Firstly watch immediate maximum target of Nifty at 14754.25 amid Pre-Post Budget news led volatility 

Technical Analysis,Research & Weekly Outlook

(Jan 18 to Jan 22,2021)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (15-Jan-2021):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020  

2- Wave-1(9889.05 on 30-04-2020)

3- Wave-2(8806.75 on 18-05-2020)

4- Wave-3(12025.50 on 15-10-2020)

5- Wave-4(11535.50 on 30-10-2020)

6- Impulsive Wave-5 continuation with recent top formation at 14653.40 on 13-01-2021

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-5 continuation with recent top formation at 14653.40 on 13-01-2021 and no indication of its completion yet because no selling patterns formations on EOD charts except long black candle formation last Friday.

Nifty-EOD Chart Analysis

(Averages & Stochastic)

Nifty-EOD Chart (15-Jan-2021):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 continuation with recent top formation at 14653.40 on 13-01-2021

2- Last 5 Sessions sideways trading between 14358-14653

3-Averages

A- 5-Day SMA is today at 14528

B- 13-Day SMA is today at 14276

C- 21-Day SMA is today at 14049

D- 55-Day SMA is today at 13292

4- Stochastic %K(5) is at 65.20 & %D(3) is at 81.78

5- Stochastic showing negative divergence in over bought zone through moving down when Nifty is moving up.

Conclusions from EOD chart analysis

(Averages & Stochastic)

Impulsive Wave-5 continuation and no confirmation of its completion yet on EOD charts but last Friday closing was below 5-Day SMA(14528) at 14433.70 which is first indication of Short term correction beginning.

Last 5 Sessions sideways trading between 14358-14653 and last session closing was near its lower levels therefore if Nifty sustains below last 5 sessions lowest(14358) then Short term correction will be seen after 5 sessions trading range breaking down confirmations.

Short term indicator Stochastic has confirmed Short term correction beginning through:-

1- Showing negative divergence in over bought zone.

2- Moving down from over bought zone. 

3- %K(5) intersecting downward %D(3).

Nifty-Last 5 Sessions

intraday charts analysis

Nifty-Intra Day Chart (Jan 11 to Jan 15,2021):-

Technical Patterns formation in last 5 Sessions intraday charts

1- Selling(Resistances) in last 5 sessions are between:-

A- 14482-14549  

B- 14580-14617 

C- 14621-14648

2- Consolidation(Supports) in last 5 sessions are between:-

A- 14395-14430

B- 14461-14480

3- Sideways trading in last 5 sessions are between:- 

A- 14419-14457

4- 5 Sessions actual trading between 14358-14653 

Conclusions from 5 Sessions

intra day chart analysis 

As good selling at higher levels in last 5 sessions therefore Nifty fallen into last 5 sessions supports and traded sideways within these supports between 14419-14457 last Friday.

Nifty closed near the lower levels of last 5 sessions and higher levels good selling also therefore expected that Nifty will slip towards the lowest of last 5 sessions(14358) and once sustaining below it will mean sharp fall after valid break down of last 5 sessions trading range.

Next supports below 14358 are as follows:-

1- 14258-14301

2- 14230-14252

Nifty-Intra Day Chart

Analysis(15-Jan-2021)

Nifty-Intra Day Chart (15-Jan-2021):-

Technical Patterns formation in today intraday charts

1- Sharp fall after flat opening

2- Selling between 14482-14549(immediate Resistances)

3- Sharp fall 

4- Sideways trading in last hour between 14419-14457

5- Whole day actual trading between 14358-14617

Conclusions from

intra day chart analysis 

Firstly sharp fall after flat opening and after that more than 4 hours selling between 14482-14549 therefore this range will be immediate Resistance on Nifty.

Although again sharp fall after more than 4 hours selling but after that sideways trading in last hour between 14419-14457 therefore firstly sustaining beyond this range should be watched in next week for correction continuation confirmation below 14419 and first signal of correction completion above 14457. 

As good selling above 14482 in last 3 sessions of previous week therefore correction continuation is expected in the beginning of next week and complete consolidation is firstly required for correction completion and sustaining above 14457.

