Firstly Watch Next Strong Supports after Such Weak SGX Nifty today

Intra Day Chart Analysis & Market Outlook

(20-06-2016)

Nifty-Intra Day Chart (17-Jun-2016):-

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Selling patterns formation between 8166-8178
3- Up moves in Bearish Rising Channel
4- Intraday volatility in last hours
5- Whole day actual trading between 8136-8195

Conclusions from intra day chart analysis 

As remained busy in last 2 days therefore small Outlook is being posted today.

Detailed analysis of EOD Charts have been updated in previous Weekly Outlook on 13-06-2016 in "Firstly watch Most Crucial Support in Next FOMC News led Week". As previous weekly closing(17-06-2016) is at the same level(8170) which was on 10-06-2016 therefore same view on EOD charts which was updated in above mentioned previous weekly analysis.

Although Green closing after whole day positive zone trading last Friday but intraday charts are showing some selling patterns also after first hour Down moves in Bullish Falling Channel and some volatility was also seen in last hours therefore much negative cues are not being seen only from intraday charts patterns formations. Global markets were trading in following manner last Friday:-

1- Most Asian markets traded more than 0.45% last Friday.
2- All the European markets traded more than 1.50% up after strong opening last Friday.

As Indian markets traded flat to minor gains and completely under performed Global markets therefore selling on the back of such strong Global cues can not be ruled out last Friday.

SGX Nifty is now trading more than 60 points down today morning and news channels are telling it is due to RBI Governor Raghuram Rajan exit. As per our view it should not be the reason of such deeper down SGX Nifty because in real sense Mr Raghuram Rajan was creating hurdles through not cutting Repo Rates and each time gave baseless reasons for it. 

As Indian markets completely under performed Global markets and some selling patterns were also seen last Friday therefore some weakness can not be ruled out but strong supports are lying between 8064-8091 and firstly sustaining it beyond should be watched today for the confirmation of next trend.

Finally Crucial Levels will decide Next Trend amid Brexit led Uncertainty

Intra Day Chart Analysis & Market Outlook

(17-06-2016)

Nifty-Intra Day Chart (16-Jun-2016):-

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Technical Patterns and Formations in today intraday charts

1- Support between 8075-8101
2- Whole day actual trading between 8075-8164

Conclusions from intra day chart analysis 

As most Asian markets were in deep Red and some were more than 01.50% down therefore sentiment turned depressed today morning and resultant much weaker opening of Indian markets as well as slipping in first 2 hours. Following consolidation levels were updated in last 3 sessions:-

1- Consolidation between 8064-8084 on 13-06-2016
2- Consolidation between 8070-8091 on 14-06-2016
3- Consolidation between 8124-8142 on 15-06-2016

Nifty traded most time between above mentioned consolidation levels and closed also within it despite deep Red trading of Asian and European markets today. As Nifty got supports also within above mentioned levels today therefore these levels have become stronger supports and until Nifty will not sustain below 8064 after complete fresh selling till then decisive down moves will not be seen but decisive down moves will be considered only after sustaining below 7992.

Next resistances of Nifty are as follows:-

1- 8242-8255
2- 8260-8315
3- 8470-8520
4- 8575-8652

(Sustaining above 2nd resistance range(8315) will be fresh strong rally confirmation)

As uncertainty due to Brexit therefore nervousness in all the Global markets and huge volatility also can not be ruled out in the Indian markets. In this situation finally sustaining beyond crucial levels(7992-8315) will decide next Trend and should be firstly watched in the coming sessions for next trend confirmations.

Firstly Watch sustaining above 2nd Resistance Range after No Rates Hike Decision by FOMC

Intra Day Chart Analysis & Market Outlook

(16-Jun-2016)

Nifty-Intra Day Chart (15-Jun-2016):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8124-8142
2- Sudden up moves beginning after the Union Cabinet decision news of Associate Banks merger into SBI
3- Whole day actual trading between 8124-8213

Conclusions from intra day chart analysis

Following lines were told on 14-06-2016 in "Next(gap) Resistance filling will mean Fresh and Strong Rally":-

1- Indian markets are technically well prepared for strong rally
2- Next(gap) resistance are between 8135-8163 and once filling of this gap will mean fresh and strong rally beginning tomorrow or next Thursday.

