Sideways Nifty in a Broader Range

Intra Day Chart Analysis & Market Outlook

(05-05-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8253-8266
2- Selling patterns formation between 8282-8300
3- Consolidation between 8262-8277
4- More than 5 hours Mixed Patterns formations between 8253-8300
5- Last half Hour Up moves in Bearish Rising Channel 
6- Whole day actual trading between 8221-8346

Conclusions from intra day chart analysis 

Following line was told at 04:44:00 PM on 03-05-2015 in "Technical Analysis and Market Outlook(04-05-2015)":-

Pull Back Rally will be considered in the beginning of next week

As was told 100% same happened and Nifty closed 150.45 points up today

Although today losing near the highs of the day today but some selling patterns were also seen today therefore more consolidation is firstly required for decisive up moves above today highest.

Following crucial and next trend decider levels were updated on 02-05-2015 in "Long Term Trend is at Stake & Bearish Patterns signalling Deeper Correction":- 

1- 8186(Long Term Trend decider 200 Day EMA)- 1 sessions closing below it 
2- 8269(Neckline of Bearish Head and Shoulders Pattern)- 2 sessions closing below it 
3- 8353(Lower rising line of "9 Months Broadening Rising Channel")- 6 sessions closing below it 
4- 7994(100% of Wave-'A')

Above mentioned first 3 levels were broken down and Nifty closed at 8181.50 on 30-04-2015 but strong rally 150 points today therefore:-

1- Long Term Up Trend is still intact because Nifty moved above 200 Day EMA after 1 day closing below it. 
2- No confirmation of Bearish Head and Shoulders breaking down because Nifty moved above its Neckline after 2 day closing below it. 
3- As 6 sessions closing below the lower rising line of "9 Months Broadening Rising Channel" therefore its breaking down confirmation and deeper correction risk.
4- No confirmation of corrective Wave-'C' completion therefore possibility of 100% of Wave-'A' down moves towards 7994 is also still alive.

Nifty crossed 2 resistances today and following 3 resistances were lying at higher levels:- 

1- Resistances between 8230-8365
2- Resistances between 8431-8462
3- Resistances between 8486-8502

Although strong rally today but mixed patterns formations today and 3 resistances also above today highest therefore Nifty has to consolidate for fresh rally and sustaining above 8502. As 6 sessions closing below the lower rising line of "9 Months Broadening Rising Channel" therefore until Nifty will not sustain above lower rising line(8353) till then trend reversal will not be considered.

As completely mixed patterns on intraday and EOD charts therefore Nifty is not prepared for next trend and will remain sideways in a broader range between 8144-8502 as well as prepare for next trend.

Let market prepare for next trend between 8144-8502 then will updated from the analysis of intrady charts patterns formation in the same manner as being done for the last 5 years.

Technical Analysis and Market Outlook(04-05-2015)

Nifty-Intra Day Chart (30-Apr-2015):-

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Technical Patterns and Formations in today intraday charts

1- Support between 8144-8168 
2- Selling between 8175-8195 
3- Support between 8145-8164 
4- Mixed Patterns between 8184-8211 
5- Whole day actual trading between 8144-8229

Conclusions from intra day chart analysis 

Although some selling patterns were seen but lower levels good supports were also seen on 30-04-2015 therefore Pull Back Rally will be considered in the beginning of next week. As following resistances are lying at immediate higher levels therefore until Nifty will not sustain above 8308 till then decisive up moves will not be considered.

1- Resistances between 8213-8225
2- Resistances between 8232-8308

Detailed analysis of EOD Charts have already been updated yesterday and for understanding Long Term Trend just click following Topic Link 

Long Term Trend is at Stake & Bearish Patterns signalling Deeper Correction 

Long Term Trend is at Stake & Bearish Patterns signalling Deeper Correction 

Technical Analysis,Research & Weekly Outlook

(May 04 to May 08,2015)

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

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Technical Patterns and Formations in EOD charts

1- 5118.85 on 28-08-2013(Wave-1 beginning after 'ABC' correction completion)
2- Wave-1(6415.25 on 09-12-2013)
3- Wave-2(5933.30 on 04-02-2014)
4- Wave-3(8626.95 on 04-12-2014)
5- Wave-4(7961.35 on 17-12-2014)
6- Wave-5(9119.20 on 04-03-2015)('ABC' correction beginning)
7- Wave-A(8269.15 on 27-03-2015)
8- Wave-B(8844.40 on 15-04-2015)
9- Wave-C correction continuation with recent bottom formation at 8144.75 on 30-04-2015

Conclusions from EOD chart analysis 

Wave-1 started from 5118.85 on 28-08-2013 which completed after 18 months 4000 points rally at 9119.20 on 04-03-2015 and 'ABC' correction begun which is in progress. As correction started after the completion of Wave-5 therefore it may correct whole that rally which started from 5118.85 on 28-08-2013. Retracement / correction levels of this rally are as follows:- 

13.0%-  8598(corrected)
23.6%-  8174(corrected)
27,0%-  8038
38.2%-  7590(Crucial level)
50.0%-  7118(Crucial level)
61.8%-  6646(Crucial level)
70.7%-  6290
76.4%-  6062
78.6%-  5974
88.6%-  5574

