Watch psychological level amid correction continuation expectations

Intra Day Chart Analysis & Market Outlook

(07-02-2018)

Nifty-Intra Day Chart (06-Feb-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Support between 10277-10372
2- Up moves with more than 1000 recovery of Dow's Futures 
3- Whole day actual trading between 10277-10504

Conclusions from intra day chart analysis 

Following lines were told on 28-01-2018 in "11413.85 will confirm Rally continuation or 5 Waves Correction after Budget":-

1- firstly sustaining beyond 11413.85 should be watched in the coming weeks after Budget because 11413.85 is most crucial. 
2- As per Elliott Wave theory if Nifty sustains above it then Waves structure from 27-10-2008 will be recounted  
3- sustaining below it will mean 5 waves correction of whole rally from 2252.75 to any highest below 11413.85.

As correction begun from 11171.55 which is below 11413.85 therefore emergence of 5 waves correction possibility of whole rally between 2252.75-11171.55 according to following retracement levels:-

1- 13.0%- 10,011
2- 23.6%- 9,066
3- 27.0%- 8,762
4- 38.2%- 7,763(Crucial)
5- 50.0%- 6,711(Crucial)
6- 61.8%- 5,659(Crucial)

Next supports below today lowest are as follows:-

1- 10277-10372
2- 10140-10195
3- 10040-10175 

Correction is on and its continuation is expected. As 13.0% retracement level(10,011) and 3rd supports range(10040-10175) are just above psychological of 10000 therefore firstly sustaining beyond 10000 should be watched in the coming weeks for the life of on going correction.

जेटली जी इधर आपने बजट पेश किया उधर पूरी दुनिया भर के बाजार क्रैश। 

आखिर आपने ऐसा क्या कर दिया बजट में?

Finally correction continuation after some volatility 

Intra Day Chart Analysis & Market Outlook

(06-02-2018)

Nifty-Intra Day Chart (05-Feb-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel
2- Down moves in Bullish Falling Channel
3- Some consolidation after minor doem moves
4- Whole day actual trading between 10587-10702

Conclusions from intra day chart analysis 

As whole day trading with both Bullish and Bearish patterns formations therefore today trading will be understood with Mixed Patterns formations. 

If no big Global markets fall tomorrow morning then a pull back rally may be seen and some volatility is also can not be ruled out.

Correction is very much on and until complete consildation will not develop till then its continuation will be seen and finally it is expected also below today lowest(10586.80) after 1/2 sessions volatility. 

As busy therefore Stock Market Outlook of today(04-02-2018) is not being updated.

Next big moves confirmations from levels amid more weakness possibilities 

Intra Day Chart Analysis & Market Outlook

(02-02-2018)

Nifty-Intra Day Chart (01-Feb-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 11077-11117
2- Budget announcements led high volatility
3- Whole day actual trading between 10879-11117

Conclusions from intra day chart analysis 

Following views were updated in all the previous Outlooks of this Budget week:-

1- Very Short Term correction possibilities. 
2- Limited rally only towards 11172 and 11413.85

As selling between 10044-11172 on 29-01-2018 and follow up selling below it between 11077-11117 today therefore emergence of Short Term correction beginning possibility and until Nifty will not sustain above 11172 after complete follow up consolidation till then decisive up moves will not seen because these 2 trading ranges are immediate resistances of Nifty.

Following lines were told on 28-01-2018 in "11413.85 will confirm Rally continuation or 5 Waves Correction after Budget":-

As Union Budget on 1st Feb 2018 and its announcements will form next decisive moves but firstly sustaining beyond 11413.85 should be watched in the coming weeks after Budget because 11413.85 is most crucial. As per Elliott Wave theory if Nifty sustains above it then Waves structure from 27-10-2008 will be recounted and sustaining below it will mean 5 waves correction of whole rally from 2252.75 to any highest below 11413.85.

Let complete selling patterns develop on EOD charts and correction beginning confirmation come then lower levels will be updated after rally top formation confirmations.

Last 8 sessions trading between 10879-11172 with lower top and lower bottom formation in last 4 sessions of this Budget week are suggesting more weakness possibilities and firstly sustaining beyond 10985-11172 should be watched for next big moves confirmations.

Firstly watch 11172 on volatile Budget day tomorrow

Intra Day Chart Analysis & Market Outlook

(01-02-2018)

Nifty-Intra Day Chart (31-Jan-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Sharp up in last hour
3- Whole day actual trading between 10980-11058

Conclusions from intra day chart analysis 

Following lines were told on 30-01-2018 in "Rally continuation expectations towards 11413.85 after follow up consolidation":-

1- Very Short Term correction will be considered for tomorrow. 
2- finally on going rally continuation is expected towards 11413.85 after 1/2 sessions follow up consolidation.

