Finally rally above today highest after follow up consolidation

Intra Day Chart Analysis & Market Outlook

(23-07-2015)

Nifty-Intra Day Chart (22-Jul-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Support between 8501-8523(Immediate Supports)
2- Consolidations through Up moves with intraday corrections
3- Mixed Patterns between 8623-8643 
4- Whole day actual trading between 8499-8643

Conclusions from intra day chart analysis 

When All the Asian markets were trading sufficiently down and Dow's Futures was trading more than 70 points down then gap down opening of Indian markets but firstly lower levels supports and whole day continuous up moves despite weaker opening of European markets and all around Global markets weakness. Certainly Indian markets completely out performed Global cues and it is a strong signal of strength.

Following conclusive lines were told yesterday in "Firstly Watch Next Supports and Crucial Retracement Levels for Correction Completion":-

Next supports of Nifty are as follows:-

1- 8500-8510
2- 8425-8448
3- 8320-8384

As next crucial supports are above 8320 and resistances are below 8634 therefore Nifty will be understood sideways between 8320-8634 and Nifty will prepare for next trend between this range in the coming 2/3 sessions.

Nifty got supports just below above mentioned first support range(8500-8510) at 8498.65 therefore supports between 8500-8523 have become much stronger today because today supports were amid most depressed Global markets sentiments.

Sideways Nifty was told between 8320-8634 and Nifty closed just below 8634 at 8633.50 today with lower levels supports and consolidations therefore once valid break out of 8634 will mean fresh rally after last 4 sessions sideways correction completion.

As firstly more than 1% recovery from lower levels and intraday indicators have turned over bought therefore minor profit booking can not be ruled out in last hour mixed Patterns formations between 8623-8643 and some consolidation is firstly required near about this range for next decisive rally above today highest(8643.90).

As same following view for coming sessions market therefore same lines are being repeated which were updated as final conclusions on 18-07-2015 in "Finally Rally towards and above 8882/9119.20 after 6  Bullish confirmation":-

Although sentiment may remain disturbed in next week but technically Indian markets are well poised for rally continuation after minor correction and volatility despite whatsoever happen in Parliament and performance remains in Quarterly results. 

As above mentioned 6  Bullish confirmation therefore as per our view worst is over in Indian Stock Markets and finally strong rally will be seen towards and above 8882/9119.20 in the coming weeks/months.

Expected that finally rally above today highest(8643.90) will be seen after follow up consolidation between and near about 8623-8643 

Firstly Watch Next Supports and Crucial Retracement Levels for Correction Completion.

Intra Day Chart Analysis & Market Outlook

(22-07-2015)

Nifty-Intra Day Chart (21-Jul-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 8590-8634(Immediate Resistances)
2- Down moves in last hour.
3- Whole day actual trading between 8518-8634

Conclusions from intra day chart analysis 

Following conclusive lines were told on 20-07-2015 in "Firstly Watch 8559-8642 amid expected disrupted Monsoon Session of Parliament":-

Nifty will trade and prepare for next decisive moves between and near about 8559-8642 in the coming sessions therefore sustaining it beyond should be firstly watched 

Nifty firstly traded more than 5 hours between and near about 8559-8634 with intraday selling patterns between 8590-8634 and after that slipped below 8559 as well as closed below it.

As more than 5 hours selling between 8590-8634 and selling was seen within this range on 17-07-2015 also therefore this range has become immediate strong resistance and until Nifty will not sustain above 8634 after follow up consolidation till then next up moves will not be considered.

Next supports of Nifty are as follows:-

1- 8500-8510
2- 8425-8448
3- 8320-8384

As next crucial supports are above 8320 and resistances are below 8634 therefore Nifty will be understood sideways between 8320-8634 and Nifty will prepare for next trend between this range in the coming 2/3 sessions.

Previous Short term rally started on 10-07-2015 from 8315 and terminated on 21-07-2015 at 8647. Crucial retracement levels of this rally are as follows:-

1- 38.2%-8520
2- 50.0%-8481
3- 61.8%-8441

If Nifty start consolidation and get supports at or near about above mentioned supports and  retracement levels then fresh rally will be considered after today started correction completion and 61.8% retracement level(8441) is most crucial because it is lying between above mentioned 2nd supports range.

Short Term Correction is on,above mentioned next supports and crucial retracement levels should be firstly watched now for correction completion.

