Firstly Watch sustaining beyond 21643-21775 for next Post Budget big moves amid high possibility of decisive down moves beginning 

Nifty-Intra Day Chart Analysis & 

Market Outlook(01-02-2024)

Nifty-Intra Day Chart (31-Jan-2024):-

Technical Patterns formation in today intraday charts

1- More than 12 hours trading in last 3 sessions between 21643-21775

2- Last 3 sessions between 21430-21813

Conclusions from intra day chart analysis 

As more than 12 hours trading in the last 3 Pre Interim Budget sessions was seen between 21430-21813 and Nifty has prepared for next decisive post Budget big moves within this range therefore finally sustaining beyond this range will confirm next big post Budget one sided big moves. Although Interim Budget led high volatility will be seen tomorrow but finally sustaining beyond 21643-21775 will confirm next big moves will be seen which should be firstly watched tomorrow. As good intraday selling was seen in last 3 sessions therefore high possibility of decisive down moves beginning below 21643. 

Some more down moves & finally sideways between 21311-21662 up to Interim Budget 2024

Nifty-Intra Day Chart Analysis & 

Market Outlook(31-01-2024)

Nifty-Intra Day Chart (30-Jan-2024):-

Technical Patterns formation in today intraday charts

1- More than 4 hours selling between 21662-21813

2- Down moves with upward corrections in last 2 hours

3- Whole day actual trading between 21502-21813

Conclusions from intra day chart analysis 

Live Proofs of our 100% accurate 

Nifty predictions & Analysis

Following lines were told at 12:02 AM on 30-01-2024 in "Up moves with bigger intraday corrections possibility":-

1- some more up moves also can not be ruled out tomorrow

2- bigger intraday corrections may also be seen tomorrow

As was told 100% same happened and

1- Some more up moves were seen & firstly Nifty traded 75 points up today. 

2- Bigger intraday corrections were also seen & Nifty closed 215 points also down today.

Although firstly Nifty traded 75 points up today but selling begun which remained continued in more than 4 hours and last 2 hours down moves were with upward corrections therefore Nifty closed near the lower levels of the day 215 points down.

As whole day only intraday selling patterns formations therefore some more down moves towards next supports(21248-21311) can not be ruled out but expected that finally will remain sideways between 21311-21662 up to Interim Budget 2024.

Up moves with bigger intraday

 corrections possibility

Nifty-Intra Day Chart Analysis & 

Market Outlook(30-01-2024)

Nifty-Intra Day Chart (29-Jan-2024):-

Technical Patterns formation in today intraday charts

1- Whole day up moves with downward corrections

2- Whole day actual trading between 21430-21763

Conclusions from intra day chart analysis 

Live Proofs of our 100% accurate 

Nifty predictions & Analysis

Following lines were told on 26-01-2024 in "Correction continuation but firstly up moves expectations & Watch levels in Interim Budget led volatile week":-

1- last Thursday started up moves will remain continued in the beginning of next week above day's Highest(21459)

2- up moves will be seen in the beginning of next week towards following next resistances

As was told 100% same happened and Nifty closed 385 points(1.80%) up today.

As those Up moves which started after positive opening and whole day remained continued with downward corrections therefore Nifty closed near the higher levels of the day. Although whole day only consolidation patterns formations and some more up moves also can not be ruled out tomorrrow but very Short term indicators have turned Over bought after previous sessions strong rally therefore bigger intraday corrections may also be seen tomorrow.

Correction continuation but firstly up moves expectations & Watch levels in Interim Budget led volatile week

Technical Analysis,Research & Weekly Outlook

(Jan 29 to Feb 02,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (25-Jan-2024):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of previous Waves structure "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 completion with its recent high and new life time top formations at 22124.2 on 16-01-2024.

11- Short Term correction continuation with recent bottom formation at 21137.2 on 24-01-2024. 

