Live Proofs of Levels Accuracy

Following intraday Selling Levels were updated yesterday in Correction Continuation towards 7104/6761

1- Selling between 7614-7640
2- Selling between 7581-7606

Selling below 7640 was told yesterday and whole day trading  below it with intraday today highest formation at 7634.10 despite following Global markets Bullishness whole day today:-

1- Dow's Futures is now trading 200 points up. 
2- Most Asian markets closing more than 0.50% up.
3- All European markets now trading 0.50% to 0.90% positive.

Pre-open Outlook(08-01-2016)

As all the Asian markets are trading in Green and Dow's Futures is also more than 175 points up therefore sentiment is good today morning and resultant some up moves may be seen in the form of relief rally today as the technical correction of yesterday huge fall also. 

Just wait for follow up selling patterns formations for fresh selling today 

Correction Continuation towards 7104/6761

Intra Day Chart Analysis & Market Outlook

(08-01-2016)

Nifty-Intra Day Chart (07-Jan-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 7614-7640(Immediate Resistances)
2- Selling between 7581-7606(Immediate Resistances)
3- Whole day actual trading between 7556-7655

Conclusions from intra day chart analysis 

Nifty corrected 415 points in last 4 sessions and all the 8 previous Outlooks of this Blog are live proofs of this fact that from 30-12-2015 we told again and again only for correction and that was seen also in all the previous sessions.

As whole day today down moves after huge gap down opening with continuous intraday selling patterns formations and consolidation patterns formations were not seen today therefore expected that on going correction will remain continued.

18 Months 4000 points strong rally from 28-08-2013(5118.85) to 04-03-2015(9119.20) and now its corrective Wave-'C' of 'ABC' correction continuation with recent bottom formation at 7539.50 on 08-09-2015. As at present no signal of Wave 'C' completion and fresh selling was also seen today therefore correction continuation will be seen below the lowest(7539.50) of on going big correction.

Just click following topic links for next targets of on going correction with detailed analysis:-

1- Updated on 13-09-2015:- Finally correction continuation towards 7104/6761
2- Updated on 06-09-2015:- Next Target of Nifty at 7104.30

Correction Continuation Expectations

Intra Day Chart Analysis & Market Outlook

(07-01-2016)

Nifty-Intra Day Chart (06-Jan-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Support between 7761-7775
2- Selling between 7776-7800
3- Sudden sharp fall  
4- Whole day actual trading between 7722-7800

Conclusions from intra day chart analysis 

Following conclusive line was told yesterday in "Finally correction continuation despite some up moves possibilities":-

Finally correction continuation is still expected despite some up moves possibilities tomorrow

As was told yesterday 100% same happening is proved from above updated today intraday chart.

As good intraday consolidation patterns formations yesterday and fresh selling was required within yesterday trading range for decisive down moves therefore firstly up moves after lower levels supports and then more than 3 hours selling within yesterday trading range between 7776-7800 and after that sharp fall was seen today. 

As follow up selling today after breaking down of 7 sessions trading range on 04-01-2016 therefore correction continuation is expected in the coming sessions.

Post-open Outlook(06-01-2016)

As most Asian markets are trading more than 1% down today morning and sentiment turned depressed therefore Nifty slipping immediately after positive opening but Mid-cap and Small-Cap are now trading more than .45% up. Intraday consolidation patterns formations yesterday therefore today first hour most time trading within yesterday trading range despite such high weakness in most Asian markets. 

Intraday consolidation patterns formations above 7764 yesterday and its valid breaking down will be immediate confirmation of more correction.

Finally correction continuation despite some up moves possibilities

Intra Day Chart Analysis & Market Outlook

(06-01-2016)

Nifty-Intra Day Chart (05-Jan-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation between 7764-7780(Immediate Supports)
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 7764-7831

Conclusions from intra day chart analysis 

Correction beginning yesterday after Previous 7 Sessions actual trading range(7835-7972) broken down and today its continuation was seen but consolidation patterns formations also today therefore some up moves can not be ruled out in the coming sessions. As 7 Sessions trading range forcefully broken down yesterday therefore decisive up moves will be seen only after complete follow up consolidation but once valid breaking down of today lowest(7764) will mean correction continuation towards  those next supports which have already been updated in previous Outlook yesterday.

Finally correction continuation is still expected despite some up moves possibilities tomorrow.

Correction Continuation towards Next Supports

Intra Day Charts Analysis & Market Outlook

(05-01-2016)

Nifty-Intra Day Chart (Dec 23,2015 to Jan 04,2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in last 8 Sessions intraday charts

1- Previous 7 Sessions actual trading between 7835-7972
2- Slipping and closing below previous 7 Sessions lowest on 04-01-2016

Conclusions from 8 Sessions intra day chart analysis 

Anyone may verify from our previous sessions Outlooks on Home page and Archive(at the bottom of Blog) that we continuously told for intraday selling patterns formations and resultant huge down moves today with slipping and closing below previous 7 Sessions lowest in a single day today.

Certainly 7 Sessions trading range broken down confirmation which is huge one and resultant correction beginning confirmation of that Pull Back rally which started on 14-12-2015 from 7551.05 and terminated at 7972.55 on 01-01-2016. 

As such big down moves today and very short term indicators have turned oversold therefore only a bounce back from intraday lower levels will be considered otherwise finally correction continuation is expected towards following next supports:-

1- Supports between 7738-7772
2- Supports between 7573-7645

Pull Back rally Correction Beginning Confirmation

Mid-session Outlook(04-01-2016)

Nifty-Intra Day Chart(Last 5 Sessions & First 2 hours of 04-01-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in intraday charts

1- Last 5 Sessions actual trading between 7882-7972
2- Slipping below previous week lowest in first hour on 04-01-2016

Conclusions from intra day chart analysis 

Although most of the days Nifty closed in Green in previous week but we were not Bullish and most of the times told for correction beginning possibilities because intraday charts were showing Mixed Patterns formations which means selling patterns were also being developed. As such selling formations were also seen in whole previous week therefore Nifty slipped below last 5 sessions lowest in first hour today.

As last 5 sessions actual trading bottom broken down of forcefully in only first one hour today therefore correction beginning confirmation of that Pull Back rally which started on 14-12-2015 from 7551.05 and terminated at 7972.55 on 01-01-2016.

As I was out of station and just now came back therefore Stock Market Outlook of today is not being updated but Mid-session Outlook may be posted during trading hours today.