Next big moves confirmations from levels amid more weakness possibilities 

Intra Day Chart Analysis & Market Outlook

(02-02-2018)

Nifty-Intra Day Chart (01-Feb-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 11077-11117
2- Budget announcements led high volatility
3- Whole day actual trading between 10879-11117

Conclusions from intra day chart analysis 

Following views were updated in all the previous Outlooks of this Budget week:-

1- Very Short Term correction possibilities. 
2- Limited rally only towards 11172 and 11413.85

As selling between 10044-11172 on 29-01-2018 and follow up selling below it between 11077-11117 today therefore emergence of Short Term correction beginning possibility and until Nifty will not sustain above 11172 after complete follow up consolidation till then decisive up moves will not seen because these 2 trading ranges are immediate resistances of Nifty.

Following lines were told on 28-01-2018 in "11413.85 will confirm Rally continuation or 5 Waves Correction after Budget":-

As Union Budget on 1st Feb 2018 and its announcements will form next decisive moves but firstly sustaining beyond 11413.85 should be watched in the coming weeks after Budget because 11413.85 is most crucial. As per Elliott Wave theory if Nifty sustains above it then Waves structure from 27-10-2008 will be recounted and sustaining below it will mean 5 waves correction of whole rally from 2252.75 to any highest below 11413.85.

Let complete selling patterns develop on EOD charts and correction beginning confirmation come then lower levels will be updated after rally top formation confirmations.

Last 8 sessions trading between 10879-11172 with lower top and lower bottom formation in last 4 sessions of this Budget week are suggesting more weakness possibilities and firstly sustaining beyond 10985-11172 should be watched for next big moves confirmations.

Firstly watch 11172 on volatile Budget day tomorrow

Intra Day Chart Analysis & Market Outlook

(01-02-2018)

Nifty-Intra Day Chart (31-Jan-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Sharp up in last hour
3- Whole day actual trading between 10980-11058

Conclusions from intra day chart analysis 

Following lines were told on 30-01-2018 in "Rally continuation expectations towards 11413.85 after follow up consolidation":-

1- Very Short Term correction will be considered for tomorrow. 
2- finally on going rally continuation is expected towards 11413.85 after 1/2 sessions follow up consolidation.

Although Very Short Term correction but follow up consolidation was also seen in both previous sessions therefore same view that finally rally will remain continued towards 11413.85. 

As selling between 10144-11172 on 29-01-2018 therefore firstly sustaining above 11172 should be watched on volatile Budget day tomorrow because that will confirm rally continuation expectations towards 11413.85

Importance of 11413.85 has already been updated on 28-01-2018 in "11413.85 will confirm Rally continuation or 5 Waves Correction after Budget" because this levels will be next Big moves decider and finally break out of this levels should be watched in the coming sessions and weeks.

Finally rally continuation after follow up consolidation 

Intra Day Chart Analysis & Market Outlook

(31-01-2018)

Nifty-Intra Day Chart (30-Jan-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Minor selling after weak opening
2- Sharp fall 
3- More than 5 hours trading with consolidation indications between 11034-11067 
4- Whole day actual trading between 11034-11098

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Rally continuation expectations towards 11413.85 after follow up consolidation":-

1- Very Short Term correction will be considered for tomorrow. 
2- finally on going rally continuation is expected towards 11413.85 after 1/2 sessions follow up consolidation.

Correction was seen today after weaker opening and 0.73% down closing but lower levels some consolidation also seen therefore same view that finally rally will remain continued towards 11413.85 after follow up consolidation. 

Rally continuation expectations towards 11413.85 after follow up consolidation

Intra Day Chart Analysis & Market Outlook

(30-01-2018)

Nifty-Intra Day Chart (29-Jan-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 10144-11172
2- Whole day actual trading between 10076-11172

Conclusions from intra day chart analysis 

Although whole day strong trading and closing also at new life time high but some selling also seen at higher levels therefore only Very Short Term correction will be considered for tomorrow. Bullish rally is very much on and such minor corrections are its part,until complete selling will not develop till then rally will remain continued after follow up consolidations. 