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-C of "ABC correction" of previous Waves structure completion at 15183.4 on 17-06-2022 and from this level Impulsive Wave-1 of new Waves structure begun. Impulsive Wave-(v) of Wave-3 of this Waves structure completed with its recent high and new life time top formations at 22124.2 on 16-01-2024. Correction begun  from life time top which is in continuation with its recent bottom formation at 21137.2 on 24-01-2024 and no confirmation of its completion yet on EOD and intraday charts. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (25-Jan-2024):-

Technical Patterns and Formations in EOD charts

1- Stochastic- Both lines are kissing just above Over sold zone.

2- Stochastic:- %K(5)- 31.27 & %D(3)- 29.77.

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

4- MACD(26,12)- -19.27 & EXP(9)- 108.21 & Divergence- -127.48

Conclusions from EOD chart analysis

(Stochastic & MACD)

Position of Short Term indicators are as follows:-

1- As in Stochastic indicator its both lines are kissing just above Over sold zone therefore showing first signal of Short term up moves beginning 

2- As in MACD indicator MACD line has intersected Average line downward and its both lines are falling in negative and positive zone therefore it will be understood that this indicator is confirming Short Term Trend turning downward and on going correction continuation possibility also.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (25-Jan-2024):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 21447 

2- 21-Day SMA is today at 21639 

3- 55-Day SMA is today at 20902

4- 100-Day SMA is today at 20311

5- 200-Day SMA is today at 19573

 

Conclusions from EOD chart analysis

(Averages)

As Nifty is closing below Short Term Trend decider 5 and 21-Day SMA for the last 7 sessions therefore  Short Term Trend is confirmed downward. Intermediate Term Trend decider 55-Day SMA is today at 20902 which is little above recent bottom of Nifty(21137.20) and Sustaining it beyond should be firstly  watched in the coming week/weeks for Intermediate Term Trend formation confirmations because once its downward confirmations will mean more Down moves for the next 3 weeks to 3 months. Now Nifty is well above Long Term Trend decider 200-Day SMA therefore at present Long Term Trend is up,

Nifty-Intra Day Chart Analysis

(25-Jan-2024)

Nifty-Intra Day Chart (25-Jan-2024):-

Technical Patterns formation in today intraday charts

1- 211 Points fall in first 2 hours after flat opening.

2- Consolidation between 21248-21311

3- 134 Points sharp up moves in last half hour. 

4- Whole day actual trading between 21248-21459

Conclusions from intra day chart analysis 

Although flat opening but firstly 211 points fall was seen in first 2 hours last Thursday. As lower levels more than 3 hours consolidation therefore sharp up moves developed in last half hour. Expected that last Thursday started up moves will remain continued in the beginning of next week above day's Highest(21459). 

Conclusions

(After putting all studies together)

1- Long Term trend is up.

2- Intermediate Term trend is up.

3- Short Term Trend down.

Impulsive Wave-(v) of Wave-3 completed after life time top formations at 22124.2 on 16-01-2024 and Short Term correction begun from this level which is in continuation with recent bottom formation at 21137.2 on 24-01-2024 and no confirmation of its completion yet. 

Although MACD indicator is confirming Downward Trend formations but Stochastic indicator is signalling up moves beginning possibility. As intraday charts of last Thursday are showing lower levels good intraday consolidation therefore up moves will be seen in the beginning of next week towards following next resistances:-

1- 21535-21562

2- 21631-21689

3- 21852-21969(Gap Resistance)

4- 22034-22055

5- 22079-22124

Interim Budget-2024 will be tabled in the Parliament on 01-02-2024 and Indian Stock markets are in correction mode therefore Nifty will be highly volatile hence following supports should also be watched in next week for the life and length of on going correction:-

1- 21248-21311

2- 21193-21263

3- 21078-21154

4- 20770-20852

 

Although correction continuation but firstly up moves is expected in the coming week. As Interim Budget led volatilitily will also be seen in next week therefore above mentioned supports and resistances should also be watched for next immediate moves beginning confirmations.

