Emergence of Fresh and Strong rally expectations above 8315 but after Complete Consolidation

Intra Day Chart Analysis & Market Outlook

(01-07-2016)

Nifty-Intra Day Chart (30-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling Patterns between 8262-8277
2- 3 Hours Down moves in Bullish Falling Channel
3- Up moves in Bearish Rising Channel
4- Mixed Patterns formations in last 2 hours between 8285-8308 
5- Whole day actual trading between 8243-8308 

Conclusions from intra day chart analysis 

As all the Asian markets were blasting today morning therefore Strong gap up opening of Indian markets but continuous slipping in first 3 hours after some selling. As down moves were in Bullish Falling Channel and all the European markets recovered also after first 15 minutes weakness therefore fast up moves were seen in Indian markets.

Following resistances of Nifty with following line was updated on 16-06-2016 in "Finally Crucial Levels will decide Next Trend amid Brexit led Uncertainty" and were repeated also many times in previous Outlooks:-

1- 8242-8255
2- 8260-8315
3- 8470-8520
4- 8575-8652

(Sustaining above 2nd resistance range(8315) will be fresh strong rally confirmation)

Following topic was updated on 27-06-2016:-

"Correction Completion Signals at 7927.05 Last Friday"

Last 25 sessions most time trading between 8064-8295 and this range was broken down on 24-06-2016 after Brexit referendum but closed within it after lowest formation at 7927.05 and this range was broken out today also but again closed within it at 8287.75. It has been seen in all the post Budget 2016-17 Rally that market has completed all its corrections through sideways trading and it is also expected that on going 25 sessions sideways trading range will also broken out and fresh rally will start above last 25 sessions range highest(8295).

Nifty traded within 2nd resistance range with Mixed Patterns between 8285-8308 today because Up moves in Bearish Rising Channel were also seen within this range therefore Nifty slipped fast from higher levels. As Indian markets completely out performed European markets and moved up on its own technical strength today therefore emergence of fresh and strong rally expectations above 8315 but complete consolidation is firstly required in the coming sessions within or near about last 2 hours trading range(8285-8308) because it is lying between above mentioned 2nd resistance levels(8260-8315) and Mixed Patterns formations were also seen within it today.

Intra Day Chart Analysis & Market 
Outlook(30-06-2016)

Nifty-Intra Day Chart (29-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- First 3 hours trading with mixed Patterns formations between 8158-8186
2- Last 3 hours up moves after strong opening and continuous Rally of European markets  
3- Whole day actual trading between 8158-8212

Conclusions from intra day chart analysis 

As most Asian markets were trading strong today morning after Dow's rally of 269 points yesterday therefore strong gap up opening of Indian markets but traded sideways between 8158-8186 with mixed Patterns formations because both Up moves in Bearish Rising Channel and Down moves in Bullish Falling Channel were seen within this range.

Although today closing near the higher levels of the day but on the back of continuous more than 01.50% Rally of European markets after strong gap up opening. As Indian markets under performed Global markets and as such good intraday consolidation patterns were also not seen today therefore next trend will be decided according to fresh intraday trading patterns formations in the coming sessions.

As all the Global markets are highly volatile in this week after Braxit referendum and technical positions reverses also in such high volatility therefore sustaining beyond those next supports and resistances will decide next trend which have already been updated at 11:54 AM today in "Next Trend Confirmations from Supports & Resistances after Braxit led High Global markets Volatility"     

Next Trend Confirmations from Supports & Resistances after Braxit led High Global markets Volatility 

Mid-session Outlook(29-06-2016)

As Indian markets completely under performed Global markets yesterday therefore some down moves were expected today but all the Asian markets were trading with good gains today morning and some were more than 1% up after Dow's rally of 269 points yesterday therefore positive zone trading since opening in Indian markets today. 

As selling yesterday therefore not sustaining at higher levels today and new intraday lowest formation at 11:17 AM after loosing all intraday gains. 

All the Global markets are highly volatile in this week after Braxit referendum and technical positions reverses also in such high volatility also therefore sustaining beyond following next supports and resistances should be firstly watched for the confirmation of next trend.