Firstly Watch 8559-8642 amid expected disrupted Monsoon Session of Parliament

Intra Day Charts Analysis & Market Outlook

(21-07-2015)

Nifty-Intra Day Chart (Jul 17 & Jul 20,2015)

Just click on chart for its enlarged view

Technical Patterns and Formations in last 2 Sessions intraday charts

1- Down moves in Bullish Falling Channel on 17-07-2015
2- Support between 8594-8604 on 17-07-2015(Immediate Supports)
3- Up moves in Bearish Rising Channel on 17-07-2015
4- Selling between 8520-8635 on 17-07-2015(Immediate Resistances)
5- Consolidation between 8559-8578 on 20-07-2015(Immediate Supports)
6- 2 Sessions actual trading between 8559-8642 

Conclusions from 2 Sessions intra day chart analysis 

Detailed analysis of EOD charts with following conclusions were updated on 18-07-2015 in "Finally Rally towards and above 8882/9119.20 after 6  Bullish confirmation":-

1- signals of some down moves and possibility of day's lowest can not be ruled out in the beginning of next week 
2- some consolidations and lower levels supports were also seen therefore sustaining below days's lowest after follow up selling is must for next decisive down moves.  
3- Short Term Indicators have turned overbought as well as some selling patterns were also seen on last Friday intraday charts therefore very Short Term correction possibility can not be ruled out in the beginning of next week. 
4- Parliament session will begin from next Monday and that may be stormy also, negative news flow from there may remain continued as well as many Quarterly results will also be declared in next week therefore volatility may remain high in next week.

As Selling between 8520-8635 with Up moves in Bearish Rising Channel last Friday therefore down moves below last Friday lowest(8593.15) was seen immediately after opening today but lower levels consolidation also developed between 8559-8578 today therefore Nifty will be understood sideways between within last 2 sessions trading range(8559-8642). 

Nifty will trade and prepare for next decisive moves between and near about 8559-8642 in the coming sessions therefore sustaining it beyond should be firstly watched under the dark shadow of expected disrupted Monsoon Sessions of Parliament beginning from 21-07-2015 and high volatility also can not be ruled out.  

Post-open Outlook(20-07-2015)

Following lines were told on 18-07-20`5 in "Finally Rally towards and above 8882/9119.20 after 6  Bullish confirmation":-

signals of some down moves and possibility of day's lowest can not be ruled out in the beginning of next week 

As was told 100% same happened and Nifty slipped below last Friday lowest(8593.15) within first 10 minutes and today lowest at this moment is at 8570.85.

Following lines were also told in above mentioned topic,just keep in mind:-

1- some consolidations and lower levels supports were also seen therefore sustaining below days's lowest after follow up selling is must for next decisive down moves.  
2- Short Term Indicators have turned overbought as well as some selling patterns were also seen on last Friday intraday charts therefore very Short Term correction possibility can not be ruled out in the beginning of next week. 
3- Parliament session will begin from next Monday and that may be stormy also, negative news flow from there may remain continued as well as many Quarterly results will also be declared in next week therefore volatility may remain high in next week.

Finally Rally towards and above 8882/9119.20 after 6  Bullish confirmation 

Technical Analysis,Research & Weekly Outlook

(Jul 20 to Jul 24,2015)

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

Just click on chart for its enlarged view

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)(Correction beginning)
7- Wave-1(8269.15 on 27-03-2015)
8- Wave-2(8844.40 on 15-04-2015)
9- Wave-3(7997.15 on 07-05-2015)
10- Wave-4(8489.55 on 22-05-2015)
11- Wave-5(7940.30 on 12-06-2015)
12- Rally with recent top formation at 8642.95 on 17-07-2015

Conclusions from EOD chart analysis 

That Wave-1 which started on 28-08-2013 from 5118.85 completed at 9119.20 on 04-03-2015 and after that its 5 waves correction started. Wave-5 of correction completed at 7940.30 on 12-06-2015 and now Rally continuation after 5 waves correction completion with recent top formation at 8,642.95 on 17-07-2015.

Rally after correction completion

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

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-5 completion at 9119.20 on 04-03-2015 and 5 Waves correction beginning
2- Wave-1(8269.15 on 27-03-2015)
3- Wave-2(8844.40 on 15-04-2015)
4- Wave-3(7997.15 on 07-05-2015)
5- Wave-4(8489.55 on 22-05-2015)
6- Rally beginning after Wave-5 correction completion at 7940.30 on 12-06-2015 
7- Rally continuation with recent top formation at 8642.95 on 17-07-2015

Conclusions from EOD chart analysis 

Rally continuation with recent top formation at 8642.95 on 17-07-2015 and no signal of correction beginning on EOD charts except Doji Candle formation on 17-07-2015. 