Conclusions

(After Putting All Studies Together)

1- Long Term Trend is up

2- Intermediate Term Trend is up

3- Short Term Trend has turned down after last Friday closing below 5-Day SMA(14528) at 14433.70

Impulsive Wave-5 of Nifty continuation and as per Elliott Wave theory maximum target of on going Wave-5 is at 14754.25. Its calculation is as follows:-                                                                                   

As per Elliott Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5. Now impulsive Wave-5 is on and it should not gain more points than Wave-3  gained.

Impulsive Wave-1 gained=2377.95 points(9889.05-7511.10)

Impulsive Wave-3 gained=3218.75 points(12025.50-8806.75)

Impulsive Wave-5 has gained 3117.90 points till 13-01-2021(14653.40-11535.50)

As according to Elliott Wave theory Wave-5 can not gain more points than Wave-3 gained therefore on going impulsive Wave-5 will gain lesser points than 3218.75.

Impulsive Wave-5 started from 11535.50 on 30-10-2020 and it has to gain less than 3218.75 points therefore maximum target of on going impulsive Wave-5 is 14754.25(11535.50+3218.75)

It must be kept in mind that nothing is absolute in financial markets and if Nifty moves above 14754.25 then as per Elliott Wave theory Waves structure has to be recalculated and if correction remain continued without moving above 14754.25 then "ABC" correction of rally between 7511.10-14754.25 will be considered.

At present Short Term correction is on and its continuation is expected below last 5 sessions lowest(14358)in the coming week. For correction life firstly sustaining beyond 13-Day SMA(14276) should be watched in the coming week because it is between immediate next supports(14230-14301).

As per given Waves structure immediate maximum target of Nifty is at 14754.25 and correction started from just below it in previous week from 14653.40 therefore firstly 14754.25 should be watched in the coming 3 weeks of Pre-Post Budget news led volatility for rally continuation or deeper "ABC" correction. 

 Sustaining below 14580 will be first strong signal of Short Term Correction 

Nifty-Intra Day Chart Analysis & 

Market Outlook(15-01-2021)

Nifty-Intra Day Chart (14-Jan-2021):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Slow up moves

3- Down moves in Bullish Falling Channel

4- Selling between 14580-14617

5- Whole day actual trading between 14472-14617

Conclusions from intra day chart analysis 

As firstly Down moves in Bullish Falling Channel therefore after that up moves were seen but those up moves were slow hence some selling also can not be ruled out.

Although again some consolidation in Mid-session but last hours selling patterns formations between 14580-14617 which were below yesterday selling levels therefore higher levels follow up selling will be understood.

As selling above 14580 in last 2 sessions therefore if fresh selling develops tomorrow then Short Term Correction will be seen and its first strong signal will be sustaining below 14580.

watch levels for next Short Term trend confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(14-01-2021)

Nifty-Intra Day Chart (13-Jan-2021):-

Technical Patterns formation in today intraday charts

1- Down moves with upward corrections

2- Down moves in Bullish Falling Channel

3- Up moves in Bearish Rising Channel

4- Whole day actual trading between 14436-14653

Conclusions from intra day chart analysis 

Although gap up opening but selling developed and down moves were seen with upward corrections therefore Nifty slipped more than 200 points from higher levels. 

As some consolidation at lower levels through Down moves in Bullish Falling Channel hence up moves in last hours which were in Bearish Rising Channel therefore follow up selling will be understood at higher levels today. 

Both lower levels some supports and higher levels good selling between 14436-14653 therefore firstly sustaining beyond this range should be watched tomorrow for next Short Term trend confirmations.

 As busy therefore Stock Market Outlook of 13-01-2021 is not being updated.

 Firstly watch levels for next Very Short term trend confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-01-2021)

Nifty-Intra Day Chart (11-Jan-2021):-

Technical Patterns formation in today intraday charts

1- Whole day up moves in Bearish Rising Channels

2- Down moves in Bullish Falling Channels

3- Whole day actual trading between 14384-14498

Conclusions from intra day chart analysis 

Although firstly some consolidation through Down moves in Bullish Falling Channels but Whole day up moves were in Bearish Rising Channels therefore some selling also can not be ruled out.

As both buying and selling therefore some consolidation is required for sustaining above day's highest and more selling will mean Very Short term correction below day's lowest.

Nifty will have to prepare for the next Very Short term trend within or near about day's range(14384-14498) and firstly sustaining its beyond should be watched for its confirmations.

