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Crashing all Global markets require deeper correction confirmation from 8316/8226

Technical Analysis,Research & Weekly Outlook

(Aug 24 to Aug 28,2015)

Nifty-EOD Chart (21-Aug-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 and 5 Waves 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 completion and impulsive Wave-i beginning after 5 Waves correction completion)
12- Wave-i(8654.75 on 23-07-2015)
13- Wave-ii continuation with recent bottom formation at 8225.05 on 21-08-2015
14- 37 Sessions sideways trading range between 8316-8654 broken down on 21-08-2015

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 Wave-i started after 5 waves correction completion.Now corrective Wave-ii continuation with recent bottom formation at 8225.05 on 21-08-2015

37 sessions sideways trading was seen between 8316-8654 from 01-07-2015 to 20-08-2015 and this range was broken down on 21-08-2015 after Global markets crashing line situation. As only one day slipping below 8316 and previous week closing is also just below it at 8299.95 therefore technically no broken down confirmation but if Nifty will sustain 8316 in next week then on going waves structure will be recalculated and 'ABC' correction will be considered according to following waves patterns.

'ABC' Waves correction

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

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37 Sessions trading range broken down

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

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Technical Patterns and Formations in EOD charts

1- 7940.30 on 12-06-2015(Fresh Wave-i beginning after 5 Waves correction completion)
2- Wave-i(8654.75 on 23-07-2015)
3- Correction continuation with recent bottom formation at 8225.05 on 21-08-2015
4- 37 Sessions sideways trading between 8316-8654 from 01-07-2015 to 20-08-2015
5- 37 Sessions trading range broken down and closing below it at 8299.95 on 21-08-2015

Conclusions from EOD chart analysis

37 Sessions sideways trading between 8316-8654 from 01-07-2015 to 20-08-2015 and this range was broken down on 21-08-2015 but closing below this range at 8299.95 yesterday. As sustaining below 37 Sessions lowest(8316) will mean much deeper correction therefore should be firstly watched in the coming sessions.

Bearish Head and Shoulders Pattern formations

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

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Technical Patterns and Formations in EOD charts

1- 7940.30 on 12-06-2015(Fresh Wave-i beginning after 5 Waves correction completion)
2- Wave-i(8654.75 on 23-07-2015)
3- Correction continuation with recent bottom formation at 8225.05 on 21-08-2015
4- Bearish Head and Shoulders Pattern formations with its neckline at 8321.75
5- Neckline broken down and closing below it at 8299.95 on 21-08-2015

Conclusions from EOD chart analysis

37 Sessions sideways market with Bearish Head and Shoulders Pattern formations and its neckline at 8321.75 was broken down on 21-08-2015 but closing below this range at 8299.95 yesterday.

As valid break down of neckline(8321.75) will be deeper correction confirmation therefore should be firstly watched in next week for confirmations.

Symmetrical triangle continuation pattern formations

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

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Technical Patterns and Formations in EOD charts

1- 7940.30 on 12-06-2015(Fresh Wave-i beginning after 5 Waves correction completion)
2- Wave-i(8654.75 on 23-07-2015)
3- Correction continuation with recent bottom formation at 8225.05 on 21-08-2015
4- Symmetrical triangle continuation pattern formations
5- Lower rising line of triangle broken down and closing below it at 8299.95 on 21-08-2015

Conclusions from EOD chart analysis

37 Sessions sideways market with Symmetrical triangle continuation pattern formations which is suggesting that on going Bullish trend will remain continued because it is a continuation pattern but confirmation is must through valid break out of its upward falling line.

As lower rising line of triangle broken down and closing below it at 8299.95 on 21-08-2015 therefore firstly sustaining beyond this line should be firstly watched because that will be valid break out which will be confirmation of pattern validity.

Micro Analysis of 38 Sessions Intra Day Chart

Nifty-Intra Day Chart (Jul 01 to Aug 21,2015):-

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Technical Patterns and Formations in last 38 Sessions intraday charts

1- 37 Sessions trading between 8316-8654
2- Selling at higher levels below 8654
3- Supports at lower levels above 8316
3- 37 Sessions trading range broken down on 21-08-2015

Conclusions from 38 Sessions intra day chart analysis

37 Sessions sideways trading between 8316-8654 from 01-07-2015 to 20-08-2015 with lower levels supports and higher levels selling but all the Global markets started to crash after the release of minutes from the FOMC Reserve's last policy meeting therefore Indian markets crashed in last 2 sessions and Nifty closed just below the lowest of last 37 sessions on 21-08-2015.