Waves structure of on going Wave-5

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

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Technical Patterns and Formations in EOD charts

1- 7961.35 on 17-12-2014(Wave-5 beginning after Wave-4 completion)
2- Sub Wave-1(8445.60 on 05-01-2015)
3- Sub Wave-2(8065.45 on 07-01-2015)
4- Sub Wave-3(8996.60 on 30-01-2015)
5- Sub Wave-4(8470.50 on 10-02-2015)
6- Sub Wave-5 of Wave-5 completion at 9119.20 on 04-03-2015 and 'ABC'correction beginning
7- Wave-'A'(8269.15 on 27-03-2015)
8- Wave-'B'(8844.40 on 15-04-2015)
9- Wave-C correction continuation with recent bottom formation at 8144.75 on 30-04-2015

Conclusions from EOD chart analysis 

Last 2 Retracement/correction levels of Wave-5 are as follows:-

1- 78.6%-  8208(corrected)
2- 88.6%-  8093(Last Retracement / correction level)

Wave-5 started from 7961.35 on 17-12-2014 which completed at 9119.20 and its has crossed 78.6%(8208) levels. Now its last retracement levels is at 88.6%(8093) and once its valid breaking down will mean high possibility of fresh deeper correction after full retracement of Wave-5 at 7961.35.

Lower rising line of "9 Months Broadening Rising Channel" broken down

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

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Technical Patterns and Formations in EOD charts

1- 9 Months rally in Broadening Rising Channel
2- Lower rising line of Broadening Rising Channel broken down
3- Last 5 Sessions closing below the lower rising line of  Channel

Conclusions from EOD chart analysis 

As such huge 9 Months Broadening Rising Channel broken down and last 5 Sessions closing also below the lower rising line of  Channel therefore emergence of strong possibility of much deeper correction because Broadening Rising Channel is a Bearish pattern. Now correction like 2011 will be considered and possibility of correction like 2008 also can not be ruled out.

Bearish Head and Shoulders Pattern Neckline at 8269 broken down

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

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Technical Patterns and Formations in EOD charts

1- Bearish Head and Shoulders Pattern formations in 67 sessions with Neckline at 8269
2- Neckline of Head and Shoulders broken down
3- Last 2 Sessions closing below Neckline  

Conclusions from EOD chart analysis 

67 Sessions like big Head and Shoulders Bearish Pattern formations and its Neckline(8269) broken doen as well as last 2 sessions closing below it therefore this pattern is also showing fresh deeper correction indications. As 3 sessions closing below its Neckline is must for its breaking down confirmation therefore should be firstly watched on Next trading day. Once Neckline(8269) broken down confirmation will mean beginning fresh deeper down moves.

Waves structure of 'ABC'correction

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

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Technical Patterns and Formations in EOD charts

1- Sub Wave-5 of Wave-5 completion at 9119.20 on 04-03-2015 and 'ABC'correction beginning
2- Wave-'A'(8269.15 on 27-03-2015)
3- Wave-'A' corrected 850 points
4- Wave-'B'(8844.40 on 15-04-2015)
5- Wave-'C' has corrected 700 points yet.
6- Wave-C correction continuation with recent bottom formation at 8144.75 on 30-04-2015

Conclusions from EOD chart analysis 

Wave-'A' corrected 850 points(9119-8269)
Now Wave-'C' correction is on after Wave-'B'completion at 8844 and if Wave-'C' corrects 100% of Wave-'A' then:- 
Wave-'C' may correct up to 7994(8844-850)

Wave-'C' is on and no confirmation of its completion yet therefore correction continuation towards 7994 will be considered.

Conclusions (After Putting All Studies Together)

Short and Intermediate Term Trends are down and Long Term Trend is at stake because previous closing(8181.50) was seen just below its decider 200 Day EMA(today at 8186). As correction started after Wave-5 completion at 9119.20 on 04-03-2015 therefore on going correction may correct whole that 4000 points rally which started from 5118.85 on 28-08-2013.

Above mentioned 2 huge Bearish patterns formations in last 9 months and almost breaking down confirmations of these both patterns therefore emergence of much deeper correction possibility. Now Wave-'C' is on and no confirmation of its completion yet therefore correction continuation towards 100% of Wave-'A'(7994) will be considered now and that will be:- 

1- Long Term Trend trend turning down confirmation after breaking down of its decider 200 Day EMA(today at 8186). 
2- 100% breaking down confirmation mentioned 2 huge Bearish patterns.

Correction is on and its continuation is expected as well as much deeper correction will get confirmation after slipping below 7994

Fresh Down Moves below 8185

Technical Analysis and Market Outlook

(30-04-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Selling patterns formation between 8263-8290
2- Selling patterns formation between 8274-8308
3- Whole day actual trading between 8219-8308

Conclusions from intra day chart analysis

Although Nifty closed near the higher levels of the day yesterday but we were not Bullish and told following line yesterday in "Finally 8187 will decide next Big Moves of Nifty":-

good selling patterns formations were also seen today therefore view is cautious

Good selling patterns formations between 8185-8307 yesterday and follow up selling seen within this range today also therefore expected that fresh Down moves will be seen tomorrow and Nifty will slip below today lowest(8219) as well as  possibility of slipping below yesterday lowest(8185) also.