Strong rally was seen after the gap filling and it happened after the Union Cabinet decision news of Associate Banks merger into SBI. Rally is on and continuation is expected but following resistances are lying just above day's highest therefore up moves within following resistances may be slow:-

1- 8242-8355
2- 8260-8315
3- 8470-8520
4- 8575-8652

Although good news of no rates hike decision by FOMC but most crucial Brexit decision is pending and that will come on 22-06-2016 therefore firstly sustaining above 2nd resistance range(8315) should be watched and once its valid break out will mean fresh strong rally.

Next(gap) Resistance filling will mean Fresh and Strong Rally

Intra Day Chart Analysis & Market Outlook

(15-06-2016)

Nifty-Intra Day Chart (14-Jun-2016):-

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Consolidation between 8070-8091
3- Whole day actual trading between 8070-8123

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Firstly Post FOMC decisive moves preparations between 8064-8237":-

1- Consolidation between 8064-8084
2- Nifty will firstly prepare for post FOMC decisive moves between 8064-8237
3- sustaining above 8163 will produce strong up moves because good consolidation was seen above it last Friday and today down moves below it were crashing Global markets led.

Nifty traded whole day above 8064 today with intraday lowest formation at 8069.50 and follow up consolidation between 8070-8091 after consolidation within this range yesterday between 8064-8084 therefore levels between 8064-8091 have become immediate and stronger supports because consolidation within this range was seen in last 2 sessions and until Nifty will not sustain below 8064 till then decisive down moves will not be seen.   

Although finally next big moves will be seen after FOMC announcements next Thursday some volatility can not be ruled out tomorrow due to  FOMC led uncertainty and crashing Global markets but it is confirm that Indian markets are technically well prepared for strong rally because good consolidation was seen above 8163 last Friday and last 2 sessions down moves below it were crashing Global markets led.

Next(gap) resistance are between 8135-8163 and once filling of this gap will mean fresh and strong rally beginning tomorrow or next Thursday.

Firstly Post FOMC decisive moves preparations between 8064-8237

Intra Day Chart Analysis & Market Outlook

(14-06-2016)

Nifty-Intra Day Chart (13-Jun-2016):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8064-8084(Immediate Supports)
2- Last 15 minutes trading near about previous supports(8112) 
3- Whole day actual trading between 8064-8125

Conclusions from intra day chart analysis 

Sentiment was extremely depressed today morning due to following Global markets weakness:-

1- US markets closed 0.67% to 1.29% down after more than 2% weaker closing of most European markets last Friday
2- Most Asian markets were trading more than 1.5% down and some were more than 2% weak today morning.
3- Dow's Futures was also trading more than 60 points down today morning
4- SGX Nifty was trading more than 65 points down today morning

Although above mentioned Global markets and SGX Nifty weakness today morning but we told following lines today at 08:34 AM in "Firstly watch Most Crucial Support in Next FOMC News led Week":-

1- As supports are upto 8112 therefore finally its valid break down will be correction beginning confirmation towards the top of previous 28 Sessions sideways trading range highest(7992).  
2- Although Nifty closed near the lower levels of the day last Friday but intraday consolidation patterns were seen that day therefore until fresh selling will not develop in next week till then Nifty will not sustain below 8112.
3- As Nifty is trading and closing above the lowest of last support(8112) for the last 10 sessions therefore it has become most crucial support now and firstly sustaining it beyond should be watched in next FOMC news led week

We told for the importance of 8112 again and again and Nifty hovered it around in last 15 minutes as well as closed just below it at 8110.60 today. We told 3 times in previous outlooks for the possibility of correction towards the top of previous 28 Sessions sideways trading range highest(7992) and it was also seen today. 

Although Indian markets closed in Red after loosing 0.73% points but Indian markets out performed all Global markets today despite huge gap down opening today. As lower levels consolidation were also seen today therefore hopes are still alive that fresh rally will be seen after on going correction completion above 7992.

