As busy therefore Stock Market Outlook of today and tomorrow will not be updated
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Crucial Levels Breaking Down will confirm Deeper Correction
Technical Analysis,Research & Weekly Outlook
(Aug 29 to Sep 02,2016)
Nifty-EOD Chart (26-Aug-2016):- |
| Just click on chart for its enlarged view |
1- Wave 1 of fresh Rally beginning after 12 months correction completion at 6825.80 on 29-02-2016
2- Wave-1(7583.70 on 14-03-2016)
3- Wave-2(7405.20 on 16-03-2016)
4- Wave-3(8288.90 on 08-06-2016)
5- Wave-4(7927.10 on 24-06-2016)
6- Wave-5(8728.40 on 09-08-2016)
7- Previous 27 sessions sideways trading between 8518-8728 from 25-07-2016
8- Previous 9 sessions sideways trading range(8580-8687) broken down on 26-08-2016
Fibonacci Retracement levels of Post Budget 2016-2017 Rally(6826-8728)
Nifty-EOD Chart (26-Aug-2016):-
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| Just click on chart for its enlarged view |
1- 13.0%- 8480
2- 23.6%- 8279
3- 27.0%- 8214
4- 38.2%- 8001(Crucial)
5- 50.0%- 7777(Crucial)
6- 61.8%- 7552(Crucial)
7- 70.7%- 7383
8- 76.4%- 7274
9- 78.6%- 7233
10-88.6%- 7042
Intra Day Chart Analysis(26-08-2016)
Nifty-Intra Day Chart (26-Aug-2016):-
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| Just click on chart for its enlarged view |
1- All Down moves in Bullish Falling Channels
2- Whole day actual trading between 8548-8622
Conclusions from intra day chart analysis
Although whole day down moves but all in Bullish Falling Channels therefore an indication of some up moves in the beginning of next week.
Conclusions (After Putting All Studies Together)
Trends of Nifty are as follows:-
1- Long Term Trend is up.
2- Intermediate Term Trend is up.
3- Short Term Trend is sideways for the last 27 sessions between 8518-8728
Next resistances of Nifty are as follows:-
1- 8602-8635
2- 8658-8687
3- 8686-8710
4- 8708-8723
Next supports of Nifty are as follows:-
1- 8546-8565
2- 8518-8540
3- 8476-8506
4- 8448-8463
Post Budget Rally started from 6825.80 on 29-02-2016 and now it is on with its Wave-5 highest formation at 8728.40 on 09-08-2016. As oscillators have turned overbought on weekly Charts and some have started to show negative divergence also therefore possibility of Intermediate Term Correction is very much on and its first indication was seen on 26-08-2016 through breaking down of last 9 sessions sideways trading range(8580-8687). Although closing was below the lowest of last 9 sessions trading range lowest(8580) at 8572.55 but intraday charts have not shown fresh selling patterns and some intraday consolidation was also seen therefore some up moves above 8580 can not be ruled out in the beginning of next week.
It should be kept in mind that correction beginning confirmation will mean correction after Wave-5 completion therefore possibly deeper correction of whole Post Budget rally(6826-8728) will be seen according to above mentioned Fibonacci Retracement levels and its beginning confirmation will be according to valid break down of following levels:-
1- Previous 9 sessions trading range(8580-8687) will be first strong indication
2- Previous 27 sessions trading range(8518-8728) will be confirmation.
Certainly deeper correction is very much due but confirmation is also required from above mentioned levels because Post Budget Rally is having history of fresh moves after sideways market therefore confirmation is must from above mentioned crucial levels breaking down.
Deeper Correction is on Cards Now
Intra Day Chart Analysis & Market Outlook
(26-08-2016)
Nifty-Intra Day Chart (25-Aug-2016):-
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| Just click on chart for its enlarged view |
1- Selling between 8666-8683(Immediate Resistances)
2- Down moves beginning after sharp fall beginning in European markets and Dow's Futures
3- Whole day actual trading between 8584-8683
Conclusions from intra day chart analysis
Following lines were told yesterday in "Firstly Watch Crucial Levels after Global markets led volatility Today":-
Last 8 Sessions trading between 8580-8687 with higher levels selling therefore view will not be Bullish until Nifty will not sustain above 8687 after follow up complete consolidation. Follow up selling and valid break down below 8580 will confirm decisive down moves and deeper correction possibility also.
