8400-8549 will Confirm next Trend 

Intra Day Chart Analysis & Market Outlook

(10-11-2016)

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

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Technical Patterns and Formations in today intraday charts

1- More than 4 hours consolidation between 8180-8345
2- Whole day actual trading between 8003-8476

Conclusions from intra day chart analysis 

As all the Global markets were crashing due to emergence of Donald Trumpt winning possibility in US Predential elections therefore more than 5% weak opening but 200 points recovery from lower levels in first 5 minutes and after that more than 4 hours consolidation between 8180-8345 therefore until Nifty will not sustain below 8180 after follow up selling till then decisive down moves will not be seen.

Fibonacci Retracement levels of  Wave-iii of Wave-3(7927-8968) were updated on 30-10-2016 in "Fresh Bullish Moves require confirmations due to Indo-Pak border Tension". Nifty recovered strongly after retracing up to 88.6% which is a strong signal of corrective Wave-iv of Wave-3 completion after panic bottom formation at 8002.25 today.

As highly volatile US markets today and in reaction some volatility may be seen in Indian markets also but finally sustaining beyond 8400-8549 will confirm next trend and that should be firstly watched tomorrow

Firstly Watch  8400-8549 amid US Presidential Elections Led high Volatility

Intra Day Chart Analysis & Market Outlook

(09-11-2016)

As next 2 sessions market will be on the back of news from US Presidential Elections and not on the base of technical charts therefore intraday charts analysis is not being updated today. News led volatility may be high and next trend will get confirmations through sustaining beyond 8400-8549 and should be firstly watched.

8400-8549 will confirm next trend

Intra Day Chart Analysis & Market Outlook

(08-11-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Selling patterns formation between 8510-8532
2- Whole day actual trading between 8482-8532

Conclusions from intra day chart analysis 

As FBI clears Clinton in Emails case therefore Dow's Futures was trading more than 220 points up today morning and in reaction all the Asian markets were blasting,resultant strong opening of Indian markets. Although such Bullish news but Indian markets completely under performed Global market and closed near the intraday lower levels of the day while almost all the Global markets closed near the higher levels of the day.

Selling was updated in following levels both in both previous Outlooks:-

1- Updated on 02-11-2016- 8532-8549
2- Updated on 03-11-2016- 8510-8537

As Nifty could not cross 1st selling(resistance) range despite such most strong Global cues and follow up selling was seen in 2nd selling(resistance) range therefore above mentioned selling(resistance) ranges will not be easily crossed. Until Nifty will not sustain above 8549 after complete follow up consolidation till then decisive up moves will not be seen.

As intraday charts of last Friday are showing suficiently good consolidation above 8400 therefore Nifty will not easily slip below it also and will firstly trade as well as prepare for post US Presidential Elections decisive moves between and near about 8400-8549.

Global markets news led today like high volatility can not be ruled out in the coming before Elections results 1/2 sessions and finally valid break out of 8400-8549 will confirm next trend.

As out of station therefore Stock Market Outlook of today is not being updated.

8477 will open the doors of Deeper Correction

Intra Day Chart Analysis & Market Outlook

(04-11-2016)

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

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Technical Patterns and Formations in today intraday charts

1- First 3 hours selling between 8510-8537
2- Down moves in Bullish Falling Channels in last 3 hours 
3- Whole day actual trading between 8477-8537

Conclusions from intra day chart analysis 

Although selling in first 3 hours but some consolidation also in last 3 hours through Down moves in Bullish Falling Channels therefore not sustaining below last 77 Sessions lowest(8477) and closing above it at 8484.85 after today lowest formations at 8476.15 

Multiple and strong supports between 8477-8580 were updated many times in last 3 months and Nifty got supports exactly at 8476.15 today. As last 3 hours some consolidation also therefore fresh selling is firstly required tomorrow for deeper correction beginning after sustaining below 8477 which should be firstly watched in the coming sessions.

Most Global markets are nervous due to US Presidential Elections uncertainty and once big negative development confirmation from there will mean huge fall in Indian markets also because in that situation 77 sessions like big trading range will be broken down after sustaining below 8477 which will open the doors of deeper correction.

