Watch levels for next trend confirmations amid Pull Back Rally continuation expectations

Intra Day Chart Analysis & Market Outlook

(26-02-2018)

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

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Technical Patterns formation in today intraday charts

1- Up moves with intraday corrections
2- More than last 3 hours slow up moves
3- Whole day actual trading between 10397-10499

Conclusions from intra day chart analysis 

Following line was told in previous outlook on 21-02-2018 in "Emergence of Pull Back Rally possibility":-

emergence of Pull Back Rally possibility in the coming sessions but follow up consolidation is must for sustaining above 10429

As good follow up consolidation on 22-02-2018 therefore strong rally was seen on 23-02-2018 through up moves with intraday corrections but last hours up moves were slow therefore some more consolidation is firstly required near about last Friday highest(10499) for rally continuation.

It is clear that last Friday strong up moves were after 2 previous sessions good intraday consolidation between 10343-10376 therefore until complete selling will not develop till then decisive down moves will not be seen below 10343 and following next trend will be seen after valid break out of last 12 sessions trading range(10399-10637)

1- Below 10399 will mean correction continuation towards next supports(10343-10376 and 10277-10372)
2- Above 10612 first will mean strong signal of correction completion.

Just watch above levels for next trend confirmations amid Pull Back Rally continuation expectations in the beginning of next week.

As busy therefore Stock Market Outlook of today(23-02-2018) is not being updated

Emergence of Pull Back Rally possibility

Intra Day Chart Analysis & Market Outlook

(22-02-2018)

Nifty-Intra Day Chart (21-Feb-2018):-

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Consolidation between 10350-10380
3- Whole day actual trading between 10350-10410

Conclusions from intra day chart analysis 

Although selling was seen between 10380-10429 yesterday but fresh consolidation just below it between 10350-10380 today therefore emergence of Pull Back Rally possibility in the coming sessions but follow up consolidation is must for sustaining above 10429.

Finally slipping below immediate supports of Nifty

Intra Day Chart Analysis & Market Outlook

(21-02-2018)

Nifty-Intra Day Chart (20-Feb-2018):-

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Technical Patterns formation in today intraday charts

1- Selling between 10380-10429
2- Sharp fall in last hour
3- Whole day actual trading between 10348-10429

Conclusions from intra day chart analysis 

As firstly more than 5 hours selling and after that sharp fall in last hour therefore on going correction continuation is expected in the coming sessions. 

Following lines were told on 18-02-2018 in "Firstly watch levels for next week big moves confirmations":-

1- firstly valid break out of last 7 Sessions trading range(10399-10637) will be watched for correction cotinuation towards next supports(10277-10372) below 10399 or first storng signal of correction completion above 10612.
2- high possibility of correction continuation after fresh selling

Correction remained contined in both previous sessions and today closing was within above mentioned next supports(10277-10372) at 10360.40 today. 

Nifty got supports between 10304-10342 yesterday and closed above it today but after fresh selling between 10380-10429 therefore expected that Nifty will firstly trade and prepare for next decisive moves between 10304-10429 tomorrow.  

Although immediate supports of Nifty are between 10277-10342 but higher levels good selling in previous weeks therefore expected that finally Nifty will slip below 10277 after fresh selling in the coming 1/2 sessions.

Firstly watch levels for next week big moves confirmations

Intra Day Chart Analysis & Market Outlook

(19-02-2018)

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

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Nifty-Intra Day Chart (Feb 07 to Feb 16,2018):-

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Selling between 10494-10523
3- Bullish Falling Wedge like formations in last hours between 10435-10462
4- Whole day actual trading between 10435-10612

Conclusions from intra day chart analysis 

Although closing at lower levels of the day after 0.88% negative closing last Friday but consolidation patterns formations were also seen therefore view will be cautious and firstly valid break out of last 7 Sessions trading range(10399-10637) will be watched for correction cotinuation towards next supports(10277-10372) below 10399 or first storng signal of correction completion above 10612.