As sustaining below 37 Sessions lowest(8316) will mean much deeper correction therefore should be firstly watched in the coming sessions.

Intra Day Chart Analysis & Market Outlook(24-08-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8226-8251(Immediate Supports)
2- Down moves in Bullish Falling Channel
3- Up moves in Bearish Rising Channel
4- Whole day actual trading between 8226-8322

Conclusions from intra day chart analysis

As crashing all Global markets therefore sharp down immediately after gap down opening but up moves lower levels were also seen after some lower levels consolidation. Although some down moves in Bullish Falling Channel in the Mid Session but up moves also in Bearish Rising Channel in last hours therefore follow up consolidation is firstly required for rally above today highest. Although crashing like situation in all the Global markets but some supports were also seen at lower levels therefore follow up selling is also required for decisive down moves below the lowest of the day(8226)

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Long Term Trend is up
2- Intermediate Term Trend is sideways
3- Short Term Trend is down

37 Sessions sideways trading between 8316-8654 from 01-07-2015 to 20-08-2015 with both following Bearish and Bullish patterns formations:-

1- Bearish Head and Shoulders Pattern formations
2- Symmetrical triangle continuation pattern formations

All the Global markets started to crash after the release of minutes from the FOMC Reserve's last policy meeting therefore Indian markets also tumbled in last 2 sessions as well as Nifty closed just below the lowest of last 37 sessions on 21-08-2015. As 37 sessions trading range broken down was the reaction of crashing Global markets therefore confirmation through sustaining below 37 sessions lowest(8316) is must for decisive deeper correction confirmations.

Dow Jones closed 531.14 down last Friday and if Asian markets also react this US markets crash next Monday then Indian markets may also open in deep Red. As some consolidation was seen above 8226 last Friday therefore firstly sustaining it below should be watched next Monday for much deeper correction which will be below 7940.30.

As crashing all Global markets therefore finally sustaining below 37 sessions lowest(8316) and Last Friday lowest(8226) will be confirmation of much deeper correction therefore should be firstly watched in next week.

Much deeper correction after sustaining below 8316

Technical Analysis and Market Outlook

(21-08-2015)

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

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Conclusions from EOD chart analysis

Sideways market between 8316-8654 for the last 37 sessions with higher levels good selling below 8654 and lower levels good consolidation also above 8316. As today closing is above 8316 at 8372.75 after sharp fall today therefore still Nifty will be understood sideways within mentioned range.

As all the Global markets were crashing after the release of minutes from the FOMC Reserve's last policy meeting therefore in reaction sharp fall was seen in Indian markets also. Today lowest and closing are above 37 sessions lowest(8316) therefore sideways market is still intact and firstly sustaining beyond 8316 should be watched tomorrow for next decisive moves confirmations and should also be kept in mind that much deeper correction will be seen after sustaining below 8316.

Firstly watch crucial levels for next trend confirmations after FOMC minutes release

Pre-open Outlook(20-08-2015)

As Dow Jones closed 162 points down yesterday after minutes from the FOMC Reserve's last policy meeting which showed that the central bank was "approaching" its first rate hike in nearly a decade therefore all the Asian markets are trading negative and some are more than 1% down resultant weakness will be seen in Indian markets also.

Last 3 sessions trading between 8429-8531 with lower levels consolidation therefore valid break down of 8429 will be first signal of next trend after FOMC minutes and final confirmation will be according to sustaining beyond 36 sessions trading range(8316-8654).

Firstly above mentioned crucial levels should be watched after FOMC minutes release for next trend confirmations.

Possibility of rally is alive after Follow up Consolidation

Intra Day Chart Analysis & Market Outlook

(20-08-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Recovery from lower levels in depressed Global sentiments.
1- Last 4 hours trading with consolidation Patterns between 8478-8520
3- Whole day actual trading between 8426-8520

Conclusions from intra day chart analysis

Following lines were told on 18-08-2015 in "Cautious view after selling today":-

1- selling between 8506-8525 therefore view will be cautious.
2- if follow up selling develops tomorrow then firstly slipping below today lowest(8433.60)
3- steep fall possibility also can not be ruled out.

