Pull Back Rally continuation but after Consolidation 

Technical Analysis and Market Outlook

(13-02-2015)

Nifty-Intra Day Chart (12-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 8662-8670
2- Consolidations between 8600-8615
1- Up moves in Bearish Rising Channel
3- Whole day actual trading between 8599-8732

Conclusions from intra day chart analysis 

Following conclusive line was told yesterday in "line Confirmation is must through sustaining beyond 8565-8651":-

fresh rally after correction completion possibility is also turning high 

As was told yesterday 100% same happened and Nifty closed 84.15 points up today after 133 points rally from lower levels

Although firstly 10 minutes selling between 8662-8670 after 49 points gap up opening but negative zone trading was also seen after first 2 hours down moves therefore sentiment dampened completely which was must for fresh consolidations. As Mixed trading patterns between 8565-8651 in last 3 sessions therefore consolidation was firstly required for decisive up moves and it was seen also between 8600-8615,resultant more than 100 points rally in last 2 hours today.  

Although strong rally today with closing near the higher levels of the day but Up moves were in Bearish Rising Channel also and following resistances are also lying at higher levels therefore follow up consolidation is firstly required for decisive up moves above today highest and correction completion confirmations:-

1- Resistance between 8820-8852
2- Resistance between 8918-8936

Emergence of correction completion possibility after strong recovery from lower levels but confirmation will be after sustaining above 8936. As last 3 sessions trading range(8565-8651) broken out forcefully therefore today started Pull Back Rally continuation is expected but firstly consolidation is must because Up moves were in Bearish Rising Channel.

Mid-session Outlook(12-02-2015)

 Although gap up opening by 49 points and after that first 10 minutes selling between 8662-8670 as well as sharp down and trading negative below 8600 but lower levels good consolidations also between 8600-8615 therefore Pull Back rally continuation and emergence of correction completion possibility also.

Mid-session Outlook(12-02-2015)

Although Nifty opened 49 points gap up but selling confirmations between 8662-8670.

Confirmation is must through sustaining beyond 8565-8651

Technical Analysis and Market Outlook

(12-02-2015)

Nifty-Intra Day Chart (11-Feb-2015):-

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Technical Patterns and Formations in today intraday charts

1- Up moves in Bearish Rising Channel.
2- Complete intraday corrections before up moves.
3- Whole day actual trading between 8593-8651

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Selling amid Delhi Elections results led high volatility"

good selling in last 2 sessions and until complete consolidation will not happen as well as Nifty does not sustain above 8640 till then decisive up moves will not be considered. 

Following lines were told today at 09:26 PM in "Post-open Outlook(11-02-2015)"

Selling between 8565-8640 in last 2 sessions and sustaining beyond this range will decide the fate of on going correction

As was told 100% same happened and Nifty could not sustain above 8640 as well as closed at 8627.40 today.

Nifty traded whole day between 8593-8651 with mixed patterns formations today because Up moves in Bearish Rising Channel and complete intraday corrections were also seen before up moves therefore Mixed patterns formations today and almost same following view with little change of levels:-

1- Last 3 sessions trading between 8565-8651 and once sustaining above or forceful break out of 8651 will mean a strong Pull Back rally because sufficient consolidation patterns were seen today. 
2- As selling patterns were also seen today after last 2 sessions selling therefore sustaining blow after follow up selling will mean beginning of fresh deeper correction.

As steep fall was not seen after huge defeat of BJP in Delhi Assembly Elections and market got supports at the lower levels of last 3 sessions as well as Nifty traded at the higher levels of last 3 sessions range(8565-8640) today therefore fresh rally after correction completion possibility is also turning high but next trend confirmation is must through sustaining beyond 8565-8651 because mixed patterns formations within this range in last 3 sessions.