Correction completion near the lowest of Wave-4

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

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 7961.35 on 17-12-2014(Wave-5 beginning after Wave-4 completion)
2- 5th Wave of rally completion at 9119.20 on 04-03-2015 and correction beginning
3- Correction completion at 7940.30 on 12-06-2015 and fresh Rally beginning
4- Correction completion near Wave 4 low

Conclusions from EOD chart analysis

As per following Elliott Wave theory Guideline;-

"After a 5-wave impulse advance, corrections usually end in the area of prior Wave-4 lowest"

As Nifty completed correction(7940.30) near the lowest of Wave-4(7961.35) therefore high possibility of that 4000 points rally correction completion which started from 5118.85 on 28-08-2013 completed at 9119.20 on 04-03-2015 as well as fresh Wave like previous 4000 points beginning from 7940.30 on 12-06-2015  

Inverse Head and Shoulders Neckline Broken out confirmation

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

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Inverse Head and Shoulders Bullish Pattern formations
2- Neckline broken out at 8390 on 13-07-2015

Conclusions from EOD chart analysis 

Bullish Inverse Head and Shoulders Pattern formations and Neckline at 8390 was broken out on 13-07-2015. As last 5 sessions closing above Neckline therefore its broken out confirmation which means as per following calculation immediate target of Nifty is at 8882:-

Head was formed at 7940
Neckline just above head is at 8432
8432-7940= 492 points between Head and Neckline 
Neckline was broken out at 8390  
Inverse Head and Shoulders Pattern broken out target will be at 8390+492=8882

Whole correction in Bullish Flag Pattern formation 

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

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-5 completion at 9119.20 on 04-03-2015 and Correction beginning
2- Corrective Wave-5 completion at 7940.30 on 12-06-2015 and Rally beginning
3- Whole correction in Bullish Flag Pattern formation and its broken out confirmation 
4- Falling Trend Line of correction broken out confirmation.  
5- Intermediate Term Trend turning up confirmations after last 3 sessions closing above 8505
6- Long Term Trend turning up confirmations after last 21 sessions closing above its decider 200 Day EMA(today at 8239).

Conclusions from EOD chart analysis 

Intermediate Term Trend was down for the last 59 sessions and its turning up confirmations after last 3 sessions closing above 8505 in previous week as well as Long Term Trend was already up and now last 21 sessions closing above its decider 200 Day EMA(today at 8239) therefore now all trends turning up confirmations.

As whole correction was in Bullish Flag Pattern formation and its broken out confirmations through last 20 sessions closing above upwards falling line therefore strong signals of fresh rally after that correction completion at 7940.30 on 12-06-2015 which started from at 9119.20 on 04-03-2015.

Intra Day Chart Analysis(20-07-2015)

Nifty-Intra Day Chart (17-Jul-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Support between 8594-8604(Immediate Supports)
3- Up moves in Bearish Rising Channel
4- Selling between 8520-8635(Immediate Resistances)
5- Whole day actual trading between 8594-8642

Conclusions from intra day chart analysis 

As Doji candle formations with intraday selling patterns formations therefore signals of some down moves and possibility of day's lowest can not be ruled out in the beginning of next week but some consolidations and lower levels supports were also seen therefore sustaining below days's lowest after follow up selling is must for next decisive down moves.  

Conclusions (After Putting All Studies Together)

Following Bullish confirmations on EOD Charts in previous week:-

1- Intermediate Term Trend turning up confirmations after last 3 sessions closing above 8505
2- Long Term Trend turning up confirmations after last 21 sessions closing above its decider 200 Day EMA(today at 8239).
3- Bullish Flag Pattern broken out confirmation through last 20 sessions closing above it. 
4- Falling Trend Line of correction broken out confirmation through last 20 sessions closing above it. 
5- Inverse Head and Shoulders broken out confirmation through last 5 sessions closing above its Necckline.
6- 5 waves correction completion near confirmation the lowest of Wave-4

As above 6 Bullish developments on EOD Charts therefore technically that now Bullish market continuation will also be considered in which:- 

1- All trends have turned up 
2- That 4000 points rally correction has been completed at 7940.30 on 12-06-2015 which started from 5118.85 on 28-08-2013 completed at 9119.20 on 04-03-2015.

As strong signals of previous 4000 points rally completion therefore fresh Wave like previous 4000 points Waves emergence possibility will also be considered now.

As strong rally in previous weeks and Short Term Indicators have turned overbought as well as some selling patterns were also seen on last Friday intraday charts therefore very Short Term correction possibility can not be ruled out in the beginning of next week. Parliament session will begin from next Monday and that may be stormy also, negative news flow from there may remain continued as well as many Quarterly results will also be declared in next week therefore volatility may remain high in next week.

Although sentiment may remain disturbed in next week but technically Indian markets are well poised for rally continuation after minor correction and volatility despite whatsoever happen in Parliament and performance remains in Quarterly results. 

As above mentioned 6  Bullish confirmation therefore as per our view worst is over in Indian Stock Markets and finally strong rally will be seen towards and above 8882/9119.20 in the coming weeks/months.

Rally continuation after Bullish patterns broken out and all Trends turning up Confirmations

Intra Day Chart Analysis & Market Outlook

(17-07-2015)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation Patterns between 8563-8574
2- Up moves with intraday consolidations
3- Whole day actual trading between 9543-8616

Conclusions from intra day chart analysis 

As following positive news flow today therefore whole day rally continuation after positive opening today:-.

