Strong Signals of Short Term Correction in Next Week

Strong Signals of Short Term Correction in Next Week
Technical Analysis,Research & Weekly Outlook

(Apr 13 to Apr 17,2015)

Nifty-Weekly Chart (10-Apr-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in Weekly charts

1- 6357.10 on 08-01-2008(Correction beginning after 15 Years highest formation)
2- 2252.75 on 27-10-2008(9 months correction completion and Wave-1 beginning)
3- Wave-1 (6335.90 on 08-11-2010)
4- Wave-2 (4531.15 on 20-12-2011)
5- Wave-3 (life high formations at 9119.20 on 04-03-2015)

Conclusions from Weekly chart analysis

Impulsive Wave-3 continuation,it has extended above 1.618% and its next extension levels are as follows:-

1- 1.618%- 8,858(extension completed)
2- 1.764%- 9,454
3- 1.886%- 9,952
4- 2.000%- 10,418
5- 2.236%- 11,381
6- 2.618%- 12,941

Nifty-EOD Chart (10-Apr-2015):-

Just click on chart for its enlarged view

 Technical Patterns and Formations in EOD charts

1- 5118.85 on 28-08-2013(Wave-1 beginning after 'ABC' correction completion)
2- Wave-1(6415.25 on 09-12-2013)
3- Wave-2(5933.30 on 04-02-2014)
4- Wave-3(8626.95 on 04-12-2014)
5- Wave-4(7961.35 on 17-12-2014)
6- Wave-5(9119.20 on 04-03-2015)
7- Correction completion(Wave-A) with recent bottom formation at 8269.15 on 27-03-2015
8- Pull Back rally continuation(Wave-B) with recent top formation at 8787.40 on 10-04-2015

Conclusions from EOD chart analysis

Correction beginning after Wave-5 completion at 9119.20 on 04-03-2015. As 850(more than 9%) points correction and a strong signal of 5th Wave completion of that impulsive Wave-1 which started from 5118.85 on 28-08-2013 therefore until Nifty will not sustain above all time high(9119.20) till then correction possibility of whole that 4000.35 points rally can not be ruled out which started from 5118.85 and completed at 9119.20.

Broadening Rising Channel Formations

Nifty-EOD Chart (10-Apr-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

8 Months rally in Broadening Rising Channel

Conclusions from EOD chart analysis

Broadening Rising Channel formation started on 08-08-2015 and since then rally continuation within this channel. As Rising Channel therefore it is a Bearish pattern and its valid breaking down will mean possibility deeper correction like 2008 because Channel is such 8 months long. Correction is on and no confirmation of its completion yet therefore view is cautious and sustaining beyond lower rising line of this channel should be watched in the coming weeks for first strong signal of next Long Term Trend.

Waves structure of Wave-5

Nifty-EOD Chart (10-Apr-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 7961.35 on 17-12-2014(Wave-5 beginning after Wave-4 completion)
2- Sub Wave-1(8445.60 on 05-01-2015)
3- Sub Wave-2(8065.45 on 07-01-2015)
4- Sub Wave-3(8996.60 on 30-01-2015)
5- Sub Wave-4(8470.50 on 10-02-2015)
6- Sub Wave-5 of Wave-5 completion at 9119.20 on 04-03-2015 and correction beginning
7- Correction completion(Wave-A) with recent bottom formation at 8269.15 on 27-03-2015
8- Pull Back rally continuation(Wave-B) with recent top formation at 8787.40 on 10-04-2015
9- Long Term Trend decider 200 Day EMA is today at 8153

Conclusions from EOD chart analysis

Recent bottom formation of on going correction is at 8269.15 and after that Pull Back rally continuation with recent top formation at 8787.40 but correction completion confirmation is still required. Long Term Trend is up and its decider 200-Day EMA is today at 8153 which is 627 points below previous close therefore no threat to Long Term Trend at this moment.

Waves structure of on going Correction

Nifty-EOD Chart (10-Apr-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Sub Wave-5 of Wave-5 completion at 9119.20 on 04-03-2015 and 'ABC' correction beginning
2- Wave-A(8612 on 16-03-2015)
3- Wave-B(8788.20 on 18-03-2015)
4- Wave-C(8269.15 on 27-03-2015)
5- Pull Back rally with recent top formation at 8787.40 on 10-04-2015 which is just below the top of Wave-B(8788.20)

Conclusions from EOD chart analysis

Wave-B completed at 8788.20 and recent top formation of on going Pull Back rally is at 8787.40 on 10-04-2015 which is just below the top of Wave-B therefore 8788.20 has become crucial now because that will decide Intermediate Term Trend which is sideways between 8269-8788 for the last 15 sessions and should be firstly watched in the beginning of next week.

Nifty-Intra Day Chart (Apr 09 & Apr 10,2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in last 2 Sessions intraday charts

1- Lower levels consolidation between 8683-8728 on 09-04-2015
2- Higher levels selling between 8740-8763 on 09-04-2015
3- Up moves in Bearish Rising Channel in last hour on 09-04-2015
4- Most time good selling between 8754-8787 on 10-04-2015
5- 2 Sessions actual trading between 8683-8787

Conclusions from 2 Sessions intra day chart analysis

Although lower levels some supports but higher levels good selling in last 2 sesions therefore emergence down moves possibility as sell as sustaining below last 2 sessions lowest(8683) will mean steel fall.

Nifty-Intra Day Chart (10-Apr-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 8761-8781
2- Selling between 8754-8768
3- Selling between 8777-8787
4- Whole day actual trading between 8733-8787

Conclusions from intra day chart analysis

54 Points sideways market in previous trading sessions(10-04-2015) with closing near the higher levels of the day but almost whole day selling patterns formations therefore strong signals of fresh down moves within first 2 sessions of next week.

Conclusions (After Putting All Studies Together)

Correction started after Wave-5 completion at 9119.20 and last 8 Months rally in Broadening Rising Channel which is such long Bearish pattern also therefore valid breaking down of its lower Rising line will mean emergence of like 2008 deeper correction possibility because in that situation Nifty may correct following big rallies:-

1- 5118.85 from 28-08-20(because its 5 waves have been completed)
2- 4531.15 from 20-12-2011(because its 5 waves have been completed)

Long and Short Term Trends are up and Intermediate Term is sideways between 8269-8788 for the 15 sessions,finally sustaining beyond this range will be strong indication of next decisive moves. Although previous session and week closing near the higher levels of the day day/week but good intraday selling patterns formations in last 2 sessions and Bearish Shooting Star Candlestick formations also in last 2 sessions therefore Strong Signals of Short Term Correction in the beginning of Next Week. Next trend will be decided through sustaining beyond Intermediate Term deciding levels(8269-8788) and should be finally watched in the coming week/weeks.