Finally 8187 will decide next Big Moves of Nifty

Technical Analysis and Market Outlook

(29-04-2015)

Nifty-Intra Day Chart (28-Apr-2015):-

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Technical Patterns and Formations in today intraday charts

1- Selling patterns formation between 8232-8264
2- Selling patterns formation between 8213-8225
3- Selling patterns formation between 8280-8307
4- Whole day actual trading between 8185-8307

Conclusions from intra day chart analysis 

Although Nifty closing near the lower levels of the day yesterday but we were not Bearish and told following conclusive line yesterday in "Pull Back Rally Expectations":-

expected that Pull Back Rally will be seen tomorrow

As was told 100% same happened and Nifty closed 71 points up today.

Although strong recovery from lower levels today and closing also above immediate resistance range(8265-8275) but good selling patterns formations were also seen today therefore view is cautious because some resistances are lying above today highest between 8321-8460. 

As complete consolidation is required now for sustaining and decisive up moves above 8275 therefore follow up intraday patterns formations and sustaining beyond today trading range(8185-8307) should be firstly watched in the coming couple of sessions for correction continuation / today started Pull Back Rally continuation because Long Term Trend decider 200 Day EMA(today at 8187) is tested today and finally sustaining it beyond will also decide next big moves. 

Mid-session Outlook(28-04-2015)

Although Nifty closed near the lower levels of the day yesterday but we told for Pull Back Rally  and it was seen immediately after opening today as well as Nifty traded 50 points up in first hour today. As next resistances are between 8265-8275 therefore valid break out of 8275 is must for Pull Back Rally continuation.

Pull Back Rally Expectations

Technical Analysis and Market Outlook

(28-04-2015)

Nifty-Intra Day Chart (27-Apr-2015):-

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Whole day actual trading between 8202-8334

Conclusions from intra day chart analysis 

Although closing near the lower levels of the day today but whole day "Down moves in Bullish Falling Channel" therefore expected that Pull Back Rally will be seen tomorrow.

8269 will decide the life and depth of on going correction

Technical Analysis,Research & Weekly Outlook

(Apr 27 to Apr 30,2015)

Nifty-EOD Chart (24-Apr-2015):-

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Technical Patterns and Formations in EOD charts

1- 7961.35 on 17-12-2014(Wave-5 beginning after Wave-4 completion)
2- Sub Wave-1(8445.60 on 05-01-2015)
3- Sub Wave-2(8065.45 on 07-01-2015)
4- Sub Wave-3(8996.60 on 30-01-2015)
5- Sub Wave-4(8470.50 on 10-02-2015)
6- Sub Wave-5 of Wave-5 completion at 9119.20 on 04-03-2015 and 'ABC'correction beginning
7- Wave-'A'(8269.15 on 27-03-2015)
8- Wave-'B'(8844.40 on 15-04-2015)
9- Wave-'C' continuation with recent bottom formation at 8273.35 on 24-04-2015
10- Long Term Trend 200 Day EMA(today at 8186)

Nifty-EOD Chart (24-Apr-2015):-

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Technical Patterns and Formations in EOD charts

1- Head and Shoulders Bearish Pattern formations in 67 sessions with Neckline at 8269

Nifty-EOD Chart (24-Apr-2015):-

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Technical Patterns and Formations in EOD charts

1- Intermediate Term Trend is sideways between 8269-8844 for the last such long 27 sessions.

Nifty-Intra Day Chart (Apr 21 to Apr 24,2015):-

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Technical Patterns and Formations in last 4 Sessions intraday charts

1- Mixed Patterns between 8419-8460 on 21-04-2015
2- Mixed Patterns between 8371-8449 on 22-04-2015
3- Support between 8284-8318 on 22-04-2015
4- Selling between 8483-8504 on 23-04-2015
5- Mixed Patterns between 8361-8455 on 23-04-2015 
6- Mixed Patterns between 8321-8366 on 24-04-2015
7- Consolidation between 8274-8304 on 24-04-2015
8- 4 Sessions most time trading between 8321-8460 
9- 4 Sessions actual trading between 8274-8504 

Conclusions from 4 Sessions intra day chart analysis

Last 4 sessions most time trading between 8321-8460 with mixed Patterns formations within it therefore valid break out of this range will be first strong indication od next big moves. As selling above it up to 8504 and consolidation below it up to 8274 therefore sustaining beyond 8274-8504 will be confirmation of next big trend.

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Short Term Trend is down.
2- Intermediate Term Trend is sideways between 8269-8844 for the last such long 27 sessions.
3- Long Term Trend is up and its decider 200 Day EMA is today at 8186.

Now Wave-'C' of 'ABC' correction continuation and no indication of its completion yet. Wave-'A' corrected 850 points and if Wave-'C' corrects 100% of Wave-'A' then on going Wave-'C' which started from 8844 may correct up to 7994(8844-850). 

