Fresh Rally beginning above life time 

highest at 18887.6 without slipping 

on going correction lowest at 17353.4

Technical Analysis,Research & Weekly Outlook

(Feb 06 to Feb 10,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (03-Feb-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-(i) of Wave-[(iii)] of Wave-1 completion at 18887.6 on 01-12-2022.

5- Corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation with recent bottom formation at 17353.40 on 01-02-2023.

6- Last 24 sessions sideways trading range(17762-18265) broken down on 27-01-2023 

7- Pull Back Rally continuation with recent top formations at 17870.30 on 03-02-2023.

8- Last Friday closing within previous 24 sessions trading range at 17854.05

Conclusions from EOD chart analysis

(Waves structure)

"ABC correction" of previous Waves structure completed at 15183.4 on 17-06-2022 and new "Waves structure" started through its Impulsive Wave-1. Wave-(i) of Wave-[(iii)] of Impulsive Wave-1 completed at 18887.6 on 01-12-2022 and its corrective Wave-(ii) of Wave-[(iii)] of Wave-1 begun which is in continuation with recent bottom formation at 17353.40 on 01-02-2023 and no confirmation of its completion yet on EOD Charts.

Nifty-EOD Chart Analysis

(Bollinger Band,Stochastic & MACD)

Nifty-EOD Chart (03-Feb-2023):-

Technical Patterns and Formations in EOD charts

1- Nifty closed just below Middle Band of Bollinger Band last Friday. 

2- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising from Over sold zone.

3- Stochastic:- %K(5)- 52.54 & %D(3)- 40.51.

4- In MACD- MACD line has intersected Average line downward and its both lines are falling in negative zone.

5- MACD(26,12)- -142.68 & EXP(9)- -61.33 & Divergence- -81.35

Conclusions from EOD chart analysis

(Stochastic & MACD)

Although new low of on going correction formed in previous week but Pull back rally started in last 2 sessions and Nifty closed just below Middle Band of Bollinger Band last Friday which is an indication of up moves continuation towards Upper Band of Bollinger Band.

Positions of Daily indicators are as follows:-

1- In Stochastic its %K(5) line has intersected %D(3) line upward and its both lines are rising from Over sold zone which is an indication of Short Term up moves continuation in next week.

2- In MACD its  MACD line has intersected Average line downward and its both lines are falling in negative zone therefore showing downward trend formation indications.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (03-Feb-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 17678 

B- 21-Day SMA is today at 17902

C- 55-Day SMA is today at 18196

D- 100-Day SMA is today at 17945

E- 200-Day SMA is today at 17297

 

Conclusions from EOD chart analysis

(Averages)

Although Nifty closed well above 5-Day SMA at 17854 last Friday but below 21-Day SMA therefore Short Term Trend is still down. As Long Term trend decider 200-Day SMA is at 17297 therefore Long Term trend is up but Intermediate Term trend decider 55-Day SMA is at 18196  therefore Long Term trend is still down.

The difference between 5-Day SMA and 55-Day SMA is 518 points and the difference between previous closing(17854) and 55-Day SMA is 342 points. As finally sustaining beyond 55-Day SMA will confirm Intermediate Term trend therefore should be firstly watched in the coming week/weeks for its confirmations because it is not far above last closing of Nifty.

Nifty-Last 6 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Jan 27 to Feb 03,2023):-

Technical Patterns formation in last 6 Sessions intraday charts

1- Lower levels strong base formation in last 6 sessions between 17354-17870  

2- Last 6 Sessions actual trading between 17354-17972 

Conclusions from 6 Sessions

intra day chart analysis 

Although on union Budget day Nifty lost 618 points from higher levels and closed in Red also but last 6 session which are 3 days before it and 2 days after it have shown lower levels good intraday consolidation patterns formations. As such nice consolidation in last 6 sessions therefore it will be understood that lower levels strong base has been formed in last 6 sessions between 17354-17870 and strong rally will be seen above last 6 sessions highest(17972)in the coming week/weeks.

Nifty-Intra Day Chart Analysis

(03-Feb-2023)

Nifty-Intra Day Chart (03-Feb-2023):-

Technical Patterns formation in today intraday charts

1- More than 4 hours consolidation between 17585-17718

2- Sharp up moves

3- Selling in last hour between 17817-17870

4- Whole day actual trading between 17585-17870

Conclusions from intra day chart analysis 

Although firstly slipping in first hours after positive opening and trading in negative zone also but in consolidation patterns formations as well as more than 4 hours consolidation between 17585-17718 therefore sharp up moves were seen in Mid-session. As minor selling at intraday higher levels in last hour therefore firstly some down moves can not be ruled out in the beginning of next week but lower levels good consolidation also last Friday therefore finally up moves are expected above 17870 in next week.

Conclusions

(After putting all studies together)

1- Short Term Trend is sideways between 

17354-17902.

2- Intermediate Term is down.

3- Long Term Trend is up.

