Pull Back rally or Bounce back possibility amid Correction continuation towards 7104

Intra Day Chart Analysis & Market Outlook

(19-01-2016)

Nifty-Intra Day Chart (18-Jan-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Minor selling between 7416-7438
2- All the down moves in Bullish Falling Channel
3- Whole day actual trading between 7337-7463

Conclusions from intra day chart analysis 

As Dow jones closed 390 points down last Friday therefore most Asian markets were trading in negative zone and some were more than 1% down also therefore weaker opening of Indian markets but outperformed and traded flat to minor down many times in first more than 4 hours which was a positive sign for Bulls. 

When Indian markets were trading near the higher levels of the day at 01:50 PM then decisive down moves started which remain continued till the end of today trading because big down moves started from 01:50 PM in following Global markets:-

1- Dow's Futures slipped from 16047 to 16892 and lost 155 points between 01:50 PM-03:30 PM
2- Dax slipped from 8659 to 8457 and lost 202 points between 01:50 PM-03:30 PM
3- FTSC slipped from 5853 to 5765 and lost 88 points between 01:50 PM-03:30 PM
4- CAC slipped from 4255 to 4160 and lost 95 points between 01:50 PM-03:30 PM

Although minor selling at higher levels but all the down moves in Bullish Falling Channel also today therefore indication of consolidation process beginning today. As indicators are also oversold therefore Pull Back rally or Bounce back possibility will be considered after today intraday consolidation despite today closing near the lower levels of the day. 

Correction continuation towards 7104 and its completion will be considered only after complete consolidation but Pull Back rally or Bounce back possibility after some intraday consolidation patterns formations today.

Post-open Outlook(18-01-2016)

Although most time negative zone trading and now trading in Red also but Indian markets are out performing Global markets since opening today and minor intraday support at 7384 also in first hour therefore firstly valid break down of 7384 should be watched now for fresh down moves confirmations.

Deeper Correction Continuation

Intra Day Charts Analysis & Market Outlook

(18-01-2016)

Nifty-Intra Day Chart (Jan 07 to Jan 15,2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in last 7 Sessions intraday charts

1- 7 Sessions actual trading between 7425-7654
2- Selling between 7552-7640 in previous 6 sessions
3- Supports between 7488-7521 on 11-01-2016 and 12-01-2016
4- Supports between 7425-7458 on 13-01-2016 and 14-01-2016
5- Selling between 7504-7562 on 15-01-2016

Conclusions from 7 Sessions intra day chart analysis 

Last 7 sessions actual trading between 7425-7654 with above mentioned supports and resistances.As sufficiently big 7 sessions sideways trading between 7425-7654 therefore following line was told on 14-01-2016 in valid break out of 7425-7640 will produce 5% Nifty moves

It is confirm that valid break out of 7425-7640 will produce 5% Nifty moves

Good selling in previous 6 sessions and more than 4 hours follow up good selling was seen on 15-01-2016 also therefore expected that on going correction will remain continued below 7 sessions lowest(7425) in next week which may be deeper also. Just go through following topic links for detailed technical analysis of on going that correction which started on 04-03-2015 from 9119.20:-

1- Updated on 07-01-2016:- Correction Continuation towards 7104/6761
2- Updated on 13-09-2015:- Finally correction continuation towards 7104/6761
3- Updated on 06-09-2015:- Next Target of Nifty at 7104.30

valid break out of 7425-7640 will produce 5% Nifty moves

Intra Day Chart Analysis & Market Outlook

(15-01-2016)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Support between 7444-7491
2- More than 3 hours slow up moves
3- Minor selling between 7572-7604
4- Whole day actual trading between 7444-7604

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Sideways Market for Next Big Moves Preparation":-

1- As sufficiently strong both supports and resistances between 7425-7640 therefore expected that Nifty will trade and prepare for next big moves within this range in the next 2/3 sessions.
2- Indian markets will have prepare for next decisive moves between 7425-7640 because following supports and resistances are lying within this range:-

1- Supports between 7425-7458
2- Supports between 7488-7521
3- Resistances between 7552-7606
4- Resistances between 7614-7640

When all the Asian markets were trading in deep Red then following lines were told today at 08:28 AM in "7488 will be strong indication and 7425 will be confirmation of Deeper Correction":-

As 4 hours consolidation between 7488-7521 on 12-01-2016 therefore sustaining below 7488 will be strong indication of deeper correction and confirmation will be below 7425.

