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Firstly Watch 8196-8384 for correction continuation / completion 
Technical Analysis,Research & Weekly Outlook
(Jul 27 to Jul 31,2015)
Nifty-EOD Chart (24-Jul-2015):-
Just click on chart for its enlarged view
Technical Patterns and Formations in EOD charts

1- Rally beginning after corrective Wave-5 completion at 7940.30 on 12-06-2015 
2- Rally completion at 8654.75 on 23-07-2015 and correction beginning.
3- Correction continuation with recent bottom formation at 8513.50 on 24-07-2015 

Conclusions from EOD chart analysis 

Rally begun after corrective Wave-5 completion at 7940.30 which completed at 8654.75 on 23-07-2015 and now this rally correction continuation.

Retracement levels of on going rally

Nifty-EOD Chart (24-Jul-2015):-
Just click on chart for its enlarged view
Technical Patterns and Formations in EOD charts

1- Rally beginning at 7940.30 on 12-06-2015 
2- Rally completion at 8654.75 on 23-07-2015
3- Correction continuation

Conclusions from EOD chart analysis 

Rally between 7940-8654 will correct accordingly to following retracement levels;-

1- 13.0%-8561
2- 23.6%-8485
3- 27.0%-8461
4- 38.2%-8381(Crucial)
5- 50.0%-8297(Crucial)
6- 61.8%-8212(Crucial)
7- 70.0%-8149
8- 76.4%-8108
8- 78.6%-8092 
10-88.6%-8021 

7 Sessions most time trading range broken down

Nifty-Intra Day Chart (Jul 16 to Jul 24,2015):-
Just click on chart for its enlarged view
Technical Patterns and Formations in last 7 Sessions intraday charts

1- 7 Sessions most time trading between 8560-8642 with lower levels supports and higher levels selling.
2- 7 Sessions most time trading range broken down forcefully on 24-07-2015 

Conclusions from 7 Sessions intra day chart analysis 

Although some buying was also seen at lower levels after higher levels good selling in last 7 sessions between 8560-8642 but Nifty could not sustain within this range and broken down forcefully on 24-07-2015 therefore strong signals of correction continuation in the beginning of next week. As all the Asian markets were in Red and some were more than 1% down and today break down was depressed sentiment led also therefore breaking down confirmation is also required through sustaining below 8560 and once this confirmation will mean deeper correction.

Conclusions (After Putting All Studies Together)

714 Points previous rally between 7940.30 and 8654.75 and its correction continuation with recent bottom formation at 8513.50 on 24-07-2015. As last 7 Sessions most time trading range broken down forcefully on 24-07-2015 therefore strong signals of correction continuation which may be deeper also.

Supports of previous rally between 7940-8654 are as follows:-

1- 8500-8510
2- 8425-8448
3- 8310-8384
4- 8196-8250
5- 8048-8077
6- 8000-8015
7- 7940-7980

Retracement levels of previous rally between(7940-8654) has been updated above and let consolidation develop near about above supports and retracement levels then fresh rally after on going correction completion will be considered.

As crucial retracement levels(38.2%,50.0% and 61.8%) are lying between 8212-8381 and these levels are also lying within above mentioned 3rd and 4th supports ranges(8196-8384) therefore strong possibility of on going correction completion within this supports range.

If follow up consolidation develops within or near about 8196-8384 then last Thursday started correction completion will be considered after sustaining above 8384 and firstly sustaining beyond 8196-8384 should be firstly watched in the coming week for correction continuation/completion.