8477 Will Confirm Steep Fall amid Melting Global Markets

Intra Day Chart Analysis & Market Outlook

(14-10-2016)

Nifty-Intra Day Chart (13-Oct-2016):-

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Technical Patterns and Formations in today intraday charts

1- Selling patterns formation between 8605-8654
2- Down moves in Bullish Falling Channel
3- Up moves in Bearish Rising Channel
4- Mixed Patterns formation in last 3 hours between 8542-8586 
5- Whole day actual trading between 8542-8654

Conclusions from intra day chart analysis 

As crashing like situation in all the Global markets today morning therefore firstly selling between 8605-8654 after huge gap down opening but last 3 hours trading with Mixed Patterns formation between 8542-8586 and resultant follow up selling is also required for decisive down moves below day's lowest(8542) 

Following supports were updated many times in previous Outlooks:-

8477-8580(Multiple and strong supports)

Nifty traded within above mentioned supports range in last 3 hours with mixed patterns formations and closed also within it today therefore firstly sustaining beyond this range should be watched in the coming sessions because all the Global markets are melting and once sustaining below 8477 will mean high possibility of steep fall towards following next supports which are at much lower levels:-

1- 8297-8343
2- 8083-8147
3- 7964-8000

Pre-open Outlook(13-10-2016)

As all the Asian markets are in Red and most are more than 0.70% weak as well as Dow's Futures is trading 119 points down therefore sentiment is completely depressed today morning and in reaction gap down opening will be seen in Indian markets. 

Today global markets are nervous because FOMC minutes will be released tonight which may confirm US rates hike in Dec meet.

Firstly sustaining beyond next supports 8664 should be watched today which will confirm steep fall towards next supports(8477-8580) on the back of depressing Global markets sentiments.

Finally Rally Continuation Expectations after Follow up Consolidations

Intra Day Charts Analysis & Market Outlook

(13-10-2016)

Nifty-Intra Day Chart (Oct 07 & Oct 10,2016)

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Technical Patterns and Formations in last 2 Sessions intraday charts

1- Down moves in Bullish Falling Channel on 07-10-2016
2- Consolidation between 8664-8692 on 07-10-2016
3- Down moves in Bullish Falling Channels on 10-10-2016
4- 2 Sessions actual trading between 8664-8745 

Conclusions from 2 Sessions intra day chart analysis 

Next resistances of Nifty are as follows:-

1- 8770-8793
1- 8854-8873
2- 8874-8902
3- 8935-8956

Next supports of Nifty are as follows:-

1- 8664-8692
2- 8477-8580(Multiple and strong supports)

Although closing near the lower levels of the day last Monday but not after selling and with consolidation through formations of Down moves in Bullish Falling Channels therefore signals of fresh up moves above day's highest(8745). As whole day consolidation patterns formations on 07-10-2016 also therefore strong signals of up moves last Friday started up moves continuation.

Crashing like situation developed in all the Global in last 2 sessions when Indian markets were closed and now SGX Nifty is trading more than 45 points down therefore initial weakness can not be ruled out tomorrow if such weakness remains continued in Asian markets also tomorrow morning then fresh selling is must for decisive down moves below last 2 sessions lowest(8664). 

As good consolidation in last 2 sessions therefore expected that finally rally will remain continued above 8745 after follow up consolidation.