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Rally is confirm

Pre-Open Market Outlook(03-06-2010)

Nifty got good support between 4963-5000 yesterday and moved up. All the Asian markets are strong after US markets strong gains yesterday. Technically Indian markets are getting good support above 200-Day EMA and if US markets does not show any break down then strong rally is confirm in Indian markets.

Next resistance range is 5050-5090 and after sustaining above it next resistance range is 5160-5210. Long term and short term trends are up and intermediate term will be up after sustaining above 5213. It is very much expected that intermediate term will be up in the coming sessions.

Gap up opening today and after that next resistance range(5050-5090) will be tested. This range will be crossed now and Indian markets will close positive today. Rally in Indian markets is confirm now.


(Lalit Kumar Dhingra)

WATCH 5000 FOR UP TREND CONFIRMATION

Pre-Open Market Outlook(02-06-2010)

200-Day EMA is long term trend decider and it has capacity to finalise that a fanancial market is in Bullish phase or Bearish. All the global marketsare either comfortably below it or struggling to surrvise Bullish markets near it barring Indian and Germany markets which are comfortably above it. US markets fought 200-Day EMA yesterday but failed and closed at Day's lowest and below it. Dow's sustaining below 9800 will mean confirmed bearish markets in US and that will certainly have negative impact on global stock markets also.

Indian markets got resistance below 5100 and slipped yesterday after whole day deep Red trading US futures. Indian markets are above 200-Day EMA(today at 4903) and until does not sustain below it till then view will remain Bullish with cautious approach. Nifty got good support between 4860-4880 in last week and if on going down trend get support at or above 4860 then up moves will be seen and Bullish market will survive which is at stake at this moment.

Steep fall was seen yesterday but last 2 hours intraday patterns between 4963-5000 are showing consolidation signals and if Nifty moves above 5000 after some more consilidation today then it will be positive for Indian markets and fresh upmoves will be seen. Above mentioned last 2 hours consolidation range will give direction to Indian markets and if Nifty sustains above 5000 then more upmoves may also be seen after some more consolidations between 5050-5080. Long term trend is up in Indian markets and will remain up if major set backs are not seen in global markets.

Asian markets are positive today morning despite more tham 1% fall in US markets therefore positive opening and firstly trading between 4963-5000 expected today and also expected that Nifty will cross 5000 finally and Indian markets will also close in Green today.

Mid-Session Outlook(01-06-2010)

Dow's futures was trading more than 60 points down and resultant all Asian markets were down. As weakness suspected in Indian markets therefore Pre-Open Market Outlook was revised today morning. Dow's futures slipped again and now trading more than 130 points down therefore weakness deepened in Indian markets despite bullish technical development yesterday. All the global markets are reacting European uncertainities and seems that until things will not settle till than sharp voltality will be seen. If Nifty get support at 4860 or above in melting global markets then recovery in Indian markets can be expected. Indian markets slipping and long positions should be considered only after strong supports getting signals at or above 4860.

Watch 5020-5070 forn next move confirmations

Pre-Open Market Outlook-2 (01-06-2010)

Dow's futures slipped more than 60 points therefore all Asian markets are trading in Red. US markets closed 1% down last Friday and today weak trading futures is giving caution signal. Indian markets will open weak and will trade and prepare for next move within last 2 days trading range 5020-5070. As global uncertainity was the major reason of previous correction therefore above mentioned last 2 days trading will give next move confirmation even after yeaterday break out and closing above.

5160 will be tested positively if Nifty crosses 5070 but after slipping global market signals next move preperation should be watched first within last 2 days trading range.

(Lalit Kumar Dhingra)

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accurate predictions

Pre-open Outlook(01-12-2011)

When all the global markets are blasting and SGX Nifty is more than 160 points up then anyone can say for strong Indian markets but when;-

1- When global markets were dipping
2- When FIIs were selling
3- When Indian Rupeee was sliping
4- When most of the News Channels were telling for most bearish markets
5- When most of the experts were telling for Bearish markets and also updating for Nifty at 4500/4200/4000/3800/3500 

Then we started to tell for Bullish Indian markets from 23-11-2011and repeated 16 times again and again daily in 4 Forums,2 News Papers and in our Website.

Those live proofs are as follows which all will always accept and no one can deny and if anybody have any doubt then can verify on his own from any of above mentioned updating sources;-


1- Confirmation required for 64 sessions range(4720) breaking down(23-11-2011)
Indian markets are prepared for a strong bounce back and if Nifty sustains above 4720 then strong pull back rally will be seen.

2- Mid-session Outlook(24-11-2011)
As two sessions support above 4640 therefore until Nifty will not sustain 4640 till then any down move will not be considered and sustaing above 4678 will be confirmation of fresh up moves after correction completion therefore should be kept in mind.

3- Pre-Closing Outlook(24-11-2011)
Nifty moved above 4720 after getting strong support at 4640 and again entered between 64 sessions range. More up moves are expected after correction completion confirmations.

4- Pull Back rally is on after correction completion(24-11-2011)
Pull Back Rally commenced after correction completion today and crossing as well as sustaining above 4890 will be confirmation of strong up moves.

5- Up move expectations were told at 10:12:00 AM on Post-open Outlook(25-11-2011)
As first 45 minutes intraday patterns showed consolidations patterns between 4700-4720 therefore up move expectations are alive after follow up consolidations despite depressing global sentiment.

6- Bearish view was not told despite Red closing in Pre-Closing Outlook(25-11-2011)
As clear consolidation patterns at lower levels today therefore view is not bearish despite Red closing today.

7- Bearish view was not told despite Red closing in Pre-Closing Outlook(25-11-2011)
As clear consolidation patterns at lower levels today therefore view is not bearish despite Red closing today

8- Bullish market was proved on 26-11-2011 in Pull Back Rally will continue in next week and following line was told:-
Pull Back Rally has begun in previous week and will remain continued in the coming week.

9- Pull Back Rally is on (28-11-2011)
 finally up moves will be seen today and previous week started Pull Back Rally will remain continued with today positive market.

10- Mid-session Outlook(28-11-2011)
 finally continuation of rally is expected after consolidations.

11- Bullish Bombs ready to Blast(28-11-2011)
expected that mentioned resistance will be crossed and bullish rally will continue in the coming sessions.

12- Technical Analysis and Research For 29-12-2011
 strong bullish indication therefore continuation of previous week rally will be seen in this week.

