Correction Continuation/Completion Confirmations through Crucial Levels

Intra Day Chart Analysis & Market Outlook

(12-08-2016)

Nifty-Intra Day Chart (11-Aug-2016):-

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Technical Patterns and Formations in today intraday charts

1- Up moves in Bearish Rising Channels
2- Selling between 8590-8601
3- Consolidation between 8541-8560
4- Down moves in Bullish Falling Channel
5- Whole day volatility in 60 points
6- Whole day actual trading between 8541-8601

Conclusions from intra day chart analysis 

Whole day volatility in 60 points with both consolidation and distribution patterns formations are suggesting to get on going correction continuation/completion confirmations through following crucial levels:-

1- 8518-8612(First indication)
2- 8478-8650(Final confirmation)

Sustaining beyond above levels will confirm:- 

1- Below 8478- correction continuation towards 8289.
1- Above 8650- Fresh rally towards 8728 and above after on going correction completion.

As busy therefore Stock Market Outlook of today is not being updated

8626 Will confirm correction continuation towards 8518 

Intra Day Chart Analysis & Market Outlook

(10-08-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Selling between 8686-8710
2- Support between 8639-8661
3- Selling between 8673-8686
4- Whole day actual trading between 8639-8710

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Firstly Watch 8708-8723 for next trend after RBI Credit Policy ":-

1- Distribution Patterns between 8708-8723
2- finally sustaining beyond today selling range(8708-8723) should be firstly watched tomorrow for fresh rally above 8723 or Short Term correction below 8708.

Selling between 8708-8723 was told yesterday and almost whole day trading below it today with fresh selling. Although some supports at lower levels of the day above 8639 but again selling between 8673-8686 during last hour of the day.

As sufficiently good selling between 8673-8723 in last 2 sessions therefore correction continuation and more down moves can not be ruled out but some supports developed between 8639-8661 today which are within next immediate supports range(8626-8652). Next supports below 8626 are between 8518-8541 and once valid break down of 8626 will confirm on going correction continuation towards 8518.

Firstly Watch 8708-8723 for next trend after RBI Credit Policy  

Intra Day Chart Analysis & Market Outlook

(09-08-2016)

Nifty-Intra Day Chart (08-Aug-2016):-

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Technical Patterns and Formations in today intraday charts

1- Distribution Patterns between 8708-8723
2- Whole day actual trading between 8698-8723

Conclusions from intra day chart analysis 

Although whole day positive zone trading after gap up opening and Green closing as well but selling patterns formations and completely under performance against all Global markets therefore an indication of some weakness developed today. RBI Credit Policy tomorrow and its announcements will decide next Short Term Trend but forceful break out of today highest or sustaining above today highest is must for fresh rally. 

As high volatility can not be ruled out just before RBI Credit Policy and technical positions reverses also amid high volatility as well as Doji(indecision) candle formation today therefore finally sustaining beyond today selling range(8708-8723) should be firstly watched tomorrow for fresh rally above 8723 or Short Term correction below 8708.

Rally Continuation above the top of on going Rally

Technical Analysis,Research & Weekly Outlook

(Aug 08 to Aug 12,2016)

Nifty-EOD Chart (05-Aug-2016):-

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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-i of Wave-3(8294.95 on 07-06-2016)
5- Wave-ii of Wave-3(7927.05 on 24-06-2016)
6- Wave-iii of Wave-3 continuation with recent top formation at 8711.30 on 01-08-2016 
7- Short Term Correction between 8518-8711 in previous week

Conclusions from EOD chart analysis 

Impulsive Wave-iii of Wave-3 continuation with recent top formation at 8711.30 on 01-08-2016) and sideways correction was seen between 8518-8711 in previous week.

Intra Day Chart Analysis(05-08-2016)

Nifty-Intra Day Chart (05-Aug-2016):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8626-8652
2- Whole day actual trading between 8615-8689

Conclusions from intra day chart analysis 

63 Points sharp up in first minute after gap up opening and higher levels consolidation at 0.90% higher levels as well as closing at higher levels of the day after sudden sharp recovery in last half hour are strong indications of rally continuation of on going rally.

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Long Term Trend is up. 
2- Intermediate Term Trend is up. 
3- Short Term Trend is sideways between 8518-8711 for the last 9 sessions.