8477 will confirm Sharp fall after FOMC statement Tonight

Intra Day Chart Analysis & Market Outlook

(03-11-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Selling patterns formation between 8532-8549
2- Whole day actual trading between 8505-8549

Conclusions from intra day chart analysis 

As Crashing like situation in all the Global markets amid 2 days FOMC meet led uncertainty therefore huge gap down opening of Indian markets. Sufficiently good selling patterns formations today therefore more down moves below today lowest can not be ruled out in the coming sessions.

Corrective Wave-iv of Wave-3 was continued with previous lowest formation at 8506.20 and new intraday lowest was formed below it at 8504.85 today. Multiple and strong supports between 8477-8580 were updated many times in last 3 months and Nifty got supports within this range many times as well as new intraday lowest formations within this range today therefore this support range is still intact. 

Short Term Trend is sideways between 8507-8728 for the last 16 Sessions and its lowest was tested today. Valid break down of 8507 will mean Intermediate Term Trend turning down high possibility which is sideways between 8477-8968 for the last 76 Sessions. 

The FOMC's statement is due out at 11:30 PM today and all the Global markets will react on it tomorrow. As fresh selling just above 8477 and 8507 today therefore follow up selling tomorrow will mean high possibility of sustaining below 8477 which will open the doors of fresh sharp down moves towards following supports:- 

1- 8297-8343
2- 8083-8147
3- 7964-8000

Sideways 16 Sessions trading Range will confirm next Short Term Trend 

Intra Day Chart Analysis & Market Outlook

(02-11-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8615-8638
2- Up moves in Bearish Rising Channel
3- Mixed Patterns between 8651-8669 
4- Down moves after slipping of all European markets and Dow's Futures.
5- Whole day actual trading between 8615-8669

Conclusions from intra day chart analysis 

Although closing near the lower levels of the day but lower levels intraday supports after good consolidation was also seen therefore until Nifty will not sustain below today lowest(8615) till then decisive down moves will not be seen. As up moves Up moves in Bearish Rising Channel and higher levels trading with Mixed Patterns formations therefore sharp down moves after  slipping of all European markets and Dow's Futures.

As both consolidation and selling patterns formations today therefore expected that Nifty will firstly trade and prepare for next decisive moves within and near about today trading range(8615-8669)

Short Term Trend is sideways between 8507-8728 for the last 16 Sessions with lower levels consolidation and higher levels selling. Finally valid break out of this range will confirm next trend which should be first watched in the coming sessions because Nifty require more preparations after both Consolidation and selling patterns formations within this range today and in previous sessions.

Fresh Bullish Moves require confirmations due to Indo-Pak border Tension

Technical Analysis,Research & Weekly Outlook

(Oct 30 to Nov 04,2016)

Wishing you all very happy and prosperous Diwali.May Maa Laxmi give you huge wealth,good fame and great success.

Nifty-EOD Chart (28-Oct-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(7777.6 on 31-03-2016) 
3- Wave-2(7516.90 on 11-04-2016)
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(8968.70 on 07-09-2016)
7- Corrective Wave-iv of Wave-3 continuation with recent bottom formation at 8506.20 on 17-10-2016

Bullish Flag formation in last 34 sessions

Nifty-EOD Chart (28-Oct-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-iii of Wave-3 completion at 8968.70 on 07-09-2016 
3- Corrective Wave-iv of Wave-3 continuation with Bullish Flag formation in last 34 sessions between 8506-8968

Previous 3 Sessions intraday charts analysis

Nifty-Intra Day Chart (Oct 26 to Oct 28,2016):-

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Technical Patterns and Formations in last 3 Sessions intraday charts

1- Last 2 sessions trading with minor selling and good consolidation with lower levels supports.
2- 3 Sessions actual trading between 8597-8653 

Conclusions from 3 Sessions intra day chart analysis 

Although minor selling on 26th Oct but good consolidation with lower levels supports therefore strong signals of fresh and decisive up moves in the coming week.

Intra Day Chart Analysis(28-10-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Up moves after minor Supports between 8582-8602
2- More than 5 hours trading with consolidation indications between 8613-8653
3- Whole day actual trading between 8582-8653

Conclusions from intra day chart analysis 

As whole day only intraday consolidation patterns formations therefore strong signals of fresh up moves beginning in 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 sideways between 8477-8968 for the last 74 Sessions.
3- Short Term Trend is sideways between 8507-8728 for the last 14 Sessions.