Although Nifty closed after strong recovery from lower levels yesterday but we were not Bullish and updated the levels between 8580-8687 in which Nifty traded whole day today within 8583.65-8683.05.
As fresh selling between 8666-8683 today and sharp fall beginning in European markets and Dow's Futures also therefore down moves were seen in last hours of the day today. Nifty traded between 8580-8687 in last 9 sessions with higher levels good selling and minor supports at lower levels therefore possibility of slipping below 8580 and deeper correction beginning can not be ruled out. As last 9 sessions lowest(8580) has become most crucial today therefore its valid break down should be firstly watched in the coming sessions for deeper correction confirmations which is on cards now.
Firstly Watch Crucial Levels after Global markets led volatility Today
Intra Day Chart Analysis & Market Outlook
(25-08-2016)
Nifty-Intra Day Chart (24-Aug-2016):-
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| Just click on chart for its enlarged view |
1- Mixed Patterns between 8634-8653
2- Volatility according to European markets and Dow's Futures
3- Up moves after sharp up in European markets and Dow's Futures
4- Whole day actual trading between 8621-8661
Conclusions from intra day chart analysis
Although closing near the higher levels of the day but as such consolidation patterns were not seen and today moves were on the back of Global markets volatility therefore next immediate moves will be decided through previous sessions technical positions formations and Crucial levels.
Last 8 Sessions trading between 8580-8687 with higher levels selling therefore view will not be Bullish until Nifty will not sustain above 8687 after follow up complete consolidation. Follow up selling and valid break down below 8580 will confirm decisive down moves and deeper correction possibility also.
Possibility of Correction below 8600
Intra Day Chart Analysis & Market Outlook
(24-08-2016)
Nifty-Intra Day Chart (23-Aug-2016):- |
| Just click on chart for its enlarged view |
1- Selling between 8622-8635
2- Selling between 8602-8620
3- Up moves after strong rally in European markets and Dow's Futures
4- Whole day actual trading between 8580-8642
Conclusions from intra day chart analysis
Although closing at higher levels of the day after last hour up moves but sufficiently good selling patterns formations were also seen therefore expected that Nifty will not be able to sustain above the top(8642.15) of today. As selling was also seen in previous sessions and today as well therefore expected that finally Nifty will again slip below 8600 and deeper correction possibility also can not be ruled out despite Dow Jones now trading more than 90 points up.
Deeper Correction Confirmations from 8604 amid More Down Moves Possibility
Intra Day Chart Analysis & Market Outlook
(23-08-2016)
Nifty-Intra Day Chart (22-Aug-2016):- |
| Just click on chart for its enlarged view |
1- Slipping fast after flat opening
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 8614-8684
Conclusions from intra day chart analysis
Firstly Slipping fast after flat opening and Up moves in Bearish Rising Channel also during last trading hours therefore more down moves can not be ruled out in the coming sessions. As deeper correction will get confirmations after breaking down confirmation of last 6 sessions trading range lowest(8604) therefore should also be watched for its confirmations.
A Correction of Typing Mistake
Following typing mistake in levels was incurred yesterday in "Firstly Watch Crucial Levels one by one for Next Trend Confirmations":-
Following line was with wrong levels was posted:-
5 Sessions actual trading between 8503-8687
Same line with correct levels are as follows:-
5 Sessions actual trading between 8604-8687
Firstly Watch Crucial Levels one by one for Next Trend Confirmations
Technical Analysis,Research & Weekly Outlook
(Aug 22 to Aug 26,2016)
Nifty-EOD Chart (19-Aug-2016):-
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| Just click on chart for its enlarged view |
1- Wave 1 of fresh Rally beginning after 12 months correction completion at 6825.80 on 29-02-2016
2- Wave-1(7583.70 on 14-03-2016)
3- Wave-2(7405.20 on 16-03-2016)
4- Wave-3(8288.90 on 08-06-2016)
5- Wave-4(7927.10 on 24-06-2016)
6- Wave-5 continuation with recent top formation at 8728.40 on 09-08-2016
7- Previous 22 sessions sideways trading between 8518-8728 from 25-07-2016
6 times sideways markets of whole Post-Budget Rally
Nifty-EOD Chart (19-Aug-2016):-
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| Just click on chart for its enlarged view |
1- Rally beginning after 12 months correction completion at 6825.80 on 29-02-2016
2- Longer periods 6 times sideways markets after 1/2 sessions up moves.
