Firstly Watch Crucial levels amid High Volatility

Intra Day Chart Analysis & Market Outlook

(06-05-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 7707-3329
2- High volatility according to the European markets.
3- Whole day actual trading between 7707-7777

Conclusions from intra day chart analysis 

Following lines were told yesterday in "7715 Will Confirm Strong Bounce above 7800":-

1- more than 1% down closing of all European markets after Red closing of all Asian markets and
2- Dow Jones is also trading more than 120 points at this moment
3- our view is turning Bullish with the expectations of fresh up moves above 7800

When sentiment was extremely depressed yesterday then we told for fresh up moves which was seen also today through Nifty whole day Green zone trading and 0.38% positive closing after intraday highest formation at 7777.55. Indian markets were highly volatile according to the volatility in European markets which will be clear from following charts:-

European markets and Nifty-Intra Day Chart (05-May-2016):-

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This peculiar character has been developed recently that many times Indian markets reacts exactly according to the moves in European markets and Dow's Futures which was seen today also as depicted above that last 3 hours of Nifty volatility is same as first 3 hours(from 12:30 PM to 03:30 PM IST) volatility in European markets. 

As technical positions reverses in such like today high volatility therefore immediate next moves will be understood according to first 1/2 hours intraday patterns formation tomorrow and firstly sustaining beyond crucial levels(7680-7777) should be watched for next immediate decisive moves confirmations.

7715 Will Confirm Strong Bounce above 7800

Intra Day Chart Analysis & Market Outlook

(05-05-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Whole day Down moves in Bullish Falling Channels
2- Whole day actual trading between 7698-7749

Conclusions from intra day chart analysis 

Following line was told at 08:12 AM today in "Global markets pressure led Correction Continuation":-

correction continuation will be seen towards next supports between 7680-7715

As was told 100% same happened today with correction continuation towards 7680-7715 and also closing within this range at 7706.55 with today lowest also formation between this range at at 7697.25.

Although 0.52% down closing with whole day negative zone trading but whole day today trading was with  Down moves in Bullish Falling Channels therefore it will be understood that Indian markets are under consolidation process and once valid break out of mentioned supports range(7680-7715) will mean strong bounce above 7800. 

As sentiment is extremely depressed due to more than 1% down closing of all European markets after Red closing of all Asian markets and Dow Jones is also trading more than 120 points at this moment but our view is turning Bullish with the expectations of fresh up moves above 7800 in the coming 1/2 sessions because emergence of consolidation process beginning signals today. 

As no confirmation of on going correction correction completion yet and Global markets are in crashing like situation therefore for precaution valid break out of mention supports range(7680-7715) should be also firstly watched.

Global markets pressure led Correction Continuation

Intra Day Chart Analysis & Market Outlook(

04-05-2016)

Nifty-Intra Day Chart (03-May-2016):-

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Technical Patterns and Formations in today intraday charts

1- 89 Points recovery in first 30 minutes
2- More than 3 hours trading with Mixed Patterns between 7861-7890 
3- Sharp down after deep Red opening of all the European markets and 100 points fall in Dow's Futures
4- More than last 2 hours trading with Mixed Patterns in between 7736-7773
5- Whole day actual trading between 7736-7771

Conclusions from intra day chart analysis 

Following lines were told on 02-05-2016 in "Firstly Up Moves Expectations"

up moves within last 11 Sessions actual trading range(7778-7992) will be seen in the coming sessions.

As most Asian markets are trading in Red therefore following lines were told  yesterday at 07:59 AM in "Pre-open Outlook(03-05-2016)":-

up moves within last 11 Sessions actual trading range(7778-7992) will be seen in the coming sessions

89 Points up move was seen  in first 30 minutes yesterday despite most Asian markets Red zone trading but slipping sharply also after deep Red opening of all the European markets hence yesterday trading will be understood Global markets sentiments affected and not on the back of technical positions formations because more than 5 hours trading was with Mixed Patterns at higher levels and lower levels of the day. 

Although more than 5 hours trading with Mixed Patterns but yesterday closing was below the lowest of last 11 sessions amid global markets pressure and still Global markets slipping is continued therefore Apr 28,2016 started correction continuation will be seen towards next supports between 7680-7715. As Indian markets down moves are Global markets pressure led and not on the back of as such technical positions formations therefore once Global markets improvement may result sharp recovery in Indian markets also.