Supports:-

1- 8070-8091
2- 7928-7970

Resistances:-

1- 8242-8255
2- 8260-8315

Firstly Watch 8040-8146 amid some Down Moves Expectations

Intra Day Chart Analysis & Market Outlook

(29-06-2016)

Nifty-Intra Day Chart (28-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Mixed Patterns between 8106-8125
2- Slow up moves after more than 2% positive opening of European markets.
3- Minor selling between 8129-8133
4- Whole day actual trading between 8106-8146

Conclusions from intra day chart analysis 

Although Whole day Dow's Futures traded 100 to 200 points up and European markets opened more than 2% positive but slow up moves were seen in Indian markets after such strong trading of all European markets therefore selling on the back of strong intraday Global cues can not be ruled out today. As minor selling patterns formations in last hours and first 3 hours trading with mixed Patterns formations therefore view will not be Bullish despite Green closing after whole day positive zone trading today.

Nifty out performed Global markets yesterday between 8040-8120 and under performed Global markets today between 8106-8146 as well as both buying and selling between 8040-8146 in last 2 sessions therefore Nifty will firstly trade and prepare for next trend within this range.  

As Indian markets completely under performed Global markets today therefore some down moves below today lowest(8106) is expected in the coming sessions and first indication of next decisive moves will be after valid break out of 8040-8146.

Correction Completion Signals at 7927.05 Last Friday

Intra Day Chart Analysis & Market Outlook

(28-06-2016)

Nifty-Intra Day Chart (27-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Whole day volatility only
2- Whole day actual trading between 8040-8120

Conclusions from intra day chart analysis 

As whole day volatility only and as such no intraday pattern formations therefore no view can be formed from only intraday charts of today but Indian markets completely out performed European markets and Dow's Futures because these markets were in deep Red but Nifty closed with minor gains. European markets and Dow's Futures were trading in following manner just before the closing of Indian markets:-

1- DAX was trading 131.66(-1.38%) points down
2- FTSE 100 was trading 77.69(-1.27%) points down  
3- CAC 40 was trading 55.23(-1.34%) points down  
4- Dow's Futures was trading 81.0 points down

As almost whole day today trading was above previous 20 sessions trading range lowest(8064-8295) and today closing was also above 8064 despite deep Red European markets and Dow's Futures therefore fresh buying on the back of depressed sentiments can not be ruled out today.  

As Brexit news led heavy selling in most Global markets therefore view will be cautious and firstly sustaining beyond 8064 should be watched in the coming sessions for those decisive moves which have already been updated in previous Outlook yesterday but emergence of on going correction completion signals at 7927.05 last Friday after complete out performance by Indian markets today.

Next Trend Decider in coming week is 8064

Technical Analysis,Research & Weekly Outlook

(Jun 27 to Jul 01,2016)

Nifty-EOD Chart (24-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning after bottom formation at 6825.80 on 29-02-2016
2- Wave-1(7992 on 28-04-2016)  
3- Wave-2(7678.35 on 06-05-2016)
4- Wave-3(8294.95 on 07-06-2016)
5- Short Term Correction continuation with recent bottom formation at 7927.05 on 24-06-2016 
6- Previous 20 sessions trading between 8064-8295
7- Long Term Trend is up after sustaining above its decider 200 Day EMA(today at 7863)

Retracement Levels of Post Budget Rally

Nifty-EOD Chart (24-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning after bottom formation at 6825.80 on 29-02-2016
2- Wave-1(7992 on 28-04-2016)  
3- Wave-2(7678.35 on 06-05-2016)
4- Wave-3(8294.95 on 07-06-2016)
5- Short Term Correction continuation with recent bottom formation at 7927.05 on 24-06-2016 

Intra Day Chart Analysis(24-06-2016)

Nifty-Intra Day Chart (24-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Support between 7928-7970
2- Up moves beginning with fast recovery in European markets and Dow's Futures.
3- Last 3 hours up moves in Bearish Rising Channel
4- Whole day actual trading between 7928-8100

Conclusions from intra day chart analysis 

Huge gap down opening after crashing like all Asian markets due to Brexit but last 3 hours up moves after some supports at lower levels. As up moves were in Bearish Rising Channel and on the back of fast recovery in European markets and Dow's Futures therefore sustaining above day's supports(7928) is must for on going correction completion confirmations.  

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Long Term Trend is up through sustaining above its decider 200 Day EMA(today at 7863). 
2- Intermediate Term Trend is sideways within previous 20 sessions trading range(8064-8295). 
3- Short Term Trend is down. 

