As busy therefore Stock Market Outlook of today is not being updated but Mid-session Outlook may be updated during trading hours today.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Live Proofs of Levels Accuracy
Following intraday Selling Levels were updated yesterday in Correction Continuation towards 7104/6761
1- Selling between 7614-7640
2- Selling between 7581-7606
Selling below 7640 was told yesterday and whole day trading below it with intraday today highest formation at 7634.10 despite following Global markets Bullishness whole day today:-
1- Dow's Futures is now trading 200 points up.
2- Most Asian markets closing more than 0.50% up.
3- All European markets now trading 0.50% to 0.90% positive.
Pre-open Outlook(08-01-2016)
As all the Asian markets are trading in Green and Dow's Futures is also more than 175 points up therefore sentiment is good today morning and resultant some up moves may be seen in the form of relief rally today as the technical correction of yesterday huge fall also.
Just wait for follow up selling patterns formations for fresh selling today
Correction Continuation towards 7104/6761
Intra Day Chart Analysis & Market Outlook
(08-01-2016)
Nifty-Intra Day Chart (07-Jan-2016):- |
| Just click on chart for its enlarged view |
1- Selling between 7614-7640(Immediate Resistances)
2- Selling between 7581-7606(Immediate Resistances)
3- Whole day actual trading between 7556-7655
Conclusions from intra day chart analysis
Nifty corrected 415 points in last 4 sessions and all the 8 previous Outlooks of this Blog are live proofs of this fact that from 30-12-2015 we told again and again only for correction and that was seen also in all the previous sessions.
As whole day today down moves after huge gap down opening with continuous intraday selling patterns formations and consolidation patterns formations were not seen today therefore expected that on going correction will remain continued.
18 Months 4000 points strong rally from 28-08-2013(5118.85) to 04-03-2015(9119.20) and now its corrective Wave-'C' of 'ABC' correction continuation with recent bottom formation at 7539.50 on 08-09-2015. As at present no signal of Wave 'C' completion and fresh selling was also seen today therefore correction continuation will be seen below the lowest(7539.50) of on going big correction.
Just click following topic links for next targets of on going correction with detailed analysis:-
1- Updated on 13-09-2015:- Finally correction continuation towards 7104/6761
2- Updated on 06-09-2015:- Next Target of Nifty at 7104.30
Correction Continuation Expectations
Intra Day Chart Analysis & Market Outlook
(07-01-2016)
Nifty-Intra Day Chart (06-Jan-2016):- |
| Just click on chart for its enlarged view |
1- Support between 7761-7775
2- Selling between 7776-7800
3- Sudden sharp fall
4- Whole day actual trading between 7722-7800
Conclusions from intra day chart analysis
Following conclusive line was told yesterday in "Finally correction continuation despite some up moves possibilities":-
Finally correction continuation is still expected despite some up moves possibilities tomorrow
As was told yesterday 100% same happening is proved from above updated today intraday chart.
As good intraday consolidation patterns formations yesterday and fresh selling was required within yesterday trading range for decisive down moves therefore firstly up moves after lower levels supports and then more than 3 hours selling within yesterday trading range between 7776-7800 and after that sharp fall was seen today.
As follow up selling today after breaking down of 7 sessions trading range on 04-01-2016 therefore correction continuation is expected in the coming sessions.
Post-open Outlook(06-01-2016)
As most Asian markets are trading more than 1% down today morning and sentiment turned depressed therefore Nifty slipping immediately after positive opening but Mid-cap and Small-Cap are now trading more than .45% up. Intraday consolidation patterns formations yesterday therefore today first hour most time trading within yesterday trading range despite such high weakness in most Asian markets.
Intraday consolidation patterns formations above 7764 yesterday and its valid breaking down will be immediate confirmation of more correction.
Finally correction continuation despite some up moves possibilities
Intra Day Chart Analysis & Market Outlook
(06-01-2016)
Nifty-Intra Day Chart (05-Jan-2016):- |
| Just click on chart for its enlarged view |
1- Consolidation between 7764-7780(Immediate Supports)
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 7764-7831
Conclusions from intra day chart analysis
Correction beginning yesterday after Previous 7 Sessions actual trading range(7835-7972) broken down and today its continuation was seen but consolidation patterns formations also today therefore some up moves can not be ruled out in the coming sessions. As 7 Sessions trading range forcefully broken down yesterday therefore decisive up moves will be seen only after complete follow up consolidation but once valid breaking down of today lowest(7764) will mean correction continuation towards those next supports which have already been updated in previous Outlook yesterday.
Finally correction continuation is still expected despite some up moves possibilities tomorrow.
