Pull Back Rally continuation Possibility towards 8762.55 

Technical Analysis,Research & Weekly Outlook

(Jun 01 to Jun 05,2015)

Nifty-EOD Chart (29-May-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)('ABC' correction beginning)
7- Wave-'A'(8269.15 on 27-03-2015)
8- Wave-'B'(8844.40 on 15-04-2015)
9- Wave-'C'(7997.15 on 07-05-2015)
10- Pull Back rally continuation after Wave-'C' completion 

Waves structure of Wave-5

Nifty-EOD Chart (29-May-2015):-

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Technical Patterns and Formations in EOD charts

1- 7961.35 on 17-12-2014(Wave-5 beginning after Wave-4 completion)
2- Sub Wave-1(8445.60 on 05-01-2015)
3- Sub Wave-2(8065.45 on 07-01-2015)
4- Sub Wave-3(8996.60 on 30-01-2015)
5- Sub Wave-4(8470.50 on 10-02-2015)
6- Sub Wave-5 of Wave-5 completion at 9119.20 on 04-03-2015 and 'ABC'correction beginning
7- Wave-'A'(8269.15 on 27-03-2015)
8- Wave-'B'(8844.40 on 15-04-2015)
9- Wave-'C'(7997.15 on 07-05-2015)
10- Nifty hovered around 11 sessions Long Term Trend decider 200 Day EMA(today at 8209) and finally sustained above it. 
11- 15 sessions trading between 7997-8365 from 24-04-2015 to 15-05-2015 and this range broken out on 18-05-2015.
12- Bullish Inverted Head and Shoulders formations in 15 sessions with its Neckline at 8365 which was broken out on 18-05-2015.
13- 15 sessions trading range top and Neckline(8365) of Inverted Head and Shoulders was broken down 2 times in previous week but finally sharply moved up above 8365 on 29-05-2015

Waves structure of 'ABC'on going correction

 Nifty-EOD Chart (29-May-2015):-

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Technical Patterns and Formations in EOD charts

1- Wave-5 completion at 9119.20 on 04-03-2015 and 'ABC'correction beginning
2- Wave-'A'(8269.15 on 27-03-2015)
3- Wave-'B'(8844.40 on 15-04-2015)
4- Wave-'C'(7997.15 on 07-05-2015)
5- Sub Wave-1(8489.55 on 22-05-2015)
6- Sub Wave-2(8270.15 on 28-05-2015)
7- Sub Wave-3 continuation with recent top formation at 8,443.90 on 29-05-2015

Intra Day Chart Analysis(29-05-2015)

Nifty-Intra Day Chart (29-May-2015):-

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Technical Patterns and Formations in today intraday charts

1- Mixed Patterns between 8370-8443 in 5 last hours.
2- Whole day actual trading between 8305-8443

Conclusions from intra day chart analysis 

Although closing near the higher levels of the day with 1.38% gains but mixed(both buying and selling) Patterns formations between 8370-8443 in last 5 hours therefore selling possibility can not be ruled out on the back of all around accepted RBI Rates cut on 2nd June and follow up consolidation is must in the beginning of next week for rally continuation.

Conclusions (After Putting All Studies Together)

Wave-1 started from 5118.85 on 28-08-2013 and its Wave-5 commenced from 7961.35 on 17-12-2014 which completed at 9119.20 on 04-03-2015. After that 'ABC'correction begun which finished at 7997.15 on 07-05-2015 and it is just above the bottom of Wave-5(7961.35) therefore it is clear that Wave-5 has almost completely retraced in previous 'ABC' correction. Following Bullish developments at the bottom of Wave-'C':-

1- Bullish Inverted Head and Shoulders with its Neckline at 8365 broken out.
2- 15 sessions trading between 7997-8365 and its top at 8365 broken out.
3- Nifty tested and hovered around 11 sessions Long Term Trend decider 200 Day EMA(today at 8209) and finally sustained above it.

As above most crucial and Bullish patterns near the bottom of Wave-'C' therefore strong indications of 'ABC'correction completion because:-

1- As 42 Sessions correction from  04-03-2015 to 17-12-2014 and 15 sessions Bullish pattern formation near the bottom of correction therefore it is sufficient for  time wise correction completion.
2- Wave-5 has almost completely retraced in previous 'ABC' correction therefore price wise correction completion can also be considered

Sub Wave-3 is on and as per following calculations its minimum target is at

As per Elliot Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5. Impulsive Sub Wave-3 is on and it should gain more points than Sub Wave-1 gained.

Sub Wave-1 gained 8489.55-7997.15=492.40 Points

Sub Wave-3 started from 8270.15 and and as per Elliot Wave theory it should gain minimum 492.40 because it can not be shorter than Sub Wave-1 therefore its minimum target is at:-

8762.55=8270.15(Sub Wave-3 started)+492.40(Sub Wave-1 gained)

Next resistances of Nifty are as follows:-

1- 8431-8462
2- 8486-8502
3- 8522-8564
4- 8640-8468
5- 8690-8750
6- 8777-8784
7- 8802-8844

Wave-5 has almost completely corrected and Bullish patterns formations at the bottom of  Wave-'C' therefore strong signals of that whole rally correction completion which started from 5118.85 on 28-08-2013. It also means that Nifty is now prepared for fresh rally above life time high(9119.20) after previous rally correction completion.

For Short Term now Pull Back Rally continuation towards 8762.55 will be understood in the coming weeks but follow up consolidation is must because 5 hours mixed Patterns formations on 29-05-2015 and above mentioned multiple resistances above previous week closing.