1- Greece parliament to vote on bailout amid brewing Syriza revolt
2- Cabinet Approves Simplification of Foreign Investment Norms

As Positive news from Greece and all the Asian markets except Taiwan closed in Green as well as Dow Futures traded whole day more than 40 points up therefore sentiment boosted today morning and resultant positive zone trading was seen after Green opening of Indian markets today. Most European markets also traded more than 1% up after positive opening therefore sentiment remained strong and whole day rally continuation today. 

Today closing has given following patterns break out and trends all trends turning up confirmations:-

1- Inverse Head and Shoulders broken out on confirmation.
2- Falling Trend Line of correction broken out confirmation. 
3- The correction which started from 9119.20 on 04-03-2015 was in Bullish Flag Pattern which has been broken out and sustaining above confirmation. 
4- Long Term Trend turning up confirmation after sustaining above Long Term Trend decider 200 Day EMA(today at 8236).
5- Intermediate Term Trend turning up confirmation after sustaining above 8505.

As Bullish patterns broken out and all trends turning up confirmations today therefore rally continuation will be seen in the coming sessions but very Short Term indicators are overbought and some intraday correction with high volatility may be seen any day which may provide lower levels buying opportunity also after follow up consolidations.

Crucial levels and Bullish patterns break out confirmation after positive news flow today

Mid-session Outlook(16-07-2015)  

As Greek parliament approved bail out deal therefore all Asian markets except Taiwan traded and closed in Green and most European markets are trading more than 1% up after positive opening. Resultant firstly Indian markets traded in Green. Fresh intraday up moves begun after FM announcement of Simplification of Foreign Investment Norms in Press conference after 1:00 PM today 

Crucial levels and Bullish patterns(which have been updated in previous Outlooks) break out confirmation after following positive news flow today and rally continuation is expected.

1- Greece parliament to vote on bailout amid brewing Syriza revolt
2- Cabinet Approves Simplification of Foreign Investment Norms

(Just go through above topic links and go through full news)

Post-open Outlook(16-07-2015)

As following positive news from Greece and All the Asian markets are in Green as well as Dow Futures is also more than 50 points up therefore sentiment boosted today morning resultant positive opening of Indian markets 

Greek crisis: MPs approve bailout measures, after clashes in Athens 

As intraday selling patterns formations yesterday therefore some down moves were expected but Indian markets are participating in Global markets rally. Last resistances of 7 sessions are between 8540-8550 and sustaining above it should be firstly watched because today up moves are Positive news led. Once sustaining above 8550 will mean fresh strong rally beginning.

Some Down Moves Expectations

Intra Day Chart Analysis & Market Outlook

(16-07-2015)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Sharp up in first 45 minutes
2- Most time trading between 8505-8531
3- Most time Up moves in Bearish Rising Channel
4- Whole day actual trading between 8465-8531

Conclusions from intra day chart analysis 

Although most time positive zone trading with closing near the higher levels of the day but most time up moves were seen in Bearish Rising Channel within almost 6 hours sideways market between 8505-8531 therefore expected that some down moves will be seen and possibility of slipping below today lowest(8465) can not be ruled out.  

4 Bullish Patterns on EOD Charts suggesting rally after follow up consolidations 

Intra Day Chart Analysis & Market Outlook

(15-07-2015)

Nifty-Intra Day Chart (14-Jul-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation Patterns between 8425-8448
2- Down moves in Bullish Falling Channel
3- Higher levels selling
4- Whole day actual trading between 8425-8480

Conclusions from intra day chart analysis 

Whole day sideways trading within 55 points with both consolidation and selling patterns formations therefore more technical positions formations are firstly required for next decisive moves beyond today trading range.

Expected that Nifty will trade within and near about today trading range(8425-8480) and sustaining it beyond will decide next trend therefore should be firstly watched in the coming sessions.

As following 4 Bullish Patterns on EOD Charts in last 23 sessions after lowest formations at 7940.30 on 12-06-2015 therefore expected that finally follow up consolidation will develop and fresh rally will be seen above last 23 sessions highest at 8561.35.

1- Inverse Head and Shoulders broken out on 14-07-2015.
2- Falling Trend Line of correction broken out and last 17 sessions closing above it 
3- Long Term Trend turning up confirmation after last 18 sessions closing above Long Term Trend decider 200 Day EMA(today at 8229).
4- The correction which started from 9119.20 on 04-03-2015 was in Bullish Flag Pattern which has been broken out and last 17 sessions sustaining above it. 