Wave-iii of Wave-3 completion at 8968.70 on 07-09-2016 and now its corrective Wave-iv of Wave-3 continuation with Bullish Flag formation in last 34 corrective sessions which is a strong signal of fresh rally above 8968.70 without any deeper correction. 

Fibonacci Retracement levels of  Wave-iii of Wave-3(7927-8968) are as follows:-

1- 13.0%- 8832(Corrected)
2- 23.6%- 8722(Corrected)
3- 27.0%- 8686(Corrected)
4- 38.2%- 8570(Crucial)(Corrected)
5- 50.0%- 8447(Crucial)
6- 61.8%- 8324(Crucial)
7- 70.7%- 8232
8- 76.4%- 8172
9- 78.6%- 8149 
10-88.6%- 8045

Next resistances of Nifty are as follows:-

1- 8698-8728
2- 8770-8793
3- 8854-8873
4- 8874-8902
5- 8935-8956

Next supports of Nifty are as follows:-

1- 8551-8575
2- 8582-8602
3- 8477-8580(Multiple and strong supports)
4- 8297-8343
5- 8083-8147
6- 7964-8000

Nifty has retraced up to Crucial 38.2% level(8570) in on going correction and no confirmation of on going correction completion yet. Short Term Trend is sideways between 8507-8728 for the last 14 Sessions and expected that Nifty will firstly trade within this range to prepare for next decisive moves beyond this range.

As good consolidation with lower levels supports in last 3 sessions therefore strong signals of fresh up moves above the top of last 14 sessions trading range(8507-8728). Once valid break out of 8728 will mean high possibility of on going correction completion because Crucial 38.2% retracement has been completed and Indian markets are well prepared for next strong rally after Bullish Flag formation amid on going correction.

Sentiment has turned completely nervous due to heavy firing on Indo-Pak border for the last 48 hours and fear of its escalation also therefore market may be watchful and finally sustaining above 8728 is must after follow up complete consolidation which should be firstly watched in next week.

Pre-open Outlook(28-10-2016)

As heavy firing on Indo-Pak border and Pakistan has fired on 20 posts yesterday night, resultant sentiment is depressed today morning therefore weaker opening will be seen today and Nifty will firstly trade within yesterday trading range(8551-8624). Good consolidation yesterday therefore until fresh selling will not develop till then Nifty will not slip below yesterday lowest and valid break out of yesterday trading range should be firstly watched today for next Very Short Term Trend confirmations. 

Very Short Term up Moves Expectations

Intra Day Chart Analysis & Market Outlook

(28-10-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Firstly Down moves in Bullish Falling Channel
2- Up moves with intraday corrections
3- Whole day actual trading between 8551-8624

Conclusions from intra day chart analysis 

Firstly Down moves but in Bullish Falling Channel after weak opening therefore last 3 hours up moves. As intraday corrections were also seen in last hours up moves therefore Very Short Term up moves are firstly expected in the coming 1/2 sessions.

Cautiously Bearish View

Intra Day Chart Analysis & Market Outlook

(27-10-2016)

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

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Technical Patterns and Formations in today intraday charts

1- 5 Hours sideways trading with Mixed Patterns between 8618-8648 
2- Last hour some down moves on the back of sharp down in European markets and Dow's Futures
3- Whole day actual trading between 8597-8648

Conclusions from intra day chart analysis 

Slipping 60 points in first minute after gap down opening and after that 5 hours sideways trading with Mixed Patterns formations between 8597-8648 and last hour some down moves on the back of sharp down in European markets and Dow's Futures therefore view will be cautiously Bearish because both intraday selling and consolidation patterns were seen in first 5 hours today.

Correction is on and Short Term Trend is sideways between 8507-8728 for the last 12 Sessions. As clear selling patterns formation yesterday and some selling was also seen today therefore possibility of more down down moves towards 8507 can not be ruled out tomorrow but follow up selling and valid break down of today lowest(8597) is also firstly required for fresh and decisive down moves.