Following lines were told on 01-08-2016 in "Rally continuation Expectations":-

1- As Short/Intermediate Term Indicators have turned overbought therefore correction is very much due
2- on going Wave-iii of Wave-3 will remain continued in the coming week.

Correction was very much due and it was seen in previous week through sideways trading between 8518-8711 but on going Wave-iii of Wave-3 also remained continued and previous week closing was at the top of not only previous week top but also at highest of on goint rally. Although Nifty firstly slipped in previous 3 sessions but without intraday selling patterns formations and sufficiently good consolidation patterns were also seen in last 3 sessions therefore on going rally continuation is expected in the coming week above the top(8711.30) of on going Post Budget 2016-17 rally. 

Up Moves Expectations

Intra Day Chart Analysis & Market Outlook

(05-08-2016)

Nifty-Intra Day Chart (04-Aug-2016):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8518-8541
2- Whole day actual trading between 8518-8589

Conclusions from intra day chart analysis 

Although slipping 81 points within first 18 minutes but lower levels consolidation patterns formations also therefore up moves are expected in the coming sessions. As whole day intraday consolidation pattern formations yesterday also therefore strong signals of last Monday started correction completion as well as high possibility of rally continuation above the top(8711.30) of on going rally.

Rally Continuation after Correction Completion

Intra Day Chart Analysis & Market Outlook

(04-08-2016)

Nifty-Intra Day Chart (03-Aug-2016):-

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channels
2- Consolidation between 8545-8548
3- Whole day actual trading between 8530-8635

Conclusions from intra day chart analysis 

Although 0.91% down closing near the lower levels of the day after whole day negative zone trading today but good intraday consolidation patterns formations therefore expected that fresh up moves will be seen in the coming sessions and strong signals of last Monday started correction completion as well as high possibility of rally continuation above the top(8711.30) of on going rally. 

As busy therefore Stock Market Outlook of today is not being updated but Mid-session Outlook may be posted during trading hours.

Firstly watch 8574-8711 for next Trend Confirmations

Intra Day Chart Analysis & Market Outlook

(02-08-2016)

Nifty-Intra Day Chart (01-Aug-2016):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8683-8711(Immediate Resistances)
2- Last 3 hours mixed Patterns between 8591-8643
3- Whole day actual trading between 8591-8711

Conclusions from intra day chart analysis

Rally continuation was expected and Nifty traded 72 points also in first 2 hours today but fresh selling developed and Nifty slipped from higher levels. Immediate supports were between 8574-8595 and Nifty got supports within it in last 3 hours but with mixed Patterns between 8591-8643 therefore follow up fresh consolidation is firstly required for fresh up moves above today highest(8711)

As immediate supports and resistances are between 8574-8711 therefore Nifty has to prepare for next decisive moves within and near about this range and finally valid break out of this range will decide next trend which should be firstly watched for confirmations.  

Rally continuation Expectations

Technical Analysis,Research & Weekly Outlook

(Aug 01 to Aug 05,2016)

Nifty-EOD Chart (29-Jul-2016):-

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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-i of Wave-3(8294.95 on 07-06-2016)
5- Wave-ii of Wave-3(7927.05 on 24-06-2016)
6- Wave-iii of Wave-3 contimuation with recent top formation at 8674.70 on 28-07-2016) 

Conclusions from EOD chart analysis 

Rally is very much on and its continuation is expected because selling patterns formations not seen on EOD charts.

Intra Day Chart Analysis(29-07-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8637-8653
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 8632-8670

Conclusions from intra day chart analysis 

Although closing near the lower levels of the day in sideways 38 points whole day trading but intraday patterns are showing good consolidation patterns formations therefore expected that on going rally will remain continued despite 0.32% negative closing last Friday.

Conclusions (After Putting All Studies Together)

All trends are up and rally is very much on as well as its continuation is expected because consolidation patterns formations was seen in last 2 sessions intraday charts. It is confirm that until clear and complete selling patterns will not develop on EOD and intraday charts till then Short/Intermediate Term correction will not be seen.

As Short/Intermediate Term Indicators have turned overbought therefore correction is very much due but that will happen only after suficient selling patterns formations which has not developed yet therefore on going Wave-iii of Wave-3 will remain continued in the coming week.

