Watch crucial levels,supports and resistances for next trend formation confirmations amid Budget proposals led huge volatility possibility

Technical Analysis,Research & Weekly 

Outlook(Jan 30 to Feb 03,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (27-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 17493.55 on 27-01-2023.

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

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure begun after corrective Wave-C of previous Waves structure completion at 15183.4 on 17-06-2022. Impulsive Wave-iii of Wave-1 of on going Waves structure completed at 18887.6 on 01-12-2022 and after that corrective Wave-iv of Wave-1 started which is in continuation with recent bottom formation at 17493.55 on 27-01-2023.

Nifty traded sideways for the last 24 sessions like big period between 17762-18265 and this trading range was forcefully broken down on 27-01-2023 which has generated strong signal of corrective Wave-iv of Wave-1 continuation in the coming week/weeks 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (27-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 17493.55 on 27-01-2023.

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

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

5- Stochastic:- %K(5)- 27.96 & %D(3)- 46.19.

6- In MACD- MACD line has intersected Average line upward and its both lines are rising in negative zone.

7- MACD(26,12)- -26.91 & EXP(9)- -72.29 & Divergence- 45.38

Conclusions from EOD chart analysis

(Stochastic & MACD)

As deeper correction beginning signals emerged last Friday after forcefully broken down of last 24 sessions like big trading range and Short Term indicator Stochastic is also suggesting some more down moves possibilities because its both lines are falling towards Over sold zone therefore some more down moves can not be ruled out in next week. Although in MACD indicator its both lines are are rising in negative zone and showing upward trend formation signals also but its both lines are just below 0.00 line therefore no confirmations and let its both lines to move into positive zone then will confirm strong signals of upward trend formations. 

Both the indicators are showing adverse signals from each other therefore will be better to wait in the beginning of next week for the generation of one sided trend formation signals. Let it happen then should be understood from one sided trend formation signals from both these indicators.

Nifty-Intra Day Chart Analysis

(27-Jan-2023)

Nifty-Intra Day Chart (27-Jan-2023):-

Technical Patterns formation in today intraday charts

1- More than 5 hours down moves in Bullish Falling Channel

2- 140 Points sharp recovery from lower levels in last hour

3- Whole day actual trading between 17494-17884

Conclusions from intra day chart analysis 

Although only 14 points weaker opening but after that down moves started which remained continued in the next 5 hours and once Nifty lost 398 points also. As these down moves were in Bullish Falling Channel therefore 140 points sharp recovery was seen from lower levels in last hour and Nifty closed 1.61% down last Friday.

As only intraday consolidation through more than 5 hours down moves in Bullish Falling Channel last Friday therefore view will not be Bearish and fresh consolidation with not sustaining below last Friday lowest(17494) will mean strong rally beginning in next week.

Conclusions (After putting

all studies together)

1- Short Term Trend is down.

2- Intermediate Term Trend is down.

3- Long Term Trend is up and finally sustaining beyond its decider 200-Day SMA(today at 17289) will confirm it after last Friday lowest formations(17493.55) little above it.

Corrective Wave-iv of Wave-1 continuation and no indication of its completion yet on EOD charts but strong signals of its continuation emerged after last 24 sesseion like big sideways trading range forcefully broken down on 27-01-2023. 

As Short Term indicator Stochastic has not turned Over bought yet therefore showing some more down moves possibilities hence correction continuation can not be ruled out in the beginning of next week but MACD is showing upward trend formation signals therefore fresh up moves beginning is expected after some more down moves. 

Although once Nifty lost 398 points and closed 1.61% down also last Friday but whole day intraday charts are showing consolidation patterns formations and follow up consolidation with not sustaining below last Friday lowest will mean(17494) strong Pull Back rally beginning possibility which is expected also therefore sustaining above following crucial levels should be watched for decisive up moves beginning confirmations:-  

1- Bottom of last 24 sessions at 17762 for 1st signal of decisive up moves beginning.

2- 100-Day SMA is today at 17950 for 2nd signal of decisive up moves beginning.

3- 55-Day SMA is today at 18259 for Intermediate Term Trend confirmations.

4- Top of last 24 sessions at 18265 for strong signal of corrective Wave-iv of Wave-1 completion and rally above life time top at 18887.6. 

