Mid-session Outlook(23-02-2015)

Following line was told on 21-02-2015 in "Finally Post Budget Rally after follow up consolidations"

Nifty will firstly trade within or near about 8793-8913 amid high volatility and may slip also below 8793 

Possibility of slipping below 8793 was clearly told and today lowest at this moment is at 8761.

As sentiment is boiling due to high expectations from Budget therefore volatility will remain high and sustaining below 8793 should be firstly watched for any deeper correction confirmations.

Finally Post Budget Rally after follow up consolidations

Technical Analysis,Research & Weekly Outlook

(Feb 23 to Feb 28,2015)

Waves structure from all time lowest formation after world Trade Center attack on 11-09-2001

Nifty-Weekly Chart (20-Feb-2015)

Just click on chart for its enlarged view

Technical Patterns and Formations in Weekly charts

1- Wave-1 beginning at 854.20 on 21-09-2001(all time lowest formation after world trade center attack on 11-09-2001) .
2- Wave-1 completion and Wave-2 beginning at 6357.10 on 08-01-2008(15 Years highest formation)
3- Wave-2 completion and Wave-3 beginning at 2252.75 on 27-10-2008(after 9 months correction completion in 2008)
4- Wave-3 continuation with all time high formations at 8996.60 on 30-01-2015.

Conclusions from Weekly chart analysis 

Wave-3 continuation towards following retracement levels:-

[1.382] 7,925(Retracement completed)
[1.414] 8,056(Retracement completed)
[1.500] 8,409(Retracement completed)
[1.618] 8,893(Retracement completed)
[1.764] 9,493
[1.886] 9,994
[2.000] 10,462
[2.236] 11,430
[2.618] 12,998
[3.140] 15,141
[3.618] 17,103

On Long Charts above retracement levels of on going Wave-3 are very much possible in the coming 5 years of our honorable P.M. Narendra Modi and its beginning will be after Union Budget-2015.

Nifty-EOD Chart (20-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-1 beginning after correction completion at 7961.35 on 17-12-2014
2- Wave-1 completion at 8445.60 on 05-01-2015 
3- Wave-2 completion at 8065.45 on 07-01-2015
4- Wave-3 completion at 8996.60 on 30-01-2015
5- Wave-4 completion at 8470.50 on 10-02-2015
6- Wave-5 continuation with recent top formation at 8913.45 on 19-02-2015
7- Last 4 sessions sideways trading between 8793-8913

Conclusions from EOD chart analysis

All Trends are up and life time high formations at 8996.60 on 30-01-2015. Wave-5 continuation with following immediate supports and resistances:-

1- Supports between 8816-8853
2- Supports between 8795-8838
3- Supports between 8736-8751
4- Supports between 8595-8615
5- Supports between 8554-8574
6- Supports between 8475-8505
7- Resistances between 8880-8894
8- Resistances between 8918-8936

Last 4 sessions sideways trading between 8793-8913 and finally sustaining beyond this range will be first strong signal of next trend and confirmation will sustaining beyond on going Wave-5(8470-8996)

Nifty-Intra Day Chart (Feb 16 to Feb 20,2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in last 4 Sessions intraday charts

1- Selling between 8840-8870 on 16-02-2015
2- Selling between 8850-8861 on 18-02-2015
3- Down moves in Bullish Falling Channel on 18-02-2015
4- Selling between 8883-8894 on 18-02-2015
5- Selling between 8880-8901 on 19-02-2015
6- Consolidation between 8795-8838 on 19-02-2015
7- Consolidation between 8816-8853 on 20-02-2015 
8- Down moves in Bullish Falling Channel on 20-02-2015 
9- 4 Sessions actual trading between 8793-8913 

 Conclusions from 4 Sessions intra day chart analysis 

Last 4 sessions trading with both higher levels selling and lower levels buying therefore Nifty is not prepared for any side decisive moves and firstly has to prepare within or near about last 4 sessions range(8793-8913) as well as finally sustaining beyond this range will be first strong signal of next big moves.

Conclusions (After Putting All Studies Together)

Wave-5 is on but Short Term Oscillators are overbought therefore last 4 sessions sideways markets for its cooling down. Both Feb. Derivative expiry and Union Budget in next week and sentiments will remain boiling as well as market will prepare and form positions for post Budget big moves. Although post Budget big moves will be decided from coming 2/3 sessions intraday charts patterns formations but expected that finally up moves will be seen in uncharted region after follow up consolidation in the coming sessions. Although Nifty closed in Red and lowest of the day after last more than 1 hour down moves but consolidation patterns formations were also seen therefore rally continuation hopes are alive. 

Expected that Nifty will firstly trade within or near about 8793-8913 amid high volatility and may slip also below 8793 but until Nifty will not sustain below it till then View will not be Bearish because many time Supports are broken down under consolidation process. As resistances above previous week closing are not strong and as such selling patterns also have not developed yet to say for any deeper correction therefore Indian markets are well poised for Post Budget rally after high volatility and panic bottoms formations. 

