Pull Back Rally continuation towards next Resistances

Intra Day Chart Analysis & Market Outlook

(30-12-2016)

Nifty-Intra Day Chart (29-Dec-2016):-

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Technical Patterns and Formations in today intraday charts

1- More than 4 hours consolidation between 8036-8059
2- Last hours up moves with follow up consolidations
3- Whole day actual trading between 8021-8111

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Sideways Market for Next Trend Preparations":-

As Indian Mutual Funds requires to maintain NAV therefore strong rally was seen yesterday after their huge buying and they will support market till 30 Dec and till then decisive down moves are not expected. 

As whole day only consolidation patterns formations and selling was not seen therefore on going rally continuation is expected in the coming sessions. Next resistances above today highest are as follows:-

1- 8137-8159
2- 8165-8200
3- 8168-8224
4- 8250-8275

Long Term Trend decider 200 Day SMA is today at 8258 which is within above mentioned resistances therefore until Nifty will not sustain above 8275 till then only Pull Back Rally continuation will be understood and Nifty will be considered sideways within lower levels supports and higher levels resistances(7894-8275). 

Pull Back Rally is on and its continuation is expected towards above mentioned resistances but Nifty will firstly trade and prepare for next decisive moves between 7942-8159 and finally valid break out of this range will give next trend first indication. 

Sideways Market for Next Trend Preparations

Intra Day Chart Analysis & Market Outlook

(29-12-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Intraday volatility only
2- Whole day actual trading between 8029-8100

Conclusions from intra day chart analysis 

As Indian Mutual Funds requires to maintain NAV therefore strong rally was seen yesterday after their huge buying and they will support market till 30 Dec and till then decisive down moves are not expected. 

Although closing near the lower levels of the day but no clear selling patterns formations at higher levels of the day. As one sided intraday patterns formations were not seen therefore same following view which was expressed yesterday in "Today Started Rally Continuation towards Next Resistance":-

Still Nifty will be understood sideways between 7894-8275 because resistances are lying between 8252-8275 also. Expected that Nifty will firstly trade and prepare for next decisive moves between 7942-8159 and finally valid break out of this range will give next trend first indication and finally confirmation will be sustaining beyond 7894-8275.  

Today Started Rally Continuation towards Next Resistance

Intra Day Chart Analysis & Market Outlook

(28-12-2016)

Nifty-Intra Day Chart (27-Dec-2016):-

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Technical Patterns and Formations in today intraday charts

1- Support between 7904-7924
2- Mixed Patterns between 7943-7956
3- Fast up moves in last hours
4- Whole day actual trading between 7904-8044

Conclusions from intra day chart analysis 

Following conclusive lines were told yesterday in "Correction Continuation Expectations":-

1- As Nifty hovered around 7917 more than 5 hours when traded between 7894-7938 therefore sustaining beyond this range will confirm deeper correction or a Pull Back Rally
2- but expected that finally correction continuation will be seen below 7894 after follow up selling within or near about mentioned range

As corrective Wave-C is on with deeper correction targets and no confirmation of its completion yet therefore finally correction continuation was expected but  Pull Back Rally was seen after lower levels supports and closing near the higher levels of the day today.

Following supports and resistances were updated on 25-12-2016 in "7917 Will Confirm Next Big Moves":-

Next supports of Nifty are as follows:-

1- 7942-7966  
2- 7917-7942

Next resistances of Nifty are as follows:-

1- 8137-8159
2- 8165-8200
3- 8168-8224

Nifty tested above mentioned supports and first resistance range is much above today highest at 8137 therefore today started rally will remain continued towards it because selling pattern formations were not seen at higher levels of the day.

Still Nifty will be understood sideways between 7894-8275 because resistances are lying between 8252-8275 also. Expected that Nifty will firstly trade and prepare for next decisive moves between 7942-8159 and finally valid break out of this range will give next trend first indication and finally confirmation will be sustaining beyond 7894-8275.  