Nifty Target at 8882 after Inverse Head and Shoulders break out confirmation

Technical Analysis and Market Outlook

(14-07-2015)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Inverse Head and Shoulders Bullish Pattern formations
2- Neckline broken out at 8390 today

Conclusions from EOD chart analysis 

Bullish Inverse Head and Shoulders Pattern formations and Neckline at 8390 was broken out today. Although forcefully broken out but immediately after the positive news from Greece that Eurozone leaders have agreed to offer Greece a third bailout. As news led sharp up today therefore confirmation is required through sustaining above 8390,Once confirmation will mean target of today started rally is at 8882,as per following calculation:-

Head was formed at 7940
Neckline just above head is at 8432
8432-7940= 492 points above Head 
Neckline was broken out at 8390  
Inverse Head and Shoulders Pattern broken out target will be at 8390+492=8882

Following conclusive lines were told on 11-07-2015 in "Confirmation from Only One Level will mean Fresh Strong Rally":-

once sustaining above only one level(8377) will mean fresh strong rally beginning towards and above life time high(9119.20) after 4000 points rally correction completion 

As 8377 break out was Positive Greece news led therefore confirmation is required through sustaining above 8377/8390. Next resistances are between 8540-8550 and once valid break out 8550 will mean worst is over and strong rally will be seen towards 8882/9119.20 

Confirmation from Only One Level will mean Fresh Strong Rally 

Technical Analysis,Research & Weekly Outlook

(Jul 13 to Jul 17 ,2015)

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

Just click on chart for its enlarged view

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)(Correction beginning)
7- Wave-1(8269.15 on 27-03-2015)
8- Wave-2(8844.40 on 15-04-2015)
9- Wave-3(7997.15 on 07-05-2015)
10- Wave-4(8489.55 on 22-05-2015)
11- Wave-5(7940.30 on 12-06-2015)
12- Pull Back Rally with recent top formation at 8561.35 on 07-07-2015 and its correction continuation with its recent bottom formation at 8315.40 on 10-07-2015  

Conclusions from EOD chart analysis 

That Wave-1 which started on 28-08-2013 from 5118.85 completed at 9119.20 on 04-03-2015 and after that its 5 waves correction started. Wave-5 of correction completed at 7940.30 on 12-06-2015 and now Pull Back Rally continuation with its Wave-i completion at 8561.35 on 07-07-2015 and its corrective Wave-ii continuation with its recent bottom formation at 8315.40 on 10-07-2015.

Wave-5 with correction

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

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 7961.35 on 17-12-2014(Wave-5 beginning after Wave-4 completion)
2- Wave-5 completion at 9119.20 on 04-03-2015 and 5 Waves correction beginning
3- Wave-1(8269.15 on 27-03-2015)
4- Wave-2(8844.40 on 15-04-2015)
5- Wave-3(7997.15 on 07-05-2015)
6- Wave-4(8489.55 on 22-05-2015)
7- Wave-5(7940.30 on 12-06-2015)
8- Wave-i(8561.35 on 07-07-2015)
9- Wave-ii continuation with its recent bottom formation at 8315.40 on 10-07-2015

Conclusions from EOD chart analysis 

Wave-5 begun after Wave-4 completion at 7961.35 on 17-12-2014 which completed at 9119.20 on 04-03-2015 and 5 Waves started. Wave-5 of correction completed at 7940.30 on 12-06-2015 which is just below the bottom of Wave-4(7961.35) and strong Pull Back Rally begun which is a strong indication of correction completion.

Wave-i(Pull Back Rally) started after Wave-5 completion at 7940.30 which terminated at 8561.35 on 07-07-2015 and now its correction continuation with recent bottom formation at 8315.40 on 10-07-2015,till now no confirmation of its completion. 

Retracement levels of Wave-i(7940-8561)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 13.0%- 8480
2- 23.6%- 8414
3- 27.0%- 8393
4- 38.2%- 8323(Crucial)
5- 50.0%- 8250(Crucial)
6- 61.8%- 8177(Crucial)
7- 70.0%- 8121
8- 76.4%- 8086
8- 78.6%- 8072
10-88.6%- 8010

Conclusions from EOD chart analysis 

38.2% retracement levels at 8323 has become most crucial because Nifty tested and formed bottom near about it in last 2 sessions and it finally sustaining it beyond will form next big moves. 

3 confirmations of strong rally

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

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-5 completion at 9119.20 on 04-03-2015 and Correction beginning
2- Corrective Wave-5 completion at 7940.30 on 12-06-2015 and Pull Back Rally beginning
3- Whole correction in Bullish Flag Pattern formation
4- Bullish Flag Pattern broken out and last 15 sessions closing above it
5- Falling Trend Line of correction broken out and last 15 sessions closing above it 
6- Last 16 sessions closing above Long Term Trend decider 200 Day EMA(today at 8224).

Conclusions from EOD chart analysis 

Following 3 confirmations of strong rally after correction completion at 7940.30 on 12-06-2015:-

1- The correction which started from 9119.20 on 04-03-2015 was in Bullish Flag Pattern which has been broken out and last 15 sessions sustaining above it therefore first confirmation of correction completion and fresh Bullish market beginning.
2- As last 16 sessions closing above Long Term Trend decider 200 Day EMA(today at 8224) therefore Long Term Trend turning up confirmation and fresh rally beginning as well.
3- Falling Trend Line of correction broken out and last 15 sessions closing above it therefore correction completion confirmation.

