Much deeper correction after sustaining below 8316

Technical Analysis and Market Outlook

(21-08-2015)

Nifty-EOD Chart (20-Aug-2015):-

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Technical Patterns and Formations in EOD charts

1- 7940.30 on 12-06-2015(Fresh Wave-i beginning after 5 Waves correction completion) 
2- Wave-i(8654.75 on 23-07-2015)
3- Wave-ii(8321.75 on 28-07-2015)
4- 37 Sessions trading between 8316-8654

Conclusions from EOD chart analysis 

Sideways market between 8316-8654 for the last 37 sessions with higher levels good selling below 8654 and lower levels good consolidation also above 8316. As today closing is above 8316 at 8372.75 after sharp fall today therefore still Nifty will be understood sideways within mentioned range.

As all the Global markets were crashing after the release of minutes from the FOMC Reserve's last policy meeting therefore in reaction sharp fall was seen in Indian markets also. Today lowest and closing are above 37 sessions lowest(8316) therefore sideways market is still intact and firstly sustaining beyond 8316 should be watched tomorrow for next decisive moves confirmations and should also be kept in mind that much deeper correction will be seen after sustaining below 8316.

Firstly watch crucial levels for next trend confirmations after FOMC minutes release

Pre-open Outlook(20-08-2015)

As Dow Jones closed 162 points down yesterday after minutes from the FOMC Reserve's last policy meeting which showed that the central bank was "approaching" its first rate hike in nearly a decade therefore all the Asian markets are trading negative and some are more than 1% down resultant weakness will be seen in Indian markets also.

Last 3 sessions trading between 8429-8531 with lower levels consolidation therefore valid break down of 8429 will be first signal of next trend after FOMC minutes and final confirmation will be according to sustaining beyond 36 sessions trading range(8316-8654).

Firstly above mentioned crucial levels should be watched after FOMC minutes release for next trend confirmations.

Possibility of rally is alive after Follow up Consolidation

Intra Day Chart Analysis & Market Outlook

(20-08-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Recovery from lower levels in depressed Global sentiments.
1- Last 4 hours trading with consolidation Patterns between 8478-8520 
3- Whole day actual trading between 8426-8520 

Conclusions from intra day chart analysis 

Following lines were told on 18-08-2015 in "Cautious view after selling today":-

1- selling between 8506-8525 therefore view will  be cautious.
2- if follow up selling develops tomorrow then firstly slipping below today lowest(8433.60)
3- steep fall possibility also can not be ruled out.

As higher levels selling yesterday and all the Asian markets were in Red as well as most were trading more than 1% down therefore sentiment was too much depressed today morning and Nifty firstly slipped below yesterday lowest(8433.60) but follow up selling could not develop and recovery was seen from lower levels in first 2 hours.

Following lines were told on 16-08-2015 in "Finally Rally after follow up consolidation within 33 sessions Trading Range":- 

1- 33 sessions sideways market between 8316-8654 and finally sustaining beyond this range will give confirmations to next big Trend
2- Nifty will not easily break last 8 sessions trading range and will trade as well as firstly prepare for next decisive moves within this range in the next 2/3 sessions.
3- rally above 8654 is expected after follow up consolidation because Long and Intermediate Term Trends are up and lower levels very good consolidation was seen in previous months also.

Now 36 sessions sideways trading between 8316-8654 with lower levels consolidation and higher levels resistances and hopes of rally above 8654 boosted after 4 hours sideways trading between 8478-8520 with consolidation Patterns formations today therefore possibility of rally above 36 sessions highest(8654) is alive after follow up consolidation in the coming sessions/next week.

Cautious view after selling today

Intra Day Chart Analysis & Market Outlook

(19-08-2015)

Nifty-Intra Day Chart (18-Aug-2015):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8506-8525(Immediate Resistances)
2- Consolidation between 8434-8458
3- Minor selling between 8473-8487
4- Whole day actual trading between 8434-8525

Conclusions from intra day chart analysis 

Although firstly more than 2 hours positive zone trading after Green opening but could not sustaining at higher levels after selling between 8506-8525 therefore view will  be cautious. As minor selling also was also seen after lower levels consolidation in last 3 hours therefore if follow up selling develops tomorrow then firstly slipping below today lowest(8433.60) and steep fall possibility also can not be ruled out.  