Up moves expectations towards 

next resistances

Nifty-Intra Day Chart Analysis & 

Market Outlook(25-01-2024)

Nifty-Intra Day Chart (24-Jan-2024):-

Technical Patterns formation in today intraday charts

1- 101 Points down in first 5 minutes after weaker opening

2- Up moves with downward corrections

3- Mixed Patterns formation between 21304-21407

4- Consolidation between 21211-21335 

5- Up moves with downward corrections

6- Whole day actual trading between 21138-21482

Conclusions from intra day chart analysis 

Although 101 Points down in first 5 minutes after weaker opening but Nifty moved up 257 points in first hour from lower levels and traded 156 points up also. As trading with Mixed Patterns formations after Up moves with downward corrections therefore little down moves were seen but good consolidation developed in Mid-session hence up moves started which remained continued till last minutes. 

As last 2 hours up moves were with downward corrections and good intraday consolidation at lower levels also therefore today closing was more than 1% up. Most time intraday consolidation today therefore up moves are expected towards next resistances(21535-21562) in the coming sessions.

Firstly watch 21193-21263 for next intraday decisive moves beginning confirmations amid some up moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(24-01-2024)

Nifty-Intra Day Chart (23-Jan-2024):-

Technical Patterns formation in today intraday charts

1- More than 5 hours Down moves with upward corrections after 144 points up strong opening.

2- Supports between 21193-21263

3- Whole day actual trading between 21193-21750

Conclusions from intra day chart analysis 

Although Nifty traded 178 points up in first 2 minutes after 144 Points strong opening but selling was seen through Down moves with upward corrections which remained continued in the next 5 hours. As supports was also seen between 21193-21263 in last hour and Very Short Term indicators have also turned Oversold therefore some up moves are expected tomorrow. Firstly sustaining beyond today supports range(21193-21263) should be watched tomorrow for next intraday decisive moves beginning confirmations. 

Finally correction continuation below 

18801 in the coming months

Technical Analysis,Research & Weekly Outlook

(Jan 23 to Jan 25,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (19-Jan-2024):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of previous Waves structure "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 22124.2 on 16-01-2024.

11- Short Term correction continuation with recent bottm formation at 21539.4 on 18-01-2024. 

Conclusions from EOD chart analysis

(Waves structure)

Impulsive Wave-1 of new Waves structure begun from 15183.4 on 17-06-2022 after corrective Wave-C of "ABC correction" of previous Waves structure completion at this level. Now its Impulsive Wave-(v) of Wave-3 is in continuation with its recent high and new life time top formations at 22124.2 on 16-01-2024. 

Although no confirmation of on going Wave-(v) of Wave-3 completion yet on EOD charts but Bearish Rising Wedge Pattern formation was seen and Short Term correction begun in previous week which is in continuation  with recent bottom formation at 21539.4 on 18-01-2024 as well as rising Lower line of Bearish Rising Wedge was broken down on 18-01-2024

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (19-Jan-2024):-

Technical Patterns and Formations in EOD charts

1- Rising Lower line of Bearish Rising Wedge Pattern broken down on 18-01-2024

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

3- Stochastic:- %K(5)- 21.66 & %D(3)- 40.40.

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

5- MACD(26,12)- 115.81 & EXP(9)- 180.68 & Divergence- -64.87

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 and Short Term Trend has not turned Oversold yet therefore it will be understood that this indicator is signalling some more down moves possibility in the coming week.  

2- As in MACD indicator MACD line has intersected Average line downward and its both lines are falling in positive zone therefore it will be understood that this indicator is signalling down moves continuation with Short Term Trend turning downward possibility also.

Nifty-EOD Chart Analysis

(Averages)

Nifty-EOD Chart (19-Jan-2024):-

Technical Patterns and Formations in EOD charts

Averages:-

1- 5-Day SMA is today at 21757

2- 21-Day SMA is today at 21643

3- 55-Day SMA is today at 20749

4- 100-Day SMA is today at 20228

5- 200-Day SMA is today at 19494

 

Conclusions from EOD chart analysis

(Averages)

As Nifty is hovering about Short Term Trends decider 21-Day SMA for the last 3 sessions therefore Short Term Trend is at stake. Let Nifty to sustain one side then Short Term Trend will be decided accordingly. Nifty is well above Intermediate Term Trends decider 55-Day SMA and Long Term Trends decider 200-Day SMA hence both these Trends are up,

Nifty-EOD Chart Analysis

(Fibonacci retracement levels)

Nifty-EOD Chart (19-Jan-2024):-

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-(i) of Wave-3 started from 16747.7 on 30-09-2022

2- Impulsive Wave-(v) of Wave-3 completion expectations at 22124.2 on 16-01-2024.