As most Global markets were strong but Indian markets weakness last Friday is telling that Indian markets under performed therefore high possibility of correction continuation after fresh selling but precautionally valid break out of 10399-10637 should also be watched in next week for big moves confirmations.

Firstly watch levels amid correction continuation expectations 

Intra Day Chart Analysis & Market Outlook

(16-02-2018)

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

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Technical Patterns formation in today intraday charts

1- Mixed Patterns formation between 10552-10618 
2- High Volatility
3- Whole day actual trading between 10512-10618

Conclusions from intra day chart analysis 

Although Green closing after whole day positive zone trading but complete consolidation was not seen and most time trading was with Mixed Patterns formation therefore view will not be Bullish.

As whole day today trading was with high volatility amid most Bullish Global markets and Nifty closed only 0.42% up therefore Indian markets today trading will be understood with under performance.

1st resistance between 10524-10577 was updated yesterday and today closing was within this range at 10545.50 therefore sustaining beyond 10524-10612 should also be firstly watched for next decisive moves confirmations amid correction continuation expectations.

Correction continuation towards next supports

Intra Day Chart Analysis & Market Outlook

(15-02-2018)

Nifty-Intra Day Chart (14-Feb-2018):-

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Technical Patterns formation in today intraday charts

1- More than 5 hours selling between 10524-10577
2- Sharp fall in last half hour
3- Whole day actual trading between 10457-10577

Conclusions from intra day chart analysis 

Correction is very much on and its continuation will be seen towards following supports after fresh selling today:-

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

Resistances above today closing are as follows:-

1- 10524-10577
2- 10589-10637
3- 10703-10736(gap resistance)

We started to tell for 5 Waves correction after Budget from 31-01-2018 and being seen since then.  Detailed analysis of nature and depth of correcttion has already been updated in previous outlooks,just go through amid correction continuation expectations.

As still out of station therefore Stock Market Outlook of today(14-02-2018) is not being updated but will be updated for tomorrow positively.

As out of station therefore Stock Market Outlook of today(12-02-2018) is not being updated.

Correction continuation below today lowest

Intra Day Chart Analysis & Market Outlook

(09-02-2018)

Nifty-Intra Day Chart (08-Feb-2018):-

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Technical Patterns formation in today intraday charts

1- Up moves in Bearish Rising Channel
2- Selling between 10589-10637
3- Whole day actual trading between 10481-10637

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Firstly watch  next resistances for the life of expected Pull Back rally":-

1- Pull Back rally is expected tomorrow
2- next resistances(gap) are betweeen 10703-10736

Pull Back rally was seen and Nifty closed 100 points up today but Up moves were in Bearish Rising Channel and selling also developed at higher levels therefore correction continuation is expected below today lowest after fresh selling today which was below yesterday mentioned resistances.

Firstly watch  next resistances for the life of expected Pull Back rally   

Intra Day Chart Analysis & Market Outlook

(08-02-2018)

Nifty-Intra Day Chart (07-Feb-2018):-

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channels
2- Whole day actual trading between 10447-10590

Conclusions from intra day chart analysis 

Although Nifty closed near the higher levels of the day but we told following conclusive line yesterday in "Watch psychological level amid correction continuation expectations":-

Correction is on and its continuation is expected. 

Correction was seen today through negative closing at the lower levels of the day after slipping more than 150 points from intraday higher levels but consolidation was also developed though Down moves in Bullish Falling Channels therefore Pull Back rally is expected tomorrow. 

As next resistances(gap) are betweeen 10703-10736 therefore firstly sustaining it beyond should be watched for the life of expected Pull Back rally.   

Watch psychological level amid correction continuation expectations

Intra Day Chart Analysis & Market Outlook

(07-02-2018)

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

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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):-

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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):-

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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):-

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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):-

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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):-

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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):-

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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.