Nifty IT led Rally continuation and correction only after fresh selling patterns formation

Nifty & Bank Nifty Weekly Outlook

(Jan 11 to Jan 15,2021)

Nifty-EOD Chart Analysis (Stochastic)

Nifty-EOD Chart (08-Jan-2021):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020  

2- Impulsive Wave-5 continuation with recent top formation at 14367.30 on 08-01-2021

3- Stochastic at %K(5) is at 74.67 & %D(3) is at 78.52

Conclusions from EOD chart analysis(Stochastic)

Impulsive Wave-5 continuation with recent top formation at 14367.30 on 08-01-2021 and no confirmation of its completion yet because no selling patterns formations on EOD charts and intraday charts.

As Short Term Indicator Stochastic has become Overbought and showing negative divergence as well as %K has intersected downward %D therefore indicating signals of Short Term correction which will be seen after selling patterns formations on Intraday and EOD charts.

Nifty-Intra Day Chart Analysis(08-Jan-2021)

Nifty-Intra Day Chart (08-Jan-2021):-

Technical Patterns formation in today intraday charts

1- Consolidation between 14230-14252 

2- Consolidation between 14258-14301

3- Up moves with downward correction 

4- Whole day actual trading between 14222-14367

Conclusions from intra day chart analysis 

As Dow Jones Futures was trading more than 110 points up and all the Asian markets were trading with 0.90% to 02.5% gains therefore sentiment was Bullish last Friday morning hence strong opening of Indian markets.

Firstly consolidation between 14230-14252 and after that some up moves then follow up consolidation between 14258-14301 as well as last hour up moves with downward correction therefore whole day last Friday trading will be understood with consolidation hence firstly up moves above last Friday highest will be considered in the beginning of next week. 

Nifty-Conclusions

(After Putting All Studies Together)

All trends are up,rally continuation and no indication of its completion yet on EOD and intraday charts. 

As Short to Intermediate Term indicators have turned over bought and shown negative divergence also therefore Short to Intermediate Term correction is very much due which will be seen after selling patterns formation on both EOD and intraday charts 

  

Bank Nifty-EOD Chart Analysis (Stochastic)

Bank Nifty-EOD Chart (08-Jan-2021):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 16116.30 on 24-03-2020 and Wave-B beginning 

2- Wave-c of Wave-B continuation with recent top formation at 32298.05 on 08-01-2021

3- Stochastic at %K(5) is at 83.52 & %D(3) is at 82.30

Conclusions from 

EOD chart analysis (Stochastic)

Wave-c of Wave-B continuation with recent top formation at 32298.05 on 08-01-2021 and no confirmation of its completion yet because no selling patterns formations on EOD charts.

As Short Term Indicator Stochastic has become Overbought and showing negative divergence therefore indicating signals of Short Term correction which will be seen after complete selling patterns formations on Intraday and EOD charts.

Bank Nifty-Last 3 Sessions intraday charts analysis

Bank Nifty-Intra Day Chart (Jan 06 to Jan 08,2021):-

Technical Patterns formation in last 3 Sessions intraday charts

1- Selling(Resistances) in last 3 sessions are between:-

A- 32120-32227 

B- 32093-32167

C- 32072-32150

D- 31852-31981 

2- Consolidation(Supports) in last 3 sessions are

A- 31580-31772

3- 3 Sessions actual trading between 31549-32227 

Conclusions from 

3 Sessions intra day chart analysis 

Rally continuation with its new top formation last Friday and closing also near the top of on gong rally but good selling and minor consolidation near last 3 sessions lowest.

As good selling and only little consolidation in last 3 sessions therefore if more selling develops in next week then Short Term correction will be seen below 31549. As minor buying therefore complete consolidation is firstly required for decisive up moves above 32227.

Bank Nifty-Intra Day Chart 

Analysis(08-Jan-2021)

Bank Nifty-Intra Day Chart (08-Jan-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 32120-32227

2- Selling between 32093-32167

3- Whole day actual trading between 32003-32227

Conclusions from intra day chart analysis 

Bank Nifty traded sideways between 32003-32227 last Friday with higher levels selling therefore signalling some down moves in the beginning of next week.

Bank Nifty-Conclusions

(After Putting All Studies Together)

All trends are up,Wave-c of Wave-B continuation continuation and no confirmation of its completion yet on EOD and intraday charts. 

