8477 will open the doors of Deeper Correction

Intra Day Chart Analysis & Market Outlook

(04-11-2016)

Nifty-Intra Day Chart (03-Nov-2016):-

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Technical Patterns and Formations in today intraday charts

1- First 3 hours selling between 8510-8537
2- Down moves in Bullish Falling Channels in last 3 hours 
3- Whole day actual trading between 8477-8537

Conclusions from intra day chart analysis 

Although selling in first 3 hours but some consolidation also in last 3 hours through Down moves in Bullish Falling Channels therefore not sustaining below last 77 Sessions lowest(8477) and closing above it at 8484.85 after today lowest formations at 8476.15 

Multiple and strong supports between 8477-8580 were updated many times in last 3 months and Nifty got supports exactly at 8476.15 today. As last 3 hours some consolidation also therefore fresh selling is firstly required tomorrow for deeper correction beginning after sustaining below 8477 which should be firstly watched in the coming sessions.

Most Global markets are nervous due to US Presidential Elections uncertainty and once big negative development confirmation from there will mean huge fall in Indian markets also because in that situation 77 sessions like big trading range will be broken down after sustaining below 8477 which will open the doors of deeper correction.

8477 will confirm Sharp fall after FOMC statement Tonight

Intra Day Chart Analysis & Market Outlook

(03-11-2016)

Nifty-Intra Day Chart (02-Nov-2016):-

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Technical Patterns and Formations in today intraday charts

1- Selling patterns formation between 8532-8549
2- Whole day actual trading between 8505-8549

Conclusions from intra day chart analysis 

As Crashing like situation in all the Global markets amid 2 days FOMC meet led uncertainty therefore huge gap down opening of Indian markets. Sufficiently good selling patterns formations today therefore more down moves below today lowest can not be ruled out in the coming sessions.

Corrective Wave-iv of Wave-3 was continued with previous lowest formation at 8506.20 and new intraday lowest was formed below it at 8504.85 today. Multiple and strong supports between 8477-8580 were updated many times in last 3 months and Nifty got supports within this range many times as well as new intraday lowest formations within this range today therefore this support range is still intact. 

Short Term Trend is sideways between 8507-8728 for the last 16 Sessions and its lowest was tested today. Valid break down of 8507 will mean Intermediate Term Trend turning down high possibility which is sideways between 8477-8968 for the last 76 Sessions. 

The FOMC's statement is due out at 11:30 PM today and all the Global markets will react on it tomorrow. As fresh selling just above 8477 and 8507 today therefore follow up selling tomorrow will mean high possibility of sustaining below 8477 which will open the doors of fresh sharp down moves towards following supports:- 

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

Sideways 16 Sessions trading Range will confirm next Short Term Trend 

Intra Day Chart Analysis & Market Outlook

(02-11-2016)

Nifty-Intra Day Chart (01-Nov-2016):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8615-8638
2- Up moves in Bearish Rising Channel
3- Mixed Patterns between 8651-8669 
4- Down moves after slipping of all European markets and Dow's Futures.
5- Whole day actual trading between 8615-8669

Conclusions from intra day chart analysis 

Although closing near the lower levels of the day but lower levels intraday supports after good consolidation was also seen therefore until Nifty will not sustain below today lowest(8615) till then decisive down moves will not be seen. As up moves Up moves in Bearish Rising Channel and higher levels trading with Mixed Patterns formations therefore sharp down moves after  slipping of all European markets and Dow's Futures.

As both consolidation and selling patterns formations today therefore expected that Nifty will firstly trade and prepare for next decisive moves within and near about today trading range(8615-8669)

Short Term Trend is sideways between 8507-8728 for the last 16 Sessions with lower levels consolidation and higher levels selling. Finally valid break out of this range will confirm next trend which should be first watched in the coming sessions because Nifty require more preparations after both Consolidation and selling patterns formations within this range today and in previous sessions.

Fresh Bullish Moves require confirmations due to Indo-Pak border Tension

Technical Analysis,Research & Weekly Outlook

(Oct 30 to Nov 04,2016)

Wishing you all very happy and prosperous Diwali.May Maa Laxmi give you huge wealth,good fame and great success.

Nifty-EOD Chart (28-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(7777.6 on 31-03-2016) 
3- Wave-2(7516.90 on 11-04-2016)
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 8506.20 on 17-10-2016

Bullish Flag formation in last 34 sessions

Nifty-EOD Chart (28-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- Corrective Wave-iv of Wave-3 continuation with Bullish Flag formation in last 34 sessions between 8506-8968

Previous 3 Sessions intraday charts analysis

Nifty-Intra Day Chart (Oct 26 to Oct 28,2016):-

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Technical Patterns and Formations in last 3 Sessions intraday charts

1- Last 2 sessions trading with minor selling and good consolidation with lower levels supports.
2- 3 Sessions actual trading between 8597-8653 

Conclusions from 3 Sessions intra day chart analysis 

Although minor selling on 26th Oct but good consolidation with lower levels supports therefore strong signals of fresh and decisive up moves in the coming week.

Intra Day Chart Analysis(28-10-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Up moves after minor Supports between 8582-8602
2- More than 5 hours trading with consolidation indications between 8613-8653
3- Whole day actual trading between 8582-8653

Conclusions from intra day chart analysis 

As whole day only intraday consolidation patterns formations therefore strong signals of fresh up moves beginning in 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 sideways between 8477-8968 for the last 74 Sessions.
3- Short Term Trend is sideways between 8507-8728 for the last 14 Sessions.

Wave-iii of Wave-3 completion at 8968.70 on 07-09-2016 and now its corrective Wave-iv of Wave-3 continuation with Bullish Flag formation in last 34 corrective sessions which is a strong signal of fresh rally above 8968.70 without any deeper correction. 

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

1- 13.0%- 8832(Corrected)
2- 23.6%- 8722(Corrected)
3- 27.0%- 8686(Corrected)
4- 38.2%- 8570(Crucial)(Corrected)
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- 8698-8728
2- 8770-8793
3- 8854-8873
4- 8874-8902
5- 8935-8956

Next supports of Nifty are as follows:-

1- 8551-8575
2- 8582-8602
3- 8477-8580(Multiple and strong supports)
4- 8297-8343
5- 8083-8147
6- 7964-8000

Nifty has retraced up to Crucial 38.2% level(8570) in on going correction and no confirmation of on going correction completion yet. Short Term Trend is sideways between 8507-8728 for the last 14 Sessions and expected that Nifty will firstly trade within this range to prepare for next decisive moves beyond this range.

As good consolidation with lower levels supports in last 3 sessions therefore strong signals of fresh up moves above the top of last 14 sessions trading range(8507-8728). Once valid break out of 8728 will mean high possibility of on going correction completion because Crucial 38.2% retracement has been completed and Indian markets are well prepared for next strong rally after Bullish Flag formation amid on going correction.

Sentiment has turned completely nervous due to heavy firing on Indo-Pak border for the last 48 hours and fear of its escalation also therefore market may be watchful and finally sustaining above 8728 is must after follow up complete consolidation which should be firstly watched in next week.