Nifty-Intra Day Chart Analysis(Jul 09 & Jul 10,2015)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in last 2 Sessions intraday charts

1- Minor selling at higher levels on 09-07-2015
2- More than 5 hours Down moves in Bullish Falling Channel on 09-07-2015
3- Consolidation between 8316-8334(Immediate Supports) on 10-07-2015
4- Down moves in Bullish Falling Channel on 10-07-2015
5- 2 Sessions actual trading between 8316-8377 

Conclusions from 2 Sessions intra day chart analysis 

Although higher levels minor selling on 09-07-2015 but good consolidation patterns formations in last 2 sessions also therefore technically strong indication of fresh rally in next week but Indian completely under performed Global markets in following manner:-

1- Shanghai closed more than 11% up in last 2 sessions. 
2- Hang Seng closed more than 5% up in last 2 sessions. 
3- Most European markets traded during Indian trading hours and closed more than 5% up in last 2 sessions.
4- Dow's Futures traded during Indian trading hours and closed more than 300 points up in last 2 sessions.

When there was problems from Greece and China then Indian market moved down with Global markets but did not participated strong Global markets rally and remained flat in last 2 sessions therefore in this manner Indian markets completely under performed Global markets and selling on the back of such strong Global cues led heated sentiments can not be ruled out in last 2 sessions. 

As last 2 sessions technical patterns and markets psychology are showing contrary indications therefore valid break out of last 2 sessions actual trading range(8316-8377) will decide next decisive moves. Next supports are lying between 8300-8325 and finally sustaining beyond 8300-8377 will decide next big trend therefore should be firstly watched in next week.

Conclusions (After Putting All Studies Together)

All Trends are as follows:-

1- Short Term Trend is down
2- Intermediate Term Trend is sideways which will be up above 8505.
3- Long Term Trend turned up after last 16 sessions closing above its decider 200 Day EMA(today at 8224).

As above mentioned 3 confirmations of fresh strong rally and last 2 sessions testing as well as closing above 38.2% retracement levels(8323) therefore 38.2% retracement levels at 8323 has become most crucial support,finally sustaining it beyond will decide next trend.

EOD Charts are suggesting high possibility of fresh rally after Wave-ii correction completion at 8315.40 on 10-07-2015 and last 2 sessions intraday consolidation patterns formations are also suggesting it but Indian markets completely under performed Global markets and selling on the back of such strong Global cues led heated sentiments can not be ruled out in last 2 sessions therefore firstly sustaining beyond 8300-8377 should be watched for next trend confirmations in next week.

4000 Points rally(5118.85-9119.20) correction completion at 7940.30 on 12-06-2015 and Wave-i begun which completed at 8561.35 on 07-07-2015,now its correction continuation with recent bottom formation at 8315.40 on 10-07-2015. Confirmation of on going correction completion is still required through sustaining beyond 8300-8377 and should be firstly watched in next week,once sustaining above only one level(8377) will mean fresh strong rally beginning towards and above life time high(9119.20) after 4000 points rally correction completion 

Indian markets slipping Despite Strong Global markets

Mid-session Outlook(10-07-2015)

At the opening time of Indian markets all the Asian markets were Green and following most Bullish positions of some markets were also seen:-

1- Shanghai was trading more than 5% up 
2- Hang Seng was trading more than 2% up 
3- Dow's Futures was trading more than 150 points up 

As such strong Global market therefore Indian markets opened with some gains but could not sustain at higher levels and started slipping after highest formation at 8376.35. Recent lowest formation at 8323 and next supports are just below it between 8300-8325.

As same formations also today like yesterday that Down moves in Bullish Falling Channel in most heated sentiments therefore firstly valid break out of 8300-8374 should be watched for next trend confirmation which may be for big moves also. 

Just go through yesterday posted following topic again to understand intraday charts analysis with market psychology. 

Firstly Watch 8323-8374 for Next Trend Confirmation

Firstly Watch 8323-8374 for Next Trend Confirmation

Intra Day Chart Analysis & Market Outlook

(10-07-2015)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Minor selling at higher levels
2- More than 5 hours Down moves in Bullish Falling Channel
3- Whole day trading between 8323-8400

Conclusions from intra day chart analysis 

Although more than 5 hours Down moves in Bullish Falling Channel with minor selling at higher levels but Indian markets completely under performed Global markets in following manner:-

1- At the opening time of Indian markets Hang Seng was more than 700 points up and Shanghai was in Green but Indian markets moved into Red within 15 minutes after little positive opening and in this manner under performed immediately after opening.
2- All the Asian markets closed after strong recovery from lower levels and following closing was of main markets:-

1- Shanghai closed 5.79% up 
2- Hang Seng closed 3.73% up 

When above 2 markets were down yesterday then Indian markets were sharply down but today  Indian markets traded flat to negative despite such strong closing of these markets therefore in this manner completely under performed today.  
3- All the European markets opened and traded more than 1% up and Dow's Futures was also most time more than 150 points up but no positive reaction from Indian markets and Red closing after slipping therefore in this manner completely under performed today.  