Post-open Outlook(11-02-2015)

As Dow,Jones closed 139 points up and other Indices of US markets also closed more than 1% up yesterday therefore sentiment boosted and positive opening on Indian markets today. Selling between 8565-8640 in last 2 sessions and sustaining beyond this range will decide the fate of on going correction and should be firstly watched for next decisive moves confirmations after:-

1- Correction completion above 8640
2- Correction continuation below 8565

Selling amid Delhi Elections results led high volatility

Technical Analysis and Market Outlook

(11-02-2015)

Nifty-Intra Day Chart (10-Feb-2015):-

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Technical Patterns and Formations in today intraday charts

1- High Volatility
2- Selling between 8590-8640(Immediate Resistances)
3- Selling between 8570-8684(Immediate Resistances)
4- Lower levels minor supports
5- Whole day actual trading between 8475-8640

Conclusions from intra day chart analysis

Life Proofs of our accurate Levels:-

We repeated the importance of 8565 in all the previous 3 Outlooks and Nifty closed exactly at 8565.55 today

Nifty lost 470 points in last 7 straight downward sessions and surprising defeat of BJP in Delhi Elections also therefore sentiment turned depressed  before the opening of Indian markets today. As most small traders turns Bearish in such depressed sentiments therefore fast recovery immediately after opening for  short covering of small traders and almost 2 hours higher levels selling between 8590-8640 was also seen.

As selling between 8565-8605 yesterday and follow up selling also seen  between 8570-8684 today therefore Nifty slipped 90 points sharply. Although 100 points recovery also from lower levels in last hours but only minor supports were seen at lower levels therefore view will not be Bullish despite positive zone closing today.

Delhi Elections results led high volatility today but correction is on and its continuation is expected because good selling in last 2 sessions and until complete consolidation will not happen as well as Nifty does not sustain above 8640 till then decisive up moves will not be considered. Following next crucial retracement levels should be watched for first signal of correction completion because trend reversal possibilities remain high at these crucial retracement levels:-

1-0.500%- 8478
2-0.618%- 8356

Pre-closing Outlook(10-02-2015)

Following line was told today in Mid-session Outlook(10-02-2015);- 

As selling between 8565-8605 yesterday therefore once slipping below 8565 will mean again sharp down 

Nifty slipped 90 points within 1 hour after moving below 8565 and again recovered more than 100 points after lowest formation at 8475

Delhi Elections results led high volatility today but selling formations yesterday and follow up selling also seen at higher levels today therefore until Nifty will not sustain above today highest(8640) till then decisive up moves will not be considered and correction will remain continued.

Mid-session Outlook(10-02-2015)

As sizzling sentiments after most surprising defeat of BJP in Delhi Elections therefore intraday volatility is being seen today because:-

1- Most traders have become Bearish after yesterday sharp fall and devastating defeat of BJP in Delhi Elections today.
2- Up moves were seen immediately after opening to compel small traders for short covering. 

Following levels should be watched now:-

1- As selling between 8590-8640 today therefore until Nifty will not sustain above 8640 till then next up moves will not be considered.
2- As selling between 8565-8605 yesterday therefore once slipping below 8565 will mean again sharp down after follow up selling in resistance ranges.

As trend retracement possibilities remain high  at crucial retracement levels therefore have been updated yesterday in both previous Outlooks and should be watched for next trend confirmations.

Delhi Elections Exit Poll Results led Deeper Correction 

Technical Analysis and Market Outlook

(10-02-2015)

Nifty-Intra Day Chart (09-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 8565-8605(Immediate Resistances)
3- Whole day actual trading between 8517-8605

Conclusions from intra day chart analysis 

No one imagined such dismal performance of BJP in Delhi Assembly Elections as was shown in Exit Poll Results last Saturday therefore huge gap down opening in Indian Financial mrkets today in following manner:-

1- Nifty opened 75 points down
2- Sensex opened 273 points down
3- USDINR opened 30 Paisa down 

Correction is on and Exit Poll Results fuelled it today as well as follow up selling seen in whole day deep Red zone trading today. As more than 5 hours selling between 8517-8605 therefore this range will be 1st resistance and next up move will be considered only after sustaining above 8605.

As BJP defaeat in Delhi elections may have far reaching policy implications therefore Indian financial markets reacted so drastically today and if anything miraculous in favour of BJP comes out after actual results tomorrow then immediate recovery may be seen otherwise correction continuation will be seen after Intermediate Term Trend turning down confirmations.

Next strong supports are lying between 8080-8300 and next crucial  retracement levels are as follows:-

1-0.382%- 8601
2-0.500%- 8478
3-0.618%- 8356

Post-open Outlook(09-02-2015)

As Exit Poll results confirmed last Saturday that BJP is going to loose Delhi Elections therefore sentiment completely depressed in Indian financial markets and following weakness is being seen today:-

Nifty is trading 66 points down
Sensex is trading 231 points down
USDINR is trading 33 Paisa down

At present correction is on and next strong supports are lying between 8080-8300 and next retracement levels are as follows:-

1-0.382%- 8601
2-0.500%- 8478
3-0.618%- 8356

Pre-open Outlook(09-02-2015)

As sentiment completely depressed after BJP defeat confirmation by  Exit Poll results in Delhi Elections therefore weak opening will be seen in Indian markets and correction will remain continued.

