Immediate target of Nifty at 8374.20

Technical Analysis,Research & Weekly Outlook

(Apr 18 to Apr 22,2016)

7 Years Waves structures of post 2008 correction 

Nifty-EOD Chart (13-Apr-2016):-

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Technical Patterns and Formations in EOD charts

1- 2252.75 on 27-10-2008(Impulsive Wave-1 beginning after 2008 big correction completion)
2- Corrective  Wave 2 beginning after Wave 1 completion at 6338.50 on 05-11-2010
3- Impulsive Wave-3 beginning after 13 Months Wave-2 correction completion at 4531.15 on 20-12-2011
4- Corrective  Wave 4 beginning after many times new life time high formations and Wave 3 completion at 9119.20 on 04-03-2015
5- Impulsive Wave-i of Wave-5 beginning after 12 Months Wave-4 correction completion at 6825.80 on 29-02-2016
6- Impulsive Wave-i of Wave-5 continuation with recent top formation at 7864.80 on 13-04-2016

Conclusions from EOD chart analysis 

Indian markets are tend to move in 7/8 years time cycles in following manner:-

1- In Apr 1992 -Rally finished after Harshad Mehta scam
2- In Jan 2000 -IT Rally finished after Ketan Parikh scam 
3- In Jan 2008 -Rally finished after Lehman brothers scam 
4- In Mar 2015 -Rally finished after Budget-2015-16.

2008 Correction completed at 2252.75 on 27-10-2008 and after that Wave-1 of fresh rally begun in Apr 2009 after 5 months sideways consolidation. Now its Wave-i of Wave-5 continuation with recent top formation at 7864.80 on 13-04-2016 which will remain continued above life time high(9119.20) in the coming months and years because Indian markets  time cycles remains continued for 7/8 years therefore the rally which started from 6825.80 on 29-02-2016 may remain on for this period also.

Waves Structure of Impulsive Wave-3

Nifty-EOD Chart (13-Apr-2016):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-3(on Long Chart) beginning after 13 Months Wave-2 correction completion at 4531.15 on 20-12-2011
2- Corrective  Wave 2 beginning after Wave 1 completion at 6229.45 on 20-05-2013
3- Impulsive Wave-3 beginning after Wave 2 correction completion at 5118.85 on 28-08-2013
4- Corrective Wave 4 beginning after Wave 3 completion at 8174.55 on 09-09-2014
5- Impulsive Wave-5 beginning after correction completion at 7723.85 on 17-10-2014
6- Wave-5 completion at 9119.20 on 04-03-2015 and Wave-A of 'ABC' correction beginning
7- Wave-A completion(7940.30 on 12-06-2015) and Wave-B beginning
8- Wave-B completion(8654.75 on 23-07-2015)
9- Wave-C completion at 6825.80 on 29-02-2016 and Wave 1 of fresh Rally beginning
10- Recent top of Wave 1 formation at 7864.80 on 13-04-2016

Conclusions from EOD chart analysis 

Impulsive Wave-3 which started from 4531.15 on 20-12-2011 completed at 9119.20 on 04-03-2015 and after that 'ABC' correction of Wave-4 begun which finished at 6825.80 on 29-02-2016.Now Wave 1 of Wave-5 is on which is impulsive Wave-i of Wave-5 of that rally which started at 2252.75 on 27-10-2008.

Waves Structure of Post Budget-2015 Correction

Nifty-EOD Chart (13-Apr-2016):-

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Technical Patterns and Formations in EOD charts

1- Wave-5 completion at 9119.20 on 04-03-2015 and Wave-A of 'ABC' correction of Wave-4((on Long Chart)) beginning after life time high formation
2- Wave-1 of Wave-A(8269.15 on 27-03-2015)
3- Wave-2 of Wave-A(8844.40 on 15-04-2015)
4- Wave-3 of Wave-A(7997.15 on 07-05-2015)
5- Wave-4 of Wave-A(8489.55 on 22-05-2015)
6- Wave-5 of corrective Wave-A completion at 7940.30 on 12-06-2015 and Wave-B beginning
7- Wave-B completion and corrective Wave-C beginning(8654.75 on 23-07-2015)
8- Wave-1 of Wave-C(7539.50 on 08-09-2015)
9- Wave-2 of Wave-C(8336.30 on 26-10-2015)
10- Wave-3 of Wave-C(7241.50 on 20-01-2016)
11- Wave-4 of Wave-C(7600.45 on 01-02-2016)
12- Wave-5 of corrective Wave-C completion at 6825.80 on 29-02-2016 and Wave 1 of fresh Rally beginning
13- Recent top of Wave 1 formation at 7864.80 on 13-04-2016

Conclusions from EOD chart analysis 

'ABC' correction of whole this rally begun from 9119.20 on 04-03-2015 which started from 4531.15 on 20-12-2011. Wave-4 correction with 5 sub waves of both Wave-A and Wave-C lasted 12 months and completed at 6825.80 on 29-02-2016. Now impulsive Wave-5 continuation with its Wave 1 recent top formation at 7864.80 on 13-04-2016.   

