Mid-session Outlook(11-12-2015)

Nifty-Intra Day Chart (10-Dec-2015):-

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Technical Patterns and Formations in today intraday charts

1- Last hours trading between 7655-7691 yesterday(on 11-12-2015)
2- Actual trading between 7660-7690 till 10:50 AM today(on 10-12-2015)

Conclusions from intra day chart analysis

Following lines were told yesterday in "Pull Back rally possibility amid sideways market before FOMC"

Volatility and up moves were also seen in last hours according to European markets and Dow's futures moves therefore some selling also can not be ruled out.

Although Nifty traded between 7655-7691 and also closed near the higher levels of the day yesterday but on the back of European markets and Dow's futures moves. As selling possibility was seen within this last hours range and also updated yesterday therefore first 2 hours today trading has been seen within this range between 7660-7703 for follow up moves and preparation for next decisive moves because some selling is being seen today also.

Last 4 hours trading within 7655-7691 and firstly valid break out of this range should be watched for next decisive moves confirmations.

Pull Back rally possibility amid sideways market before FOMC

Intra Day Chart Analysis & Market Outlook

(11-12-2015)

Nifty-Intra Day Chart (10-Dec-2015):-

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Technical Patterns and Formations in today intraday charts

1- More than 4 hours consolidation between 7610-7639(Immediate Supports)
2- Sharp up
3- Volatility and up moves in last hours with European markets and Dow's futures moves.
4- Whole day actual trading between 7610-7691

Conclusions from intra day chart analysis 

Sharp up moves after 4 hours good consolidation but Volatility and up moves were also seen in last hours according to European markets and Dow's futures moves therefore some selling also can not be ruled out. As consolidation in last hour yesterday and follow up consolidation again today therefore 7608-7639 will be immediate support of Nifty and complete selling is required for decisive down moves below today lowest. 

Certainly emergence of Pull Back rally possibility towards next resistance range(7796-7822) but finally sustaining beyond Neckline(7722) of 57 sessions Head and Shoulders pattern should be watched in the coming sessions for correction continuation/completion confirmation.

Immediate supports and resistances of Nifty are as follows:-

1- Supports between 7610-7639
2- Resistance between 7796-7822

Expected that Nifty will remain sideways between 7610-7822 in the coming sessions and prepare for next decide moves after FOMC on 16 Dec 2015 and finally valid break out of this range will decide next immediate trend but firstly Pull Back rally is expected.

As busy in a marriage therefore Stock Market Outlook of today is not being updated.

Just Watch sustaining beyond 7715 for Decisive Moves

Intra Day Chart Analysis & Market Outlook

(08-12-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Consolidation Patterns between 7746-7775
3- Whole day actual trading between 7746-7825

Conclusions from intra day chart analysis 

Although down moves beginning immediate after opening but in Bullish Falling Channel and lower levels consolidation Patterns formations were also seen between 7746-7775 therefore emergence of some up moves possibilities. As lot of consolidation is also required for trend reversal therefore follow up consolidation is must in the coming sessions for decisive up moves. Possibility of slipping below today lowest also can not be ruled out under consolidation process but sustaining below today lowest with fresh selling is must for it for decisive down moves. Importance of 7715 and 7722 has already been updated yesterday in following topic:-

"7715 Will decide the Life of on going Correction" 

As today lowest is little above these 2 levels at 7746.05 and some down moves below today lowest can not be ruled out in consolidation process therefore firstly sustaining beyond 7715 should be watched in the coming sessions for deeper correction below 7715 and decisive up moves above 7715.

7715 Will decide the Life of on going Correction

Technical Analysis,Research & Weekly Outlook

(Dec 07 to Dec 11,2015)

9 Months Correction in Bullish Flag formations 

Nifty-EOD Chart (04-Dec-2015):-

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Technical Patterns and Formations in EOD charts

1- 5118.85 on 28-08-2013
2- Wave-5 completion at 9119.20 on 04-03-2015 and Wave-A of 'ABC' correction beginning after life time high formation)
3- 9 Months correction completion at 7539.50 on 08-09-2015 and Wave-1 beginning
4- Wave-1(8336.30 on 26-10-2015)
6- Wave-2(7714.15 on 16-11-2015)
4- 9 Months correction in Bullish Flag formations lower falling line towards 7119

Conclusions from EOD chart analysis

'ABC' correction begun on 04-03-2015 and from 9119.20 which completed at 7539.50 on 08-09-2015 and Wave-1 of fresh rally begun which completed at 8336.30 on 26-10-2015 and now its corrective Wave-2 is on with recent bottom formation at 7714.15 on 16-11-2015. As rally started from 7714.15 after 11 sessions rounding bottom formation therefore an indication of Wave-2 correction completion was developed but strong correction was seen in last 3 sessions and firstly 7714.15 should be watched in the coming sessions for the confirmation of corrective Wave-2 completion/continuation. 

As whole 9 months correction from 9119.20 to 7539.50 in Falling channel with Bullish Flag formations and this pattern formation will remain continued towards 7119. 

Bearish Head and Shoulders pattern formations

Nifty-EOD Chart (04-Dec-2015):-

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Technical Patterns and Formations in EOD charts

1- Head and Shoulders pattern formations in last 56 sessions
2- Neckline at 7722

Conclusions from EOD chart analysis

Head and Shoulders pattern formations in last 56 sessions with its Neckline at 7722 therefore once valid break out of 7722 will mean much deeper correction because it will be confirmation of such big 56 sessions Bearish Head and Shoulders pattern broken down confirmation.

Intra Day Chart Analysis(07-12-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Selling between 7800-7812
2- Selling between 7806-7821
3- Up moves in Bearish Rising Channel
4- Down moves in Bullish Falling Channel in last hours
5- Whole day actual trading between 7776-7821

Conclusions from intra day chart analysis 

Although higher levels selling and whole day good selling as well but down moves in Bullish Falling Channel in last hours therefore some up moves are firstly possibly in last Friday trading range(7776-7821). As good selling therefore until Nifty will not above last Friday highest(7821) after follow up consolidations till then any decisive up moves will not be seen.

Conclusions (After Putting All Studies Together)

Detailed analysis of EOD Charts have already been updated in previous weekly analysis topic on 29-11-2015 in following topic:-

"Bullish Flag Formation in last 9 months Correction suggesting Strong Rally"

Emergence of Head and Shoulders pattern formations after last 3 sessions sharp fall therefore firstly valid break out of its Neckline(7722) should be watched in the coming sessions for much deeper correction because its broken down confirmation will be the validity of such big 56 sessions Bearish pattern which will open the door for fresh and decisive down moves. 

As whole 9 months correction from 9119.20 to 7539.50 in Falling channel with lower falling trend line bottom at 7119 therefore once slipping below Wave-2 bottom(7714.15) will mean correction continuation towards 7119 after Head and Shoulders's Neckline(7722) broken down confirmations. Correction is on and next immediate supports of Nifty are as follows:-

1- 7767-7778
2- 7715-7736

As some consolidation patterns were seen in last hours of previous trading session therefore firstly some up moves may be seen next Monday but good selling in previous week at higher levels therefore until complete complete consolidation will not develop till then decisive up moves will not be seen.  

Correction is on and sustaining beyond 7722/7715 should be firstly watched in next week for its continuation towards 7119 or its completion after completion consolidation above 7715.