FOMC expectation led volatility can not be ruled out in the coming both sessions but on going Correction completion is expected without sustaining below 7992. Expected that Nifty will firstly prepare for post FOMC decisive moves between 8064-8237 and finally valid break out of this range will decide the fate of on going correction. Slipping below 8064 will mean correction continuation towards 7992 and sustaining above 8163 will produce strong up moves because good consolidation was seen above it last Friday and today down moves below it were crashing Global markets led.

Firstly watch Most Crucial Support in Next FOMC News led Week

Technical Analysis,Research & Weekly Outlook

(Jun 13 to Jun 17,2016)

Nifty-EOD Chart (10-Jun-2016):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning after bottom formation at 6825.80 on 29-02-2016
2- Wave-1(7992 on 28-04-2016)  
3- Wave-2(7678.35 on 06-05-2016)
4- Wave-3 continuation with recent top formation at 8294.95 on 07-06-2016
5- Short Term Correction is on with recent bottom formation at 8162.85 on 10-06-2016 
6- Long Term Trend turning up confirmation after confirmation of sustaining above its decider 200 Day EMA(today at 7830)

Sideways corrections of whole rally

Nifty-EOD Chart (10-Jun-2016):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning after bottom formation at 6825.80 on 29-02-2016
2- Wave-1(7992 on 28-04-2016) 
3- Wave-2(7678.35 on 06-05-2016)
4- Wave-3 continuation with recent top formation at 8294.95 on 07-06-2016
5- Sideways corrections after every 2/3 sessions up moves
6- Sideways correction continuation for the last 10 sessions

Previous 10 Sessions sideways trading

Nifty-Intra Day Chart (May 30 to Jun 10,2016):-

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Technical Patterns and Formations in last 10 Sessions intraday charts

1- Higher levels selling and lower levels consolidation in last 10 sessions.
2- 10 Sessions sideways trading between 8134-8295 

Intra Day Chart Analysis(10-06-2016)

Nifty-Intra Day Chart (10-Jun-2016):-

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Technical Patterns and Formations in today intraday charts

1- Huge volatility in first 4 hours
2- Down moves in Bullish Falling Channel
3- Consolidation Patterns between 8163-8192 
4- Whole day actual trading between 8163-8265

Conclusions (After Putting All Studies Together)

Long and Intermediate Term Trends are up and Short Term Trend is sideways for the last 10 sessions between 8134-8295. As both higher levels selling and lower levels consolidation in last 10 sessions and Nifty closed within this range at  8170.05 last Friday therefore still Nifty will understood sideways between 8134-8295.

Next supports of Nifty are as follows:-

1- 8163-8192 
2- 8156-8177
3- 8112-8138

As supports are upto 8112 therefore finally its valid break down will be correction beginning confirmation towards the top of previous 28 Sessions sideways trading range highest(7992).  

Although Nifty closed near the lower levels of the day last Friday but intraday consolidation patterns were seen that day therefore until fresh selling will not develop in next week till then Nifty will not sustain below 8112.

Following resistances were updated on 29-05-2016 in "Minimum Target of Nifty at 8844.55":-

1- 8260-8315
2- 8470-8520
3- 8575-8652

Nifty faced resistance within 1st resistance range(8260-8315) in previous week and closed below it at 8170.05 after highest formation within it at 8294.95. As selling was also seen within it therefore 1st resistance range has become stronger and until Nifty will not sustain above 8315 after complete consolidation till then decisive up moves also will not be seen. 

FOMC meet in next week and all the Global markets will react on it till next Thursday. Indian markets will also prepare near about or between 8112-8315 for post FOMC decisive moves in the next 3 sessions of coming week. As high volatility can not be ruled out due to FOMC therefore finally sustaining beyond 8112-8295 will produce next strong moves. 

