U.S. and European markets blasted after ECB points to more economic stimulus

All the US and European markets zoomed up after ECB more economic stimulus news and now Dow Jones is trading 185 points up as well as most European markets are now more than 2% up. Certainly most Bullish news but next resistances of Nifty are between 8252-8294 and firstly sustaining above 8294 should be watched tomorrow for final reaction of news on Indian markets.

Happy Dussehra to all of you

Meaning of Dussehra Word:

D - Devil in

U - Ur life by giving you 

S - Splendid and 

S - Sparkling

E - Energy which brings

H - Happiness,

R - Riches and

A - Abundance!

3% to 5% Correction Possibility

Intra Day Chart Analysis & Market Outlook

(23-10-2015)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 8272-8294
2- Support between 8217-8240
3- Selling between 8252-8258
4- Whole day actual trading between 8217-8294

Conclusions from intra day chart analysis

Following lines were told yesterday in "just watch 8230 for sharp fall":-

1- Some down are expected
2- just watch valid break down of 8230 for sharp fall

As was told 100% same happened and down moves were seen after slipping 77 points from higher levels and 9 points down closing also today. Sharp fall after valid break down of 8230 was also told and Nifty slipped also below 8230 but valid break down was not seen and some recovery from lower levels.

Although some supports at lower levels but good selling was also seen at higher levels today and selling was seen in last 2 sessions also therefore view is turning Bearish. As lower levels some supports was also seen in last 2 sessions therefore sideways market between 8217-8294 may be seen but expected that finally valid break down of today lowest(8217) will be seen and 3% to 5% correction is expected in the coming 2/3 sessions.

Just watch 8230 for sharp fall

Intra Day Chart Analysis & Market Outlook

(21-10-2015)

Nifty-Intra Day Chart (01-Oct-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 8280-8294
2- Minor supports between 8230-8258
3- Whole day actual trading between 8230-8294

Conclusions from intra day chart analysis 

Although Nifty closed near the higher levels of the day yesterday but we were Bearish therefore we clearly told following lines yesterday in "Very Short Term Correction Possibility":-

1- indications of very Short Term correction in the coming session
2- possibility of slipping below today lowest as well

As was told yesterday all that proved 100% accurate today in following manner:-

1- Exactly very short term correction was seen today through 74 points slipping from higher levels with 45 points negative zone trading and 15 points down closing also.
2- Nifty slipped below yesterday lowest(8239.20) and today lowest was at 8229.20.

As follow up selling was seen at higher levels today after yesterday selling therefore emergence of some more down moves possibilities. Immediate supports and resistances of Nifty are as follows:-

1- Resistances between 8271-8294
2- Resistances between 8240-8460
3- Minor supports between 8230-8258
4- Supports between 8148-8180

Although some selling between 8240-8460 yesterday but minor supports were also seen within and just below this range between 8230-8258 today therefore if follow up selling develops within this range tomorrow then sharp fall will be seen towards next supports(8148-8180).

Some down are expected and just watch valid break down of 8230 for sharp fall.

Very Short Term Correction Possibility

Intra Day Chart Analysis & Market Outlook

(20-10-2015)

Nifty-Intra Day Chart (19-Oct-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling patterns formation between 8240-8460
2- Selling patterns formation between 8271-8283
3- Whole day actual trading between 8240-8283

Conclusions from intra day chart analysis 

Although closing near the higher levels of the day after whole day positive zone trading but intraday patterns have shown selling patterns also therefore indications of very Short Term correction in the coming session and possibility of slipping below today lowest as well.

Pre-open Outlook(19-10-2015)

As Dow's Futures is trading 52 points down and most Asian markets are also in Red, resultant sentiment is little depressed today morning therefore weaker opening will be seen in Indian markets also. Good consolidation between 8148-8180 on 16-10-2015 therefore expected that finally rally will be seen after follow up consolidation above 8148 and until Nifty will not sustain below it after complete selling till then any decisive down moves will not be seen.

Only One Last Confirmation will result Much Much Strong Rally

Technical Analysis,Research & Weekly Outlook

(Oct 19 to Oct 23,2015)

Nifty-EOD Chart (16-Oct-2015):-

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Technical Patterns and Formations in EOD charts

1- 5118.85 on 28-08-2013(Wave-1 beginning after 'ABC' correction completion)
2- Wave-1(6415.25 on 09-12-2013)
3- Wave-2(5933.30 on 04-02-2014)
4- Wave-3(8626.95 on 04-12-2014)
5- Wave-4(7961.35 on 17-12-2014)
6- Wave-5(9119.20 on 04-03-2015 and 'ABC' correction beginning)
7- Wave-A(7940.30 on 12-06-2015) 
8- Wave-B(8654.75 on 23-07-2015)
9- Wave-C(7539.50 on 08-09-2015) 
10- Rally continuation after 'ABC' correction completion with recent top formation at 8246.40 on 16-10-2015

Conclusions from EOD chart analysis 

That Wave-1 which started on 28-08-2013 from 5118.85 gained 4000 points and completed at 9119.20 on 04-03-2015 after many times new life times high formation and then that its 'ABC' correction started which completed at 7539.50 on 08-09-2015 and now fresh rally is on with recent top formation at 8346.40 on 16-10-2015. 