Whatsoever were told in previous 2 Outlooks all that was honoured by Indian markets in Following manner today:-

1- Trading range was given between 7425-7640 and Nifty traded whole day within mentioned range between 7443.80-7604.80 today despite all around Global markets weakness and above expectations Infy results.
2- Supports below 7521 and resistances above 7552 were told yesterday and Nifty closed exactly within this 31 points range at 7536.80 today.
3- Although all the Asian markets were deep Red today morning and SGX Nifty was trading more than 100 points down but we gave confirmations levels of 7488 and 7425,Nifty could not sustain below 7488 and closed above it after 160 points recovery from lower levels today.

Although Nifty got good supports at lower levels amid most depressed sentiments but after that up moves were slow which is a selling indication and higher levels selling was also seen therefore finally today trading will not be understood with Mixed patterns formations. 

As again lower levels supports and higher levels selling between 7425-7640 today therefore technically same view which was expressed yesterday that still Nifty has to prepare for next big decisive moves and that will be done through sideways trading within 7425-7640 tomorrow. 

It is confirm that valid break out of 7425-7640 will produce 5% Nifty moves therefore let market prepare for break out direction then will be updated according to intraday charts patterns formations in the coming sessions Outlooks in the same manner as being done for the last more than 5 years.

7488 will be strong indication and 7425 will be confirmation of Deeper Correction

Pre-open Outlook(14-01-2016)

As Dow's Futures was trading more than 140 points up and all the European markets were between 1.1% to 2.3% up during Indian trading hours yesterday therefore we told following line at 06:38 PM yesterday in "Sideways Market for Next Big Moves Preparation":-

3- Up moves after strong opening of European markets and sharp surge in Dow's Futures

As all the European markets could not sustain at higher levels and closed with small gains to negative yesterday and Dow Jones also closed 364 points down therefore all the Asian markets are trading 1.1% to 3.7% negative today morning and resultant Indian markets will open weaker today morning.

As 4 hours consolidation between 7488-7521 on 12-01-2016 therefore sustaining below 7488 will be strong indication of deeper correction and confirmation will be below 7425.

Sideways Market for Next Big Moves Preparation

Intra Day Chart Analysis & Market Outlook

(14-01-2016)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 7552-7585
2- Support between 7425-7458
3- Up moves after strong opening of European markets and sharp surge in Dow's Futures
4- Whole day actual trading between 7425-7590

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Firstly Watch 7488-7521 Despite Negative News after Market Today"

1- technically indications of some up moves. 
2- possibility of some up moves above 7521 has turned alive today
3- suggesting only for some up moves 

Following lines were told today at 10:18 AM in "Firstly Watch Immediate Next Resistances after First Hour Strong Up Moves":-

1- Resistances between 7581-7606
2- Resistances between 7614-7640

A- Nifty will be understood sideways between 7488-7640
B- firstly above mentioned immediate next resistances should be watched after first hour strong up moves today.

Whatsoever were told in previous 2 Outlooks all that was honoured by Indian markets in Following manner today:-

1- Up moves were told again and again yesterday and Nifty closed 52.10 points up today.
2- Up moves above 7521 was told and Nifty closed above it at 7562.40 today.
3- Resistances above 7581 were updated and Nifty closed below it at 7562.40 today. 
4- Sideways market between 7488-7640 was told and Nifty closed within this range after most time trading within this range.

Highly volatile trading within 165 points today with lower levels supports and higher levels selling therefore Indian markets will have prepare for next decisive moves between 7425-7640 because following supports and resistances are lying within this range:-

1- Supports between 7425-7458
2- Supports between 7488-7521
3- Resistances between 7552-7606
4- Resistances between 7614-7640

As sufficiently strong both supports and resistances between 7425-7640 therefore expected that Nifty will trade and prepare for next big moves within this range in the next 2/3 sessions. Let market prepare for break out direction then will be updated according to intraday charts patterns formations in the coming sessions Outlooks in the same manner as being done for the last more than 5 years.

