Finally slipping below 10000 without sustaining above 10638 

Intra Day Chart Analysis & Market Outlook

(27-04-2018)

Nifty-Intra Day Chart (26-Apr-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Mixed Patterns formation between 10560-10595
2- Sharp up after 03:00 PM 
3- Whole day actual trading between 10560-10628

Conclusions from intra day chart analysis 

Although sharp up after 03:00 PM but before that whole day trading was with Mixed Patterns formation therefore view will not be Bullish because such intraday volatailty is being seen for the last 7 sessions between 10510-10638 and until Nifty will not sustain above this range till then view will not be Bullish. 

As Short and Intermediate Term indicators are overbought therefore correction was expected but not being seen and still having same view of not sustaining above 10638 as well as finally slipping too much below 10000 despite SGX Nifty today closing was 50 points up after Dow Jones strong closing with gaining 238 points.

Correction continuation expectations after follow up selling

Intra Day Chart Analysis & Market Outlook

(26-04-2018)

Nifty-Intra Day Chart (25-Apr-2018):-

Technical Patterns formation in today intraday charts

1- Selling between 10577-10612
2- Support between 10537-10559
3- Whole day actual trading between 10537-10612

Conclusions from intra day chart analysis 

As firstly more than 4 hours selling between 10577-10612 therefore slipping from higher levels but not with force and some supports also seen at lower levels.   

Last 3 sessions selling between 10577-10638 and this range will be immediate resistance of Nifty but some supports are lying above 10450 therefore follow up selling is firstly required for decisive down moves. Expected that finally correction will remain continued after follow up selling in the coming sessions.

Sharp down moves once after correction beginning confirmations 

Intra Day Chart Analysis & Market Outlook

(25-04-2018)

Nifty-Intra Day Chart (24-Apr-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 10588-10609
2- Up moves in Bearish Rising Channels
3- Volatility in last hour
4- Whole day actual trading between 10569-10636

Conclusions from intra day chart analysis 

Although Green closing today after 67 points recovert from lower levels but view will not be Bullish because:- 

1- Firstly selling developed between 10588-10609 
2- Mid sessions Up moves were in Bearish Rising Channels and with strong up moves in Dow's Futures also after Positive opening of European markets.

Nifty made the highest at 10637.90 on 15-02-2018 before fomation the lowest at 9951.90 on 23-03-2018 and it will be maximum target of on going Wave-B as well as until Nifty will not sustain above 10637.90 till then possibility of slipping and sustaining below 9951.90 will remain alive.

April month expiry will be seen below 10637.90 but lower levels can not be told with confirmation because previous weeks up moves were not on the base of complete consolidation and were on the back of positive news from quarterly results therefore sharp down moves may be once after correction beginning confirmations.

Remain prepared for more than 1000 points correction

Intra Day Chart Analysis & Market Outlook

(24-04-2018)

Nifty-Intra Day Chart (23-Apr-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts


1- Up moves in Bearish Rising Channel
1- Selling between 10596-10638
3- Whole day actual trading between 10552-10638

Conclusions from intra day chart analysis 

As immediate after opening strong rally in heavy weight TCS therefore sharp up moves were seen in 2.76% strong rally of NIFTY IT and resultant up moves developed in Nifty also after flat opening.

Firstly Nifty moved up in Bearish Rising Channel and after that more than 3 hours selling therefore closing near the lower levels of the day after slipping from hingr levels in last half hour.

As Short term indicators had turned over bought therefore its correction was very much due but last 10 sessions 2.25% up moves of Nifty were only on the back of strong 14% rally of NIFTY IT. 

Now Intermediate term indicators have also turned over bought therefore correction of on going rally has become imminent which may be seen any day.

Expected Correction Wave will be Wave-C which will correct 100% to 161.8% of that Wave-A correction which begun from 11171.55 on 29-01-2018 and completed at 9951.90 on 23-03-2018 after Wave-B completion near about today highest. I shall discuss above mentioned waves structured on EOD charts also.

As per our view we should remain prepared for more than 1000 points Wave-C correction in the coming weeks and months,

Fresh down moves beginning expectations

Intra Day Chart Analysis & Market Outlook

(23-04-2018)

Nifty-Intra Day Chart (20-Apr-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling Patterns formation between 10528-10522
2- Sharp up in last half hour
3- Whole day actual trading between 10528-10582

Conclusions from intra day chart analysis 

As good quarterly results of TCS therefore whole day 4.80% strong rally of NIFTY IT and resultant sharp up in last half hour in Nifty and other Indices also. 

Although last Friday Last Traded Price was at the top of the day but most time trading was with selling Patterns formation between 10528-10522 therefore expected that fresh down moves will be seen below last Friday(10528) lowest despite good quarterly results of HDFC Bank.

As per hour view finally Nifty has to move and sustain below 10000 and for this decisive down moves beginning will be seen any day.