Intra Day Chart Analysis & 

Market Outlook(29-07-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Consolidation Patterns between 8631-8653
2- Whole day actual trading between 8626-8674

Conclusions from intra day chart analysis

Last 2 sessions selling at higher levels of previous resistance range(8575-8652) but fresh consolidation Patterns formations within it between 8631-8653 therefore once sustaining above it will mean fresh fast rally which is expected also after good consolidation today and  next resistances are above 8800 

Intra Day Chart Analysis & Market Outlook(28-07-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Firstly Up moves in Bearish Rising Channel
2- Afterwards Down moves in Bullish Falling Channel
3- Last 4 hours Mixed Patterns between 8573-8610
4- Whole day actual trading between 8573-8665

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Intra Day Chart Analysis & Market Outlook(27-07-2016)":-

1- fresh selling was seen today between 8634-8644 which is within previous sessions updated resistance range(8575-8652).
2- As follow up selling within mentioned resistance range(8575-8652) and it has become stronger today

Although strong up moves immediately after opening but not sustaining at higher levels because follow up selling within resistance range was seen yesterday. As only intraday volatility and as such one sided technical position not formations therefore next decisive moves confirmations will be from vaild break out of 8444-8665 which should be firstly watched in the coming sessions.  

Intra Day Chart Analysis & 
Market Outlook(27-07-2016)

Nifty-Intra Day Chart (26-Jul-2016):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8634-8644(Immediate Resistances)
2- Whole day actual trading between 8578-8644

Conclusions from intra day chart analysis 

Last 10 sessions sideways trading between 8444-8595 and this range was broken out yesterday despite weaker Global markets sentiments therefore finally rally continuation was expected but fresh selling was seen today between 8634-8644 which is within previous sessions updated resistance range(8575-8652). As today closing also between last 10 sessions sideways trading range(8444-8595) at 8590,65 therefore yesterday break out of 10 sessions range may be false.

As follow up selling within mentioned resistance range(8575-8652) and it has become stronger today therefore more down moves can not be ruled out and complete fresh consolidation is firstly required for decisive up moves above immediate resistance range highest(8652).

Following conclusive line is being repeated which was told on 24-07-2016 in "Valid break out of 8595/8652 will mean Bullish Gates opening":-

valid break out of 8444-8652 should be firstly watched for next decisive moves confirmations. 

Rally continuation Expectations

Intra Day Chart Analysis & Market Outlook

(26-07-2016)

Nifty-Intra Day Chart (25-Jul-2016):-

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Technical Patterns and Formations in today intraday charts

1- Whole day up moves
2- Whole day actual trading between 8518-8641

Conclusions from intra day chart analysis 

Following line was told yesterday in "Valid break out of 8595/8652 will mean Bullish Gates opening":-

As intraday consolidation patterns formations were seen last Friday therefore some up moves can not be ruled out in the beginning of next week 

As was told yesterday 100% same happened today and whole day up moves up moves were seen today.

Although flat to weak all Asian markets today morning but Indian markets completely out performed all Global markets and good recovery from lower levels after weak opening today.

Immediate resistances between 8575-8652 were also updated yesterday and Nifty closed within this range today,once its valid break out will mean fresh fast rally because next resistances are above 8800.

Last 10 sessions sideways trading between 8444-8595 and this range is broken out today amid weaker Global markets sentiments therefore expected that finally today started rally will remain continued above 8652 and without sustaining below 8652.

Valid break out of 8595/8652 will mean Bullish Gates opening

Technical Analysis,Research & Weekly Outlook

(Jul 25 to Jul 29,2016)

Nifty-EOD Chart (22-Jul-2016):-

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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-i of Wave-3(8294.95 on 07-06-2016)
5- Wave-ii of Wave-3(7927.05 on 24-06-2016)
6- Wave-iii of Wave-3(recent top formation at 8594.80 on 15-07-2016) 
7- Last 10 sessions sideways trading between 8444-8595

Sideways corrections of whole Post-Budget Rally

Nifty-EOD Chart (22-Jul-2016):-

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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 8594.80 on 15-07-2016
5- Sideways corrections after every 2/3 sessions up moves
6- Last 10 sessions sideways trading between 8444-8595

Last 10 sessions Intra Day Chart Analysis

Nifty-Intra Day Chart (Jul 11 to Jul 22,2016):-

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Technical Patterns and Formations in last  10 Sessions intraday charts

1- Last 10 sessions sideways trading between 8444-8595 

Intra Day Chart Analysis(25-07-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8490-8510
2- Intraday correction
3- Whole day actual trading between 8490-8548

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Long Term Trend is up. 
2- Intermediate Term Trend is up. 
3- Short Term Trend is sideways for the last 10 sessions between 8444-8595. 