Finally Post Budget Rally will be seen after follow up consolidations. 

Rally Continuation with Minor Corrections possibility

Technical Analysis and Market Outlook

(20-02-2015)

Nifty-Intra Day Chart (19-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 8880-8901
2- Sharp down
3- Consolidation between 8795-8838
4- Sharp up in last hours
5- Whole day actual trading between 8795-8913

Conclusions from intra day chart analysis 

As good selling on 16-02-2015 therefore following lines were updated for 18-02-2015 trading in "Firstly Down Moves within Sideways Range Bound Market":-

1- Nifty will firstly slip 
2- finally up moves above today highest(8870) despite firstly down moves possibilities in the coming sessions.

As was told for 18-02-2015 same happened on 19-02-2015 and Finally up moves were seen after firstly down moves.

Although Nifty closed in Green after whole day positive zone trading on 18-02-2015 but even though we were not Bullish and updated following lines in "Cautious View after Mixed Patterns Formations"-

1- sufficient selling patterns were also seen in last 2 sessions
2- view is cautious because sometimes sharp falls are seen after such markets

As was projected 100% same happened on 19-02-2015 and Nifty slipped 93 points sharply from higher levels as well as traded 60 points down within first 2 hours also.

All Trends are up and Indian markets are most Bullish as well as good consolidation was seen today at lower levels therefore rally continuation is expected in the coming sessions. As very Short Term indicators are overbought and first 2 hours selling was also seen on 19-02-2015 as well as consolidation is firstly required before next decisive up moves therefore minor down moves possibility under consolidation process can not be ruled out.

Let selling patterns develop then big correction will also be updated in the same manner as being done for the last more than 4 years. It must be kept in mind that until complete selling patterns will not develop till then deeper correction will not be seen and view will remain Bullish barring minor intraday or 1/2 sessions minor corrections which may happen any day because oscillators are over bought.

Firstly watch next supports after today Sharp fall

Nifty traded in following manner up to 11:10 AM today:-

Although firstly some up moves but Nifty slipped 93 points from higher levels and traded 60 points down today.

Although sharp fall today but I was expecting well before its happening therefore I told following line yesterday in Cautious View after Mixed Patterns Formations:-

view is cautious because sometimes sharp falls are seen after such markets

Although Nifty closed in Green after whole day positive zone trading yesterday but we were not Bullish but cautious,Just click following link and understand the reasons of ours Bearish Outlook in Bullish markets of yesterday:-

Cautious View after Mixed Patterns Formations

Next supports are as follows:-

1- 8820
2- 8740
3- 8610

First support has been tested today and firstly sustaining it beyond should be watched now for today started correction completion/deeper correction.

Cautious View after Mixed Patterns Formations

Technical Analysis and Market Outlook

(19-02-2015)

Nifty-Intra Day Chart (18-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Up moves in Bearish Rising Channel
2- 3 Hours Down moves in Bullish Falling Channel
3- Selling between 8850-8861
4- Selling between 8883-8894
5- Whole day actual trading between 8809-8894

Conclusions from intra day chart analysis 

Following conclusive line was updated today at 12;59 PM in Mid-session Outlook(18-02-2015):-

"It will be safer that valid break out of 8820-8870 should be firstly watched now for next trend confirmations."

Nifty moved above 8870 but could not sustain and closed just below it at 8869.10 after higher levels selling today.

Technical positions of last 2 sessions are as follows:-

1- Good selling between 8840-8870 on 16-02-2015
2- Both consolidation and selling patterns formations between 8809-8894 on 18-02-2015

Following resistances were updated in previous Outlooks;-

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

Above mentioned 1st resistances are between 8820-8852 and selling patterns formations were seen between 8840-8894 in last 2 sessions but consolidation patterns formations were also seen today therefore mixed patterns formations will be understood in last 2 sessions. It means that technically Nifty is not prepared for any side decisive moves and will have to trade and firstly prepare within or near about 8840-8894.

Although Green closing after whole day positive zone trading today but sufficient selling patterns were also seen in last 2 sessions therefore view is cautious because sometimes sharp falls are seen after such markets and complete consolidation is required for decisive up moves above today highest. Let one sided clear technical positions formations develop and Nifty to sustain beyond 8840-8894 then one sided moves will be seen.

Mid-session Outlook(18-02-2015)

As previous resistances were between 8820-8852 and good selling was also between 8840-8870 on 16-02-2015 therefore firstly down moves were expected but Nifty is trading within above mentioned ranges since opening today with consolidation indications. It will be safer that valid break out of 8820-8870 should be firstly watched now for next trend confirmations.

