Remain cautious & watch supports amid

 Short to Intermediate Term correction

 beginning expectations

Technical Analysis,Research & Weekly Outlook

(Jan 08 to Jan 12,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (05-Jan-2024):-

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-1 completion at 18096.2 on 15-09-2022.

3- Corrective Wave-2 completion at 16747.7 on 30-09-2022.

4- Impulsive Wave-(i) of Wave-3 completion at 18887.6 on 01-12-2022.

5- Corrective Wave-(ii) of Wave-3 completion at 16828.3 on 20-03-2023.  

6- Impulsive Wave-(iii) of Wave-3 completion at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.

7- Wave-A of Wave-(iv) of Wave-3 completion at 19333.6 on 04-10-2023.

8- Wave-B of Wave-(iv) of Wave-3 completion at 19849.8 on 17-10-2023.  

9- Corrective Wave-C of Wave-(iv) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(v) of Wave-3 beginning. 

10- Impulsive Wave-(v) of Wave-3 continuation with its recent high and new life time top formations at 21834.30 on 01-01-2024.

11- Short Term correction continuation with its recent bottom formations at 21500.30 on 03-01-2024

12- Last 8 sessions trading between 21501-21834

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure started from 15183.4 on 17-06-2022 after corrective Wave-C of previous Waves structure completion at this level. Now its impulsive Wave-(v) of Wave-3 continuation with its recent high and new life time top formations at 21834.30 on 01-01-2024 and no confirmation of its completion yet on EOD charts but Short Term correction begun from this levels which has now turned sideways for the last 8 sessions between 21501-21834. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (05-Jan-2024):-

Technical Patterns and Formations in EOD charts

1- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone.

2- Stochastic:- %K(5)- 38.49 & %D(3)- 39.46.

3- Stochastic is showing negative divergence

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

5- MACD(26,12)- 349.53 & EXP(9)- 461.97 & Divergence- -112.44

6- MACD is showing negative divergence

Conclusions from EOD chart analysis

(Stochastic & MACD)

Position of Short Term indicators are as follows:-

1- As in Stochastic indicator %K(5) line has intersected %D(3) line downward and its both lines are falling  towards Over sold zone as well as this this indicator  showing negative divergence therefore strong signals of Short Term correction continuation will be understood. 

2- As in MACD indicator MACD line has intersected Average line downward and its both lines are falling in positive zone as well as this this indicator is showing negative divergence therefore it will be understood that MACD indicator is showing strong possibility of short Term downward trend formations.

Nifty-Last 8 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Dec 27 2023 to Jan 05,2024):-

Technical Patterns formation in last 8 Sessions intraday charts

1- Selling(Resistances) in last 8 Sessions are as follows:-

A- 21701-21749

B- 21683-21700

2- Consolidation(Supports) in last 8 Sessions are as follows:-

A- 21630-21662

B- 21594-21624

C- 21501-21542

3- Mixed Patterns formation between

A- 21628-21685

B- 21558-21591

5- Last 8 Sessions trading between 21501-21834

Conclusions from 8 Sessions 

intra day chart analysis 

Last 8 Sessions trading between 21501-21834 with above mentioned supports, resistances and sideways trading ranges with Mixed Patterns formation. It seems that both supports and resistances of last 8 sessions are almost equally strong therefore it will be understood that at present Nifty is technically not prepared for any side decisive moves beyond last 8 sessions range and will firstly prepare for it in the coming week within it. As finally sustaining beyond or forceful break out/down of last 8 sessions trading range will confirm next Short/intermediate Term trend therefore it should be firstly watched in the coming week/weeks for its confirmations.

Nifty-Intra Day Chart 

Analysis(05-Jan-2024)

Nifty-Intra Day Chart (05-Jan-2024):-

Technical Patterns formation in today intraday charts

1- Selling between 21725-21749

2- Sharp fall

3- Selling between 21683-21704

4- 63 Points down in one hour

4- Support between 21630-21662

5- Sharp up

6- Selling between 21701-21724

7- Whole day actual trading between 21630-21749

Conclusions from intra day

chart analysis 

Although firstly up moves after positive opening and Nifty traded 91 points Plus also but fresh selling developed at intraday higher levels and more than 2 hours selling was seen in Mid-Session also therefore Nifty traded in negative zone after slipping 63 points down in next one hour and lost all intraday gains. 

As some supports developed at lower levels therefore sharp up moves were also seen after that but again selling was seen in last 40 Minutes therefore whole day good intraday selling at higher levels and minor supports at lower levels will be understood last Friday and resultant down moves below last Friday lowest(21629.2) will be expected in the beginning of next week.

Conclusions (After putting

all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term trend is at stake which will be finally decided by sustaining beyond or forceful break out/down of last 8 sessions trading range(21501-21834).