Correction Continuation towards Next Supports
Intra Day Charts Analysis & Market Outlook
(05-01-2016)
Nifty-Intra Day Chart (Dec 23,2015 to Jan 04,2016):- |
| Just click on chart for its enlarged view |
1- Previous 7 Sessions actual trading between 7835-7972
2- Slipping and closing below previous 7 Sessions lowest on 04-01-2016
Conclusions from 8 Sessions intra day chart analysis
Anyone may verify from our previous sessions Outlooks on Home page and Archive(at the bottom of Blog) that we continuously told for intraday selling patterns formations and resultant huge down moves today with slipping and closing below previous 7 Sessions lowest in a single day today.
Certainly 7 Sessions trading range broken down confirmation which is huge one and resultant correction beginning confirmation of that Pull Back rally which started on 14-12-2015 from 7551.05 and terminated at 7972.55 on 01-01-2016.
As such big down moves today and very short term indicators have turned oversold therefore only a bounce back from intraday lower levels will be considered otherwise finally correction continuation is expected towards following next supports:-
1- Supports between 7738-7772
2- Supports between 7573-7645
Pull Back rally Correction Beginning Confirmation
Mid-session Outlook(04-01-2016)
Nifty-Intra Day Chart(Last 5 Sessions & First 2 hours of 04-01-2016):- |
| Just click on chart for its enlarged view |
1- Last 5 Sessions actual trading between 7882-7972
2- Slipping below previous week lowest in first hour on 04-01-2016
Conclusions from intra day chart analysis
Although most of the days Nifty closed in Green in previous week but we were not Bullish and most of the times told for correction beginning possibilities because intraday charts were showing Mixed Patterns formations which means selling patterns were also being developed. As such selling formations were also seen in whole previous week therefore Nifty slipped below last 5 sessions lowest in first hour today.
As last 5 sessions actual trading bottom broken down of forcefully in only first one hour today therefore correction beginning confirmation of that Pull Back rally which started on 14-12-2015 from 7551.05 and terminated at 7972.55 on 01-01-2016.
Just Watch 7892 for Correction Beginning Confirmation
Post-open Outlook(01-01-2016)
Nifty-Intra Day Chart(Last hour of 31-12-2015 and First 7 Minutes on 01-01-2016):-
 |
| Just click on chart for its enlarged view |
1- Up moves in last hour on 31-12-2015
2- Sharp down in First 7 Minutes on 01-01-2016
Conclusions from intra day chart analysis
Although yesterday closing was near the higher levels of the day but we were not Bullish and told following lines in "4 Indications of Pull back rally correction beginning":-
1- Mixed Patterns between 7892-7915
2- sharp up moves in last half hour.
3- today up moves may be by mutual funds to maintain and increase their NAVs on the last day of the year.
As last hour up moves were not due to intraday consolidation but after Mixed patterns formations between 7892-7915 therefore Nifty lost all yesterday up moves within first 7 minutes today and traded at 7909.80.
Valid break down of 7892 should be firstly watched for correction beginning confirmation.
4 Indications of Pull back rally correction beginning
Intra Day Chart Analysis & Market Outlook
(01-01-2016)
Nifty-Intra Day Chart (31-Dec-2015):- |
| Just click on chart for its enlarged view |
1- Mixed Patterns between 7892-7915
2- Sharp up in last half hour
3- Whole day actual trading between 7892-7955
Conclusions from intra day chart analysis
Although more than 4 hours sideways trading with mixed Patterns formations but sharp up moves in last half hour. As per our view today up moves may be by mutual funds to maintain and increase their NAVs on the last day of the year.
As yesterday down moves were after mixed Patterns formations and today up moves were also after mixed Patterns formations therefore last 2 sessions trading will be understood only highly volatile and not technical positions generated.
Pull Back rally continuation but following indications are suggesting beginning of its correction;-
1- Short Term Oscillators have turned overbought
2- Volatility has increased which is an indication of correction.
3- Mixed Patterns formations in last 2 sessions.
4- Failing to cross next resistance(7953-7968)
Signals of Pull back rally correction beginning
Intra Day Chart Analysis & Market Outlook
(31-12-2015)
Nifty-Intra Day Chart (30-Dec-2015):- |
| Just click on chart for its enlarged view |
1- Mixed Patterns between 7924-7942
2- Down moves after down moves beginning in European markets
3- Whole day actual trading between 7890-7942
Conclusions from intra day chart analysis
Consolidation between 7921-7942 yesterday and firstly 4 hours trading within this range with Mixed Patterns between 7924-7942 today and last 2 hours slipping after down moves beginning in all the European markets.
Following resistance ranges were updated on 27-12-2015 in "Firstly Watch Crucial Levels for the Fate on going Pull Back Rally":-
1- 7877-7897
2- 7917-7934
3- 7953-7968
Nifty failed to test 3rd resistance range in last 2 sessions and slipped below yesterday lowest today which is a signal of correction beginning of that Pull back rally which started on 14-12-2015 from 7551.05. As today down moves were on the back of slipping European markets therefore sustaining below today Mixed Patterns lowest(7924) will be correction beginning confirmation.