Firstly Watch Immediate Next Resistances after First Hour Strong Up Moves

Post-open Outlook(13-01-2016)

Nifty-Intra Day Chart(First 15 Minutes of 13-Jan-2016)

Just click on chart for its enlarged view

Conclusions from intra day chart analysis 

Although most negative news after markets hours yesterday but we were not Bearish but cautious therefore told following lines yesterday in "Firstly Watch 7488-7521 Despite Negative News after Market Today"

1- technically indications of some up moves. 
2- possibility of some up moves above 7521 has turned alive today
3- suggesting only for some up moves 

As was told yesterday 100% same happened today through Nifty is trading above 7521 after gaining more than 66 points within first 15 minutes.

Following resistances were updated in previous Outlooks and today highest at this moment is at 7585.95:-

1- Resistances between 7581-7606
2- Resistances between 7614-7640

Nifty will be understood sideways between 7488-7640 because supports at lower levels and above mentioned resistances at higher levels within this range therefore Nifty will trade and prepare for next decisive moves within this range and finally sustaining beyond these Crucial levels will decide next Short Term Trend but firstly above mentioned immediate next resistances should be watched after first hour strong up moves today.

Firstly Watch 7488-7521 Despite Negative News after Market Today

Intra Day Chart Analysis & Market Outlook
(13-01-2016)

Nifty-Intra Day Chart (12-Jan-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 7488-7521
3- Whole day actual trading between 7488-7578

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Still Correction Continuation Expectations":-

1- Nifty will firstly trade within today trading range(7485-7605)
2-still correction continuation will be considered below today lowest(7485)

As was told almost 100% same happened today and Nifty traded whole day today within yesterday trading range between 7487.80-7588.30 and also correction remained continued towards yesterday lowest as well as got support just above it at 7487.80.

Today down moves beginning immediately after opening but in Bullish Falling Channel and last 4 hours consolidation patterns formations also between 7488-7521 therefore technically indications of some up moves.  

Following negative news after market today

1- Huge fall in November IIP(from 9.8% to -3.2%(MoM)
2- December CPI risen from 5.41 to 5.61%(MoM) 

As above mentioned big negative news after market today therefore market may react through gap down opening tomorrow but finally sustaining below today lowest(7488) should be firstly watched tomorrow because possibility of some up moves above 7521 has turned alive today after good consolidation between 7488-7521.

Correction is on and only one day today good consolidation is not sufficient for its completion or trend reversal but suggesting only for some up moves which will be decided through sustaining beyond today consolidation range(7488-7521) and that should be firstly watched tomorrow for next Very Short Term Trend despite above mentioned negative news after market today.

अंतिम निष्कर्ष का हिंदी अनुवाद 

करेक्शन चल रहा है और इसकी समाप्ति के लिए या ट्रेंड पलटने के लिए केवल आज एक दिन की खरीददारी पर्याप्त नहीं है लेकिन कुछ ऊपर की तरफ बढोत्तरी देखी जा सकती है जिसका अंतिम निर्णय आज की खरीददारी की रेंज(7488-7521) के पार बाज़ार के स्थिर होने के अनुसार किया जायेगा और ऊपर लिखे नकारात्मक समाचार होने के बाद भी इसे सबसे पहले कल ध्यान से देखा जाना चाहिए।

Still Correction Continuation Expectations

Intra Day Chart Analysis & Market Outlook

(12-01-2016)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Support between 7485-7515
2- Support between 7530-7542
3- Selling between 7579-7605
4- Whole day actual trading between 7485-7605

Conclusions from intra day chart analysis 

As all the Asian markets were in deep Red after huge fall of Chinese markets and sentiment turned depressed therefore gap down opening of Indian markets but strong intraday recovery from lower levels because Very Short Term Oscillators also turned Oversold after such big fall.

Bearish markets always remains highly volatile and today recovery from lower levels will be understood only intraday technical correction for sentiment maintaining. Until Nifty will not sustain above following resistances till then decisive up moves will not be considered:-

1- Resistances between 7581-7606
2- Resistances between 7614-7640

Above resistances levels were updated on 07-01-2016 in "Correction Continuation towards 7104/6761" and Nifty could not cross 1st resistance range(7581-7606) today as well as closed below it after follow up selling within it therefore this resistance range has become stronger today. 

As lower levels supports amid much depressed sentiments today therefore expected that Nifty will firstly trade within today trading range(7485-7605) and prepare for next decisive moves within this range in the coming sessions but still correction continuation will be considered below today lowest(7485) after follow up selling and until complete consolidation will not develop till then fresh rally after correction completion will not be seen. 