Signals of Down Moves Beginning

Intra Day Chart Analysis & Market Outlook

(26-10-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Sharp down immediately after positive opening
2- Support between 8664-8678
3- Selling patterns formation in last 4 hours between 8682-8700
4- Whole day actual trading between 8664-8716

Conclusions from intra day chart analysis 

Firstly sharp down immediately after positive opening and lower levels some supports also but clear selling patterns formation in last 4 hours therefore signals of some down moves below Day's lowest(8664). As some supports at lower levels of the day therefore fresh follow up selling tomorrow will mean decisive down moves towards and below 8477.

Intra Day Chart Analysis & Market Outlook(25-10-2016)

Nifty-Intra Day Chart (24-Oct-2016):-

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Technical Patterns and Formations in today intraday charts

1- First 3 hours sideways trading with Mixed Patterns between 8691-8707
2- Up moves after strong opening of European markets
3- Loosing European markets led all gains in last 2 hours
4- Whole day actual trading between 8685-8736

Conclusions from intra day chart analysis 

Although first 3 hours sideways trading with Mixed Patterns formations but up moves after strong opening of European markets and not sustaining at higher levels also despite no weakness in European markets and Dow's Futures. Only intraday volatility and as such no one sided intraday patterns formations today as well as closing within last 9 Sessions trading range(8507-8728) therefore still Nifty will be understood sideways and finally sustaining beyond this range will give next decisive moves confirmations.

Sideways Trends requires Confirmations from Break Out of Trading Ranges

Technical Analysis,Research & Weekly Outlook

(Oct 24 to Oct 28,2016)

Nifty-EOD Chart (21-Oct-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(7777.6 on 31-03-2016) 
3- Wave-2(7516.90 on 11-04-2016)
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(8968.70 on 07-09-2016)
7- Corrective Wave-iv of Wave-3 continuation with recent bottom formation at 8506.20 on 17-10-2016

Intra Day Chart Analysis(21-10-2016)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Up moves in Bearish Rising Channels
3- Whole day actual trading between 8653-8700

Conclusions from intra day chart analysis 

As first 2 hours Down moves in Bullish Falling Channel therefore remaining whole day up moves were seen but not with consolidation patterns formations and Up moves were in Bearish Rising Channels also therefore view will not be Bullish despite closing near the higher levels of the day. Until Nifty will not sustain above day's highest and next resistance highest(8728) after complete follow up consolidation till then decisive up moves will not be seen. 

Conclusions (After Putting All Studies Together)

Following lines were told on 19-10-2016 in "Finally Correction Continuation/Completion Confirmation from 8637-8728 ":-

finally sustaining beyond 8637-8728 will be confirmation of that correction continuation/completion which started on 07-09-2016 from 8968.70.

Following lines were told on 18-10-2016 in "Correction Completion Confirmation will be above 8728 after Strong Global cues led Today Rally ":-

firstly sustaining above 8654 and crossing of next resistance range(8698-8728) is must for the confirmation of that correction completion which started on 07-09-2016 from 8968.70.

Next trend confirmation through next resistance range 8698-8728 was updated in both previous Outlooks from  18-10-2016 and Nifty retraced from 8727 on 20-10-2016 as well as traded between 8637-8727 in last 3 sessions. 

Trends of Nifty are as follows:-

1- Long Term Trend is up.
2- Intermediate Term Trend is sideways between 8477-8968 for the last 69 Sessions.
3- Short Term Trend is sideways between 8507-8728 for the last 9 Sessions.

Although Long Term Trend is up but both Intermediate and Short Term Trends are sideways therefore next trend final confirmation will be sustaining beyond above mentioned both sideways trading ranges Expected that Nifty will firstly trade and prepare for next trends within and near about 8507-8728 in the coming 1/2 sessions,its valid break out will be first indication and finally sustaining beyond 8477-8968 will be next trend and big moves confirmations.  