As higher levels selling yesterday and all the Asian markets were in Red as well as most were trading more than 1% down therefore sentiment was too much depressed today morning and Nifty firstly slipped below yesterday lowest(8433.60) but follow up selling could not develop and recovery was seen from lower levels in first 2 hours.

Following lines were told on 16-08-2015 in "Finally Rally after follow up consolidation within 33 sessions Trading Range":-

1- 33 sessions sideways market between 8316-8654 and finally sustaining beyond this range will give confirmations to next big Trend
2- Nifty will not easily break last 8 sessions trading range and will trade as well as firstly prepare for next decisive moves within this range in the next 2/3 sessions.
3- rally above 8654 is expected after follow up consolidation because Long and Intermediate Term Trends are up and lower levels very good consolidation was seen in previous months also.

Now 36 sessions sideways trading between 8316-8654 with lower levels consolidation and higher levels resistances and hopes of rally above 8654 boosted after 4 hours sideways trading between 8478-8520 with consolidation Patterns formations today therefore possibility of rally above 36 sessions highest(8654) is alive after follow up consolidation in the coming sessions/next week.

Cautious view after selling today

Intra Day Chart Analysis & Market Outlook

(19-08-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Selling between 8506-8525(Immediate Resistances)
2- Consolidation between 8434-8458
3- Minor selling between 8473-8487
4- Whole day actual trading between 8434-8525

Conclusions from intra day chart analysis

Although firstly more than 2 hours positive zone trading after Green opening but could not sustaining at higher levels after selling between 8506-8525 therefore view will be cautious. As minor selling also was also seen after lower levels consolidation in last 3 hours therefore if follow up selling develops tomorrow then firstly slipping below today lowest(8433.60) and steep fall possibility also can not be ruled out.

Intra Day Chart Analysis & Market
Outlook(18-08-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Sharp fall immediate after opening
2- Support between 8430-8455
3- Selling patterns formation between 8485-8515
4- Whole day actual trading between 8428-8530

Conclusions from intra day chart analysis

Firstly sharp fall immediate after opening and after that supports at lower levels but some selling patterns formations were also seen at higher levels therefore it is clear that one sided patterns formations was not seen today. As Mixed Patterns formations will be understood for today therefore following views is being repeated for tomorrow Outlook which was updated on 16-08-2015 in "Finally Rally after follow up consolidation within 33 sessions Trading Range":-

1- 33 sessions sideways market between 8316-8654 and finally sustaining beyond this range will give confirmations to next big Trend
2- Nifty will not easily break last 8 sessions trading range and will trade as well as firstly prepare for next decisive moves within this range in the next 2/3 sessions.
3- rally above 8654 is expected after follow up consolidation because Long and Intermediate Term Trends are up and lower levels very good consolidation was seen in previous months also.

Finally Rally after follow up consolidation within 33 sessions Trading Range

Technical Analysis,Research & Weekly Outlook

(Aug 17 to Aug 21,2015)

Nifty-EOD Chart (14-Aug-2015):-

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Rally continuation after 5 waves correction completion

Nifty-EOD Chart (14-Aug-2015):-

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Technical Patterns and Formations in EOD charts

1- Wave-5(9119.20 on 04-03-2015)(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)(Fresh Wave-i beginning after 5 Waves correction completion)
7- Wave-i(8654.75 on 23-07-2015)
8- Wave-ii(8321.75 on 28-07-2015)
9- Sideways market between 8316-8654 for the last 33 sessions

Conclusions from EOD chart analysis

5 Waves correction begun after Wave-5 life time high formation at 9119.20 on 04-03-2015 which completed at 7940.30 on 12-06-2015 and fresh rally started which is in continuation after its 1st Short term correction completion 8321.75 on 28-07-2015 but sideways market between 8316-8654 for the last 33 sessions.

33 Sessions sideways market

Nifty-EOD Chart (14-Aug-2015):-

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Technical Patterns and Formations in EOD charts

1- 7940.30 on 12-06-2015(Fresh Wave-i beginning after 5 Waves correction completion)
2- Wave-i(8654.75 on 23-07-2015)
3- Wave-ii(8321.75 on 28-07-2015)
4- 33 Sessions sideways market between 8316-8654

Conclusions from EOD chart analysis

fresh rally started which is in continuation with recent top formation at 8654.75 on 23-07-2015 but sideways market between 8316-8654 for the last 33 sessions.