As Nifty is trading and closing above the lowest of last support(8112) for the last 10 sessions therefore it has become most crucial support now and firstly sustaining it beyond should be watched in next FOMC news led week for following decisive moves:- 

1- Finally sustaining above 8112 after complete follow up consolidation will mean fresh rally beginning towards the top(8295) of last 10 sessions trading range but decisive up moves will be seen only after valid break out of 1st resistance range(8315). 
2- Finally sustaining below 8112 after complete follow up selling will mean  little deeper but Short Term correction of that rally which started from 7715.80 on 24-05-2016 and completed at 8252.05 on 08-05-2016. Retracement levels of this rally are as follows:- 

1- 13.0%- 8182
2- 23.6%- 8125
3- 27.0%- 8107
4- 38.2%- 8046(Crucial)
5- 50.0%- 7983(Crucial)
6- 61.8%- 7920(Crucial)

Next Good Supports will confirm Little Deeper but Short Term correction

Intra Day Chart Analysis & Market Outlook

(10-06-2016)

Nifty-Intra Day Chart (09-Jun-2016):-

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Technical Patterns and Formations in today intraday charts

1- Sharp down immediately after opening
2- More than 4 hours trading with selling indications.
3- Up moves in last hour from lower levels in Bearish Rising Channel   
4- Whole day actual trading between 8185-8273

Conclusions from intra day chart analysis 

Firstly sharp down immediately after opening and after that more than 4 hours trading with selling indications as well as last hour Up moves in Bearish Rising Channel also therefore today started correction continuation is expected but next good supports are lying between 8156-8177 therefore firstly sustaining it  beyond should be watched tomorrow for little deeper but Short Term correction of that rally which started from 7715.80 on 24-05-2016 and completed at 8252.05 on 08-05-2016. Retracement levels of this rally are as follows:- 

1- 13.0%- 8182
2- 23.6%- 8125
3- 27.0%- 8107
4- 38.2%- 8046(Crucial)
5- 50.0%- 7983(Crucial)
6- 61.8%- 7920(Crucial)

Strong Indications of next Moves from 8252-8294

Intra Day Chart Analysis & Market Outlook

(09-06-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Whole day sideways trading within 33 points 
2- Whole day actual trading between 5253-5288

Conclusions from intra day chart analysis 

Whole day sideways trading within 33 points and flat closing as well as no one sided intraday technical position formations today therefore views will be formed from EOD charts and indicators only.

That Wave-3 which begun from 7678.35 on 06-05-2016 is on and its continuation is expected because complete selling has not been formed yet but Short Term indicators are overbought therefore Short Term correction may be seen any day after 1/2 sessions selling.  

Nifty traded  more than 1 hour between 3277-3294 yesterday but could not sustain at higher levels therefore immediate resistances will be understood upto 3294 and previous resistances are also upto 8315 therefore clear consolidation is firstly required for fresh fast rally towards next resistances(8470-8520) let it happen then valid break out of 8315 will be its confirmation.

Expected that Nifty will firstly trade within and near about 8252-8294 and valid break out of this range will be strong indication of Short Term correction below 8252 and fresh rally above 8294.

Bullish Global Cues led today Market require confirmations from 8217-8315 

Intra Day Chart Analysis & Market Outlook

(08-06-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Sideways market with RBI Credit Policy led volatility till 11:30 AM
2- Fast up moves after more strong opening European markets after 12:30 PM
3- Not sustaining at higher levels.
4- Whole day actual trading between 8217-8294

Conclusions from intra day chart analysis 

As clear selling patterns just below next resistance(8260) last Friday and Mixed Patterns formations yesterday therefore we were expecting Short Term Correction below 8186.05 but our today projection went wrong due to following Bullishness in all the Global markets since today morning:-

1- Most Asian markets were trading 0.75% up today morning after strong closing of US markets yesterday therefore positive opening of Indian markets but under performed Asian markets and traded sideways with minor gains up to 11:30 AM because higher levels selling was seen in last 2 sessions and fresh consolidation was firstly required for decisive up moves.
2- Fast up moves started in Indian markets after more than 1% strong opening of most European markets at 12:30 PM today.

The rally which started on 24-05-2016 from 7716 is very much on and its only Short Term Correction was expected below 8186.05 which was not seen today and higher levels consolidation amid strong Global cues can not be ruled out today because Indian markets could not slip too much despite no Repo rates cut by RBI today. 

As lower levels supports amid high volatility after RBI Credit Policy and Global cues led up moves as well as not sustaining at higher levels within next resistance range(8260-8315) therefore whole day today market will be understood only news led and it must be kept in mind that technical positions reverses also in such today like news led markets. 

