Watch next resistances amid strong 

pull Back Rally beginning possibility

Technical Analysis,Research & Weekly 

Outlook(Jan 16 to Jan 20,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (13-Jan-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-i of Wave-1 completion at 18096.2 on 15-09-2022.

3- Corrective Wave-ii of Wave-1 completion at 16747.7 on 30-09-2022.

4- Impulsive Wave-iii of Wave-1 completion at 18887.6 on 01-12-2022.

5- Corrective Wave-iv of Wave-1 continuation with recent bottom formation at 17761.70 on 12-01-2023.

6- Last 16 sessions sideways trading between 17762-18265 

Conclusions from EOD chart

analysis(Waves structure)

Corrective Wave-C of previous Waves structure completed at 15183.4 on 17-06-2022 and Impulsive Wave-1 of new Waves structure started which is in continuation through its Wave-iii and this wave was completed at 18887.6 on 01-12-2022.

Now Corrective Wave-iv of Wave-1 is in continuation with recent bottom formation at 17761.70 on 12-01-2023 and no confirmation of its completion yet. As Last 16 sessions sideways trading between 17762-18265 and finally sustaining beyond this range will confirm the life and length of  Wave-iv of Wave-1 therefore sustaining beyond this range should be watched in the coming week/weeks for next trend formation confirmations. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (13-Jan-2023):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-iii of Wave-1 completion at 18887.6 on 01-12-2022.

2- Corrective Wave-iv of Wave-1 continuation with recent bottom formation at 17761.70 on 12-01-2023.

3- Stochastic- Its both lines are kissing just above Over sold zone.

4- Stochastic:- %K(5)- 35.24 & %D(3)- 34.34.

5- In MACD- Its both lines are kissing in negative zone.

6- MACD(26,12)- -162.48 & EXP(9)- -186.15 & Divergence- -23.67

Conclusions from EOD chart

analysis (Stochastic & MACD)

Positions of Daily indicators are as follows:-

1- In Stochastic its both lines are kissing just above Over sold zone therefore at present not clearly indicating any side direction. As both lines are just above Over sold zone therefore upside intersection will mean Short Term strong moves beginning  .

2- In MACD its both lines are kissing in negative zone therefore suggesting indecisiveness. Let one sided clear cross over happen then that sided trend will be understood.

Nifty-Last 2 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Jan 12 & Jan 13,2023):-

Technical Patterns formation in last 16 Sessions intraday charts

1- Selling between 17906-17945 on 12-01-2023

2- Sharp fall on 12-01-2023

3- More than 5 hours consolidation between 17762-17851 on 12-01-2023

4- More than 2 hours consolidation between 17775-17831 on 13-01-2023

5- Sharp up on 13-01-2023

6- Selling between 17939-17999 on 13-01-2023

7- Last 2 Sessions actual trading between 17762-17999

Conclusions from 2 Sessions

intra day chart analysis 

As lower levels more than 7 hours good consolidation between therefore this range will be strong supports and until complete selling will not develop till then decisive down moves will not be seen below last 2 sessions lowest(17762). 

Although sharp up moves were seen from lower levels last Friday but higher levels selling developed between 17939-17999 therefore firstly sustaining above 18000 should be watched in the coming week for strong Pull Back rally continuation confirmations because 18000 is a psychological level also.

Conclusions (After putting

all studies together)

1- Short Term Trend is sideways between 17762-18141.

2- Intermediate Term Trend is at stake and finally sustaining below its decider 55-Day SMA(today at 18270) will confirm it. its downward trend formations.

3- Long Term Trend is up.