13 Months correction after Obama visit in 2010 but 13 Sessions correction in 2015

Technical Analysis,Research & Weekly Outlook

(Feb 09 to Feb 13,2015)

13 Months Correction after Obama visit in Nov 2010

Nifty-EOD Chart (06-Feb-2015):-

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Technical Patterns and Formations in EOD charts

1- 2252.75 on 27-10-2008(Rally beginning after 2008 correction completion) 
2- President Obama's visit between 6-11-2010 and 9-11-2010 and correction beginning after Rally completion at 6338.50 on 05-11-2010
3- 13 Months correction completion at 4531.15 on 20-12-2011

Correction started after Obama visit in Jan 2015

Nifty-EOD Chart (06-Feb-2015):-

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Technical Patterns and Formations in EOD charts

1- Rally continuation from 5118.85 on 28-08-2013
2- President Obama's visit between 25-01-2015 and 27-01-2015 and correction beginning after Rally completion at 8996.60 on 30-01-2015
3- Correction continuation with recent bottom formation at 8645.55 on 06-02-2015

Waves Structure of on going Wave

Nifty-EOD Chart (06-Feb-2015):-

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Technical Patterns and Formations in EOD charts

1- 5118.85 on 28-08-2013(Wave-i of Wave-3 beginning after 'ABC' correction completion)
2- Wave-i of Wave-3(6415.25 on 09-12-2013)
3- Wave-ii of Wave-3(5933.30 on 04-02-2014)
4- Wave-iii of Wave-3(8626.95 on 04-12-2014)
5- Wave-iv of Wave-3(7961.35 on 17-12-2014)
6- Wave-1 of Wave-v of Wave-3(8445.60 on 05-01-2015) 
7- Wave-2 of Wave-v of Wave-3(8065.45 on 07-01-2015)
8- Wave-3 of Wave-v of Wave-3(8996.60 on 30-01-2015)
9- Wave-4 of Wave-v of Wave-3 continuation with recent bottom formation at 8645.55 on 06-02-2015

Nifty-Intra Day Chart (Feb 09 to Feb 13,2015):-

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Technical Patterns and Formations in last 8 Sessions intraday charts

1- 8 Sessions Down moves in Bullish Falling Channel

Nifty-Intra Day Chart (06-Feb-2015):-

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Technical Patterns and Formations in today intraday charts

1- Whole day Down moves in Bullish Falling Channel
2- Whole day actual trading between 8645-8726

Conclusions (After Putting All Studies Together)

Certainly 13 months correction after Obama's visit to India in 2010 and Correction again started after 2015 visit also.. 2010 correction lasted 13 months and 2015 correction is being seen for the last 6 sessions. As high expectations from Obama visits and sentiment turned heated therefore correction started for cooling down but difference between 2010 and 2015 is that there was as such no big agreements in 2010 while big deals and most successful visit in 2015.

As 2010 correction started after 5 waves completion at 6338.50 on 05-11-2010 therefore it corrected whole that rally which 2252.75 on 27-10-2008 but at present Wave-4 of Wave-v of Wave-3 continuation and its Wave-5 is still left which should move above Wave-3 of Wave-v of Wave-3(8996.60)

Strong supports were lying at 8695 and it has been broken down on 06-02-2015 but its broken down technical confirmations is still left through:-

1- 3% down moves or
3- 3 sessions down closing.

As Intraday charts patterns of last 8 sessions are showing consolidation pattern of Down moves in Bullish Falling Channel and only minor selling patterns are seen as well as consolidation pattern of Down moves in Bullish Falling Channel was seen on 06-02-2015 therefore expected that;-

1- Nifty will not sustain below 8695
2- Correction will complete near about 8695
3- Deeper correction will not be seen. 
4- Fresh rally towards new life time high will start in next week

Although after Obama visit 2010 Correction remained continued for 13 months but in 2015 correction will complete within 13 sessions.