As clear selling between 8241-8262 last Friday and next resistances above it are between 8260-8315 as well as some supports at lower levels above 8217 today therefore expected that Nifty will firstly trade and prepare for next decisive moves between 8217-8315 in the coming sessions and finally this range will decide next Short Term Trend. As today market was completely Bullish Global cues and RBI Credit Policy led therefore follow up consolidation is firstly required for fresh fast rally towards next resistances(8470-8520) let it happen then valid break out of 8315 will be its confirmation.

Emergence of Short Term Correction possibility

Intra Day Chart Analysis & Market Outlook

(07-06-2016)

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

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Technical Patterns and Formations in today intraday charts

1- 5 Hours trading with Mixed Patterns formations between 8205-8234
2- 5 Hours trading range broken down forcefully 
3- Whole day actual trading between 8187-8234

Conclusions from intra day chart analysis 

Following conclusive lines were told yesterday in "Firstly Sideways Market in Coming Week for Next Trend Preparation":-

1- As clear selling between 8241-8262 therefore it will be immediate resistance of Nifty
2- Firstly Nifty has to prepare for any side decisive moves and that will be done through sideways trading 

Immediate resistance of Nifty was told between 8241-8262 and today highest was below this resistance range at 8234.70. Sideways trading was also told and Nifty remained sideways within only 47 points between 8187-8234 today as well as prepare for next decisive moves.    

Although 5 Hours today trading was with Mixed Patterns formations but clear selling patterns were seen between 8241-8262 yesterday and next resistances just above this range are between 8260-8315 therefore once valid break down of today trading range(8187-8234) will mean high possibility of Short Term down moves towards the top of previous 28 Sessions trading range(7678-7992)

As RBI Credit Policy at 11:00 AM tomorrow therefore high volatility just before it can not be ruled out but emergence of Short Term Correction possibility below today lowest(8186.05) and towards 7992 despite whatsoever announcements by RBI Governor tomorrow because clear selling patterns just below next resistance(8260) last Friday and Mixed Patterns formations today.

Firstly Sideways Market in Coming Week for Next Trend Preparation 

Technical Analysis,Research & Weekly Outlook

(Jun 06 to Jun 10,2016)

Nifty-Intra Day Chart (May 30 to Jun 3,2016):-

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Technical Patterns and Formations in last 5 Sessions intraday charts

1- First 4 sessions sideways trading between 9150-8215
2- Selling between 8241-8262 on 03-06-2016
3- 5 Sessions actual trading between 8135-8262 

Conclusions from 5 Sessions intra day chart analysis 

First 4 sessions sideways trading in previous week between 9150-8215 and this range was broken out on 03-06-2016 but fresh selling was seen 8241-8262  last Friday therefore still Nifty will be understood sideways between last week trading range(8135-8262) and valid break out of this range will be next trend confirmation. 

Intra Day Chart Analysis(03-06-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Selling between 8241-8262(Immediate Resistances)
2- Whole day actual trading between 8210-8262

Conclusions from intra day chart analysis 

As clear selling between 8241-8262 therefore it will be immediate resistance of Nifty and follow up consolidation is must for any decisive up move above 8262.

Conclusions (After Putting All Studies Together)

Following conclusive lines were told on 29-05-2016 in "Minimum Target of Nifty at 8844.55":-

finally last week started rally will remain continued towards 8844.55 with only very Short Term and sideways corrections.

Next resistances above previous week highest are as follows:-

1- 8260-8315
2- 8470-8520
3- 8575-8652

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

1- Rally remained continued with previous week closing after gaining 64 points.
2- only very Short Term and sideways corrections was told and Nifty remained sideways in first 4 sessions between 9150-8215.
3- First resistance range was told between 8260-8315 and Nifty faced resistance exactly at these levels as well as retraced from 8262 last Friday.

As lower levels supports and higher levels equally good selling was seen between 8135-8262 in last week therefore Firstly Nifty has to prepare for any side decisive moves and that will be done through sideways trading within this range. Now Nifty will be understood sideways between 8135-8262 and firstly sustaining beyond this range should be watched for following next Trend confirmations:-

1- Below 8135 will mean Short Term down moves towards the top of previous 28 Sessions trading range(7678-7992) which was forcefully broken out on 26-05-2016 and it will be the correction of that rally also which started on 24-05-2016 from 7716. 
2- Above 8262 will be possible only after complete consolidation because clear selling patterns were seen last Friday. As next resistances between 8260-8315 are also lying just above it therefore up move up to 8315 will be slow because follow up consolidation is also required for sustaining above 8315.