As such high under performance by Indian markets today therefore possibility of whole day selling on the back of strong Global cues led sentiment can not be ruled out today. Only slight hope for the Bulls is more than 5 hours Down moves in Bullish Falling Channel therefore firstly valid break out of today actual trading range(8323-8374) should be watched tomorrow for next trend confirmation.

Firstly watch next supports amid Negative News Globally crashing like situation

Intra Day Chart Analysis & Market Outlook

(09-07-2015)

Nifty-Intra Day Chart (08-Jul-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Firstly higher levels Mixed Patterns formations
2- Consolidation and supports between 8342-8364(Immediate Supports)
3- Follow up consolidation after recovery
4- Slipping in last hour
5- Whole day actual trading between 8342-8457

Conclusions from intra day chart analysis 

Although closing near the lower levels of the day after most Bearish Asian cues led huge gap down opening and 1.74% Red closing but selling patterns were not seen today and on the contrary consolidation with lower levels supports were also seen therefore view will not be Bearish because today huge fall was on the back of most negative Chinese news based and not on technical.

If fresh selling develops on the back of such most Bearish news flow and Nifty sustains below today lowest then Nifty will be understood sideways between 7941-8561 and down moves within this range will be considered because that will be confirmation of;-

1- Whipsaw(false signal) of Neckline break out of 31 sessions Inverted Head and Shoulders Bullish Pattern.
2- Whipsaw(false signal) break out of 54 Sessions trading range(7941-8505)

As following positive developments in previous weeks therefore view is not Bearish and still expected that fresh rally will develop in the coming sessions after follow up consolidation:-

1- whole correction from 9119.20 to 7940.30 was with Bullish Flag Pattern formation.
2- Last 14 sessions closing above Long Term Trend decider 200 Day EMA(today at 8222).

As series of negative news flow therefore Globally crashing like situation and all the Asian markets closed from 1.10% to 5.91% down today and now Dow Jones is also in Red by more than 200 points,if such fall is seen in Asian markets tomorrow also then firstly following supports should be watched:- 

1- 8300-8325
2- 8196-8261

Just Watch valid break out of 8387-8550 under the shadow of Chinese problems   

Pre-open Outlook(08-07-2015)

As sudden eruption of Chinese problems therefore all the Asian markets are 1% to 4% down today morning and in reaction huge gap down opening will be seen in Indian markets also. Chinese problems impact on Indian markets has to be understood yet and Nifty will remain sideways between 8387-8550 as well as prepare for next decisive moves within this range therefore valid break out of this range should be watched for next trend confirmations.

Finally Rally Expectations above Today Highest after Follow up Consolidations

Intra Day Chart Analysis & Market Outlook

(08-07-2015)

Nifty-Intra Day Chart (07-Jul-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling Patterns between 8540-8550(Immediate Resistances)
2- Whole day actual trading between 8484-8561

Conclusions from intra day chart analysis 

Although today closing with minor losses but higher levels selling patterns formations were also seen therefore view is cautious and follow up technical positions formations will be firstly watched tomorrow for the confirmation of next decisive moves because last confirmation is still required through sustaining above 8505 and should be firstly watched for next decisive big rally.

As Greece news led Global markets uncertainty is still alive therefore volatility may remain high and traders should be careful because in such situations both side Stop Loss are also triggered.

Whatsoever volatility but Nifty will remain sideways between 8387-8550 and prepare for next decisive moves within this range. As those Bullish patterns formations which have been updated in both previous Outlooks therefore still expected that finally rally will remain continued above today highest(8561.35) after follow up consolidations despite 1% to 2% fall at this moment in all US and European markets.

Rally continuation amid Greece news led high volatility

Intra Day Chart Analysis & Market Outlook

(07-07-2015)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Support between 8387-8438(Immediate Supports)
2- Up moves beginning after less down opening of European markets
3- Up moves amid Greece news led depressed most sentiments. 
4- Whole day actual trading between 8387-8533

Conclusions from intra day chart analysis 

As 'No' victory with big margin in Greece referendum therefore emergence of uncertainty and following negative trading of global markets was seen today:-

1- Most Asian markets were trading more than 1.5% down
2- European markets Futures were more than 3% negative.
3- Dow's Futures Red trading by more than 200 points.

As most dampened sentiments therefore huge gap down opening and more than 3 hours sideways trading between 8387-8438 which finally proved lower levels supports today. European markets Futures were more than 3% down today morning but markets opened .50% to 1.5% down at 12:30 PM which generated the rays of hopes in the mind of Bulls and up moves started which remain continued til the end of trading.