3- Fibonacci Retracement levels from Wave-(i) of Wave-3 to Wave-(v) of Wave-3(16747.7-22124.2)

13.0%- 21,425 

23.6%- 20,855 

27.0%- 20,672 

38.2%- 20,070(Crucial Level)

50.0%- 19,436(Crucial Level)

61.8%- 18,801(Crucial Level)

70.7%- 18,323

76.4%- 18,016

78.6%- 17,898

88.6%- 17,360

Conclusions from EOD chart analysis

(Fibonacci retracement levels)

Previous week started correction was of Wave-(v) of Wave-3. As this correction is of Wave-(v) therefore once correction beginning confirmation will mean it will correct 5376.5 points up moves of  Wave-3 which started from 16747.7 and completed at 22124.2.  Fibonacci retracement levels have been posted above which should be watched after expected correction continuation confirmations. 

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 and its turning downward confirmations will be after sustaining below its decider 21-Day SMA which is today at 21643.

As per Elliott Wave theory maximum target of On going impulsive Wave-(v) of Wave-3) is at 22231.95. Its calculations are as follows:-

Impulsive Wave-i gained=2912.8 points(18096.2-15183.4)

Impulsive Wave-iii gained=3394.15 points(20222.45-16828.3)

Impulsive Wave-v has gained 1453.75 points till 01-12-2023(20291.55-18837.80)

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 3394.15.

Impulsive Wave-5 started from 18837.80 on 26-10-2023 and it has to gain less than 3394.15 points therefore maximum target of on going impulsive Wave-5 is 22231.95(18837.80+3394.15)

As per on going Elliott Waves structure maximum target of On going impulsive Wave-(v) of Wave-3) is at 22231.95 and correction of Wave-(v) of Wave-3 begun just below it from 22124.2 on 16-01-2024 in following manner in previous week:- 

1- Long "Shooting Star" Bearish Candle formation on 17-01-2024 in which once Nifty retraced 482 points and closed 461 points down on that day.

2- Nifty retraced 838 points in only 3 sessions between 17-01-2024 and 17-01-2024

3- Bearish Rising Wedge Pattern formation was being seen and its rising Lower line was broken down on 18-01-2024 as well as Nifty is hovering around it for the last 3 sessions.

On going Wave-3 has gained 5376.5 points till now during its up moves from 16747.7 to 22124.2. As Nifty has to correct Wave-3 up moves in which most likely Nifty will retrace all the 3286.4 points gains of Wave-(v) of Wave-3(From 18837.80 to 22124.2). It means that Nifty will slip below 18837.80 during expected correction which is just above 61.8%(18801) Crucial Fibonacci retracement level also.

Expected that Nifty will slip below 18801 during previous week started correction and Long Term Trend will also turn down because its decider 200-Day SMA is today at 19494 which is much above  61.8%(18801) Fibonacci retracement level.

As indicators are also suggesting some more down moves possibility in Short Term therefore on going correction continuation is expected in the coming week also. Although Pull Back rallies and Bounce backs will also be seen but Nifty will not move above 22231.95 before and after Interim Budget as well as expected that finally previous week started correction will remain continued below 18801 in the coming months.

 As out of station therefore unable 
to post tomorrow(19-01-2024) Outlook. 