Nifty is Ready for Fresh Rally Towards New all time High 

Technical Analysis and Market Outlook

(06-02-2015)

Nifty-Intra Day Chart (05-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation between 8738-8766
2- 154 Points Down moves in Bullish Falling Channel
3- Whole day actual trading between 8684-8838

Conclusions from intra day chart analysis 

Following projections proved 100% accurate which were done yesterday in "Cautiously Bullish view with Pull Back Rally possibility":-

1- View is cautiously Bullish with Pull Back Rally possibility
2- Pull Back Rally possibility will be considered up to 8852

Following intraday moves of today proved that our above projections were 100% accurate:-

1- Nifty traded 114 up in above mentioned Pull Back Rally. 
2- Today highest is at 8838.45 and Pull Back Rally possibility was considered up to 8852.
3- We were cautiously Bullish and Nifty slipped 154 points from higher levels and closed 12 points down. 

Following Weekly analysis topic was posted on 30-01-2015:-

8695 Will decide Depth of Correction

Nifty tested 8695 today and closed at 8711.70 after lowest formation at 8,683.65 today and now following questions have to be answered:-

1- Will correction complete near about 8695?
2- Will deeper correction will be seen after sustaining below 8695 and Intermediate Term Trend turning down confirmation?

As per our view correction will complete near about 8695 because:-

1- More than 3 hours consolidation today. 
2- 154 Points Down moves in Bullish Falling Channel which is a consolidation pattern.
3- Intraday patterns of last 3 sessions are showing good consolidation pattern and minor selling patterns.
4- Nifty traded in the range of last 3 sessions with consolidation patterns today.

As big fall of 30-01-2015 was not supported by huge selling and good selling was not seen before that day also therefore final conclusion after today consolidation is that:-

Nifty will not sustain below 8695 and correction will complete near about 8695 as well as fresh rally towards new all time high will generate from this and near about 8695. 

Cautiously Bullish view with Pull Back Rally possibility

Technical Analysis and Market Outlook

(05-02-2015)

Nifty-Intra Day Chart (04-Feb-2015):-

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Minor selling between 8760-8772
3- Slow down moves in last 40 minutes.
4- Whole day actual trading between 8705-8792

Conclusions from intra day chart analysis 

Although Nifty slipped 69 points in last 40 minutes and Red closing near the lower levels of the day but down moves were slow which is a consolidation indication. As both higher levels minor selling and down moves in  Bullish Falling Channel were also seen therefore if follow up consolidation develops tomorrow then up moves will be seen above today highest.

View is not Bearish despite 0.38% down closing today and emergence of supports getting possibility between next 2nd support range(8695-8720). Pull Back Rally possibility will be considered up to 8852 but correction completion confirmation is still required through sustaining above following levels:-

1- 8772
2- 8852

Although last 3 sessions of this week closed in Red but as such selling patterns were not seen and on the contrary consolidation patterns were also seen therefore View is cautiously Bullish with Pull Back Rally possibility and next trend view will be formed after next 1/2 sessions intraday charts patterns formations watching.

Next Big Moves require Some More Technical Positions Formations

Technical Analysis and Market Outlook

(04-02-2015)

Nifty-Intra Day Chart (03-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation between 8727-8758(Immediate Supports)
2- Consolidation Pattern of all Down moves in Bullish Falling Channels
3- Whole day actual trading between 8727-8837

Conclusions from intra day chart analysis 

Following line with resistances were updated yesterday in "Pull Back rally Possibility within Sideways market":-

As following resistances therefore firstly consolidation is required for next rally above 9000:-

1- Resistance between 8820-8852
2- Resistance between 8918-8936

Although strong opening but above resistances therefore Nifty could not cross 1st resistance and slipped after highest formation at 8,837.30 and closing near the lower levels of the day. Following supports were updated on 30-01-2015 in "8695 Will decide Depth of Correction 8695 Will decide Depth of Correction":-

1- Supports between 8727-8755
2- Supports between 8695-8720

Although sharp down after RBI Credit policy but Nifty got support exactly at above 1st support after lowest formation at 8726.65.

As lower levels buying with consolidation Pattern of all Down moves with Bullish Falling Channel formations therefore emergence of first correction completion signal but follow up consolidation is must because above resistances are lying at higher levels.