Pull Back rally continuation expectations
Intra Day Chart Analysis & Market Outlook
(30-12-2015)
Nifty-Intra Day Chart (29-Dec-2015):- |
| Just click on chart for its enlarged view |
1- Consolidation Patterns between 7925-7942
2- Consolidation Patterns between 7903-7911
3- Consolidation Patterns between 7921-7938
4- Whole day actual trading between 7903-7942
Conclusions from intra day chart analysis
As selling between 6893-7916 yesterday therefore very short term correction was expected and it was seen through slipping from intraday higher levels. Fresh consolidation was seen within yesterday selling range(6893-7916) between 7903-7911 today and then recovery from lower levels as well as closing near the higher levels of the day today.
As intraday consolidation patterns formation within yesterday selling range today therefore on going Pull Back rally continuation is expected towards Long Term Trend decider 200-Day EMA(today at 8071).
Very Short Term Correction Possibility
Intra Day Chart Analysis & Market Outlook(29-12-2015)
Nifty-Intra Day Chart (28-Dec-2015):-
 |
| Just click on chart for its enlarged view |
1- Selling between 6893-7916
2- Volatility in last hour
3- Whole day actual trading between 7863-7937
Conclusions from intra day chart analysis
Although 0.82% positive closing but more than 4 hours selling patterns formations between 6893-7916 today therefore emergence of very short term correction possibility near about today lowest(7863) despite volatility in last hour.
Firstly Watch Crucial Levels for the Fate on going Pull Back Rally
Technical Analysis,Research & Weekly Outlook
(Dec 28,2015 to Jan 01,2016)
Nifty-EOD Chart (24-Dec-2015):- |
| Just click on chart for its enlarged view |
1- 7551.05 on 14-12-2015(Pull back rally beginning)
2- Recent top formation at 7888.75 on 24-12-2015
3- Last 6 sessions sideways market between 7734-7888 with force less up moves
Conclusions from EOD chart analysis
Long Term correction is on and more than 300 points Pull back rally continuation after getting supports at 7551.05 on 14-12-2015. As no confirmation of its completion on EOD charts therefore its continuation will be expected but last 6 sessions sideways market between 7734-7888 with force less up moves therefore emergence of on going Pull back rally completion indication.
Last 6 sessions Intra Day Chart Analysis
Nifty-Intra Day Chart (Dec 17 to Dec 24,2015):-
 |
| Just click on chart for its enlarged view |
1- Consolidation between 7738-7772 on 17-12-2015
2- Up moves in Bearish Rising Channel in last hours on 17-12-2015
3- Selling between 7793-7836 on 18-12-2015
4- Selling between 7800-7840 on 21-12-2015
5- More than 4 hours up moves in Bearish Rising Channel on 22-12-2015
6- Almost whole day up moves in Bearish Rising Channel on 23-12-2015
7- Most time sideways trading within 18 points between 7851-7869 with lower levels supports on 24-12-2015
8- 6 Sessions trading between 7734-7888
Conclusions from 6 Sessions intra day chart analysis
Last 6 Sessions trading between 7734-7888 with higher levels selling also within this range therefore valid break down of this range will be confirmation of on going Pull Back Rally termination. As lower levels supports were also seen within this range therefore finally valid break out of this range should be watched for the confirmation of on going Pull Back rally continuation/completion.
Last 2 sessions Intra Day Chart Analysis
Nifty-Intra Day Chart (Dec 23 & Dec 24,2015):-
 |
| Just click on chart for its enlarged view |
1- Almost whole day up moves in Bearish Rising Channel on 23-12-2015
2- Most time sideways trading within 18 points between 7851-7869 with lower levels supports on 24-12-2015
3- Last 2 sessions most time trading within 30 points between 7841-7871
Conclusions from 2 Sessions intra day chart analysis
Last 2 sessions most time trading within 30 points between 7841-7871 and valid break out of this range will be first strong indication of on going Pull Back rally continuation/completion and should be firstly watched in the beginning of next week.
Conclusions (After Putting All Studies Together)
Detailed analysis of EOD Charts with patterns formations have already been updated in following previous weekly analysis topics:-
1- On 29-11-2015: "Bullish Flag Formation in last 9 months Correction suggesting Strong Rally"
2- On 06-12-2015: "7715 Will decide the Life of on going Correction"
Importance of 7715 has already been updated with Neckline(7722) of 56 sessions Head and Shoulders pattern and both the levels were broken down but last 7 sessions closing above it therefore validity of this pattern in question now.
As whole 9 months correction from 9119.20 to 7539.50 in Falling channel with Bullish Flag formations and this pattern formation will remain valid up to near about 7119 therefore until Nifty will not slip below the Falling trend line of Flag till then expectations of fresh Rally above life time high(9119.20) will remain alive.
