Firstly Watch 8196-8384 for correction continuation / completion 

Technical Analysis,Research & Weekly Outlook

(Jul 27 to Jul 31,2015)

Nifty-EOD Chart (24-Jul-2015):-

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Technical Patterns and Formations in EOD charts

1- Rally beginning after corrective Wave-5 completion at 7940.30 on 12-06-2015 
2- Rally completion at 8654.75 on 23-07-2015 and correction beginning.
3- Correction continuation with recent bottom formation at 8513.50 on 24-07-2015 

Conclusions from EOD chart analysis 

Rally begun after corrective Wave-5 completion at 7940.30 which completed at 8654.75 on 23-07-2015 and now this rally correction continuation.

Retracement levels of on going rally

Nifty-EOD Chart (24-Jul-2015):-

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Technical Patterns and Formations in EOD charts

1- Rally beginning at 7940.30 on 12-06-2015 
2- Rally completion at 8654.75 on 23-07-2015
3- Correction continuation

Conclusions from EOD chart analysis 

Rally between 7940-8654 will correct accordingly to following retracement levels;-

1- 13.0%-8561
2- 23.6%-8485
3- 27.0%-8461
4- 38.2%-8381(Crucial)
5- 50.0%-8297(Crucial)
6- 61.8%-8212(Crucial)
7- 70.0%-8149
8- 76.4%-8108
8- 78.6%-8092 
10-88.6%-8021 

7 Sessions most time trading range broken down

Nifty-Intra Day Chart (Jul 16 to Jul 24,2015):-

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Technical Patterns and Formations in last 7 Sessions intraday charts

1- 7 Sessions most time trading between 8560-8642 with lower levels supports and higher levels selling.
2- 7 Sessions most time trading range broken down forcefully on 24-07-2015 

Conclusions from 7 Sessions intra day chart analysis 

Although some buying was also seen at lower levels after higher levels good selling in last 7 sessions between 8560-8642 but Nifty could not sustain within this range and broken down forcefully on 24-07-2015 therefore strong signals of correction continuation in the beginning of next week. As all the Asian markets were in Red and some were more than 1% down and today break down was depressed sentiment led also therefore breaking down confirmation is also required through sustaining below 8560 and once this confirmation will mean deeper correction.

Conclusions (After Putting All Studies Together)

714 Points previous rally between 7940.30 and 8654.75 and its correction continuation with recent bottom formation at 8513.50 on 24-07-2015. As last 7 Sessions most time trading range broken down forcefully on 24-07-2015 therefore strong signals of correction continuation which may be deeper also.

Supports of previous rally between 7940-8654 are as follows:-

1- 8500-8510
2- 8425-8448
3- 8310-8384
4- 8196-8250
5- 8048-8077
6- 8000-8015
7- 7940-7980

Retracement levels of previous rally between(7940-8654) has been updated above and let consolidation develop near about above supports and retracement levels then fresh rally after on going correction completion will be considered.

As crucial retracement levels(38.2%,50.0% and 61.8%) are lying between 8212-8381 and these levels are also lying within above mentioned 3rd and 4th supports ranges(8196-8384) therefore strong possibility of on going correction completion within this supports range.

If follow up consolidation develops within or near about 8196-8384 then last Thursday started correction completion will be considered after sustaining above 8384 and firstly sustaining beyond 8196-8384 should be firstly watched in the coming week for correction continuation/completion.

Firstly Watch 8557-8654 for the Life,Length of Depth of today Started Correction

Intra Day Chart Analysis & Market Outlook

(24-07-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Selling between 8630-8654(Immediate Resistances)
2- Minor selling after intraday recovery
3- Consolidation between 8591-8610(Immediate Supports)
4- Consolidation between 8574-8600(Immediate Supports)
5- Whole day down moves in Bullish Falling Channel 
6- Whole day actual trading between 8574-8654

Conclusions from intra day chart analysis 

As soon selling developed then following lines were told today at 11:39 AM in "Mid-session Outlook(23-07-2015)":-

Following conclusive lines were told yesterday in "Finally rally above today highest after follow up consolidation":-

Expected that finally rally above today highest(8643.90) will be seen after follow up consolidation between and near about 8623-8643

Nifty traded most time in first 2 hours within above mentioned range with selling patterns formations and follow up consolidation was not seen therefore some down moves within yesterday trading range(8499-8643) will be firstly seen.

