Correction continuation 

Technical Analysis and Market Outlook

(12-01-2015)

Nifty-Intra Day Chart (09-Jan-2015):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8275-8303 (Immediate Resistances)
2- Selling between 8238-8272 (Immediate Resistances)
3- Up moves in Bearish Rising Channel after 02:00 PM
4- Whole day actual trading between 8191-8303

Conclusions from intra day chart analysis 

Although closing near the highest of the day but good selling and last hour up moves in Bearish Rising Channel also therefore expected that finally Nifty will slip and sustain below day's lowest(8191) as well as correction will remain continued.

Correction continuation and no Confirmation of its Completion yet

Technical Analysis and Market Outlook

(09-01-2015)

Nifty-Intra Day Chart (08-Jan-2015):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8169-8205(recent supports)
2- Whole day actual trading between 8169-8243

Conclusions from intra day chart analysis 

As Dow's Futures was 120 points up before the opening of Indian markets and all the Asian markets were trading with good gains therefore huge gap up and 89 points positive opening today. Firstly more than 4 hours consolidation and closing of today near the higher levels of the day therefore signals of today started Pull Back Rally continuation.

As US markets are trading more than 1.70% up at this moment after European markets strong(2.26% to 3.69% up) closing therefore all the Asian markets may also remain in blasting mood tomorrow and resultant Indian markets will also remain positive after gap up opening. Although most Bullish sentiments but it should be kept in mind that Indian markets are in correction mode and Wave'C' is on for down moves below 7961 therefore expected that finally selling will develop within 1/2 sessions and downward moves will start.

More than 4 hours selling between 8194-8233 on 06-01-2015 and Nifty crossed as well as closed above it today but on the back of strong Global cues therefore firstly sustaining above 8233 should be firstly watched tomorrow. Good consolidation at lower levels today therefore complete selling is required for decisive down moves below today lowest but expected that finally down moves will restart after follow up selling in the coming sessions because correction is very much on and no confirmation of its completion yet.

Finally down after 2/3 sessions Sideways Trading

Technical Analysis and Market Outlook

(08-01-2015)

Nifty-Intra Day Chart (07-Jan-2015):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8130-8151
2- Selling between 8113-8136
3- Up moves in Bearish Rising Channel
4- Support between 8066-8092
5- Whole day actual trading between 8066-8151

Conclusions from intra day chart analysis 

Although recovery from lower levels and closing near the higher levels of the day but sufficient selling patterns formations also seen at higher levels therefore correction continuation possibility remains alive. As Dow's Futures is more than 150 points up at this moment and most European markets are more than 1.20% up therefore sentiment may be strong tomorrow and some up moves may be seen in Indian markets also.

If Global markets remain strong tomorrow then Nifty will trade in Green but finally Nifty will not sustain above today highest and will remain sideways 8151-8233 with positive zone trading. Expected that Nifty will not sustain above today highest(8151) and will finally slip below today lowest(8066) in the coming 2/3 sessions.

Wave'C' is on for down moves below 7961

Technical Analysis and Market Outlook

(07-01-2015)

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

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Technical Patterns and Formations in today intraday charts

1- More than 4 hours selling between 8194-8233(Immediate Resistance)
2- Whole day actual trading between 8111-8267

Conclusions from intra day chart analysis 

We posted following topic on 31-12-2014:-

Bears will welcome in 2015

Today was 4th trading session of 2015 and Nifty lost 251 points with closing at the lowest of last 12 sessions(8127.35) as well as such huge fall was seen 6 years before on 22-01-2008

Following conclusive lines were told yesterday in "8550 is most crucial level":-

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

Nifty could not cross mentioned resistance range(8510-8614) and moved sharply down today after loosing 3% Nifty points.

Nifty closed near the lowest of the day today after more than 4 hours selling between 8194-8233 and until complete consolidation will not happen as well as Nifty will not sustain above 8233 till then next up moves will not be seen. As very Short Term Indicators are oversold therefore only Pull back rally may be seen any day which will not be abole to sustain above 8233. Wave'C' is on for down moves below the lowest of Wave'A'(7961) and finally that will be seen in the coming sessions.

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 05-01-2015.

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. 

Mid-session Outlook-2(05-01-2015)

Selling patterns formations between 8405-8415 in last 1 hour today.

Mid-session Outlook(05-01-2015)

Although now trading near the lower levels of the day after loosing most intraday gains but some supports seen at lower levels and out performing Global Cues as well therefore firstly today trading range(8390-8445) and finally following Fibonacci retracement levels should be watched for the confirmations of on going correction continuation/completion confirmations:-

61.8%-8371 
70.7%-8431 
76.4%-8469 
78.6%-8483 
88.6%-8550 

As I have been busy therefore today Outlook could not be prepared and not being posted but Mid-session Outlook will be positively updated during trading hours today.