Pre-open Outlook(03-05-2016)

 As most Asian markets are trading in Red with some are trading more than 1% down therefore sentiment is depressed today morning and in reaction possibility of slipping below yesterday lowest after weak opening can not be ruled out but expected that finally up moves within last 11 Sessions actual trading range(7778-7992) will be seen in the coming sessions because intraday consolidation patterns formation was seen in last 2 sessions.

Firstly Up Moves Expectations

Intra Day Chart Analysis & Market Outlook

(03-05-2016)

Nifty-Intra Day Chart (02-May-2016):-

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Technical Patterns and Formations in today intraday charts

1- Most time sideways trading between 7785-7819 with consolidation patterns formations within it
3- Whole day actual trading between 7778-7829

Conclusions from intra day chart analysis 

As both opened Asian markets were trading in Red and Nikkei 225 was more than 3 down therefore whole day negative zone trading after weak opening but intraday consolidation patterns formations within most time sideways trading range therefore emergence of very Short Term up moves expectations above today highest(7829).  Consolidation was seen between 7790-7810 last Friday and follow up consolidation was seen within this range today also as well as no immediate resistance above 7829 therefore once its valid break out will mean up moves towards next resistances 7963-7991.

As consolidation patterns formations in last 2 sessions therefore expected that firstly up moves within last 11 Sessions actual trading range(7778-7992) will be seen in the coming sessions.

7790-7992 will confirm more than 3 % one sided decisive moves

Technical Analysis,Research & Weekly Outlook

(May 02 to May 06,2016)

Nifty-EOD Chart (29-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- Thirdly last 10 Sessions actual trading between 7790-7992 
5- Rally continuation with Recent top of Wave-i of Wave-5 formations at 7992 on 28-04-2016

Conclusions from EOD chart analysis 

It is the peculiar character of post Budget 2016-17 rally is that Nifty is turning sideways after every 1/2 sessions decisive up moves for the last 36 sessions and now also Nifty is range bound within 7790-7992 for the last 10 Sessions as well as finally sustaining beyond this trading range will decide next Trend. 

Previous 10 Sessions intraday charts analysis

Nifty-Intra Day Chart (Apr 13 to Apr 29,2016):-

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Technical Patterns and Formations in last 10 Sessions intraday charts

1- Previous 9 sessions actual trading between 7796-7992 with lower levels supports and higher levels selling 
2- Previous 9 sessions trading range broken down on 29-04-2016
3- Closing within Previous 9 sessions trading range after lower levels consolidation on 29-04-2016  
4- 10 Sessions actual trading between 7790-7992 

Conclusions from 10 Sessions intra day chart analysis 

Previous 9 sessions actual trading between 7796-7992 with lower levels supports and higher levels selling and this trading range was broken down on 29-04-2016 but Nifty closed also within Previous 9 sessions trading range at 7849.80 same day after lower levels good consolidation and 100 points recovery also therefore still Nifty will be understood sideways within 10 Sessions actual trading range between 7790-7992 and finally sustaining beyond this range will decide next more than 3% moves.

Previous 4 Sessions intraday charts analysis

Nifty-Intra Day Chart (Apr 26 to Apr 29,2016):-

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Technical Patterns and Formations in last 4 Sessions intraday charts

1- Support between 7823-7852 on 26-04-2016
2- Selling between 7963-7991 on 26,27 & 28-04-2016
3- Sharp fall on 28-04-2016 
4- Good consolidation on on 29-04-2016 
5- 4 Sessions actual trading between 7790-7992 

Conclusions from 4 Sessions intra day chart analysis 

As good lower levels consolidation and equally good higher levels selling also in last 4 sessions therefore firstly Nifty has to prepare for next decisive moves within last 4 Sessions actual trading range(7790-7992) and expected that Nifty will firstly trade and prepare for next decisive moves within this crucial range in the beginning of next week.

Intra Day Chart Analysis(29-04-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Consolidation Patterns between 7790-7810
3- Whole day actual trading between 7790-7889

Conclusions from intra day chart analysis 

Although most Asian markets were trading in deep Red after more than 1% negative closing of US markets last Thursday but Indian markets traded most time flat to positive in first 3 hours and moved down sharply only after deep Red opening of European markets. As Indian markets flat closing amid all the Global markets closing in Red and some closed more than 2.5% down also therefore it is clear that Indian markets completely out performed all Global markets last Friday which is a sign of Indian markets strength.  

AS firstly down moves in Bullish Falling Channel and after that lower levels consolidation between 7790-7810 therefore it will be immediate support of Nifty and until Nifty will not sustain below 7790 after complete selling till then decisive down moves will not be seen and follow up consolidation in the beginning on next week will mean first strong signal of last Thursday started correction completion as well.

