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Firstly Watch 7678-7730 for next Big Moves
Intra Day Chart Analysis & Market Outlook
(24-05-2016)

As I have not not completely recovered yet therefore detailed analysis of Nifty is not being updated and only conclusive views are being posted which are as follows:-

Following lines were told on 22-05-2016 in "Firstly Watch sustaining beyond 7678 for much deeper correction confirmations":-

1- 25 Sessions trading between 7678-7992 with lower levels last supports between 7678-7730 and its valid break down will mean deeper correction 
2- down moves below last Friday lowest(7736) are expected in Indian markets

As was told 100% same happened and Nifty slipped below 7736 as well as closed just above mentioned last supports(7678-7730) at 7731.05 after intraday bottom formations within mentioned supports range at 7722.20 on 23-05-2016

Although Nifty closed near the lower levels of the day yesterday but whole day as such selling patterns were not seen but some consolidation patterns were also seen and last supports of last 26 sessions trading range(7678-7992) are between 7678-7730 therefore complete follow up selling is must in the coming sessions for sustaining below 7678.

Last 3 sessions closing below Long Term Trend decider 200 Day EMA(today at 7796) and higher levels some selling also therefore deeper correction possibility below 7678 is still alive but after fresh follow up selling because some consolidation patterns were seen yesterday. As both selling and consolidation were seen in previous 2 sessions therefore firstly valid break out of last supports range(7678-7730) of last 26 sessions should be watched for next big moves beginning confirmations.
Firstly Watch sustaining beyond 7678 for much deeper correction confirmations

As not feeling well therefore detailed analysis of Nifty is not being updated and only conclusive views are being posted which are as follows:-

25 Sessions trading between 7678-7992 with lower levels last supports between 7678-7730 and its valid break down will mean deeper correction confirmation towards following Retracement levels:- 

1- 38.2%- 7546(Crucial)
2- 50.0%- 7409(Crucial)
3- 61.8%- 7271(Crucial)

Although all the European markets closed more than 1% up and Dow Jones also closed 65 points up last Friday but down moves below last Friday lowest(7736) are expected in Indian markets because fresh selling patterns formations were seen after P-notes tightening news last Friday therefore firstly sustaining beyond 7678 should be watched in the beginning of next week which may generate much deeper correction also after sustaining below it because that will be 25 sessions trading range broken down confirmation.
Mid-session Outlook(20-05-2016)

Although most time positive zone trading since opening today but Indian markets have completely under performed Asian and European markets today. View is cautious because good selling on the back of strong Global cues can not be ruled out in this situation. As SEBI tightened norms on P-notes after the closing of Indian markets yesterday therefore Its reaction is being seen today because this issue will have direct impact on liquidity towards Indian markets. 

Nifty is sideways between 7774-7812 today and valid break out of this today trading range will give first strong indication of P-notes tightening impact on Indian markets therefore should be firstly watched now.
Post-open Outlook(20-05-2016)

Although most time positive trading since opening today but Indian markets have under performed Asian markets since opening today therefore view is cautious because it is the impact of SEBI tightening norms on Participatory notes.  As this issue will have direct impact on liquidity towads Indian markets therefore its implications have to be firstly understood and finally sustaining beyond 7678 will confirm its imact
Finally Up Moves Expectations amid Negative news led Weakness
Intra Day Chart Analysis & Market Outlook
(20-05-2016)
Nifty-Intra Day Chart (19-May-2016):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts

1- Fed rate hike news led whole days down moves
2- Sideways markets till the opening of European markets
2- Whole day Down moves in Bullish Falling Channels
3- Whole day actual trading between 7766-7876

Conclusions from intra day chart analysis 

As Fed rate hike news therefore most Asian markets were down and some were more than 0.50% weak,in reaction negative opening of Indian markets. Although Indian markets remained sideways but fresh down moves started after more than 1% weaker opening of most European markets.  

Although positive news of good performance of BJP in 5 Assembly Elections but Indian markets may firstly react following negative developments after closing of Indian markets today:-

1- Sebi tighten screws on participatory notes
2- European markets negative closing from 0.85% to 1.82%
3- Dow Jones traded 194 points down today.