Intermediate Term Trend is sideways between 8269-8844 for the last 27 sessions with recent bottom formation at 8273.35 in previous trading session(24-04-2015) which is just above 8269. Although 56 points immediate fast recovery after after bottom formation at 8273.35 on 24-04-2015 but sustaining beyond 8269 should be firstly watched in the coming week for the confirmation of Intermediate Term Trend in following manner:-

1- Sustaining below 8269 will mean Intermediate Term Trend turning down and correction continuation confirmation.
2- Sustaining above 8269 will mean sideways Intermediate Term Trend confirmation between 8269-8844.

Last 4 Sessions most time trading with Mixed Patterns formations between 8321-8460. As some selling just above it up to 8504 and consolidation just below it up to 8274 therefore firstly Nifty has to prepare for next decisive moves between 8274-8504 and should be firstly watched in next week.

As Bearish Head and Shoulders Pattern formations in last 67 sessions with Neckline at 8269 which will decide Intermediate Term Trend also therefore once sustaining below 8269 will mean high possibility of deeper correction. In this situation Long Term Trend will be at stake because its decider 200 Day EMA is today at 8186 which is only 83 points below 8269 therefore 8269 has become most crucial and next trend decider.  

Correction is on,no confirmation of its completion yet and 8269 will decide the life and depth of on going correction. It should be kept in mind that once sustaining below or forceful breaking down of 8269 will mean emergence of deeper correction possibility therefore sustaining it beyond should be firstly watched in next week.

Sustaining beyond 8284-8504 will decide Next Trend

Technical Analysis and Market Outlook

(24-04-2015)

Nifty-Intra Day Chart (23-Apr-2015):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8583-8504
2- Selling between 8408-4455
3- Down moves in Bullish Falling Channel
4- Most time trading between 8361-8455
5- Whole day actual trading between 8361-8504

Conclusions from intra day chart analysis 

Following lines were told on 22-04-2015 in "Pull Back Rally possibility above 8469":-

1- As mixed patterns were seen at higher levels in last 2 sessions therefore
2- firstly sustaining above the highest of last 2 sessions(8469) is must for the confirmation of Pull Back Rally 
3- Mixed Patterns between 8419-8460 on 21-04-2015
4- Mixed Patterns between 8371-8449 on 22-04-2015

Pull Back Rally was seen above 8469 immediately after opening but Nifty could not sustain at higher levels and slipped fast after intraday highest formation at 8504.95.

As mixed patterns were seen between 8371-8460 in last 2 sessions and Nifty traded most time within this range between 8361-8455 today with mixed patterns formations again within this range therefore firstly Nifty has to prepare for next decisive moves within or near about 8361-8460. As buying was seen below 8361 between 8284-8318 on 22-04-2015 and selling was seen above 8460 between 8583-8504 on 23-04-2015 therefore finally sustaining beyond 8284-8504 will decide next trend.

Pull Back Rally possibility above 8469

Technical Analysis and Market Outlook

(23-04-2015)

Nifty-Intra Day Chart (Apr 21 & Apr 22,2015)

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Technical Patterns and Formations in last 2 Sessions intraday charts

1- Mixed Patterns between 8419-8460 on 21-04-2015
2- Slow down moves with buying indications on 21-04-2015
3- Mixed Patterns between 8371-8449 on 22-04-2015
4- Slow down moves with buying indications on 22-04-2015
5- Support between 8284-8318 on 22-04-2015
6- Strong up moves in last hours on 22-04-2015 
7- Bullish Hammer Candle formation on 22-04-2015 
8- 2 Sessions actual trading between 8284-8469 

Conclusions from 2 Sessions intra day chart analysis 

Importance of 8352.70 and 8269 was updated in following topic on 21-04-2015:-

4 Crucial levels will decide the Life of on going Correction

Although Nifty slipped below 8352.70 but recovered 144 points after getting supports just above 8269 at 8284.70 and Bullish Hammer Candle formation also on 22-04-2015 therefore market saved today from 2 most Bearish following patterns:-

1- 8 Months long Bearish Broadening Rising Channel(Closing above lower rising line of Channel at 8352.70) 
2- Support and strong up moves above the Neckline(8269) of Head and Shoulders Bearish Pattern. 

Although Nifty slipped 185 points from higher levels in last 2 sessions but as such selling patterns were not seen and lower levels supports with consolidation patterns were also seen in last 2 sessions therefore first indication of correction completion and Pull Back Rally beginning possibility. 

As mixed patterns were seen at higher levels in last 2 sessions therefore firstly sustaining above the highest of last 2 sessions(8469) is must for the confirmation of Pull Back Rally beginning and fresh up moves towards following resistances:-

1- 8522-8564
2- 8640-8468
3- 8690-8750 
4- 8802-8844

4 Crucial levels will decide the Life of on going Correction

Technical Analysis and Market Outlook

(22-04-2015)

Nifty-EOD Chart (21-Apr-2015):-

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Technical Patterns and Formations in EOD charts

1- 8 Months rally in Broadening Rising Channel
2- Retesting of lower rising line of Broadening Rising Channel on 21-04-2015 
3- Long Term Trend decider 200 Day EMA(today at 8180)

Conclusions from EOD chart analysis 

Following lines were told on 11-04-2015 in Strong Signals of Short Term Correction in Next Week:-

1- Broadening Rising Channel formation started on 08-08-2015 and since then rally continuation within this channel. 
2- As Rising Channel therefore it is a Bearish pattern and its valid breaking down will mean possibility of deeper correction like 2008 because Channel is such 8 months long. 
3- Correction is on and no confirmation of its completion yet therefore view is cautious and sustaining beyond lower rising line of this channel should be watched in the coming weeks for first strong signal of next Long Term Trend.