Correction Continuation Expectations

Intra Day Chart Analysis & Market Outlook

(27-12-2016)

Nifty-Intra Day Chart (26-Dec-2016):-

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Technical Patterns and Formations in today intraday charts

1- More than 5 hours trading with Mixed Patterns between 7894-7938
2- Down moves in Bullish Falling Channes 
3- Up moves in Bearish Rising Channel
4- Selling patterns formations
5- Whole day actual trading between 7894-7954

Conclusions from intra day chart analysis

Firstly loosing 91 points after gap down opening and after that more than 5 hours trading with Mixed Patterns between 7894-7938 is suggesting that correction is on.

Following lines were told yesterday in "7917 Will Confirm Next Big Moves":-

1- once break down of its Neckline(7980) will mean strong signal of down moves below day's lowest.
2- correction continuation will be considered 
3-  firstly sustaining beyond 7917 should be watched in next week because it will confirm next big moves amid correction continuation possibilities.

As Nifty hovered around 7917 more than 5 hours when traded between 7894-7938 therefore sustaining beyond this range will confirm deeper correction or a Pull Back Rally but  expected that finally correction continuation will be seen below 7894 after follow up selling within or near about mentioned range.

7917 Will Confirm Next Big Moves

Technical Analysis,Research & Weekly Outlook

(Dec 26 to Dec 30,2016)

Nifty-EOD Chart (23-Dec-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-3(8728.40 on 09-08-2016)
5- Wave-4(8540.10 on 11-08-2016)
6- Wave-5 completion at 8968.70 on 07-09-2016 and corrective Wave-A beginning
7- Wave-A(7916.40 on 21-11-2016)
8- Wave-B(8275.00 on 09-12-2016)
9- Corrective Wave-C continuation with recent bottom formation at 7942.10 on 23-12-2016

Intra Day Chart Analysis(23-12-2016)

Nifty-Intra Day Chart (23-Dec-2016):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 7942-7966
2- Selling between 8002-8022
3- Bearish Head and Shoulders formations in last 4 hours with Neckline at 7980
4- Whole day actual trading between 7942-8022

Conclusions from intra day chart analysis 

Although  up moves in the Mid session after first 2 hours lower levels consolidation but selling was also seen at higher levels of the day therefore market will be understood sideways within day's trading range. Intraday  Bearish Head and Shoulders formations in last 4 hours and once break down of its Neckline(7980) will mean strong signal of down moves below day's lowest.

Conclusions (After Putting All Studies Together)

As nifty slipped below Wave-ii of Wave-3(7927.05 on 24-06-2016) on 21-11-2016 and new intraday lowest formation was below it at 7916.40 therefore waves structure of post 29-02-2016 rally has been recounted in above manner because as per that Wave structure which was recently updated on 20-11-2016,Nifty was not to slip below Wave-ii of Wave-3. 

Now corrective Wave-C continuation with recent bottom formation at 7942.10 on 23-12-2016 and no confirmation of its completion yet on EOD charts therefore correction continuation will be considered according to following Fibonacci Retracement levels of  post Budget Rally(6826-8968):-

1- 13.0%- 8689(Corrected)
2- 23.6%- 8462(Corrected)
3- 27.0%- 8389(Corrected)
4- 38.2%- 8149(Corrected)(Crucial)
5- 50.0%- 7897(Crucial)
6- 61.8%- 7644(Crucial)
7- 70.7%- 7453
8- 76.4%- 7331
9- 78.6%- 7284 
10-88.6%- 7070 

Next supports of Nifty are as follows:-

1- 7942-7966  
2- 7917-7942

Next resistances of Nifty are as follows:-

1- 8137-8159
2- 8165-8200
3- 8168-8224

Sustaining below 7917 will mean correction continuation towards following supports and may be much below 7525 also:-

1- 7690-7795(Multiple supports)
2- 7525-7595

As corrective Wave-C is having much deeper correction targets and correction is still on therefore firstly sustaining beyond 7917 should be watched in next week because it will confirm next big moves amid correction continuation possibilities.