Correction of that rally is on which begun on Union Budget day(29-02-2016) from 6825.80. Sideways correction was seen in Previous 20 sessions between 8064-8295 and this range was broken down but closing within this range at 8088.60 last Friday therefore still Nifty will be understood range bound within this range(8064-8295) and deeper correction will be considered after sustaining below 8064 because that will be Intermediate Term Trend turning down confirmation also. Next supports below 8064 are as follows:-

1- 7928-7970
2- 7684-7768
3- 7527-7567

Retracement levels of post Union Budget Rally(6826-8295) are as follows:- 

1- 13.0%- 8,104
2- 23.6%- 7,948
3- 27.0%- 7,898
4- 38.2%- 7,733(Crucial)
5- 50.0%- 7,560(Crucial)
6- 61.8%- 7,387(Crucial)
7- 70.7%- 7,256
8- 76.4%- 7,172
9- 78.6%- 7,140 
10-88.6%- 6,993 

As last Friday highly volatile market was due to Brexit and closing was within 20 sessions trading range(8064-8295) after strong recovery from lower levels therefore sustaining beyond 8064 should be firstly watched in the coming 1/2 sessions because it is the most crucial level now and it will decide Intermediate Term Trend also. Once sustaining below it will mean strong possibility of correction continuation towards 2nd support range(7684-7768) because as such no good supports above it and 38.2% Crucial retracement level(7733) is also lying within this support range.

Last Friday down moves were due to Brexit and next trend will be decided from 8064 in next week. Finally sustaining above it will mean entering into previous 20 sessions range(8064-8295) after correction completion at 7927.05 last Friday and sustaining below it will mean high possibility of correction continuation towards 38.2% Crucial retracement level(7733).

8315 will confirm Fresh,Strong and Sharp Rally

Intra Day Chart Analysis & Market Outlook

(24-06-2016)

Nifty-Intra Day Chart (23-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation indications between 8191-8203
2- Up moves beginning after strong opening of European markets.
3- Sudden sharp jump afer fresh strong up moves in European markets and Dow's Futures.  
4- Whole day actual trading between 8189-8285

Conclusions from intra day chart analysis 

Although good selling in last 2 sessions but as soon as consolidation developed today then following lines were told at 12:18 PM today in "Just Watch 8154-8238 for first and strong indication of Brexit poll results reaction on Indian markets ":-

1- some consolidation indications were also seen today and supports were seen between 8154-8203 yesterday
2- good selling between 8213-8238 in last 2 sessions
3- firstly valid break out 8154-8238 should be watched for first and strong indication of Brexit poll results reaction on Indian markets.

Sideways market till the opening of European markets and up moves begun after more than 1% positive opening of all European markets.  As soon as European markets and Dow's Futures jumped sharply and European markets were up by more than 3% and Dow's Futures was also trading more than 175 points up then sudden sharp jump was seen in Indian markets also. Just click following topic links and understand today Global markets moves:-

1- European stocks surge to 3-week high as Brexit vote gets under way
2- Dow industrials futures jumped 160 points

As today up moves were due to Brexit news and Global markets reaction on it and not technical based therefore firstly watch following resistances for the confirmation of fresh rally:-

1- 8242-8255
2- 8260-8315
3- 8470-8520
4- 8575-8652

As not much difference between 1st and 2nd resistance range therefore until Nifty will not sustain above 2nd resistance range(8315) after complete consolidation till then fresh rally will not be considered. 

Last 20 sessions sideways trading between 8064-8295 and today closing near the higher levels of this range on the expectations of Remain victory and no Exit of Britain from Europe which will be decided tomorrow. It should be kept in mind that once sustaining above 8315 after Remain victory will mean fresh,strong and sharp rally because that will be break out confirmation of last 20 sessions range(8064-8295) also and there is no resistance between 8315-8470. 

Just Watch 8154-8238 for first and strong indication of Brexit poll results reaction on Indian markets 

Mid-session Outlook(23-06-2016)

Although most time negative zone trading between 8191-8203 since opening today but Nifty got supports above yesterday supports range(8154-8187). As some consolidation indications were also seen today and supports were seen between 8154-8203 yesterday as well as good selling between 8213-8238 in last 2 sessions therefore firstly valid break out 8154-8238 should be watched for first and strong indication of Brexit poll results reaction on Indian markets.

8154 Will Confirm Deeper and Sharp Correction

Intra Day Chart Analysis & Market Outlook

(23-06-2016)

Nifty-Intra Day Chart (22-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling Patterns between 8213-8238
2- Support between 8154-8187
3- Whole day actual trading between 8154-8238

Conclusions from intra day chart analysis 

Following lines were told on 21-06-2016 in "Emergence of Short Term but Sharp correction Possibility":-

emergence of some down moves possibilities below day's lowest (8202.15).