Lower rising line of Broadening Rising Channel was retested at today lowest(8352.70) and firstly sustaining it beyond should be watched in the coming sessions because sustaining below it will mean emergence of deeper correction strong possibility.

Importance of 8269 and 7994 has already been updated in following Weekly Analysis topic on 18-04-2015:-

Correction Continuation & 3 crucial levels are Big Trend Decider of Nifty 

8269 is Neckline of 64 sessions Bearish Head and Shoulders Pattern and its valid break down will mean deeper correction confirmation. As 7994 is 100% of Wave-'A' therefore correction continuation possibility up to this level is alive

Correction is on,its continuation is expected and no signal of its completion yet. Long Term Trend decider 200 Day EMA is today at 8180 and finally sustaining it beyond will give correction completion / deeper correction confirmation therefore should be firstly watched in the coming sessions. Importance of following 4 Levels have been updated above and expected that Bulls and Bears fight will be seen near about these 4 Crucial levels as well as finally sustaining beyond these levels will decide the life of on going correction:-

1- 8352.70
2- 8269
3- 8180
4- 7994

Finally sustaining above 8352.70 will mean strong indication of correction completion and sustaining below 7994 will mean deeper correction confirmation after slipping below 7961. As Wave-5 begun from 7961 and once slipping below it will mean deeper correction confirmation because that will be Long Term Trend turning down confirmation also after sustaining below its decider 200 Day EMA(today at 8180).  

Correction continuation with Technical Bounce back Possibility 

Technical Analysis and Market Outlook

(21-04-2015)

Nifty-Intra Day Chart (20-Apr-2015):-

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Technical Patterns and Formations in today intraday charts

1- Sharp fall immediately after opening
2- 4 Hours Selling patterns formation between 8522-8564 
3- 100 Points down moves after 4 hours selling
3- Whole day actual trading between 8422-8619

Conclusions from intra day chart analysis 

Firstly 50 points slipping within first 6 minutes and after that more than 4 hours selling between 8522-8564 therefore 100 points down moves in last hours and closing near the lower levels of the day. 

Correction is on and it continuation is still expected but very short term indicators have turned oversold therefore technical bounce back possibility can not be ruled out. As 8522-8564 has developed immediate resistance therefore complete consolidation is required for sustaining above 8564 and until Nifty will not sustain above 8564 till then next rally will not be considered.

Correction Continuation & 3 crucial levels are Big Trend Decider of Nifty 

Technical Analysis,Research & Weekly Outlook

(Apr 20 to Apr 24,2015)

Huge correction of Nifty was seen in 2008 which started on 08-01-2008 from 6357.10 and completed at 2252.75 on 27-10-2008 and Wave-1 started. Its waves structure with detailed analysis was updated in following topic of previous week Outlook:-

Strong Signals of Short Term Correction in Next Week

Its Wave-3 started  after Wave-2 correction completion on 20-12-2011 from 4531.15. Now Wave-3 is on and its waves structure is as follows:- 

Nifty-EOD Chart (17-Apr-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(5629.95 on 22-02-2012)
3- Wave-2(4770.35 on 04-06-2012)
4- Wave-3(6111.80 on 29-01-2013)
5- Wave-4(5477.20 on 10-04-2012)
6- Wave-5(6229.45 on 20-05-2013)- Wave-2 beginning('ABC' correction)
7- Wave'A'(5566.25 on 24-06-2013)
8- Wave'B'(5093.35 on 23-07-2013)
9- Wave'c'(5118.85 on 28-08-2013)- Wave-3 beginning Wave after 'ABC' correction completion)
10- Wave-3 recent top formation at 9119.20 on 04-03-2015 and after that correction continuation
11- Recent bottom of on going correction formation at 8269.15 on 27-03-2015

Waves structure of Sub Wave-3 of  Wave-3

Nifty-EOD Chart (17-Apr-2015):-

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Technical Patterns and Formations in EOD charts

1- 5118.85 on 28-08-2013(Wave-1 beginning after 'ABC' correction completion)
2- Wave-1(6415.25 on 09-12-2013)
3- Wave-2(5933.30 on 04-02-2014)
4- Wave-3(8626.95 on 04-12-2014)
5- Wave-4(7961.35 on 17-12-2014)
6- Wave-5(9119.20 on 04-03-2015)
7- Correction completion(Wave-A) with recent bottom formation at 8269.15 on 27-03-2015
8- Pull Back rally completion(Wave-B) with recent top formation at 8844.40 on 15-04-2015

Waves structure of Wave-5 and on going Correction

Nifty-EOD Chart (17-Apr-2015):-

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Technical Patterns and Formations in EOD charts