Corrective Wave-iv of Wave-1 continuation and no confirmation of its completion yet. As Short Term indicators have turned Oversold and lower levels good consolidation between 17762-17851 in last 2 sessions which was within and near about next supports range {17796-17879) as well as last Friday closing was above all these supports and consolidation ranges therefore a strong rally beginning possibility has emerged. Both Short Term indicators Stochastic and MACD are not showing any side deciding moves beginning indications but Stochastic is just above sold zone therefore once up moves beginning will mean Stochastic will generate up moves beginning signals and resultant strong pull Back Rally will be seen towards following next resistances:- 

1- 17939-17999

2- 18084-18141

3- 18112-18153

4- 18216-18240

5- 18345-18387(Strong resistances)

Next supports are as follows;-

1- 17762-17851

2- 17724-17765 

3- 17655-17712

4- 17477-17591

5- 17381-17401(Gap support)

6- 17226-17374

Today highest will confirm strong 

Pull Back rally beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(13-01-2023)

Nifty-Intra Day Chart (12-Jan-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 17906-17945

2- Sharp fall

3- More than 5 hours consolidation between 17762-17851

4- Whole day actual trading between 17762-17945

Conclusions from intra day chart analysis 

Although firstly up moves after positive opening but selling developed therefore sharp fall was seen in first hour. As more than 5 hours consolidation between 17762-17851 which was within and previous supports range(17796-17879) therefore this supports range has strengthened and firstly up moves are expected towards today intraday selling range(17906-17945)

Finally sustaining above today highest should be watched in the coming sessions for strong Pull Back rally beginning confirmations.

Crucial supports range will confirm 

next big moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-01-2023)

Nifty-Intra Day Chart (11-Jan-2023):-

Technical Patterns formation in today intraday charts

1- Almost whole day sideways trading between 17867-17976 

2- Whole day actual trading between 17825-17976

Conclusions from intra day chart analysis 

Previous supports between 17796-17879 was posted in both previous Outlooks and:- 

1- Nifty got supports within this range between 17856-17925 yesterday.

2- Nifty traded whole day within and above this range today.

As Nifty traded within this previous supports range and closed above it also in both previous sessions therefore this supports range has become crucial and firstly sustaining it beyond should be watched in the coming sesions for next big moves beginning confirmations.

17796-17879 will confirm next 

intraday decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(11-01-2023)

Nifty-Intra Day Chart (10-Jan-2023):-

Technical Patterns formation in today intraday charts

1- Down moves with upward corrections

2- Support between 17856-17925

3- Whole day actual trading between 17856-18127

Conclusions from intra day chart analysis 

As weaker Global sentiments therefore down moves started which were with upward corrections ie with intraday selling patterns formations therefore down moves remained continued till 01:40 PM.  

Previous supports were between 17796-17879 and Nifty got supports within this range today and closed above it at 17914 today therefore sustaining beyond 17796-17925 should be firstly watched tomorrow for next intraday decisive moves beginning confirmations. 

Watch next supports amid Chinese 

Corona spreading news led 

depressed Global cues 

Post-open Outlook(10-01-2023)

Although Nifty opened positive but Nifty moved into negative zone because  sentiment was depressed today morning due to:-

1- Dow Jones Future was trading more than 100 points down today morning after its more than 100 points down closing yesterday

2- Most Asian markets were trading flat to Red

As Selling between 18084-18141 yesterday and sentiment turned weaker due to Global markets therefore Nifty could not sustain at higher levels and slipped therefore this range will be immediate resistance of Nifty. Next supports are between 17796-17879 which should be firstly watched amid Chinese Corona spreading news led depressed Global cues. 

 Up moves above today highest 

and towards next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(10-01-2023)

Nifty-Intra Day Chart (09-Jan-2023):-

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections after strong opening

2- Selling between 18084-18141

3- Sharp fall

4- Up moves with downward corrections

5- Whole day actual trading between 17937-18141

Conclusions from intra day chart analysis 

Although firstly up moves with downward corrections after strong opening but higher levels selling dedveloped therefore sharp fall was seen in Mid-session. As again Up moves with downward corrections therefore 100 points recovery was seen and today closing was 1.35% up.

As up moves with downward corrections therefore good intraday consolidation will be understood and fresh up moves are expected above today highest as well as towards next resistances between 18216-18240 Sustaining beyond this resistance should be firstly watched tomorrow for next intraday decisive moves beginning confirmations.