Next supports below last Friday lowest are as follows:-

1- 17381-17401(Gap support)

2- 17226-17374

Next resistances above last Friday highest are as follows:-

1- 17909-17941

2- 18109-18132

3- 18155-18192

4- 18216-18240

5- 18345-18387(Strong resistances)

As firstly Union Budget-2023-24 led uncertainty will prevail and finally Indian markets will react on Budget proposals also in next week therefore sustaining beyond above mentioned "crucial levels,supports and resistances" should be watched one by one in next week for next trend formation confirmations amid Budget proposals led huge volatility possibility.

 17847-17902 will confirm next 

intraday decisive moves beginning

Nifty-Intra Day Chart Analysis & Market 

Outlook(27-01-2023)

Nifty-Intra Day Chart (25-Jan-2023):-

Technical Patterns formation in today intraday charts

1- Sharp fall after negative opening.

2- Minor consolidation between 17847-17902 in last 4 hours

3- Whole day actual trading between 17847-18100

Conclusions from intra day chart analysis 

Although more than 250 points sharp fall in first 2 hours after negative opening but lower levels minor consolidation was also seen in last 4 hours between 17847-17902 therefore firstly some up moves above 17902 and towards last Wednesday highest are expected. Finally sustaining beyond 17847-17902 should be watched tomorrow for next intraday decisive moves beginning confirmations. 

 समस्त भारतवासियों को 

गणतंत्र दिवस की हार्दिक शुभकामनाएं

भारत माता तेरी गाथा, सबसे ऊंची तेरी शान

तेरे आगे शीश झुकाएं, दें तुझको सब सम्मान।

26 जनवरी अर्थात भारतवर्ष का गणतंत्र दिवस 

(Republic Day) 

इस दिन हमारे देश का संविधान लागू हुआ था और 

भारत एक लोकतांत्रिक देश बना गया। 

भारत का संविधान दुनिया का

 सबसे बड़ा लिखित संविधान है जो 

दो साल ग्यारह महीने और अठारह दिनों की 

कड़ी मेहनत के बाद बनकर तैयार हुआ था।

 भारत माता की जय 

 वन्दे मातरम् 

Sideways trading between 17966-18240 

for Post Budget decisive moves preparation

Nifty-Intra Day Chart Analysis & 

Market Outlook(25-01-2023)

Nifty-Intra Day Chart (24-Jan-2023):-

Technical Patterns formation in today intraday charts

1- Firstly up moves after positive opening

2- Selling between 18164-18201

3- Consolidation between 18079-141

4- Whole day actual trading between 18079-18201

Conclusions from intra day chart analysis 

Although firstly up moves after positive opening and Nifty traded 83 points up also but selling developed in first 2 hours therefore Nifty slipped 122 points from higher levels. As lower levels consolidation patterns formations in last 3 hours also therefore Whole day today trading will be understood with Mixed Patterns formation between 18079-18201. 

Next immediate supports below today lowest are as follows:- 

1- 18028-18054

2- 17966-18007

Next resistances today highest are as follows:- 

1- 18216-18240

As Nifty has turned sideways for the last 22 sessions between 17762-18265 and preparing for post Union Budget 2023-24 decisive moves therefore expected that Nifty will firstly trade sideways and prepare for it between 17966-18240 in the coming 1/2 sessions. Let Nifty to prepare for one sided big moves then will be decided according to coming sessions intraday patterns formations and till then sustaining beyond 17966-18240 should be watched for its confirmations.

Sustaining above 18240 will mean strong rally towards life time highest at 18887.6

Nifty-Intra Day Chart Analysis & 

Market Outlook(24-01-2023)

Nifty-Intra Day Chart (23-Jan-2023):-

Technical Patterns formation in today intraday charts

1- 99 Points sharp up moves from lower levels in 30 minutes

2- Selling between 18139-18162

3- 80 Points down moves in next 3 hours

4- Consolidation between 18079-18110

5- Consolidation between 18108-18136

6- Whole day actual trading between 18063-18162

Conclusions from intra day chart analysis 

Although firstly slipping after strong opening but after that 99 points sharp up moves were seen in the next 30 minutes. As higher levels selling developed therefore after that 80 Points down moves were seen in the next 3 hours. 