Wave-C is on with recent bottom at 7539.50 on 08-09-2015 and now Pull back rally continuation after its Sub Wave-5 completion at 7551.05 on 14-12-2015. Although Pull back rally beginning after higher bottom formation at 7551.05 on 14-12-2015 but no confirmation of on going Long term correction completion yet therefore firstly sustaining above following resistances should be watched in next week for first strong indication of on going correction completion:-
1- 7877-7897
2- 7917-7934
3- 7953-7968
As Long Term Trend decider 200-Day EMA is today at 8074 therefore finally sustaining above it will be confirmation of on going correction completion and let it happen otherwise on going Pull Back Rally will be understood for its continuation towards above mentioned resistances.
Crucial Levels for next Trend Confirmations
Last 6 sessions trading between 7734-7888 with higher levels selling and lower levels supports therefore expected that Nifty will firstly trade within and near about this range in next week and will prepare for next decisive moves beyond it and finally valid break out of this range will decide the fate of on going Pull Back rally. As last 2 sessions most time trading within 30 points between 7841-7871 and valid break out of this range will be next decisive moves first strong indication therefore should be firstly watched in the beginning of next week.
Only Indian markets participation in Bullish Global markets
Intra Day Chart Analysis & Market Outlook
(24-12-2015)
Nifty-Intra Day Chart (23-Dec-2015):- |
| Just click on chart for its enlarged view |
1- Sharp up after opening
2- Almost whole day up moves in Bearish Rising Channel
3- Whole day actual trading between 7827-7872
Conclusions from intra day chart analysis
As Dow Jones closed 165 points up yesterday and in reaction all the Asian markets was trading in Green therefore resultant strong opening of Indian markets and whole day sideways trading within 45 points betwen 7827-7872. Although today closing with 1.03% gains but on the back of strong Global cues therfore view will not be Bullish because almost whole day today up moves were in Bearish Rising Channel and intraday selling patterns were seen in last 3 sessions also.
Global markets are strong and now Dow Jones is trading more than 100 points up as well as almost all the European markets are also more than 2% up therefore only Indian markets participation in Bullish Global markets will be understood in the form of Pull Back Rally towards following next resistance:-
1- 7877-7897
2- 7917-7934
3- 7953-7968
Correction Continuation Expectations
Intra Day Chart Analysis & Market Outlook
(23-12-2015)
Nifty-Intra Day Chart (22-Dec-2015):- |
| Just click on chart for its enlarged view |
1- More than 4 hours up moves in Bearish Rising Channel
2- Sharp down after intraday selling patterns formations
3- Whole day actual trading between 7777-7846
Conclusions from intra day chart analysis
Following lines were told yesterday in "Short Term correction in the coming 2/3 sessions":-
1- selling patterns formations will be understood between 7793-7840 in last 2 sessions
2- expected that Nifty will not sustain above today highest
3- finally down moves will be seen below today lowest(7733.45) in the coming 2/3 sessions after follow up selling
Follow up selling was firstly seen today through more than 4 hours up moves in Bearish Rising Channel. As this Bearish pattern formation was between last 2 sessions selling range(7793-7840) therefore sharp down moves below 7793 and closing also below this range at 7786.10 today.
Pull Back started on 14-12-2015 from 7551.05 and strong signals of its completion after last 3 sessions selling between 7793-7840. As such good selling therefore expected that more down moves will be seen towards the bottom of on going Pull Bach rally and possibility of slipping below the bottom(7551) of on going pull back rally also can not be ruled out because no confirmation of that big correction completion which started on 04-03-2015 from 9119.20.
As Dow Jones is now trading more than 120 points up and if it close such strong today and Asian markets also react such Bullishness tomorrow then some intraday volatility may be seen within today trading range(7777-7846) tomorrow but finally correction continuation is expected in the next 1/2 sessions.
Short Term correction in the coming 2/3 sessions
Intra Day Charts Analysis & Market Outlook
(22-12-2015)
Nifty-Intra Day Chart (Dec 21 & Dec 22,2015) |
| Just click on chart for its enlarged view |
1- Selling between 7793-7836 on 18-12-2015
2- Selling between 7800-7840 on 21-12-2015
Conclusions from 2 Sessions intra day chart analysis
Although closing near the higher levels of the day today but almost 5 hours selling patterns formations were also seen today. As more than 5 hours selling was seen almost in the same range last Friday also therefore selling patterns formations will be understood between 7793-7840 in last 2 sessions and Short Term correction will be considered.
As Dow Jones is now trading 140 points up and all the European markets are also trading with good gains therefore if Asian markets remains strong tomorrow then gap up opening will be seen in Indian markets also but expected that Nifty will not sustain above today highest and finally down moves will be seen below today lowest(7733.45) in the coming 2/3 sessions after follow up selling.
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