View is Cautious after Nifty Jun Fut closing in discount on Expiry day today

Intra Day Chart Analysis & Market Outlook

(29-05-2015)

Nifty-Intra Day Chart (28-May-2015):-

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Consolidation between 8271-8295(Immediate Supports)
3- Whole day actual trading between 8271-8364

Conclusions from intra day chart analysis 

As huge fall in Shanghai and Hang Seng therefore continuous slipping immediately after opening up to 01:00 PM but Down moves were in Bullish Falling Channel and lower levels good consolidation was also seen therefore technically view will not be Bearish and fresh up moves are expected above today highest after 1/2 sessions consolidation.

One rare development was seen today that Nifty Jun Fut closed in discount at 8318.55 while most of the time next month Fut were being closed on Expiry day with near about or above 50 Points Premium. As today closing in discount therefore view is cautious and fresh selling beginning possibility on the back of Repo Rates cut hopes by RBI (on 2nd June Credit policy) will also be considered.  

Certainly view is cautious and watchful because following contradictory developments:-

1- Intraday charts are showing consolidation patterns therefore Indian markets are technically poised for up moves.
2- All around rates cut expectations are turning high therefore Jun Fut should have closed with good premium but closed in discount therefore if selling develops in this positive news led heated sentiments then huge fall may be seen even after RBI Rates cut.

Two  Trading sessions are left before RBI Credit Policy and big moves are expected after its announcement. Let follow up technical positions formations develop in next 2 sessions then will be firstly understood through intraday charts patterns formations and then will updated accordingly. 

No gossiping never guessing and whatsoever market suggest only that is always updated. Let market prepare for next trend and decisive moves conclusions come then will be updated in the same manner as being done for the last more than 5 years.

View not be Bearish after Shanghai & Hang Seng led huge Fall

Mid-session Outlook(28-05-2015)

As consolidation yesterday therefore positive opening in Indian markets but down moves started because sentiment completely dampened after huge fall beginning in following Asian markets:-

Shanghai closed now 321(6.50%) down.
Hang Seng is now trading 826(2.94%) down.

As today fall in Indian markets is Asian markets driven and all the European markets are also in Red today therefore view will not be Bearish and fresh up moves are expected above today highest after 1/2 sessions consolidation because:-

1- Today intraday patterns are not showing selling formations.
2- Last 2 sessions intraday patterns are showing consolidation formations. 

Rally continuation after Consolidation Today

Intra Day Chart Analysis & Market Outlook

(28-05-2015)

Nifty-Intra Day Chart (27-May-2015):-

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Technical Patterns and Formations in today intraday charts

1- Lower levels supports between 8278-8295(Immediate Supports)
2- Sharp 40 points up in 9 minutes.
3- Consolidation between 8308-8320(Immediate Supports)
4- Whole day actual trading between 8278-8342

Conclusions from intra day chart analysis 

As sharp 40 points up after lower levels supports and good consolidation between 8308-8320 therefore fresh up moves are expected in the coming sessions because good consolidation above today highest was also seen yesterday.

Fresh Rally within 1/2 days without sustaining below 200 Day EMA(today at 8204).

Intra Day Chart Analysis & Market Outlook

(27-05-2015)

Nifty-Intra Day Chart (26-May-2015):-

Technical Patterns and Formations in today intraday charts

1- Consolidation Patterns between 8347-8369 
2- Consolidation between 8321-8337 
3- Whole day actual trading between 8321-8378

Conclusions from intra day chart analysis 

Although most time negative zone trading and 0.37% down closing also today but whole day Consolidation Patterns formations therefore Indian markets will be understood under consolidation phase because selling patterns were not seen today. As US markets are trading more than 1% down after most European markets more than 1% down closing therefore negative zone or gap down opening may be seen Indian markets tomorrow if such weakness will be seen in Asian markets tomorrow morning. 

As signals of Indian markets moving into consolidation phase therefore expected that fresh rally will start within 1/2 days after yesterday started correction completion and Nifty will not sustain below 200 Day EMA(today at 8204).

8365 and 8201 will decide Length and Life of today started Correction

Intra Day Chart Analysis & Market Outlook

(26-05-2015)

Nifty-Intra Day Chart (25-May-2015):-

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Technical Patterns and Formations in today intraday charts

1- Mixed Patterns between 8415-8441
2- Mixed Patterns between 8365-8400 
3- Whole day actual trading between 8365-8441

Conclusions from intra day chart analysis 

Following lines were told at 01:28 AM on 23-05-2015 in "Firstly Short Term Correction but Sideways Trading between 8201-8489 in Next Week":-

1- firstly down moves will be seen in next week
2- Short Term Correction below day's lowest(8421) will be seen in the beginning of next week.
3- emergence of Short Term Correction possibility in the beginning of next week
4- Nifty will firstly slip 

As was told 100% same happened and firstly down moves were seen today and Nifty traded whole day in Red as well as closed 88.70 points down today.

Although Nifty closed near the lowest of the day but today intraday patterns are showing mixed Patterns formations therefore firstly Nifty has to prepare for next decisive moves beyond today trading range. Expected that Nifty will firstly trade and prepare for next moves within and near about today trading range(8365-8441) and finally sustaining it beyond will decide next trend.