Nifty gained 1769 points in Post Budget-2016/17 Rally from 29-02-2016 but without any deeper correction and all the corrections were seen through sideways trading. Now again Nifty is range bound between 8444-8595 for the last 10 sessions and finally sustaining it beyond will confirm deeper correction below 8444 and fresh rally beginning first indication above 8595. As immediate resistances are between 8575-8652 and Nifty faced resistance within it in previous weeks therefore next strong rally will be considered after sustaining above 8652. 

Rally is very much on and finally its continuation is expected also but Oscillators are overbought and started to show negative divergence also therefore correction is very much due which will get confirmation after sustaining below 8444. As it is the peculiar character of on going rally is of only sideways corrections and no deeper correction therefore firstly sustaining beyond 8444-8652 should be watched for next decisive big moves.

As intraday consolidation patterns formations were seen last Friday therefore some up moves can not be ruled out in the beginning of next week and firstly sustaining beyond 8595/8652 should be watched in next week.

Following topic with 8 months old Huge Inverse Head and Shoulders pattern formations was updated on 10-07-2016:-

8295/8398 Will Confirm Nifty Target at and above 9764.10

As last 10 sessions sideways trading above 8295/8398 between 8444-8595 therefore almost break out confirmation of Inverse Head and Shoulders's Neckline(8336.30) and once valid break out of 8595/8652 will mean 100% confirmation which will mean Bullish Gates opening for 9764.10 and above. 

Certainly view is Bullish and only it has to be decided that immediate rally above 8595/8652 or after some more sideways trading between 8444-8595.As some correction for consolidation below 8444 can not be ruled out because Oscillators are overbought therefore valid break out of 8444-8652 should be firstly watched for next decisive moves confirmations.  

Blog updating will be restarted positively from weekly Outlook of 
next week.

Most likely Blog updating will be restarted within next 1/2 days.

As some Medical emergency in the family therefore perhaps will not be able to update Blog in the next 1/2 or more days.

Finally Rally Continuation after Follow up Consolidation between 8443-8520 

Intra Day Chart Analysis & Market Outlook

(12-07-2016)

 Nifty-Intra Day Chart (11-Jul-2016):-

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Technical Patterns and Formations in today intraday charts

1- More than 100 points up in 1st minute after gap up opening.
2- More than 6 hours trading between 8443-8467
3- Whole day actual trading between 8426-8475

Conclusions from intra day chart analysis 

As 100 points up in 1st minute after gap up opening with more than 6 hours trading at 1.5% higher levels between 8443-8467 therefore strong signal of Indian markets strength and rally continuation possibility above day's highest(8475.25).

Following resistances were updated on 03-07-2016 in "Rally Continuation Expectations towards its Minimum Target at 8543.65" and also have been repeated more than 5 times in previous Outlooks:-

1- 8470-8520
2- 8575-8652

Nifty tested and closed below 1st resistance today and sentiment has also turned heated after strong rally today therefore coming 1/2 sessions may remain sideways between 8443-8520 for follow up consolidation but expected that finally rally will remain continued after fresh consolidation after confirmation of last week correction completion today.