1- 7961.35 on 17-12-2014(Wave-5 beginning after Wave-4 completion)
2- Sub Wave-1(8445.60 on 05-01-2015)
3- Sub Wave-2(8065.45 on 07-01-2015)
4- Sub Wave-3(8996.60 on 30-01-2015)
5- Sub Wave-4(8470.50 on 10-02-2015)
6- Sub Wave-5 of Wave-5 completion at 9119.20 on 04-03-2015 and 'ABC'correction beginning
7- Wave-'A'(8269.15 on 27-03-2015)
8- Wave-'B'(8844.40 on 15-04-2015)
9- Wave-'C' continuation with recent bottom formation at 8596.70 on 17-04-2015

62 Sessions sideways Trading between 8269-9119

Nifty-EOD Chart (17-Apr-2015):-

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Technical Patterns and Formations in EOD charts

1- Head and Shoulders Bearish Pattern formations in 62 sessions with neckline at 8269

Conclusions (After Putting All Studies Together)

Wave-3 started from 5118.85 on 28-08-2013,its 5 waves completed at 9119.20 on 04-03-2015 and after that correction started. As correction begun after completion of 5 waves therefore Nifty may correct whole 4000 points rally in accordance of following retracement levels:-

1- 13.0%- 8,598(Retraced)
2- 23.6%- 8,174
3- 27.0%- 8,038
4- 38.2%- 7,590(Crucial)
5- 50.0%- 7,118(Crucial)
6- 61.8%- 6,646(Crucial)
7- 70.0%- 6,290
8- 76.4%- 6,062
8- 78.6%- 5,974
10-88.6%- 5,574

Now 'ABC' correction of Wave-5 of Wave-3 continuation between 8269-9119. Waves movements within this range are as follows:-

Wave-'A' corrected 850 points(9119-8269)
Now Wave-'C' correction is on after Wave-'B'completion at 8844 and if Wave-'C' corrects 100% of Wave-'A' then:- 
Wave-'C' may correct up to 7994(8844-850)

Following levels are lying near 7994:-

1- Long Term Trend decider 200 Day EMA(today at 8175)
2- Bottom of Wave-5(7961.35)
3- Bottom of Wave-'A'(8269.15)

Wave-'C' correction continuation and expected that war between Bulls and Bears will be seen near about above 4 levels as well as finally sustaining beyond 7961 will decide next Big moves because:-

1- If Nifty sustain below 7961 then much deeper correction may be seen because that will be Long Term Trend turning down confirmation after sustaining below its decider 200 Day EMA(today at 8175) also.  
2- If Nifty sustain above 7961 then that will be strong indication of not only Wave-5 correction completion but also of correction completion of that Wave-1 which started from 5118.85 on 28-08-2013. 

Long Term Trend is up, Short Term Trend is down and Intermediate Term Trend is sideways between 8269-8844 and finally sustaining beyond this range will decide Intermediate Term Trend as well as give first strong indication of next big moves because:- 

1- Nifty is sideways between 8269-9119 for the last 62 sessions with Bearish Head and Shoulders Pattern formations within it and its neckline is at 8269 therefore sustaining below 8269 will mean first strong indication of deeper correction.  
2- As following 2 resistances are above 8844 which have turned weaker after 27 sessions correction below it therefore sustaining above 8844 will mean first strong indication of fresh strong rally above life time high(9119.20) after correction completion.  

1- Resistances between 8920-8943
2- Resistances 9023-9096

'ABC' correction of Wave-5 of Wave-3 continuation between 7961-9119 and finally sustaining beyond this range will decide next big trend in above mentioned manner. Now Wave-'C' correction is on and if Wave-'C' corrects 100% of Wave-'A' then it may correct up to 7994 which is just above 7961 therefore possibility of correction completion above 7961 after 'ABC' correction completion is still alive and should be firstly watched. As many times Bull markets complete its correction in narrow range sideways market with Time wise correction also therefore correction completion within sideways markets between 7961-9119 can not be ruled out.

Correction is on and its continuation is expected. As its life and length will be decided through sustaining beyond 8269,7994 and 7961 therefore sustaining beyond these 3 levels should be firstly watched in the coming week/weeks. Above mentioned next big Trends possibilities should be kept in mind and these 3 crucial levels will give strong indications of its beginning as well as these levels will be proved those big moves decider. 

As busy therefore today Outlook is not being updated

Strong Signals of More Weakness in Indian Markets

Technical Analysis and Market Outlook

(16-04-2015)

Nifty-Intra Day Chart (Apr 09 to Apr 15,2015):-

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Following selling above 8740 was told in all last 3 sessions Outlooks:-

1- Selling between 8740-8763 on 09-04-2015 
2- Up moves in Bearish Rising Channel in last hour on 09-04-2015 
3- Selling between 8761-8781 on 10-04-2015
4- Selling between 8754-8768 on 10-04-2015
5- Selling between 8777-8787 on 10-04-2015
6- Selling between 8777-8784 on 13-04-2015
7- Selling between 8810-8825 on 13-04-2015
8- Selling between 8825-8841 on 13-04-2015
9- Nifty slipped below 8740 in sharp fall of only 45 Minutes on 15-04-2015 

Nifty-Intra Day Chart (15-Apr-2015):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8802-8844
2- 121 Points sharp fall in last 45 Minutes
3- Whole day actual trading between 8723-8844