Only Short Term Correction was expected and it was seen today,let Nifty sustain below 8365 then correction continuation will be considered towards following next supports:-

1- Supports between 8247-8255
2- Supports between 8229-8250 
3- Supports between 8157-8189 

Detailed analysis with next resistances of Nifty have already been updated in Weekly analysis of this week and length of today started correction will be decided by following crucial levels also:-

1- 8365(Neckline of Bullish Inverted Head and Shoulders was broken out break out on 18-05-2015)
2- 8365(Top of 15 sessions trading range was broken out break out on 18-05-2015)
3- 8201(Last 7 sessions sustaining above Long Term Trend decider 200 Day EMA)

Nifty tested 8365 but closed above it today and firstly sustaining it beyond should be watched tomorrow because it will decide the valid break out of above mentioned Bullish pattern and trading range.

Short Term Correction is on and no confirmation of its completion yet, As length and life of today started correction will be decided by above mentioned 2 levels(8365 and 8201) therefore finally sustaining it beyond should be watched in the coming sessions for correction continuation / completion confirmations.

Firstly Short Term Correction but Sideways Trading between 8201-8489 in Next Week

Technical Analysis,Research & Weekly Outlook

(May 25 to May 29,2015)

Nifty-EOD Chart (22-May-2015):-

Just click on chart for its enlarged view

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)('ABC' correction beginning)
7- Wave-'A'(8269.15 on 27-03-2015)
8- Wave-'B'(8844.40 on 15-04-2015)
9- Wave-'C'(7997.15 on 07-05-2015)
10- 492.40 Points Pull Back rally after Wave-'C' completion with recent top formations at 8489.55 on 22-05-2015

Waves structure of 'ABC'on going correction

Nifty-EOD Chart (22-May-2015):-

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Technical Patterns and Formations in EOD charts

1- Wave-5 completion at 9119.20 on 04-03-2015 and 'ABC'correction beginning
2- Wave-'A'(8269.15 on 27-03-2015)
3- Wave-'B'(8844.40 on 15-04-2015)
4- Wave-'C'(7997.15 on 07-05-2015)
5- Pull Back Rally continuation with recent top formations at 8489.55 on 22-05-2015.

Nifty-Intra Day Chart (May 20 to May 22,2015):-

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Technical Patterns and Formations in last 3 Sessions intraday charts

1- Mixed Patterns formations between 8400-8440 on 20-05-2015
2- Consolidation between 8383-8400 on 21-05-2015
3- Mixed Patterns formations between 8400-8446 on 21-05-2015
4- More than 4 hours selling between 8460-8489 on 22-05-2015
5- 3 Sessions actual trading between 8383-8489 

Conclusions from 3 Sessions intra day chart analysis 

3 Sessions actual trading between 8383-8489 with lower levels consolidation below 8400 on 21-05-2015 and mixed patterns formations between 8400-8446 on 20th and 21st May but more than 4 hours selling between 8460-8489 on 22nd May therefore expected that firstly down moves will be seen in next week and Nifty will remain sideways between 8383-8489. As good selling was seen on 3rd day therefore Short Term Correction is firstly expected in the beginning of next week and if follow up selling develops and sustaining below 8383 will mean decisive down moves will be seen.

As both lower levels buying and higher levels selling in last 3 sessions between 8383-8489 therefore Nifty will firstly trade and prepare for next trend within this range and firstly sustaining it beyond should be watched for next trend confirmations in coming week.

Nifty-Intra Day Chart (22-May-2015):-

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Technical Patterns and Formations in today intraday charts

1- More than 4 hours selling between 8460-8489(Immediate Resistances)
2- Whole day actual trading between 8421-8489

Conclusions from intra day chart analysis 

Although positive closing after Green opening but more than 4 hours selling between 8460-8489 therefore expected that Short Term Correction below day's lowest(8421) will be seen in the beginning of next week.

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Short Term Trend is up
2- Intermediate Term Trend is down which will be up above 8505.
3- Long Term Trend is up after sustaining above its decider 200 Day EMA(today at 8201)

Following 3 Bullish developments in previous weeks

1- 15 sessions trading between 7997-8365 and this range was broken out on 18-05-2015 
2- Bullish Inverted Head and Shoulders formations in 15 sessions with its Neckline at 8365 which was broken out on 18-05-2015 
3- Nifty is hovered around 11 sessions Long Term Trend decider 200 Day EMA(today at 8201) and finally Nifty is sustaining above it for the last 6 sessions.

Next resistances of Nifty are as follows:- 

1- 8431-8462
2- 8486-8502
3- 8522-8564
4- 8640-8468
5- 8690-8750 
6- 8777-8784
7- 8802-8844

Nifty crossed 1st resistance but good selling was seen below 2nd resistance on 22-05-2015 therefore market require complete consolidation for trading and sustaining above mentioned resistances. As above mentioned 3 Bullish developments therefore good supports are lying at following levels:-

1- 8365(Neckline of Bullish Inverted Head and Shoulders)
2- 8365(Top of 15 sessions trading range)
3- 8201(Last 6 sessions sustaining above Long Term Trend decider 200 Day EMA)

As above Bullish developments therefore on going Pull Back Rally continuation was seen but  Mixed Patterns(both buying and selling) formations between 8383-8489 in last 3 Sessions and more than 4 hours good selling between 8460-8489 was seen on 22-05-2015 therefore emergence of Short Term Correction possibility in the beginning of next week. Expected that Nifty will firstly slip and will trade in last 3 sessions trading range(8383-8489) as well as prepare for next trend.

Good supports below 8383 and multiple resistances above 8489 therefore Nifty will be sideways between 8201-8489 in next week and prepare for next trend as well as finally forceful break out or sustaining beyond this range will set next trend.