13- Fibonacci Retracement Levels(28-Nov-2011):
Pull Back Rally begun after its completion on 24-11-2011 at 4640. Fibonacci Retracement Levels of on going up moves are as follows:-

14- Nifty-Micro Analysis of Intra Day Chart For 30-11-2011
Technically Indian markets are riped for a strong Pull Back Rally

15- Rally will contine within most Crucial Trend deciding Range(30-Nov-2011)
intraday charts of yesterday are showing consolidation patterns therefore firstly continuation of rally is expected within 65 Sessions range(4720-5229).

16- Pre-Closing Outlook(30-11-2011)
As intraday consolidation pateerns today also and continuation of rally expected in the coming sessions.


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CAMARILLA Pivot Point

CAMARILLA Pivot Point

CAMARILLA Pivot Point
Today i will explain one more Trading System which is known as CAMARILLA Pivot Point which will come Handy for Day Trading Purpose.
Origins of the Camarilla Equation:
Discovered while day trading in 1989 by Nick Stott, a successful bond trader in the financial markets, which uses a truism of nature to define market action – namely that most time series have a tendency to revert to the mean. In other words, when markets have a wide spread between the high and low the day before, they tend to reverse and retreat back towards the previous day’s close. Input to the Systems is yesterday’s open, high, low and close. These levels are, frankly, astounding in their accuracy as regards day trading, even to seasoned traders, who know all about support and resistance, pivot points and so on.

Camarilla Equation Levels:
The Camarilla Equation produces 8 levels from yesterday’s open, high, low and close. These levels are split into two groups, numbered 1 to 4. The pattern formed by the 8 levels is broadly symmetrical, and the most important levels are the ‘L3′, ‘L4′ and ‘H3′, ‘H4′ levels. While day trading, traders look for the market to reverse if it hits an ‘L3′ or ‘H3′ level. They would then open a position AGAINST the trend, using a stop loss somewhere before the associated ‘L4′ or ‘H4′ level. 


The second way to try day trading with the Camarilla Equation is to regard the ‘H4′ and ‘L4′ levels as ‘breakout’ levels – in other words to go WITH the trend if prices push thru either the H4 or L4 level. This essentially covers all the bases – Day Trading within the H3 and L3 levels enables you to capture all the wrinkles that intraday market movement throws up, and the H4 – L4 breakout plays allow the less experienced trader to capitalise on relatively low risk sharp powerful movements.

How to use this system:
Look at the opening price for the stock/futures/commodities/currency.
Scenario 1
Open price is between H3 and L3
For Long


Wait for the price to go below L3 and then when it moves back above L3, buy. Stoploss will be when price moves below L4. Target1 – H1, Target2 – H2, Target3 – H3
For Short Sell

Wait for the price to go above H3 and then when the price moves back below H3, sell. Stoploss will be when price moves above H4. Target1 – L1, Target2 – L2, Target3- L3
Scenario 2
Open price is between H3 and H4
For Long

When price moves above H4, buy. Stoploss when price goes below H3. Target – 0.5% to 1%
For Short Sell
When the price goes below H3, sell. Stopless when prices moves above H4. Target1 – L1, Target2 – L2, Target3- L3
Scenario 3
Open price is between L3 and L4
For Long
When price moves above L3, buy. Stoploss when price moves below L4. Target1 – H1, Target2 – H2, Target3 – H3
For Short Sell
When the price goes below L4, sell. Stoploss when price moves above L3. Target – 0.5% to 1%
Scenario 4
Open price is outside the H4 and L4
Wait for the prices to come in range and trade accordingly.

Nifty Chart

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Daily Outlook

Crucial Technical Gaps break out is must for Next Big Trend

Nifty-EOD Chart (01-Oct-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Bearish Head and Shoulders Pattern formations in 14 sessions

2- Neckline at 5810

Conclusions from EOD chart analysis 

Bearish Head and Shoulders Pattern formations and its Neckline broken down on 30-09-2013 as well as last 2 sessions closing below it. Technically 3 days or minimum 3% closing below Neckline is required for valid break out confirmation of Neckline and it has not happened yet.

Nifty-EOD Chart (01-Oct-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Bottom formation at 5118.85 on 28-08-2013 and Wave-1 beginning

2- Wave-1(5580.95 on 03-09-2013) 

3- Wave-2(5318.90 on 04-09-2013) 

4- Wave-3(5957.25 on 16-09-2013) 

5- Wave-4(5798.15 on 16-09-2013) 

6- Wave-5(6142.50 on 19-09-2013)

7- 'ABC' Correction continuation.

8- Wave-A(5811.10 on 25-09-2013)

9- Wave-B(5917.65 on 26-09-2013)

10- Wave-C bottom formation at 5700.95 on 01-10-2013.

11- Bullish Hammer formation on 01-10-2013. 

Conclusions from EOD chart analysis 

'ABC' Correction continuation and Wave-C bottom formation at 5700.95 on 01-10-2013 but same day good recovery after lower levels supports also even after negative news of 'Shut Down in USA'. As Bullish Hammer Candle formation on 01-10-2013 also therefore sustaining below Wave-C bottom is also required for further correction continuation. 

Nifty-EOD Chart (01-Oct-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 200 Day SMA at 5840

2- 200 Day EMA at 5751

Conclusions from EOD chart analysis 

Long Term trend decider 200 Day SMA broken down but Long Term trend decider another average 200 Day EMA has not been broken yet and closing above it on 01-10-2013. Sustaining below 200 Day EMA is must and firstly required for deeper correction.

Nifty-EOD Chart (01-Oct-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Gap resistance between 5810-5819

2- Gap support between 5689-5738

3- Gap support between 5460-5553

Conclusions from EOD chart analysis 

Nifty closed at 5780.05 on 01-10-2013 which is between both next Gap support and next Gap resistance. 

Nifty-Intra Day Chart (01-Oct-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Lower levels supports at 5701 after USA Shut Down news. 

2- Whole day up moves in Bearish Rising Channel.

3- Whole day actual trading between 5701-5786

Conclusions from intra day chart analysis 

Lower levels supports and panic bottom formation after USA Shut Down news and whole day up moves also but in Bearish Rising Channel therefore both Bullish and Bearish intraday formations and sustaining beyond today trading range(5701-5786) will be next trend first indication.

Conclusions (After Putting All Indicators Together)

As 'ABC' correction begun after completion of 5 waves of 16 sessions strong rally(5119-6142) therefore correction of whole rally is being seen. Good supports seen at lower levels on 01-10-2013 even after negative news of 'Shut Down in USA' and Bullish Hammer Candle formation also therefore it is correction completion first signal and sustaining below lowest of same day(5701) is must for correction continuation indication.