As some selling at higher levels therefore finally on going rally continuation is expected towards 11413.85 after 1/2 sessions follow up consolidation. Following lines were told yesterday in "11413.85 will confirm Rally continuation or 5 Waves Correction after Budget":-

1- As Union Budget on 1st Feb 2018 and its announcements will form next decisive moves but firstly sustaining beyond 11413.85 should be watched in the coming weeks after Budget because 11413.85 is most crucial.
2- Let complete selling patterns develop on EOD charts and correction beginning confirmation come

Now we are telling before Budget for watching 11413.85 and when Budget was presented on 29-02-2016 then we told following lines at 02:12 AM on 01-03-2016 in "Strongest indications of correction completion at 6825.80 and Fresh Rally above 9119.20"(Just click on this topic link and go through full Outlook):-

1- Strongest indications of last 12 months Long Term correction completion today at 6825.80.
2- Very much expected that finally 6825.80 will be proved the lowest of that correction which begun at 9119.20 on 04-03-2015  
3- Finally fresh rally above 9119.20 will be seen before or immediately after Budget 2017-18 

When one time Nifty slipped more than 200 points and closed also in Red on Budget 2016-17 day on 29-02-2016 then we updated above most Bullish outlook at 02:12 AM on 01-03-2016 which proved 100% accurate after that in next months,years and till today.

11413.85 will confirm Rally continuation or 5 Waves Correction after Budget

Technical Analysis,Research & Weekly Outlook

(Jan 29 to Feb 02,2018)

Waves structure from 27-10-2008

Nifty-EOD Chart (25-Jan-2018):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning from 2252.75 on 27-10-2008 after 2008 big correction completion 
2- Impulsive Wave 1(6338.50 on 05-11-2010) completion and corrective  Wave 2 beginning 
3- Wave 1 gained 4085.75 points
4- Corrective Wave-2(4531.15 on 20-12-2011) completion and impulsive Wave 3 beginning 
5- Impulsive Wave 3(9119.20 on 04-03-2015) completion and corrective  Wave 4 beginning
6- Wave 3 gained 4588.05 points
7- Corrective Wave-4(6825.80 on 29-02-2016) completion and impulsive Wave 5 beginning 
8- Impulsive Wave-5 continuation with recent top formation at 11110.10 on 24-01-2018
9- On going impulsive Wave-5 has gained 4284.30 points till 24-01-2018

Conclusions from EOD chart analysis 

Indian markets are very much on with continuous new life time high formations and recent top formation at 11110.10 on 24-01-2018. As all the indicators from very Short to Long are overbought therefore correction is very much due but indicators remains overbought long time during Bull markets and until complete selling pattterns will not develop on EOD cahrts till then any deeper correction will not be seen.

Indian markets are tend to move in 7/8 years time cycles in following manner:-

1- In Apr 1992 -Rally finished after Harshad Mehta scam
2- In Jan 2000 -IT Rally finished after Ketan Parikh scam 
3- In Jan 2008 -Rally finished after Lehman brothers scam 

On going rally started in Apr 2009 after 2008 Correction completion at 2252.75 on 27-10-2008 and 5 months sideways consolidation. Now on going rally is more than 9 years old and time wise correction is also due.

Calculation of maximum target of Nifty at 11413.85 as follows:-                                                                                 
As per Elliott Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5. Now impulsive Wave-5 is on and it should not gain more points than Wave-3  gained.

Impulsive Wave-1 gained=4085.75 points(6338.50-2252.75)
Impulsive Wave-3 gained=4588.05 points(9119.20-4531.15)
Impulsive Wave-5 has gained 4284.30 points till 24-01-2018(11110.10-6825.80)

As according to Elliott Wave theory Wave-5 can not gain more points than Wave-3 gained therefore on going impulsive Wave-5 will gain lesser points than 4588.05.

Impulsive Wave-5 started from 6825.80 on 29-02-2016 and it has to gain less than 4588.05 points therefore maximum target of on going impulsive Wave-5 is 11413.85(6825.80+4588.05)

As Union Budget on 1st Feb 2018 and its announcements will form next decisive moves but firstly sustaining beyond 11413.85 should be watched in the coming weeks after Budget because 11413.85 is most crucial. As per Elliott Wave theory if Nifty sustains above it then Waves structure from 27-10-2008 will be recounted and sustaining below it will mean 5 waves correction of whole rally from 2252.75 to any highest below 11413.85.

Let complete selling patterns develop on EOD charts and correction beginning confirmation come then lower levels will be updated after rally top formation confirmations.