Long and Intermediate Term Trends are up and Short Term Trend is down and Nifty is sideways between  8695-8996. As higher levels resistances and lower levels supports within this range therefore Indian markets are not prepared for any side decisive moves. Follow up moves for technical positions formations and finally sustaining beyond 8695-8996 will decide following next big moves:-

1- Sustaining below 8695 after follow up selling will mean sharp Correction after Intermediate Term Trend turning down confirmations.
2- Sustaining above 8996 after follow up consolidation will mean fresh up moves above 9000 after all Trends turning up confirmations.

No gossiping never guessing and whatsoever market suggest only that is always updated. Let market prepare for next trend and decisive moves then will be updated from intraday charts patterns formations in the same manner as being down for the last more than 4 years.

Pull Back rally Possibility within Sideways market

Technical Analysis and Market Outlook

(03-02-2015)

Nifty-Intra Day Chart (02-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation Patterns between 8752-8770
2- Consolidation Patterns between 8776-8802
3- Whole day actual trading between 8752-8840

Conclusions from intra day chart analysis 

Although Red closing after most time negative zone trading but lower levels good consolidation therefore Pull Back Rally will be seen tomorrow. As following resistances therefore firstly consolidation is required for next rally above 9000:-

1- Resistance between 8820-8852
2- Resistance between 8918-8936

As lower levels supports and higher levels resistances between 8695-8996 therefore Nifty will be understood sideways within this range and Nifty will firstly trade and prepare for next trend within this range. All trends are up but Oscillators are overbought therefore correction is very much due which was seen last Friday and 8695 will decide depth of correction. Follow up moves with sustaining beyond 8695-8996 will be next trend confirmations and should be firstly watched for next trend confirmations .

8695 Will decide Depth of Correction

Technical Analysis,Research & Weekly Outlook

(Feb 02 to Feb 06,2015)

Nifty-EOD Chart (30-Jan-2015):-

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 Technical Patterns and Formations in EOD charts

1- 4531.15 on 20-12-2011(Rally beginning after 13 Months correction completion)
2- Wave-1(6229.45 on 20-05-2013)
3- Wave-2(5118.85 on 28-08-2013)
4- Wave-3 continuation with recent top formation at 8996.60 on 30-01-2015

Nifty-EOD Chart (30-Jan-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 5118.85 on 28-08-2013(Wave-i of Wave-3 beginning after 'ABC' correction completion)
2- Wave-i of Wave-3(6415.25 on 09-12-2013)
3- Wave-ii of Wave-3(5933.30 on 04-02-2014)
4- Wave-iii of Wave-3(8626.95 on 04-12-2014)
5- Wave-iv of Wave-3(7961.35 on 17-12-2014)
6- Wave-v of Wave-3 continuation with recent top formation at 8996.60 on 30-01-2015

Nifty-EOD Chart (30-Jan-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-v of Wave-3 started after correction completion at 7961.35 on 17-12-2014 
2- Wave-v of Wave-3 continuation with recent top formation at 8,996.60 on 30-01-2015
3- 143.45(1.60%) correction on 30-01-2015 with Bearish Engulfing Candle formation

Conclusions from EOD charts analysis 

All trends are up and Bullish rally is very much on and new life time high formation at 8996.60 on 30-01-2015 but immediate after that 1.60% correction was seen which will be understood intraday/Very Short Term correction. Wave-v of Wave-3 continuation and this wave will be correction after Short Term correction confirmation. Wave-v of Wave-3 started from 7961.35 and correction started after high formation at 8,996.60,Fibonacci retracement levels of this Wave are as follows:- 

[0.130] 8,862.0200(Done)
[0.236] 8,752.2800
[0.270] 8,717.0800
[0.382] 8,601.1300
[0.500] 8,478.9800
[0.618] 8,356.8200
[0.707] 8,264.6800
[0.764] 8,205.6700
[0.786] 8,182.8900
[0.886] 8,079.3700

Bearish Engulfing Candle formation on 30-01-2015 which signifies that the uptrend has been hurt and the bears may be gaining strength. Next supports are as follows:-

1- Supports between 8796-8815
2- Gap support between 8775-8795
3- Supports between 8727-8755
4- Supports between 8695-8720

As Short Term Oscillators were overbought after strong rally in last 10 sessions and sentiment turned heated after Dow Jones 225 points rally on 29-01-2015 therefore intraday correction was seen on 30-01-2015 for cooling down. As Bearish Engulfing Candle formation which closed at 5 sessions lowest after 5 sessions lowest formation therefore view is cautious and firstly sustaining beyond lowest of above supports will decide deeper correction beginning below(8695) or correction completion above(8695).