Pre-closing Outlook(22-05-2015)

Following lines were told today at 09;00 AM in Pre-open Outlook(22-05-2015):-

1- most Asian markets are trading with sufficiently good gains and sentiment is strong today morning
2- Nifty should trade above 8446 immediately after opening
3- otherwise possibility of Very Short Term correction will be considered
4- finally valid break out of 8383-8446 will give next decisive moves confirmations.

Nifty moved above 8446 after 10;30 AM and traded more than 3 hours between 8462-8489 but could not sustain at higher levels and slipped forcefully below 3 hours range(8462). 

As Nifty did not moved above 8446 immediately after opening and crossed it after 10;30 AM therefore possibility of selling under heated sentiments(due to  strong Asian markets) will be considered and firstly sustaining beyond 8383-8489 should be watched next trend confirmations.

Pre-open Outlook(22-05-2015)

Last 2 sessions sideways trading between 8383-8446 with lower levels good consolidation and higher levels minor selling therefore finally rally continuation expectations above 8446 are alive. As multiple resistances are lying above 8446 and Short Term Indicators have moved into over bought zone therefore follow up consolidation is must.

As most Asian markets are trading with sufficiently good gains and sentiment is strong today morning therefore Nifty should trade above 8446 immediately after opening otherwise possibility of Very Short Term correction will be considered and then finally valid break out of 8383-8446 will give next decisive moves confirmations.  

Rally Continuation expectations above 8446 are alive

Intra Day Chart Analysis & Market Outlook

(22-05-2015)

Nifty-Intra Day Chart (21-May-2015):-

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Technical Patterns and Formations in today intraday charts

1- Selling patterns formations at higher levels
2- Down moves in Bullish Falling Channels
3- Consolidation between 8383-8400
4- Whole day actual trading between 8383-8446

Conclusions from intra day chart analysis 

Following line was told today at 12:26 AM in "Rally continuation after follow up consolidation":-

1- As some selling was seen today therefore some volatility or panic bottom formation may be seen for consolidation 
2- finally rally will remain continued after follow up consolidation within and near about today trading range.

Following line was told today at 09:34 AM in "Post-open Outlook(21-05-2015)":-

1- As selling patterns formations being developed immediately after opening today
2- firstly sustaining beyond 8400 should be watched today 

As was told in above both Outlooks 100% same happened during trading hours today and Nifty traded whole day within and near about yesterday trading range as well as recovered after more than 2 hours follow up consolidation below 8400.

As some selling yesterday and again selling developed immediately after opening today therefore Nifty slipped below 8400 after 10:00 AM but consolidated more than 2 hours between 8383-8446. This range has developed immediate support and until Nifty will not sustain below today lowest(8383) till then next down moves will not be considered. 

Although some selling but good consolidation was also seen between 8383-8446 in last 2 sessions therefore rally continuation expectations above today highest(8446) are alive after follow up consolidations because following resistances are lying just above today highest:- 

1- 8431-8462
2- 8486-8502
3- 8522-8564
4- 8640-8468
5- 8690-8750 
6- 8777-8784
7- 8802-8844

Post-open Outlook(21-05-2015)

As selling patterns formations being developed immediately after opening today therefore firstly sustaining beyond 8400 should be watched today because some selling was seen yesterday also and next resistance range is just above today highest.

Rally continuation after follow up consolidation 

Intra Day Chart Analysis & Market Outlook

(21-05-2015)

Nifty-Intra Day Chart (20-May-2015):-

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Technical Patterns and Formations in today intraday charts

1- Up moves in Bearish Rising Channel
2- Selling between 8420-8433
3- Sufficient intraday corrections
4- Whole day actual trading between 8400-8440

Conclusions from intra day chart analysis 

Following line was told yesterday in Bullish markets continuation after sustaining above 8365:-

Bullish markets continuation views

As was told 100% same happened and Nifty closed 57.60 points up today.

Firstly sharp 50 points up in first 2 minutes and after that whole day sideways trading between 8400-8440 with completely mixed intraday patterns formations because both consolidation and selling patterns were seen within this range today.

2nd Resistance range between 8431-8462 was updated in previous Outlook yesterday and Nifty traded within and below this range today with intraday Mixed trading patterns formations. As consolidation patterns were also seen and Nifty traded most time more than .50% up today therefore expected that on going rally will remain continued but follow up consolidation is also required because above mentioned 2nd resistance range is lying just above today highest.

As some selling was seen today therefore some volatility or panic bottom formation may be seen for consolidation but expected that finally rally will remain continued after follow up consolidation within and near about today trading range. 

Bullish markets continuation after sustaining above 8365

Intra Day Chart Analysis & Market Outlook

(20-05-2015)

Nifty-Intra Day Chart (19-May-2015):-

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Technical Patterns and Formations in today intraday charts

1- Up moves in Bearish Rising Channel
2- 90 Points sharp fall in 20 minutes
3- Double Bottom supports at lower levels at 8336
4- Whole day actual trading between 8335-8427

Conclusions from intra day chart analysis 

Importance of 8365 was updated in following topics of last 2 sessions and today closing is exactly at 8365.65:-

1- 8365 will trigger Blasting Rally
2- High possibility of new life time high above 9119.20 after sustaining above 8365

Following lines were told yesterday in High possibility of new life time high above 9119.20 after sustaining above 8365:-

possibility of intraday or 1/2 sessions correction will be considered but it should also be kept in mind that:-

1- Many times Bull markets complete its correction and consolidate at higher levels also and much deeper correction is not seen.
2- Bull markets complete its correction time wise and not price wise.  

Higher levels correction was told yesterday and same was seen today,Nifty slipped from intraday higher levels and deeper correction was not seen today. 

