Rally beginning today after more than 1.5% strong opening of all European markets

Intra Day Chart Analysis & Market Outlook

(18-12-2015)

Nifty-Intra Day Chart (17--Dec-2015):-

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Technical Patterns and Formations in today intraday charts

1- First 2 Hours down moves despite strong closing of US markets and most Asian markets strong trading.
2- Consolidation between 7738-7772(Immediate Supports)
3- Rally beginning after more than 1.5% strong opening of all European markets
4- Whole day actual trading between 7738-7852

Conclusions from intra day chart analysis 

As selling between 7756-7776 yesterday therefore firstly 2 hours slipping and also negative zone trading in first 4 hours despite following most Bullish sentiments:-

1- Dow Jones closed 223 points up after FOMC dovish statement.
2- All Asian markets trading with very good gains.

As firstly consolidation was required after yesterday selling between 7756-7776 therefore consolidation was seen within and below yesterday selling range between 7738-7772 today but strong rally begun after more than 1.5% positive opening of all European markets.  

As Global markets rally triggered yesterday after FOMC dovish statement therefore Indian markets participation in the form of Pull Back Rally towards following next resistance:-

1- 7877-7897
2- 7917-7934
3- 7953-7968

Short Term correction expectations

Intra Day Chart Analysis & Market Outlook

(17-12-2015)

Nifty-Intra Day Chart (16-Dec-2015):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 7756-7776
2- Whole day actual trading between 7716-7776

Conclusions from intra day chart analysis 

Although whole day positive zone trading after gap up opening today but selling at higher levels therefore Short Term correction of last 3 sessions rally is expected tomorrow despite whatsoever announcements from FOMC today Midnight and finally sustaining beyond 7722 will decide the fate of on going Pull back rally.

Just Watch Crucial Levels for Post FOMC Big Moves

Intra Day Chart Analysis & Market Outlook

(16-12-2015)

Nifty-Intra Day Chart (15-Dec-2015):-

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Technical Patterns and Formations in today intraday charts

1- Mixed Patterns between 7626-7646
2- Up moves beginning after strong opening of European markets
3- Last 2 hours up moves in Bearish Rising Channel 
4- Whole day actual trading between 7626-7705

Conclusions from intra day chart analysis 

Although closing near the higher levels of the day but due to following reasons:-

1- After strong opening of all European market.
2- Sudden jump of Dow's Futures at 01:15 PM 

As today recovery from lower levels was not on the back of consolidation but after more than 2 hours trading with Mixed Patterns formations therefore view will not be Bullish despite today closing near the higher levels of the day because last 2 hours up moves were the reaction of above mentioned Bullish Global Markets cues.

Last 5 sessions most time trading between 7620-7691 and today closing above it but on the back of strong Global cues and not due to consolidation therefore trading range break out confirmation is firstly required through sustaining above 7691. 

57 sessions Head and Shoulders pattern's Neckline(7722) breaking down confirmation through last 6 sessions closing below its Neckline therefore view will not be Bullish until Nifty will not sustain above 7722 and possibility of deeper correction below on going correction lowest(7539.50) will remain alive.

Correction is on and first signal of fresh Pull Back Rally will be after sustaining above following next 2 crucial levels:-

1- Last 5 sessions most time trading range highest(7691)
2- 57 sessions Head and Shoulders pattern's Neckline(7722)

As some big moves may be seen on 17-12-2015 after FOMC announcements therefore Indian markets will prepare for those moves tomorrow and that will be understood through intraday charts patterns formation tomorrow which will be updated accordingly. As far as next trend deciding crucial levels are concerned that will be decided through sustaining beyond 7691/7722 and should be firstly watched for post FOMC big up moves and 7620/7540 for big down moves. 

Correction Continuation Expectations with new Low of on going Correction below 7539.50 

Intra Day Chart Analysis & Market Outlook

(15-12-2015)

Nifty-Intra Day Chart (Dec 09 to Dec 14,2015):-

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Technical Patterns and Formations in last 4 Sessions intraday charts

1- Last 4 Sessions with Mixed Patterns formations trading between 7620-7691
2- Supports between 7572-7621 in last 2 sessions
2- Last 4 Sessions most time trading between 7620-7691 

Nifty-Intra Day Chart (14-Dec-2015):-

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Technical Patterns and Formations in today intraday charts

1- Support between 7572-7597
2- 93 Points Bounce in first Hour 
3- More than 5 hours trading with Mixed Patterns formations between 7620-7663 
4- Volatility in last hours
5- Whole day actual trading between 7552-7663

Conclusions from intra day chart analysis 

What so ever happened in Indian markets today,all that were updated well before its happening through intraday charts analysis. Live proofs of such accurate projections are as follows:-

Following lines were told yesterday in "Correction Continuation after 1/2 Sessions Intraday Volatility":-

1- a bounce back is firstly expected from lower levels
2- possibility of recovery from lower levels can not be ruled out
3- 1/2 sessions intraday volatility.

Following lines were told today at 11:23 AM in "Firstly Watch Next Crucial levels after 93 Points Bounce in first Hour Today ":- 

Correction is on and some selling was seen between 7655-7691 in last 3 sessions therefore follow up moves with sustaining beyond these crucial levels should be firstly watched for next decisive moves.

