Next Good Supports will confirm Little Deeper but Short Term correction

Intra Day Chart Analysis & Market Outlook

(10-06-2016)

Nifty-Intra Day Chart (09-Jun-2016):-

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Technical Patterns and Formations in today intraday charts

1- Sharp down immediately after opening
2- More than 4 hours trading with selling indications.
3- Up moves in last hour from lower levels in Bearish Rising Channel   
4- Whole day actual trading between 8185-8273

Conclusions from intra day chart analysis 

Firstly sharp down immediately after opening and after that more than 4 hours trading with selling indications as well as last hour Up moves in Bearish Rising Channel also therefore today started correction continuation is expected but next good supports are lying between 8156-8177 therefore firstly sustaining it  beyond should be watched tomorrow for little deeper but Short Term correction of that rally which started from 7715.80 on 24-05-2016 and completed at 8252.05 on 08-05-2016. Retracement levels of this rally are as follows:- 

1- 13.0%- 8182
2- 23.6%- 8125
3- 27.0%- 8107
4- 38.2%- 8046(Crucial)
5- 50.0%- 7983(Crucial)
6- 61.8%- 7920(Crucial)

Strong Indications of next Moves from 8252-8294

Intra Day Chart Analysis & Market Outlook

(09-06-2016)

Nifty-Intra Day Chart (08-Jun-2016):-

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Technical Patterns and Formations in today intraday charts

1- Whole day sideways trading within 33 points 
2- Whole day actual trading between 5253-5288

Conclusions from intra day chart analysis 

Whole day sideways trading within 33 points and flat closing as well as no one sided intraday technical position formations today therefore views will be formed from EOD charts and indicators only.

That Wave-3 which begun from 7678.35 on 06-05-2016 is on and its continuation is expected because complete selling has not been formed yet but Short Term indicators are overbought therefore Short Term correction may be seen any day after 1/2 sessions selling.  

Nifty traded  more than 1 hour between 3277-3294 yesterday but could not sustain at higher levels therefore immediate resistances will be understood upto 3294 and previous resistances are also upto 8315 therefore clear consolidation is firstly required for fresh fast rally towards next resistances(8470-8520) let it happen then valid break out of 8315 will be its confirmation.

Expected that Nifty will firstly trade within and near about 8252-8294 and valid break out of this range will be strong indication of Short Term correction below 8252 and fresh rally above 8294.

Bullish Global Cues led today Market require confirmations from 8217-8315 

Intra Day Chart Analysis & Market Outlook

(08-06-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Sideways market with RBI Credit Policy led volatility till 11:30 AM
2- Fast up moves after more strong opening European markets after 12:30 PM
3- Not sustaining at higher levels.
4- Whole day actual trading between 8217-8294

Conclusions from intra day chart analysis 

As clear selling patterns just below next resistance(8260) last Friday and Mixed Patterns formations yesterday therefore we were expecting Short Term Correction below 8186.05 but our today projection went wrong due to following Bullishness in all the Global markets since today morning:-

1- Most Asian markets were trading 0.75% up today morning after strong closing of US markets yesterday therefore positive opening of Indian markets but under performed Asian markets and traded sideways with minor gains up to 11:30 AM because higher levels selling was seen in last 2 sessions and fresh consolidation was firstly required for decisive up moves.
2- Fast up moves started in Indian markets after more than 1% strong opening of most European markets at 12:30 PM today.

The rally which started on 24-05-2016 from 7716 is very much on and its only Short Term Correction was expected below 8186.05 which was not seen today and higher levels consolidation amid strong Global cues can not be ruled out today because Indian markets could not slip too much despite no Repo rates cut by RBI today. 

As lower levels supports amid high volatility after RBI Credit Policy and Global cues led up moves as well as not sustaining at higher levels within next resistance range(8260-8315) therefore whole day today market will be understood only news led and it must be kept in mind that technical positions reverses also in such today like news led markets. 

As clear selling between 8241-8262 last Friday and next resistances above it are between 8260-8315 as well as some supports at lower levels above 8217 today therefore expected that Nifty will firstly trade and prepare for next decisive moves between 8217-8315 in the coming sessions and finally this range will decide next Short Term Trend. As today market was completely Bullish Global cues and RBI Credit Policy led therefore follow up consolidation is firstly required for fresh fast rally towards next resistances(8470-8520) let it happen then valid break out of 8315 will be its confirmation.