Waves Structure of Post Budget-2016 Rally

Nifty-EOD Chart (13-Apr-2016):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-i of Wave-5(on Long Chart) beginning after bottom formation at 6825.80 on 29-02-2016
2- Firstly 10 sessions sideways trading between 7405.15-7583.70
3- Secondly 16 sessions sideways trading between 7516.85-7777.60
4- Forceful break out of Long Term Trend decider 200 Day EMA(today at 7766) on 13-04-2016
5- Rally continuation after forceful break out of 16 sessions trading range with Recent top of Wave-i of Wave-5 formations at 7864.80 on 13-04-2016

Conclusions from EOD chart analysis 

That impulsive Wave-i of Wave-5 which begun from 6825.80 on 29-02-2016 is in continuation after forceful break out of 16 sessions sideways trading range(7516.85-7777.60). As this 1039 points rally from 6825.80 on 29-02-2016  corrections were with 10 sessions and 16 sessions sideways trading and deeper corrections were not seen therefore this rally will be understood a technically strong rally because forceful break out of Long Term Trend decider 200 Day EMA(today at 7766) also on 13-04-2016.

12 Months Correction with Bullish Flag formations

Nifty-EOD Chart (13-Apr-2016):-

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Technical Patterns and Formations in EOD charts

1- Wave-3 on long Chart beginning at 4531.15 on 20-12-2011
2- Wave-3 completion and corrective Wave-4 beginning at 9119.20 on 04-03-2015 
3- Corrective Wave-4 completion at 6825.80 on 29-02-2016
4- 12 Months correction with Bullish Flag formations
5- Forceful break out of Upper falling line of Bullish Flag on 13-04-2016 

Conclusions from EOD chart analysis 

12 Months correction from 9119.20 to 6826 was with Bullish Flag formations and Nifty has not slipped below its lower falling line as well as strong Pull Back Rally started from Budget-2016 day which is in continuation. As forceful break out of Upper falling line of Bullish Flag on 13-04-2016 also therefore confirmation of Bullish Flag validity and high possibility on going rally continuation above life time high(9119.20). 

Inverse Head And Shoulders formations

Nifty-EOD Chart (13-Apr-2016):-

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Technical Patterns and Formations in EOD charts

1- 48 sessions Inverse Head And Shoulders pattern formations with its Neckline at 7600
2- Head formation at 6825.80 on 29-02-2016 
3- Neckline(7600) break out confirmation after forceful rally on 13-04-2016 

Conclusions from EOD chart analysis

As Neckline broken out confirmation on 13-04-2016 therefore 48 sessions Inverse Head And Shoulders pattern target(8374.20) turns valid as per following calculations:- 

Head formation at 6825.80
Neckline of pattern is at 7600
7600-6825.80= 774.20 points distance between Head and Neckline 
Neckline was broken out on 18-03-2016 with closing at 7604.35 
Inverse Head and Shoulders Neckline broken out confirmation will mean next target of Nifty at 7600+774.20=8374.20

Strong possibility of Nifty will test 8374.20 in the coming sessions or months.

Conclusions (After Putting All Studies Together)

Bottom of 12 months correction formation on Budget day at 6825.80 on 29-02-2016 and we told following lines at 02:12 AM on 01-03-2016 in "Strongest indications of correction completion at 6825.80 and Fresh Rally above 9119.20"

1- Strongest indications of last 12 months Long Term correction completion today at 6825.80.
2- Very much expected that finally 6825.80 will be proved the lowest of that correction which begun at 9119.20 on 04-03-2015  
3- Finally fresh rally above 9119.20 will be seen before or immediately after Budget 2017-18 

Nifty moved up 1039 points after 29-02-2016 but who told such words like above in whole India before 02:12 AM on 01-03-2016 except us. I would say with guarantee that no one would have imagine such strong rally which was seen from 01-03-2016. 