As Short to Intermediate Term indicators have turned over bought and shown negative divergence also therefore Short to Intermediate Term correction is very much due which will be seen after complete selling patterns formation on both EOD and intraday charts 

Conclusions 

(After Putting All Studies Together)

As strong rally in Nifty IT therefore rally continuation forcefully in Nifty but Bank Nifty is under performing and slow up moves in last 3 sessions. 

Although Short to Intermediate Term indicators have turned over bought and shown negative divergence also therefore Short to Intermediate Term correction is very much due but no selling patterns formation on both EOD and Nifty intraday charts of last Friday therefore immediate correction will not be considered. 

As Bank Nifty has shown  some selling in last 3 sessions therefore if more selling develop in it and in other Indices also then  Bank Nifty will lead correction.

Nifty IT led Rally continuation and let fresh selling patterns develop on EOD and Intraday charts then Short to Intermediate Term correction will be considered according to the size of selling patterns formation. 

 Firstly watch 14178-14244 after strong Global cues today morning

Pre-open Outlook(08-01-2021)

As Dow Jones Futures is now trading more than 110 points up and all the Asian markets are trading with 0.90% to 02.5% gains therefore sentiment is Bullish today morning hence strong opening of Indian markets will be seen.

More than 9 hours selling between 14178-14244 in last 2 sessions and firstly sustaining it beyond should be watched today for first signal of next decisive moves beginning beyond this range. 

As good selling between 14178-14244 therefore follow up selling within or near about this range will mean sharp fall and complete consolidation is required for sustaining above it.

 Emergence of Short to Intermediate term correction expectation

Nifty-Intra Day Chart Analysis & 

Market Outlook(08-01-2021)

Nifty-Intra Day Chart (07-Jan-2021):-

Technical Patterns formation in today intraday charts

1- More than 5 hours selling between 14178-14234
2- Down moves in last hour
3- Whole day actual trading between 14124-14234

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Firstly watch 14040-14244 for first signal of next Short Term trend beginning":-

1- Although Dow Jones is trading more than 700 points up but higher levels good selling between 14178-14244 today

2- until complete consolidation will not develop till then Nifty will not sustain above 14244

3- follow up selling within this range will mean sharp correction if sustains below today lowest.

As more than 5 hours follow up selling between 14178-14234 today which is within yesterday mentioned more than 4 hours good selling range(14178-14244) therefore today closing was near the lower levels of the day after last hour down moves. 

More than 9 hours selling between 14178-14244 in last 2 sessions therefore it will be immediate resistance of Nifty and Short Term indicators have turned overbought also also hence emergence of Short to Intermediate term correction expectation,its confirmation will be after sustaining below 14040 because some buying was seen above it yesterday.

 Firstly watch 14040-14244 for first signal of next Short Term trend beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(07-01-2021)

Nifty-Intra Day Chart (06-Jan-2021):-

Technical Patterns formation in today intraday charts

1- More than 4 hours selling between 14178-14244(immediate Resistances)

2- Sharp fall

3- Consolidation between 14040-14114

4- Last hour up move

5- Whole day actual trading between 14040-14244

Conclusions from intra day chart analysis 

As firstly more than 4 hours selling therefore sharp down in Mid-session but lower levels consolidation hence up moves in last hour. 

Both selling and buying between 14040-14244 therefore whole day trading will be understood with Mixed Patterns formation within this range and firstly Nifty has to trade and prepare for next decisive moves between and near about 14040-14244 as well as finally sustaining beyond this range will confirm next decisive moves.

Although Dow Jones is trading more than 700 points up but higher levels good selling between 14178-14244 today therefore until complete consolidation will not develop till then Nifty will not sustain above 14244 and follow up selling within this range will mean sharp correction if sustains below today lowest.

Firstly sustaining beyond 14040-14244 should be watched tomorrow for first signal of next Short Term trend beginning.

Firstly Short Term correction or sharp intraday fall

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-01-2021)

Nifty-Intra Day Chart (05-Jan-2021):-

Technical Patterns formation in today intraday charts

1- First half hour sideways trading between 14093-14113

2- Down moves in Bullish Falling Channel

3- Slow up moves

4- Sharp fall

5- Last half hour sideways trading between 14194-14215

6- Whole day actual trading between 14076-14215

Conclusions from intra day chart analysis 

As some seling yesterday therefore Nifty slipped more then 80 points in first hour but lower levels consolidation therefore rally continuation. Although whole day slow up moves but consolidation also through intraday correction hence closing at the top of the day. As last half hour sideways trading between 14194-14215 and some selling also due to slow up moves therefore firstly consolidation is required within or near about today trading range for decisive up moves above today highest. 