As firstly consolidation between 18079-18110 after 3 hours down moves and after that follow up consolidation between 18108-18136 therefore last 3 hours lower levels consolidation will be understood and firstly up moves are expected towards today highest tomorrow.

Next resistances above today highest are as follows:- 

1- 18159-18183

2- 18216-18240

As resistances are lying up to 18240 and once follow up consolidation and after that sustaining above it will mean strong rally towards life time highest at 18887.6.

Levels will confirm Pre/Post Budget big moves beginning in the next 7 sessions 

Technical Analysis,Research & Weekly 

Outlook(Jan 23 to Jan 27,2023)

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (20-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- Last 21 sessions sideways trading between 17762-18265 

4- Stochastic- Its both lines %K(5) & %D(3) are kissing in Over bought zone.

5- Stochastic:- %K(5)- 76.61 & %D(3)- 80.76.

6- In MACD- MACD line has intersected Average line upward and its both lines are rising in negative zone.

7- MACD(26,12)- -71.69 & EXP(9)- -134.70 & Divergence- 63.01

Conclusions from EOD chart analysis

(Stochastic & MACD)

Waves structure on Nifty was potsed in previous week weekly Outlook and since then no material change in it therefore not being updated in this week weekly Outlook.

Impulsive Wave-iii of Wave-1 completed at 18887.6 on 01-12-2022 and its corrective Wave-iv of Wave-1 started which is in continuation with recent bottom formation at 17761.70 on 12-01-2023 as well as no confirmation of its completion yet on EOD charts. As last 21 sessions like bigger sideways trading between 17762-18265 therefore finally sustaining beyond this range will generate one sided big moves. Positions of Daily indicators are as follows:-

1- In Stochastic its both lines are kissing in Over bought zone which is indicating Short Term down moves beginning possibilities in next week.

2- In MACD its  MACD line has intersected Average line upward and its both lines are rising in negative zone therefore showing upward trend formation signals.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (20-Jan-2023):-

Technical Patterns and Formations in EOD charts

1- Averages:-

A- 5-Day SMA is today at 18049  

B- 21-Day SMA is today at 18032 

C- 55-Day SMA is today at 18273

D- 100-Day SMA is today at 17937

E- 200-Day SMA is today at 17286

2- Nifty is hovering around between 55-Day SMA & 100-Day SMA for thr last 21 sessions.

 

Conclusions from EOD chart analysis

(Averages)

Following action of Nifty is well clear that:-

1- Nifty is sustaining well above Long Term Trend decider 200-Day SMA.

2- Nifty is hovering around Intermediate Term Trend deciders 55-Day & 100-Day SMA for the last 21 sessions.

3-  Short Term Trend deciders 5-Day & 21-Day SMA are also continuously moving between 55-Day & 100-Day SMA. 

As finally sustaining beyond Intermediate Term Trend deciders 55-Day & 100-Day SMA(today at 17937-18273) will confirm next big moves therefore it should be firstly watched in the coming week/weeks.

Nifty-Intra Day Chart Analysis

(20-Jan-2023)

Nifty-Intra Day Chart (20-Jan-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 18091-18145 in first 3 hours

2- Down moves in Bullish Falling Channels in last 3 hours

3- Whole day actual trading between 18017-18145

Conclusions from intra day

chart analysis 

Although firstly up moves after positive opening but selling was seen in first 3 hours therefore down moves developed which remained continued till last hour. 

As last 3 hours Down moves were in Bullish Falling Channels therefore last Friday whole day trading will be understooed with mixed patterns formation between 18017-18145. Nifty will firstly trade and prepare for next decisive moves within this range in the beginning of next week. Let Nifty to sustain beyond 18017-18145 then that side decisive moves beginning will be considered according to its sustaining beyond direction.

Conclusions

(After putting all studies together)

1- Short Term Trend is sideways between 17854-18183.

2- Intermediate Term is sideways between 17762-18265.

3- Long Term Trend is up.

Corrective Wave-iv of Wave-1 is in continuation and no confirmation of its completion yet on EOD Charts but Nifty has turned sideways for the last 21 sessions between 17762-18265. As 21 sessions like like bigger period sideways moves therefore finally sustaining beyond its trading range(17762-18265) will confirm next Intermediate Term formation and will generate one sided big moves also hence it should be firstly watched in the coming week/weeks for its confirmations.