2 Supports just below today Lowest

Mid-session Outlook-2(30-01-2015)

Firstly 176 points sharp fall from intraday higher levels in first 2 and half hours and after that sideways market today. Intraday correction is being seen today and Nifty is trading between 8820-8855 for last 2 hours which is near the lower levels of last 4 sessions. Next supports just below today lowest are as follows:-

1- Supports between 8796-8815
2- Gap support between 8775-8795

Firstly sustaining beyond 8775-8855 should be watched now for:-

1- Intraday/Very Short Term Correction completion above 8855
2- Short Term Correction continuation below 8775

As good consolidation between 8862-8893 yesterday therefore expected that Nifty will not easily sustain below 8862 as well as will get supports near about above mentioned 2 supports. Today intraday charts have also not shown as such good selling therefore expected that today started correction will complete within next 2/3 sessions.

Mid-session Outlook(30-01-2015)

As Short Term Oscillators were overbought after strong rally in last 10 sessions and sentiment turned heated after Dow Jones 225 points rally of yesterday therefore intraday correction is being seen immediately after opening today. Intraday correction may retrace upto following levels:-

[0.130]- 8,874.7800
[0.236]- 8,886.0200
[0.270]- 8,889.6200
[0.382]- 8,901.4900

As good consolidation between 8862-8893 yesterday therefore Nifty will not easily sustain below 8862 as well as expected that Nifty will get supports within or near about this range. At present intraday charts of first 2 hours are suggesting that it is only that correction which should complete within 2/3 sessions.

Rally continuation in Uncharted Territory after 8880 broken Out

Technical Analysis and Market Outlook

(30-01-2015)

Nifty-Intra Day Chart (Jan 27 to Jan 29,2015):-

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Technical Patterns and Formations in last 3 Sessions intraday charts

1- Testing of 8880 in last 3 sessions
2- Consolidation near about 8880 in last 3 sessions.
3- Selling at higher levels on 28-01-2015
3- 3 Sessions actual trading between 8826-8985

 Conclusions from 3 Sessions intra day chart analysis 

Importance of 8880 was updated in following topic on 24-01-2015:-

Sustaining of Nifty above 8880 will mean Next 20 months Rally

Nifty tested 8880 all the next 3 trading sessions after the posting of above topic and consolidated near about 8880 in all the last 3 sessions as well as Nifty most time hovered around 8880 today.

Nifty-Intra Day Chart (29-Jan-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- More than 5 hours consolidation between 8862-8893(Immediate Supports)
2- Nifty most time hovered around 8880.
3- Sharp up and 8880 broken out confirmation in last hour.
4- Whole day actual trading between 8862-8966

Conclusions from intra day chart analysis 

Most time hovered around 8880 and forcefully broken out in last hour after more than 5 hours consolidation and strong indication of fresh rally beginning today.

Conclusions (After Putting All Indicators Together)

Although Nifty closed near the lower levels of the day on 28-01-2015 but we were not Bearish because lower levels good consolidation patterns and supports were also seen therefore we posted following topic yesterday;-

Rally Continuation

Although Most Asian markets were in deep Red after Dow Jones closing 195 points down but in that Bearish sentiment also we were not Bearish therefore we told following lines within 1st hour today in Post-open Outlook(29-01-2015):-

1- until Nifty will not sustain below 8790 till then even Very Short Term correction will not be considered 
2- good consolidation patterns formations yesterday
3- Until complete selling patterns will not develop till then decisive down moves will not be seen.

We have posted only Bullishness in all the previous Outlooks and strong rally is very much on. As next resistances are between 8947-8985 which are just above today highest therefore some more consolidation is required for next up moves but expected that finally rally will remain continued in uncharted territory because good consolidation near about 8880 in last 3 sessions and its forceful break out confirmation in last hour today.

Post-open Outlook(29-01-2015)

As Dow Jones closed 195 points down after FOMC statement therefore and in reaction all the Asian markets are in Red,resultant weakness in Indian markets. Reaction of FOMC statement has to be firstly understood and until Nifty will not sustain below 8790 till then even Very Short Term correction will not be considered because good consolidation patterns formations yesterday. Until complete selling patterns will not develop till then decisive down moves will not be seen.