Finally Correction Continuation/Completion Confirmation from 8637-8728 

Intra Day Chart Analysis & Market Outlook

(20-10-2016)

Nifty-Intra Day Chart (19-Oct-2016):-

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Technical Patterns and Formations in today intraday charts

1- Selling patterns between 8660-8685
2- Selling patterns between 8672-8686
3- Minor Support between 8637-8655
4- Whole day actual trading between 8637-8686

Conclusions from intra day chart analysis 

Following line was told yesterday in "Correction Completion Confirmation will be above 8728 after Strong Global cues led Today Rally":-

"firstly sustaining above 8654 and crossing of next resistance range(8698-8728) is must for the confirmation of that correction completion which started on 07-09-2016 from 8968.70."

Although Nifty traded most time above 8654 and also closed just above it as well as minor Supports were seen below it but sufficiently good selling patterns formations also developed above it therefore emergence of fresh down moves signals today. 

As strong rally yesterday therefore equally good follow up selling is also required for decisive down beginning and sustaining below today lowest(8637). Expected that Nifty will firstly trade and prepare for next trend within and near about today trading range(8637-8686) in the coming 1/2 sessions and finally sustaining beyond 8637-8728 will be confirmation of that correction continuation/completion which started on 07-09-2016 from 8968.70.

Correction Completion Confirmation will be above 8728 after Strong Global cues led Today Rally

Intra Day Chart Analysis & Market Outlook

(19-10-2016)

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

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Technical Patterns and Formations in today intraday charts

1- First 3 hours sideways trading after strong Asian markets led positive opening.
2- Strong up moves in last 3 hours after sharp rally in all the European markets and Dow's Futures. 
3- Whole day actual trading between 8556-8685

Conclusions from intra day chart analysis 

Today whole day trading will be understood on the back of strong Global cues because firstly 3 hours sideways trading after strong Asian markets led positive opening and after that last 3 hours sharp up moves on the back of sharp rally in all European markets and Dow's Futures.

As Nifty crossed first resistance range(8605-8654) on the back of such strong Global cues therefore firstly sustaining above 8654 and crossing of next resistance range(8698-8728) is must for the confirmation of that correction completion which started on 07-09-2016 from 8968.70.

Market Outlook(18-10-2016)

As busy therefore intraday charts analysis is not being posted. Indian markets are reacting only Global cues because yesterday down moves were on the back of Asian,European markets and Dow's Futures and today positive opening will be due to strong Asian markets.

All the crucial levels have already been updated on 18-10-2016 in "Valid Break out of 8477-8654 will Confirm the Fate on going Correction" but firstly sustaining beyond 8477 must be watched in the coming sessions because its broken down will mean 65 sessions trading range breaking which will result minimum 300 points sharp fall.

Valid Break out of 8477-8654 will Confirm the Fate on going Correction 

Technical Analysis,Research & Weekly Outlook

(Oct 17 to Oct 21,2016)

Nifty-EOD Chart (14-Oct-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-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(8968.70 on 07-09-2016)
7- Corrective Wave-iv of Wave-3 continuation with recent bottom formation at 8541.40 on 13-10-2016

64 Sessions Range bound market between 
8477-8968

Nifty-EOD Chart (14-Oct-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- Wave-iii of Wave-3 completion at 8968.70 on 07-09-2016
3- 64 Sessions Range bound market between 8477-8968 with recent bottom formation at 8541.40 on 13-10-2016

Fibonacci Retracement levels of Wave-iii of 
Wave-3(7927-8968)

Nifty-EOD Chart (14-Oct-2016):-

Just click on chart for its enlarged view

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Long Term Trend is up.
2- Intermediate Term Trend is up and will be down below 8477.
3- Short Term Trend down.

Next resistances of Nifty are as follows:-

1- 8605-8654
2- 8698-8728
3- 8770-8793
4- 8854-8873
5- 8874-8902
6- 8935-8956

Next supports of Nifty are as follows:-

1- 8477-8580(Multiple and strong supports)
2- 8297-8343
3- 8083-8147
4- 7964-8000

Fibonacci Retracement levels of  Wave-iii of Wave-3(7927-8968) are as follows:-

1- 13.0%- 8832
2- 23.6%- 8722
3- 27.0%- 8686
4- 38.2%- 8570(Crucial)
5- 50.0%- 8447(Crucial)
6- 61.8%- 8324(Crucial)
7- 70.7%- 8232
8- 76.4%- 8172
9- 78.6%- 8149 
10-88.6%- 8045

supports between 8477-8580 were updated many times in previous Outlooks and Nifty traded more than 5 hours within it in last 2 sessions as well as closed just above it at 8583.40 last Friday. Certainly correction of Wave-iv of Wave-3 is very much on and no confirmation of its completion yet and its 38.2% retracement has been completed with recent bottom formations at 8541.40 on 13-10-2016. 