 

Although Stochastic indicator is showing Short Term down moves signals but MACD is suggesting upward trend formation therefore finally finally up moves beginning possibilities have emerged after some down moves.

Firstly sustaining beyond following ranges should be watched in the coming week/weeks for next trend formation beginning signals one by one:-

1- 18017-18145(For immediate moves beginning confirmations)

2- 17854-18183(For Short Term Trend confirmations)

3- 17762-18265(For Intermediate Term Trend confirmations)

Next supports and resistances between 17762-18265 are as follows:-

Supports:-

1- 18028-18054

2- 17966-18007

3- 17854-17893

4- 17762-17851

Resistances:-

1- 18091-18145

2- 18159-18183

3- 18216-18240

6 trading sessions are left for Union Budget-2023-24 and Nifty will prepare for post Budget next big moves in these 6 sessions. As Nifty is sideways between 17762-18265 for the last 21 sessions and closed in the middle of this range last Friday with above mentioned next supports and resistances which are almost equally stronger also therefore:-

1- Nifty will firstly trade and prepare for post-Budget one sided big moves within last 21 sessions trading range.

2- Finally sustaining beyond last 21 sessions trading range will confirm one sided big moves. 

As above mentioned levels,supports and resistances will firstly indicate next decisive moves beginning therefore should be firstly watched but finally valid break out of last 21 sessions trading range will confirm next big moves beginning after Intermediate Term Trend formation confirmations and that may happen before or after Budget therefore remain watchful in the coming week/weeks. 

Watch 18092-18183 for next 

decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(20-01-2023)

Nifty-Intra Day Chart (19-Jan-2023):-

Technical Patterns formation in today intraday charts

1- Down moves after negative opening

2- More than 5 hours sideways trading between 18092-18155

3- Whole day actual trading between 18064-18155

Conclusions from intra day chart analysis 

Although firstly down moves after negative opening and whole day today trading was in negative zone but more than 5 hours sideways trading between 18092-18155 today which was within and below 4 hours trading range(18139-18183) of yesterday therefore 9 hours sideways trading will be understood between 18092-18183 in last 2 sessions. 

As one sided intraday trading patterns formations was not seen in last 2 sesions therefore firstly sustaining beyond 18092-18183 should be watched in the coming sessions for next decisive moves beginning towards those next supports and resistances wich have been updated in yesterday Outlook.

18139-18183 will confirm next

 intraday decisive moves beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(19-01-2023)

Nifty-Intra Day Chart (18-Jan-2023):-

Technical Patterns formation in today intraday charts

1- Sharp up after flat opening

2- Consolidation between 18103-18038

3- Last more than 4 hours trading with Mixed Patterns formation between 18139-18183

4- Whole day actual trading between 18033-18183

Conclusions from intra day chart analysis 

Although firstly sharp up after flat opening and after that consolidation also between 18103-18038 but last more than 4 hours trading was with Mixed Patterns formation between 18139-18183 therefore firstly sustaining beyond this range should be watched tomorrow for next intraday decisive moves beginning confirmations. 

Resistances above today highest are as follows:-

1- 18216-18240

2- 18345-18387

Supports below today lowest are as follows:-

1- 17966-18007

2- 17854-17893

 As busy therefore Stock Market Outlook of today(18-01-2023) is not being updated.

 Sustaining above strong supports 

between 17724-17893 will mean 

sharp rally

Nifty-Intra Day Chart Analysis & 

Market Outlook(17-01-2023)

Nifty-Intra Day Chart (16-Jan-2023):-

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels

2- Supports in last 2 hours between 17854-17893

3- Whole day actual trading between 17854-18049

Conclusions from intra day chart analysis 

Although firstly up moves after gap up opening and Nifty traded 93 points up also but down moves started which remained continued till 2 PM today. As most of the down moves were in Bullish Falling Channels and lower levels supports were also seen in last 2 hours therefore view will not be Bearish despite 61 points negative closing after slipping 154 points higher levels because:-

1- Consolidation below today lowest in last 2 sessions of previous week between 17762-17851.

2- Next supports below above supports are between 17724-17761.