Nifty closed at 5780.05 on 01-10-2013 with both Bullish and Bearish intraday patterns formations and both deeper correction signals through Bearish Head and Shoulders Pattern and correction completion signal also on 01-10-2013 through lower levels good supports therefore next trend more preparations and formations are required for next trend formations and decisive moves.

Nifty previous closing is between next Gap resistance(5810-5819) and Gap support(5689-5738) and technical positions are mixed therefore Nifty will firstly trade and prepare for next trend and one side moves between 5689-5819 and valid break out of this range will decide:-

1- Rally after correction completion above 5819 or

2- Trend reversal below 5689.    

Weekly Outlook

Next target of Nifty at 9299.10

Technical Analysis,Research & Weekly Outlook

(Mar 09 to Mar 13,2015)

Nifty-EOD Chart (05-Mar-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-iv of Wave-3 completion at 7961.35 on 17-12-2014 and beginning of Wave-1 of Wave-v of Wave-3)

2- Wave-1 of Wave-v of Wave-3 completion at 8445.60 on 05-01-2015 

3- Wave-2 of Wave-v of Wave-3 completion at 8065.45 on 07-01-2015

4- Wave-3 of Wave-v of Wave-3 completion at 8996.60 on 30-01-2015

5- Wave-4 of Wave-v of Wave-3 completion at 8470.50 on 10-02-2015

6- Sub Wave-1 of Wave-5 of Wave-v of Wave-3 completion at 8913.45 on 19-02-2015 

7- Sub Wave-2 of Wave-5 of Wave-v of Wave-3 completion at 8669.45 on 26-02-2015 

8- Sub Wave-3 of Wave-5 of Wave-v of Wave-3 completion at 9119.20 on 04-03-2015 

9- Sub Wave-4 of Wave-5 of Wave-v of Wave-3 continuation with recent bottom formation at 8849.35 on 05-03-2015

Bullish break out of 'Pennant Pattern'

Nifty-EOD Chart (05-Mar-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 'Pennant Pattern'formations in last 20 Sessions Correction

2- 'Pennant Pattern'break out on 28-02-2015

3- Support at the upper line of 'Pennant' on 05-03-2015

Nifty-Intra Day Chart (05-Mar-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation between 8850-8881(Immediate Supports)

2- Consolidation between 8893-8922(Immediate Supports)

3- Whole day actual trading between 8850-8957

Conclusions from intra day chart analysis 

Although sharp fall on 04-03-2015 but  whole day consolidation patterns were also seen also on 04-03-2015 and as such selling patterns were not visible therefore emergence of first strong signal fresh up moves after 1 day correction completion.

Conclusions (After Putting All Studies Together)

All trends are up and strong Bullish rally continuation with 20 sessions 'Pennant Pattern' formations between 30-01-2015 and 27-02-2015 which was broken out on 28-02-2015. As high expectations from Budget and sentiment remained boiling as well as RBI rates cut was also seen in previous week therefore high volatility was seen but Nifty could not slip below the upper line of 'Pennant' and support got exactly on it on on 05-03-2015 therefore rally continuation hopes are alive.  

Corrective Sub Wave-4 of Wave-5 of Wave-v of Wave-3 started after RBI rates cut on 04-03-2015 but good consolidation was also seen on 05-03-2015 therefore emergence of correction completion signal and if Nifty sustain above the bottom of 05-03-2015 then fresh rally will be seen after Sub Wave-5 confirmation. next possible targets of Sub Wave-5 will be as follows:-

Sub Wave-1 gained 442.95 points(8913.45-8470.50)

Sub Wave-3 gained 449.75 points(9119.20-8669.45)

Sub Wave-3 gained almost 100% of Sub Wave-1(means 449.75 points) and if Sub Wave-5 also gains 100% of Wave-3 after Wave-4 bottom formations confirmation at 8849.35 on 05-03-2015 then next target of Sub Wave-5 will be:- 

449.75+8849.35=9299.10

Firstly sustaining above 8849.35 should be watched in next week and its confirmations will mean confirmation of Sub Wave-5 formation and its continuation towards next target at 9299.10 after 100% of Sub Wave-3. 

As good supports above 8849.35 on 05-03-2015 and as such good selling not seen above it but on the other hand consolidation patterns were also seen on 04-03-2015 therefore expected that finally Nifty will sustain above 8849.35 and will finally move towards next target at 9299.10.

-------------------------------------
Strong Rally after  'Pennant Pattern'  break out confirmation through sustaining  above last Resistance

Technical Analysis,Research & Weekly Outlook

(Feb 02 to Feb 05,2015)

 Nifty-EOD Chart (28-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 5118.85 on 28-08-2013(Wave-i of Wave-3 beginning after 'ABC' correction completion)

2- Wave-i of Wave-3(6415.25 on 09-12-2013)

3- Wave-ii of Wave-3(5933.30 on 04-02-2014)

4- Wave-iii of Wave-3(8626.95 on 04-12-2014)

5- Wave-iv of Wave-3(7961.35 on 17-12-2014)

6- Wave-v of Wave-3 continuation with recent top formation at 8996.60 on 30-01-2015

Waves structure of Wave-v of Wave-3

Nifty-EOD Chart (28-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-iv of Wave-3 completion at 7961.35 on 17-12-2014 and beginning of Wave-1 of Wave-v of Wave-3)

2- Wave-1 of Wave-v of Wave-3 completion at 8445.60 on 05-01-2015 

3- Wave-2 of Wave-v of Wave-3 completion at 8065.45 on 07-01-2015

4- Wave-3 of Wave-v of Wave-3 completion at 8996.60 on 30-01-2015

5- Wave-4 of Wave-v of Wave-3 completion at 8470.50 on 10-02-2015

6- Sub Wave-1 of Wave-5 of Wave-v of Wave-3 completion at 8913.45 on 19-02-2015 

7- Sub Wave-2 of Wave-5 of Wave-v of Wave-3 completion at 8669.45 on 26-02-2015 

8- Sub Wave-3 of Wave-5 of Wave-v of Wave-3 continuation with recent top formation at 8,941.10 on 26-02-2015

'Pennant Pattern'break out on 28-02-2015 

Nifty-EOD Chart (28-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 'Pennant Pattern'formations in last 22 Sessions Correction

2- 'Pennant Pattern'break out on 28-02-2015

Conclusions (After Putting All Studies Together)

All trends are up and strong recovery from lower levels after Union Budget-2015 amid high volatility and closing above 'Pennant Pattern'which was formed in last 22 Sessions and it is a strong indication of next up moves after Budget. Following resistances were updated on 21-02-2015 in "Finally Post Budget Rally after follow up consolidations":-

1- Resistances between 8820-8852

2- Resistances between 8918-8936

Nifty faced resistance between 2nd resistance(8918-8936) and closed just below it at 8,901.85 after highest formation just above it at 8,941.10 on Union Budget-2015 day. As 'Pennant Pattern break out therefore strong signal of fresh Up moves but sustaining above mentioned resistance(8936) should also be firstly watched. Once sustaining above it will mean fresh rally beginning because it is last resistance of Nifty and should be firstly watched in the beginning of next week.

