Firstly watch sustaining beyond 23426 for fresh Rally beginning above "Life Time Top" after on going "ABC" correction completion confirmations
Technical Analysis,Research & Weekly Outlook
(Feb 03 to Feb 07,2025)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (01-Feb-2025):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-C of previous Waves structure "ABC correction" completion at 15183.40 on 17-06-2022 and Impulsive Wave-1 of new Waves structure beginning.
2- Impulsive Wave-1 completion at 18887.60 on 01-12-2022.
3- Corrective Wave-2 completion at 16828.30 on 20-03-2023.
4- Impulsive Wave-(i) of Wave-3 completion at 20222.45 on 15-09-2023 and Wave-A of "ABC" correction beginning.
5- Wave-A of Wave-(ii) of Wave-3 completion at 19333.60 on 04-10-2023.
6- Wave-B of Wave-(ii) of Wave-3 completion at 19849.80 on 17-10-2023.
7- Wave-C of Wave-(ii) of Wave-3 completion at 18837.80 on 26-10-2023 and impulsive Wave-(iii) of Wave-3 beginning.
8- Impulsive Wave-(iii) of Wave-3 completion with new life time top formations at 26277.30 on 27-09-2024 and Corrective Wave-A of Wave-(iv) of Wave-3 of "ABC" correction beginning.
9- Corrective Wave-A of Wave-(iv) of Wave-3 completion at 23263.20 on 21-11-2024.
10- Corrective Wave-B of Wave-(iv) of Wave-3 completion at 24857.80 on 05-12-2024.
11- Corrective Wave-C of Wave-(iv) of Wave-3 continuation with recent bottom formations at 22786.9 on 27-01-2025.
12- Previous 14 Sessions from 13-01-2025 to 30-01-2025 trading was between 22787-23426 and this trading range was forcefully broken out to 31-01-2025.
14- Pull Back rally continuation with recent top formations at 23632.45 on 01-02-2025.
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-1 of new Waves structure begun from 18887.60 on 01-12-2022 after Corrective Wave-C of "ABC correction" of previous Waves structure completion at this level and from this level corrective Wave-2 started which completed at 16828.30 on 20-03-2023 and impulsive Wave-3 begun from this level.
Impulsive Wave-(i) of Wave-3 completed at 20222.40 on 15-09-20235 and from this level corrective Wave-A of "ABC" correction of Wave-(ii) of Wave-3 started which completed at 19333.60 on 04-10-2023. Wave-B begun from this level which completed at 19849.80 on 17-10-2023 and Wave-C started which completed at 18837.80 on 26-10-2023. Impulsive Wave-(iii) of Wave-3 begun from this level which completed with new life time top formations at 26277.30 on 27-09-2024 and corrective Wave-A of Wave-(iv) of Wave-3 started from this level.
Corrective Wave-A of Wave-(iv) of Wave-3 completed at 23263.20 on 21-11-2024 and Wave-B of Wave-(iv) of Wave-3 started from this levels which completed at 24792.30 on 13-12-2024 and from this levels corrective Wave-C of Wave-(iv) of Wave-3 begun which is now in continuation with recent bottom formations at 22786.9 on 27-01-2025 and no confirmation of its completion yet on EOD charts but Pull Back rally begun from this level which is now in continuation with recent top formations at 23632.45 on 01-02-2025 and no confirmation of its completion also on EOD and intraday charts.
Previous 14 Sessions(from 13-01-2025 to 30-01-2025) trading was between 22787-23426 and this trading range was forcefully broken out to 31-01-2025 as well as finally sustaining beyond the top of this trading range(23426) will generate strong signals of next trend formations therefore it should be firstly watched in the coming week/weeks for next trend formation confirmations
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (01-Feb-2025):-
Technical Patterns and Formations in EOD charts
1- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising above and below Over bought zone.
2- Stochastic:- %K(5)- 86.03 & %D(3)- 75.87.
3- In MACD- MACD line has intersected Average line upward and its both lines are rising in negative zone.
4- MACD(26,12)- -188.72 & EXP(9)- -289.03 & Divergence- 100.31
Conclusions from EOD chart analysis
(Stochastic & MACD)
Technical positions of Short Term indicators are as follows:-
1- As in Stochastic its %K(5) line has intersected %D(3) line upward and its both lines are rising above and below Over bought zone and this indicator have not turned completely Over bought yet therefore it will be understood that this indicator is showing signals of some more upward moves possibility in the coming week.
2- As in MACD its MACD line has intersected Average line upward and its both lines are rising in negative zone therefore it will be understood that this indicator is confirming Downward Trend formations but some upward moves possibility in Short Term also because its both lines are rising after upward intersection.
Nifty-Intra Day Chart Analysis
(01-Feb-2025)
Nifty-Intra Day Chart (01-Feb-2025):-
Technical Patterns formation in today intraday charts
1- Selling between 23545-23632
2- Sharp fall
3- Consolidation between 23319-2347
4- Upward moves
5- Sideways trading in last 2 hours between 23459-23543
6- Whole day actual trading between 23319-23632
Conclusions from intra day chart analysis
Although firstly upward moves after positive opening but higher levels selling developed therefore sharp fall was seen during Budget speech. As lower levels consolidation was also seen during Budget speech therefore some upward moves were also developed after Budget completion but Sideways trading developed in last 2 hours.
As whole day Union Budget-2025 led intraday volatility with lower levels consolidation and higher levels selling also therefore whole day Budget day trading will be understood with Mixed Patterns formation between 23319-23632 and Nifty will firstly trade as well as prepare for next trend within and near about this trading range. It is confirm that finally sustaining beyond Budget day trading range(23319-23632) will form next trend and also generate that side one sided bigger moves therefore it should be firstly watched in the coming week for that side next Trend formations and accordingly that side bigger moves beginning confirmations.
Conclusions (After putting all studies together)
1- Long Term Trend is at down.
2- Intermediate Term trend down.
3- Short Term Trend is up.
"ABC" correction of Wave-(iv) of Wave-3 is in continuation of that impulsive Wave-1 which started from 18887.60 on 01-12-2022 and its Wave-(iii) of Wave-3 completed with new life time top formations at 26277.30 on 27-09-2024. Now its corrective Wave-C of Wave-(iv) of Wave-3 is in continuation with recent bottom formations at 22786.9 on 27-01-2025 and no confirmation of its completion also on EOD charts but Pull Back rally which begun from this level is now in continuation with recent top formations at 23632.45 on 01-02-2025 and no confirmation of its completion also on EOD and intraday charts.
Previous 14 Sessions(from 13-01-2025 to 30-01-2025) trading was between 22787-23426 and this range has become most crucial because:-
1- This trading range was forcefully broken out on 31-01-2025.
2- Nifty traded within and above this trading range on Budget day(01-02-2025).
3- Nifty closed above it also at 23482.15 on Budget day.
As bottom of previous 14 Sessions trading range is the bottom of on going corrective Wave-C and finally sustaining above its top(23426) will mean strong signal of on going "ABC" correction completion as well as Wave-(v) of Wave-3 beginning above life time top(26277.30) which should be firstly watched in the coming week for its confirmations. If Nifty fails to sustain above 23426 then bottom of previous 14 Sessions trading range(22787) should be watched for deeper correction beginning confirmations.