As some Medical emergency in the family therefore perhaps will not be able to update Blog in the next 1/2 or more days.

Finally Rally Continuation after Follow up Consolidation between 8443-8520 

Intra Day Chart Analysis & Market Outlook

(12-07-2016)

 Nifty-Intra Day Chart (11-Jul-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- More than 100 points up in 1st minute after gap up opening.
2- More than 6 hours trading between 8443-8467
3- Whole day actual trading between 8426-8475

Conclusions from intra day chart analysis 

As 100 points up in 1st minute after gap up opening with more than 6 hours trading at 1.5% higher levels between 8443-8467 therefore strong signal of Indian markets strength and rally continuation possibility above day's highest(8475.25).

Following resistances were updated on 03-07-2016 in "Rally Continuation Expectations towards its Minimum Target at 8543.65" and also have been repeated more than 5 times in previous Outlooks:-

1- 8470-8520
2- 8575-8652

Nifty tested and closed below 1st resistance today and sentiment has also turned heated after strong rally today therefore coming 1/2 sessions may remain sideways between 8443-8520 for follow up consolidation but expected that finally rally will remain continued after fresh consolidation after confirmation of last week correction completion today.

8295/8398 Will Confirm Nifty Target at and above 9764.10

Technical Analysis,Research & Weekly Outlook

(Jul 11 to Jul 15,2016)

Nifty-EOD Chart (08-Jul-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-i of Wave-3(8294.95 on 07-06-2016)
5- Wave-ii of Wave-3(7927.05 on 24-06-2016)
6- Wave-iii of Wave-3(recent top formation at 8398.45 on 04-07-2016) 
7- Short Term Correction continuation with recent bottom formation at 8287.55 on 08-07-2016 

Huge Inverse Head and Shoulders formations in last 8 months

Nifty-EOD Chart (08-Jul-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Head formation at 6825.80
2- Neckline of pattern beginning from 8336.30 on 26-10-2015 and completion at 8294.95 on 07-06-2016
3- 8294.95-6825.80= 1469.15 points minimum distance between Head and Neckline 
4- Neckline was broken out on 01-07-2016 and last 5 sessions closing above it
5- Inverse Head and Shoulders Neckline broken out confirmation will mean next target of Nifty at 8294.95+1469.15=9764.10

Intra Day Chart Analysis(08-07-2016)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Sharp down immediately after positive opening
2- Little up moves after strong opening of all European markets
3- More than 6 hours sideways trading with consolidation indications between 8288-8333
4- Whole day actual trading between 8288-8347

Conclusions from intra day chart analysis 

Although most Asian markets were weak last Friday morning but Indian markets out performed and opened positive. As Sharp down also immediately after positive opening therefore lost strength and under performed also through little up moves after strong opening of most European markets. 

As more than 6 hours sideways trading with consolidation indications also between 8288-8333 therefore up moves beginning above day's highest(8347) have turned alive.

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Long Term Trend is up. 
2- Intermediate Term Trend was sideways within previous 25 sessions most time trading range(8064-8295) but strong signals of its turning up through last 6 sessions closing above it. 
3- Short Term Trend has turned down after last week Short Term Correction. 

Short Term Correction of Wave-iii of Wave-3 is on and no confirmation of its completion yet. Although correction in previous week but as such good selling was not seen and sufficient consolidation patterns have also developed therefore expected that on going rally will remain continued without too much slipping. 

Most Crucial level in the next week will be 8295 because final confirmation of sustaining above it will mean:-

1- Strong indication of last week started Short Term Correction completion 
2- Neckline(8295) break out confirmation of last 8 months Huge Inverse Head and Shoulders
3- Fresh rally beginning after Wave-iii of Wave-3 correction completion

Last week correction between 8288-8398 and expected that Nifty will firstly trade within this range in next week,finally valid break out of this range will decide the fate of on going correction but expected that rally will remain continued after follow up consolidation within this range and it should also be kept in mind that confirmation of sustaining above 8295/8398 will open the doors of on going Post Budget Rally target at and above 9764.10 according to Huge Inverse Head and Shoulders formations.