Sub Wave-3 of Wave-5 of Wave-v of Wave-3 continuation with recent top formation at 8941.10 on 28-02-2015 and its Sub Wave-5 is still left for up moves above 8941.10. Although negative reactions on Budget are also coming but Short Term Indicators have started to show positive moves signals. As good selling has not seen yet and strong recovery was also seen after lower levels consolidation on Budget day therefore expected that fresh rally will be seen with new life time high formation in next week but follow up consolidation with sustaining above last resistance (8936) is must because that will be 'Pennant Pattern'  break out confirmation also.

-------------------------------------
Finally Post Budget Rally after follow up consolidations

Technical Analysis,Research & Weekly Outlook

(Feb 23 to Feb 28,2015)

Waves structure from all time lowest formation after world Trade Center attack on 11-09-2001

Nifty-Weekly Chart (20-Feb-2015)

Just click on chart for its enlarged view

Technical Patterns and Formations in Weekly charts

1- Wave-1 beginning at 854.20 on 21-09-2001(all time lowest formation after world trade center attack on 11-09-2001) .

2- Wave-1 completion and Wave-2 beginning at 6357.10 on 08-01-2008(15 Years highest formation)

3- Wave-2 completion and Wave-3 beginning at 2252.75 on 27-10-2008(after 9 months correction completion in 2008)

4- Wave-3 continuation with all time high formations at 8996.60 on 30-01-2015.

Conclusions from Weekly chart analysis 

Wave-3 continuation towards following retracement levels:-

[1.382] 7,925(Retracement completed)

[1.414] 8,056(Retracement completed)

[1.500] 8,409(Retracement completed)

[1.618] 8,893(Retracement completed)

[1.764] 9,493

[1.886] 9,994

[2.000] 10,462

[2.236] 11,430

[2.618] 12,998

[3.140] 15,141

[3.618] 17,103

On Long Charts above retracement levels of on going Wave-3 are very much possible in the coming 5 years of our honorable P.M. Narendra Modi and its beginning will be after Union Budget-2015.

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

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-1 beginning after correction completion at 7961.35 on 17-12-2014

2- Wave-1 completion at 8445.60 on 05-01-2015 

3- Wave-2 completion at 8065.45 on 07-01-2015

4- Wave-3 completion at 8996.60 on 30-01-2015

5- Wave-4 completion at 8470.50 on 10-02-2015

6- Wave-5 continuation with recent top formation at 8913.45 on 19-02-2015

7- Last 4 sessions sideways trading between 8793-8913

Conclusions from EOD chart analysis

All Trends are up and life time high formations at 8996.60 on 30-01-2015. Wave-5 continuation with following immediate supports and resistances:-

1- Supports between 8816-8853

2- Supports between 8795-8838

3- Supports between 8736-8751

4- Supports between 8595-8615

5- Supports between 8554-8574

6- Supports between 8475-8505

7- Resistances between 8880-8894

8- Resistances between 8918-8936

Last 4 sessions sideways trading between 8793-8913 and finally sustaining beyond this range will be first strong signal of next trend and confirmation will sustaining beyond on going Wave-5(8470-8996)

Nifty-Intra Day Chart (Feb 16 to Feb 20,2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in last 4 Sessions intraday charts

1- Selling between 8840-8870 on 16-02-2015

2- Selling between 8850-8861 on 18-02-2015

3- Down moves in Bullish Falling Channel on 18-02-2015

4- Selling between 8883-8894 on 18-02-2015

5- Selling between 8880-8901 on 19-02-2015

6- Consolidation between 8795-8838 on 19-02-2015

7- Consolidation between 8816-8853 on 20-02-2015 

8- Down moves in Bullish Falling Channel on 20-02-2015 

9- 4 Sessions actual trading between 8793-8913 

 Conclusions from 4 Sessions intra day chart analysis 

Last 4 sessions trading with both higher levels selling and lower levels buying therefore Nifty is not prepared for any side decisive moves and firstly has to prepare within or near about last 4 sessions range(8793-8913) as well as finally sustaining beyond this range will be first strong signal of next big moves.

Conclusions (After Putting All Studies Together)

Wave-5 is on but Short Term Oscillators are overbought therefore last 4 sessions sideways markets for its cooling down. Both Feb. Derivative expiry and Union Budget in next week and sentiments will remain boiling as well as market will prepare and form positions for post Budget big moves. Although post Budget big moves will be decided from coming 2/3 sessions intraday charts patterns formations but expected that finally up moves will be seen in uncharted region after follow up consolidation in the coming sessions. Although Nifty closed in Red and lowest of the day after last more than 1 hour down moves but consolidation patterns formations were also seen therefore rally continuation hopes are alive. 

Expected that Nifty will firstly trade within or near about 8793-8913 amid high volatility and may slip also below 8793 but until Nifty will not sustain below it till then View will not be Bearish because many time Supports are broken down under consolidation process. As resistances above previous week closing are not strong and as such selling patterns also have not developed yet to say for any deeper correction therefore Indian markets are well poised for Post Budget rally after high volatility and panic bottoms formations. 

Finally Post Budget Rally will be seen after follow up consolidations. 