As intraday selling patterns were not seen and all the today down moves were negative news led as well as Whole day today Down moves in Bullish Falling Channels therefore still expected that Nifty will not sustain below next supports(7678) and finally up moves will be seen towards and above 8000 despite such high Bearishness in all Global markets.
Just watch Crucial Levels amid Fed rate hike news and 5 states Election results 

U.S. stocks fell under pressure on Wednesday after the Federal Reserve released minutes of its April meeting showing the central bank is ready to lift interest rates in June if the economy show improvement. Although Dow Jones nosedived more than 200 points from higher levels after this news and closed flat but most Asian markets traded more than 0.50% negative today morning. 

As Dow's Futures also traded more than more than 40 points down today therefore falling fear being developed in all the Global markets and Indian markets will also react it through negative zone trading today.

Indian markets will finally react today both Fed rate hike news and 5 states Election results and may remain highly volatile also today but final reaction of both news will be seen tomorrow after understanding and digesting these news. Certainly news led uncertainty today therefore firstly watch valid break out of following levels to understand Nifty next trend after reaction of these news:-

1-7811-7940(first indication)
2-7678-7992(final confirmation) 
Rally Continuation Expectations amid Election results led volatility 
Intra Day Chart Analysis & Market Outlook
(19-05-2016)
Nifty-Intra Day Chart (18-May-2016):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts

1- Minor consolidation between 7811-7828
2- Minor consolidation between 7842-7859
3- Whole day actual trading between 7811-7882

Conclusions from intra day chart analysis 

As more than 1% down closing of US markets therefore most Asian markets were trading in Red and Hang Seng was also more than 1% down,resultant sentiment was weak today morning and in reaction huge gap down opening of Indian markets with negative closing after whole day negative zone trading today

Although today closing near the higher levels of the day but minor consolidation patterns formations therefore some more consolidation is also required for decisive up moves above today highest.

Election results of 5 states will be declared tomorrow and picture will be clear till 11:00 AM tomorrow but volatility may remain high amid uncertainty. As good intraday consolidation yesterday and some consolidation was also seen today therefore today started rally continuation is expected tomorrow also and once BJP clear majority in Assam with more than 10% votes share in other states will mean beginning of fresh Rally above 8000 and that is technically expected also.
Finally Up Moves above Today Highest(7940) in the Coming 1/2 Sessions
Intra Day Chart Analysis & Market Outlook
(18-05-2016)
Nifty-Intra Day Chart (17-May-2016):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts

1- Consolidation Patterns between 7889-7913 
2- Consolidation Patterns between 7917-7940 
3- Last hour down moves after sharp fall in most European markets and Dow's Futures
4- Whole day actual trading between 7880-7940

Conclusions from intra day chart analysis 

Although Nifty closed near the higher levels of the day but we told following lines yesterday in "GST Bill Passing news led Today Rally require more Confirmations":-

1- last hours up moves after above mentioned Bullish news in the news channels therefore
2- firstly follow up consolidation and after that confirmation through sustaining above next immediate resistance(7900-7932) is must 

Although follow up good consolidation patterns formations were seen today but confirmation through sustaining above next immediate resistance(7900-7932) was must and it was not seen because today closing was below 7900. As last hour today down moves were after sharp fall in most European markets and Dow's Futures therefore view will not be Bearish despite today closing near the lower levels of the day as well as once follow up consolidation tomorrow will mean strong rally towards and above 8000.

As good intraday consolidation patterns formations therefore expected that finally up moves above today highest(7940) will be seen in the coming 1/2 sessions after follow up consolidation within and below today lowest despite more than 0.50% down trading of US and all European markets at this moment.
GST Bill Passing news led Today Rally require more Confirmations
Intra Day Chart Analysis & Market Outlook
(17-05-2016)
Nifty-Intra Day Chart (16-May-2016):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts

1- More than 5 hours trading Mixed Patterns formations between 7773-7822
2- Up moves in last hours after FM Arun Jaiteley statement in news channels regarding GST passing in next Monsoon Session.
3- Whole day actual trading between 7773-7873

Conclusions from intra day chart analysis 

Following lines were told today at 12:44 AM in "Firstly Watch 7678 amid Weak beginning Week":-

possibility of slipping below day's lowest(7785) in the beginning of next week.

