Intra Day Chart Analysis & Market Outlook(03-06-2016)

Nifty-Intra Day Chart (02-Jun-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- 5 Hours trading with Mixed Patterns between 8155-8185 
2- Slow up moves in last hours 
3- Whole day actual trading between 8155-8229

Conclusions from intra day chart analysis 

Last 3 sessions sideways trading with mixed patterns formations between 8144-8215 and this range was broken out today but without force because last hours up moves which crossed 8215 were slow today. As first 5 hours today trading was also with mixed patterns formations therefore last 3 sessions break out confirmation is still required through sustaining above 8215/8229.

Although today closing near the higher levels of the day above last 3 sessions trading range(8144-8215) but immediate fresh rally will be understood only after the confirmation of sustaining above 8215/8229,let it happen otherwise Nifty will remain sideways between 8144-8215/8229.

Intra Day Charts Analysis & Market Outlook(02-06-2016)

Nifty-Intra Day Chart (May 30 to Jun 01,2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in last 3 Sessions intraday charts

1- Last 3 sessions sideways trading with Mixed Patterns formations between 8144-8215
2- 3 Sessions trading between 8135-8215

Conclusions from 3 Sessions intra day chart analysis 

Following lines were told on 29-05-2016 in "Minimum Target of Nifty at 8844.55" and repeated in the Outlooks of last 2 sessions also:-

finally last week started rally will remain continued towards 8844.55 with only very Short Term and sideways corrections.

Sideways correction has been seen in last 3 sessions through 71 points range bound markets between 8144-8215.  As one sided clear patterns formations were not seen and selling/consolidation both patterns has been developed in last 3 sessions therefore expected that Nifty will trade within 8135-8215 and prepare for next decisive big moves beyond this range. 

Let Nifty prepare then will be updated after the analysis of coming sessions intraday charts and final confirmation of  next decisive moves will be after sustaining beyond 8135-8215.

Intra Day Chart Analysis & Market Outlook (01-06-2016)

Nifty-Intra Day Chart (31-May-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Firstly Down moves in Bullish Falling Channel
2- Last 6 hours sideways trading with Mixed Patterns between 8144-8182 
3- Whole day actual trading between 8135-8213

Conclusions from intra day chart analysis 

As same intraday pattern formations like yesterday therefore 100% same view which was updated in following topic yesterday:-

8151-8200 will confirm next Decisive Moves

Only minor changes will be regarding levels because today trading was little wider than yesterday therefore valid break out of today trading range(8135-8213) should be firstly watched tomorrow for those next trend confirmations which have been updated in above mentioned topic yesterday. Just click above topiclink and go through.

8151-8200 will confirm next Decisive Moves

Intra Day Chart Analysis & Market Outlook

(31-05-2016)

Nifty-Intra Day Chart (30-May-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Firstly Down moves in Bullish Falling Channel
2- Last 5 hours sideways trading with Mixed Patterns between 8157-8188 
3- Whole day actual trading between 8151-8200

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Minimum Target of Nifty at 8844.55":-

finally last week started rally will remain continued towards 8844.55 with only very Short Term and sideways corrections.

Rally remained continued with 5 hours intraday sideways trading today which is a part of very Short Term correction also because very Short Term oscillators have turned overbought after 484 points 5 sessions sharp rally and minor correction turned due after such strong rally. 

As firstly Down moves in Bullish Falling Channel today and last 5 hours Mixed Patterns formations therefore today trading will be understood a part of consolidation process and follow up consolidation tomorrow will mean rally continuation above 8200.

It is confirm that until clear and complete selling patterns will not develop on EOD charts till then any deeper correction will not be seen and valid break out of today trading range(8151-8200) should be firstly watched tomorrow for:- 

1- very Short Term correction confirmation below 8151 or 
2- fresh rally confirmation above 8200 

Only it has to be decided that immediate fresh rally above 8200 or after very Short Term correction between 7992-8151 and its confirmation will be from 8151-8200. 

Minimum Target of Nifty at 8844.55

Technical Analysis,Research & Weekly Outlook

(May 30 to Jun 03,2016)

Nifty-EOD Chart (27-May-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning after bottom formation at 6825.80 on 29-02-2016
2- Wave-1(7992 on 28-04-2016)  
3- Wave-2(7678.35 on 06-05-2016)
4- Wave-3 continuation with top formation at 8164.20 on 27-05-2016
5- 28 Sessions trading range(7678-7992) broken out forcefully on 26-05-2016 
6- Long Term Trend turning up confirmation after confirmation of sustaining above its decider 200 Day EMA(today at 7786)

Conclusions from EOD chart analysis 

All trends turning up confirmations after the confirmation of sustaining above Long Term Trend decider 200 Day EMA(today at 7786) in previous week. As 28 Sessions trading range(7678-7992) also broken out forcefully on 26-05-2016 therefore Wave-3 beginning confirmation also in previous week after Wave-2 completion confirmations at 7678.35 on 06-05-2016. Wave-3 is very much on towards its minimum target at 8844.55. Calculations of Wave-3 minimum target is as follows:-

As per Elliott Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5". Impulsive Wave-3 is on and it should gain more points than Wave-1 gained.

Wave-1 gained 7992-6825.80=1166.20 Points

Wave-3 started from 7678.35 and and as per Elliott Wave theory it should gain minimum 1166.20 points because it can not be shorter than Wave-1 therefore its minimum target is at:-

8844.55=7678.35(Wave-3 started)+1166.20(Wave-1 gained)

As strong rally in last 3 sessions and very Short Term oscillators have turned overbought therefore very Short Term correction possibility can not be ruled out any day in next week but finally last week started rally will remain continued towards 8844.55 with only very Short Term and sideways corrections.

Next resistances above previous week highest are as follows:-

1- 8260-8315
2- 8470-8520
3- 8575-8652