Bearish Head and Shoulders Pattern formations

Nifty-EOD Chart (14-Aug-2015):-

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Technical Patterns and Formations in EOD charts

1- Wave-1(7940.30 on 12-06-2015)(Fresh Wave-i beginning after 5 Waves correction completion)
2- Wave-i(8654.75 on 23-07-2015)
3- Wave-ii(8321.75 on 28-07-2015)
4- Bearish Head and Shoulders Pattern formations with its neckline at 8321.75

Conclusions from EOD chart analysis

33 Sessions sideways market with Bearish Head and Shoulders Pattern formations and its neckline at 8321.75. As valid break down of neckline(8321.75) will be deeper correction confirmation therefore should be firstly watched for confirmations.

Symmetrical triangle continuation pattern formations

Nifty-EOD Chart (14-Aug-2015):-

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Technical Patterns and Formations in EOD charts

1- Wave-1(7940.30 on 12-06-2015)(Fresh Wave-i beginning after 5 Waves correction completion)
2- Wave-i(8654.75 on 23-07-2015)
3- Wave-ii(8321.75 on 28-07-2015)
4- Symmetrical triangle continuation pattern formations

Conclusions from EOD chart analysis

33 Sessions sideways market with Symmetrical triangle continuation pattern formations which is suggesting that on going Bullish trend will remain continued because it is a continuation pattern but confirmation is must through valid break out of its upward falling line.

Intra Day Chart Analysis of last 8 Sessions intraday charts

Nifty-Intra Day Chart (Aug 05 to Aug 14,2015):-

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Technical Patterns and Formations in last 8 Sessions intraday charts

1- 4 Sessions selling between 8568-8621
2- 3 Sessions consolidation between 8339-8433
3- 8 Sessions actual trading between 8339-8621

Conclusions from 8 Sessions intra day chart analysis

Firstly sharp fall in the beginning of previous week after 4 sessions good selling but sharp surge in the last sessions of previous week also after 3 sessions good consolidation at lower levels therefore Nifty will be understood sideways between last 8 sessions actual trading range(8339-8621).

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Long Term Trend is up
2- Intermediate Term Trend is up
3- Short Term Trend is sideways between 8316-8654 for the last 33 Sessions

Fresh Rally continuation after 5 Waves correction completion at 7940.30 on 12-06-2015 with recent top formation at 8654.75 on 23-07-2015 and and now its correction is on with both following Bullish and Bearish patterns formations:-

1- Bearish Head and Shoulders Pattern formations
2- Symmetrical triangle continuation pattern formations

Both above patterns formations in last 33 sessions sideways market between 8316-8654 and finally sustaining beyond this range will give confirmations to next big Trend. Last 8 Sessions trading between 8339-8621 with both higher levels good selling and equally strong supports at lower levels therefore Nifty will not easily break last 8 sessions trading range and will trade as well as firstly prepare for next decisive moves within this range in the next 2/3 sessions.

Although precautionary 33 sessions trading range(8316-8654) break out confirmation is required but rally above 8654 is expected after follow up consolidation because Long and Intermediate Term Trends are up and lower levels very good consolidation was seen in previous months also.

Next Big Trend Confirmations through 8339-8433

Intra Day Charts Analysis & Market Outlook

(14-08-2015)

Nifty-Intra Day Chart (Aug 12 & Aug 13,2015)

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Technical Patterns and Formations in last 2 Sessions intraday charts

1- Consolidation through down moves in Bullish Falling Channels in last 2 sessions
2- No selling patterns formations in last 2 sessions
3- 2 Sessions actual trading between 8339-8433

Conclusions from 2 Sessions intra day chart analysis

Although sharp down on 12-08-2015 but amid crashing all Global markets after China currency(Yuan) surprise devaluation and as such selling patterns were not seen as well as consolidation also developed through down moves in Bullish Falling Channels in last 2 sessions therefore a signal of correction completion and some up moves also in the coming sessions.

As last 2 sessions actual trading between 8339-8433 after gap down opening on 12-08-2015 with consolidation patterns formations therefore view will not be Bearish despite sharp fall in Indian Rupee after devaluation of Yuan. Follow up moves with sustaining beyond 8339-8433 should be firstly watched in the coming sessions for following next big trend confirmations:-

1- Sustaining below 8339 will mean Bearish Head and Shoulders Pattern's neckline(8321.75) broken down confirmation also which will result deeper correction.
2- Sustaining above 8433 will mean Pull Back rally beginning towards 8621/8654 and sideways market between 8339-8654 confirmations.