Intra Day Chart Analysis & Market Outlook(03-06-2016)

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

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Technical Patterns and Formations in today intraday charts

1- 5 Hours trading with Mixed Patterns between 8155-8185 
2- Slow up moves in last hours 
3- Whole day actual trading between 8155-8229

Conclusions from intra day chart analysis 

Last 3 sessions sideways trading with mixed patterns formations between 8144-8215 and this range was broken out today but without force because last hours up moves which crossed 8215 were slow today. As first 5 hours today trading was also with mixed patterns formations therefore last 3 sessions break out confirmation is still required through sustaining above 8215/8229.

Although today closing near the higher levels of the day above last 3 sessions trading range(8144-8215) but immediate fresh rally will be understood only after the confirmation of sustaining above 8215/8229,let it happen otherwise Nifty will remain sideways between 8144-8215/8229.

Intra Day Charts Analysis & Market Outlook(02-06-2016)

Nifty-Intra Day Chart (May 30 to Jun 01,2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in last 3 Sessions intraday charts

1- Last 3 sessions sideways trading with Mixed Patterns formations between 8144-8215
2- 3 Sessions trading between 8135-8215

Conclusions from 3 Sessions intra day chart analysis 

Following lines were told on 29-05-2016 in "Minimum Target of Nifty at 8844.55" and repeated in the Outlooks of last 2 sessions also:-

finally last week started rally will remain continued towards 8844.55 with only very Short Term and sideways corrections.

Sideways correction has been seen in last 3 sessions through 71 points range bound markets between 8144-8215.  As one sided clear patterns formations were not seen and selling/consolidation both patterns has been developed in last 3 sessions therefore expected that Nifty will trade within 8135-8215 and prepare for next decisive big moves beyond this range. 

Let Nifty prepare then will be updated after the analysis of coming sessions intraday charts and final confirmation of  next decisive moves will be after sustaining beyond 8135-8215.

Intra Day Chart Analysis & Market Outlook (01-06-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Firstly Down moves in Bullish Falling Channel
2- Last 6 hours sideways trading with Mixed Patterns between 8144-8182 
3- Whole day actual trading between 8135-8213

Conclusions from intra day chart analysis 

As same intraday pattern formations like yesterday therefore 100% same view which was updated in following topic yesterday:-

8151-8200 will confirm next Decisive Moves

Only minor changes will be regarding levels because today trading was little wider than yesterday therefore valid break out of today trading range(8135-8213) should be firstly watched tomorrow for those next trend confirmations which have been updated in above mentioned topic yesterday. Just click above topiclink and go through.

8151-8200 will confirm next Decisive Moves

Intra Day Chart Analysis & Market Outlook

(31-05-2016)

Nifty-Intra Day Chart (30-May-2016):-

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Technical Patterns and Formations in today intraday charts

1- Firstly Down moves in Bullish Falling Channel
2- Last 5 hours sideways trading with Mixed Patterns between 8157-8188 
3- Whole day actual trading between 8151-8200

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Minimum Target of Nifty at 8844.55":-

finally last week started rally will remain continued towards 8844.55 with only very Short Term and sideways corrections.

Rally remained continued with 5 hours intraday sideways trading today which is a part of very Short Term correction also because very Short Term oscillators have turned overbought after 484 points 5 sessions sharp rally and minor correction turned due after such strong rally. 

As firstly Down moves in Bullish Falling Channel today and last 5 hours Mixed Patterns formations therefore today trading will be understood a part of consolidation process and follow up consolidation tomorrow will mean rally continuation above 8200.

It is confirm that until clear and complete selling patterns will not develop on EOD charts till then any deeper correction will not be seen and valid break out of today trading range(8151-8200) should be firstly watched tomorrow for:- 

1- very Short Term correction confirmation below 8151 or 
2- fresh rally confirmation above 8200 

Only it has to be decided that immediate fresh rally above 8200 or after very Short Term correction between 7992-8151 and its confirmation will be from 8151-8200. 

