Next target of Nifty at 9299.10

Technical Analysis,Research & Weekly Outlook

(Mar 09 to Mar 13,2015)

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

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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):-

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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):-

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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.

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Rally continuation above today highest(9119.20) despite huge fall today

Technical Analysis and Market Outlook

(05-03-2015)

Nifty-Intra Day Chart (04-Mar-2015):-

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Technical Patterns and Formations in today intraday charts

1- Mixed Patterns between 9023-9096 
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 8994-9096

Conclusions from intra day chart analysis 

Huge gap up opening after RBI rates cut and after that almost 5 hours sideways trading with mixed Patterns formation but .82% down closing at the lower levels of the day therefore sentiment turned completely depressed which was jubilant at the opening of the day. As following patterns were also seen today therefore view will not be Bearish:-

1- One hour 160 points down moves after 02:00 PM were in Bullish Falling Channel. 
2- Down moves in Bullish Falling Channel were seen in first 5 hours sideways market also.
 

All trends are up and today sharp down will be considered only intraday correction and rally continuation above today highest(9119.20) is still expected despite huge fall today because above mentioned consolidation patterns Were also seen and as such selling patterns were not seen today. 

Finally Fresh Rally above 9000 after Follow up Consolidations

Technical Analysis and Market Outlook

(04-03-2015)

Nifty-Intra Day Chart (03-Mar-2015):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8925-8970(Immediate Supports)
2- Up moves in Bearish Rising Channel
3- Up moves with intraday corrections
4- Whole day actual trading between 8925-9008

Conclusions from intra day chart analysis 

Following conclusive line was told yesterday in Strong Rally after 'Firstly Consolidation and after that Fresh Rally above 9000':-

firstly Nifty will consolidate and prepare for next up moves between 8780-8970 in the coming sessions and finally fresh rally will be seen in unchartered territory above 9000. 

As was told yesterday 100% same happened today and firstly Nifty consolidated between 8925-8970 and after that Nifty traded above 9000.

As lower levels good consolidation and after that last hours Up moves with intraday corrections today therefore up moves continuation is expected in the coming sessions  

Although closing near the higher levels of the day but completely Mixed patterns formations today because both Bullish and Bearish patterns formations today and all the up moves were without force also therefore some more consolidations is firstly required for sharp up moves after sustaining above 9000.

Expected that finally fresh rally above 9000 will be seen after follow up consolidations between 8925-9000 in the coming sessions.

Firstly Consolidation and after that Fresh Rally above 9000

Technical Analysis and Market Outlook

(03-03-2015)

Nifty-Intra Day Chart (02-Mar-2015):-

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Technical Patterns and Formations in today intraday charts

1- Mixed Patterns between 8924-8972
2- Down moves in Bullish Falling Channel
3- Consolidation Patterns between 8885-8922 
4- Up moves with intraday corrections
5- Nifty hovered around whole day 8936
6- Whole day actual trading between 8885-8972

Conclusions from intra day chart analysis 

Following conclusive line was told on 28-02-2015 in Strong Rally after 'Pennant Pattern' break out confirmation through sustaining  above last Resistance:-

follow up consolidation with sustaining above last resistance(8936) is must because that will be 'Pennant Pattern'  break out confirmation also.

Nifty hovered around 8936 whole day and finally closed above it after lower levels good consolidation and following consolidation patterns were also seen today:-

1- Down moves in Bullish Falling Channel
2- Up moves with intraday corrections

Although Mixed Patterns formations in first hour but after that lower levels consolidation with sufficient intraday corrections were also seen and as such selling was not seen today therefore it seems that Indian markets are under consolidation process. As extremely high expectations from Budget and sentiment was most heated therefore complete consolidation is must before fresh rally and market will take some more time for it. 

Expected that firstly Nifty will consolidate and prepare for next up moves between 8780-8970 in the coming sessions and finally fresh rally will be seen in unchartered territory above 9000.