Intra Day Chart Analysis & Market 
Outlook(18-08-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Sharp fall immediate after opening
2- Support between 8430-8455
3- Selling patterns formation between 8485-8515
4- Whole day actual trading between 8428-8530

Conclusions from intra day chart analysis 

Firstly sharp fall immediate after opening and after that supports at lower levels but some selling patterns formations were also seen at higher levels therefore it is clear that one sided patterns formations was not seen today. As Mixed Patterns formations will be understood for today therefore following views is being repeated for tomorrow Outlook which was updated on 16-08-2015 in "Finally Rally after follow up consolidation within 33 sessions Trading Range":- 

1- 33 sessions sideways market between 8316-8654 and finally sustaining beyond this range will give confirmations to next big Trend
2- Nifty will not easily break last 8 sessions trading range and will trade as well as firstly prepare for next decisive moves within this range in the next 2/3 sessions.
3- rally above 8654 is expected after follow up consolidation because Long and Intermediate Term Trends are up and lower levels very good consolidation was seen in previous months also.

Finally Rally after follow up consolidation within 33 sessions Trading Range  

Technical Analysis,Research & Weekly Outlook

(Aug 17 to Aug 21,2015)

Nifty-EOD Chart (14-Aug-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)(Correction beginning)
7- 7940.30 on 12-06-2015(Fresh Wave-i beginning after 5 Waves correction completion) 
8- Wave-i(8654.75 on 23-07-2015)
9- Wave-ii(8321.75 on 28-07-2015)
10- Sideways market between 8316-8654 for the last 33 sessions

Conclusions from EOD chart analysis 

That Wave-1 which started on 28-08-2013 from 5118.85 completed at 9119.20 on 04-03-2015 and after that its 5 waves correction started. Wave-5 of correction completed at 7940.30 on 12-06-2015 and Wave-i started after 5 waves correction completion. Now sideways market between 8316-8654 for the last 33 sessions after Wave-ii correction completion at 8321.75 on 28-07-2015.

Rally continuation after 5 waves correction completion

Nifty-EOD Chart (14-Aug-2015):-

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Technical Patterns and Formations in EOD charts

1- Wave-5(9119.20 on 04-03-2015)(Correction beginning)
2- Wave-1(8269.15 on 27-03-2015)
3- Wave-2(8844.40 on 15-04-2015)
4- Wave-3(7997.15 on 07-05-2015)
5- Wave-4(8489.55 on 22-05-2015)
6- Wave-5(7940.30 on 12-06-2015)(Fresh Wave-i beginning after 5 Waves correction completion) 
7- Wave-i(8654.75 on 23-07-2015)
8- Wave-ii(8321.75 on 28-07-2015)
9-  Sideways market between 8316-8654 for the last 33 sessions

Conclusions from EOD chart analysis 

5 Waves correction begun after Wave-5 life time high formation at 9119.20 on 04-03-2015 which completed at 7940.30 on 12-06-2015 and fresh rally started which is in continuation after its 1st Short term correction completion 8321.75 on 28-07-2015 but sideways market between 8316-8654 for the last 33 sessions.

33 Sessions sideways market

Nifty-EOD Chart (14-Aug-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 7940.30 on 12-06-2015(Fresh Wave-i beginning after 5 Waves correction completion) 
2- Wave-i(8654.75 on 23-07-2015)
3- Wave-ii(8321.75 on 28-07-2015)
4- 33 Sessions sideways market between 8316-8654

Conclusions from EOD chart analysis 

fresh rally started which is in continuation with recent top formation at 8654.75 on 23-07-2015 but sideways market between 8316-8654 for the last 33 sessions. 

Bearish Head and Shoulders Pattern formations

Nifty-EOD Chart (14-Aug-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-1(7940.30 on 12-06-2015)(Fresh Wave-i beginning after 5 Waves correction completion) 
2- Wave-i(8654.75 on 23-07-2015)
3- Wave-ii(8321.75 on 28-07-2015)
4- Bearish Head and Shoulders Pattern formations with its neckline at 8321.75

Conclusions from EOD chart analysis 

33 Sessions sideways market with Bearish Head and Shoulders Pattern formations and its neckline at 8321.75. As valid break down of neckline(8321.75) will be deeper correction confirmation therefore should be firstly watched for confirmations. 

Symmetrical triangle continuation pattern formations

Nifty-EOD Chart (14-Aug-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-1(7940.30 on 12-06-2015)(Fresh Wave-i beginning after 5 Waves correction completion) 
2- Wave-i(8654.75 on 23-07-2015)
3- Wave-ii(8321.75 on 28-07-2015)
4- Symmetrical triangle continuation pattern formations

Conclusions from EOD chart analysis 

33 Sessions sideways market with Symmetrical triangle continuation pattern formations which is suggesting that on going Bullish trend will remain continued because it is a continuation pattern but confirmation is must through valid break out of its upward falling line.