3- Previous 22 sessions sideways trading between 8518-8728 from 25-07-2016
4- Rally continuation with recent top formation at 8728.40 on 09-08-2016
Previous 5 Sessions intraday charts analysis
Nifty-Intra Day Chart (Aug 12 to Aug 19,2016):-
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| Just click on chart for its enlarged view |
1- Higher levels selling and lower levels consolidation in last 5 sessions
2- 5 Sessions actual trading between 8503-8687
Conclusions from 5 Sessions intra day chart analysis
As higher levels selling and lower levels consolidation in last 5 sessions between 8503-8687 and its valid break out will result strong indication of next trend therefore should be firstly watched in next week.
Intra Day Chart Analysis(19-08-2016)
Nifty-Intra Day Chart (19-Aug-2016):-
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| Just click on chart for its enlarged view |
1- Selling patterns formation between 8678-8687
2- Selling patterns formation between 8658-8670
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 8648-8687
Conclusions from intra day chart analysis
Whole day trading within 39 points with sufficient selling patterns formations but Indian markets out performed European markets and Dow's Futures because when these 2 moved down sharply then Nifty was down moves in Bullish Falling Channel and was little weak while these 2 were too much down.
Although selling at higher levels but some buying also can not be ruled out thorugh 3 times Down moves in Bullish Falling Channels therefore Mixed intraday patterns formations will be understood and valid break out of day's trading range(8648-8687) will give 1st indication of nrxt trend therefore should be firstly watched in the beginning of next week.
Conclusions (After Putting All Studies Together)
Trends of Nifty are as follows:-
1- Long Term Trend is up.
2- Intermediate Term Trend is up.
3- Short Term Trend is sideways for the last 22 sessions between 8518-8728
Next resistances of Nifty are as follows:-
1- 8658-8687
2- 8686-8710
3- 8708-8723
Next supports of Nifty are as follows:-
1- 8546-8565
2- 8518-8540
3- 8476-8506
4- 8448-8463
Post Budget Rally started from 6825.80 on 29-02-2016 and now it is very much on. It has been a peculiar character of this rally that it turned sideways after 1/2 sessions up moves and now also its 6th sideways market is in continuation for the last 22 sessions between 8518-8728. As sustaining it beyond will form next trend therefore should be watched for its confirmation in the coming sessions/weeks.
Maximum target of on going Waves structure is at 8810.80 and its calculations has already been updated on 16-08-2016 in "Valid break out last 18 sessions sideways trading range will confirm next trend":-
Almost 6 months old Post Budget rally which has already gained 1902 points with its recent top formation at 8728.40 is 82 points less than its defined maximum target(8810.80). As correction is very much due now because Oscillators have turned overbought on weekly Charts and some have started to show negative divergence also therefore possibility of Intermediate Term Correction will also be considered because as per above defined Waves structure Wave-5 is on and its completion confirmation below 8810.80 will mean correction of that whole whole post Budget rally which(Wave-1) started from 6825.80 on 29-02-2016.
All the crucial levels have already been updated above which will give next trend confirmation one by one and should be firstly watched in next week. As sustaining below 22 sessions lowest(8518) without testing 8810.80 will confirm deeper correction therefore should also be kept in mind.
Post-open Outlook(19-08-2016)
Selling patterns formations between 8671-8690 in last 5 hours yesterday and today first hour most time trading within it with some indications of consolidations. Although now trading only 2 points down but will be safer to watch valid break out of 8671-8690 for first strong indication of next decisive moves.
Firstly Watch last 21 sessions trading range amid Deeper Correction Possibility
Intra Day Chart Analysis & Market Outlook
(19-08-2016)
Nifty-Intra Day Chart (18-Aug-2016):-
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| Just click on chart for its enlarged view |
1- Consolidation between 8651-8663
2- Selling between 8678-8690
3- Selling between 8671-8678
4- Whole day actual trading between 8651-8690
Conclusions from intra day chart analysis
Firstly consolidation after strong opening and after that up moves also but selling patterns formations developed in last 5 hours of the day therefore down moves below today lowest(8645.05) can not be ruled out in the coming sessions.