As was told 100% same happened and Nifty slipped below 8202.15 as well as closed just above it at 8203.70 after intraday lowest formation at 8153.25

Follow up was seen selling between 8213-8238 after previous session selling between 8221-8230 therefore levels between 8213-8238 have become immediate and strong resistance,until Nifty will not sustain above 8238 after complete consolidation till then any decisive up move will not be seen. Once sustaining below 8213 after fresh selling between day's support range(8154-8187) will mean fresh down moves towards next strong supports(8064)

As selling indications and patterns in last 4 sessions therefore some more down moves are expected towards and below 8154 but view should be cautious because Brexit poll results led high volatility may be seen in the next 2 sessions and finally sustaining below 8154 will mean deeper and sharp correction. 

Emergence of Short Term but Sharp correction Possibility

Intra Day Chart Analysis & Market Outlook

(22-06-2016)

Nifty-Intra Day Chart (21-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Whole day sideways trading within 30 points
2- Minor selling between 8221-8230
3- Whole day actual trading between 8203-8233

Conclusions from intra day chart analysis 

As whole day sideways trading with minor selling between 8221-8230 therefore emergence of some down moves possibilities below day's lowest (8202.15). Brexit picture will be clear after 23-06-2016 and till then its uncertainty led Global markets high volatility can not be ruled out. 

As some indications of selling in last 2 sessions and selling patterns formations were seen today also therefore Short Term but sharp correction may be seen any day before or after Brexit decision despite Bullish European markets and Dow's Futures more than 60 points up at this moment as well as most Asian markets closing with good gains today.

First Watch Next Resistances after Indian markets Complete Under Performance 

Intra Day Chart Analysis & Market Outlook

(21-06-2016)

Nifty-Intra Day Chart (20-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Sharp up immediately after gap down opening
2- Last 5 hours slow up moves
3- Whole day actual trading between 8108-8244

Conclusions from intra day chart analysis 

As SGX Nifty was trading more than 60 points down today morning therefore news channels were telling it is due to RBI Governor Raghuram Rajan exit but we told following lines today at 08:50 AM in "Firstly Watch Next Strong Supports after Such Weak SGX Nifty today":-

1- As per our view it should not be the reason of such deeper down SGX Nifty because in real sense Mr Raghuram Rajan was creating hurdles through not cutting Repo Rates and each time gave baseless reasons for it. 
2- As Indian markets completely under performed Global markets and some selling patterns were also seen last Friday therefore some weakness can not be ruled out but strong supports are lying between 8064-8091 and firstly sustaining it beyond should be watched today for the confirmation of next trend.

When markets moves up then same news channels were telling in the afternoon today that market has ignored Raghuram Rajan exit and moved up. We told only for some weakness and that was seen also immediately after opening,we also updated strong supports between 8064-8091 and Nifty could not slip below it as well as moved up after today lowest formation at 8107.35.

Following resistances of Nifty were updated on 16-06-2016 in "Finally Crucial Levels will decide Next Trend amid Brexit led Uncertainty":-

1- 8242-8255
2- 8260-8315
3- 8470-8520
4- 8575-8652

Nifty faced resistance in 1st resistance range today and closed at 8238.50 after today intraday highest formation at 8244.15. 

Although Nifty closed 0.84% positive today but completely under performed all the Global markets because most Asian markets closed more than 1.40% up and all the European markets opened and traded more than 2.5% up as well as Dow's Futures was trading more than 200 points positive. As such high under performance by Indian markets today therefore good selling on the back of such strong Global cues can not be ruled out today.

As now Brexit Polls showing swing to 'Remain' therefore all the Global markets may remain strong in the coming sessions also like today but until Nifty will not sustain above 2nd resistance range(8315) after complete consolidation till then fresh rally will not be considered because absolute under performance by Indian markets today and good selling on the back of such strong Global cues can not be ruled out.

Firstly Watch Next Strong Supports after Such Weak SGX Nifty today

Intra Day Chart Analysis & Market Outlook

(20-06-2016)

Nifty-Intra Day Chart (17-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Selling patterns formation between 8166-8178
3- Up moves in Bearish Rising Channel
4- Intraday volatility in last hours
5- Whole day actual trading between 8136-8195

Conclusions from intra day chart analysis 

As remained busy in last 2 days therefore small Outlook is being posted today.