As first 2 hours good selling between 8630-8654 therefore Nifty could not move above this range in next 2 up moves attempts and slipped after minor selling but lower levels consolidation was also seen therefore today trading between 8574-8654 will be understood with mixed patterns formations and fresh technical positions formations are firstly for decisive moves beyond today trading range.

Although negative zone today closing near the lower levels of the day but Whole day today down moves were in Bullish Falling Channel therefore view will not be Bearish until follow up selling will not develop in the coming sessions.

Today down moves were the correction of strong rally of 22-07-2015 and immediate retracement levels of today started correction are shown in following intraday chart of last 2 sessions:-

Retracement levels of last 2 sessions moves:-

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As 61.8% Retracement level is at 8557 therefore valid break out of 8557-8654 should be firstly watched in the coming sessions for the life,length of depth of today started correction.

Mid-session Outlook(23-07-2015)

Following conclusive lines were told yesterday in "Finally rally above today highest after follow up consolidation":-

Expected that finally rally above today highest(8643.90) will be seen after follow up consolidation between and near about 8623-8643

Nifty traded most time in first 2 hours within above mentioned range with selling patterns formations and follow up consolidation was not seen therefore some down moves within yesterday trading range(8499-8643) will be firstly seen.

Finally rally above today highest after follow up consolidation

Intra Day Chart Analysis & Market Outlook

(23-07-2015)

Nifty-Intra Day Chart (22-Jul-2015):-

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Technical Patterns and Formations in today intraday charts

1- Support between 8501-8523(Immediate Supports)
2- Consolidations through Up moves with intraday corrections
3- Mixed Patterns between 8623-8643 
4- Whole day actual trading between 8499-8643

Conclusions from intra day chart analysis 

When All the Asian markets were trading sufficiently down and Dow's Futures was trading more than 70 points down then gap down opening of Indian markets but firstly lower levels supports and whole day continuous up moves despite weaker opening of European markets and all around Global markets weakness. Certainly Indian markets completely out performed Global cues and it is a strong signal of strength.

Following conclusive lines were told yesterday in "Firstly Watch Next Supports and Crucial Retracement Levels for Correction Completion":-

Next supports of Nifty are as follows:-

1- 8500-8510
2- 8425-8448
3- 8320-8384

As next crucial supports are above 8320 and resistances are below 8634 therefore Nifty will be understood sideways between 8320-8634 and Nifty will prepare for next trend between this range in the coming 2/3 sessions.

Nifty got supports just below above mentioned first support range(8500-8510) at 8498.65 therefore supports between 8500-8523 have become much stronger today because today supports were amid most depressed Global markets sentiments.

Sideways Nifty was told between 8320-8634 and Nifty closed just below 8634 at 8633.50 today with lower levels supports and consolidations therefore once valid break out of 8634 will mean fresh rally after last 4 sessions sideways correction completion.

As firstly more than 1% recovery from lower levels and intraday indicators have turned over bought therefore minor profit booking can not be ruled out in last hour mixed Patterns formations between 8623-8643 and some consolidation is firstly required near about this range for next decisive rally above today highest(8643.90).

As same following view for coming sessions market therefore same lines are being repeated which were updated as final conclusions on 18-07-2015 in "Finally Rally towards and above 8882/9119.20 after 6  Bullish confirmation":-

Although sentiment may remain disturbed in next week but technically Indian markets are well poised for rally continuation after minor correction and volatility despite whatsoever happen in Parliament and performance remains in Quarterly results. 

As above mentioned 6  Bullish confirmation therefore as per our view worst is over in Indian Stock Markets and finally strong rally will be seen towards and above 8882/9119.20 in the coming weeks/months.

Expected that finally rally above today highest(8643.90) will be seen after follow up consolidation between and near about 8623-8643 

Firstly Watch Next Supports and Crucial Retracement Levels for Correction Completion.

Intra Day Chart Analysis & Market Outlook

(22-07-2015)

Nifty-Intra Day Chart (21-Jul-2015):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8590-8634(Immediate Resistances)
2- Down moves in last hour.
3- Whole day actual trading between 8518-8634

Conclusions from intra day chart analysis 

Following conclusive lines were told on 20-07-2015 in "Firstly Watch 8559-8642 amid expected disrupted Monsoon Session of Parliament":-

Nifty will trade and prepare for next decisive moves between and near about 8559-8642 in the coming sessions therefore sustaining it beyond should be firstly watched 

Nifty firstly traded more than 5 hours between and near about 8559-8634 with intraday selling patterns between 8590-8634 and after that slipped below 8559 as well as closed below it.