-------------------------------------
9401.50 is Maximum Target of on Going Wave-5 of Nifty

Technical Analysis,Research & Weekly Outlook

(Feb 16 to Feb 20,2015)

Nifty-EOD Chart (13-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 5118.85 on 28-08-2013(Wave-i of Wave-3 beginning after 'ABC' correction completion)

2- Wave-i of Wave-3(6415.25 on 09-12-2013)

3- Wave-ii of Wave-3(5933.30 on 04-02-2014)

4- Wave-iii of Wave-3(8626.95 on 04-12-2014)

5- Wave-iv of Wave-3(7961.35 on 17-12-2014)

6- Wave-v of Wave-3 continuation with recent top formation at 8822.10 on 13-02-2015

Waves Structure of Wave-v of Wave-3

Nifty-EOD Chart (13-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-iv of Wave-3 completion at 7961.35 on 17-12-2014 and beginning of Wave-1 of Wave-v of Wave-3)

2- Wave-1 of Wave-v of Wave-3 completion at 8445.60 on 05-01-2015 

3- Wave-2 of Wave-v of Wave-3 completion at 8065.45 on 07-01-2015

4- Wave-3 of Wave-v of Wave-3 completion at 8996.60 on 30-01-2015

4- Wave-4 of Wave-v of Wave-3 completion at 8470.50 on 10-02-2015

5- Wave-5 of Wave-v of Wave-3 continuation with recent top formation at 8822.10 on 13-02-2015

Conclusions from EOD chart analysis 

Long and Intermediate Term Trends are up and Short Term Trend is sideways between 8470-8996 with following supports and resistances:-

1- Supports between 8595-8615

2- Supports between 8554-8574

3- Supports between 8475-8505

4- Resistances between 8820-8852

5- Resistances between 8918-8936

Wave-5 of Wave-v of Wave-3 continuation with recent top formation at 8822.10 on 13-02-2015. Nifty tested above mentioned 1st resistance on 13-02-2015 but could not sustain and closed just below it. As resistances are lying up to 8936 therefore follow up consolidation is firstly required for sustaning above it and once sustaining above 8936 will mean strong possibility of fresh rally in uncharted territory after new life time high formations. Calculation of targets above 8996 are as follows:-

As per Elliot Wave theory:-

"Wave-3 of any degree should not be shorter than both Wave-1 and Wave-5 of same degree"

Wave-5 started from 8470.50 and it can not gain more than 931 points because Wave-3 gained 931 Points therefore target of on going Wave-5 will be less than  9401.50 and its calculations are as follows:-

1- Wave-3 of Wave-v of Wave-3 gained 931 points(8996-8065) 

2- Wave-4 of Wave-v of Wave-3 completed at 8470.50 

3- Wave-5 of Wave-v of Wave-3 started from 8470.50 

4- As Elliot Wave theory says that Wave-5 can not gain more than more than Wave-3 therefore Wave-5 of Wave-v of Wave-3 can gain maximum 931 points and its:- 

Maximum target of Nifty will be:less than 9401.50(8470.50+931)

Retracement Levels in uncharted zone:-

[1.130] 9117

[1.236] 9215

[1.270] 9247

[1.382] 9351(Crucial levels)

[1.500] 9461(Crucial levels)

Maximum target of on going Wave of Nifty is at 9401.50 which lies exactly between 1.382% and 1.5% which are crucial retracement levels therefore high possibility of on going Wave-5 of Wave-v of Wave-3  completion between 9351-9461

Short Term Trend is sideways between 8470-8996 and finally sustaining beyond this range next trend. Although supports st lower levels within this range but resistances are also lying at higher levels therefore follow up consolidation is firstly required for crossing and sustaining above mentioned resistances.

Expected that finally rally will remain continued in the uncharted zone towards 9401.50

-------------------------------------
13 Months correction after Obama visit in 2010 but 13 Sessions correction in 2015

Technical Analysis,Research & Weekly Outlook

(Feb 09 to Feb 13,2015)

13 Months Correction after Obama visit in Nov 2010

Nifty-EOD Chart (06-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 2252.75 on 27-10-2008(Rally beginning after 2008 correction completion) 

2- President Obama's visit between 6-11-2010 and 9-11-2010 and correction beginning after Rally completion at 6338.50 on 05-11-2010

3- 13 Months correction completion at 4531.15 on 20-12-2011

Correction started after Obama visit in Jan 2015

Nifty-EOD Chart (06-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Rally continuation from 5118.85 on 28-08-2013

2- President Obama's visit between 25-01-2015 and 27-01-2015 and correction beginning after Rally completion at 8996.60 on 30-01-2015

3- Correction continuation with recent bottom formation at 8645.55 on 06-02-2015

Waves Structure of on going Wave

Nifty-EOD Chart (06-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 5118.85 on 28-08-2013(Wave-i of Wave-3 beginning after 'ABC' correction completion)

2- Wave-i of Wave-3(6415.25 on 09-12-2013)

3- Wave-ii of Wave-3(5933.30 on 04-02-2014)

4- Wave-iii of Wave-3(8626.95 on 04-12-2014)

5- Wave-iv of Wave-3(7961.35 on 17-12-2014)

6- Wave-1 of Wave-v of Wave-3(8445.60 on 05-01-2015) 

7- Wave-2 of Wave-v of Wave-3(8065.45 on 07-01-2015)

8- Wave-3 of Wave-v of Wave-3(8996.60 on 30-01-2015)

9- Wave-4 of Wave-v of Wave-3 continuation with recent bottom formation at 8645.55 on 06-02-2015

Nifty-Intra Day Chart (Feb 09 to Feb 13,2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in last 8 Sessions intraday charts

1- 8 Sessions Down moves in Bullish Falling Channel

Nifty-Intra Day Chart (06-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Whole day Down moves in Bullish Falling Channel

2- Whole day actual trading between 8645-8726

Conclusions (After Putting All Studies Together)

Certainly 13 months correction after Obama's visit to India in 2010 and Correction again started after 2015 visit also.. 2010 correction lasted 13 months and 2015 correction is being seen for the last 6 sessions. As high expectations from Obama visits and sentiment turned heated therefore correction started for cooling down but difference between 2010 and 2015 is that there was as such no big agreements in 2010 while big deals and most successful visit in 2015.

As 2010 correction started after 5 waves completion at 6338.50 on 05-11-2010 therefore it corrected whole that rally which 2252.75 on 27-10-2008 but at present Wave-4 of Wave-v of Wave-3 continuation and its Wave-5 is still left which should move above Wave-3 of Wave-v of Wave-3(8996.60)

Strong supports were lying at 8695 and it has been broken down on 06-02-2015 but its broken down technical confirmations is still left through:-

1- 3% down moves or

3- 3 sessions down closing.

As Intraday charts patterns of last 8 sessions are showing consolidation pattern of Down moves in Bullish Falling Channel and only minor selling patterns are seen as well as consolidation pattern of Down moves in Bullish Falling Channel was seen on 06-02-2015 therefore expected that;-

1- Nifty will not sustain below 8695

2- Correction will complete near about 8695

3- Deeper correction will not be seen. 

4- Fresh rally towards new life time high will start in next week

Although after Obama visit 2010 Correction remained continued for 13 months but in 2015 correction will complete within 13 sessions.