Firstly Down Moves within Sideways Range Bound Market

Technical Analysis and Market Outlook

(18-02-2015)

Nifty-Intra Day Chart (16-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 8840-8870
2- Whole day actual trading between 8793-8870

Conclusions from intra day chart analysis 

Following resistances were updated on 13-02-2015 in "9401.50 is Maximum Target of on Going Wave-5 of Nifty":-

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

As Nifty traded almost whole day within above mentioned 1st resistance range today with selling patterns formations and this resistance range has been strengthened therefore expected that Nifty will firstly slip towards following supports:- 

1- Supports between 8736-8751
2- Supports between 8595-8615
3- Supports between 8554-8574
4- Supports between 8475-8505

As last 5 sessions trading between 8470-8870 with lower levels supports and higher level selling therefore Nifty is not prepared for any side decisive moves beyond this range and will remain sideways within this range as well as firstly prepare for next trend within this range.

Although Nifty closed positive but genuine selling at higher levels today therefore Nifty has to consolidate for fresh up moves above today highest and until that will not happen till then next up moves above today highest will not be considered. All trends are up and Indian markets are most Bullish therefore expected that finally up moves above today highest(8870) despite firstly down moves possibilities in the coming sessions.

9401.50 is Maximum Target of on Going Wave-5 of Nifty

Technical Analysis,Research & Weekly Outlook

(Feb 16 to Feb 20,2015)

Nifty-EOD Chart (13-Feb-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 8822.10 on 13-02-2015

Waves Structure of Wave-v of Wave-3

Nifty-EOD Chart (13-Feb-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-iv of Wave-3 completion at 7961.35 on 17-12-2014 and beginning of Wave-1 of Wave-v of Wave-3)
2- Wave-1 of Wave-v of Wave-3 completion at 8445.60 on 05-01-2015 
3- Wave-2 of Wave-v of Wave-3 completion at 8065.45 on 07-01-2015
4- Wave-3 of Wave-v of Wave-3 completion at 8996.60 on 30-01-2015
4- Wave-4 of Wave-v of Wave-3 completion at 8470.50 on 10-02-2015
5- Wave-5 of Wave-v of Wave-3 continuation with recent top formation at 8822.10 on 13-02-2015

Conclusions from EOD chart analysis 

Long and Intermediate Term Trends are up and Short Term Trend is sideways between 8470-8996 with following supports and resistances:-

1- Supports between 8595-8615
2- Supports between 8554-8574
3- Supports between 8475-8505
4- Resistances between 8820-8852
5- Resistances between 8918-8936

Wave-5 of Wave-v of Wave-3 continuation with recent top formation at 8822.10 on 13-02-2015. Nifty tested above mentioned 1st resistance on 13-02-2015 but could not sustain and closed just below it. As resistances are lying up to 8936 therefore follow up consolidation is firstly required for sustaning above it and once sustaining above 8936 will mean strong possibility of fresh rally in uncharted territory after new life time high formations. Calculation of targets above 8996 are as follows:-

As per Elliot Wave theory:-

"Wave-3 of any degree should not be shorter than both Wave-1 and Wave-5 of same degree"

Wave-5 started from 8470.50 and it can not gain more than 931 points because Wave-3 gained 931 Points therefore target of on going Wave-5 will be less than  9401.50 and its calculations are as follows:-

1- Wave-3 of Wave-v of Wave-3 gained 931 points(8996-8065) 
2- Wave-4 of Wave-v of Wave-3 completed at 8470.50 
3- Wave-5 of Wave-v of Wave-3 started from 8470.50 
4- As Elliot Wave theory says that Wave-5 can not gain more than more than Wave-3 therefore Wave-5 of Wave-v of Wave-3 can gain maximum 931 points and its:- 

Maximum target of Nifty will be:less than 9401.50(8470.50+931)

Retracement Levels in uncharted zone:-

[1.130] 9117
[1.236] 9215
[1.270] 9247
[1.382] 9351(Crucial levels)
[1.500] 9461(Crucial levels)

Maximum target of on going Wave of Nifty is at 9401.50 which lies exactly between 1.382% and 1.5% which are crucial retracement levels therefore high possibility of on going Wave-5 of Wave-v of Wave-3  completion between 9351-9461

Short Term Trend is sideways between 8470-8996 and finally sustaining beyond this range next trend. Although supports st lower levels within this range but resistances are also lying at higher levels therefore follow up consolidation is firstly required for crossing and sustaining above mentioned resistances.

Expected that finally rally will remain continued in the uncharted zone towards 9401.50

Live Proofs of Accurate Levels

Following resistances were updated yesterday in "Pull Back Rally continuation but after Consolidation" 

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

Nifty faced resistance at above mentioned 1st Resistance range and retraced more than 30 points after highest formation at 8822.10

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):-

Just click on chart for its enlarged view

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):-

Just click on chart for its enlarged view

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):-

Just click on chart for its enlarged view

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):-

Just click on chart for its enlarged view

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):-

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-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):-

Just click on chart for its enlarged view

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):-

Just click on chart for its enlarged view

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.