8295/8398 Will Confirm Nifty Target at and above 9764.10

Technical Analysis,Research & Weekly Outlook

(Jul 11 to Jul 15,2016)

Nifty-EOD Chart (08-Jul-2016):-

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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-i of Wave-3(8294.95 on 07-06-2016)
5- Wave-ii of Wave-3(7927.05 on 24-06-2016)
6- Wave-iii of Wave-3(recent top formation at 8398.45 on 04-07-2016) 
7- Short Term Correction continuation with recent bottom formation at 8287.55 on 08-07-2016 

Huge Inverse Head and Shoulders formations in last 8 months

Nifty-EOD Chart (08-Jul-2016):-

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Technical Patterns and Formations in EOD charts

1- Head formation at 6825.80
2- Neckline of pattern beginning from 8336.30 on 26-10-2015 and completion at 8294.95 on 07-06-2016
3- 8294.95-6825.80= 1469.15 points minimum distance between Head and Neckline 
4- Neckline was broken out on 01-07-2016 and last 5 sessions closing above it
5- Inverse Head and Shoulders Neckline broken out confirmation will mean next target of Nifty at 8294.95+1469.15=9764.10

Intra Day Chart Analysis(08-07-2016)

Nifty-Intra Day Chart (08-Jul-2016):-

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Technical Patterns and Formations in today intraday charts

1- Sharp down immediately after positive opening
2- Little up moves after strong opening of all European markets
3- More than 6 hours sideways trading with consolidation indications between 8288-8333
4- Whole day actual trading between 8288-8347

Conclusions from intra day chart analysis 

Although most Asian markets were weak last Friday morning but Indian markets out performed and opened positive. As Sharp down also immediately after positive opening therefore lost strength and under performed also through little up moves after strong opening of most European markets. 

As more than 6 hours sideways trading with consolidation indications also between 8288-8333 therefore up moves beginning above day's highest(8347) have turned alive.

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Long Term Trend is up. 
2- Intermediate Term Trend was sideways within previous 25 sessions most time trading range(8064-8295) but strong signals of its turning up through last 6 sessions closing above it. 
3- Short Term Trend has turned down after last week Short Term Correction. 

Short Term Correction of Wave-iii of Wave-3 is on and no confirmation of its completion yet. Although correction in previous week but as such good selling was not seen and sufficient consolidation patterns have also developed therefore expected that on going rally will remain continued without too much slipping. 

Most Crucial level in the next week will be 8295 because final confirmation of sustaining above it will mean:-

1- Strong indication of last week started Short Term Correction completion 
2- Neckline(8295) break out confirmation of last 8 months Huge Inverse Head and Shoulders
3- Fresh rally beginning after Wave-iii of Wave-3 correction completion

Last week correction between 8288-8398 and expected that Nifty will firstly trade within this range in next week,finally valid break out of this range will decide the fate of on going correction but expected that rally will remain continued after follow up consolidation within this range and it should also be kept in mind that confirmation of sustaining above 8295/8398 will open the doors of on going Post Budget Rally target at and above 9764.10 according to Huge Inverse Head and Shoulders formations. 

Next Decisive moves Confirmation from 8295-8398 amid Global Markets high Volatility 

Intra Day Chart Analysis & Market Outlook

(08-07-2016)

Nifty-Intra Day Chart (07-Jul-2016):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8333-8345
2- Up moves after strong opening of European markets
3- High volatility in last 2 hours
4- Whole day actual trading between 8318-8361

Conclusions from intra day chart analysis 

As soon as intraday charts started to show selling patterns formations then we told following lines today at 12:16 PM in "Mid-session Outlook(07-07-2016)":-

1- intraday charts are showing some selling patterns formations
2- firstly valid break out of today highest(8345.60) should be watched now for next up moves beginning confirmations.

As selling developed immediately after opening today therefore slipping and new intraday lowest formations but strong up moves were also seen immediately after more than 1.25% strong opening of most European markets. We updated 8345.60 for next up moves beginning confirmations and Nifty could not sustain above it and closed below it at 8337.90 despite strong trading of all European markets today. 

As Global markets are also highly volatile in last 2/3 sessions and high volatility was seen in last 2 hours of Indian markets also today as well as technical positions reverses in such high news based high volatility therefore it will be better to get next decisive moves confirmation from sustaining beyond 8295-8398.

We told for selling today at 12:16 PM and FIIs and Diis were net sellers in all the segments today which is clear from following figures:-

FII & DII trading activity in Capital Market Segment on  07-Jul-2016:-

FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value FII 07-Jul-2016 4306.44 4605.95 -299.51

DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value DII 07-Jul-2016 1390.76 1550.74 -159.98

FII Trading Data in Derivatives Segment on  07-Jul-2016:-