As firstly more than 4 hours up moves and after that 90 Points sharp fall was seen after 02:00 PM today therefore traders should be cautious because such high volatility is being seen for the last 10 sessions and both sides Stop Loss triggering risk remains high in such huge volatility.

Following  resistances were updated on 09-05-2015 in "Pull Back Rally continuation require permission from 8224":-

1- 8230-8365
2- 8431-8462
3- 8486-8502
5- 8522-8564
6- 8640-8468
7- 8690-8750 
8- 8777-8784
9- 8802-8844

Nifty crossed 1st resistance but could not test 2nd resistance and retraced after intraday high formation at 8427.80. As Nifty faced resistance just below next resistance and Bearish Rising Channel formations was also seen just below it therefore complete follow up consolidation is firstly required for fresh rally.  

As technical positions reverses during such high today like volatility therefore final view will be formed tomorrow after the analysis of first 2/3 hours intraday charts patterns formations. Both "lower levels Double Bottom supports" and "higher levels Bearish Rising Channel formations" were seen today which means that no one sided positions formations today and Nifty has to prepare for next decisive moves which will be done in the coming sessions.

Same Bullish markets continuation views which were updated yesterday but confirmation is must through sustaining above 8365 

High possibility of new life time high above 9119.20 after sustaining above 8365

Technical Analysis and Market Outlook

(19-05-2015)

Nifty-EOD Chart (18-May-2015):-

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Technical Patterns and Formations in EOD charts

1- Bullish Inverted Head and Shoulders formations in last 15 sessions
2- Neckline of Inverted Head and Shoulders at 8365
3- Neckline broken out today

Nifty-EOD Chart (18-May-2015):-

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Technical Patterns and Formations in EOD charts

1- 15 sessions trading between 7997-8365 from 24-04-2015 to 15-05-2015
2- Nifty is hovered around 11 sessions Long Term Trend decider 200 Day EMA(today at 8192) 
3- 3 sessions broken out will get confirmation in next week and that will mean testing possibility of 15 sessions trading range top and Neckline(8365). 

Conclusions (After Putting All Studies Together)

Detailed analysis of both above charts have already been updated in following topic on 16-05-2015. Just click following topic link and go through:- 

8365 will trigger Blasting Rally

Following lines were told in above topic which proved 100% accurate after 111 Points Nifty rally today :-

1- strong indications of fresh rally after valid break out of last 3 sessions range.
2- Nifty will move above day's highest(8279)

Following lines were told in above topic which should be kept in mind:-

1- 42 Sessions correction from  04-03-2015 and 15 sessions Bullish pattern formation is time wise sufficient for correction completion
2- high possibility fresh rally above 8365 as well as new life time high formation above 9119.20 is also being considered 

8365 broken out today and only sustaining above it should be watched for the beginning of Blasting rally. As very short term indicators have moved into Over Bought zone therefore now possibility of intraday or 1/2 sessions correction will be considered but it should also be kept in mind that:-

1- Many times Bull markets complete its correction and consolidate at higher levels also and much deeper correction is not seen.
2- Bull markets complete its correction time wise and not price wise.  

Wave-1 begun from 5118.85 on 28-08-2013 and its Wave-5 completed after 18 months 4000 points rally at 9119.20 on 04-03-2015 and 'ABC' correction started. Corrective Wave-'C' completed at 7997.15 on 07-05-2015 which is just above the bottom of  Wave-5(7961.35). As Wave-5 almost completely corrected and Bullish Inverted Head and Shoulders formations at the bottom of  Wave-'C' therefore strong signals of that whole rally correction completion which started from 5118.85 on 28-08-2013. It ALSO means that Nifty is now prepared for fresh rally above life time high(9119.20) previous rally correction completion. 

Although multiple resistances between 8365-9119 but once confirmation of sustaining above 8365 will mean high possibility of fresh rally beginning towards and above new life time high(9119.20). Although no one believe it at this moment but now fresh rally above 9119.20 will be with minimum 50% gains and long term investors should keep in mind this possibility also.

8365 will trigger Blasting Rally

Technical Analysis,Research & Weekly Outlook

(May 18 to May 22,2015)

Nifty-EOD Chart (15-May-2015):-

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Technical Patterns and Formations in EOD charts

1- 7961.35 on 17-12-2014(Wave-5 beginning after Wave-4 completion)
2- Sub Wave-1(8445.60 on 05-01-2015)
3- Sub Wave-2(8065.45 on 07-01-2015)
4- Sub Wave-3(8996.60 on 30-01-2015)
5- Sub Wave-4(8470.50 on 10-02-2015)
6- Sub Wave-5 of Wave-5 completion at 9119.20 on 04-03-2015 and 'ABC'correction beginning
7- Wave-'A'(8269.15 on 27-03-2015)
8- Wave-'B'(8844.40 on 15-04-2015)
9- Wave-'C'(7997.15 on 07-05-2015)
10- Last 15 sessions trading between 7997-8365 
11- Nifty is hovering around Long Term Trend decider 200 Day EMA(today at 8190) for the last 11 sessions.

