Rally continuation confirmations required through sustaining above 8757  

Intra Day Chart Analysis & Market Outlook

(03-02-2017)

Nifty-Intra Day Chart (02-Feb-2017):-

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channels
2- Slow up moves with intraday corrections
3- Sharp down in last half hour
4- Whole day actual trading between 8686-8757

Conclusions from intra day chart analysis 

Although firstly lower levels consolidation through Down moves in Bullish Falling Channels after weaker opening but last 3 hours slow up moves with intraday corrections therefore not sustaining at higher levels because some selling can not be ruled out through slow up moves.

Positive closing above 8700 today but some intraday selling also therefore follow up consolidation is firstly required for decisive up moves above today highest(8757) which will be done within and near about today trading range. 

Rally is on and no confirmation of its completion yet therefore its continuation is still expected after follow up consolidation but sustaining above 8757 should also be watched for confirmations.

Rally continuation Expectations

Intra Day Chart Analysis & Market Outlook

(02-02-2017)

Nifty-Intra Day Chart (01-Feb-2017):-

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Technical Patterns and Formations in today intraday charts

1- Sideways consolidation before and during Budget between 8538-8587
2- 105 points sharp up in just 12 minutes
3- Rally continuation with intraday consolidation 
4- Whole day actual trading between 8538-8722

Conclusions from intra day chart analysis 

Although previous 2 sessions closing was near the lower levels of the day but we told only for expectations of rally continuation above 8672 after follow up consolidation and it was seen today.

As whole day consolidation today therefore rally continuation is expected in the coming sessions also and until complete selling patterns will not develop till then on going rally will remain continued.

Post Budget Rally confirmation through crucial Levels

Intra Day Chart Analysis & Market Outlook

(01-02-2017)

Nifty-Intra Day Chart (31-Jan-2017):-

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Up moves in Bearish Rising Channel
3- Volatility
4- Whole day actual trading between 8553-8631

Conclusions from intra day chart analysis 

Although Union Budget expectations but whole day weakness due to weaker closing of US markets and most negative news of H-1B visa bill presentation in US congress therefore Indian IT companies crashed and resultant negative closing of Indian markets today. As clear one sided position formation was not seen and and both consolidation and distribution patterns developed as well as whole day news based market today therefore no conclusion can be drawn only from intraday charts analysis. 

Union Budget will be tabled tomorrow but news based today market with Mixed patterns formations therefore high volatility can not be ruled tomorrow and post Budget rally confirmation will be through valid break out crucial levels(8549-8672) despite expectations of rally continuation above 8672 after follow up consolidation. 

Finally Rally continuation after follow up Consolidation

Intra Day Chart Analysis & Market Outlook

(31-01-2017)

Nifty-Intra Day Chart (30-Jan-2017):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8618-8640
2- Whole day actual trading between 8618-8662

Conclusions from intra day chart analysis 

Following lines were told on 29-01-2016 in "Firstly Very Short Term correction before Budget":-

Very Short Term correction is firstly expected in the beginning of next week.

As was told 100% same happened and Nifty traded most time in Red below previous closing(8641.25) and also closed negative today near the lower levels of the day after 44 points sideways trading but consolidation patterns formations near the lower levels of the day therefore 1st signal of on going rally continuation after last 2 sessions correction completion.

Trading between 8624-8672 with higher levels selling last Friday therefore more consolidation is also required for next up moves and its happening tomorrow will mean fresh strong beginning on 1st Feb 2017. 

Dow Jones is trading 200 points down at this moment today and its such weaker closing will mean high possibility of weaker Asian markets tomorrow morning and resultant Indian markets may also open negative but expected that finally rally will remain continued above 8672 after follow up consolidation.

Firstly Very Short Term correction before Budget

Intra Day Chart Analysis & Market Outlook

(30-01-2017)

Nifty-Intra Day Chart (27-Jan-2017):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8653-8672
2- Whole day actual trading between 8624-8672

Conclusions from intra day chart analysis 

Although 0.45% Green closing after whole day positive zone trading but clear selling patterns formations were also seen and no consolidation patterns formations therefore Very Short Term correction is firstly expected in the beginning of next week.

Correction may be sideways near about day's trading range(8624-8672) also but once slipping sharply below day's lowest also can not be ruled out. As Union Budget on 1st Feb 2017 therefore Nifty will prepare for post Budget moves in the coming 2 sessions without sustaining above day's highest(8672). 

Expected that finally decisive moves beyond day's trading range will be seen after Budget and before that Nifty will prepare for that within and near about 8624-8672.