Short Term indicators are completely Over bought and slow up moves in last 2 sessions therefore therefore firstly Short Term correction or sharp intraday fall is expected tomorrow before any decisive up move if fresh consolidation develops.

 Watch today trading range amid sharp down moves possibility 

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-01-2021)

Nifty-Intra Day Chart (04-Jan-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 14082-14112

2- Sharp fall

3- Slow up moves with downward corrections

4- Whole day actual trading between 13954-14147

Conclusions from intra day chart analysis 

As sentiment was Bullish due to Covind-19 Vaccine news and strong most Asian markets therefore gap up opening of Indian markets but immediately selling developed hence sharp fall was seen. 

Although today closing was at the top of the day but last 5 hours up moves were slow hence some selling can not be ruled and downward corrections was also seen during these up moves therefore some buying will also be considered. 

As one sided technical patterns formations were not seen during today volatility therefore Nifty will firstly trade within today trading range tomorrow and finally valid break out of today trading range should be watched in the coming sessions amid sharp down moves possibility below today lowest(13954) because today lowest was much below last Friday lowest and little above last Thursday lowest.

Short Term correction in both 

Nifty & Bank-Nifty

Nifty & Bank-Nifty Weekly Outlook

(Jan 04 to Jan 08,2021)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (01-Jan-2021):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020  

2- Wave-1(9889.05 on 30-04-2020)

3- Wave-2(8806.75 on 18-05-2020)

4- Wave-3(12025.50 on 15-10-2020)

5- Wave-4(11535.50 on 30-10-2020)

6- Impulsive Wave-5 continuation with recent top formation at 14049.85 on 01-01-2021

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-C completed and Impulsive Wave-1 started from 7511.10 on 24-03-2020. As per previously given Waves structure maximum target of Nifty was at 13777.75 but Nifty has moved above it in last week therefore Waves have been recounted and new waves structure has been given.  

As per new waves structure impulsive Wave-5 continuation with recent top formation at 14049.85 on 01-01-2021 and no confirmation of its completion yet on EOD charts.

 

Nifty-Last 4 Sessions intraday charts analysis

Nifty-Intra Day Chart (Dec 29 2020  to Jan 01,2021):-

Technical Patterns formation in last 4 Sessions intraday charts

1- Last 4 sessions up moves in Bearish Rising Channel 

2- 4 Sessions actual trading between 13865-14049 

Conclusions from 4 Sessions intra day chart analysis 

As last 4 sessions up moves in Bearish Rising Channel therefore it seems that selling process is on in Indian markets and expected that finally decisive down moves will begin in next week and Nifty will slip below last 4 sessions lowest(13865).

Nifty-Intra Day Chart Analysis & 

Market Outlook(01-01-2021)

Nifty-Intra Day Chart (01-Jan-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 14023-14036

2- Sharp fall

3- Selling between 14027-14040

4- Selling between 14037-14049

5- Sharp fall

6- Whole day actual trading between 13992-14049

Conclusions from intra day chart analysis 

As continuous selling after every rise above 14000 last Friday therefore expected that Nifty will slip and sustain below 14000 in the beginning of next week.

Nifty-Conclusions 

(After Putting All Studies Together)

All trends are up. Impulsive Wave-5 continuation and no indication of its completion yet on EOD charts but last 4 sessions up moves in Bearish Rising Channel and last Friday intraday charts are showing good selling patterns formations therefore it seems that selling process is on in Indian markets and expected that finally decisive down moves will begin in next week and Nifty will slip below last 4 sessions lowest(13865).