Although corrective Wave-(ii) of Wave-[(iii)] of Wave-1 continuation and no confirmation of its completion yet on EOD Charts.Although previous 24 sessions sideways trading range(17762-18265) was broken down on 27-01-2023 but Nifty closed within it at 17854.05 last Friday. As it is an indication of not sustaining below previous 24 sessions sideways trading range and once sustaining above it(18265) will mean strong rally beginning because that will confirm:-

1- 24 Sessions like big trading range break out  

2- Intermediate Term Trend turning up after sustaining above its decider 55-Day SMA which is today at 18196

Although MACD is showing downward trend formation signals but Stochastic is indicating Short Term up moves continuation towards its Over bought zone in next week and that is expected also therefore let it happen first then will be decided according to that time indicators positions formations. Next supports and resistances beyond last Friday closing are as follows:-

Supports:-

1- 17585-17718

2- 17513-17552

3- 17438-17492

4- 17226-17374

Resistances:-

1- 17912-17972

2- 18109-18132

3- 18155-18192

4- 18216-18240

5- 18345-18387(Strong resistances)

As 243 Points Pull Back Rally with its recent closing at 17854 was seen last Friday after last 6 Sessions strong base formation between 17354-17870 and last friday closing was within previous 24 sessions sideways trading range also therefore emergence of fresh and decisive Rally beginning expectations towards and above life time highest(18887.6) in the coming weeks/months without slipping below on going correction lowest(17353.4) after all the trends turning up and without affecting from Adani Group crisis.  

17490-17649 Will confirm next 

trend beginning first signal 

Nifty-Intra Day Chart Analysis & 

Market Outlook(03-02-2023)

Nifty-Intra Day Chart (02-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Firstly slipping 172 points in first 3 minutes after weaker opening

2- 205 Points sharp up moves in 45 minutes

3- Last 5 and half hour sideways trading between 17490-17649 

4- Whole day actual trading between 17446-17653

Conclusions from intra day chart analysis 

Although firstly slipping 172 points in first 3 minutes after weaker opening but after that 205 points sharp up moves was seen in the next 45 minutes. As last 5 and half hour sideways trading between 17490-17649 and one sided intraday trading patterns formations was not seen within this range therefore firstly sustaining beyond this range should be watched in the coming sessions for the confirmation of next trend beginning first signal.

 Finally 17290 will confirm Union Budget final reaction on Indian Stock markets & Long Term Trend

Nifty-Intra Day Chart Analysis & Market 

Outlook(02-02-2023)

Nifty-Intra Day Chart (01-Feb-2023):-

Technical Patterns formation in today intraday charts

1- Slow up moves after gap up strong opening

2- Sharp up moves during Budget hours

3- Selling between 17912-17972

4- Down moves with upward corrections

5- Volatility in last hour between 17354-17669

6- Whole day actual trading between 17354-17972

Conclusions from intra day chart analysis 

As high expectations from Budget and good intraday consolidation was seen yesterday also therefore firstly gap up strong opening and sharp up moves developed during Budget hours also but higher levels selling developed between 17912-17972 after Budget announcements led heated sentiments and down started.  

Nifty lost 618 points from higher levels because Down moves were with upward corrections. As such huge intraday correction therefore Nifty corrected and recovered 315 points from lower levels in last 40 minutes during volatility last hour volatility between 17354-17669.  

Higher levels good intraday selling is confirm today and firstly complete consolidation is required for moving above today highest.

Following next supports have been updated in previous Outlooks and Nifty tested both today but closed well above it at 17616.30 today:-

1- 17381-17401(Gap support)

2- 17226-17374

Long Term Trend decider 200-Day SMA is today at 17290 which is within above mentioned 2nd supports(17226-17374) also therefore finally sustaining beyond this supports range should be watched in the coming sessions for Union Budget final reaction on Indian Stock markets and Long Term Trend also.

Finally sustaining beyond 17406-17709 will confirm post Budget next trend 

Nifty-Intra Day Chart Analysis & Market 

Outlook(01-02-2023)

Nifty-Intra Day Chart (31-Jan-2023):-

Technical Patterns formation in today intraday charts

1- 130 Points fall in first 6 minutes

2- Down moves in Bullish Falling Channel

3- Up moves with downward corrections

4- Whole day actual trading between 17538-17735

Conclusions from intra day chart analysis 

Although firstly 130 points fall in first 6 minutes but consolidation was seen firstly through Down moves in Bullish Falling Channel and after that Up moves with downward corrections therefore good intraday consolidation will be understood today and firstly up moves are expected towards today highest. As Union Budget will be tabled tomorrow  and its announcements led volatility will also be seen therefore finally sustaining beyond 17406-17709 should be watched for post Budget next trend formation confirmations. 

Firstly watch next supports for post Budget next trend formation confirmations 

Nifty-Intra Day Chart Analysis & 

Market Outlook(31-01-2023)

Nifty-Intra Day Chart (30-Jan-2023):-

Technical Patterns formation in today intraday charts

1- Whole day only intraday volatility

2- Whole day actual trading between 17406-17709

Conclusions from intra day chart analysis 

As sentiment turned depressed due to Adani Group negative news therefore Nifty slipped 150 points in first 2 minutes and Union Budget presentation also after 2 days and its led expectations also therefore more than 300 points intraday volatility developed and one sided technical positions formations was not seen today. 

Following next supports were updated in previous Outlook:-

1- 17381-17401(Gap support)

2- 17226-17374

As today lowest was just above 1st supports at 17405.55 and Nifty honored it during such dampened sentiments also therefore firstly sustaining beyond this 1st supports range should be watched in the coming 2 sessions for post Budget next trend formation confirmations.