Minimum Target of Nifty at 8844.55

Technical Analysis,Research & Weekly Outlook

(May 30 to Jun 03,2016)

Nifty-EOD Chart (27-May-2016):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning after bottom formation at 6825.80 on 29-02-2016
2- Wave-1(7992 on 28-04-2016)  
3- Wave-2(7678.35 on 06-05-2016)
4- Wave-3 continuation with top formation at 8164.20 on 27-05-2016
5- 28 Sessions trading range(7678-7992) broken out forcefully on 26-05-2016 
6- Long Term Trend turning up confirmation after confirmation of sustaining above its decider 200 Day EMA(today at 7786)

Conclusions from EOD chart analysis 

All trends turning up confirmations after the confirmation of sustaining above Long Term Trend decider 200 Day EMA(today at 7786) in previous week. As 28 Sessions trading range(7678-7992) also broken out forcefully on 26-05-2016 therefore Wave-3 beginning confirmation also in previous week after Wave-2 completion confirmations at 7678.35 on 06-05-2016. Wave-3 is very much on towards its minimum target at 8844.55. Calculations of Wave-3 minimum target is as follows:-

As per Elliott Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5". Impulsive Wave-3 is on and it should gain more points than Wave-1 gained.

Wave-1 gained 7992-6825.80=1166.20 Points

Wave-3 started from 7678.35 and and as per Elliott Wave theory it should gain minimum 1166.20 points because it can not be shorter than Wave-1 therefore its minimum target is at:-

8844.55=7678.35(Wave-3 started)+1166.20(Wave-1 gained)

As strong rally in last 3 sessions and very Short Term oscillators have turned overbought therefore very Short Term correction possibility can not be ruled out any day in next week but finally last week started rally will remain continued towards 8844.55 with only very Short Term and sideways corrections.

Next resistances above previous week highest are as follows:-

1- 8260-8315
2- 8470-8520
3- 8575-8652

As busy therefore Stock Market Outlook of today is not being updated 

Last Resistances of 28 Sessions will decide next Trend

Market Outlook(26-05-2016)

As blasting Global markets today morning therefore 85 points gains in first 30 seconds after huge gap up opening and closing near the higher levels of the day after whole day up moves. Still Nifty will be understood 28 sessions sideways between 7678-7992 and sustaining above 7992 will mean Wave-3 of post Budget 2016-17 rally beginning after Wave-2 correction completion within sideways trading between 7678-7992. 

Next and last resistances within this range are between 7954-7992 and once sustaining above will confirm fresh strong rally above life time high(9119). As mentioned resistances are almost 1 month old and intraday selling patterns were not seen today therefore  rally continuation expectations above 7992 are alive after follow up consolidation near about it.

As last resistances of 28 sessions trading range are between 7954-7992 and its valid break out will decide next trend therefore should be firstly watched tomorrow for next trend confirmations.

Firstly Watch Crucial Levels amid Blasting Global Markets Today 

Following lines were told at 03:31 AM on 24-05-2016 in "Firstly Watch 7678-7730 for next Big Moves":-

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.

Supports between 7678-7730 were updated in previous 2 Outlooks and Nifty could not slip below it as well as closed above it in both previous sessions. 

As all the Global markets have started blasting in last 19 hours therefore in reaction strong gap up opening will be seen in Indian markets also. 27 Sessions sideways market between 7678-7992 and next immediate resistances within this range are as follows:-

1- 7788-7811
2- 7838-7853 

Let Nifty sustain above 7853 then strong rally will be seen otherwise today strong market will be blasting Global cues led only.  As immediate supports and resistances are between 7678-7853 therefore next strong one sided decisive moves will be seen only after sustaining beyond this range because that will be confirmation of Long Term Trend. Nifty is hovering around Long Term Trend decider 200 Day EMA(today at 7780) for the last 27 sessions. Sustaining below 7678 will mean broken down confirmation and sustaining above 7853 will be first strong indication of broken out therefore sustaining beyond firstly these crucial levels(7678-7853) should be watched in the coming sessions amid blasting Global cues led  markets today. 

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.