formation between 17147-17264 and resultant closing was with only 9 points down.

As Mixed Patterns formation between 17147-17264 yesterday therefore firstly sustaining it beyond should be firstly watched today for next decisive moves beginning confirmations and remain cautious also because Nifty hovered around 17245 in last 3 sessions and it will confirm next trend. 

 Down moves towards next supports

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-12-2021)

Nifty-Intra Day Chart (29-Dec-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 17266-17285

2- Sharp fall

3- Down moves in Bullish Falling Channel

4- Selling between 17234-17255

5- Sharp fall in last hour

6- Whole day actual trading between 17177-17285

Conclusions from intra day chart analysis 

Multiple strong resistances between 17245-17332 were updated on 25-12-2021 in " Firstly watch 16411-17379 amid finally down moves expectations below it" and cautioned also in last 2 sessions outlooks for watching to sustain above 17245.   

Nifty whole day hovered around 17245 today and fresh intrday selling patterns formations developed therefore sharp fall was seen 2 times despite some buying was also seen through Down moves in Bullish Falling Channel.

As higher levels good intraday selling developed 

today and resultant resistances between 

17245-17332 have turned stronger also therefore 

down moves are expected towards 

next supports(16820-16918)

 Watch levels for next decisive 

moves beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-12-2021)

Nifty-Intra Day Chart (28-Dec-2021):-

Technical Patterns formation in today intraday charts

1- Volatility in first hour

2- Up moves in Bearish Rising Channels

3- Volatility in last hour

4- Whole day actual trading between 17162-17250

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Remain cautious and watch 17245 amid up moves continuation expectations":-

1- some up moves will remain continued towards next resistances(17245-17332). 

2- sustaining above 17245 should be watched for next decisive up moves beginning confirmations

3- remain cautious also because failing to sustain above it will mean correction beginning towards/below the lowest(16410.20) of on going"ABC" correction.

As was told 100% same happened and Nifty closed 147 points up as well as closed below 17245 at 17233.25 after today highest formation just above it at 17250.25

Although Up moves were in Bearish Rising Channels therefore selling patterns formations will be understood today but high volatility in first and last hour hence view will be watchful because technical positions reverses also during such today high volatility.

As one sided clear intraday patterns were not seen today and firstly Nifty will have to prepare for next decisive moves as well as that will be firstly done between 17162-17379 in the coming sessions therefore sustaining beyond this range should be watched in the coming sessions. First strong signal of next decisive moves beginning will come from sustaining beyond 17245 therefore should be firstly watched but its final confirmation will be from sustaining beyond 17162-17379. 

Remain cautious and watch 17245 amid up moves continuation expectations

Nifty-Intra Day Chart Analysis & Market

Outlook(28-12-2021)

Nifty-Intra Day Chart (27-Dec-2021):-

Technical Patterns formation in today intraday charts

1- 104 Points sharp fall in first 7 minutes

2- Whole day up moves with downward corrections

3- Whole day actual trading between 16834-17112

Conclusions from intra day chart analysis 

Although 104 points sharp fall in first 7 minutes and traded 170 points down also but after that up moves started which remain continued till last minutes. As last 6 hours up moves were with downward corrections and as such selling patterns were not seen therefore some up moves will remain continued towards next resistances(17245-17332). 

As Short Term indicators are just below Overbought zone and next resistances are strong also therefore firstly sustaining above 17245 should be watched for next decisive up moves beginning confirmations and remain cautious also because failing to sustain above it will mean correction beginning towards/below the lowest(16410.20) of on going"ABC" correction.