Bullish Inverted Head and Shoulders formations in last 15 sessions

Nifty-EOD Chart (15-May-2015):-

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Technical Patterns and Formations in EOD charts

1- Sub Wave-5 of Wave-5 completion at 9119.20 on 04-03-2015 and 'ABC'correction beginning
2- Wave-'A'(8269.15 on 27-03-2015)
3- Wave-'B'(8844.40 on 15-04-2015)
4- Wave-'C'(7997.15 on 07-05-2015)
5- Bullish Inverted Head and Shoulders formations in last 15 sessions
6- Neckline of Inverted Head and Shoulders at 8365

Nifty-Intra Day Chart (May 12 to May 15,2015):-

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Technical Patterns and Formations in last 4 Sessions intraday charts

1- 3 Sessions most time trading trading range with Mixed Patterns between 8090-8254 from 12th May to 14th May 2015
2- Most time trading above the highs of last 3 sessions(8254) on 15-05-2015 with consolidation below 8254

Conclusions from 4 Sessions intra day chart analysis 

Although Mixed Patterns between 8090-8254 in last 3 sessions buy good consolidation below 8254 and closing above it on 15-05-2015 therefore strong indications of fresh rally after valid break out of last 3 sessions range. 

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

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Technical Patterns and Formations in today intraday charts

1- Consolidation Patterns between 8229-8250 
2- Consolidation Patterns between 8247-8255 
3- Minor selling patterns at higher levels.
4- Down moves in Bullish Falling Channel
5- Whole day actual trading between 8213-8279

Conclusions from intra day chart analysis 

Although minor selling at higher levels but good consolidation at lower levels and Down moves in Bullish Falling Channels were also seen therefore expected that Nifty will move above day's highest(8279).

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Short Term Trend is up
2- Intermediate Term Trend is down which will be up above 8505.
3- Long Term Trend is sideways and Nifty is hovering around its decider 200 Day EMA(today at 8190) for the last 11 sessions.

Wave-4 completed and Wave-5 begun at 7961.35 on 17-12-2014 which completed at 9119.20 on 04-03-2015 and 'ABC'correction started. Corrective Wave-'C' finished at 7997.15 on 07-05-2015 and since then sideways market between 7997-6333. 

Last 15 sessions sideways trading between 7997-8365 and Nifty is hovering around Long Term Trend decider 200 Day EMA(today at 8190) for the last 11 sessions which is within 15 sessions range. It means that valid break out of last 15 sessions range will be Long Term Trend confirmation which is sideways within this range. As question of Long Term Trend valid break out confirmation therefore it is confirm that one sided big moves will be seen beyond 7997-8365.

Bullish Inverted Head and Shoulders pattern formations in last 15 sessions and its Neckline is at 8365 which means that strong rally after sustaining above 8365. 42 Sessions correction from  04-03-2015 and 15 sessions Bullish pattern formation is time wise sufficient for correction completion. It should be kept in mind that once valid break out of its Neckline(8365) will mean high possibility of fresh rally above life time high(9119.20) after 42 Sessions correction completion.

Nifty traded 3 sessions from 12-05-2015 to 14-05-2015 with both buying and selling between 8090-8254 but this range was broken out and Nifty closed above 8254 on 15-05-2015. As sufficiently good intraday consolidations was also seen therefore expected that 3 sessions broken out will get confirmation in next week and that will mean testing possibility of 15 sessions trading range top and Neckline(8365).

Certainly emergence correction completion strong signals and high possibility fresh rally above 8365 as well as new life time high formation above 9119.20 is also being considered because Bullish Inverted Head and Shoulders pattern formations in last 15 sessions. Firstly sustaining above 8365 should be watched for the beginning of Blasting rally.

Watch 8254 for First Indication of Next Big Moves

Technical Analysis and Market Outlook

(15-05-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Consolidation Patterns between 8157-8189
2- Selling between 8200-8222
3- Up moves in Bearish Rising Channel in last hours
4- Whole day actual trading between 8138-8236

Conclusions from intra day chart analysis

Sharp down immediately after opening in following manner today:-

1- 86 Points down in 1st minute.
2- 110 Points down in first 5 minutes.

As firstly crashing like situation and after that whole day up moves therefore today will also be understood highly volatile day like yesterday which means that final conclusions can not be drawn only from intraday patterns formations and confirmation is must through valid break out of crucial levels because technical positions reverses during such high volatility. 

Highly volatile last 2 sessions with mixed Patterns formations in both sessions therefore not clear one sided technical positions formations and firstly valid break out of last 2 sessions trading range(8090-8254) should be watched in the coming sessions for next big trend first strong indication. Last 14 sessions trading between 7997-8365 and it is confirm that big moves are being developed within this range. 

Last 2 sessions trading range(8090-8254) is almost in the middle of last 14 sessions range(7997-8365) and valid break out of 2 sessions range will give strong indication of break out direction of last 14 sessions range therefore should be firstly watched in the coming sessions.

As Dow Jones is now trading 180 points up and all the European markets closed in Green and some closed with more than 1% gains therefore if such Bullish sentiment reflects in Asian markets also then gap up opening will be seen in Indian markets and firstly sustaining beyond 8254 should be watched for first indication of next Big Moves. Let Nifty sustain above 8254 then fresh rally will be considered because view is very much cautious after last 2 sessions high volatility and final conclusions will be drawn only after the analysis of intraday patterns of coming sessions.

Intra Day Chart Analysis & Market Outlook(14-05-2015)

Nifty-Intra Day Chart (13-May-2015):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8215-8254
2- Consolidation between 8090-8136
3- Consolidation between 8204-8244
4- Mixed Patterns between 8204-8254 
5- Whole day high volatility
6- Whole day actual trading between 8090-8254

Conclusions from intra day chart analysis 

Firstly 128 points up in 1st hour but higher levels selling and after that 164 points fall was seen in 2nd hour today. As lower levels consolidation therefore 114 points recovery from lower levels and higher levels consolidation patterns were seen in last 2 hours today.

As higher levels mixed Patterns formations between 8204-8254 today therefore firstly valid break out of this range should be watched tomorrow for next trend first strong indication. Whole day high volatility in following manner therefore confirmation is must because technical positions reverses during such high volatility.