अंतिम निष्कर्ष का हिंदी अनुवाद 

चूंकि बहुत ही ख़राब माहौल होने के बावजूद आज नीचे के स्तर पर बाज़ार को सपोर्ट मिला है इसलिए आशा की जाती है कि निफ़्टी आने वाले दिनों में आज ही  की ट्रेडिंग लेवल्स(7485-7605) के बीच में ही बाजार ट्रेड करेगा और आने वाले दिनों की निर्णायक दिशा के लिए अपने को तैयार करेगा लेकिन आज के सबसे निम्न स्तर  के भी नीचे(7485) तक करेक्शन चालू रहने पर ही इस समय विचार किया जायेगा और जब तक पूरी तरह से खरीददारी विकसित नहीं हो जाती तब तक करेक्शन पूरा होने के बाद कोई भी नई रैली नहीं देखी जाएगी। 

Post-open Outlook(11-01-2016)

Although new 52 week lowest formation today after slipping below 7539.50 but all the Outlooks on Home page of this Blog are live proofs for this fact that we told for correction in all the Outlooks and it was seen through Nifty slipping by 477 points in 2016.

Correction is very much on and its continuation is expected,let consolidation develop then correction completion will be considered. Just click following topic links and understand technical reasons of this sharp fall as well as next targets of on going correction.

1- Updated on 07-01-2016:- Correction Continuation towards 7104/6761
2- Updated on 13-09-2015:- Finally correction continuation towards 7104/6761
3- Updated on 06-09-2015:- Next Target of Nifty at 7104.30

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

Live Proofs of Levels Accuracy

Following intraday Selling Levels were updated yesterday in Correction Continuation towards 7104/6761

1- Selling between 7614-7640
2- Selling between 7581-7606

Selling below 7640 was told yesterday and whole day trading  below it with intraday today highest formation at 7634.10 despite following Global markets Bullishness whole day today:-

1- Dow's Futures is now trading 200 points up. 
2- Most Asian markets closing more than 0.50% up.
3- All European markets now trading 0.50% to 0.90% positive.

Pre-open Outlook(08-01-2016)

As all the Asian markets are trading in Green and Dow's Futures is also more than 175 points up therefore sentiment is good today morning and resultant some up moves may be seen in the form of relief rally today as the technical correction of yesterday huge fall also. 

Just wait for follow up selling patterns formations for fresh selling today 

Correction Continuation towards 7104/6761

Intra Day Chart Analysis & Market Outlook

(08-01-2016)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 7614-7640(Immediate Resistances)
2- Selling between 7581-7606(Immediate Resistances)
3- Whole day actual trading between 7556-7655

Conclusions from intra day chart analysis 

Nifty corrected 415 points in last 4 sessions and all the 8 previous Outlooks of this Blog are live proofs of this fact that from 30-12-2015 we told again and again only for correction and that was seen also in all the previous sessions.

As whole day today down moves after huge gap down opening with continuous intraday selling patterns formations and consolidation patterns formations were not seen today therefore expected that on going correction will remain continued.

18 Months 4000 points strong rally from 28-08-2013(5118.85) to 04-03-2015(9119.20) and now its corrective Wave-'C' of 'ABC' correction continuation with recent bottom formation at 7539.50 on 08-09-2015. As at present no signal of Wave 'C' completion and fresh selling was also seen today therefore correction continuation will be seen below the lowest(7539.50) of on going big correction.

Just click following topic links for next targets of on going correction with detailed analysis:-

1- Updated on 13-09-2015:- Finally correction continuation towards 7104/6761
2- Updated on 06-09-2015:- Next Target of Nifty at 7104.30

Correction Continuation Expectations

Intra Day Chart Analysis & Market Outlook

(07-01-2016)

Nifty-Intra Day Chart (06-Jan-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Support between 7761-7775
2- Selling between 7776-7800
3- Sudden sharp fall  
4- Whole day actual trading between 7722-7800

Conclusions from intra day chart analysis 

Following conclusive line was told yesterday in "Finally correction continuation despite some up moves possibilities":-

Finally correction continuation is still expected despite some up moves possibilities tomorrow

As was told yesterday 100% same happening is proved from above updated today intraday chart.

As good intraday consolidation patterns formations yesterday and fresh selling was required within yesterday trading range for decisive down moves therefore firstly up moves after lower levels supports and then more than 3 hours selling within yesterday trading range between 7776-7800 and after that sharp fall was seen today. 