Sustaining beyond 21501-21604 will confirm next intraday decisive move beginning

Nifty-Intra Day Chart Analysis & 

Market Outlook(18-01-2024)

Nifty-Intra Day Chart (17-Jan-2024):-

Technical Patterns formation in today intraday charts

1- Down moves with upward corrections

2- Selling between 21631-21689

3- Minor support in last hour between 21551-21604

4- Whole day actual trading between 21551-21851

Conclusions from intra day chart analysis 

Live Proofs of our 100% accurate 

Nifty predictions & Analysis

1- Although new life time top formation on 16-01-2024 but intraday charts had shown only selling patterns therefore we were Bearish and posted following topic on 16-01-2024:-

"Down moves below today lowest"

2- Although Nifty closed with 203 points gains with new life time top formation on 15-01-2024 but intraday selling was also seen therefore we were not Bullish and posted following topic on 15-01-2024:-

"Firstly watch sustaining beyond 21964-22115 

for next decisive moves beginning confirmations"

3- Although Nifty closed with 247 points gains with new life time top formation last Friday(12-01-2024) but EOD charts were showing selling patterns therefore we were not Bullish and Cautious as well as posted following Weekly Analysis topic on 13-01-2024:-

"Rally continuation but remain cautious 

because Correction is on cards"

As was continuously told in previous Outlooks 100% same happened today and Nifty closed after loosing 460.35(2.09%) points today.

Although Nifty moved up 205 points in first 6 minutes after 385 points weaker opening but selling was seen in first 3 hours through Down moves with upward corrections and after that selling in Mid-Session between 21631-21689 therefore down moves remained continued till last hour, 

As minor support was seen in last hour between 21551-21604 and previous supports are also lying between 21501-21542 therefore firstly sustaining beyond 21501-21604 should be watched tomorrow for next intraday decisive move beginning confirmations.

Down moves below today lowest

Nifty-Intra Day Chart Analysis & 

Market Outlook(17-01-2024)

Nifty-Intra Day Chart (16-Jan-2024):-

Technical Patterns formation in today intraday charts

1- Selling between 22079-22124

2- Down moves

3- Selling between 22034-22055

4- Whole day actual trading between 21970-22124

Conclusions from intra day chart analysis 

Although firstly some up moves after little weaker opening and new life time formation also but fresh selling developed therefore down moves were seen in Mid-session. As follow up selling was also seen in last hours therefore most time intraday selling will be understood for today and resultant down moves will be seen below today lowest(21969.80) in the coming sessions.

 Firstly watch sustaining beyond 

21964-22115 for next decisive 

moves beginning confirmations

Nifty-Intra Day Chart Analysis & Market 

Outlook(16-01-2024)

Nifty-Intra Day Chart (15-Jan-2024):-

Technical Patterns formation in today intraday charts

1- 116 Points fall from intraday higher levels in first hour

2- Up moves in Bearish Rising Channel

3- More than 3 hours trading with mixed Patterns formation between 22027-22082

4- Up moves with downward corrections in last hour

5- Whole day actual trading between 21964-22115

Conclusions from intra day chart analysis 

Although gap up strong opening above 22000 but 116 Points fall was seen in first hour from intraday higher levels. As after that up moves were in Bearish Rising Channel and more than 3 hours trading was with mixed Patterns formation between 22027-22082 as well as up moves were with downward corrections in last hour which is a consolidation pattern also therefore whole day today trading will be understood with intraday mixed Patterns formations.

As one sided intraday trading patterns were not seen today and both consolidation and selling patterns were seen therefore expected that Nifty will firstly traded and prepare for next decisive moves within and near about today trading range as well as finally sustaining beyond today trading range(21964-22115) will confirm it hence it should be firstly watched tomorrow.

Rally continuation but remain cautious because Correction is on cards

Technical Analysis,Research & Weekly Outlook

(Jan 15 to Jan 19,2024)

Nifty-EOD Chart Analysis

(Waves structure)

Nifty-EOD Chart (15-Jan-2024):-

Technical Patterns and Formations in EOD charts

1- Corrective Wave-C of previous Waves structure "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 21928.25 on 12-01-2024.

