Pre-FOMC Outlook on the basis of intraday charts patterns formations

As intraday charts of all the Asian and European markets have shown clear selling patterns formations today therefore expected that fresh down moves will be seen in Global Stock Markets tomorrow despite whatsoever FOMC announcements at 11:30 PM today.

गणेश चतुर्थी और हमारे सर्वाधिक आदरणीय  एवम महानतम प्रघान मंत्री मोदी जी के जन्म दिन की  आप सभी को बहुत सारी हार्दिक बधाइयाँ

Wishing you all congratulations by heart on Ganesh Chaturthi and Birth day of our most Respectable the Greatest Prime Minister Modi ji.

Just watch valid break out of Rising Channel for next trend confirmation after FOMC meet

Intra Day Chart Analysis & Market Outlook

(18-09-2015)

Nifty-Intra Day Chart (Sep 09 to Sep 16,2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in last 6 Sessions intraday charts

1- Rising Channel formations
2- Lower levels buying within channel
3- Higher levels selling within channel

Nifty-Intra Day Chart (16-Sep-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Support between 7854-7872
3- Up moves in Bearish Rising Channel
4- Selling between 7900-7913
5- Whole day actual trading between 7854-7913

Conclusions from intra day charts analysis

Last 6 sessions trading within Rising Channel with lower levels buying and higher levels selling therefore view will not be Bullish despite blasting global markets rally today and now DOW Jones trading more than 100 points up on less possibility of Interest rates hike by FOMC on 17-09-2015. Usually Rising Channels are understood Bearish formation and until Nifty will not sustain above upper Rising line till then view will not be Bullish.

As some higher levels selling was also seen after lower levels supports today therefore if Nifty fails to sustain above today highest then sharp fall will be seen and confirmation will be valid break down of lower Rising line of Rising Channel.

If no rates hike tomorrow then high volatility after strong opening will be seen and sharp fall is confirm in the situation of rates hike and just watch valid break out Rising Channel for next trend confirmation after FOMC meet but our view is not Bullish despite Global markets strong rally today.

Intra Day Chart Analysis & Market 

Outlook(16-09-2015)

Nifty-Intra Day Chart (15-Sep-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 7855-7880
2- Selling between 7840-7853
3- Minor Head and Shoulders Pattern formations
4- Neckline broken down and closing below it today
5- Consolidation between 7819-7828
6- Consolidation between 7800-7816
7- Whole day actual trading between 7800-7880

Conclusions from intra day chart analysis 

As higher levels selling and minor Head and Shoulders Pattern formations also therefore signals of fresh down moves but lower levels consolidation was also seen therefore today intraday patterns will be understood Mixed patterns formations and sustaining beyond today trading range should be firstly watched tomorrow for decisive big moves next Friday after FOMC meet on 17-09-2015.

Firstly watch sustaining above 7845 for the Life and Length of on Going Pull Back Rally

Intra Day Charts Analysis & Market Outlook

(15-09-2015)

Nifty-Intra Day Chart (Sep 02 to Sep 14,2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in last 9 Sessions intraday charts

1- Last 9 sessions trading between 7545-7845
2- Nifty faced resistance 4 times near 7845
3- Nifty closing above 9 sessions range at 7872 on 14-09-2015

Conclusions from 9 Sessions intra day chart analysis 

Following lines were told yesterday in "Finally correction continuation towards 7104/6761"

As Pull back rally is on and no confirmation of its completion yet therefore its continuation possibility can not be ruled out in the beginning of next week

As was told 100% same happened and Pull back rally remained continued as well as Nifty closed 82.95 points up today.

Last 9 sessions trading between 7545-7845 and today closing is above this range today. As Nifty faced resistance 4 times near 7845 therefore firstly sustaining above 7845 should be watched in the coming sessions for the life and length of on going Pull Back rally.  

Following lines were told yesterday in "Finally correction continuation towards 7104/6761" and being repeated for tomorrow market Outlook:-

next resistance are lying just above on going Pull back rally highest:-

1- 7865-7881
2- 7894-7926
3- 7929-7948(Gap Resistance)

Once failing to cross above resistances will mean on going Wave-C correction continuation towards and below the lowest of on going correction(7545.90). Expected that on going  Pull back rally will fuse near about mentioned resistances and finally correction will remain continued towards 7104/6761.

Finally correction continuation towards 7104/6761

Technical Analysis,Research & Weekly Outlook

(Sep 14 to Sep 18,2015)

Nifty-EOD Chart (11-Sep-2015):-

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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-1 of Wave-A(8269.15 on 27-03-2015)
3- Wave-2 of Wave-A(8844.40 on 15-04-2015)
4- Wave-3 of Wave-A(7997.15 on 07-05-2015)
5- Wave-4 of Wave-A(8489.55 on 22-05-2015)
6- Wave-5 of corrective Wave-A completion(7940.30 on 12-06-2015)
7- Wave-B completion and corrective Wave-C beginning(8654.75 on 23-07-2015)
8- Wave-1 of Wave-C(7667.25 on 25-08-2015)
9- Wave-2 of Wave-C(8091.80 on 28-08-2015)
10- Wave-3 of Wave-C(7545.90 on 07-09-2015)
11- Pull back rally continuation with recent top formation at 7864.85 

Conclusions from EOD chart analysis 

Corrective Wave-3 of Wave-C continuation with recent bottom formations at 7545.90 on 07-09-2015 and after that Pull back rally beginning in previous week which is on and no confirmation of its completion yet.

Bearish Head and Shoulders Pattern formations

Nifty-EOD Chart (11-Sep-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Huge 10 months Bearish Head and Shoulders Pattern formations between 22-08-2014 and 21-08-2015 with its neckline at 7940
2- Neckline broken down on 01-09-2015 and its broken down confirmations through last 9 sessions closing below it
3- Distance between Head and Neckline is 1179 points

Conclusions from EOD chart analysis 

Bearish Head and Shoulders huge Pattern formation in 10 months and its broken down confirmation through last 9 sessions closing below it therefore emergence of more down moves possibilities towards next target(6761) according to following calculations:-

Distance between Head and Neckline is: 1179=9119(Head)-7940(Neckline)

Technically Nifty should move down 1179 from Neckline after its broken down confirmation therefore next target of Nifty is at 6761:

6761=7940(Neckline)-1179(Distance)

Conclusions (After Putting All Studies Together)

Detailed analysis with all levels have been updated in previous week analysis following topic on 06-09-2015:-

Next Target of Nifty at 7104.30

(Just click above topic link and go through detailed analysis)

As Pull back rally is on and no confirmation of its completion yet therefore its continuation possibility can not be ruled out in the beginning of next week but next resistance are lying just above on going Pull back rally highest:-

1- 7865-7881
2- 7894-7926
3- 7929-7948(Gap Resistance)

Once failing to cross above resistances will mean on going Wave-C correction continuation towards and below the lowest of on going correction(7545.90). Expected that on going  Pull back rally will fuse near about mentioned resistances and finally correction will remain continued towards 7104/6761.