Head and Shoulders Pattern's neckline(8321.75) will decide Correction Life

Technical Analysis and Market Outlook

(13-08-2015)

Nifty-EOD Chart (12-Aug-2015):-

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signals of Bearish Head and Shoulders Pattern formations beginning with its neckline near about 8321.75

As soon as signals of Bearish Head and Shoulders Pattern emerged then it was updated in above lines on 08-08-2015 and it was seen in last 3 sessions with bottom formation at 8337.95 today which is just above its neckline(8321.75)

Valid break down on neckline(8321.75) will be deeper correction confirmation and should be firstly watched in the coming sessions amid crashing all Global markets after China currency(Yuan) surprise devaluation. It seems the Global markets are over reacting devaluation news and Indian markets today down moves were only Global markets reaction therefore firstly sustaining beyond 8321.75 should be firstly watched in the coming sessions.

Pre-open Outlook(12-08-2015)

As all the Asian markets are now trading more than 1% down after more than 1% Red closing of all the European and US markets therefore sentiment is completely depressed today morning and gap down opening will be seen in Indian markets.

whole day down moves in Bullish Falling Channel was seen yesterday therefore Pull Back rally was expected today but crashing like situation in all Global markets and Indian markets may trade whole day in negative zone today. As follow up selling with sustaining below yesterday lowest(8441.30) is must for fresh down moves therefore first 3/4 hours intraday trading patterns should be firstly watched today for next Short Term Trend confirmations.

Pull Back rally expectations

Intra Day Chart Analysis & Market Outlook
(12-08-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Whole day down moves in Bullish Falling Channel
2- Whole day actual trading between 8442-8530

Conclusions from intra day chart analysis

Although most time negative zone trading and .74% down closing but whole day down moves in Bullish Falling Channel therefore Pull Back rally is expected tomorrow.

Just watch GST Bill fate in Parliament

Post-open Outlook(11-08-2015)

As per Business News channels there is possibility of GST Bill Passing in current on going Mansoon parliament session therefore some volatility can not be ruled out according to its developments there but finally next trend will be decided according to fate of Bill in this session of Parliament.

Finally correction continuation after some intraday volatility and minor up moves up to 8578

Intra Day Chart Analysis & Market Outlook

(11-08-2015)

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

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Technical Patterns and Formations in today intraday charts

1- More than 5 hours selling between 8594-8621(Immediate Resistances)
2- Sudden sharp fall in last 30 minutes
3- Whole day actual trading between 8498-8621

Conclusions from intra day chart analysis

Following lines were told on 08-08-2015 in "Short Term correction Possibility in Next Week":-

1- firstly Short Term correction beginning possibility
2- Nifty will trade between 8322-8600 amid Short Term correction in next week

As was told 100% same happened and Nifty closed 39 points down after slipping 94 points in last 45 minutes today.

Firstly more than 5 hours selling between 8594-8621 which was within next previous resistance range(8600-8654) and after that huge sharp fall therefore confirmation of Short Term correction beginning and more down moves are expected in the coming sessions because last 3 sessions trading range(8546-8606) also broken down forcefully after 3:00 PM today.

Dow Jones is now trading 239 points up and if such Bullishness will be seen in Asian markets also then strong opening may be seen in Indian markets also but good selling at higher levels in last 4 sessions between 8566-8621 and Nifty will not easily sustain above 8621. As last 4 sessions selling within and below previous resistance range(8600-8654) therefore this resistance range has become stronger and until complete consolidation will not happen till then Nifty will not move above 8654.

Finally today started correction continuation is expected after some intraday volatility and minor up moves upto 8578.

Short Term correction Possibility in Next Week

Technical Analysis,Research & Weekly Outlook

(Aug 10 to Aug 14,2015)

Nifty-EOD Chart (07-Aug-2015):-

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Rally continuation after 5 waves correction completion

Nifty-EOD Chart (07-Aug-2015):-

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Technical Patterns and Formations in EOD charts

1- Wave-5(9119.20 on 04-03-2015)(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-1(7940.30 on 12-06-2015)(Fresh Wave-i beginning after 5 Waves correction completion)
7- Wave-i(8654.75 on 23-07-2015)
8- Wave-ii(8321.75 on 28-07-2015)
9- Wave-iii continuation with recent top formation at 8606.30 on 06-08-2015