Conclusions from EOD chart analysis

(Waves structure)

Corrective Wave-C of "ABC correction" of previous Waves structure completed at 15183.4 on 17-06-2022 and from this level Impulsive Wave-1 of new Waves structure started. Now its Impulsive Wave-(v) of Wave-3 is in continuation with its recent high and new life time top formations at 21928.25 on 12-01-2024 and no confirmation of its completion yet on EOD and intraday charts

Nifty-EOD Chart Analysis 

(Bearish Rising Wedge Pattern formations)

Nifty-EOD Chart (15-Jan-2024):-

Technical Patterns and Formations in EOD charts

1- Bearish Rising Wedge Pattern formations

Conclusions from EOD chart analysis

(Bearish Rising Wedge Pattern formations)

Although impulsive Wave-(v) of Wave-3 continuation forcefully but  Bearish Rising Wedge Pattern formation is being seen for the last more than 1 month which is an indication of Short to Intermediate Term correction beginning therefore at present cautious approach is also required. 

Nifty-EOD Chart Analysis

(Stochastic & MACD)

Nifty-EOD Chart (15-Jan-2024):-

Technical Patterns and Formations in EOD charts

1- Stochastic- %K(5) line has intersected %D(3) line upward and its both lines are rising towards Over bought zone.

2- Stochastic:- %K(5)- 69.96 & %D(3)- 47.38.

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)- 173.92 & EXP(9)- 302.72 & Divergence- -128.8

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 upward and its both lines are rising towards Over bought zone therefore it will be understood that this indicator is signalling some more up moves possibility in the coming week but Stochastic is showing negative divergence also therefore only limited up moves will be expected.  

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 MACD is showing negative divergence therefore it will be understood that this indicator is sinalling stronger possibility of short Term downward trend formations.

Nifty-Intra Day Chart Analysis

(12-Jan-2024)

Nifty-Intra Day Chart (12-Jan-2024):-

Technical Patterns formation in today intraday charts

1- Consolidation between 21716-21749

2- Sharp up

3- Consolidation between 21799-21859

4- Consolidation between 21852-21928

5- Whole day actual trading between 21716-21928

Conclusions from intra day chart analysis 

As encouraging results and guidance by IT Sector leaders one day before therefore Indian markets celebrated it last Friday and most of the Indices closed in Green as well as NIFTY IT & Nifty 50 closed with 5.14% & 1.14% gains respectively.

Although little down moves after gap up opening but lower levels consolidation developed and after that sharp up moves were seen. As follow up consolidation remained continued in Mid-Session which remained continued till last minutes therefore Nifty closed near the higher levels of the day. Only intraday consolidation patterns formations and selling patterns wee not seen last Friday therefore last Friday started decisive up moves will remain continued towards Psychological levels of 22,000 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 has turned up after forceful break out of last 8 sessions trading range(21501-21834).

As stronger signals of growth was seen in Q3 results 2024 and Guideance of IT Sector Companies therefore Bullish rally with new life time top formations was seen last Friday. Although no confirmation of on going rally completion from EOD and intraday charts but "Bearish Rising Wedge" Pattern formation is being seen on Nifty EOD Charts which is indicating Short to Intermediate Term correction beginning possibility. Let complete selling patterns develop on EOD and intraday charts then any type of correction will be seen.

Although Stochastic indicator is showing more up moves signals and intraday charts of last Friday are also suggesting on going rally continuation possibility but MACD is showing downward trend formation signals therefore fresh and decisive down moves with correction beginning possibility can not be ruled out after some more up moves. As Q3 results 2024 will be declared in this month and on Union-Budget will also be tabled on 1st February 2024 therefore firstly Bullish Indian markets will be seen and finally correction of on going Impulsive Wave-(v) of Wave-3 will be seen which has gained 3090.45 points in the last 54 sessions.

As IT Sector Companies encouraging Q3-2024 results and Guidance therefore sideways correction trading range(21501-21834) was broken out last Friday and fresh Bullish moves of Impulsive Wave-(v) of Wave-3 restarted which remain continued also in the coming week. It should also be kept in mind that "Bearish Rising Wedge Pattern" has also been developed therefore it will be understood that Short to Intermediate Term correction is on cards which may start just before or immediate after Union Budget 2024-25 hence remain cautious also.