Trends of Nifty are as follows:-

1- Short Term Trend is up.
2- Intermediate Term Trend was sideways after last 26 sessions sideways trading but high possibility of its turning up after forceful up moves above last 26 sessions trading range on 13-04-2016.
3- Long Term Trend turning up high possibility after forceful break out of its decider 200 Day EMA(today at 7766) on 13-04-2016.

On Long chart Wave-5 beginning at 6825.80 on 29-02-2016 to move above the top(9119.20) of Wave-5 and this wave has correction also in last 26 sessions within sideways trading ranges as well as forceful break out of these range on 13-04-2016 therefore expected that on going Wave-5 will remain continued towards following resistances:-  

1- 7920-7980
2- 8060-8140
3- 8270-8320

Wave-i of Wave-5 is on and no signal of its completion yet as well as its continuation towards the target(8374.20) of 48 sessions Inverse Head And Shoulders pattern because confirmation of forceful break out of its Neckline(7600) also. As conformation of Bullish Flag validity also therefore Nifty will move above life time high(9119.20) .  

Indian markets are tend to move in 7/8 years time cycles and Indian markets are Bullish on Long charts therefore rally above life time high(9119.20) will be seen in the coming months and years but corrections will also be seen as per the nature of markets. Immediate target of Nifty is at 8374.20 which is drawn from validity confirmation of Inverse Head And Shoulders pattern but after complete corrections and consolidations because above mentioned multiple resistances are lying below it.

Pre-open Outlook(13-04-2016)

As Dow's Futures is 178 pints up today morning after 164 rally yesterday therefore sentiment is extremely strong and all the Asian markets are more than 1% up,resultant gap up opening will be seen in Indian markets also.

As Bull markets consolidate at higher levels therefore Nifty will firstly trade between 7700-7777 and consolidate for fresh up moves above the top(7777.60) of post Budget rally which may be seen today or in next week.

Just Watch Crucial Levels to understand next trend

Intra Day Chart Analysis & Market Outlook

(13-04-2016)

Nifty-Intra Day Chart (12-Apr-2016):-

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Technical Patterns and Formations in today intraday charts

1- Support between 7677-7690
2- More than 2 hours Mixed Patterns between 7695-7717
3- Minor support between 7674-7684
4- Selling between 7704-7717 
5- Whole day actual trading between 7677-7717

Conclusions from intra day chart analysis 

Following line were told yesterday in "Rally Continuation after follow up fresh consolidation":-

today started rally continuation is expected

As was told 100% same happened and Nifty closed .49% up today but as such intraday consolidation was not seen because more than 2 hours trading was mixed Patterns formations between 7695-7717 and selling was also seen in last hour despite today closing near the higher levels of the day. As Nifty got supports at lower levels also therefore whole day today trading will be understood with Mixed patterns formations. 

Expected that Nifty will firstly trade and prepare for next decisive moves near about and within today trading range(7677-7717) and its valid break out will be first indication and sustaining beyond 7517-7777 will be next trend final confirmation therefore these crucial levels should be firstly watched tomorrow to understand next trend.

Let Nifty prepare for next decisive moves between 7677-7717 then next trend will be updated from intraday charts patterns formations in the same manner as being done for the last more than 5 years because our policy is "No gossiping never guessing and whatsoever market suggest,only that is always updated".

Rally Continuation after follow up fresh consolidation 

Intra Day Chart Analysis & Market Outlook

(12-04-2016)

Dow's Futures-Intra Day Chart(till 01:45 PM on 11-Apr-2016):-

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 Nifty-Intra Day Chart (11-Apr-2016):-

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Technical Patterns and Formations in today intraday charts

1- More than 3 hours sideways trading between 7557-7586
2- 3 Hours trading range broken down 
3- 100 Points jump with sharp rise in Dow's Futures and all European markets.
4- Strong up moves continuation with closing near the higher levels of the day.
3- Whole day actual trading between 7517-7678

Conclusions from intra day chart analysis 

Following lines were told in both previous Outlooks of yesterday and today:-

1- good selling was seen between 7552-7569
2- some down will be seen despite last Friday closing near the higher levels of the day.
3- As both supports and resistances between 7518-7644 and finally this range will decide the fate of on going Post Budget Rally correction

As was told above all the proved 100% accurate in following manner today:-

Down was told yesterday and downward moves remain continued till 01:00 PM today as well as levels between 7518-7644 were given and Nifty jumped 100 points after lowest formation at 7516.85. 

Nifty closed at 7671.40 today which has validated following most crucial levels:-

1- Neckline(7600) of 48 sessions Bullish Inverse Head And Shoulders pattern
2- 11 Sessions trading range(7582-7777) was broken down on 07-04-2016 but not sustaining below it and again moved into and closing within 11 sessions range today.

