Rally Continuation after Follow up Consolidation

Intra Day Chart Analysis & Market Outlook

(23-09-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Consolidation between 8838-8858
3- Up moves with intraday corrections in last hours
4- Whole day actual trading between 8838-8893

Conclusions from intra day chart analysis 

As blasting global markets today morning and in reaction huge gap up opening as well as whole day consolidation patterns formations therefore today started rally continuation is expected. Next resistances are as follows:-

1- 8874-8902
2- 8935-8956

Follow up consolidation within and near about mentioned resistances as well as valid break out of 8956 will confirm rally continuation which should also be watched in the coming 1/2 sessions.

8836 will Confirm Post FOMC Big Moves 

Pre-open Outlook(22-09-2016)

As only intraday volatility and as such one sided patterns formations were not seen and Indian markets completely under performed most Global markets yesterday therefore correction continuation below yesterday lowest(8758) was expected but US and all the Asian markets blasted after no rates hike and dovish statement by FOMC yesterday night.

1- Fed decision: Here’s how the S&P 500 performs historically
2- Stocks rally into the close as the Fed stands pat on interest rates

(Just click above topic links and go through news)

Certainly most Bullish sentiment today morning therefore in reaction strong opening of Indian markets will also be seen and valid break out of those crucial levels highest(8736-8836) will confirm next big moves which were updated on 20-09-2016 in "Post FOMC One Sided Big Moves Confirmations from Crucial Levels".

Correction Continuation Despite Whatsoever Announcements by FOMC Tonight

Intra Day Chart Analysis & Market Outlook

(22-09-2016)

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

Technical Patterns and Formations in today intraday charts

1- Only Volatility
2- Whole day actual trading between 8758-8826

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Post FOMC One Sided Big Moves Confirmations from Crucial Levels":-

As mixed patterns formations today therefore Nifty has to prepare for post FOMC next big moves and that will be firstly done between crucial levels(8736-8836) tomorrow.

As was told 100% same happened today and Nifty traded whole day today within mentioned crucial levels(8736-8836) between 8758-8826 as well as prepared for post FOMC big moves on 22-09-2016.

Although most Asian markets closed in Green and some with good gains but Indian markets completely under performed all the Global markets today because most European markets were also trading with good gains and Dow's Futures was more than 60 points up during Indian trading hours.

Only intraday volatility developed and as such one sided patterns formations were not seen today but Indian markets completely under performed most Global markets therefore good selling on the back of strong Global markets can not be ruled out and resultant correction continuation below today lowest(8758) are expected in the coming sessions despite whatsoever announcements by FOMC tonight but high volatility can not be ruled out tomorrow on FOMC reactions.

Next supports below today lowest are between 8695-8736 and once its valid break down will mean sharp fall towards and below 8544. 

Post FOMC One Sided Big Moves Confirmations from Crucial Levels

Intra Day Chart Analysis & Market Outlook

(21-09-2016)

Nifty-Intra Day Chart (20-Sep-2016):-

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Technical Patterns and Formations in today intraday charts

1- Mixed Patterns between 8760-8791
2- Down moves in Bullish Falling Channels
3- Minor selling at higher levels 
4- Whole day actual trading between 8760-8816

Conclusions from intra day chart analysis 

Following lines were yesterday in "Emergence of correction continuation signal":-

emergence of correction continuation signal below day's lowest(8775) 

When US and European markets were trading strong and Nifty closed 0.33% positive yesterday then we told for Correction continuation below 8775 and it was seen with today lowest formation at 8759.30.

Although 0.37% down closing after most time negative zone trading today but only intraday selling patterns were not seen and consolidation patterns were also developed therefore today trading will be understood with mixed Patterns formations between 8760-8791 and firstly Nifty has to prepare for decisive moves beyond this range. 