Following resistances were updated at 08:14 AM on 16-08-2016 in "Valid break out last 18 sessions sideways trading range will confirm next trend":-
1- 8664-8684
2- 8686-8710
3- 8708-8723
Nifty failed to sustain above 1st resistance and selling patterns were also seen in last 3 sessions therefore once slipping below last 3 sessions lowest(8600) will mean correction possibility towards following supports:-
1- 8546-8565
2- 8518-8540
3- 8476-8506
4- 8448-8463
Last 21 sessions sideways market between 8518-8728 and its valid down will confirm Intermediate Term Correction of Post Budget rally which has already gained 1902 points in last 6 months and its correction is very much due now because Oscillators have turned overbought on weekly Charts and some have started to show negative divergence also.
Multiple supports between 8448-8565 and once valid break down of 8448 will mean sharp fall towards 8303 and below it also but firstly sustaining beyond last 21 sessions trading range(8518-8728) should be watched for next trend confirmations amid above mentioned deeper correction possibility because Post Budget rally is having character of rally continuation after consolidation within sideways market since its beginning from 29-02-2016.
Intra Day Chart Analysis & Market
Outlook(18-08-2016)
Nifty-Intra Day Chart (17-Aug-2016):- |
| Just click on chart for its enlarged view |
1- Up moves in Bearish Rising Channel
2- Consolidation between 8633-8642
3- Sharp up
4- Down moves in Bullish Falling Channel
5- Selling between 8617-8630
6- Whole day actual trading between 8604-8687
Conclusions from intra day chart analysis
Although firstly up moves in Bearish Rising Channel but lower levels consolidation was also seen 8633-8642 therefore following lines were told today at 10:15 AM in "Post-open Outlook(17-08-2016)":-
1- today intraday charts are showing some consolidation indications
2- therefore view will watchful and valid break out of yesterday trading range(8601-8682) should be watched for next decisive moves confirmations.
As some consolidation therefore up moves with new intraday highest formation was also seen but as soon as European markets and Dow's Futures slipped fast from higher levels then Indian markets also moves down fast and new intraday lowest formation was also seen as well as new intraday highest and lowest formation was also seen within 1 hour.
As both intraday consolidation and selling patterns were seen today therefore valid break out of yesterday trading range(8601-8682) should be watched for next decisive moves confirmations but final trend will be decided through sustaining beyond last 20 sessions trading range(8518-8728).
Nifty is not trending and sideways for the last 20 sessions within 210 points between 8518-8728 and next decisive moves will be seen only after sustaining it beyond otherwise today like volatility without any specific technical position formation within this range can not be ruled out in the coming sessions.
Post-open Outlook(17-08-2016)
Although flat market since opening today and now trading in Red also but today intraday charts are showing some consolidation indications therefore view will watchful and valid break out of yesterday trading range(8601-8682) should be watched for next decisive moves confirmations.
Down Moves below Today Lowest
Intra Day Chart Analysis & Market Outlook
(17-08-2016)
Nifty-Intra Day Chart (16-Aug-2016):- |
| Just click on chart for its enlarged view |
1- Selling between 8668-8682
2- Support between 8601-8621
3- Selling indications in last hour between 8639-8652
4- Whole day actual trading between 8601-8682
Conclusions from intra day chart analysis
Although lower levels supports but sufficiently good selling today therefore down moves are expected below today lowest(8601). As both intraday supports and selling therefore firstly trading with volatility within today trading range can not be ruled out but high possibility of slipping below today lowest after follow up selling within and near about today trading range.
Valid break out last 18 sessions sideways trading range will confirm next trend
Technical Analysis,Research & Weekly Outlook
(Aug 16 to Aug 19,2016)
Nifty-EOD Chart (12-Aug-2016):-
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| Just click on chart for its enlarged view |
1- Corrective Wave-A of 'ABC' beginning after life time high formation at 9119.20 on 04-03-2015
2- Wave-A(7940.30 on 12-06-2015)
3- Wave-B(8654.75 on 23-07-2015)
4- Corrective Wave-C completion at 6825.80 on 29-02-2016 and Wave 1 of fresh Rally beginning
5- Wave-1(7583.70 on 14-03-2016)
6- Wave-1 gained 757.90 points
7- Wave-2(7405.20 on 16-03-2016)
8- Wave-3(8288.90 on 08-06-2016)
9- Wave-3 gained 883.70 points
10- Wave-4(7927.10 on 24-06-2016)
11- Wave-5 continuation with recent top formation at 8728.40 on 09-08-2016
12- On Going Wave-5 has gained 801.30 points till now
13- Previous 18 sessions sideways trading between 8518-8728 from 25-07-2016
Previous 18 sessions Intra Day Chart Analysis
Nifty-Intra Day Chart (Jul 25 to Aug 12,2016):-
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| Just click on chart for its enlarged view |
1- Previous 18 sessions sideways trading between 8518-8728 from 25-07-2016 to 12-08-2016.