As intraday charts of 06-04-2016 and 07-04-2016 showed only consolidation patterns therefore we posted following topics on that days:-

1- Posted on 06-04-2016:- "First indication of yesterday started correction completion"
2- Posted on 07-04-2016:- "Finally fresh up Moves after follow up consolidation amid Global markets Bearishness"

Only Bullish projections were given in above 2 topics and Nifty closed above the top of these 2 sessions in only one day today rally which is an strong indication of that correction completion which started from 7777.60 on 31-03-2016. As no selling pattern formations today therefore today started rally continuation is expected towards following resistances:-

1- 7710-7737
2- 7755-7777

As above resistances are just above today highest and very Short Term Indicators have also turned overbought after today strong rally therefore some volatility can not be ruled out but finally rally continuation above 7777.60 is expected after follow up fresh consolidation which is must also to cross and sustain above mentioned resistances.

Post-open Outlook(11-04-2016)

Following lines were told yesterday in "7518-7644 Will decide the Fate of on going Post Budget Rally Correction":-

1- good selling was seen between 7552-7569
2- some down will be seen despite last Friday closing near the higher levels of the day.
3- As both supports and resistances between 7518-7644 and finally this range will decide the fate of on going Post Budget Rally correction

Nifty honoured our above analysis in first 40 minutes in following manner today:-

1- Good selling between 7552-7569 was told and Nifty could not sustain above it as well as slipped below it. 
2- Down was told yesterday after Green closing of all US and European markets last Friday and down moves are being seen in Indian markets today despite most Asian markets positive zone trading with more than 1.4% up moves in Chinese markets.

As both supports and resistances between 7518-7644 and finally this range will decide trend therefore should be first watched now.

7518-7644 Will decide the Fate of on going Post Budget Rally Correction

Technical Analysis,Research & Weekly Outlook

(Apr 11 to Apr 13,2016)

Waves Structure of on going Pull Back Rally

Nifty-EOD Chart (08-Apr-2016):-

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Technical Patterns and Formations in EOD charts

1- Pull Back Rally beginning after bottom formation at 6825.80 on 29-02-2016
2- Recent top of Pull Back rally formations at 7777.60 on 31-03-2016
3- 11 Sessions trading between 7582-7777 and this range broken down on 07-04-2016 
4- Correction of Pull Back rally continuation with recent bottom formations at 7526.70 on 08-04-2016

Conclusions from EOD chart analysis

That Pull Back Rally which begun from 6825.80 on 29-02-2016 completed at 7777.60 on 31-03-2016 and correction started which is in continuation with recent bottom formations at 7526.70 on 08-04-2016.

Intra Day Chart Analysis(08-04-2016)

Nifty-Intra Day Chart (08-Apr-2016):-

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Technical Patterns and Formations in today intraday charts

1- Support between 7527-7542 
2- Selling between 7552-7569(Immediate Resistances)
3- Whole day actual trading between 7527-7569

Conclusions from intra day chart analysis 

Following lines were told on 07-04-2016 in "Finally fresh up Moves after follow up consolidation amid Global markets Bearishness":-

1- Dow Jones is now trading more than 120 points down and all the European markets are also in Red 
2- finally fresh up moves will be seen after follow up consolidation near about and between 7536-7635
3- because last 2 sessions intraday charts are showing consolidation patterns formations.

Although most Asian markets were too much down after deep Red closing of US and all European markets on 08-04-2016 but Indian markets opened flat also closed in Green because of consolidation patterns formations in previous 2 sessions.

Certainly Indian markets out performed Global markets and also got supports at lower levels but good selling was seen between 7552-7569 therefore it will be immediate resistance of Nifty and until Nifty will not sustain above it after fresh consolidation till then next decisive up moves above 7569 will not be seen as well as some down will be seen despite last Friday closing near the higher levels of the day.

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Short Term Trend has turned down after slipping below last 11 sessions trading range(7582) 
2- Intermediate Term Trend is up which will be down after sustaining above 7405.
3- Long Term Trend is down which will be up after sustaining above its decider 200 Day EMA(today at 7766)

As following reasons therefore view turned cautious:-

1- 11 Sessions trading between 7582-7777 at the top of Pull Back Rally and this range was broken down on 07-04-2016.
2- Last 2 sessions closing below 11 Sessions range.
3- Intraday selling patterns formations were seen last Friday.