Conclusions from EOD chart analysis

5 Waves correction begun after Wave-5 life time high formation at 9119.20 on 04-03-2015 which completed at 7940.30 on 12-06-2015 and fresh rally started which is in continuation after its 1st Short term correction completion 8321.75 on 28-07-2015. Now its Wave-iii continuation with recent top formation at 8606.30 on 06-08-2015

Signals of Bearish Head and Shoulders Pattern formations

Nifty-EOD Chart (07-Aug-2015):-

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Technical Patterns and Formations in EOD charts

1- Wave-1(7940.30 on 12-06-2015)(Fresh Wave-i beginning after 5 Waves correction completion)
2- Wave-i(8654.75 on 23-07-2015)
3- Wave-ii(8321.75 on 28-07-2015)
4- Wave-iii continuation with recent top formation at 8606.30 on 06-08-2015
5- Signals of Bearish Head and Shoulders Pattern formations beginning
6- Last 3 Sessions sideways market between 8546-8606

Conclusions from EOD chart analysis

Rally continuation after correction completion with recent top formation at 8654.75 on 23-07-2015 and signals of Bearish Head and Shoulders Pattern formations beginning with its neckline near about 8321.75 therefore view will be cautious in next week.

Last 3 sessions Sideways market

Nifty-Intra Day Chart (Aug 05 to Aug 07,2015):-

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Technical Patterns and Formations in last 3 Sessions intraday charts

1- Selling between 8566-8586 on 05-08-2015
2- Minor selling between 8568-8580 on 06-08-2015
3- Support between 8552-8562 on 06-08-2015
4- Volatility in last 2 hours between 8576-8606 on 06-08-2015
5- Selling between 8578-8595 on 07-08-2015
6- 3 Sessions actual trading between 8546-8606

Conclusions from 3 Sessions intra day chart analysis

Last 3 Sessions trading between 8546-8606 with lower levels some supports but good selling patterns formations were also seen therefore some decisive down moves are expected in the beginning of down moves.

Intra Day Chart Analysis(10-08-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Selling between 8578-8595(Immediate Resistances)
2- Whole day actual trading between 8553-8595

Conclusions from intra day chart analysis

As good selling between 8578-8595 therefore emergence of fresh decisive down moves expectations in the beginning of next week.

Conclusions (After Putting All Studies Together)

All trends are up and now rally continuation with recent top formation at 8654.75 on 23-07-2015 but following technical points are suggesting cautious view:-

1- Last 3 sessions sideways market between 8546-8606 with good selling within this range.
2- Last 3 sessions selling just below last resistance range(8600-8654) of on going rally
3- Last 3 sessions trading is showing lower top formation of on going rally on EOD charts.
4- Last 3 sessions trading is showing signals of Bearish Head and Shoulders Pattern formations beginning.

Technically last 3 sessions trading will be understood only sideways market between 8546-8606 but good selling was also seen within this range. Last resistances of on going rally are between 8600-8654 and selling was seen just below it therefore possibility of slipping below 8546 and Short Term correction beginning in the next week also.

As indications of Bearish Head and Shoulders Pattern formations beginning also therefore follow up moves with sustaining beyond its neckline near about 8321.75 should also be watched in the coming weeks.

As Short Term correction beginning possibility therefore supports of previous rally between 7940-8654 should be watched in next week:-:-

1- 8500-8510
2- 8425-8448
3- 8310-8384
4- 8196-8250
5- 8048-8077
6- 8000-8015
7- 7940-7980

Previous rally between 7940-8654 will correct accordingly to following retracement levels;-

1- 13.0%-8561
2- 23.6%-8485
3- 27.0%-8461
4- 38.2%-8381(Crucial)
5- 50.0%-8297(Crucial)
6- 61.8%-8212(Crucial)
7- 70.0%-8149
8- 76.4%-8108
8- 78.6%-8092
10-88.6%-8021

As crucial retracement levels(38.2%,50.0% and 61.8%) are lying between 8212-8381 and these levels are also lying within above mentioned 3rd and 4th supports ranges(8196-8384) therefore strong possibility of on going correction completion within this supports range.

Strong resistances are between 8600-8654 and equally good supports are also between 8322-8384 therefore Nifty will not easily cross 8322-8654 and will firstly trade and prepare for next trend within this range in next week. As some selling in last 3 sessions and firstly Short Term correction beginning possibility therefore firstly sustaining beyond 8322 should be watched in next week.

