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Bullish Flag Formation in last 9 months Correction suggesting Strong Rally 
Technical Analysis,Research & Weekly Outlook
(Nov 30 to Dec 04,2015)
Nifty-EOD Chart (27-Nov-2015):-
Just click on chart for its enlarged view
Technical Patterns and Formations in EOD charts

1- Wave-5 completion at 9119.20 on 04-03-2015 and Wave-A of 'ABC' correction beginning after life time high formation)
2- Wave-A(7940.30 on 12-06-2015)
3- Wave-B(8654.75 on 23-07-2015)
4- Wave-C(7539.50 on 08-09-2015 and Wave-1 beginning after 'ABC' correction completion)
5- Wave-1(8336.30 on 26-10-2015)
6- Wave-2(7714.15 on 16-11-2015)
7- Wave-3 is on with recent top formation at 7959.30 on 27-11-2015

9 Months Correction in Bullish Flag formations 

Nifty-EOD Chart (27-Nov-2015):-
Just click on chart for its enlarged view
Technical Patterns and Formations in EOD charts

1- 5118.85 on 28-08-2013
2- Wave-5 completion at 9119.20 on 04-03-2015 and Wave-A of 'ABC' correction beginning after life time high formation)
3- 9 Months correction completion at 7539.50 on 08-09-2015 
4- 9 Months correction in Bullish Flag formations

Whole correction in Falling channel

Nifty-EOD Chart (27-Nov-2015):-
Just click on chart for its enlarged view
Technical Patterns and Formations in EOD charts

1- Wave-5 completion at 9119.20 on 04-03-2015 and correction beginning
2- Wave-C(7539.50 on 08-09-2015 and Wave-1 beginning after 'ABC' correction completion)
3- Whole correction in Falling channel

11 Sessions Trading Range broken out on 27-11-2015

Nifty-Intra Day Chart (Dec 09 to Dec 27,2015):-
Just click on chart for its enlarged view
Technical Patterns and Formations in last 12 Sessions intraday charts

1- 11 Sessions actual trading between 7714-7906
2- 11 Sessions range broken out on 27-11-2015 after PM invitation to Manmohan Singh and Soniya Gandhi to find solution for passing of GST 

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Short Term Trend is up
2- Intermediate Term Trend is down and will be up after sustaining above 8116
3- Long Term Trend is down and will be up after sustaining above its decider 200 Day EMA(today at 8135) 

'ABC' correction begun on 04-03-2015 and from 9119.20 which completed at 7539.50 on 08-09-2015 and Wave-1 of fresh rally begun which completed at 8336.30 on 26-10-2015 and corrective Wave-2 started which completed at 7714.15 on 16-11-2015 with following developments:-

1- 11 Sessions sideways market between 7714-7906 from Nov 09 to Nov 26,2015
2- Rounding bottom formation at the bottom of correction in last 11 sessions
3- 11 Sessions range broken out on 27-11-2015

Although 11 Sessions range broken out on 27-11-2015 but on the back of sudden developments of most positive expectations of GST passing because PM invitation to Manmohan Singh and Soniya Gandhi for finding GST passing solutions. As selling patterns formations were also seen in last week and last 2 sessions up moves were on the back of strong Global markets and GST passing expectations therefore firstly follow up consolidation is required for sustaining above 11 sessions range highest(7906). Bull markets are tend to consolidate at higher levels therefore its possibility can not be ruled out because GST passing possibilities suddenly.   

Next 3 resistances of Nifty are as follows:-

1- 8070-8152
2- 8196-8232
3- 8262-8325

Long Term Trend is down and its decider 200 Day EMA(today at 8135) is lying within above mentioned first resistance range,once sustaining above 8152 will mean strong rally after all trends turning up confirmations. As rounding bottom formation at the bottom of correction in last 11 sessions and this range has also broken out last Friday as well as big news of GST  passing therefore strong possibilities of fresh rally after follow up consolidation above 11 sessions range highest(7906).

As whole 9 months correction from 9119.20 to 7539.50 in Falling channel with Bullish Flag formations therefore sustaining above 8152 will be strong indication of this big correction completion and that will mean high possibility of fresh rally above life time high(9119.20). Although no confirmation of on going correction completion yet but Bullish Flag formations is suggesting that Nifty is mature for strong rally above 9119.20 and it is expected also.