Finally Correction Continuation/Completion Confirmation from 8637-8728 

Intra Day Chart Analysis & Market Outlook

(20-10-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Selling patterns between 8660-8685
2- Selling patterns between 8672-8686
3- Minor Support between 8637-8655
4- Whole day actual trading between 8637-8686

Conclusions from intra day chart analysis 

Following line was told yesterday in "Correction Completion Confirmation will be above 8728 after Strong Global cues led Today Rally":-

"firstly sustaining above 8654 and crossing of next resistance range(8698-8728) is must for the confirmation of that correction completion which started on 07-09-2016 from 8968.70."

Although Nifty traded most time above 8654 and also closed just above it as well as minor Supports were seen below it but sufficiently good selling patterns formations also developed above it therefore emergence of fresh down moves signals today. 

As strong rally yesterday therefore equally good follow up selling is also required for decisive down beginning and sustaining below today lowest(8637). Expected that Nifty will firstly trade and prepare for next trend within and near about today trading range(8637-8686) in the coming 1/2 sessions and finally sustaining beyond 8637-8728 will be confirmation of that correction continuation/completion which started on 07-09-2016 from 8968.70.

Correction Completion Confirmation will be above 8728 after Strong Global cues led Today Rally

Intra Day Chart Analysis & Market Outlook

(19-10-2016)

Nifty-Intra Day Chart (18-Oct-2016):-

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Technical Patterns and Formations in today intraday charts

1- First 3 hours sideways trading after strong Asian markets led positive opening.
2- Strong up moves in last 3 hours after sharp rally in all the European markets and Dow's Futures. 
3- Whole day actual trading between 8556-8685

Conclusions from intra day chart analysis 

Today whole day trading will be understood on the back of strong Global cues because firstly 3 hours sideways trading after strong Asian markets led positive opening and after that last 3 hours sharp up moves on the back of sharp rally in all European markets and Dow's Futures.

As Nifty crossed first resistance range(8605-8654) on the back of such strong Global cues therefore firstly sustaining above 8654 and crossing of next resistance range(8698-8728) is must for the confirmation of that correction completion which started on 07-09-2016 from 8968.70.

Market Outlook(18-10-2016)

As busy therefore intraday charts analysis is not being posted. Indian markets are reacting only Global cues because yesterday down moves were on the back of Asian,European markets and Dow's Futures and today positive opening will be due to strong Asian markets.

All the crucial levels have already been updated on 18-10-2016 in "Valid Break out of 8477-8654 will Confirm the Fate on going Correction" but firstly sustaining beyond 8477 must be watched in the coming sessions because its broken down will mean 65 sessions trading range breaking which will result minimum 300 points sharp fall.

Valid Break out of 8477-8654 will Confirm the Fate on going Correction 

Technical Analysis,Research & Weekly Outlook

(Oct 17 to Oct 21,2016)

Nifty-EOD Chart (14-Oct-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- Corrective Wave-iv of Wave-3 continuation with recent bottom formation at 8541.40 on 13-10-2016

64 Sessions Range bound market between 
8477-8968

Nifty-EOD Chart (14-Oct-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-iii of Wave-3 completion at 8968.70 on 07-09-2016
3- 64 Sessions Range bound market between 8477-8968 with recent bottom formation at 8541.40 on 13-10-2016

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

Nifty-EOD Chart (14-Oct-2016):-

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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.

Next resistances of Nifty are as follows:-

1- 8605-8654
2- 8698-8728
3- 8770-8793
4- 8854-8873
5- 8874-8902
6- 8935-8956

Next supports of Nifty are as follows:-

1- 8477-8580(Multiple and strong supports)
2- 8297-8343
3- 8083-8147
4- 7964-8000

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

1- 13.0%- 8832
2- 23.6%- 8722
3- 27.0%- 8686
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

supports between 8477-8580 were updated many times in previous Outlooks and Nifty traded more than 5 hours within it in last 2 sessions as well as closed just above it at 8583.40 last Friday. Certainly correction of Wave-iv of Wave-3 is very much on and no confirmation of its completion yet and its 38.2% retracement has been completed with recent bottom formations at 8541.40 on 13-10-2016. 

As multiple supports are between 8477-8580 therefore fresh selling is firstly required for sustaining below 8477 but on the other hand complete consolidation is also must for sustaining above 8580 because multiple resistances are also lying just above it. 

As 64 Sessions Range bound market between 8477-8968 and next supports below 8477 are at 8343 therefore this big range valid broken down confirmation will mean high possibility of steep fall towards and below 8343 but expected that Nifty will firstly trade and prepare for next decisive big moves within 8477-8654 and valid break out of this range will confirm the fate on going correction which  should be firstly watched in the coming week.