Detailed analysis of EOD Charts have been updated in previous Weekly Outlook on 13-06-2016 in "Firstly watch Most Crucial Support in Next FOMC News led Week". As previous weekly closing(17-06-2016) is at the same level(8170) which was on 10-06-2016 therefore same view on EOD charts which was updated in above mentioned previous weekly analysis.

Although Green closing after whole day positive zone trading last Friday but intraday charts are showing some selling patterns also after first hour Down moves in Bullish Falling Channel and some volatility was also seen in last hours therefore much negative cues are not being seen only from intraday charts patterns formations. Global markets were trading in following manner last Friday:-

1- Most Asian markets traded more than 0.45% last Friday.
2- All the European markets traded more than 1.50% up after strong opening last Friday.

As Indian markets traded flat to minor gains and completely under performed Global markets therefore selling on the back of such strong Global cues can not be ruled out last Friday.

SGX Nifty is now trading more than 60 points down today morning and news channels are telling it is due to RBI Governor Raghuram Rajan exit. As per our view it should not be the reason of such deeper down SGX Nifty because in real sense Mr Raghuram Rajan was creating hurdles through not cutting Repo Rates and each time gave baseless reasons for it. 

As Indian markets completely under performed Global markets and some selling patterns were also seen last Friday therefore some weakness can not be ruled out but strong supports are lying between 8064-8091 and firstly sustaining it beyond should be watched today for the confirmation of next trend.

Finally Crucial Levels will decide Next Trend amid Brexit led Uncertainty

Intra Day Chart Analysis & Market Outlook

(17-06-2016)

Nifty-Intra Day Chart (16-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Support between 8075-8101
2- Whole day actual trading between 8075-8164

Conclusions from intra day chart analysis 

As most Asian markets were in deep Red and some were more than 01.50% down therefore sentiment turned depressed today morning and resultant much weaker opening of Indian markets as well as slipping in first 2 hours. Following consolidation levels were updated in last 3 sessions:-

1- Consolidation between 8064-8084 on 13-06-2016
2- Consolidation between 8070-8091 on 14-06-2016
3- Consolidation between 8124-8142 on 15-06-2016

Nifty traded most time between above mentioned consolidation levels and closed also within it despite deep Red trading of Asian and European markets today. As Nifty got supports also within above mentioned levels today therefore these levels have become stronger supports and until Nifty will not sustain below 8064 after complete fresh selling till then decisive down moves will not be seen but decisive down moves will be considered only after sustaining below 7992.

Next resistances of Nifty are as follows:-

1- 8242-8255
2- 8260-8315
3- 8470-8520
4- 8575-8652

(Sustaining above 2nd resistance range(8315) will be fresh strong rally confirmation)

As uncertainty due to Brexit therefore nervousness in all the Global markets and huge volatility also can not be ruled out in the Indian markets. In this situation finally sustaining beyond crucial levels(7992-8315) will decide next Trend and should be firstly watched in the coming sessions for next trend confirmations.

Firstly Watch sustaining above 2nd Resistance Range after No Rates Hike Decision by FOMC

Intra Day Chart Analysis & Market Outlook

(16-Jun-2016)

Nifty-Intra Day Chart (15-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation between 8124-8142
2- Sudden up moves beginning after the Union Cabinet decision news of Associate Banks merger into SBI
3- Whole day actual trading between 8124-8213

Conclusions from intra day chart analysis

Following lines were told on 14-06-2016 in "Next(gap) Resistance filling will mean Fresh and Strong Rally":-

1- Indian markets are technically well prepared for strong rally
2- Next(gap) resistance are between 8135-8163 and once filling of this gap will mean fresh and strong rally beginning tomorrow or next Thursday.

Strong rally was seen after the gap filling and it happened after the Union Cabinet decision news of Associate Banks merger into SBI. Rally is on and continuation is expected but following resistances are lying just above day's highest therefore up moves within following resistances may be slow:-

1- 8242-8355
2- 8260-8315
3- 8470-8520
4- 8575-8652

Although good news of no rates hike decision by FOMC but most crucial Brexit decision is pending and that will come on 22-06-2016 therefore firstly sustaining above 2nd resistance range(8315) should be watched and once its valid break out will mean fresh strong rally.