Next immediate supports are between 7518-7542 and valid break down of 7518 will mean 11 Sessions trading range(7582-7777) broken down confirmations and resultant deeper correction will be seen towards following next supports:- 

1- 7410-7443
2- 7347-7375

Fibonacci Retracement levels of Post-Budget Rally(6826-7777) are as follows:-

1- 13.0%- 7,653
2- 23.6%- 7,552
3- 27.0%- 7,520
4- 38.2%- 7,413(Crucial)
5- 50.0%- 7,301(Crucial)
6- 61.8%- 7,189(Crucial)
7- 70.7%- 7,104
8- 76.4%- 7,050
9- 78.6%- 7,029 
10-88.6%- 6,934  

As both supports and resistances between 7518-7644 and finally this range will decide the fate of on going Post Budget Rally correction therefore firstly should be watched in the beginning of next week because:- 

1- Finally below 7518 will mean deeper correction of Post Budget Rally because that will be 11 sessions(7582-7777) trading range broken down confirmation also.
2- Finally above 7644 will mean Post Budget Rally correction completion and fresh up moves beginning towards and above 7777.

Finally fresh up Moves after follow up consolidation amid Global markets Bearishness

Intra Day Chart Analysis & Market Outlook

(08-04-2016)

Nifty-Intra Day Chart (07-Apr-2016):-

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channels
2- Whole day actual trading between 7536-7606

Conclusions from intra day chart analysis 

Although whole day negative zone trading with closing below the Neckline(7600) of 48 sessions Inverse Head And Shoulders pattern and also below last 11 sessions lowest(7582) but as such selling patterns were not seen and on the contrary consolidation through down moves in Bullish Falling Channels also developed today therefore it will be understood that Indian markets are under consolidation process and fresh up moves will be seen very shortly after its completion. 

As all the European markets slipped fast after 01:30 PM and Dow's Futures also lost 80 points therefore in reaction Indian markets tumbled and breaking down confirmation of 7582/7600 is still required despite today closing below these levels. 

As Dow Jones is now trading more than 120 points down and all the European markets are also in Red therefore if such Global markets Bearishness remains continued till tomorrow then in reaction some volatility may be seen in Indian markets also but expected that finally fresh up moves will be seen after follow up consolidation near about and between 7536-7635 because last 2 sessions intraday charts are showing consolidation patterns formations.

First indication of yesterday started correction completion

Intra Day Chart Analysis & Market Outlook

(07-04-2016)

Nifty-Intra Day Chart (06-Apr-2016):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 7592-7610
2- Down moves in Bullish Falling Channels
3- Whole day actual trading between 7592-7635

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Firstly Watch last 2 Hopes of Bulls":-

following 2 last hopes for Bulls remained alive:-

1- Today closing was above 7600 which is Neckline of 48 sessions Inverse Head And Shoulders pattern.
2- Today lowest(7588.65) and closing is above Last 9 sessions trading range(7582-7777).

Two levels of 7582 and 7600 was given and Nifty honoured both levels through not slipping below 7582 (today lowest at 7591.75) and closing above 7600 at 7614.35 today.

Whole day sideways trading within 43 points with only consolidation patterns formations therefore first indication of yesterday started correction completion. As finally sustaining beyond 7582-7635 will be next decisive moves confirmation therefore should be firstly watched tomorrow for following moves:-

1- Below 7582 will mean correction beginning confirmation of Post Budget 952 points rally.
2- Above 7635 will mean up moves towards 7777 and once sustaining above it will mean strong rally towards the target(8374.20) of Inverse Head And Shoulders.

Firstly Watch last 2 Hopes of Bulls

Intra Day Chart Analysis & Market Outlook

(06-04-2016)

Nifty-Intra Day Chart (05-Apr-2016):-

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Technical Patterns and Formations in today intraday charts

1- Sideways trading between 7706-7733 before RBI Credit Policy
2- High volatility after RBI Credit Policy
3- Whole day actual trading between 7588-7733

Conclusions from intra day chart analysis 

As some selling yesterday therefore firstly weak opening of Indian markets and after that sideways trading between 7706-7733 before RBI Credit Policy but high volatility immediately after its announcements and 55 points sharp recovery was also seen after sharp fall because there was nothing adverse in policy because MSF rate was also reduced by 75 basis points with 25 BPS Repo Rate cut.