Although all the Asian markets were trading in Green zone and some were more than 1% up also but Nifty slipped below 7785 after positive opening and moved up after lowest formation at 7772.15 today. Following news was in the news channels during Indian trading hours today:-


As firstly more than 5 hours trading with Mixed Patterns formations between 7773-7822 and last hours up moves after above mentioned Bullish news in the news channels therefore firstly follow up consolidation and after that confirmation through sustaining above next immediate resistance(7900-7932) is must for decisive up moves to counter last resistance(7954-7992) of Post Budget 2016-17 Rally.
Firstly Watch 7678 amid Weak beginning Week
Technical Analysis,Research & Weekly Outlook
(May 16 to May 20,2016)

Nifty-EOD Chart (13-May-2016):-
Just click on chart for its enlarged view
Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning after bottom formation at 6825.80 on 29-02-2016
2- Corrective Wave-A of Wave-2 beginning after Wave-1 completion at 7992 on 28-04-2016  
3- Wave-A completion at 7678.35 on 06-05-2016
4- Signals of Wave-B completion at 7916.05 on 2-05-2016
5- Signals of Wave-C continuation with bottom formation at 7784.20 on 13-05-2016
6- Hovering around Long Term Trend decider 200 Day EMA(today at 7780) for the last 10 sessions

Conclusions from EOD chart analysis 

The rally(impulsive Wave-1) which begun from 6825.80 on Budget 2016-17 day(29-02-2016) completed at 7992 on 28-04-2016 and ABC correction of Wave-2 started. Now it seems that its Wave-C is on with recent bottom formation at 7784.20 on 13-05-2016. As Nifty is hovering around Long Term Trend decider 200 Day EMA(today at 7780) for the last 10 sessions between 7678-7916 therefore finally sustaining it beyond will confirm Long Term Trend and next more than 5% one sided big move as well.

Intra Day Chart Analysis(13-05-2016)

Nifty-Intra Day Chart (13-May-2016):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts

1- Slipping 40 points in first minute
2- More than 2 hours selling between 7825-7844
3- All the Up moves in Bearish Rising Channel in last 3 hours 
4- Whole day actual trading between 7785-7880

Conclusions from intra day chart analysis 

Firstly slipping 40 points in first minute and after that more than 2 hours selling between 7825-7844 as well as all the Up moves in Bearish Rising Channel in last 3 hours therefore possibility of slipping below day's lowest(7785) in the beginning of next week.

Conclusions (After Putting All Studies Together)

All the trends are sideways and finally sustaining beyond 7678-7916 will be following confirmation of next trends:-

1- Slipping below 7678 will confirm Wave-C with fresh down moves beginning towards 7412(161.8% of Wave-A)
2- Sustaining above 7916 will mean correction completion at 7678.35 on 06-05-2016 and high possibility of fresh up moves above the top of post Budget 2016-17 rally(7992)

Although Nifty closed after recovering 30 points points from lower levels but selling patterns formation last Friday therefore expected that firstly down moves towards 7678 will be seen in the beginning of next weak and finally moves beyond 7678 will decide next big moves which should be firstly watched in next week.
Next Trend Confirmation from Levels Despite Today Closing near the Higher Levels of the Day
Intra Day Chart Analysis & Market Outlook
(13-05-2016)
Nifty-Intra Day Chart (12-May-2016):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts

1- Whole day Volatility
2- Down moves with European markets slipping
3- Up moves with strong recovery in all European markets and 100 Points surge in Dow' Futures
4- Minor selling patterns formations between 7886-7902
5- Whole day actual trading between 7850-7916

Conclusions from intra day chart analysis 

Whole day Volatility in following manner today:- 

1- Firstly up after positive opening
2- More than 3 hours continuous down moves  
3- More than 2 hours continuous up moves 

As whole day volatility and as such no intraday big position formation except minor selling patterns formations between 7886-7902 therefore view is still wait and watch because:-

1- Minor selling between 7886-7902 today which is within and near about those resistances which have been updated previous Outlook yesterday.
2- Only intraday volatile market today and technical positions reverses also during such high intraday volatility.
3- Clear intraday patterns are required to understand FIIs strategy after Mauritius treaty

As last 2 hours up moves were the reaction of strong recovery in all European markets and 100 Points surge in Dow' Futures therefore first signal of decisive up moves will be only after sustaining above today highest(7916) because minor selling patterns formations were also seen today.