2- Higher levels resistances and lower levels supports within previous 18 sessions trading range.
Conclusions from 18 Sessions intra day chart analysis
Previous 18 sessions sideways trading between 8518-8728 with higher levels resistances and lower levels supports therefore therefore valid break out of this range will decide next trend.
Intra Day Chart Analysis(12-08-2016)
Nifty-Intra Day Chart (12-Aug-2016):-
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| Just click on chart for its enlarged view |
1- Selling patterns formation between 8664-8684
2- Consolidation patterns formation between 8632-8650
3- Whole day actual trading between 8605-8684
Conclusions from intra day chart analysis
Although 0.93% Green closing after whole day positive zone trading but selling patterns formations also therefore sustaining above day's highest after fresh consolidation is must for next decisive up moves. As consolidation patterns were also seen after some slipping therefore on going rally continuation hopes are very much alive after follow up consolidation.
Conclusions (After Putting All Studies Together)
Trends of Nifty are as follows:-
1- Long Term Trend is up.
2- Intermediate Term Trend is up.
3- Short Term Trend is sideways for the last 18 sessions between 8518-8728 with following resistances within this range at higher levels:-
1- 8664-8684
2- 8686-8710
3- 8708-8723
As last 18 sessions sideways trading between 8518-8728 with above resistances therefore Waves have been counted differently which is suggesting minimum Intermediate Term correction of whole Post Budget Rally 2016-17 but valid break down of 8518 will be correction beginning confirmation which should also be watched if Nifty fails to sustainin above last 18 sessions highest(8728)
Maximum target of on going Waves structure is at 8810.80 as per following calculations:-
As per Elliott Wave theory "Wave-3 should never be shorter than both Wave-1 and Wave-5. Now Wave-5 is on and it should not gain more points than Wave-3.
Wave-3 gained=883.70 points(8288.90-7405.20)
It means on going Wave-5 will not gain more than 883.70 points which started from 7927.10. Therefore maximum target of on going Wave-5 will be:-
7927.10+883.70=8810.80
Till now on going Wave-5 has gained 801.30(8728.40-7927.10) points but can not gain more than 883.70 points. It means that if on going Wave-5 fails to move above 8810.80 and sustains below 8518 then that will be confirmation of post Budget Rally 2016-17's correction which may be deeper also.
As Post Budget rally has already gained 1902 points in last 6 months and Oscillators have turned overbought on weekly Charts as well as some have started to show negative divergence therefore its correction is very much due now and firstly valid break out of last 18 sessions range(8518-8728) should be watched in next week but Nifty should not move above 8810.80 otherwise Waves will be counted in that manner which has been updated in previously Weekly Analysis topics.
Last 18 sessions sideways market between 8518-8728 and its valid break out will confirm next trend in above mentioned manner which should be firstly watched in next week.
Correction Continuation/Completion Confirmations through Crucial Levels
Intra Day Chart Analysis & Market Outlook
(12-08-2016)
Nifty-Intra Day Chart (11-Aug-2016):-
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| Just click on chart for its enlarged view |
1- Up moves in Bearish Rising Channels
2- Selling between 8590-8601
3- Consolidation between 8541-8560
4- Down moves in Bullish Falling Channel
5- Whole day volatility in 60 points
6- Whole day actual trading between 8541-8601
Conclusions from intra day chart analysis
Whole day volatility in 60 points with both consolidation and distribution patterns formations are suggesting to get on going correction continuation/completion confirmations through following crucial levels:-
1- 8518-8612(First indication)
2- 8478-8650(Final confirmation)
Sustaining beyond above levels will confirm:-
1- Below 8478- correction continuation towards 8289.
1- Above 8650- Fresh rally towards 8728 and above after on going correction completion.