As strong supports have emerged between 17724-17893 therefore sustaining above this range will mean sharp rally which should be firstly watched in the coming sessions and until Nifty will not sustain below 17724 till the decisive down moves will not be seen.

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.

Firstly up moves & finally 55-Day SMA at 18243 will confirm next trend

Technical Analysis,Research & Weekly Outlook

(Jan 09 to Jan 13,2023)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (06-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 17774.30 on 26-12-2022 

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure begun from 15183.4 on 17-06-2022 and its impulsive Wave-iii completed at 18887.6 on 01-12-2022. Now corrective Wave-iv of Wave-1 is in continuation with recent bottom formation at 17774.30 on 26-12-2022 and no confirmation of its completion yet on EOD and intraday charts.

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (06-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 17774.30 on 26-12-2022

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

4- Stochastic:- %K(5)- 19.71 & %D(3)- 41.76.

5- In MACD- MACD line has intersected Average line upward and its both lines are rising in negative zone.

6- MACD(26,12)- -177.20 & EXP(9)- -253.55 & Divergence- 76.35

Conclusions from EOD chart analysis

(Stochastic & MACD)

Positions of weekly indicators are as follows:-

1- In Stochastic indicator %K(5) line has intersected %D(3) line downward and its both lines are falling towards Over sold zone but little above Over sold zone therefore suggesting up moves beginning possibilities after some more down moves.

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

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (06-Jan-2023):-

Technical Patterns and Formations in EOD charts

Averages:-

A- 5-Day SMA is today at 18064 

B- 21-Day SMA is today at 18227 

C- 55-Day SMA is today at 18243

D- 100-Day SMA is today at 17903

E- 200-Day SMA is today at 17257

 

Conclusions from EOD chart analysis

(Averages)

As finally Nifty closed below Intermediate Term trend decider 55-Day SMA(18243) in the last 3 sessions after 7 sessions hovering it around and Nifty closed below 100-Day SMA(17903) also last Friday therefore high possibility of Intermediate Term trend turning down emerged which will mean minimum 3 Weeks to 3 months long correction. Although Long Term Trend is still intact because Nifty is well abone its decider 200-Day SMA but will be at stake after confirmation of Nifty sustaining below 55-Day SMA because in that situation deeper correction possibility will increase .

Nifty-EOD Chart Analysis

(Fibonacci retracement levels)

Nifty-EOD Chart (06-Jan-2023):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-ii of Wave-1 completion at 16747.7 on 30-09-2022 and Impulsive Wave-iii of Wave-1 begun.

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

3- Fibonacci Retracement levels of Impulsive Wave-iii which started from 16747.7 and completed at 18887.6.

4- Fibonacci retracement levels(16747.7-18887.6) are as follows:-

13.0%- 18609

23.6%- 18382

27.0%- 18309

38.2%- 18070

50.0%- 17817

61.8%- 17565

70.7%- 17374

76.4%- 17252

78.6%- 17205

88.6%- 16991

Conclusions from EOD chart analysis(Fibonacci retracement levels)

Impulsive Wave-iii of Wave-1 begun after corrective Wave-ii of Wave-1 completion at 16747.7. Wave-iii of Wave-1 completed at 18887.6 and now its corrective Wave-iv of Wave-1 is in continuation with recent bottom formation at 17774.30 on 26-12-2022. As correction is on and no confirmation of its completion yet therefore above mentioned Fibonacci retracement levels of Wave-iii of Wave-1 should be watched one by one for the confirmations of on going correction continuation/completion.

As Long term trend decider 200-Day SMA is today at 17257 and 76.4% retracement levels is just below it at 17252 therefore this level becomes most crucial which should be watched carefully if correction remains continued up to these levels.

Nifty-Intra Day Chart Analysis

(06-Jan-2023)

Nifty-Intra Day Chart (06-Jan-2023):-

Technical Patterns formation in today intraday charts

1- Up moves after flat opening.

2- Down moves with upward corrections.

3- Down moves in Bullish Falling Channel.

4- Last more than 2 hours consolidation between 17796-17879

5- Whole day actual trading between 17796-18047.

Conclusions from intra day chart analysis 

Although firstly up moves after flat opening but selling was seen through Down moves with upward corrections therefore Nifty slipped 251 points from intraday higher levels. As post 12 O' clock  Down moves were in Bullish Falling Channel and after that consolidation between 17796-17879 in the last more than 2 hours therefore lower levels good intraday consolidation will be concluded and firstly up moves will be seen in the beginning of next week.