Bank-Nifty-EOD Chart Analysis

(Corrective Waves)

Bank-Nifty-EOD Chart (01-Jan-2021):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-A completion at 16116.30 on 24-03-2020 and Wave-B beginning

2- Wave-a of Wave-B(25232.60 on 31-08-2020)

3- Wave-b of Wave-B(20404.90 on 24-09-2020)

4- Wave-c of Wave-B continuation with recent top formation at 31510.30 on 30-12-2020

Conclusions from EOD chart analysis

(Corrective Waves)

Life time highest formation of Bank-Nifty at 32613.10 on 30-12-2019 and its sharp "ABC" correction started in Feb 2020. Its corrective Wave-A completed at 16116.30 on 24-03-2020 and now Wave-c of Wave-B continuation with recent top formation at 31510.30 on 30-12-2020 as well as no indication of its completion yet on EOD charts.

Bank-Nifty-Last 4 Sessions 

intraday charts analysis

Bank-Nifty-Intra Day Chart (Dec 29 2020  to Jan 01,2021):-

Technical Patterns formation in last 4 Sessions intraday charts

1- Last 4 sessions selling between 31260-31392

2- Consolidation in first 2 sessions between 31003-31169

3- 4 Sessions actual trading between 31003-31510 

Conclusions from 4 Sessions intra day chart analysis 

Although some consolidation at lower levels in first 2 sessions but higher levels good selling in last 4 sessions therefore expected that Bank-Nifty will not sustain above 31392 and will slip 31000 in next week.

Bank-Nifty-Intra Day Chart Analysis 

& Market Outlook(01-01-2021)

Bank-Nifty-Intra Day Chart (01-Jan-2021):-

Technical Patterns formation in today intraday charts

1- Selling between 31270-31384

2- Sharp fall

3- Whole day actual trading between 31189-31384

Conclusions from intra day chart analysis 

As continuous good selling till 03:00 PM therefore sharp fall in last half hour and expected that Bank-Nifty will slip and sustain below 31000 in the beginning of next week.

Bank-Nifty-Conclusions

(After Putting All Studies Together)

As Bank-Nifty has not moved above life time highest(32613.10) in that 2020 rally which started after Feb-2020 sharp fall therefore this post 24 March 2020 rally will be understood corrective Wave-B. 

All trends are up. Now Wave-c of Wave-B continuation and no indication of its completion on EOD charts. Last 4 Sessions sideways trading between 31003-31392 with higher levels good selling and lower levels some buying. As selling was seen last Friday also therefore expected that Bank-Nifty will slip and sustain below last 4 sessions lowest(31003) because good higher levels selling in last 4 sessions.

Conclusions

(After Putting All Studies Together)

As Short Term indicators of Nifty and Bank-Nifty have turned Over bought and intraday charts of last 4 sessions in both are showing selling also therefore Short Term correction is expected in next week below 13800 and 30500 respectively.

 

Short Term correction in the first week of next year 

Nifty-Intra Day Chart Analysis & 

Market Outlook(01-01-2021)

Nifty-Intra Day Chart (31-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channels

2- Down moves in Bullish Falling Channel

3- Whole day sideways trading between 13957-14024

4- Whole day actual trading between 13937-14024

Conclusions from intra day chart analysis 

Whole day sideways trading between 13957-14024 with higher levels selling through Up moves in Bearish Rising Channels and lower levels buying also through Down moves in Bullish Falling Channel therefore firstly sustaining beyond 13957-14024 should be watched in the coming sessions for next decisive moves beginning confirmations. 

Selling process is on for the last 2 sessions and higher levels selling was seen today also. Although some lower levels buying today but expected that follow up selling will develop in the coming sessions and Short Term correction will be seen below 13800 in the first week of next year therefore be cautious.

Short Term correction expectations after coming sessions follow up selling

Nifty-Intra Day Chart Analysis & 

Market Outlook(31-12-2020)

Nifty-Intra Day Chart (30-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 13894-13947

2- Sharp slipping

3- Slow up moves in last 3 hours

4- Whole day actual trading between 13865-13997

Conclusions from intra day chart analysis 

As most Asian markets were trading strong therefore Indian markets gap up opening but not sustaining and slipping fast to negative zone in first 4 minutes therefore it will be understood that Indian markets under performed Global cues today.

Although firstly 3 hours selling and after that slipping sharply also but up moves in last 3 hours were seen. As these up moves were slow therefore some selling on the back of these slow up moves can not be ruled out. 

Selling patterns formations yesterday and again selling was seen today therefore selling process continuation will be understood and Short Term correction will be expected after coming sessions follow up selling.