As multiple supports are between 8477-8580 therefore fresh selling is firstly required for sustaining below 8477 but on the other hand complete consolidation is also must for sustaining above 8580 because multiple resistances are also lying just above it. 

As 64 Sessions Range bound market between 8477-8968 and next supports below 8477 are at 8343 therefore this big range valid broken down confirmation will mean high possibility of steep fall towards and below 8343 but expected that Nifty will firstly trade and prepare for next decisive big moves within 8477-8654 and valid break out of this range will confirm the fate on going correction which  should be firstly watched in the coming week. 

8477 Will Confirm Steep Fall amid Melting Global Markets

Intra Day Chart Analysis & Market Outlook

(14-10-2016)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling patterns formation between 8605-8654
2- Down moves in Bullish Falling Channel
3- Up moves in Bearish Rising Channel
4- Mixed Patterns formation in last 3 hours between 8542-8586 
5- Whole day actual trading between 8542-8654

Conclusions from intra day chart analysis 

As crashing like situation in all the Global markets today morning therefore firstly selling between 8605-8654 after huge gap down opening but last 3 hours trading with Mixed Patterns formation between 8542-8586 and resultant follow up selling is also required for decisive down moves below day's lowest(8542) 

Following supports were updated many times in previous Outlooks:-

8477-8580(Multiple and strong supports)

Nifty traded within above mentioned supports range in last 3 hours with mixed patterns formations and closed also within it today therefore firstly sustaining beyond this range should be watched in the coming sessions because all the Global markets are melting and once sustaining below 8477 will mean high possibility of steep fall towards following next supports which are at much lower levels:-

1- 8297-8343
2- 8083-8147
3- 7964-8000

Pre-open Outlook(13-10-2016)

As all the Asian markets are in Red and most are more than 0.70% weak as well as Dow's Futures is trading 119 points down therefore sentiment is completely depressed today morning and in reaction gap down opening will be seen in Indian markets. 

Today global markets are nervous because FOMC minutes will be released tonight which may confirm US rates hike in Dec meet.

Firstly sustaining beyond next supports 8664 should be watched today which will confirm steep fall towards next supports(8477-8580) on the back of depressing Global markets sentiments.

Finally Rally Continuation Expectations after Follow up Consolidations

Intra Day Charts Analysis & Market Outlook

(13-10-2016)

Nifty-Intra Day Chart (Oct 07 & Oct 10,2016)

Just click on chart for its enlarged view

Technical Patterns and Formations in last 2 Sessions intraday charts

1- Down moves in Bullish Falling Channel on 07-10-2016
2- Consolidation between 8664-8692 on 07-10-2016
3- Down moves in Bullish Falling Channels on 10-10-2016
4- 2 Sessions actual trading between 8664-8745 

Conclusions from 2 Sessions intra day chart analysis 

Next resistances of Nifty are as follows:-

1- 8770-8793
1- 8854-8873
2- 8874-8902
3- 8935-8956

Next supports of Nifty are as follows:-

1- 8664-8692
2- 8477-8580(Multiple and strong supports)

Although closing near the lower levels of the day last Monday but not after selling and with consolidation through formations of Down moves in Bullish Falling Channels therefore signals of fresh up moves above day's highest(8745). As whole day consolidation patterns formations on 07-10-2016 also therefore strong signals of up moves last Friday started up moves continuation.

Crashing like situation developed in all the Global in last 2 sessions when Indian markets were closed and now SGX Nifty is trading more than 45 points down therefore initial weakness can not be ruled out tomorrow if such weakness remains continued in Asian markets also tomorrow morning then fresh selling is must for decisive down moves below last 2 sessions lowest(8664). 

As good consolidation in last 2 sessions therefore expected that finally rally will remain continued above 8745 after follow up consolidation.