Although Impulsive Wave-(v) of Wave-3 forcefully continuation and no confirmation of its completion yet on EOD charts but intraday charts of last 8 sessions are showing some selling at higher levels and Short term indicators are also signalling Short term correction beginning possibility therefore firstly sustaining beyond or forceful break out/down of last 8 sessions trading range should be watched in the coming week/weeks for its confirmations.

As Union Budget will be tabled after 17 sessions and Quarterly results of the most Companies will also be announced in this month as well as euphoria has been developed after 2996.5 points strong rally in the last 2 months 9 sessions trading therefore view should be cautious because:-

1- This Union Budget is Pre-Election and may be populist also.

2- EOD charts of last 1 month are showing "Bearish Rising Wedge" like formations also.

3- Euphoria developed after 2996.5 points strong rally and due to it intraday Selling is being seen for the last few sessions.

Remain cautious and watch following next supports one by one amid Short to Intermediate Term correction expectations in the coming week/weeks 

1- 21512-21599

2- 21282-21405 

3- 21052-21161

4- 20950-20976

5- 20770-20852(Strong supports)

Sustaining beyond 21628-21685 will confirm the life of on going Short Term correction

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-01-2024)

Nifty-Intra Day Chart (04-Jan-2024):-

Technical Patterns formation in today intraday charts

1- Consolidation between 21594-21624

2- Sharp up

3- More than 5 hours trading with mixed Patterns formation between 21628-21685

4- Whole day actual trading between 21565-21685

Conclusions from intra day chart analysis 

As firstly consolidation after positive opening and after that sharp up moves also but more than 5 hours trading was seen with mixed Patterns formation between 21628-21685 therefore firstly sustaining beyond this range should be watched tomorrow for on going Short Term correction continuation/completion confirmations.

Watch next supports amid 

more down moves possibility

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-01-2024)

Nifty-Intra Day Chart (03-Jan-2024):-

Technical Patterns formation in today intraday charts

1- Selling between 21608-21677

2- Sharp fall

3- More than 4 hours trading with mixed Patterns formation between 21558-21591

4- Down moves in Bullish Falling Channels

5- Whole day actual trading between 21501-21677

Conclusions from intra day chart analysis 

As more than 4 hours trading with mixed Patterns formation and after that today closing was near the lowest of on going correction therefore some more down moves can not be ruled out. As down moves in last 2 hours were in Bullish Falling Channels also therefore following next next supports should be watched one by one amid Short Term Pull Back rally possibility from any levels after getting fresh supports there.

1- 21512-21599

2- 21282-21405 

3- 21052-21161

Short Term Correction continuation

Nifty-Intra Day Chart Analysis & 

Market Outlook(03-01-2024)

Nifty-Intra Day Chart (02-Jan-2024):-

Technical Patterns formation in today intraday charts

1- Selling between 21711-21755

2- Sharp falls

3- Up moves in Bearish Rising Channels

4- Whole day actual trading between 21556-21755

Conclusions from intra day chart analysis

Live Proofs of our 100% accurate 

Nifty predictions & Analysis

Following topics telling for "Short Term correction beginning" were posted for this week and today:-

1- Weekly Analysis posted on 30-12-2023-"Firstly watch 21677-21677-21834 amid high possibility of Short Term correction beginning"

2- Today Analysis posted on 01-01-2024-"Firstly watch 21677-21801 amid high possibility of Short Term correction beginning"

As was told 100% same happened and Nifty crashed 186 points in first 2 hours today. 

Although little positive opening but fresh selling developed and good intraday selling was seen in last 3 sessions also therefore sharp falls was seen in first 2 hours and Nifty traded 186 points down.

As up moves were seen in Bearish Rising Channels in the last more than 4 hours also therefore again good intraday selling will be understood and today started Short Term Correction will remain continued in the coming sessions also. 

Firstly watch 21677-21834 amid 

high possibility of Short Term

 correction beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(02-01-2024)

Nifty-Intra Day Chart (01-Jan-2024):-

Technical Patterns formation in today intraday charts

1- More than 4 hours trading with mixed Patterns formation between 21681-21752

2- New year euphoria led up moves

3- 148 Points sharp fall in last hour

4- Whole day actual trading between 21681-21834

Conclusions from intra day chart analysis 

Although more than 4 hours trading with mixed Patterns formation between 21681-21752 but new year euphoria therefore up moves were seen and Nifty traded more than 100 points up with new life time top formations also. As clear consolidation patterns were not developed and intraday selling patterns were also seen therefore Nifty could not sustain at higher levels and sharp fallen 148 Points in last hour.

Following conclusive lines were told on 30-12-2023 in "Firstly watch 21677-21801 amid high possibility of Short Term correction beginning" and are being repeated for the coming sessions with little change of levels which are 21677-21834:-

"Although high possibility of Short Term correction beginning in the coming week but firstly sustaining beyond 21677-21801 should be watched for on going rally continuation confirmations above 21801 or Short Term correction beginning confirmations below 21677."