As Dow's Futures slipped 145 points and most European markets were also more than 2% down therefore whole day down moves remained continued in Indian markets and closing was near the lower levels of the day but following 2 last hopes for Bulls remained alive:-

1- Today closing was above 7600 which is Neckline of 48 sessions Inverse Head And Shoulders pattern.
2- Today lowest(7588.65) and closing is above Last 9 sessions trading range(7582-7777)

Although 2% down markets today but not due to RBI Credit Policy but on the back of most depressing all Global markets and firstly sustaining beyond 7600/7582 should be watched tomorrow for today started correction continuation/completion and it should also be kept in mind that deeper correction will be seen only after sustaining below 7582. 

Next Short Term Trend Confirmation through Crucial Levels amid RBI Rates Cut Uncertainty 

Post-open Outlook(05-04-2016)

Although Nifty closed near the higher levels of the day yesterday after gaining 45 points but intraday charts of yesterday have shown some selling patterns formations also therefore we told following line yesterday in "Final Confirmations of next Short Term Trend from 7582-7777":-

"possibility of some down moves after RBI Credit Policy can not be ruled out tomorrow" 

Some down moves were told after RBI Credit Policy but down moves have been seen immediately after opening today and Nifty traded 42 points down within first minute of today trading.

Down moves as per our expectations have already been seen but a big event is ahead in which RBI will cut rates by 25 BPS and if 50 BPS or more is announced then some up moves amid high volatility will be considered but sustaining above 7777 is must. 

Some down were projected for today which have already been seen. certainly rates cut uncertainty but Post RBI Credit Policy moves will be decided according intraday charts patterns formation up to 10:45 AM today and next Short Term Trend confirmation will be according to valid break out of following crucial levels:-   

1- 7667-7777(first signal)
2- 7582-7777(final confirmations)

Final Confirmations of next Short Term Trend from 7582-7777

Intra Day Chart Analysis & Market Outlook

(05-04-2016)

Nifty-Intra Day Chart (04-Apr-2016):-

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Technical Patterns and Formations in today intraday charts

1- Minor selling between 7730-7737
2- Minor support between 7705-7710
3- Minor selling between 7757-7764
4- Whole day actual trading between 7705-7764

Conclusions from intra day chart analysis 

Following lines were told on 03-04-2016 in "Expectations of Rally above 7777 after complete follow up Consolidations":-

1- Nifty will firstly prepare for such moves on next Monday between 7667-7777 
2- finally rally above 7777 is still expected after complete follow up consolidations tomorrow

Nifty traded within mentioned range(7667-7777) between 7705-7764 and closed also 45 points up today but complete follow up consolidation was not seen despite today closing near the higher levels of the day. As clear selling patterns formations on 31-03-2016 therefore as such good consolidation was required which could not develop but some selling was also seen today therefore possibility of some down moves after RBI Credit Policy can not be ruled out tomorrow. 

As Mixed patterns formation in last 3 sessions between 7667-7777 therefore next decisive moves will be firstly understood from Pre RBI Credit Policy trading hours intraday patterns formations tomorrow. High volatility may also be seen tomorrow after Mixed patterns formation in last 3 sessions therefore following trading ranges should be watched for next Short Term Trend confirmations because some times technical positions reverses also amid high intraday volatility:-

1- Last 3 sessions between 7667-7777
2- Last 9 sessions between 7582-7777(final confirmations)

As last 9 sessions trading between 7582-7777 with lower levels supports and higher levels resistances as well as Neckline(7600) of 48 sessions Inverse Head And Shoulders pattern is lying within this range therefore once sustaining beyond this range will confirm the validity of this pattern and resultant following decisive moves will be seen beyond this range:-

1- Above 7777 will mean strong rally towards the target(8374.20) of Inverse Head And Shoulders.
2- Below 7582 will mean correction beginning confirmation of Post Budget 952 points rally.

Expectations of Rally above 7777 after complete follow up Consolidations

Technical Analysis,Research & Weekly Outlook

(Apr 04 to Apr 08,2016)

Nifty-Intra Day Chart (01-Apr-2016):-

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Support between 7667-7681(Immediate Supports)
3- Up moves with intraday correction.
4- Whole day actual trading between 7667-7740

Conclusions (After Putting All Studies Together)

Following lines were told on 28-03-2016 in "Finally Rally continuation after follow up Consolidations in the coming Sessions":-

1- Inverse Head And Shoulders pattern formations in 48 sessions with its Neckline at 7600 
2- Neckline was broken down with closing above it on 28-03-2016 therefore firstly sustaining beyond Neckline(7600) should be watched in the coming sessions because confirmation of sustaining above it will mean next target of Nifty at 8374.20.