As more than 5 hours selling between 8590-8634 and selling was seen within this range on 17-07-2015 also therefore this range has become immediate strong resistance and until Nifty will not sustain above 8634 after follow up consolidation till then next up moves will not be considered.

Next supports of Nifty are as follows:-

1- 8500-8510
2- 8425-8448
3- 8320-8384

As next crucial supports are above 8320 and resistances are below 8634 therefore Nifty will be understood sideways between 8320-8634 and Nifty will prepare for next trend between this range in the coming 2/3 sessions.

Previous Short term rally started on 10-07-2015 from 8315 and terminated on 21-07-2015 at 8647. Crucial retracement levels of this rally are as follows:-

1- 38.2%-8520
2- 50.0%-8481
3- 61.8%-8441

If Nifty start consolidation and get supports at or near about above mentioned supports and  retracement levels then fresh rally will be considered after today started correction completion and 61.8% retracement level(8441) is most crucial because it is lying between above mentioned 2nd supports range.

Short Term Correction is on,above mentioned next supports and crucial retracement levels should be firstly watched now for correction completion.

Firstly Watch 8559-8642 amid expected disrupted Monsoon Session of Parliament

Intra Day Charts Analysis & Market Outlook

(21-07-2015)

Nifty-Intra Day Chart (Jul 17 & Jul 20,2015)

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Technical Patterns and Formations in last 2 Sessions intraday charts

1- Down moves in Bullish Falling Channel on 17-07-2015
2- Support between 8594-8604 on 17-07-2015(Immediate Supports)
3- Up moves in Bearish Rising Channel on 17-07-2015
4- Selling between 8520-8635 on 17-07-2015(Immediate Resistances)
5- Consolidation between 8559-8578 on 20-07-2015(Immediate Supports)
6- 2 Sessions actual trading between 8559-8642 

Conclusions from 2 Sessions intra day chart analysis 

Detailed analysis of EOD charts with following conclusions were updated on 18-07-2015 in "Finally Rally towards and above 8882/9119.20 after 6  Bullish confirmation":-

1- signals of some down moves and possibility of day's lowest can not be ruled out in the beginning of next week 
2- some consolidations and lower levels supports were also seen therefore sustaining below days's lowest after follow up selling is must for next decisive down moves.  
3- Short Term Indicators have turned overbought as well as some selling patterns were also seen on last Friday intraday charts therefore very Short Term correction possibility can not be ruled out in the beginning of next week. 
4- Parliament session will begin from next Monday and that may be stormy also, negative news flow from there may remain continued as well as many Quarterly results will also be declared in next week therefore volatility may remain high in next week.

As Selling between 8520-8635 with Up moves in Bearish Rising Channel last Friday therefore down moves below last Friday lowest(8593.15) was seen immediately after opening today but lower levels consolidation also developed between 8559-8578 today therefore Nifty will be understood sideways between within last 2 sessions trading range(8559-8642). 

Nifty will trade and prepare for next decisive moves between and near about 8559-8642 in the coming sessions therefore sustaining it beyond should be firstly watched under the dark shadow of expected disrupted Monsoon Sessions of Parliament beginning from 21-07-2015 and high volatility also can not be ruled out.  

Post-open Outlook(20-07-2015)

Following lines were told on 18-07-20`5 in "Finally Rally towards and above 8882/9119.20 after 6  Bullish confirmation":-

signals of some down moves and possibility of day's lowest can not be ruled out in the beginning of next week 

As was told 100% same happened and Nifty slipped below last Friday lowest(8593.15) within first 10 minutes and today lowest at this moment is at 8570.85.

Following lines were also told in above mentioned topic,just keep in mind:-

1- some consolidations and lower levels supports were also seen therefore sustaining below days's lowest after follow up selling is must for next decisive down moves.  
2- Short Term Indicators have turned overbought as well as some selling patterns were also seen on last Friday intraday charts therefore very Short Term correction possibility can not be ruled out in the beginning of next week. 
3- Parliament session will begin from next Monday and that may be stormy also, negative news flow from there may remain continued as well as many Quarterly results will also be declared in next week therefore volatility may remain high in next week.