Emergence of Fresh and Strong rally expectations above 8315 but after Complete Consolidation

Intra Day Chart Analysis & Market Outlook

(01-07-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Selling Patterns between 8262-8277
2- 3 Hours Down moves in Bullish Falling Channel
3- Up moves in Bearish Rising Channel
4- Mixed Patterns formations in last 2 hours between 8285-8308 
5- Whole day actual trading between 8243-8308 

Conclusions from intra day chart analysis 

As all the Asian markets were blasting today morning therefore Strong gap up opening of Indian markets but continuous slipping in first 3 hours after some selling. As down moves were in Bullish Falling Channel and all the European markets recovered also after first 15 minutes weakness therefore fast up moves were seen in Indian markets.

Following resistances of Nifty with following line was updated on 16-06-2016 in "Finally Crucial Levels will decide Next Trend amid Brexit led Uncertainty" and were repeated also many times in previous Outlooks:-

1- 8242-8255
2- 8260-8315
3- 8470-8520
4- 8575-8652

(Sustaining above 2nd resistance range(8315) will be fresh strong rally confirmation)

Following topic was updated on 27-06-2016:-

"Correction Completion Signals at 7927.05 Last Friday"

Last 25 sessions most time trading between 8064-8295 and this range was broken down on 24-06-2016 after Brexit referendum but closed within it after lowest formation at 7927.05 and this range was broken out today also but again closed within it at 8287.75. It has been seen in all the post Budget 2016-17 Rally that market has completed all its corrections through sideways trading and it is also expected that on going 25 sessions sideways trading range will also broken out and fresh rally will start above last 25 sessions range highest(8295).

Nifty traded within 2nd resistance range with Mixed Patterns between 8285-8308 today because Up moves in Bearish Rising Channel were also seen within this range therefore Nifty slipped fast from higher levels. As Indian markets completely out performed European markets and moved up on its own technical strength today therefore emergence of fresh and strong rally expectations above 8315 but complete consolidation is firstly required in the coming sessions within or near about last 2 hours trading range(8285-8308) because it is lying between above mentioned 2nd resistance levels(8260-8315) and Mixed Patterns formations were also seen within it today.

Intra Day Chart Analysis & Market 
Outlook(30-06-2016)

Nifty-Intra Day Chart (29-Jun-2016):-

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Technical Patterns and Formations in today intraday charts

1- First 3 hours trading with mixed Patterns formations between 8158-8186
2- Last 3 hours up moves after strong opening and continuous Rally of European markets  
3- Whole day actual trading between 8158-8212

Conclusions from intra day chart analysis 

As most Asian markets were trading strong today morning after Dow's rally of 269 points yesterday therefore strong gap up opening of Indian markets but traded sideways between 8158-8186 with mixed Patterns formations because both Up moves in Bearish Rising Channel and Down moves in Bullish Falling Channel were seen within this range.

Although today closing near the higher levels of the day but on the back of continuous more than 01.50% Rally of European markets after strong gap up opening. As Indian markets under performed Global markets and as such good intraday consolidation patterns were also not seen today therefore next trend will be decided according to fresh intraday trading patterns formations in the coming sessions.

As all the Global markets are highly volatile in this week after Braxit referendum and technical positions reverses also in such high volatility therefore sustaining beyond those next supports and resistances will decide next trend which have already been updated at 11:54 AM today in "Next Trend Confirmations from Supports & Resistances after Braxit led High Global markets Volatility"     

Next Trend Confirmations from Supports & Resistances after Braxit led High Global markets Volatility 

Mid-session Outlook(29-06-2016)

As Indian markets completely under performed Global markets yesterday therefore some down moves were expected today but all the Asian markets were trading with good gains today morning and some were more than 1% up after Dow's rally of 269 points yesterday therefore positive zone trading since opening in Indian markets today. 

As selling yesterday therefore not sustaining at higher levels today and new intraday lowest formation at 11:17 AM after loosing all intraday gains. 

All the Global markets are highly volatile in this week after Braxit referendum and technical positions reverses also in such high volatility also therefore sustaining beyond following next supports and resistances should be firstly watched for the confirmation of next trend.

Supports:-

1- 8070-8091
2- 7928-7970

Resistances:-

1- 8242-8255
2- 8260-8315

Firstly Watch 8040-8146 amid some Down Moves Expectations

Intra Day Chart Analysis & Market Outlook

(29-06-2016)

Nifty-Intra Day Chart (28-Jun-2016):-

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Technical Patterns and Formations in today intraday charts

1- Mixed Patterns between 8106-8125
2- Slow up moves after more than 2% positive opening of European markets.
3- Minor selling between 8129-8133
4- Whole day actual trading between 8106-8146

Conclusions from intra day chart analysis 

Although Whole day Dow's Futures traded 100 to 200 points up and European markets opened more than 2% positive but slow up moves were seen in Indian markets after such strong trading of all European markets therefore selling on the back of strong intraday Global cues can not be ruled out today. As minor selling patterns formations in last hours and first 3 hours trading with mixed Patterns formations therefore view will not be Bullish despite Green closing after whole day positive zone trading today.