Emergence of Short Term Correction possibility

Intra Day Chart Analysis & Market Outlook

(07-06-2016)

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

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Technical Patterns and Formations in today intraday charts

1- 5 Hours trading with Mixed Patterns formations between 8205-8234
2- 5 Hours trading range broken down forcefully 
3- Whole day actual trading between 8187-8234

Conclusions from intra day chart analysis 

Following conclusive lines were told yesterday in "Firstly Sideways Market in Coming Week for Next Trend Preparation":-

1- As clear selling between 8241-8262 therefore it will be immediate resistance of Nifty
2- Firstly Nifty has to prepare for any side decisive moves and that will be done through sideways trading 

Immediate resistance of Nifty was told between 8241-8262 and today highest was below this resistance range at 8234.70. Sideways trading was also told and Nifty remained sideways within only 47 points between 8187-8234 today as well as prepare for next decisive moves.    

Although 5 Hours today trading was with Mixed Patterns formations but clear selling patterns were seen between 8241-8262 yesterday and next resistances just above this range are between 8260-8315 therefore once valid break down of today trading range(8187-8234) will mean high possibility of Short Term down moves towards the top of previous 28 Sessions trading range(7678-7992)

As RBI Credit Policy at 11:00 AM tomorrow therefore high volatility just before it can not be ruled out but emergence of Short Term Correction possibility below today lowest(8186.05) and towards 7992 despite whatsoever announcements by RBI Governor tomorrow because clear selling patterns just below next resistance(8260) last Friday and Mixed Patterns formations today.

Firstly Sideways Market in Coming Week for Next Trend Preparation 

Technical Analysis,Research & Weekly Outlook

(Jun 06 to Jun 10,2016)

Nifty-Intra Day Chart (May 30 to Jun 3,2016):-

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Technical Patterns and Formations in last 5 Sessions intraday charts

1- First 4 sessions sideways trading between 9150-8215
2- Selling between 8241-8262 on 03-06-2016
3- 5 Sessions actual trading between 8135-8262 

Conclusions from 5 Sessions intra day chart analysis 

First 4 sessions sideways trading in previous week between 9150-8215 and this range was broken out on 03-06-2016 but fresh selling was seen 8241-8262  last Friday therefore still Nifty will be understood sideways between last week trading range(8135-8262) and valid break out of this range will be next trend confirmation. 

Intra Day Chart Analysis(03-06-2016)

Nifty-Intra Day Chart (03-Jun-2016):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8241-8262(Immediate Resistances)
2- Whole day actual trading between 8210-8262

Conclusions from intra day chart analysis 

As clear selling between 8241-8262 therefore it will be immediate resistance of Nifty and follow up consolidation is must for any decisive up move above 8262.

Conclusions (After Putting All Studies Together)

Following conclusive lines were told on 29-05-2016 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.

Next resistances above previous week highest are as follows:-

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

As was told 100% same happened in following manner in previous week:-

1- Rally remained continued with previous week closing after gaining 64 points.
2- only very Short Term and sideways corrections was told and Nifty remained sideways in first 4 sessions between 9150-8215.
3- First resistance range was told between 8260-8315 and Nifty faced resistance exactly at these levels as well as retraced from 8262 last Friday.

As lower levels supports and higher levels equally good selling was seen between 8135-8262 in last week therefore Firstly Nifty has to prepare for any side decisive moves and that will be done through sideways trading within this range. Now Nifty will be understood sideways between 8135-8262 and firstly sustaining beyond this range should be watched for following next Trend confirmations:-

1- Below 8135 will mean Short Term down moves towards the top of previous 28 Sessions trading range(7678-7992) which was forcefully broken out on 26-05-2016 and it will be the correction of that rally also which started on 24-05-2016 from 7716. 
2- Above 8262 will be possible only after complete consolidation because clear selling patterns were seen last Friday. As next resistances between 8260-8315 are also lying just above it therefore up move up to 8315 will be slow because follow up consolidation is also required for sustaining above 8315.