-------------------------------------
8695 Will decide Depth of Correction

Technical Analysis,Research & Weekly Outlook

(Feb 02 to Feb 06,2015)

Nifty-EOD Chart (30-Jan-2015):-

Just click on chart for its enlarged view

 Technical Patterns and Formations in EOD charts

1- 4531.15 on 20-12-2011(Rally beginning after 13 Months correction completion)

2- Wave-1(6229.45 on 20-05-2013)

3- Wave-2(5118.85 on 28-08-2013)

4- Wave-3 continuation with recent top formation at 8996.60 on 30-01-2015

Nifty-EOD Chart (30-Jan-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 5118.85 on 28-08-2013(Wave-i of Wave-3 beginning after 'ABC' correction completion)

2- Wave-i of Wave-3(6415.25 on 09-12-2013)

3- Wave-ii of Wave-3(5933.30 on 04-02-2014)

4- Wave-iii of Wave-3(8626.95 on 04-12-2014)

5- Wave-iv of Wave-3(7961.35 on 17-12-2014)

6- Wave-v of Wave-3 continuation with recent top formation at 8996.60 on 30-01-2015

Nifty-EOD Chart (30-Jan-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-v of Wave-3 started after correction completion at 7961.35 on 17-12-2014 

2- Wave-v of Wave-3 continuation with recent top formation at 8,996.60 on 30-01-2015

3- 143.45(1.60%) correction on 30-01-2015 with Bearish Engulfing Candle formation

Conclusions from EOD charts analysis 

All trends are up and Bullish rally is very much on and new life time high formation at 8996.60 on 30-01-2015 but immediate after that 1.60% correction was seen which will be understood intraday/Very Short Term correction. Wave-v of Wave-3 continuation and this wave will be correction after Short Term correction confirmation. Wave-v of Wave-3 started from 7961.35 and correction started after high formation at 8,996.60,Fibonacci retracement levels of this Wave are as follows:- 

[0.130] 8,862.0200(Done)

[0.236] 8,752.2800

[0.270] 8,717.0800

[0.382] 8,601.1300

[0.500] 8,478.9800

[0.618] 8,356.8200

[0.707] 8,264.6800

[0.764] 8,205.6700

[0.786] 8,182.8900

[0.886] 8,079.3700

Bearish Engulfing Candle formation on 30-01-2015 which signifies that the uptrend has been hurt and the bears may be gaining strength. Next supports are as follows:-

1- Supports between 8796-8815

2- Gap support between 8775-8795

3- Supports between 8727-8755

4- Supports between 8695-8720

As Short Term Oscillators were overbought after strong rally in last 10 sessions and sentiment turned heated after Dow Jones 225 points rally on 29-01-2015 therefore intraday correction was seen on 30-01-2015 for cooling down. As Bearish Engulfing Candle formation which closed at 5 sessions lowest after 5 sessions lowest formation therefore view is cautious and firstly sustaining beyond lowest of above supports will decide deeper correction beginning below(8695) or correction completion above(8695).

-------------------------------------

Sustaining of Nifty above 8880 will mean Next 20 months Rally

Technical Analysis,Research & Weekly Outlook

(Jan 27 to Jan 30,2015)

Nifty-Weekly Chart (23-Jan-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 6357.10 on 08-01-2008(15 Years high formation)

2- 2252.75 on 27-10-2008(Wave-1 begining after 2008 correction completion)

3- 6338.50 on 05-11-2010(Wave-1 completion and Corrective Wave-2 beginning)

4- Wave-1 gained 4085.75 points.

5- 4531.15 on 20-12-2011( 13 Months Wave-2 correction completion and Impulsive Wave-3 beginning)

6- Wave-3 continuation(35 Months rally with recent top formation at 8,866.40 on 23-01-2015)

Conclusions from Weekly chart analysis 

Wave-3 is on and no signal of its completion yet therefore its continuation is expected.

Wave-1 started from 2252 and completed at 6338. Fibonacci retracements levels of this wave are as follows:-

[1.130] 6,869 (Done)

[1.236] 7,302 (Done)

[1.270] 7,441 (Done)

[1.382] 7,898 (Done)

[1.414] 8,029 (Done)

[1.500] 8,381 (Done)

[1.618] 8,863 (Done on 23-01-2015)

[1.764] 9,459

[1.886] 9,958

[2.000] 10,424

[2.236] 11,388

[2.618] 12,949

[3.140] 15,082

[3.618] 17,035

[4.236] 19,564

(Although not easy to accept or imagine also but above higher levels will be seen in coming years)

Nifty-EOD Chart (23-Jan-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-5 completion at 8626.95 on 04-12-2014 and correction beginning.

2- Correction completion at 7961.35 on 17-12-2014 and correction beginning.

3- 'Pennant Pattern'formations in 28 Sessions Correction

4- 'Pennant Pattern' broken out on 15-01-2015 after RBI Repo Rates cut

Conclusions from EOD chart analysis 

Correction in 'Pennant Pattern' started after Wave-5 completion which completed on 15-01-2015 after RBI Repo Rates cut and forcefully broken out as well as sustained above it. 

Fibonacci retracements levels of 'Pennant Pattern'(7961-8626) are as follows:-

[1.130] 8,712 (Done)

[1.236] 8,782 (Done)

[1.270] 8,805 (Done)

[1.382] 8,880

[1.414] 8,901

[1.500] 8,958

[1.618] 9,036

[1.764] 9,134

[1.886] 9,215

[2.000] 9,291

[2.236] 9,447

[2.618] 9,701

Nifty-Intra Day Chart (23-Jan-2015):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8848-8865(Immediate Resistances)

2- Buying between 8796-8815(Immediate Supports)

3- Higher bottom formations

4- Down moves in Bullish Falling Channel

5- Up moves with intraday correction

6- Whole day actual trading between 8796-8865

Conclusions from intra day chart analysis 

Although firstly higher levels selling but lower levels buying was also seen with following consolidation patterns:- 

1- Higher bottom formations

2- Down moves in Bullish Falling Channel

3- Up moves with intraday correction

As sufficient consolidation was also seen therefore intraday charts are suggesting that rally continuation expectation are alive despite first hour higher levels selling.

Conclusions (After Putting All Studies Together)

'Pennant Pattern' completed 1.270%(8805) retracement and may face some resistance at 1.382%(8880) because some selling was seen just below it last Friday. 1.618% retracement(8,863) has been completed on 23-01-2015 and Nifty slipped as well as closed below it last Friday but consolidation was also seen at lower levels therefore rally continuation hopes are still alive but follow up consolidation is firstly required.

Fibonacci numbers are as follows:-

1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233,...