As lower levels supports amid most depressed sentiments and up moves continuation despite all around Global markets weakness and negative news flow as well therefore it is clear that Indian markets have shown strength today.

54 Sessions trading between 7941-8505 and today closing above it after recovery of 146 points amid most Bearish sentiments therefore emergence of strong signal for fresh up moves beginning after confirmation of sustaining above 8505.

Following lines were told yesterday in Blasting Rally towards and above Life Time High(9119.20):-

1- If 'No' comes from Greece referendum today Mid Night then a down can not be ruled out next Monday but Nifty will not sustain at lower levels 
2- emergence of strong indication of correction completion confirmations last Friday
3- emergence of correction completion strong signal at the bottom of correction at 7940.30 on 12-06-2015
4- once valid break out of 8505 will mean strong blasting rally.
5- once valid break out of 8490 will mean strong blasting rally.
6- strong Blasting rally will be seen in the coming week after all trend turning up

As Nifty could not sustain at lower levels today despite all around weakness and closed above 8505 therefore expected that rally will remain continued after follow up consolidations at higher levels but Greece issues have not resolved yet and its uncertainty led volatility may remain high.

Blasting Rally towards and above Life Time High(9119.20)

Technical Analysis,Research & Weekly Outlook

(Jul 06 to Jul 10,2015)

Waves structure of on going 5 Waves correction

Nifty-EOD Chart (03-Jul-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-5 completion at 9119.20 on 04-03-2015 and 5 Waves correction beginning
2- Wave-1(8269.15 on 27-03-2015)
3- Wave-2(8844.40 on 15-04-2015)
4- Wave-3(7997.15 on 07-05-2015)
5- Wave-4(8489.55 on 22-05-2015)
6- Wave-5(7940.30 on 12-06-2015)
7- Falling Trend line of correction broken out
8- Pull Back Rally continuation with recent top formation at 8497.75 on 03-07-2015 

Conclusions from EOD chart analysis 

5 Waves of correction completed at 7940.30 on 12-06-2015 and Pull Back Rally continuation with full retracement of Wave-4(8489.55) after recent top formation at 8497.75 on 03-07-2015 but closing just below at 8484.90. It means that emergence of strong indication of correction completion confirmations last Friday.

Whole correction in Bullish Flag Pattern formation 

Nifty-EOD Chart (03-Jul-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-5 completion at 9119.20 on 04-03-2015 and Correction beginning
2- Corrective Wave-5 completion at 7940.30 on 12-06-2015 and Pull Back Rally beginning
3- Whole correction in Bullish Flag Pattern formation 
4- Last 11 sessions closing above Long Term Trend decider 200 Day EMA(today at 8214).

Conclusions from EOD chart analysis 

As whole correction in Bullish Flag Pattern formation and last 11 sessions closing above Long Term Trend decider 200 Day EMA(today at 8214)therefore Long Term Trend turning up confirmation and emergence of correction completion strong signal at the bottom of correction at 7940.30 on 12-06-2015.

54 Sessions trading between 7941-8505

Nifty-EOD Chart (03-Jul-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 54 Sessions trading between 7941-8505

Conclusions from EOD chart analysis 

54 Sessions trading between 7941-8505 and last Friday closing just below the top of this range at 8484.90,once valid break out of 8505 will mean strong blasting rally.

Inverted Head and Shoulders Pattern formations

Nifty-EOD Chart (03-Jul-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Inverted Head and Shoulders Bullish Pattern formations in last 31 sessions

Conclusions from EOD chart analysis 

Bullish Inverted Head and Shoulders Pattern formations in last 31 sessions with its Neckline at 8490 and last Friday closing just below it at 8484.90, once valid break out of 8490 will mean strong blasting rally.

Conclusions (After Putting All Studies Together)

All Trends are as follows:-

1- Short Term Trend is up
2- Intermediate Term Trend is sideways which will be up above 8505.
3- Long Term Trend turned up after last 11 sessions closing above its decider 200 Day EMA(today at 8214).

As following patterns formations therefore strong blasting rally is expected:-

1- Whole correction from 9119.20 to 7940.30 is in Bullish Flag Pattern formation 
2- Falling Trend line of correction broken out
3- Inverted Head and Shoulders Bullish Pattern formations in last 31 sessions
4- Long Term Trend turning up confirmations after last 11 sessions closing above its decider 200 Day EMA(today at 8214).

As above 4 Bullish developments therefore expected that finally 54 Sessions trading range (7941-8505) will be broken out above 8505 and strong Blasting rally will be seen in the coming week after all trend turning up.

If 'No' comes from Greece referendum today Mid Night then a down can not be ruled out next Monday but Nifty will not sustain at lower levels and finally rally will develop towards and above life time high(9119.20) after whole rally(5118.85-9119.20) correction completion at 7940.30 on 12-06-2015