Although Very Short Term correction but follow up consolidation was also seen in both previous sessions therefore same view that finally rally will remain continued towards 11413.85. 

As selling between 10144-11172 on 29-01-2018 therefore firstly sustaining above 11172 should be watched on volatile Budget day tomorrow because that will confirm rally continuation expectations towards 11413.85

Importance of 11413.85 has already been updated on 28-01-2018 in "11413.85 will confirm Rally continuation or 5 Waves Correction after Budget" because this levels will be next Big moves decider and finally break out of this levels should be watched in the coming sessions and weeks.

Finally rally continuation after follow up consolidation 

Intra Day Chart Analysis & Market Outlook

(31-01-2018)

Nifty-Intra Day Chart (30-Jan-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Minor selling after weak opening
2- Sharp fall 
3- More than 5 hours trading with consolidation indications between 11034-11067 
4- Whole day actual trading between 11034-11098

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Rally continuation expectations towards 11413.85 after follow up consolidation":-

1- Very Short Term correction will be considered for tomorrow. 
2- finally on going rally continuation is expected towards 11413.85 after 1/2 sessions follow up consolidation.

Correction was seen today after weaker opening and 0.73% down closing but lower levels some consolidation also seen therefore same view that finally rally will remain continued towards 11413.85 after follow up consolidation. 

Rally continuation expectations towards 11413.85 after follow up consolidation

Intra Day Chart Analysis & Market Outlook

(30-01-2018)

Nifty-Intra Day Chart (29-Jan-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 10144-11172
2- Whole day actual trading between 10076-11172

Conclusions from intra day chart analysis 

Although whole day strong trading and closing also at new life time high but some selling also seen at higher levels therefore only Very Short Term correction will be considered for tomorrow. Bullish rally is very much on and such minor corrections are its part,until complete selling will not develop till then rally will remain continued after follow up consolidations. 

As some selling at higher levels therefore finally on going rally continuation is expected towards 11413.85 after 1/2 sessions follow up consolidation. Following lines were told yesterday in "11413.85 will confirm Rally continuation or 5 Waves Correction after Budget":-

1- As Union Budget on 1st Feb 2018 and its announcements will form next decisive moves but firstly sustaining beyond 11413.85 should be watched in the coming weeks after Budget because 11413.85 is most crucial.
2- Let complete selling patterns develop on EOD charts and correction beginning confirmation come

Now we are telling before Budget for watching 11413.85 and when Budget was presented on 29-02-2016 then we told following lines at 02:12 AM on 01-03-2016 in "Strongest indications of correction completion at 6825.80 and Fresh Rally above 9119.20"(Just click on this topic link and go through full Outlook):-

1- Strongest indications of last 12 months Long Term correction completion today at 6825.80.
2- Very much expected that finally 6825.80 will be proved the lowest of that correction which begun at 9119.20 on 04-03-2015  
3- Finally fresh rally above 9119.20 will be seen before or immediately after Budget 2017-18 

When one time Nifty slipped more than 200 points and closed also in Red on Budget 2016-17 day on 29-02-2016 then we updated above most Bullish outlook at 02:12 AM on 01-03-2016 which proved 100% accurate after that in next months,years and till today.

11413.85 will confirm Rally continuation or 5 Waves Correction after Budget

Technical Analysis,Research & Weekly Outlook

(Jan 29 to Feb 02,2018)

Waves structure from 27-10-2008

Nifty-EOD Chart (25-Jan-2018):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning from 2252.75 on 27-10-2008 after 2008 big correction completion 
2- Impulsive Wave 1(6338.50 on 05-11-2010) completion and corrective  Wave 2 beginning 
3- Wave 1 gained 4085.75 points
4- Corrective Wave-2(4531.15 on 20-12-2011) completion and impulsive Wave 3 beginning 
5- Impulsive Wave 3(9119.20 on 04-03-2015) completion and corrective  Wave 4 beginning
6- Wave 3 gained 4588.05 points
7- Corrective Wave-4(6825.80 on 29-02-2016) completion and impulsive Wave 5 beginning 
8- Impulsive Wave-5 continuation with recent top formation at 11110.10 on 24-01-2018
9- On going impulsive Wave-5 has gained 4284.30 points till 24-01-2018

Conclusions from EOD chart analysis 

Indian markets are very much on with continuous new life time high formations and recent top formation at 11110.10 on 24-01-2018. As all the indicators from very Short to Long are overbought therefore correction is very much due but indicators remains overbought long time during Bull markets and until complete selling pattterns will not develop on EOD cahrts till then any deeper correction will not be seen.