Whole day high volatility in following manner today:-

128 Points up in 1st hour
164 Points down in 2nd hour
114 Points up after 01:00 PM

As good consolidations today therefore high possibility of fresh up moves towards the top of last 13 sessions range(8365) but view is cautious and valid break out of 8204-8254 is must because high volatility today.

Bears beaten Bull by 198 Runs with Pace Bowling Attack of GST Bill

Technical Analysis and Market Outlook

(13-05-2015)

Nifty-EOD Chart (12-May-2015):-

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Technical Patterns and Formations in EOD charts

1- Sub Wave-5 of Wave-5 completion at 9119.20 on 04-03-2015 and 'ABC'correction beginning
2- Wave-'A'(8269.15 on 27-03-2015)
3- Wave-'B'(8844.40 on 15-04-2015)
4- Wave-'C' recent bottom formation at 7997.15 on 07-05-2015
5- Last 12 sessions trading between 7997-8365
6- Nifty is hovering around Long Term Trend decider 200 Day EMA(today at 8189) for the last 8 sessions.

Nifty-Intra Day Chart (12-May-2015):-

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Technical Patterns and Formations in today intraday charts

1- Nifty slipped 77 points in first 4 minutes and 
2- Nifty lost 92 points within first 11 minutes. 
3- Nifty crashed 119 points within first 18 minutes. 
4- Nifty moved down 155 points within first hour.
5- Last more than 5 hours trading with mixed patterns formations between 8116-8186 

Conclusions (After Putting All Studies Together)

As Parliament session was extended for 3 days from 11-05-2015 to 13-05-2015 and it was expected that  Land Acquisition Bill and GST Bill will be passed in the Budget session therefore strong rally was seen on 8th and 11 May but following negative developments were seen in last 2 days:-

1- Land Bill referred to 30-member joint committee
2- GST Bill referring to Select Committee of Rajya Sabha and it got confirmation at 09:08 AM today from following news:-

GST Bill goes to select committee of Rajya Sabha

(Just click above topic link and go through whole news)

Indian markets reacted negative and sharp fall was seen immediately after opening as well as all intraday gains of last 2 sessions neutralised today. 

Certainly corrective Wave-'C' is on but last 12 sessions sideways between 7997-8365 with supports above 7997 and resistances below 8365 therefore expected that Nifty will trade and will prepare for next decisive moves within this range in the next 1/2 sessions and finally break out of these crucial levels will decide next trend. As Nifty is hovering around Long Term Trend decider 200 Day EMA(today at 8189) for the last 8 sessions which is also lying between 7997-8365 and valid break out of this range will be confirmation of Long Term Trend also therefore it is confirm that one sided big moves will be seen beyond 7997-8365 after Long Term Trend confirmations.  

Waves structure and detailed analysis have already been updated in previous topics and be prepared for next big Moves after sustaining beyond 7997-8365.

Crucial Levels will decide Next Trend after Sharp Fall Today 

Post-open Outlook(12-05-2015)

Following lines were told yesterday in "Pull Back Rally continuation towards 8431 after follow up consolidation":-

1- follow up consolidation is must
2- some intraday corrections may also be seen

Intraday correction was seen in following manner immediately after opening today:-

1- Nifty slipped 77 points in first 4 minutes and 
2- Nifty lost 92 points within first 11 minutes. 
3- Nifty crashed 119 points within first 18 minutes. 

As possibility of GST Bill referring to standing committee and high nervousness therefore such sharp down moves in Indian market.

Certainly we were also expecting intraday correction today but such sharp was not expected  therefore view is cautious because whole rally of yesterday turned zero in first 18 minutes and emergence of following possibility which was updated on 09-05-2015 in "Pull Back Rally continuation require permission from 8224":- 

If 7th May 2015 started rally terminates below the top of Wave-'C'(8844.40) then 5 Waves correction will be seen and its corrective Wave-5 will moves below the bottom of Wave-'C'(7997.15).

As good supports above 7997 on 07-05-2015 and previous strong resistances below 8462 and therefore Nifty will be sideways within 7997-8462 and will prepare for next decisive moves and finally valid break out of these crucial levels will decide next trend.

Pull Back Rally continuation towards 8431 after follow up consolidation

Intra Day Chart Analysis & Market Outlook

(12-05-2015)

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

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Technical Patterns and Formations in today intraday charts

1- First hour consolidation between 8224-8268
1- Higher levels 3 hours consolidation between 8288-8320
2- Whole day actual trading between 8224-8332

Conclusions from intra day chart analysis 

As selling below 8224 last Friday therefore firstly consolidation just above it between 8224-8268 after gap up opening because all the Asian markets were trading strong and following strong closing of US and Asian markets last Friday:-

1- Dow Jones closed 267.05(1.49%) points up last Friday. 
2- Dax closed 391.76(2.65%) points up last Friday. 3- FTSE 100 closed 159.87(2.32%) points up last Friday.
4- CAC 40 closed 123.17(2.48%) points up last Friday.

Following first resistance range was updated on 09-05-2015 in "Pull Back Rally continuation require permission from 8224":- 

1- 8230-8365

Nifty traded whole day within this range with firstly lower levels and after that 3 hours higher levels consolidation therefore expected that Nifty will cross 8365 after follow up consolidation near about it and test following next resistance range.

2- 8431-8462

As resistance up to 8365 and Very Short Term indicators have turned overbought after last 2 sessions strong rally therefore follow up consolidation is must and Nifty may be sideways in consolidation process as well as some intraday corrections may also be seen but expected that finally last Friday started Pull Back Rally continuation will be seen towards 8431.