Conclusions from 4 Sessions intra day chart analysis 

Selling above 8740 was continuously updated in following 3 previous sessions Outlooks:-

1- Topic posted on 14-04-2015:- Short Term Correction Possibility still Alive 
2- Topic posted on 11-04-2015:- Strong Signals of Short Term Correction in Next Week
3- Topic posted on 09-04-2015:- 8825 is Next Trend and Big moves Decider 

We cautioned and told selling in following words again and again:-

In Short Term Correction Possibility still Alive:-

1- whole day selling patterns formations and selling was seen in previous 2 sessions also therefore strong signals of selling phase continuation.
2- Short Term indicators are also in Overbought zone therefore Short Term correction possibility is very much alive
3- Short Term Correction possibility is still alive despite previous Nifty closing with 0.61% gains

In Strong Signals of Short Term Correction in Next Week:-

1- higher levels good selling in last 2 sessions therefore emergence down moves possibility 
2- strong signals of fresh down moves within first 2 sessions of next week.
3- good intraday selling patterns formations in last 2 sessions and Bearish Shooting Star Candlestick formations also in last 2 sessions therefore Strong Signals of Short Term Correction in the beginning of Next Week

In 8825 is Next Trend and Big moves Decider:-

1- selling patterns formations were also seen at higher levels today
2- some selling patterns were also seen and next resistances are little above today highest therefore follow up consolidation is must.

As selling above 8740 in all last 3 sessions and follow up more than more than 5 hours selling today therefore Nifty slipped below 8740 in only 45 Minutes and above mentioned selling ranges between 8740-8844 will be strong resistances as well as complete consolidation will be required for fresh rally above 8844. 

Long and Short Term Trends are still up and now Intermediate Term is sideways between 8269-8844,expected that Nifty will trade within this range in the coming week/weeks as well as will prepare for next big moves beyond this range.

If follow up selling develops then that will be strong indication of corrective Wave-C formation for fresh down moves below the bottom of on going correction(8269.15). As good selling in last 4 sessions and last 2 sessions trading range broken down with Engulfing Bearish Candle formation today therefore strong signals of more weakness and fresh down moves are expected also in the coming sessions.

Short Term Correction Possibility still Alive

Technical Analysis and Market Outlook

(15-04-2015)

Nifty-Intra Day Chart (13-Apr-2015):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8777-8784
2- Selling between 8810-8825
3- Selling between 8825-8841
4- Whole day actual trading between 8763-8841

Conclusions from intra day chart analysis 

Although closing near the higher levels of the day but whole day selling patterns formations and selling was seen in previous 2 sessions also therefore strong signals of selling phase continuation. Last 3 sessions are showing selling patterns and it should be kept in mind that length of correction will depend on the size and days of selling patterns. As Short Term indicators are also in Overbought zone therefore Short Term correction possibility is very much alive and market will be healthy after its completion for fresh rally. 

Long and Short Term Trends are up and Intermediate Term was sideways between 8269-8788 for the 15 sessions and last Monday closing was above it at 8834. As selling patterns formations is previous 3 sessions therefore follow up consolidation is must for sustaining above 8788. Let it happen then fresh rally will be considered towards and above life time high(9119.20) after fresh consolidation near about following resistances:-

1- 8920-8943(weak)
2- 9023-9096(strong)

Short Term Correction possibility is still alive despite previous Nifty closing with 0.61% gains and fresh decisive moves will be considered after fresh follow up consolidation patterns formations.

Strong Signals of Short Term Correction in Next Week
Technical Analysis,Research & Weekly Outlook

(Apr 13 to Apr 17,2015)

Nifty-Weekly Chart (10-Apr-2015):-

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Technical Patterns and Formations in Weekly charts

1- 6357.10 on 08-01-2008(Correction beginning after 15 Years highest formation)
2- 2252.75 on 27-10-2008(9 months correction completion and Wave-1 beginning)
3- Wave-1 (6335.90 on 08-11-2010)
4- Wave-2 (4531.15 on 20-12-2011)
5- Wave-3 (life high formations at 9119.20 on 04-03-2015)

Conclusions from Weekly chart analysis

Impulsive Wave-3 continuation,it has extended above 1.618% and its next extension levels are as follows:-

1- 1.618%- 8,858(extension completed)
2- 1.764%- 9,454
3- 1.886%- 9,952
4- 2.000%- 10,418
5- 2.236%- 11,381
6- 2.618%- 12,941

Nifty-EOD Chart (10-Apr-2015):-

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 Technical Patterns and Formations in EOD charts

1- 5118.85 on 28-08-2013(Wave-1 beginning after 'ABC' correction completion)
2- Wave-1(6415.25 on 09-12-2013)
3- Wave-2(5933.30 on 04-02-2014)
4- Wave-3(8626.95 on 04-12-2014)
5- Wave-4(7961.35 on 17-12-2014)
6- Wave-5(9119.20 on 04-03-2015)
7- Correction completion(Wave-A) with recent bottom formation at 8269.15 on 27-03-2015
8- Pull Back rally continuation(Wave-B) with recent top formation at 8787.40 on 10-04-2015

Conclusions from EOD chart analysis

Correction beginning after Wave-5 completion at 9119.20 on 04-03-2015. As 850(more than 9%) points correction and a strong signal of 5th Wave completion of that impulsive Wave-1 which started from 5118.85 on 28-08-2013 therefore until Nifty will not sustain above all time high(9119.20) till then correction possibility of whole that 4000.35 points rally can not be ruled out which started from 5118.85 and completed at 9119.20.