Wave-2 completed its correction exactly in 13 Months on 20-12-2011 at 4531.15 and impulsive Wave-3 is on for the last 35 months. As Fibonacci number of 34 is crossed therefore Wave-3 continuation hopes have emerged till 55 months means next 20 months.  

All trends are up,Indian markets are most Bullish and fresh rally is on after correction completion in 'Pennant Pattern'formations. Until complete selling patterns will not develop on EOD Charts till then decisive down moves or any big correction will not be considered. As Oscillators are overbought and sentiment is heated therefore minor,intraday or 1/2 sessions correction may be seen for cooling down of sentiment but finally rally is still expected.

Next most crucial levels are follows:-

1- 1.618%(8863) of Wave-3  

2- 1.382%(8880) retracement of 'Pennant Pattern'

As some selling was seen just below 8863 last Friday therefore follow consolidation is firstly required and once sustaining above 8880 will mean fresh rally towards and above those higher levels which have been updated above because that will mean Wave-3 continuation up to next 20 months also.  

Expected that finally Nifty will sustain above 8880 and impulsive Wave-3 will remain continued till next 20 months.
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8550 is most crucial level

Technical Analysis,Research & Weekly Outlook

(Jan 06 to Jan 09,2015)

Nifty-EOD Chart (05-Jan-2015):-

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Technical Patterns and Formations in EOD charts

1- Wave-5 completion at 8626.95 on 04-12-2014 and 'ABC' correction beginning.

2- Wave'A' completion at 7961.35 on 17-12-2014 and Wave'B' beginning

3- Wave'a' of Wave'B' completion at 8364.75 on 23-12-2014

4- Wave'B' of Wave'B' completion at 8147.95 on 26-12-2014

5- Wave'c' of Wave'B' continuation with its recent top formation at 8445.60 on 05-05-2015 

Conclusions from EOD chart analysis 

Wave'A' of 'ABC' correction begun after Wave-5 completion at 8626.95 on 04-12-2014 which completed at 7961.35 on 17-12-2014 and Wave'B' started in "abc" mode. Now Wave'c' of Wave'B' continuation with its recent top formation at 8445.60 on 05-05-2015.

Fibonacci Retracement Levels of Wave'B' are as follows(7961-8626):-

13.0%-8047 

23.6%-8117 

27.0%-8140 

38.2%-8215 

50.0%-8293 

61.8%-8371 

70.7%-8431 

76.4%-8469 

78.6%-8483 

88.6%-8550

Nifty-EOD Chart (05-Jan-2015):-

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Wave'a' of Wave'B' gained 403 points(8364-7961)

Wave'B' of Wave'B' completed at 8147 and Wave'c' of Wave'B' started.

If Wave'c' of Wave'B' gains 100% points of Wave'a' of Wave'B' then its maximum target will be at 8550(8147+403)

8550 becomes most crucial level because 88.6% Retracement Level is also exactly at 8550.

Nifty-Intra Day Chart (05-Jan-2015):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8430-8445 

2- Selling between 8405-8515

3- Support between 8383-8387

4- Support between 8364-8375

5- Whole day actual trading between 8364-8445

Conclusions from intra day chart analysis 

It was a volatile day today with higher levels selling and lower levels buying as well therefore firstly sustaining beyond today trading range should be watched for first strong signal of next decisive moves commencement and the continuation/completion of Wave'c' of Wave'B'.

Conclusions (After Putting All Studies Together)

Expected that Wave'c' of Wave'B' will complete between 8431-8550 and Wave'c' will begin towards new lows below 7961. Next resistances above today highest are between 8510-8614 and 8550 is lying within it therefore Nifty will not easily cross this resistance range.

Follow up moves and finally sustaining beyond 8364-8445 will decide the fate of Wave'c' of Wave'B'for up moves up to 8550/down moves below 7961. 

Correction Continuation Possibility below 7961.35

Technical Analysis,Research & Weekly Outlook

(Dec 22 to Dec 26,2014)

Nifty-EOD Chart (19-Dec-2014):-

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Technical Patterns and Formations in EOD charts:-

1- 5933.30 on 04-02-2014(Rally beginning after correction completion)
2- Wave-1(6869.85 on 25-04-2014)
3- Wave-2(6638.55 on 08-05-2014)
4- Wave-3(8180.20 on 08-09-2014)
5- Wave-4(7723.85 on 17-10-2014)
6- Wave-5(8626.95 on 04-12-2014) and 'ABC' correction beginning.
7- Wave'A' completion at 7961.35 on 17-12-2013
8- Wave'B' continuation with its recent top formation at 8263.45 on 19-12-2013 

Conclusions from EOD chart analysis

we told also following line on 12-05-2014 in Minimum target of  Nifty at 8616.90:-

Nifty is well set for rally towards minimum target at 8616.90. 

8616.90 was told 6 months before and Nifty made intraday highest at 8617 on 28-11-2014 as well as immediately corrected 666 points after forming life time high formation at 8626.95.

When Nifty formed all time high at 8616.90 on 04-12-2014 then at the top of rally we posted following bearish Outlook at 08:02 AM on 05-12-2014 in Technical Analysis and Market Outlook(05-12-2014):-

emergence of correction possibility which may be minimum Short Term to Intermediate term

As was told 100% same happened and Nifty corrected 666 points after ours above prediction.

Now Wave'B' of 'ABC' correction is on after 10 months strong 2693 points strong rally which started from 5933.30 on 04-02-2014 and ended after many times new life time high formation at 8626.95 on 04-12-2014 and Corrective Wave'A' begun which completed at 7961.35 on 17-12-2013. 

Nifty-Intra Day Chart (19-Dec-2014):-

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Technical Patterns and Formations in today intraday charts

1- Selling(immediate Resistance) between 8243-8263
2- Whole day actual trading between 8209-8263

Conclusions from intra day chart analysis 

Gap up opening after strong Global cues but higher levels sliing patterns were formation were also seen therefore down moves below day's lowest(8209) are expected. As good selling seen therefore until complete consolidation will not be seen till then up moves above day's highest(8263) will not be seen.

Conclusions (After Putting All Studies Together)

'ABC' correction is confirm and if complete consolidation happens after completion of Wave'C' only then correction completion will be considered otherwise 5 Waves correction(1,2,3,4,5) will be seen in the coming weeks/months. As good selling on 19-12-2014 therefore if follow up selling develops in the beginning of next week then fresh down moves will be seen below the bottom of Wave'A'(7961.35) which will mean Wave'c' beginning after the completion of Wave'B'.

Correction is on and its continuation is expected in the beginning of next week because good selling at higher levels last Friday as well as high possibility of down moves below 7961.35 after completion of Wave'B' at 8263.45 on 19-12-2013.