Waves structure of correction

Nifty-EOD Chart (16-Oct-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-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) 
5- Rally continuation after 'ABC' correction completion with recent top formation at 8246.40 on 16-10-2015
6- Strong signals of Long Term Trend turning up after forceful closing above its decider 200 Day EMA(today at 8183) on 16-10-2015. 

Conclusions from EOD chart analysis 

As correction started on 04-03-2015 from 9119.20 after 5 Waves completion of that 4000 points rally which started 5118.85 on 28-08-2013 therefore deeper correction was imminent which lasted 6 months from  04-03-2015 to 08-09-2015 in 'ABC' correction pattern. 

Fresh rally started after 'ABC' correction completion at 7539.50 on 08-09-2015 which is now in continuation with previous closing above Long Term Trend decider 200 Day EMA(today at 8183) at 8238.15. Last confirmation of correction completion is sustaining above 200 Day EMA which will mean fresh rally above life time high(9119.20) 

37 Sessions trading range broken out confirmation

Nifty-Intra Day Chart (Aug 21 to Oct 16,2015):-

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Technical Patterns and Formations in last 37 Sessions intraday charts

1- 165 Points gap down opening on 24-08-2015
2- 27 Sessions actual trading between 7540-8092 from 24-08-2015 to 01-10-2015
3- 27 Sessions trading range broken out on 05-10-2015 
4- 9 Sessions sideways market between 8089-8245  
5- Previous closing near the top of 9 Sessions market

Conclusions from 37 Sessions intra day chart analysis 

165 Points gap down opening on 24-08-2015 and after that Nifty remained sideways in next 27 Sessions between 7540-8092 from 24-08-2015 to 01-10-2015. This range was forcefully broken out on 05-10-2015 and after that last 9 sessions sideways market between 8089-8245 as well as previous closing near top of 9 sessions range.

As break out confirmation of 27 sessions range does mean fresh strong rally and that is expected after getting it. 

Previous 10 Sessions sideways market Analysis

Nifty-Intra Day Chart (Oct 05 to Oct 16,2015):-

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Technical Patterns and Formations in last 10 Sessions intraday charts

1- Forceful break out on 05-10-2015 
2- Last 9 sessions Sideways market between 8089-8246 with higher levels selling and lower levels good buying
3- 9 Sessions actual trading between - 

Conclusions from 10 Sessions intra day chart analysis

Last 9 sessions Sideways market between 8089-8246 with higher levels selling and lower levels good buying after 27 sessions range forceful break out on 05-10-2015

As strong rally in last hours of previous session and closing near the top of 9 Sessions range after new high(8246.40) formation of last 10 sessions range as well as closing above the last resistances(8185-8230) therefore strong indications of fresh rally after break out of 9 sessions range.

Intra Day Chart Analysis(19-10-2015)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- 4 Hours consolidation between 8148-8180(Immediate Supports)
2- Sharp 45 points up in 10 minutes
3- Whole day actual trading between 8148-8246
4- Strong rally in last hours on 16-10-2015

Conclusions from intra day chart analysis 

As strong up moves in last hours after first 4 hours consolidation therefore it is a clear signal of rally continuation and until Nifty will not sustain below day's lowest after complete selling till then any decisive down moves will not be seen.

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Short Term Trend is up
2- Intermediate Term Trend is up
3- Long Term Trend is up but its confirmation is still required through sustaining above its decider 200 Day EMA(today at 8183). 

As 'ABC' correction of that 4000 points rally was started which was 18 months long also therefore as such long correction was to be seen and that happened also through 1579 points and 6 months long down moves up to 7539.50 on 08-09-2015. In the same manner complete consolidation was also must for correction completion and that was also seen through 27 sessions sideways market near the bottom of correction between 7540-8092 from 24-08-2015 to 01-10-2015.

Forceful break out of 27 sessions sideways market was seen on 05-10-2015 but again market turned sideways between 8089-8246 in last 9 sessions. As strong rally was seen on 16-10-2015 after lower levels good consolidation and closing was also near the higher levels of last 9 sessions trading range with new 9 sessions intraday highest formations therefore rally continuation is expected in the beginning of next week. 

Now all trends are up but only Long Term Trend turning up confirmation is still required through sustaining above its decider 200 Day EMA(today at 8183). As no selling signals have been seen yet therefore rally continuation will be seen but minor intraday or very short term correction may be seen any day because sentiment has turned heated after last Friday strong rally.

As 27 sessions trading range break out has got confirmation which means 4000 points rally correction completion also therefore only last confirmations through sustaining above 200 Day EMA(today at 8183) is left and that should be firstly watched for that strong rally which will remain continued much much above life time high(9119.20).