 Watch sustaining beyond today lowest for deeper correction beginning confirmations

Nifty-Intra Day Chart Analysis & 

Market Outlook(12-01-2024)

Nifty-Intra Day Chart (11-Jan-2024):-

Technical Patterns formation in today intraday charts

1- 70 Points in down moves in first hour

2- More than 4 hours trading with mixed Patterns formation between 21641-21681

3- Half hour volatility after 02:00 PM between 21594-21661 

4- Whole day actual trading between 21594-21726

Conclusions from intra day chart analysis 

As whole day intraday consolidation yesterday and all the Asian markets were trading in Green as well as some were trading with good gains today morning therefore firstly some up moves were seen after gap up opening but selling developed and Nifty slipped 70 points in first hour from intraday higher levels. 

Although more than 4 hours  trading with mixed Patterns 21641-21681 but half hour volatility was also seen after 02:00 PM in which technical positions may also have changed and new intraday lowest was also formed during this volatility therefore firstly sustaining beyond today lowest should be watched tomorrow for deeper correction beginning confirmations.

Watch 21679-21749 for next trend confirmations amid more up moves expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(11-01-2024)

Nifty-Intra Day Chart (10-Jan-2024):-

Technical Patterns formation in today intraday charts

1- 96 Points down in first 15 minutes after little weaker opening.

2- More than 4 hours consolidation between 21477-21567(immediate supports)

3- Up moves with downward corrections

4- Whole day actual trading between 21449-21641

Conclusions from intra day chart analysis 

Although 96 points down moves in first 15 minutes after little weaker opening but lower levels  more than 4 hours consolidation and after that up moves with downward corrections in last 2 hours which is also a consolidation pattern therefore whole day only iintraday consolidation will be understood and more up moves will be seen in the coming sessions towards next Resistances between 21679-21749.

As finally sustaining beyond 21679-21749 will confirm next trend therefore it should firstly watched in the coming for its confirmations.

Sustaining beyond 21518-21724 will confirm next decisive moves beginning

Nifty-Intra Day Chart Analysis & Market 

Outlook(10-01-2024)

Nifty-Intra Day Chart (09-Jan-2024):-

Technical Patterns formation in today intraday charts

1- Down moves after strong opening

1- Consolidation between 21594-21639

3- Up moves

4- More than 3 hours selling between 21679-21724(immediate Resistances)

5- Sharp down moves

6- Down moves in Bullish Falling Channel

7- Whole day actual trading between 21518-21724

Conclusions from intra day chart analysis 

Although strong opening but firstly sharp fall was seen immediately after opening. As lower levels some consolidation developed therefore up moves also seen and once Nifty traded more than 200 points positive also.

As more than 3 hours fresh selling developed at higher levels therefore decisive intraday down moves were seen but lower levels some consolidation was also in last hour through Down moves in Bullish Falling Channel therefore lower levels some consolidation will; also be understood whole day today trading will be understood with lower levels buying and higher levels good intraday selling and firstly  today trading will be understood with Mixed Patterns formation between 21518-21724 and finally sustaining beyond today range will confirm next decisive moves beginning

Sideways trading within today 

trading range expectations

Nifty-Intra Day Chart Analysis & 

Market Outlook(09-01-2024)

Nifty-Intra Day Chart (08-Jan-2024):-

Technical Patterns formation in today intraday charts

1- Selling between 11715-21763

2- Selling between 11685-11726

3- Selling between 21619-21642

4- Selling between 21570-21606

5- Down moves in Bullish Falling Channel in last hour

6- Whole day actual trading between 21493-21763

Conclusions from intra day

chart analysis 

Following lines were told on 06-01-2024 in "Remain cautious & watch supports amid Short to Intermediate Term correction beginning expectations":-

"down moves below last Friday lowest(21629.2) 

will be expected in the beginning of next week"

As was told 100% same happened and Nifty moved down 197.80 points as well as closed at 21513.00 today. 

Although firstly some up moves after positive opening but fresh selling developed which remained continued whole day with regular down moves. As whole day selling therefore down moves remained till last hour and Nifty closed near the lowest of the day with 0.93% fall.

As Down moves in Bullish Falling Channel in last hour therefore lower levels some consolidation will also be understood and some up moves will be seen in  today trading range as well as sideways trading is expected within today trading range(21493-21763).

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)