Indian markets are tend to move in 7/8 years time cycles in following manner:-

1- In Apr 1992 -Rally finished after Harshad Mehta scam
2- In Jan 2000 -IT Rally finished after Ketan Parikh scam 
3- In Jan 2008 -Rally finished after Lehman brothers scam 

On going rally started in Apr 2009 after 2008 Correction completion at 2252.75 on 27-10-2008 and 5 months sideways consolidation. Now on going rally is more than 9 years old and time wise correction is also due.

Calculation of maximum target of Nifty at 11413.85 as follows:-                                                                                 
As per Elliott Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5. Now impulsive Wave-5 is on and it should not gain more points than Wave-3  gained.

Impulsive Wave-1 gained=4085.75 points(6338.50-2252.75)
Impulsive Wave-3 gained=4588.05 points(9119.20-4531.15)
Impulsive Wave-5 has gained 4284.30 points till 24-01-2018(11110.10-6825.80)

As according to Elliott Wave theory Wave-5 can not gain more points than Wave-3 gained therefore on going impulsive Wave-5 will gain lesser points than 4588.05.

Impulsive Wave-5 started from 6825.80 on 29-02-2016 and it has to gain less than 4588.05 points therefore maximum target of on going impulsive Wave-5 is 11413.85(6825.80+4588.05)

As Union Budget on 1st Feb 2018 and its announcements will form next decisive moves but firstly sustaining beyond 11413.85 should be watched in the coming weeks after Budget because 11413.85 is most crucial. As per Elliott Wave theory if Nifty sustains above it then Waves structure from 27-10-2008 will be recounted and sustaining below it will mean 5 waves correction of whole rally from 2252.75 to any highest below 11413.85.

Let complete selling patterns develop on EOD charts and correction beginning confirmation come then lower levels will be updated after rally top formation confirmations.

समस्त भारतीयों को गणतन्त्र दिवस की हार्दिक शुभकामनायें 

Wishing you all Indians Happy Republic Day

Rally continuation expectations after follow up consolidations

Intra Day Chart Analysis & Market Outlook

(25-01-2018)

Nifty-Intra Day Chart (24-Jan-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Whole day sideways trading between 11047-11109

Conclusions from intra day chart analysis 

Although Whole day sideways trading and flat closing today but some consolidation was also seen through Down moves in Bullish Falling Channel therefore signals of rally continuation above today highest. 

As Very Short Term indicators are overbought therefore Very Short Term correction is very much due and it was seen today through sideways trading with some consolidation but expected that finally rally will remain continued after follow up consolidation within and near about today trading range.  

Rally continuation with only Very Short Term correction expectations 

Intra Day Chart Analysis & Market Outlook

(24-01-2018)

Nifty-Intra Day Chart (23-Jan-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Consolidation between 11028-11050
2- Consolidation between 11050-11092
3- Whole day actual trading between 10995-11092

Conclusions from intra day chart analysis 

Bullish rally is very much on and until complete selling will not develop till then rally will remain continued because intraday consolidation patterns formations today. As Very Short Term indicators are overbought therefore only Very Short Term correction will be considered which may be sen any day.

As busy in a marriage therefore Stock Market Outlook of today(23-01-2018) is not being updated.

Fresh rally after Very Short Term correction

Intra Day Chart Analysis & Market Outlook

(22-01-2018)

Nifty-Intra Day Chart (19-Jan-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Consolidation between 10818-10857
2- Last hour Up moves in Bearish Rising Channel
3- Whole day actual trading between 10794-10906

Conclusions from intra day chart analysis 

Following lines were told on 17-01-2018 in "Rally continuation Expectations":-

rally continuation will be seen because no selling patterns formations today. 

Although rally remained continued in both previous sessions after 17-01-2018 and last Friday closing also at life time highest after gaining 0.72% points but some selling was also seen in last hour through Up moves in Bearish Rising Channel therefore Very Short Term correction is expected before fresh rally in the beginning of next week because Short Term indicators are overbought. 

As busy therefore Stock Market Outlook of today(19-01-2018) is not being updated.