8626 Will confirm correction continuation towards 8518
Intra Day Chart Analysis & Market Outlook
(10-08-2016)
Nifty-Intra Day Chart (09-Aug-2016):-
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| Just click on chart for its enlarged view |
1- Selling between 8686-8710
2- Support between 8639-8661
3- Selling between 8673-8686
4- Whole day actual trading between 8639-8710
Conclusions from intra day chart analysis
Following lines were told yesterday in "Firstly Watch 8708-8723 for next trend after RBI Credit Policy ":-
1- Distribution Patterns between 8708-8723
2- finally sustaining beyond today selling range(8708-8723) should be firstly watched tomorrow for fresh rally above 8723 or Short Term correction below 8708.
Selling between 8708-8723 was told yesterday and almost whole day trading below it today with fresh selling. Although some supports at lower levels of the day above 8639 but again selling between 8673-8686 during last hour of the day.
As sufficiently good selling between 8673-8723 in last 2 sessions therefore correction continuation and more down moves can not be ruled out but some supports developed between 8639-8661 today which are within next immediate supports range(8626-8652). Next supports below 8626 are between 8518-8541 and once valid break down of 8626 will confirm on going correction continuation towards 8518.
Firstly Watch 8708-8723 for next trend after RBI Credit Policy
Intra Day Chart Analysis & Market Outlook
(09-08-2016)
Nifty-Intra Day Chart (08-Aug-2016):- |
| Just click on chart for its enlarged view |
1- Distribution Patterns between 8708-8723
2- Whole day actual trading between 8698-8723
Conclusions from intra day chart analysis
Although whole day positive zone trading after gap up opening and Green closing as well but selling patterns formations and completely under performance against all Global markets therefore an indication of some weakness developed today. RBI Credit Policy tomorrow and its announcements will decide next Short Term Trend but forceful break out of today highest or sustaining above today highest is must for fresh rally.
As high volatility can not be ruled out just before RBI Credit Policy and technical positions reverses also amid high volatility as well as Doji(indecision) candle formation today therefore finally sustaining beyond today selling range(8708-8723) should be firstly watched tomorrow for fresh rally above 8723 or Short Term correction below 8708.
Rally Continuation above the top of on going Rally
Technical Analysis,Research & Weekly Outlook
(Aug 08 to Aug 12,2016)
Nifty-EOD Chart (05-Aug-2016):- |
| Just click on chart for its enlarged view |
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-i of Wave-3(8294.95 on 07-06-2016)
5- Wave-ii of Wave-3(7927.05 on 24-06-2016)
6- Wave-iii of Wave-3 continuation with recent top formation at 8711.30 on 01-08-2016
7- Short Term Correction between 8518-8711 in previous week
Conclusions from EOD chart analysis
Impulsive Wave-iii of Wave-3 continuation with recent top formation at 8711.30 on 01-08-2016) and sideways correction was seen between 8518-8711 in previous week.
Intra Day Chart Analysis(05-08-2016)
Nifty-Intra Day Chart (05-Aug-2016):-
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| Just click on chart for its enlarged view |
1- Consolidation between 8626-8652
2- Whole day actual trading between 8615-8689
Conclusions from intra day chart analysis
63 Points sharp up in first minute after gap up opening and higher levels consolidation at 0.90% higher levels as well as closing at higher levels of the day after sudden sharp recovery in last half hour are strong indications of rally continuation of on going rally.
Conclusions (After Putting All Studies Together)
Trends of Nifty are as follows:-
1- Long Term Trend is up.
2- Intermediate Term Trend is up.
3- Short Term Trend is sideways between 8518-8711 for the last 9 sessions.
Following lines were told on 01-08-2016 in "Rally continuation Expectations":-
1- As Short/Intermediate Term Indicators have turned overbought therefore correction is very much due
2- on going Wave-iii of Wave-3 will remain continued in the coming week.
Correction was very much due and it was seen in previous week through sideways trading between 8518-8711 but on going Wave-iii of Wave-3 also remained continued and previous week closing was at the top of not only previous week top but also at highest of on goint rally. Although Nifty firstly slipped in previous 3 sessions but without intraday selling patterns formations and sufficiently good consolidation patterns were also seen in last 3 sessions therefore on going rally continuation is expected in the coming week above the top(8711.30) of on going Post Budget 2016-17 rally.
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