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Short Term Trend is sideways between 7790-7992.
2- Intermediate Term Trend is up 
3- Long Term Trend is up after last 10 sessions closing above it decider 200 Day EMA(today at 7777).

As post Budget Rally is correcting in sideways trading range and deeper correction is not being seen as well as Long Term Trend turning up confirmation through last 10 sessions closing above it decider 200 Day EMA(today at 7777) therefore still rally continuation will be considered but follow up consolidation is must within last 10 sessions trading range(7790-7992) because good selling was seen between 7963-7991 in last 4 sessions.

Intraday good consolidation above 7790 last Friday and it will be understood first indication of some up moves in the beginning of next week but until nifty will not sustain above 7992 after complete consolidation till then decisive up moves will not be seen therefore firstly sustaining beyond 7790-7992 should be watched in next week for more than 3 % one sided decisive moves.

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

Short Term Correction Expectation Tomorrow

Intra Day Chart Analysis & Market Outlook

(28-04-2016)

Nifty-Intra Day Chart (27-Apr-2016):-

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Technical Patterns and Formations in today intraday charts

1- Selling patterns formation between 7972-7991
2- Whole day actual trading between 7941-7991

Conclusions from intra day chart analysis 

Although closing near the higher levels of the day and also at the top of on going Post Budget-2016 rally but higher levels selling patterns formations were also seen today therefore Short Term Correction below today lowest(7941) with trading and closing within last 2 sessions trading range(7823-7991) is expected tomorrow.

Firstly watch sustaining beyond 7954-7980 Tomorrow

Intra Day Chart Analysis & Market Outlook

(27-04-2016)

Nifty-Intra Day Chart (26-Apr-2016):-

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USDINR-Intra Day Chart (26-Apr-2016):-

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Technical Patterns and Formations in today intraday charts

1- Support between 7823-7852
2- Sharp 45 points 1 minute jump at 12:30 PM with sudden rise in USDINR and after positive opening of European markets
3- Last 2 hours trading with Mixed Patterns between 7954-7974
4- Whole day actual trading between 7823-7974

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Firstly Watch 7828 Tomorrow":-

1- last more than 5 hours trading with Mixed Patterns between 7828-7866 and closing also within 4 previous sessions trading range(7843-7978) despite slipping below it lowest 
2- therefore now Nifty will be understood sideways 7828-7980 and firstly valid break out this range should be watched for next trend confirmations.

Although Nifty slipped below last 5 sessions lowest(7828) but could not sustain below it and recovered after intraday lowest formation at 7823 therefore still Nifty will be understood sideways between last 6 sessions trading range(7823-7978). As next resistances are up to 7980 therefore next up move confirmation will be after sustaining above 7980. 

Firstly lower levels supports amid weaker Asian markets after after that sudden jump at 12:30 PM but last 2 hours trading with Mixed Patterns between 7954-7974 therefore some more consolidation is required within and near about this range for sustaining above 7980. As closing near the higher levels of the day therefore possibility of up moves above 7980 can not be ruled out but sustaining above it must for the confirmation of fresh rally towards and above 9134.20 because Neckline of 98 sessions Inverse Head And Shoulders pattern is at 7980.

As last 2 hours trading with Mixed Patterns between 7954-7974 and valid break out of this range will be next trend first indication as well as sustaining above 7980 will be next strong up moves confirmation therefore firstly sustaining beyond 7954-7980 should be watched tomorrow.

Firstly Watch 7828 Tomorrow

Intra Day Chart Analysis & Market Outlook

(26-04-2016)

Nifty-Intra Day Chart (25-Apr-2016):-

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Technical Patterns and Formations in today intraday charts

1- Slipping immediately after opening
2- More than 5 hours trading with Mixed Patterns between 7828-7866 
3- Whole day actual trading between 7828-7911

Conclusions from intra day chart analysis 

As most Asian markets were trading in Red and some were more than 0.60% down therefore firstly slipping after positive opening but last more than 5 hours trading with Mixed Patterns between 7828-7866 and closing also within 4 previous sessions trading range(7843-7978) despite slipping below it lowest therefore now Nifty will be understood sideways 7828-7980 and firstly valid break out this range should be watched for next trend confirmations.