Pull Back Rally continuation require permission from 8224 

Technical Analysis,Research & Weekly Outlook

(May 11 to May 15,2015)

Nifty-EOD Chart (08-May-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)('ABC' correction beginning)
7- Wave-'A'(8269.15 on 27-03-2015)
8- Wave-'B'(8844.40 on 15-04-2015)
9- Wave-'C' recent bottom formation at 7997.15 on 07-05-2015
10- 134 Points strong rally and first indication of corrective Wave-C completion on 08-05-2015.

Waves structure of on going Wave-5

Nifty-EOD Chart (08-May-2015):-

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Technical Patterns and Formations in EOD charts

1- 7961.35 on 17-12-2014(Wave-5 beginning after Wave-4 completion)
2- Sub Wave-1(8445.60 on 05-01-2015)
3- Sub Wave-2(8065.45 on 07-01-2015)
4- Sub Wave-3(8996.60 on 30-01-2015)
5- Sub Wave-4(8470.50 on 10-02-2015)
6- Sub Wave-5 of Wave-5 completion at 9119.20 on 04-03-2015 and 'ABC'correction beginning
7- Wave-'A'(8269.15 on 27-03-2015)
8- Wave-'B'(8844.40 on 15-04-2015)
9- Wave-C recent bottom formation at 7997.15 on 07-05-2015
10- 134 Points strong rally and first indication of corrective Wave-C completion on 08-05-2015.

Nifty-Intra Day Chart (08-May-2015):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation Patterns between 8141-8178
2- Selling patterns between 8188-8204 
3- Selling patterns between 8204-8224 
4- Whole day actual trading between 8141-8224

Conclusions from intra day chart analysis 

Firstly 110 points strong up moves in first 10 minutes after 74 points gap up opening and after that whole day trading between 8141-8224 with lower levels consolidation but higher levels selling patterns were also seen in last 3 hours therefore firstly sustaining above day's highest(8224) is must for fresh rally continuation.

As today selling patterns formations are at much higher levels(more than 100 points) therefore today resistances are not be much stronger between 8188-8224 and will be broken out easily after minor consolidation.

Nifty-Intra Day Chart (May 06 to May 08,2015):-

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Technical Patterns and Formations in last 3 Sessions intraday charts

1- More than 5 hours trading with selling patterns formation between 8083-8181 on 06-05-2015
2- Whole day Down moves in Bullish Falling Channel on 07-05-2015
3- Mixed Patterns between 8141-8224 on 08-05-2015
4- 3 Sessions actual trading between 7997-8224 

Conclusions from 3 Sessions intra day chart analysis 

Although whole day good consolidation between 7997-8122 on 07-05-2015 but 5 Hours selling was seen between 8083-8181 on 06-05-2015 therefore complete consolidation was required for sustaining above 8181. As both lower levels consolidation and higher levels selling was seen between 8141-8224 on 08-05-2015 therefore some more consolidation is required for fresh decisive rally above 8181/8224.

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Short Term Trend Has turned up after 227 points rally from lower levels in last 2 sessions.
2- Intermediate Term Trend is down which will be up above 8505.
3- Long Term Trend is sideways and Nifty is hovering around its decider 200 Day EMA(today at 8188) for the last 6 sessions.

Wave-1 begun from 5118.85 on 28-08-2013 and its Wave-5 completed after 18 months 4000 points rally at 9119.20 on 04-03-2015 and 'ABC' correction started. Recent bottom of on going corrective Wave-'C' at 7997.15 on 07-05-2015 and after that strong 227 points rally was seen in last 2 sessions which is an indication of Wave-'C' completion and confirmation will be after sustaining above 8181/8224.  Once sustaining above 8224 will mean firstly retracement of Wave-'C' according to following retracement levels which started from 8844.40 and completed at 7997.15:-

1- 13.0%- 8,107(Retraced)
2- 23.6%- 8,196(Retraced)
3- 27.0%- 8,225(Retraced)
4- 38.2%- 8,320 (Crucial)
5- 50.0%- 8,420 (Crucial)
6- 61.8%- 8,520 (Crucial)
7- 70.0%- 8,595
8- 76.4%- 8,644
8- 78.6%- 8,662 
10-88.6%- 8,747 

Confirmation of Wave-'C' completion at 7997.15 will mean following 2 possibilities of next trend:-

1- Fresh rally above all time high(9119.20) after 'ABC'correction completion. This possibility can be considered because Wave-5 has almost completely corrected and sufficient(28%) correction of 4000 points rally has been seen. 
2- If 7th May 2015 started rally terminates below the top of Wave-'C'(8844.40) then 5 Waves correction will be seen and its corrective Wave-5 will moves below the bottom of Wave-'C'(7997.15).

Next resistances of Wave-'C' are as follows:-

1- 8230-8365
2- 8431-8462
3- 8486-8502
5- 8522-8564
6- 8640-8468
7- 8690-8750 
8- 8777-8784
9- 8802-8844

As above resistances therefore Nifty has to consolidate for any decisive up move and firstly sustaining beyond Long Term Trend decider 200 Day EMA(today at 8188) should be watched for the confirmation of next Trend towards:-

1- Above 8188 will mean rally towards the top of Wave-'C'(8844.40)
2- Below 8188 will mean extension of Wave-'C' towards fresh down moves below 7997/7961 

Oscillators are oversold therefore Pull Back Rally continuation is expected in the beginning of next week but rally continuation confirmation is must through sustaining above 8224.