Next(gap) Resistance filling will mean Fresh and Strong Rally

Intra Day Chart Analysis & Market Outlook

(15-06-2016)

Nifty-Intra Day Chart (14-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Consolidation between 8070-8091
3- Whole day actual trading between 8070-8123

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Firstly Post FOMC decisive moves preparations between 8064-8237":-

1- Consolidation between 8064-8084
2- Nifty will firstly prepare for post FOMC decisive moves between 8064-8237
3- sustaining above 8163 will produce strong up moves because good consolidation was seen above it last Friday and today down moves below it were crashing Global markets led.

Nifty traded whole day above 8064 today with intraday lowest formation at 8069.50 and follow up consolidation between 8070-8091 after consolidation within this range yesterday between 8064-8084 therefore levels between 8064-8091 have become immediate and stronger supports because consolidation within this range was seen in last 2 sessions and until Nifty will not sustain below 8064 till then decisive down moves will not be seen.   

Although finally next big moves will be seen after FOMC announcements next Thursday some volatility can not be ruled out tomorrow due to  FOMC led uncertainty and crashing Global markets but it is confirm that Indian markets are technically well prepared for strong rally because good consolidation was seen above 8163 last Friday and last 2 sessions down moves below it were crashing Global markets led.

Next(gap) resistance are between 8135-8163 and once filling of this gap will mean fresh and strong rally beginning tomorrow or next Thursday.

Firstly Post FOMC decisive moves preparations between 8064-8237

Intra Day Chart Analysis & Market Outlook

(14-06-2016)

Nifty-Intra Day Chart (13-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation between 8064-8084(Immediate Supports)
2- Last 15 minutes trading near about previous supports(8112) 
3- Whole day actual trading between 8064-8125

Conclusions from intra day chart analysis 

Sentiment was extremely depressed today morning due to following Global markets weakness:-

1- US markets closed 0.67% to 1.29% down after more than 2% weaker closing of most European markets last Friday
2- Most Asian markets were trading more than 1.5% down and some were more than 2% weak today morning.
3- Dow's Futures was also trading more than 60 points down today morning
4- SGX Nifty was trading more than 65 points down today morning

Although above mentioned Global markets and SGX Nifty weakness today morning but we told following lines today at 08:34 AM in "Firstly watch Most Crucial Support in Next FOMC News led Week":-

1- As supports are upto 8112 therefore finally its valid break down will be correction beginning confirmation towards the top of previous 28 Sessions sideways trading range highest(7992).  
2- Although Nifty closed near the lower levels of the day last Friday but intraday consolidation patterns were seen that day therefore until fresh selling will not develop in next week till then Nifty will not sustain below 8112.
3- As Nifty is trading and closing above the lowest of last support(8112) for the last 10 sessions therefore it has become most crucial support now and firstly sustaining it beyond should be watched in next FOMC news led week

We told for the importance of 8112 again and again and Nifty hovered it around in last 15 minutes as well as closed just below it at 8110.60 today. We told 3 times in previous outlooks for the possibility of correction towards the top of previous 28 Sessions sideways trading range highest(7992) and it was also seen today. 

Although Indian markets closed in Red after loosing 0.73% points but Indian markets out performed all Global markets today despite huge gap down opening today. As lower levels consolidation were also seen today therefore hopes are still alive that fresh rally will be seen after on going correction completion above 7992.

FOMC expectation led volatility can not be ruled out in the coming both sessions but on going Correction completion is expected without sustaining below 7992. Expected that Nifty will firstly prepare for post FOMC decisive moves between 8064-8237 and finally valid break out of this range will decide the fate of on going correction. Slipping below 8064 will mean correction continuation towards 7992 and sustaining above 8163 will produce strong up moves because good consolidation was seen above it last Friday and today down moves below it were crashing Global markets led.

Firstly watch Most Crucial Support in Next FOMC News led Week

Technical Analysis,Research & Weekly Outlook

(Jun 13 to Jun 17,2016)

Nifty-EOD Chart (10-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning after bottom formation at 6825.80 on 29-02-2016
2- Wave-1(7992 on 28-04-2016)  
3- Wave-2(7678.35 on 06-05-2016)
4- Wave-3 continuation with recent top formation at 8294.95 on 07-06-2016
5- Short Term Correction is on with recent bottom formation at 8162.85 on 10-06-2016 
6- Long Term Trend turning up confirmation after confirmation of sustaining above its decider 200 Day EMA(today at 7830)