Conclusions

(After putting all studies together)

1- Short Term Trend is down.

2- Intermediate Term Trend is at stake and finally sustaining below its decider 55-Day SMA(today at 18243) 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 on EOD and intraday charts but lower levels good intraday consolidation was seen last Friday between 17796-17879 therefore firstly up moves will be seen in the beginning of coming week towards following next resistances:-

1- 17920-17947

2- 18010-18067

3- 18112-18153

4- 18216-18240

5- 18345-18387(Strong resistances)

Although firstly up moves will be seen in the beginning of coming week but if Nifty fails to cross above mentioned resistances and fresh down moves starts then firstly sustaining beyond next crucial 61.8% retracement level(17565) and after that 200-Day(17257) should be watched one by one for the confirmations of on going correction continuation/completion.

As Stochastic indicator is showing some more down moves possibilities but MACD is suggesting upward trend formation indications therefore finally decisive up moves will be expected after some more down moves towards following next supports;-

1- 17724-17765 

2- 17655-17712

3- 17477-17591

4- 17381-17401(Gap support)

5- 17226-17374

 

As firstly up moves are expected in the beginning of coming week therefore sustaining beyond 55-Day SMA(18243) should be watched for the life and length of on going correction because it will decide next 3 weeks to next 3 months Intermediate Term Trend.

Sideways trading expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(06-01-2023)

Nifty-Intra Day Chart (05-Jan-2023):-

Technical Patterns formation in today intraday charts

1- Selling between 18035-18120(immediate Resistances)

2- Down moves with upward corrections

3- 2 Hours consolidation between 17893-17946(immediate supports)

4- Sharp up moves in last half hour

5- Whole day actual trading between 17893-18120

Conclusions from intra day chart analysis 

Although positive opening but selling developed therefore could not sustain at higher levels and down moves were seen which were with upward corrections hence follow up selling will be understood in Mid-session. 2 Hours lower levels consolidation also between 17893-17946 therefore sharp up moves in last half hour

As both higher levels good selling and lower levels equally good consolidation also therefore whole day today trading will be understood with Mixed Patterns formation between 17893-18120 and sideways trading is expected tomorrow within today trading range.

Strong supports range will confirm on going Short Term correction continuation/completion

Nifty-Intra Day Chart Analysis & 

Market Outlook(05-01-2023)

Nifty-Intra Day Chart (04-Jan-2023):-

Technical Patterns formation in today intraday charts

1- 129  Points shart fall in first 45 minutes.

2- 123 Points fall in Mid session

3- 2 Hours slow up moves 

4- Sharp fall in last hours

5- Whole day actual trading between 18021-18243

Conclusions from intra day chart analysis 

Although flat opening but almost whole day down moves were seen except 2 hours slow up moves after 12 O'clock. As good consolidation was seen between 17993-18055 on 29-12-2022 and today lowest with closing also was within this range therefore firstly sustaining beyond this strong supports range should be watched tomorrow for on going Short Term correction continuation/completion confirmations.

Last 4 sessions trading range will

 confirm next one sided decisive moves

Nifty-Intra Day Chart Analysis & 

Market Outlook(04-01-2023)

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

Technical Patterns formation in today intraday charts

1- Sharp up moves after weaker opening

2- Selling between 18216-18240

3- Sharp fall in Mid-Session

4- Up moves with downward corrections

5- Selling between 18225-18251

6- Whole day actual trading between 18150-18251

Conclusions from intra day chart analysis 

Although firstly weaker opening but sharp up moves were seen after that. As selling was seen between 18216-18240 therefore sharp fall developed in Mid-Session also. Again up moves with downward corrections but follow up selling in last hours. As whole day today trading was with both consolidation and selling therefore today trading will be understood Mixed Patterns formation between 18150-18251.    

As last 4 sessions trading between 17993-18265 with both higher levels selling and lower levels consolidation therefore firstly sustaining beyond this range should be watched tomorrow for next one sided decisive moves beginning confirmation.

 As out of station therefore Stock Market Outlook of today(03-01-2023) is not being updated.