As follow up selling today after breaking down of 7 sessions trading range on 04-01-2016 therefore correction continuation is expected in the coming sessions.

Post-open Outlook(06-01-2016)

As most Asian markets are trading more than 1% down today morning and sentiment turned depressed therefore Nifty slipping immediately after positive opening but Mid-cap and Small-Cap are now trading more than .45% up. Intraday consolidation patterns formations yesterday therefore today first hour most time trading within yesterday trading range despite such high weakness in most Asian markets. 

Intraday consolidation patterns formations above 7764 yesterday and its valid breaking down will be immediate confirmation of more correction.

Finally correction continuation despite some up moves possibilities

Intra Day Chart Analysis & Market Outlook

(06-01-2016)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation between 7764-7780(Immediate Supports)
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 7764-7831

Conclusions from intra day chart analysis 

Correction beginning yesterday after Previous 7 Sessions actual trading range(7835-7972) broken down and today its continuation was seen but consolidation patterns formations also today therefore some up moves can not be ruled out in the coming sessions. As 7 Sessions trading range forcefully broken down yesterday therefore decisive up moves will be seen only after complete follow up consolidation but once valid breaking down of today lowest(7764) will mean correction continuation towards  those next supports which have already been updated in previous Outlook yesterday.

Finally correction continuation is still expected despite some up moves possibilities tomorrow.

Correction Continuation towards Next Supports

Intra Day Charts Analysis & Market Outlook

(05-01-2016)

Nifty-Intra Day Chart (Dec 23,2015 to Jan 04,2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in last 8 Sessions intraday charts

1- Previous 7 Sessions actual trading between 7835-7972
2- Slipping and closing below previous 7 Sessions lowest on 04-01-2016

Conclusions from 8 Sessions intra day chart analysis 

Anyone may verify from our previous sessions Outlooks on Home page and Archive(at the bottom of Blog) that we continuously told for intraday selling patterns formations and resultant huge down moves today with slipping and closing below previous 7 Sessions lowest in a single day today.

Certainly 7 Sessions trading range broken down confirmation which is huge one and resultant correction beginning confirmation of that Pull Back rally which started on 14-12-2015 from 7551.05 and terminated at 7972.55 on 01-01-2016. 

As such big down moves today and very short term indicators have turned oversold therefore only a bounce back from intraday lower levels will be considered otherwise finally correction continuation is expected towards following next supports:-

1- Supports between 7738-7772
2- Supports between 7573-7645

Pull Back rally Correction Beginning Confirmation

Mid-session Outlook(04-01-2016)

Nifty-Intra Day Chart(Last 5 Sessions & First 2 hours of 04-01-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in intraday charts

1- Last 5 Sessions actual trading between 7882-7972
2- Slipping below previous week lowest in first hour on 04-01-2016

Conclusions from intra day chart analysis 

Although most of the days Nifty closed in Green in previous week but we were not Bullish and most of the times told for correction beginning possibilities because intraday charts were showing Mixed Patterns formations which means selling patterns were also being developed. As such selling formations were also seen in whole previous week therefore Nifty slipped below last 5 sessions lowest in first hour today.

As last 5 sessions actual trading bottom broken down of forcefully in only first one hour today therefore correction beginning confirmation of that Pull Back rally which started on 14-12-2015 from 7551.05 and terminated at 7972.55 on 01-01-2016.

As I was out of station and just now came back therefore Stock Market Outlook of today is not being updated but Mid-session Outlook may be posted during trading hours today.

Just Watch 7892 for Correction Beginning Confirmation

Post-open Outlook(01-01-2016)

Nifty-Intra Day Chart(Last hour of 31-12-2015 and First 7 Minutes on 01-01-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in intraday charts

1- Up moves in last hour on 31-12-2015
2- Sharp down in First 7 Minutes on 01-01-2016

Conclusions from intra day chart analysis 

Although yesterday closing was near the higher levels of the day but we were not Bullish and told following lines in "4 Indications of Pull back rally correction beginning":-

1- Mixed Patterns between 7892-7915 
2- sharp up moves in last half hour.
3- today up moves may be by mutual funds to maintain and increase their NAVs on the last day of the year.

As last hour up moves were not due to intraday consolidation but after Mixed patterns formations between 7892-7915 therefore Nifty lost all yesterday up moves within first 7 minutes today and traded at 7909.80.

Valid break down of 7892 should be firstly watched for correction beginning confirmation.