Sideways corrections of whole rally

Nifty-EOD Chart (10-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning after bottom formation at 6825.80 on 29-02-2016
2- Wave-1(7992 on 28-04-2016) 
3- Wave-2(7678.35 on 06-05-2016)
4- Wave-3 continuation with recent top formation at 8294.95 on 07-06-2016
5- Sideways corrections after every 2/3 sessions up moves
6- Sideways correction continuation for the last 10 sessions

Previous 10 Sessions sideways trading

Nifty-Intra Day Chart (May 30 to Jun 10,2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in last 10 Sessions intraday charts

1- Higher levels selling and lower levels consolidation in last 10 sessions.
2- 10 Sessions sideways trading between 8134-8295 

Intra Day Chart Analysis(10-06-2016)

Nifty-Intra Day Chart (10-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Huge volatility in first 4 hours
2- Down moves in Bullish Falling Channel
3- Consolidation Patterns between 8163-8192 
4- Whole day actual trading between 8163-8265

Conclusions (After Putting All Studies Together)

Long and Intermediate Term Trends are up and Short Term Trend is sideways for the last 10 sessions between 8134-8295. As both higher levels selling and lower levels consolidation in last 10 sessions and Nifty closed within this range at  8170.05 last Friday therefore still Nifty will understood sideways between 8134-8295.

Next supports of Nifty are as follows:-

1- 8163-8192 
2- 8156-8177
3- 8112-8138

As supports are upto 8112 therefore finally its valid break down will be correction beginning confirmation towards the top of previous 28 Sessions sideways trading range highest(7992).  

Although Nifty closed near the lower levels of the day last Friday but intraday consolidation patterns were seen that day therefore until fresh selling will not develop in next week till then Nifty will not sustain below 8112.

Following resistances were updated on 29-05-2016 in "Minimum Target of Nifty at 8844.55":-

1- 8260-8315
2- 8470-8520
3- 8575-8652

Nifty faced resistance within 1st resistance range(8260-8315) in previous week and closed below it at 8170.05 after highest formation within it at 8294.95. As selling was also seen within it therefore 1st resistance range has become stronger and until Nifty will not sustain above 8315 after complete consolidation till then decisive up moves also will not be seen. 

FOMC meet in next week and all the Global markets will react on it till next Thursday. Indian markets will also prepare near about or between 8112-8315 for post FOMC decisive moves in the next 3 sessions of coming week. As high volatility can not be ruled out due to FOMC therefore finally sustaining beyond 8112-8295 will produce next strong moves. 

As Nifty is trading and closing above the lowest of last support(8112) for the last 10 sessions therefore it has become most crucial support now and firstly sustaining it beyond should be watched in next FOMC news led week for following decisive moves:- 

1- Finally sustaining above 8112 after complete follow up consolidation will mean fresh rally beginning towards the top(8295) of last 10 sessions trading range but decisive up moves will be seen only after valid break out of 1st resistance range(8315). 
2- Finally sustaining below 8112 after complete follow up selling will mean  little deeper but Short Term correction of that rally which started from 7715.80 on 24-05-2016 and completed at 8252.05 on 08-05-2016. Retracement levels of this rally are as follows:- 

1- 13.0%- 8182
2- 23.6%- 8125
3- 27.0%- 8107
4- 38.2%- 8046(Crucial)
5- 50.0%- 7983(Crucial)
6- 61.8%- 7920(Crucial)

Next Good Supports will confirm Little Deeper but Short Term correction

Intra Day Chart Analysis & Market Outlook

(10-06-2016)

Nifty-Intra Day Chart (09-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Sharp down immediately after opening
2- More than 4 hours trading with selling indications.
3- Up moves in last hour from lower levels in Bearish Rising Channel   
4- Whole day actual trading between 8185-8273

Conclusions from intra day chart analysis 

Firstly sharp down immediately after opening and after that more than 4 hours trading with selling indications as well as last hour Up moves in Bearish Rising Channel also therefore today started correction continuation is expected but next good supports are lying between 8156-8177 therefore firstly sustaining it  beyond should be watched tomorrow for little deeper but Short Term correction of that rally which started from 7715.80 on 24-05-2016 and completed at 8252.05 on 08-05-2016. Retracement levels of this rally are as follows:- 

1- 13.0%- 8182
2- 23.6%- 8125
3- 27.0%- 8107
4- 38.2%- 8046(Crucial)
5- 50.0%- 7983(Crucial)
6- 61.8%- 7920(Crucial)