Rally continuation Expectations

Intra Day Chart Analysis & Market Outlook

(18-01-2018)

Nifty-Intra Day Chart (17-Jan-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Supports at lower level
1- Consolidation between 10716-10760
3- Whole day actual trading between 10667-10803

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Just Watch Crucial Levels for next decisive moves confirmations":-

As lower levels conolidation and higher levels selling in last 2 sessions between 10688-10782 therefore Nifty has to prepare for next decisive moves within and near about this crucial range 

Nifty consolidated more than 4 hours within mentioned range between 10716-10760 and closed at life timed highest therefore rally continuation will be seen because no selling patterns formations today. 

Just Watch Crucial Levels for next decisive moves confirmations

Intra Day Chart Analysis & Market Outlook

(17-01-2018)

Nifty-Intra Day Chart (16-Jan-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Selling between 10739-10762
2- Selling between 10737-10747
3- Down moves in Bullish Falling Channel in last 2 hours
4- Whole day actual trading between 10688-10762

Conclusions from intra day chart analysis 

Although strong closing after whole day positive zone trading yesterday but we cautioned and told following lines in "Levels will confirm next decisive moves":-

sustaining below today lowest will mean Short term correction beginning which should be firstly watched tomorrow.

Although today closing was below yesterday lowest after higher levels selling but consolidation was also seen in last 2 hours through Down moves in Bullish Falling Channel therefore today trading will be understood with Mixed patterns formations. 

As lower levels conolidation and higher levels selling in last 2 sessions between 10688-10782 therefore Nifty has to prepare for next decisive moves within and near about this crucial range and finally sustaining it beyond should be watched in the coming sessions for Short term correction beginning or on going rally continuation.

Levels will confirm next decisive moves

Intra Day Chart Analysis & Market Outlook

(16-01-2018)

Nifty-Intra Day Chart (15-Jan-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel
2- Down moves in Bullish Falling Channel
3- Minor selling in last hour
4- Whole day actual trading between 10714-10782

Conclusions from intra day chart analysis 

Although whole day positive zone trading after gap up opening and strong closing as well but both consolidation and selling patterns formations also therefore firstly market has to prepare for next decisive moves within and near about today trading range and finally sustaining beyond will confirm Short term correction below 10714 and on going rally continuation above 10782.

As Short term indicators are over bought and some selling also seen today therefore follow selling and sustaining below today lowest will mean Short term correction beginning which should be firstly watched tomorrow.

Rally Continuation

Intra Day Chart Analysis & Market Outlook

(14-01-2018)

Nifty-Intra Day Chart (13-Jan-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Mixed Patterns formation between 10672-10690
2- Up moves with intraday corrections
3- Whole day actual trading between 10598-10690

Conclusions from intra day chart analysis 

Following lines were told on 11-01-2018 in "Rally continuation expectations after follow up consolidation":-

1- firstly follow up consolidation is required within or near about today trading range
2- then finally rally continuation will be expected

As there was some selling in first 4 sessions of previous week therefore we continuously daily told for the requirement of follow up consolidation and it was seen last Friday through slipping towards the lowest of previous week and consolidating.

Although first 3 hours trading with Mixed Patterns formation but last 3 hours consolidation through Up moves with intraday corrections last Friday therefore rally continuation will be expected and until complete fresh selling will not develop till then decisive down moves will not be seen despite over bought Short term indicators.

Rally continuation expectations after follow up consolidation

Intra Day Chart Analysis & Market Outlook

(12-01-2018)

Nifty-Intra Day Chart (11-Jan-2018):-

Just click on chart for its enlarged view

Technical Patterns formation in today intraday charts

1- Consolidation between 10613-10624
2- Up moves with follow up consolidation
3- Mixed Patterns formation between 10648-10664
4- Whole day actual trading between 10613-10664

Conclusions from intra day chart analysis 

Although Short Term correction was expected but as soon as consolidation developed then we cautioned at 10:45 AM in "Mid-session Outlook(11-01-2018)" and after that whole day up moves were seen after follow up consolidation. 

As Mixed Patterns formations at higher levels after lower levels good consolidation therefore firstly follow up consolidation is required within or near about today trading range and then finally rally continuation will be expected. Short Term indicators have turned overbought therefore view will be cautious but until complete selling will not develop and Nifty will not sustain below today lowest till then decisive down moves will not be seen. 

Mid-session Outlook(11-01-2018)

Although most time negative zone trading since opening today but some consolidation was also seen at lower levels of the day therefore firstly valid break down of today lowest(10613.35) should be watched today for first strong signal of Short term correction beginning.