 Short Term correction after next 

1/2 sessions follow up selling

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-12-2020)

Nifty-Intra Day Chart (29-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Selling between 13937-13967

2- Supports and sideways trading between 13860-13916

3- Selling between 13918-13939

4- Whole day actual trading between 13860-13967

Conclusions from intra day chart analysis 

As Dow Jones Futures was trading more than 120 points up and most Asian markets were strong therefore strong gap up opening of Indian markets but selling developed hence 100 points fall was seen before 11:00 AM. 

Lower levels some supports and 2 hours sideways trading therefore after that some up moves were seen but again selling developed in last 2 hours hence it will be understood that selling process has been started because higher levels selling developed today.

As Short Term Indicators are Over bought therefore Short Term correction will be seen but follow up selling is firstly required in the next 1/2 sessions. 

Rally continuation expectations after fresh consolidation near about today highest

Nifty-Intra Day Chart Analysis & 

Market Outlook(29-12-2020)

Nifty-Intra Day Chart (28-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel

2- Slow up moves with downward corrections

3- Whole day actual trading between 13812-13885

Conclusions from intra day chart analysis 

As President Donald Trump signed the stimulus deal Sunday night therefore Dow Jones Futures was trading more than 140 points up today morning and resultant Nifty opened gap up and rally continuation with new life time highest.

Although firstly consolidation through Down moves in Bullish Falling Channel but last 3 hours slow up moves with downward corrections therefore some profit booking can not be ruled out at higher levels hence fresh consolidation is firstly required tomorrow for decisive up moves above today highest.

As US markets led Global markets rally is very much on and Indian markets consolidate at higher levels after getting strong Dow Jones closing and/or its positive zone trading Futures in morning hours therefore it also has to be watched for the confirmation of Indian markets opening and initial hours trading.

Correction will be considered only after fresh selling and sustaining below today lowest otherwise at present rally continuation will be expected after fresh consolidation near about today highest.

 Watch crucial levels for confirmation after 646 points volatile week

Technical Analysis,Research & Weekly Outlook

(Dec 28 2020 to Jan 01,2021)

Nifty-EOD Chart Analysis 

(2020 Rally Waves structure)

Nifty-EOD Chart (24-Dec-2020):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020  

2- Wave-1(9889.05 on 30-04-2020)

3- Wave-2(8806.75 on 18-05-2020)

4- Wave-3(11794.30 on 31-08-2020)

5- Wave-4(10790.20 on 24-09-2020)

6- Impulsive Wave-5 continuation with recent top formation at 13777.50 on 21-12-2020

Conclusions from EOD chart analysis

(2020 Rally Waves structure)

Corrective Wave-C completed and Impulsive Wave-1 started from 7511.10 on 24-03-2020. Now its impulsive Wave-5 is in continuation with recent top formation at 13777.50 on 21-12-2020 and no confirmation of its completion yet.

Although 646 points huge fall on 21-12-2020 after new life time highest formation at 13777.50 but strong recovery in the next 3 sessions and previous closing was at 13749.3 on 24-12-2020 which is just below life time high therefore view will not be Bearish but 13777.75 is most crucial level for the validity of Waves structure and it should be firstly watched in next week because down moves without moving above 13777.75 will mean correction of whole that rally which started from 7511.10 on 24-03-2020. 

Nifty-Last 6 Sessions intraday charts analysis

Nifty-Intra Day Chart (Dec 17 to Dec 24,2020):-

Technical Patterns formation in last 6 Sessions intraday charts

1- 3 Sessions selling between 13715-13777 from 17th Dec to 21st Dec 2020

2- Consolidation between 13194-13345 on 22-12-2020(immediate supports)

3- Trading between 13715-13772 on 24-12-2020 

4- 6 Sessions actual trading between 13131.5-13777.50 

Conclusions from 6 Sessions 

intra day chart analysis 

As 3 sessions selling between 13715-13777 therefore huge fall on 21-12-2020 but good consolidation between 13194-13345 on 22-12-2020 and it will be immediate supports hence at present Nifty will be understood sideways between 13194-13777. 

Nifty traded more than 3 hours within 3 Sessions selling range(13715-13777) on 24-12-2020 and closed also within it but intraday patterns are not showing any clear patterns therefore firstly 13715-13777 should be watched in the beginning of next week for first signal of next decisive moves beginning. 