Today intraday moves were effected in following manner:-

1- Most Asian markets were more than 0.60% down at the opening time of Indian markets therefore Indian markets slipping immediately after opening
2- Dow's Futures was trading trading with minor losses but it fell sharply and traded more than 80 points down with intraday bottom formation at 01:45 PM and exactly at this time Nifty also formed its bottom as well as moved up with up moves in both Dow's Futures and all European markets.

Dow's Futures-Intra Day Chart (25-Apr-2016):-

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As more than last 5 hours trading was with Mixed Patterns formations and intraday sentiment of today was effected from Global markets moves therefore firstly valid break out of following levels should be watched for next immediate moves confirmations:-

1- 7828-7866 
2- 7828-7980

As weaker Global markets led some selling patterns were was also seen today therefore once sustaining below 7828 will initiate deeper correction because that will be last 5 sessions trading range broken down confirmation also and should be firstly watch tomorrow.

Next Target of Nifty at 9134.20

Technical Analysis,Research & Weekly Outlook

(Apr 25 to Apr 29,2016)

Waves Structure of Post Budget-2016 Rally

Nifty-EOD Chart (22-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- Last 4 sessions sideways trading between 7842.75-7978.45 
5- Rally continuation with Recent top of Wave-i of Wave-5 formations at 7978.45 on 21-04-2016
6- Forceful break out of Long Term Trend decider 200 Day EMA(today at 7771) on 13-04-2016 and last 5 sessions closing above it

Conclusions from EOD chart analysis 

Rally continuation after all trends turning up confirmations because last 5 sessions closing above Long Term Trend decider 200 Day EMA(today at 7771) therefore rally continuation will be expected above the top(7978.45) of on going pull back rally.

96 sessions Inverse Head & Shoulders Pattern formations

Nifty-EOD Chart (22-Apr-2016):-

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Technical Patterns and Formations in EOD charts

1- 96 sessions Inverse Head And Shoulders pattern formations with its Neckline at 7980
2- Head formation at 6825.80 on 29-02-2016 

Conclusions from EOD chart analysis 

Head formation at 6825.80
Neckline of pattern is at 7980
7980-6825.80= 1154.20 points distance between Head and Neckline 
Inverse Head and Shoulders Neckline broken out confirmation will mean next target of Nifty at 7980+1154.20=9134.20

Nifty-Intra Day Chart (Apr 18 to Apr 22,2016):-

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Technical Patterns and Formations in last 4 Sessions intraday charts

1- Up moves with intraday corrections on 18-04-2016
2- Down moves in Bullish Falling Channel on 20-04-2016
3- Last 5 hours sideways trading between 7878-7920 on 20-04-2016
4- Mixed Patterns between 7963-7978 on 21-04-2016 
5- Mixed Patterns between 7926-7947 on 21-04-2016
6- Support between 7874-7894 on 22-04-2016
7- Support between 7886-7892 on 22-04-2016
8- Down moves in Bullish Falling Channels on 22-04-2016 
9- 4 Sessions actual trading between 7843-7978

Conclusions from 4 Sessions intra day chart analysis 

Last 4 sessions trading with consolidation and Mixed Patterns formations and clear selling patterns were not seen therefore more signals of up moves but follow up consolidation is also required between or near about 7926-7978 because some selling within this range was also seen on 21-04-2016. As whole day consolidation patterns formations on 22-04-2016 and some consolidation was also seen at lower levels in last 4 sessions therefore strong possibility of fresh up moves above last 4 sessions highest(7978) after follow up consolidation. 

Conclusions (After Putting All Studies Together)

Following lines have been told in "last 3 sessions Outlooks":-

1- Next resistances between 7920-7980
2- Nifty has to prepare for next decisive moves between 7843-7980 and finally sustaining it beyond will be next big moves confirmation.

Nifty could not cross 7980 in last 3 sessions of previous week and traded between 7843-7980,it is confirm that finally sustaining it beyond will decide Next 3% Moves.  

That impulsive Wave-i of Wave-5 which begun from 6825.80 on 29-02-2016 is in continuation after last 5 sessions closing above Long Term Trend decider 200 Day EMA(today at 7771). It has been seen in this rally that Nifty is not giving deeper correction after any decisive up moves but crrecting in sideways ranges. Now last 4 sessions sideways trading between 7842.75-7978.45 and once sustaining above it will mean 96 sessions Inverse Head & Shoulders Pattern's Neckline(7980) broken out confirmation which will confirm next rally above life time high at 9134.20. 

As more consolidation in last 4 sessions therefore strong possibility of fresh up moves above last 4 sessions highest(7978) after follow up consolidation which will pave the way for final up moves above 9134.20 also.