Following lines were told on 31-03-2016 in "Cautious View after Clear Selling Patterns Formations Today":-

1- clear selling patterns formations between 7755-7777 today
2- RBI Credit Policy on 05-04-2016 and Nifty will prepare in next 2 sessions for next decisive moves after its announcements.
3- View will be wait and watch for next 2 Pre-RBI Policy sessions 

Clear selling patterns formations between 7755-7777 was told 31-03-2016 and Nifty traded whole day below it on 01-04-2016 but lower levels supports with intraday consolidation patterns were also seen on on 01-04-2016 therefore Nifty will firstly prepare in the beginning of next week near about and between 7667-7777 for next big trend after RBI Credit Policy on 05-04-2016 because immediate supports and resistances are lying within this range. 

Last 8 sessions trading between 7582-7777 with lower levels supports and higher levels resistances as well as Neckline(7600) of 48 sessions Inverse Head And Shoulders pattern is lying within this range therefore once sustaining beyond this range will confirm the validity of this pattern and resultant following decisive moves will be seen beyond this range:-

1- Above 7777 will mean strong rally towards the target(8374.20) of Inverse Head And Shoulders.
2- Below 7582 will mean correction beginning confirmation of Post Budget 952 points rally and then following supports and retracement levels will be watched for its completion:-

Next supports of Nifty are as follows:-

1- 7518-7568
2- 7410-7443
3- 7347-7375

Fibonacci Retracement levels of Post-Budget Rally(6826-7777)

1- 13.0%- 7,653
2- 23.6%- 7,552
3- 27.0%- 7,520
4- 38.2%- 7,413(Crucial)
5- 50.0%- 7,301(Crucial)
6- 61.8%- 7,189(Crucial)
7- 70.7%- 7,104
8- 76.4%- 7,050
9- 78.6%- 7,029 
10-88.6%- 6,934  

Certainly Indian markets are going to decide next more than 5% big moves in the beginning of next week and its trigger will be RBI Credit Policy on 05-04-2016. Nifty will firstly prepare for such moves on next Monday between 7667-7777 and let it happen then next trend will get confirmations through intraday patterns formations analysis but finally rally above 7777 is still expected after complete follow up consolidations tomorrow despite negative closing on 01-04-2016 and clear selling patterns formations on 31-03-2016 because lower levels good supports in last 8 sessions and as such selling was not seen.  

Cautious View after Clear Selling Patterns Formations Today

Intra Day Chart Analysis & Market Outlook

(01-04-2016)

Nifty-Intra Day Chart (31-Mar-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 7755-7777(Immediate Resistances)
2- Whole day actual trading between 7702-7777

Conclusions from intra day chart analysis 

As clear selling patterns formations between 7755-7777 today therefore it will be immediate resistance of Nifty and until Nifty will not sustain above 7777 after complete consolidation till then decisive up moves above today highest will not be seen despite flat closing today after last half hour strong recovery from lower levels.

RBI Credit Policy on 05-04-2016 and Nifty will prepare in next 2 sessions for next decisive moves after its announcements. Certainly only one day today selling is not sufficient for the correction of post Budget 952 points March 2016 rally but if follow up selling develops in next 2 sessions then deeper correction will be seen after this event.

Up moves above 7749 was told in both previous Outlooks and it was seen today but view is cautious after selling patterns formations today and until Nifty will not sustain above today highest(7777) after fresh consolidation till then immediate rally will not be considered.

View will be wait and watch for next 2 Pre-RBI Policy sessions and let follow up moves develop between 7702-7777 then next Short Term Trend will be considered according to intraday patterns formations within and near about this range and its valid break out will be confirmation of:-

1- Below 7702 will mean Post Budget rally correction beginning.
2- Above 7777 will mean Fresh strong Rally beginning after Long Term Trend and all tends turning up confirmations because Long Term Trend decider 200 Day EMA is today at 7775.

As busy therefore Stock Market Outlook of today is not being updated but Mid-session Outlook may be posted during trading hours.

Rally continuation after Follow up Consolidations 

Intra Day Chart Analysis & Market Outlook

(30-03-2016)

Nifty-Intra Day Chart (29-Mar-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 7628-7645
2- Support between 7583-7599
3- Selling between 7625-7652
4- Down moves in Bullish Falling Channels
5- Whole day actual trading between 7583-7652

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Finally Rally continuation after follow up Consolidations in the coming Sessions":-

1- Supports between 7587-7610 
2- Firstly sustaining beyond today supports range(7587-7610) should be watched for today started correction completion. 