Nifty-Intra Day Chart Analysis

(24-Dec-2020)

Nifty-Intra Day Chart (24-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Up moves with downward corrections

2- Down moves in Bullish Falling Channel

3- Last 4 hours slow up moves with downward corrections

4- Whole day actual trading between 13627-13771

Conclusions from intra day chart analysis 

As gap up opening and after that consolidation in first 2 hours through Up moves with downward corrections and Down moves in Bullish Falling Channel therefore rally continuation in last 4 hours. 

Although closing was near the top of the day but last 4 hour up moves were slow and 3 times downward corrections were also seen therefore some profit booking can not be ruled out hence firstly Nifty has to consolidate within last Thursday trading range(13627-13771) in next week for fresh up moves which should be firstly watched in the beginning of next week for its confirmations.

Conclusions

(After Putting All Studies Together)

All trends are up and impulsive Wave-5 continuation with recent top formation at 13777.50 on 21-12-2020 as well as no confirmation of its completion yet.

Immediate maximum target of Nifty was posted at 13777.75 on 05-12-2020 in "Rally continuation towards its immediate maximum target at 13777.75" and Nifty crashed 646 points on 21-12-2020 after recent top formation at 13777.50. It means that if correction remains continued without Nifty moving above 13777.75 then "ABC" correction of whole that rally will be seen which started from 7511.10 on 24-03-2020. 

Previous week was highly volatile because first day was of 646 points huge fall and next 3 days were of almost whole 646 points recovery. As Short term technical positions reverses fast in such high volatility therefore firstly following crucial levels should be watched in next week for the confirmation of next decisive moves beginning;-

1- Nifty closed just below 13777.75 at 13749.25 therefore 13777.75 should be firstly watched in next week for the validity of Waves structure because moving above 13777.75 will mean recalculation of Waves structure. 

2- Immediate resistances are between 13715-13777 and sustaining below 13715 will confirm correction continuation towards next supports between 13194-13345  

Watch 13564-13715 for next decisive moves confirmations 

Nifty-Intra Day Chart Analysis & 

Market Outlook(24-12-2020)

Nifty-Intra Day Chart (23-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 13433-13619

Conclusions from intra day chart analysis 

As whole day up moves were with downward corrections therefore only some up moves will be considered above today highest(13619) because:-

1- Fresh selling was above 13564 before sharp fall on 21-12-2020 

2- Strong resistances are lying between 13715-13777

As Very Short Term indicators have turned overbought and above mentioned resistances are above today highest therefore firstly Nifty has to consolidate near about today highest for more decisive up moves.Fresh selling and down moves without moving above 13715 will mean correction towards the lowest of last Monday(13132). 

Firstly Nifty has to prepare for next decisive moves within and near about 13564-13715 and its valid break out/down will confirm it therefore should be watched tomorrow for confirmations. 

Sideways between 13193-13564 in the next 1/2 sessions

Nifty-Intra Day Chart Analysis & 

Market Outlook(23-12-2020)

Nifty-Intra Day Chart (22-Dec-2020):-

Technical Patterns formation in today intraday charts

1- Sharp fall after positive opening

2- Down moves in Bullish Falling Channels

3- Up moves with downward corrections

4- Slow up moves

5- Sideways trading between 13395-13485

6- Whole day actual trading between 13193-13492

Conclusions from intra day chart analysis 

As sentiment was weak after huge crash yesterday therefore sharp fall after positive opening today but lower levels good consolidation through Down moves in Bullish Falling Channels. Although again consolidation through Up moves with downward corrections but some profit booking can not be rued out because last hours Up moves were slow and sideways trading in last hour between 13395-13485. 

Yesterday last hour trading was with volatility between 13248-13430 and Nifty traded whole day within and near about it as well as closed just above it at 13466.30. As more than 7 and half hour trading between 13193-13492 with lower levels supports therefore until fresh selling will not develop tomorrow till then Nifty will not sustain below today lowest(13193).

As good selling above 13564 yesterday and good consolidation above 13193 today therefore Nifty will remain sideways between 13193-13564 in the coming 1/2 sessions and prepare next decisive moves. Let Nifty prepare then break out/break down will be considered according to intraday patterns formations.

Immediate maximum target was given at 13777.75 on 05-12-2020 and published in following news papers of English and Gujarati also. 

Top of the rally was at 13777.50 before crashing 645 points 

on 21-12-2020