Crucial Trading Range will decide Next 3% Moves

Intra Day Chart Analysis & Market Outlook

(22-04-2016)

Nifty-Intra Day Chart (21-Apr-2016):-

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Technical Patterns and Formations in today intraday charts

1- Mixed Patterns between 7963-7978 
2- Mixed Patterns between 7926-7947 
3- Whole day actual trading between 7885-7978

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Just Watch Crucial levels also amid Rally Continuation Expectations":-

1- finally sustaining beyond 7843-7980 will be next big moves confirmation
2- these crucial levels should be also firstly watched in the coming sessions amid rally continuation expectations

Rally continuation with the condition of sustaining beyond 7843-7980 was told and rally was seen also after gap up opening but could not move above 7980 and fused after today highest formation at 7978.45.

Resistances between 7920-7980 has been updated 4/5 times in previous Outlooks and Nifty faced resistance within this range with mixed patterns formations within this range today therefore fresh consolidation is must for decisive up moves above 7980.

Although slipping from higher levels and flat closing but today intraday chart is showing mixed patterns formations and some consolidation was also seen above 7843 in last 2 sessions therefore still Nifty has to prepare for next decisive moves between 7843-7980. 

Expected that Nifty will trade between 7843-7980 in the coming 1/2 sessions and finally valid break out of this crucial trading range will decide next 3% moves. Let it happen then next Short Term Trend beyond this range will be understood and updated accordingly from intraday Patterns formations.  

Just Watch Crucial levels also amid Rally Continuation Expectations

Intra Day Chart Analysis & Market Outlook

(21-04-2016)

Nifty-Intra Day Chart (20-Apr-2016):-

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Technical Patterns and Formations in today intraday charts

1- Up moves immediately after opening
2- Down moves in Bullish Falling Channel
3- Last 5 hours sideways trading between 7878-7920
4- Whole day actual trading between 7878-7950

Conclusions from intra day chart analysis 

Following lines were told on 18-04-2016 in "Firstly Rally continuation expectations are high":-

1- Resistances between 7920-7980
2- now Nifty has to prepare for next decisive moves between 7843-7980
3- Firstly Rally continuation expectations are high

Although firstly up moves immediately after opening but resistances were there at higher levels between 7920-7980 therefore not sustaining at higher levels and whole day today trading within mentioned levels(7843-7980). As Down moves in Bullish Falling Channel was also seen and as such selling patterns were also not seen between last 5 hours sideways trading between 7878-7920 therefore on going rally continuation hopes are alive but decisive and strong up moves will be seen only above 7980.

As 5 hours sideways trading between 7878-7920 and valid break out of this range will be first indication as well as finally sustaining beyond 7843-7980 will be next big moves confirmation therefore these crucial levels should be also firstly watched in the coming sessions amid rally continuation expectations because Short Term indicators are now overbought.

Firstly Rally continuation expectations are high

Intra Day Chart Analysis & Market Outlook

(20-04-2016)

Nifty-Intra Day Chart (18-Apr-2016):-

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Technical Patterns and Formations in today intraday charts

1- Loosing 65 points within first 7 minutes after gap up strong opening.
2- Up moves with intraday corrections
3- Whole day actual trading between 7843-7920

Conclusions from intra day chart analysis 

Although all the Asian markets were trading in deep Red and Dow's Futures was also more than 100 points down today morning but strong gap up 57 points positive opening of Nifty and also slipping into Red after loosing 65 points within first 7 minutes. As whole day up moves were with intraday corrections and any other intraday pattern formation was also not seen after first 7 minutes sharp fall therefore view will be cautiously Bullish because Bearish Hanging Man Candle formation today. 

Resistances between 7920-7980 were updated at 02:07 AM today in "Immediate target of Nifty at 8374.20" and today highest was at 7920.60.

As resistances are lying just above today highest therefore Nifty has to consolidate for decisive up moves above 7980 and if some selling develops after Mixed Patterns formations today then only Very Short Term Correction will be seen. 

As now Nifty has to prepare for next decisive moves between 7843-7980 therefore let it happen then next decisive moves beyond this range will be understood from intraday Patterns formations within this range(7843-7980) and valid break out of this range should be firstly watched in the coming sessions for next big trend confirmations.

Firstly Rally continuation expectations are high after follow up consolidation because Indian markets out performed all Asian and European markets and intraday selling patterns were not seen despite Bearish Hanging Man Candle formation today.  

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):-

Just click on chart for its enlarged view

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):-

Just click on chart for its enlarged view

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.