Post-open Outlook(23-03-2016)

As all the Asian markets are trading in Red today and long Weekend ahead from tomorrow therefore sentiment is depressed today morning resultant weak opening of Indian markets. Next supports are between 7630-7670 which should be firstly watched today for the confirmation of today started down moves continuation/completion.

Still View is Bullish

Intra Day Chart Analysis & Market Outlook

(23-03-2016)

Nifty-Intra Day Chart (22-Mar-2016):-

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Technical Patterns and Formations in today intraday charts

1- Most time trading below yesterday closing(7704.25)
2- High intraday volatility
3- Whole day actual trading between 7644-7728

Conclusions from intra day chart analysis 

Although Nifty closed near the higher levels of the day yesterday after gaining 100 points but we told following lines yesterday in "Rally continuation expectations after follow up consolidation":-

1- some volatility may be firstly seen for consolidation within today trading range
2- View was Bullish from and before Budget day and still same view as well as expected that Rally above 7600 will remain continued
2- 1/2 sessions follow up consolidation within of near about higher levels of today trading range

As was told yesterday, 100% same had been seen in following manner today:-

1- High volatility was seen today 
2- Nifty traded almost whole day within yesterday trading range(7628-7713) and closed little above it at 7714.90 today. 
3- Bullish view was told and and Nifty closed positive today

Although no clear pattern formation today and only high intraday volatility was seen but view will remain Bullish because selling patterns were also not seen and until complete selling patterns will not develop till then any correction will not develop,let it happen then will be considered.

Rally continuation expectations after follow up consolidation

Intra Day Chart Analysis & Market Outlook

(22-03-2016)

Nifty-Intra Day Chart (21-Mar-2016):-

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Technical Patterns and Formations in today intraday charts

1- More than 4 hours trading with Mixed Patterns formations between 7629-7661
2- Up moves after recovery in European markets and Dow's Futures after 01:30 PM.
3- Whole day actual trading between 7628-7713

Conclusions from intra day chart analysis 

As first 4 hours trading with Mixed Patterns formations and last hours up moves on the back of European markets and US cues therefore some volatility may be firstly seen for consolidation within today trading range because European markets closed near the lower levels of the day after loosing all first 2 hours gains and Short Term Oscillators have also turned overbought after strong rally today.  

View was Bullish from and before Budget day and still same view as well as expected that Rally above 7600 will remain continued after 1/2 sessions follow up consolidation within of near about higher levels of today trading range

48 Sessions Bullish Pattern showing Nifty target at 8374.20

Technical Analysis,Research & Weekly Outlook

(Mar 21 to Mar 23,2016)

12 Months Correction with Bullish Flag formations

Nifty-EOD Chart (18-Mar-2016):-

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Technical Patterns and Formations in EOD charts

1- Wave-3 on long Chart beginning at 5118.85 on 28-08-2013
2- Wave-3 completion and corrective Wave-4 beginning at 9119.20 on 04-03-2015 
3- Corrective Wave-4 recent bottom of correction at 6825.80 on 29-02-2016
4- 12 Months correction with Bullish Flag formations
5- Long Term Trend decider 200 Day EMA is today at 7781
6- Upper falling line of Bullish Flag is near 200 Day EMA 

Inverse Head And Shoulders formations

Nifty-EOD Chart (18-Mar-2016):-

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Technical Patterns and Formations in EOD charts

1- Inverse Head And Shoulders pattern formations in last 48 sessions with its Neckline at 7600
2= Head formation at 6825.80 on 29-02-2016 

Pull Back Rally continuation

Nifty-EOD Chart (18-Mar-2016):-

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Technical Patterns and Formations in EOD charts

1- Pull Back rally beginning after getting supports at 6825.80 on 29-02-2016
2- Recent top of Pull Back rally formations at 7613.60 on 18-03-2016
3- 10 Sessions sideways trading between 7406-7585
4- 10 Sessions range broken out with closing above it at 7604.35 on 18-03-2016 

Conclusions (After Putting All Studies Together)

Following conclusive lines were told in previous weekly Outlook on 13-03-2016 in "Finally Up moves after volatile trading within Crucial Levels":-

expected that in every situation(best to worst) Nifty will firstly trade between or near about 7310-7600 with high volatility and finally will move above 7600 decisively without sustaining below 7310.

As was told same happened in previous weekly Outlook,100% same happened and finally Nifty closed above 7600 with previous week lowest formation at 7405

Trends of Nifty are as follows:-

1- Short Term Trend has turned up after post budget Rally
2- Intermediate Term Trend is sideways which will be up after sustaining above 7600.
3- Long Term Trend is down which will be up after sustaining above its decider 200 Day EMA(today at 7781)

That Bullish Wave which started on 28-08-2013 from 5118.85 gained 4000 points and completed at 9119.20 on 04-03-2015 and after that its correction started which formed recent bottom at 6825.80 on 29-02-2016 then Pull Back rally begun which is in continuation with recent top formation at 7613.60 and no confirmation of its completion yet. 

12 Months correction from 9119.20 to 6826 is with Bullish Flag formations and Nifty has not slipped below its lower falling line as well as strong Pull Back Rally started from Budget-2016 day which is in continuation and no signal of its completion yet. As Bullish Flag is still valid therefore fresh rally hopes above all time high(9119.20) are still alive. 

Long Term Trend decider 200 Day EMA(today at 7781) and Upper falling line of Bullish Flag are near therefore once valid break out of 200 Day EMA will mean broken out confirmation of Bullish Flag also which will mean strong indication of 12 months correction completion at 6825.80 on 29-02-2016 and Indian markets are well prepared for fresh strong rally above life time high(9119.20).       

Following 2 Bullish developments last Friday:- 

1- 10 Sessions sideways trading between 7406-7585 and this range broken out and closing above it at 7604.35.
2- Inverse Head And Shoulders pattern formations in last 48 sessions with its Neckline at 7600 and closing above it at 7604.35. 

It is confirm that once sustaining above 7600 will mean Neckline broken out confirmation which will generate fresh blasting rally to test 8374.20 according to following calculations:- 

Head formation at 6825.80
Neckline of pattern is at 7600
7600-6825.80= 774.20 points distance between Head and Neckline 
Neckline was broken out on 18-03-2016 with closing at 7604.35 
Inverse Head and Shoulders Neckline broken out confirmation will mean next target of Nifty at 7600+774.20=8374.20

High possibility of fresh strong rally after sustaining above 7600 and Long Term Trend decider 200 Day EMA(today at 7781) as well as decisive up moves towards next strong resistances which are above 7890,also expected that Nifty will test above mentioned 48 Sessions Bullish Pattern target(8374.20) in the coming months.