Expected that Nifty will trade between 8322-8600 amid Short Term correction in next week and will prepare for next trend as well as finally sustaining beyond 8322-8654 will decide next big moves.

Next Resistances above 8600 require more consolidation for fresh rally

Intra Day Chart Analysis & Market Outlook

(07-08-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Minor selling between 8568-8580
2- Support between 8552-8562
3- Volatility in last 2 hours between 8576-8606
4- Whole day actual trading between 8552-8606

Conclusions from intra day chart analysis

Following lines were told on 02-08-2015 in "Rally Continuation after Fresh Consolidation and Minor Intraday Correction":-

11 Sessions actual trading between 8322-8654 with lower levels good consolidations and higher levels equally good selling also therefore Nifty will not easily crossed this range and will trade as well as prepare for next trend within this range in the next minimum 2/3 sessions.

Nifty traded within 11 Sessions range(8322-8654) between 8449-8606 in last 4 sessions and today also as such one sided positions formation was also not seen because in first 4 hours lower levels supports and higher levels selling was also seen. As only volatility developed in last more than 2 hours therefore final view can not be formed and valid break out of 8654 should be firstly watched for next up trend confirmations.

Next strong resistances are lying between 8600-9642 and this range will decide the fate of on going rally. As lower levels supports and last 2 hours volatility at higher levels of the day between 8576-8606 was also seen today therefore hopes of fresh rally above 9642/8654 are alive but more consolidation is must in the coming sessions.

"Rally Continuation after Fresh Consolidation and Minor Intraday Correction" named weekly analysis topic was posted on 02-08-2015 and rally was seen after minor correction in last 4 sessions as well as expected that rally will remain continued after follow up consolidation and crossing next resistances(8600-9642)

As busy therefore unable to update today Outlook.

Sorry for inconvenience

Firstly watch valid break out of 8448-8563

Intra Day Chart Analysis & Market Outlook

(05-08-2015)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Whole day only high Volatility
2- Whole day actual trading between 8448-8565

Conclusions from intra day chart analysis

Following lines were told at on 03-08-2015 in "Very Short Term correction Possibility amid Intraday High Volatility":-

1- Certainly emergence of Very Short Term correction possibility
2- some up moves within and above today actual trading range(8528-8563)
3- amid intraday high volatility tomorrow.

As was told 100% same happened in following manner today:-

1- Very Short Term correction was seen and Nifty traded 95 points down as well as closed 26 points negative today.
2- Some up moves within and above yesterday trading range(8528-8563) with today highest formation at 8565.15
3- High intraday volatility is clear from above intraday chart of today.

As whole day only high Volatility and as such no positions formations therefore no conclusions can be drawn from today intraday charts because technical positions reverses and changes fast during such high volatility.

Following lines wee told on 02-08-2015 in "Rally Continuation after Fresh Consolidation and Minor Intraday Correction" and being repeated today for future guidance:-

11 Sessions actual trading between 8322-8654 with lower levels good consolidations and higher levels equally good selling also therefore Nifty will not easily crossed this range and will trade as well as prepare for next trend within this range in the next minimum 2/3 sessions.

As selling below 8563 yesterday and strong recovery from 8448 today therefore Nifty will firstly trade and prepare for next decisive moves between 8448-8563 tomorrow and valid break out of this range should be firstly watched in the coming sessions.

Very Short Term correction Possibility amid Intraday High Volatility

Intra Day Chart Analysis & Market Outlook

(04-08-2015)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 8547-8563
2- Down moves in Bullish Falling Channel in last hour
3- Whole day actual trading between 8528-8563

Conclusions from intra day chart analysis

Following line was told at on 02-08-2015 in "Rally Continuation after Fresh Consolidation and Minor Intraday Correction":-

Selling(resistances) between 8546-8654

As follow up selling within above mentioned previous resistance range between 8547-8563 today therefore higher level resistances have been strengthened.

RBI Credit Policy tomorrow and Bank Nifty traded as well as closed with good gains today but Nifty closed flat which is showing conflicting signals therefore uncertainty in main Indices and volatility will remain high tomorrow for stop loss triggering and one side trading positions setting.

Certainly emergence of Very Short Term correction possibility after higher levels selling today but down moves in Bullish Falling Channel were also seen in last hour therefore some up moves within and above today actual trading range(8528-8563) may also be seen amid intraday high volatility tomorrow.

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