Next resistances above 8791 are as follows:-

1- 8836-8847
2- 8874-8902
3- 8935-8956

Next supports below 8760 are as follows:-

1- 8695-8736
2- 8514-8580(Multiple and strong supports)

As mixed patterns formations today therefore Nifty has to prepare for post FOMC next big moves and that will be firstly done between crucial levels(8736-8836) tomorrow. Certainly those decisive big moves will be firstly decided from intraday charts patterns formations tomorrow and valid break out mentioned crucial levels which should be watched in the coming sessions for one sided big moves confirmations after FOMC announcements on 22-09-2016

Emergence of correction continuation signal

Intra Day Chart Analysis & Market Outlook

(20-09-2016)

Nifty-Intra Day Chart (19-Sep-2016):-

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Technical Patterns and Formations in today intraday charts

1- Selling patterns formation between 8806-8824
2- Whole day actual trading between 8775-8824

Conclusions from intra day chart analysis 

Although almost whole day positive zone trading and 0.33% positive closing also but intraday charts are showing only selling patterns formation therefore view will be cautious because it is emergence of correction continuation signal below day's lowest(8775) despite strong moves in US and European markets today.

Firstly Watch Immediate Supports for the Life and Length of on going correction

Technical Analysis,Research & Weekly Outlook

(Sep 19 to Sep 23,2016)

Nifty-EOD Chart (16-Sep-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-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(8968.70 on 07-09-2016)
7- Wave-iv of Wave-3 continuation with recent bottom formation at 8688.90 on 14-09-2016

Conclusions from EOD chart analysis

Corrective Wave-iv of Wave-3 continuation with recent bottom formation at 8688.90 and no confirmation of its completion yet.

Intra Day Chart Analysis(16-09-2016)

Nifty-Intra Day Chart (16-Sep-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- 40 Points up in first minute after gap up opening
2- Mixed Patterns between 8820-8847
3- Sharp down after weakness beginning in European markets and Dow's Futures
3- Whole day actual trading between 8751-8847

Conclusions from intra day chart analysis 

40 Points up in first minute after gap up opening and higher levels 4 hours Mixed Patterns formations also but sharp down after weakness beginning in European markets and Dow's Futures.

As deep Red closing of most European markets and sufficient weakness in US markets also last Friday therefore negative zone trading may be seen in Indian markets next Monday. As higher levels Mixed Patterns between 8820-8847 last Friday and Global markets may also remain depressed next Monday therefore on going correction continuation is expected in the beginning of next week.

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Long Term Trend is up.
2- Intermediate Term Trend is up and will be down below 8477.
3- Short Term Trend down.

Corrective Wave-iv of Wave-3 continuation which will firstly correct Wave-iii of Wave-3 according to following retracement levels:-

Fibonacci Retracement levels of Wave-iii of Wave-3(7927-8968):-

1- 13.0%- 8832(Retraced)
2- 23.6%- 8722(Retraced)
3- 27.0%- 8686(Almost retraced on 14-09-2016) with bottom formation at 8688.90
4- 38.2%- 8570(Crucial)
5- 50.0%- 8447(Crucial)
6- 61.8%- 8324(Crucial)
7- 70.7%- 8232
8- 76.4%- 8172
9- 78.6%- 8149
10-88.6%- 8045

Next resistances of Nifty are as follows:-

1- 8935-8956
2- 8874-8902
3- 8836-8847

Next supports of Nifty are as follows:-

1- 8695-8736
2- 8514-8580(Multiple and strong supports)

Correction is on and its continuation signals after sufficiently good selling at higher levels in previous week and Global markets weakness as well but lower levels good consolidation between 8695-8736 in previous week therefore this range will be immediate support of Nifty and its valid break down will mean sharp fall towards 8544.

Huge fall on 12-09-2016 after Global markets crash due to rates hike expectations by FOMC on 21-09-2016 and expected that Nifty will firstly prepare for post FOMC decisive moves between and near about immediate supports(8695-8736) therefore sustaining it beyond should be firstly watched in next week for the life and length of on going correction.