Market moving into consolidation phase will be understood because Nifty got supports yesterday between 7587-7610 and almost whole day traded within and above this range today with follow up supports within this range between 7583-7599 therefore yesterday supports range(7587-7610) has been strengthened today because consolidation through Down moves in Bullish Falling Channels was also seen within and above yesterday supports range. 

As some selling was also seen at higher levels today therefore possibility of slipping below today lowest(7583) can not be ruled out under consolidation process but until Nifty will not sustain below today lowest till then deeper correction will not be considered and once sustaining above today highest(7652) will mean strong indication of yesterday started correction completion.

Still same view which was expressed yesterday that Nifty will trade and prepare for next trend between 7518-7749 in the coming sessions of this week for post RBI Credit Policy next big moves and finally valid break out of this range will decide next Trend. Still expected that finally rally above yesterday highest(7749) will remain continued in next week after follow up consolidations between 7518-7749 and sustaining above today highest(7652) will be strong indication of yesterday started correction completion.

Finally Rally continuation after follow up Consolidations in the coming Sessions 

Technical Analysis,Research & Weekly Outlook

(Mar 29 to Apr 01,2016)

Nifty-EOD Chart (28-Mar-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Pull Back Rally beginning after bottom formation at 6825.80 on 29-02-2016
2- Recent top of Pull Back rally formations at 7749.40 on 28-03-2016
3- Correction of Pull Back rally beginning with recent bottom formations at 7587.70 on 28-03-2016

Inverse Head And Shoulders formations

Nifty-EOD Chart (28-Mar-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Inverse Head And Shoulders pattern formations in 48 sessions with its Neckline at 7600
2- Head formation at 6825.80 on 29-02-2016 
3- Neckline broken out on 21-03-2016
4- Neckline broken down with closing above it on 28-03-2016 

Fibonacci Retracement levels of Post-Budget Rally

Nifty-EOD Chart (28-Mar-2016):-

Just click on chart for its enlarged view

Intra Day Chart Analysis(29-03-2016)

Nifty-Intra Day Chart (28-Mar-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Whole day Down moves in Bullish Falling Channels
2- Supports between 7587-7610 
3- Whole day actual trading between 7587-7749

Conclusions (After Putting All Studies Together)

Pull Back Rally beginning on 29-02-2016 after Union Budget-2016 which remained continued without any deeper correction but strong intraday correction was seen on 28-03-2016 which will be seen according to following Fibonacci Retracement levels of Post-Budget Rally(6826-7749)

1- 13.0%- 7629(corrected)
2- 23.6%- 7531
3- 27.0%- 7499
4- 38.2%- 7396(Crucial)
5- 50.0%- 7287(Crucial)
6- 61.8%- 7178(Crucial)
7- 70.7%- 7096
8- 76.4%- 7043
9- 78.6%- 7023 
10-88.6%- 6931 

Inverse Head And Shoulders pattern formations in 48 sessions with its Neckline at 7600 and its Neckline was broken out on 21-03-2016 and Nifty remained above it in last 3 sessions of previous week but its Neckline was broken down with closing above it on 28-03-2016 therefore firstly sustaining beyond Neckline(7600) should be watched in the coming sessions because confirmation of sustaining above it will mean next target of Nifty at 8374.20. Just click following topic link to understand the calculations of mentioned target:-   

48 Sessions Bullish Pattern showing Nifty target at 8374.20

Certainly view will be cautious because today Nifty moved and closed below following levels in a single day today correction:- 

1- Last 3 sessions lowest(7618)
2- 13.0% retracement level(7629)

Next supports of Nifty are as follows:-

1- 7518-7568
2- 7410-7443
3- 7347-7375

Correction beginning today and no confirmation of its completion yet but whole day today Down moves were in Bullish Falling Channels and got supports also near about Neckline(7600) between 7587-7610 as well as today closing also above Neckline at 7615.10 therefore hopes are alive for fresh rally beginning after correction completion near about Neckline. 

As last 3 sessions levels broken down in today crash and more consolidation is required for decisive rally above today highest as well as more down moves in consolidation process can not be ruled out therefore firstly sustaining beyond following levels should be watched for today started correction completion:-

1- Firstly sustaining beyond today supports range(7587-7610) should be watched for today started correction completion. 
2- Finally 7518-7749 will decide the fate of Post Budget Pull Back Rally. 

Nifty will trade and prepare between 7518-7749 in the coming sessions of this week for post RBI Credit Policy next big moves and finally valid break out of this range will decide next Trend. Still expected that finally rally above today highest(7749) will remain continued in next week after follow up consolidations between 7518-7749 despite 101 points down moves today.