Intra Day Chart Analysis of last 8 Sessions intraday charts

Nifty-Intra Day Chart (Aug 05 to Aug 14,2015):-

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Technical Patterns and Formations in last 8 Sessions intraday charts

1- 4 Sessions selling between 8568-8621
2- 3 Sessions consolidation between 8339-8433
3- 8 Sessions actual trading between 8339-8621 

Conclusions from 8 Sessions intra day chart analysis 

Firstly sharp fall in the beginning of previous week after 4 sessions good selling but sharp surge in the last sessions of previous week also after 3 sessions good consolidation at lower levels therefore Nifty will be understood sideways between last 8 sessions actual trading range(8339-8621).

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 8316-8654 for the last 33 Sessions 

Fresh Rally continuation after 5 Waves correction completion at 7940.30 on 12-06-2015 with recent top formation at 8654.75 on 23-07-2015 and and now its correction is on with both following Bullish and Bearish patterns formations:-

1- Bearish Head and Shoulders Pattern formations
2- Symmetrical triangle continuation pattern formations

Both above patterns formations in last 33 sessions sideways market between 8316-8654 and finally sustaining beyond this range will give confirmations to next big Trend. Last 8 Sessions trading between 8339-8621 with both higher levels good selling and equally strong supports at lower levels therefore Nifty will not easily break last 8 sessions trading range and will trade as well as firstly prepare for next decisive moves within this range in the next 2/3 sessions.

Although precautionary 33 sessions trading range(8316-8654) break out confirmation is required but rally above 8654 is expected after follow up consolidation because Long and Intermediate Term Trends are up and lower levels very good consolidation was seen in previous months also.

Next Big Trend Confirmations through 8339-8433

Intra Day Charts Analysis & Market Outlook

(14-08-2015)

Nifty-Intra Day Chart (Aug 12 & Aug 13,2015)

Just click on chart for its enlarged view

Technical Patterns and Formations in last 2 Sessions intraday charts

1- Consolidation through down moves in Bullish Falling Channels in last 2 sessions
2- No selling patterns formations in last 2 sessions 
3- 2 Sessions actual trading between 8339-8433 

Conclusions from 2 Sessions intra day chart analysis 

Although sharp down on 12-08-2015 but amid crashing all Global markets after China currency(Yuan) surprise devaluation and as such selling patterns were not seen as well as consolidation also developed through down moves in Bullish Falling Channels in last 2 sessions therefore a signal of correction completion and some up moves also in the coming sessions.

As last 2 sessions actual trading between 8339-8433 after gap down opening on 12-08-2015 with consolidation patterns formations therefore view will not be Bearish despite sharp fall in Indian Rupee after devaluation of Yuan. Follow up moves with sustaining beyond 8339-8433 should be firstly watched in the coming sessions for following next big trend confirmations:-

1- Sustaining below 8339 will mean Bearish Head and Shoulders Pattern's neckline(8321.75) broken down confirmation also which will result deeper correction. 
2- Sustaining above 8433 will mean Pull Back rally beginning towards 8621/8654 and sideways market between 8339-8654 confirmations. 

Head and Shoulders Pattern's neckline(8321.75) will decide Correction Life

Technical Analysis and Market Outlook

(13-08-2015)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-1(7940.30 on 12-06-2015)(Fresh Wave-i beginning after 5 Waves correction completion) 
2- Wave-i(8654.75 on 23-07-2015)
3- Wave-ii(8321.75 on 28-07-2015)
4- Bearish Head and Shoulders Pattern formations with its neckline at 8321.75

Conclusions from EOD chart analysis 

Following lines were told on 08-08-2015 in "Short Term correction Possibility in Next Week':-

signals of Bearish Head and Shoulders Pattern formations beginning with its neckline near about 8321.75 

As soon as signals of Bearish Head and Shoulders Pattern emerged then it was updated in above lines on 08-08-2015 and it was seen in last 3 sessions with bottom formation at 8337.95 today which is just above its neckline(8321.75)

Valid break down on neckline(8321.75) will be deeper correction confirmation and should be firstly watched in the coming sessions amid crashing all Global markets after China currency(Yuan) surprise devaluation. It seems the Global markets are over reacting devaluation news and Indian markets today down moves were only Global markets reaction therefore firstly sustaining beyond 8321.75 should be firstly watched in the coming sessions.

Pre-open Outlook(12-08-2015)

As all the Asian markets are now trading more than 1% down after more than 1% Red closing of all the European and US markets therefore sentiment is completely depressed today morning and gap down opening will be seen in Indian markets.

whole day down moves in Bullish Falling Channel was seen yesterday therefore Pull Back rally was expected today but crashing like situation in all Global markets and Indian markets may trade whole day in negative zone today. As follow up selling with sustaining below yesterday lowest(8441.30) is must for fresh down moves therefore first 3/4 hours intraday trading patterns should be firstly watched today for next Short Term Trend confirmations.