Broadening Rising Channel Formations in last 8 months

Nifty-EOD Chart (10-Apr-2015):-

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Technical Patterns and Formations in EOD charts

8 Months rally in Broadening Rising Channel

Conclusions from EOD chart analysis

Broadening Rising Channel formation started on 08-08-2015 and since then rally continuation within this channel. As Rising Channel therefore it is a Bearish pattern and its valid breaking down will mean possibility of deeper correction like 2008 because Channel is such 8 months long. Correction is on and no confirmation of its completion yet therefore view is cautious and sustaining beyond lower rising line of this channel should be watched in the coming weeks for first strong signal of next Long Term Trend.

Waves structure of Wave-5

Nifty-EOD Chart (10-Apr-2015):-

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Technical Patterns and Formations in EOD charts

1- 7961.35 on 17-12-2014(Wave-5 beginning after Wave-4 completion)
2- Sub Wave-1(8445.60 on 05-01-2015)
3- Sub Wave-2(8065.45 on 07-01-2015)
4- Sub Wave-3(8996.60 on 30-01-2015)
5- Sub Wave-4(8470.50 on 10-02-2015)
6- Sub Wave-5 of Wave-5 completion at 9119.20 on 04-03-2015 and correction beginning
7- Correction completion(Wave-A) with recent bottom formation at 8269.15 on 27-03-2015
8- Pull Back rally continuation(Wave-B) with recent top formation at 8787.40 on 10-04-2015
9- Long Term Trend decider 200 Day EMA is today at 8153

Conclusions from EOD chart analysis

Recent bottom formation of on going correction is at 8269.15 and after that Pull Back rally continuation with recent top formation at 8787.40 but correction completion confirmation is still required. Long Term Trend is up and its decider 200-Day EMA is today at 8153 which is 627 points below previous close therefore no threat to Long Term Trend at this moment.

Waves structure of on going Correction

Nifty-EOD Chart (10-Apr-2015):-

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Technical Patterns and Formations in EOD charts

1- Sub Wave-5 of Wave-5 completion at 9119.20 on 04-03-2015 and 'ABC' correction beginning
2- Wave-A(8612 on 16-03-2015)
3- Wave-B(8788.20 on 18-03-2015)
4- Wave-C(8269.15 on 27-03-2015)
5- Pull Back rally with recent top formation at 8787.40 on 10-04-2015 which is just below the top of Wave-B(8788.20)

Conclusions from EOD chart analysis

Wave-B completed at 8788.20 and recent top formation of on going Pull Back rally is at 8787.40 on 10-04-2015 which is just below the top of Wave-B therefore 8788.20 has become crucial now because that will decide Intermediate Term Trend which is sideways between 8269-8788 for the last 15 sessions and should be firstly watched in the beginning of next week.

Nifty-Intra Day Chart (Apr 09 & Apr 10,2015):-

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Technical Patterns and Formations in last 2 Sessions intraday charts

1- Lower levels consolidation between 8683-8728 on 09-04-2015
2- Higher levels selling between 8740-8763 on 09-04-2015
3- Up moves in Bearish Rising Channel in last hour on 09-04-2015
4- Most time good selling between 8754-8787 on 10-04-2015
5- 2 Sessions actual trading between 8683-8787

Conclusions from 2 Sessions intra day chart analysis

Although lower levels some supports but higher levels good selling in last 2 sessions therefore emergence down moves possibility as sell as sustaining below last 2 sessions lowest(8683) will mean steep fall.

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 8761-8781
2- Selling between 8754-8768
3- Selling between 8777-8787
4- Whole day actual trading between 8733-8787

Conclusions from intra day chart analysis

54 Points sideways market in previous trading sessions(10-04-2015) with closing near the higher levels of the day but almost whole day selling patterns formations therefore strong signals of fresh down moves within first 2 sessions of next week.

Conclusions (After Putting All Studies Together)

Correction started after Wave-5 completion at 9119.20 and last 8 Months rally in Broadening Rising Channel which is such long Bearish pattern also therefore valid break down of its lower Rising line will mean possibility of deeper correction like 2008 because in that situation Nifty may correct following big rallies:-

1- 5118.85 from 28-08-2013(because valid break down will its 5th wave completion confirmation)
2- 4531.15 from 20-12-2011(because valid break down will its 3rd wave completion confirmation)

Long and Short Term Trends are up and Intermediate Term is sideways between 8269-8788 for the 15 sessions,finally sustaining beyond this range will be strong indication of next decisive moves. Although previous session and week closing near the higher levels of the day day/week but good intraday selling patterns formations in last 2 sessions and Bearish Shooting Star Candlestick formations also in last 2 sessions therefore Strong Signals of Short Term Correction in the beginning of Next Week. Next trend will be decided through sustaining beyond Intermediate Term deciding levels(8269-8788) and should be finally watched in the coming week/weeks.