Next resistances above today highest are between 7900-7932 and only sustaining above 7932 will give first indication of Bullish implication after Mauritius treaty but finally next trend confirmation will be after sustaining beyond 7678-7992 after this event and should be watched despite today closing near the higher levels of the day.  
Firstly Watch Crucial Levels after Mauritius treaty like Big Event
Intra Day Chart Analysis & Market Outlook
(12-05-2016)
Nifty-Intra Day Chart (11-May-2016):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts

1- Mauritius treaty news led high volatility
2- Slipping 106 points in first minute after gap down opening.
3- Recovering 112 points from lower levels in first 3 hours and trading in positive zone also.
4- slipping 78 points in next one hour
5- Whole day actual trading between 7781-7893

Conclusions from intra day chart analysis 

As whole day only volatility on that Mauritius treaty news which may have long term impact on the inflows towards Indian Stock markets therefore no view can be formed only from that 1 day highly volatile intraday charts because technical positions reverses during such high intraday volatility also.

Now we shall try to understand Indian markets through from EOD charts,levels and Trends. Correction of post Budget 2016-17 rally is still on and Long Term Trend will be understood up because last 3 sessions closing above its decider 200 Day EMA(today at 7779) but Intermediate and Short Term Trends are sideways between 7678-7992 because last 18 sessions trading within this range.

Next supports of Nifty are as follows:-

1- 7810-7855 
2- 7678-7730

Next resistances of Nifty are as follows:-

1- 7850-7890
2- 7900-7932
3- 7954-7992

Although first strong indication of next big moves will be from sustaining beyond Long Term Trend decider 200 Day EMA(today at 7779) but let Indian markets prepare after Mauritius treaty for next decisive moves between 7678-7992 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".
Finally Next supports of Nifty will confirm  Mauritius treaty news actual reaction  

Although closing near the higher levels of the day yesterday but we told following line at 06:10 PM yesterday in "Sideways Market before next Trend":-

good selling on the back of strong Global Cues can not be ruled out today

good selling was told only on the back of intraday charts analysis and result is clear that Nifty traded more than 100 points down in 1st minute today. 

Although such huge down is due to Mauritius treaty news also but there was no such news at 06:10 PM yesterday when above topic was updated.

Next supports of Nifty are between 7678-7730 and should be firstly watched after Mauritius treaty news because today reaction may be sentimental also but finally sustaining beyond this supports range will decide Long Term Trend because Long Term Trend decider 200 Day EMA is today at 7778 and Nifty is hovering it around for the last 7 sessions. Mentioned supports range will confirm actual reaction of Indian markets fundamentals because below 7678 will mean deeper correction and above 7730 will mean fresh rally after digesting Mauritius treaty news. 
Sideways Market before next Trend
Intra Day Chart Analysis & Market Outlook
(11-05-2016)
Nifty-Intra Day Chart (10-May-2016):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts

1- Support between 7838-7855
2- Up moves after good gains in European markets and Dow's Futures 
3- Last more than 3 hours trading with Mixed patterns formations through both Up moves in Bearish Rising Channels and sufficient intraday correction
3- Whole day actual trading between 7838-7896

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Rally Continuation Expectations but after Fresh follow up Consolidation":-

1- today started rally will remain continued but will be slow  
2- and may sideways market also between 7810-7992 in the next 1/2 sessions

As was told 100% same happened and Nifty traded whole day between 7810-7992 and up moves were slow as well as Nifty closed 0.28% up but Indian markets under  performed all Global markets also in following manner today:-

Although most Asian markets were trading flat to positive and sentiment was moderate but Indian markets under performed and slipped 0.38% after flat opening. As soon as European markets started to move up after positive opening and Dow's Futures was also rising continuously then slow up moves were seen in Indian markets also but here also Nifty under performed because Nifty gained only 0.28% while Dow's Futures was trading more than 100 points up and all the European markets were trading 0.72% to 2.00% up.

As last more than 3 hours trading with Mixed Patterns formations and Indian markets completely under performed all Global markets also therefore view will be cautious and firstly sustaining beyond today trading range(7838-7896) should be watched tomorrow because good selling on the back of strong Global Cues can not be ruled out today.