As was told in both previous Outlooks 100% same happened in following manner today:-

1- 93 Points Bounce from lower levels was seen in first Hour today.
2- Volatility was seen in last hours today.
3- As some selling between 7655-7691 in last 3 sessions therefore Nifty could not move above it and closed below these levels at 7650.05 after facing resistance within this range.  

Certainly some supports at lower levels today and Indian markets completely out performed all Global markets. Lower levels good supports between 7572-7621 in last 2 sessions therefore first signal of consolidation and follow up selling is also firstly required for decisive down moves below 7572. As last 4 sessions trading between 7620-7691 with Mixed Patterns formations therefore more consolidation is also required for Pull back rally above 7691.

Correction is still on and no confirmation of its completion yet and only some consolidation were supports were seen at lower levels in last 4 sessions. Expected that Nifty will trade between last 4 sessions actual trading range(7572-7691) and prepare for next decisive moves after FOMC announcements on 17-12-2015. Although rates hike is confirm by FOMC but this news is well discounted in all the Global markets and further down moves will not be considered only on the back of this news. 

As technically most Bearish development is 57 sessions Head and Shoulders pattern's Neckline(7722) breaking down confirmation which is giving some more down moves indications therefore correction continuation and new low of on going correction is still expected below 7539.50 after follow up selling within last 4 sessions actual trading range(7572-7691).

Firstly Watch Next Crucial levels after 93 Points Bounce in first Hour Today  

Post-open Outlook(14-12-2015)

Nifty-Intra Day Chart (First hour of 14-Dec-2015):-

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Although All the European and US markets closed in deep Red last Friday and Gap down markets of Indian markets was also expected today but we told for bounce back in following lines yesterday in"Correction Continuation after 1/2 Sessions Intraday Volatility"

1- As some intraday supports at lower levels after Bullish Falling Channel formation last Friday therefore a bounce back is firstly expected from lower levels
2- some supports and consolidation patterns were seen last Friday therefore possibility of recovery from lower levels can not be ruled out

As was told yesterday 100% same happened today and strong 93 points bounce back from lower levels after gap down opening was seen in first hour today.

Correction is on and some selling was seen between 7655-7691 in last 3 sessions therefore follow up moves with sustaining beyond these crucial levels should be firstly watched for next decisive moves.

Correction Continuation after 1/2 Sessions Intraday Volatility

Technical Analysis,Research & Weekly Outlook

(Dec 14 to Dec 18,2015)

Nifty-EOD Chart (11-Dec-2015):-

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Technical Patterns and Formations in EOD charts

1- 5118.85 on 28-08-2013(Wave-1 beginning after 'ABC' correction completion)
2- Wave-1(6415.25 on 09-12-2013)
3- Wave-2(5933.30 on 04-02-2014)
4- Wave-3(8626.95 on 04-12-2014)
5- Wave-4(7961.35 on 17-12-2014)
6- Wave-5(9119.20 on 04-03-2015 and 'ABC' correction beginning)
7- Wave-A(7940.30 on 12-06-2015)
8- Wave-B(8654.75 on 23-07-2015)
9- Wave-C recent bottom at 7539.50 on 08-09-2015)
10- Sub Wave-5 of Wave-C continuation with recent bottom formation at 7575.30 on 11-12-2015

Nifty-Intra Day Chart (11-Dec-2015):-

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Technical Patterns and Formations in today intraday charts

1- Mixed Patterns between 7661-7690
2- Down moves after uproar in Parliament but in Bullish Falling Channel
3- Support between 7576-7621
4- Whole day actual trading between 7576-7690

Conclusions (After Putting All Studies Together)

Detailed analysis of EOD Charts with patterns formations have already been updated in following previous weekly analysis topics:-

1- On 29-11-2015: "Bullish Flag Formation in last 9 months Correction suggesting Strong Rally"
2- On 06-12-2015: "7715 Will decide the Life of on going Correction"

Importance of 7715 was updated in previous weekly analysis topic with Neckline(7722) of 56 sessions Head and Shoulders pattern and both the levels were broken down in previous week as well as last 4 sessions closing below it therefore levels therefore emergence of some more down moves possibilities.

As whole 9 months correction from 9119.20 to 7539.50 in Falling channel with Bullish Flag formations and this pattern formation will remain valid up to near about 7119 therefore until Nifty will not slip below the Falling trend line of Flag till then expectations of fresh Rally above life time high(9119.20) will remain alive.

Wave-C is on with recent bottom at 7539.50 on 08-09-2015 and now its Sub Wave-5 continuation with recent bottom formation at 7575.30 on 11-12-2015. As no confirmation of on going correction completion yet therefore more down moves below Wave-C lowest(7539.50) is very much possible.

As some intraday supports at lower levels after Bullish Falling Channel formation last Friday therefore a bounce back is firstly expected from lower levels. All the European and US markets closed in deep Red last Friday,if in reaction such weakness reflects in Asian markets also tomorrow then Gap down markets will be seen in Indian markets. As Short Term indicators are oversold and some supports and consolidation patterns were seen last Friday therefore possibility of recovery from lower levels can not be ruled out but Pull back rally will be considered only after sustaining above 7691/7722.

Correction is on and finally its continuation is expected after some 1/2 sessions intraday volatility.