Nifty out performed Global markets yesterday between 8040-8120 and under performed Global markets today between 8106-8146 as well as both buying and selling between 8040-8146 in last 2 sessions therefore Nifty will firstly trade and prepare for next trend within this range.  

As Indian markets completely under performed Global markets today therefore some down moves below today lowest(8106) is expected in the coming sessions and first indication of next decisive moves will be after valid break out of 8040-8146.

Correction Completion Signals at 7927.05 Last Friday

Intra Day Chart Analysis & Market Outlook

(28-06-2016)

Nifty-Intra Day Chart (27-Jun-2016):-

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Technical Patterns and Formations in today intraday charts

1- Whole day volatility only
2- Whole day actual trading between 8040-8120

Conclusions from intra day chart analysis 

As whole day volatility only and as such no intraday pattern formations therefore no view can be formed from only intraday charts of today but Indian markets completely out performed European markets and Dow's Futures because these markets were in deep Red but Nifty closed with minor gains. European markets and Dow's Futures were trading in following manner just before the closing of Indian markets:-

1- DAX was trading 131.66(-1.38%) points down
2- FTSE 100 was trading 77.69(-1.27%) points down  
3- CAC 40 was trading 55.23(-1.34%) points down  
4- Dow's Futures was trading 81.0 points down

As almost whole day today trading was above previous 20 sessions trading range lowest(8064-8295) and today closing was also above 8064 despite deep Red European markets and Dow's Futures therefore fresh buying on the back of depressed sentiments can not be ruled out today.  

As Brexit news led heavy selling in most Global markets therefore view will be cautious and firstly sustaining beyond 8064 should be watched in the coming sessions for those decisive moves which have already been updated in previous Outlook yesterday but emergence of on going correction completion signals at 7927.05 last Friday after complete out performance by Indian markets today.

Next Trend Decider in coming week is 8064

Technical Analysis,Research & Weekly Outlook

(Jun 27 to Jul 01,2016)

Nifty-EOD Chart (24-Jun-2016):-

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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(8294.95 on 07-06-2016)
5- Short Term Correction continuation with recent bottom formation at 7927.05 on 24-06-2016 
6- Previous 20 sessions trading between 8064-8295
7- Long Term Trend is up after sustaining above its decider 200 Day EMA(today at 7863)

Retracement Levels of Post Budget Rally

Nifty-EOD Chart (24-Jun-2016):-

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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(8294.95 on 07-06-2016)
5- Short Term Correction continuation with recent bottom formation at 7927.05 on 24-06-2016 

Intra Day Chart Analysis(24-06-2016)

Nifty-Intra Day Chart (24-Jun-2016):-

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Technical Patterns and Formations in today intraday charts

1- Support between 7928-7970
2- Up moves beginning with fast recovery in European markets and Dow's Futures.
3- Last 3 hours up moves in Bearish Rising Channel
4- Whole day actual trading between 7928-8100

Conclusions from intra day chart analysis 

Huge gap down opening after crashing like all Asian markets due to Brexit but last 3 hours up moves after some supports at lower levels. As up moves were in Bearish Rising Channel and on the back of fast recovery in European markets and Dow's Futures therefore sustaining above day's supports(7928) is must for on going correction completion confirmations.  

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Long Term Trend is up through sustaining above its decider 200 Day EMA(today at 7863). 
2- Intermediate Term Trend is sideways within previous 20 sessions trading range(8064-8295). 
3- Short Term Trend is down. 

Correction of that rally is on which begun on Union Budget day(29-02-2016) from 6825.80. Sideways correction was seen in Previous 20 sessions between 8064-8295 and this range was broken down but closing within this range at 8088.60 last Friday therefore still Nifty will be understood range bound within this range(8064-8295) and deeper correction will be considered after sustaining below 8064 because that will be Intermediate Term Trend turning down confirmation also. Next supports below 8064 are as follows:-

1- 7928-7970
2- 7684-7768
3- 7527-7567

Retracement levels of post Union Budget Rally(6826-8295) are as follows:- 

1- 13.0%- 8,104
2- 23.6%- 7,948
3- 27.0%- 7,898
4- 38.2%- 7,733(Crucial)
5- 50.0%- 7,560(Crucial)
6- 61.8%- 7,387(Crucial)
7- 70.7%- 7,256
8- 76.4%- 7,172
9- 78.6%- 7,140 
10-88.6%- 6,993 

As last Friday highly volatile market was due to Brexit and closing was within 20 sessions trading range(8064-8295) after strong recovery from lower levels therefore sustaining beyond 8064 should be firstly watched in the coming 1/2 sessions because it is the most crucial level now and it will decide Intermediate Term Trend also. Once sustaining below it will mean strong possibility of correction continuation towards 2nd support range(7684-7768) because as such no good supports above it and 38.2% Crucial retracement level(7733) is also lying within this support range.

Last Friday down moves were due to Brexit and next trend will be decided from 8064 in next week. Finally sustaining above it will mean entering into previous 20 sessions range(8064-8295) after correction completion at 7927.05 last Friday and sustaining below it will mean high possibility of correction continuation towards 38.2% Crucial retracement level(7733).