Still Nifty will be understood sideways between 7810-7992 because lower levels supports and consolidation between 7810-7855 in last 2 sessions and previous resistances(has been updated at 06:54 PM yesterday) at higher levels within this range therefore Nifty will trade and prepare for next decisive moves within this range in the coming sessions and finally sustaining it beyond should be watched for next trend confirmations.
Rally Continuation Expectations but after Fresh follow up Consolidation
Intra Day Chart Analysis & Market Outlook
(10-05-2016)
Nifty-Intra Day Chart (09-May-2016):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts

1- 50 Points jump in first minute
2- More than 4 hours consolidation between 7810-7840
3- Closing near the higher levels of the day after last hours up moves
4- Whole day actual trading between 7773-7873

Conclusions from intra day chart analysis 

Following lines were told today at 01:51 AM in "Valid Break Out of 7678-7777 will Generate One Sided Big Moves":-

1- last 3 sessions trading just above 27.0% retracement level between 7678-7777 with consolidation patterns formations within this range 
2- once sustaining above 7777 will be strong indication of on going correction completion 
3- which should be firstly watched in the beginning of next week

Consolidation patterns in last 3 sessions between 7678-7777 was told and Nifty moved up above 7777 after gaining 50 points in first minute jump today as well as today closing was near the higher levels of the day after 01.71% gains. Next resistances after today rally are as follows:-

1- 7850-7890
2- 7900-7932
3- 7954-7992

Nifty traded in last hour and closed also within above mentioned 1st resistance range but more resistances are also up lying to 7992 therefore Nifty has to consolidate for fresh rally above the top of Post Budget 2016-17 Rally(7992)

As more than 4 hours consolidation between 7810-7840 today therefore expected that today started rally will remain continued but will be slow and may sideways market also between 7810-7992 in the next 1/2 sessions because fresh follow up consolidation is must for crossing and sustaining above mentioned resistances.
Valid Break Out of 7678-7777 will Generate One Sided Big Moves
Technical Analysis,Research & Weekly Outlook
(May 09 to May 13,2016)

Nifty-EOD Chart (06-May-2016):-
Just click on chart for its enlarged view
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 11 Sessions actual trading between 7777.30-7992
5- Corrective Wave-ii of Wave-5(on Long Chart) beginning after top formation at 7992 on 28-04-2016
6- 11 Sessions trading range forcefully broken down on 03-05-2016 amid on going correction 
7- Last 4 sessions closing below Long Term Trend decider 200 Day EMA(today at 7776).
8- Correction continuation with Recent bottom of Wave-ii of Wave-5 formations at 7678.35 on 06-05-2016

Fibonacci Retracement Levels of on going correction

Nifty-EOD Chart (06-May-2016):-
Just click on chart for its enlarged view
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- Corrective Wave-ii of Wave-5(on Long Chart) beginning after top formation at 7992 on 28-04-2016
3- Correction continuation with Recent bottom of Wave-ii of Wave-5 formations at 7678.35 on 06-05-2016

Conclusions (After Putting All Studies Together)

It had been the peculiar character of post Budget 2016-17 rally was that Nifty turned sideways after every 1/2 sessions decisive up moves. Nifty remained sideways in 37 sessions within 3 different ranges and finally Third trading range(7777.30-7992) broken down on 03-05-2016 after correction beginning from 7992 on 28-04-2016. Now correction is on with last 4 sessions closing below Long Term Trend decider 200 Day EMA(today at 7776) which is Long Term Trend turning down indication also.

Correction is on to correct post Budget 2016-17 rally according to following Fibonacci Retracement levels of Wave-1(6826-7992):-

1- 13.0%- 7840
2- 23.6%- 7716
3- 27.0%- 7677
4- 38.2%- 7546(Crucial)
5- 50.0%- 7409(Crucial)
6- 61.8%- 7271(Crucial)
7- 70.7%- 7167
8- 76.4%- 7101
9- 78.6%- 7075 
10-88.6%- 6958 

Correction on post Budget 2016-17 rally is on and no confirmation of its completion yet but last 3 sessions trading just above 27.0% retracement level between 7678-7777 with consolidation patterns formations within this range and once sustaining above 7777 will be strong indication of on going correction completion which should be firstly watched in the beginning of next week because that will be Long Term Trend turning up confirmation also after sustaining above its decider 200 Day EMA(today at 7776). 

It is confirm that finally valid break out of 7678-7777 will generate one sided big moves in next week because:-

1- Above 7777 will mean strong indication of Post Budget 2016-17 Rally's correction completion and possibility of fresh rally above the top of Rally(7992) 
2- Below 7678 will mean fresh and sharp down moves towards next supports above 7517.
Firstly Watch Crucial levels amid High Volatility
Intra Day Chart Analysis & Market Outlook
(06-05-2016)

Nifty-Intra Day Chart (05-May-2016):-
Just click on chart for its enlarged view
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):-
Just click on chart for its enlarged view
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):-
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- 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):-
Just click on chart for its enlarged view
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):-
Just click on chart for its enlarged view
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.