Rally continuation towards Life Time High after Bullish Pattern formations

Technical Analysis,Research & Weekly Outlook

(Jun 29 to Jul 03,2015)

Nifty-EOD Chart (26-Jun-2015):-

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Technical Patterns and Formations in EOD charts

1- 5118.85 on 28-08-2013(Wave-1 beginning after 'ABC' correction completion)
2- Wave-1(6415.25 on 09-12-2013)
3- Wave-2(5933.30 on 04-02-2014)
4- Wave-3(8626.95 on 04-12-2014)
5- Wave-4(7961.35 on 17-12-2014)
6- Wave-5(9119.20 on 04-03-2015)(Correction beginning)
7- Wave-1(8269.15 on 27-03-2015)
8- Wave-2(8844.40 on 15-04-2015)
9- Wave-3(7997.15 on 07-05-2015)
10- Wave-4(8489.55 on 22-05-2015)
11- Wave-5(7940.30 on 12-06-2015)
12- Pull Back Rally continuation with recent top formation at 8423.15 on 25-06-2015 

Conclusions from EOD chart analysis

That Wave-1 which started on 28-08-2013 from 5118.85 completed at 9119.20 on 04-03-2015 after 5 waves formation and correction started. Wave-5 of correction completed at 7940.30 on 12-06-2015 and now Pull Back Rally continuation with recent top formation at 8423.15 on 25-06-2015. 

Waves structure of on going 5 Waves correction

Nifty-EOD Chart (26-Jun-2015):-

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Technical Patterns and Formations in EOD charts

1- Wave-5 completion at 9119.20 on 04-03-2015 and 5 Waves correction beginning
2- Wave-1(8269.15 on 27-03-2015)
3- Wave-2(8844.40 on 15-04-2015)
4- Wave-3(7997.15 on 07-05-2015)
5- Wave-4(8489.55 on 22-05-2015)
6- Wave-5(7940.30 on 12-06-2015)
7- Pull Back Rally continuation with recent top formation at 8,250.80 on 19-06-2015 

Conclusions from EOD chart analysis 

5 Waves of correction completed at 7940.30 on 12-06-2015 and Pull Back Rally is on but correction completion confirmation is still required because Nifty has to correct 4000 points points 18 months rally and as such price-wise or time-wise correction has not been seen yet.

Whole correction in Bullish Flag Pattern formation 

Nifty-EOD Chart (26-Jun-2015):-

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Technical Patterns and Formations in EOD charts

1- Wave-4 completion at 7961.35 on 17-12-2014 and Wave-5 beginning
2- Wave-5 completion at 9119.20 on 04-03-2015 and Correction beginning
3- Corrective Wave-5 completion at 7940.30 on 12-06-2015 and Pull Back Rally beginning
4- Wave-5 completely retraced in correction after slipping below 7961.35  
5- Whole correction in Bullish Flag Pattern formation 

Conclusions from EOD chart analysis 

As Wave-5 completely retraced and whole correction was in Bullish Flag Pattern formation therefore emergence of correction completion strong signal at the bottom of correction at 7940.30 on 12-06-2015.

Fall Trend line of correction broken out

Nifty-EOD Chart (26-Jun-2015):-

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Technical Patterns and Formations in EOD charts

1- Wave-4 completion at 7961.35 on 17-12-2014 and Wave-5 beginning
2- Wave-5 completion at 9119.20 on 04-03-2015 and Correction beginning
3- Corrective Wave-5 completion at 7940.30 on 12-06-2015 and Pull Back Rally beginning
4- Pull Back Rally continuation with recent top formation at 8423.15 on 25-06-2015 
5- Last 6 sessions closing above Long Term Trend decider 200 Day EMA(today at 8204).
6- Fall Trend line of correction broken out and last 5 sessions closing above it. 

Conclusions from EOD chart analysis 

Fall Trend line of correction broken out and last 5 sessions closing above it as well as last 6 sessions closing above Long Term Trend decider 200 Day EMA(today at 8204) therefore strong signals of Long Term Trend turning up after correction completion. 

Last 4 sessions intraday charts Analysis

Nifty-Intra Day Chart (Jun 23 to Jun 26,2015):-

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Technical Patterns and Formations in last 4 Sessions intraday charts

1- Selling between 8385-8398 on 23-06-2015
2- Selling between 8393-8421 on 24-06-2015
3- Consolidation between 8340-8372 on 25-06-2015
4- Consolidation between 8387-8405 on 25-06-2015
5- Consolidation between 8340-8380 on 26-06-2015
6- 4 Sessions actual trading between 8335-8423 

Conclusions from 4 Sessions intra day chart analysis 

Although first 2 sessions selling but last 2 sessions good consolidations also in last 4 sessions therefore valid break out of last 4 sessions will be next trend confirmations and should be firstly watched in next week but finally up moves above 4 sessions highest(8423) is expected because good consolidation seen in last 2 sessions.

Intra Day Chart Analysis(29-06-2015)

Nifty-Intra Day Chart (26-Jun-2015):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8340-8380(Immediate Supports)
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 8340-8408

Conclusions from intra day chart analysis

As negative news regarding Greece crisis therefore firstly negative zone trading and slipping from intraday higher levels after 11 AM but in Bullish Falling Channel and lower levels good consolidation also therefore finally up moves are expected above day's highest(8408.55) despite whatsoever solution of Greece financial problems on 27th and 28th June 2015.

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Short Term Trend is up
2- Intermediate Term Trend is down which will be up above 8505.
3- Long Term Trend decider 200 Day EMA(today at 8204) broken out and last 6 sessions closing above it as well as once 3%(8440) moves above it will mean Long Term Trend turning up confirmations.

As Whole correction from 9119.20 to 7940.30 is in Bullish Flag Pattern formation and Falling Trend line of correction broken out as well as last 5 sessions closing above it therefore strong signals of fresh rally above life time high(9119.20) after that rally correction completion which started from 5118.85 on 28-08-2013 and completed at 9119.20 on 04-03-2015.

Following confirmations are still required for 100% confirmation of correction completion:-

1- Valid break out of next resistances(8440-8486)
2- 3%(8440) Moves above Long Term Trend decider 200 Day EMA breaking out level.
3- Intermediate Term Trend turning up through moving above 8505

Sustaining above next resistance range(8440-8486) will mean Long Term Trend turning up confirmation and in that situation Intermediate Term Trend will also be up above 8505 therefore only break out of 8505 should be watched in the coming week for fresh rally towards life time high(9119.20) after all trends turning up confirmations.

As Whole correction in Bullish Flag Pattern formation , Falling Trend line of correction also broken out in previous week and last 2 sessions good intraday  consolidations therefore expected that on going rally will remain continued above 8505 in the coming week but after fresh follow up consolidations because strong resistances are lying between 8440-8486  

Next support levels of Nifty will decide Greece Crisis impact on Indian markets.

Post-open Outlook(26-06-2015)

All the Global markets including Indian markets are reacting on Greece Crisis and trading in Red. Just click following topic Link and go through full news which was updated 11 hours before in bbc.com:- 

Greece debt talks: Crisis deepens amid deadlock

Indian markets are also down immediately after opening and Nifty tested following next supports:- 

Supports between 8340-8372

Finally sustaining beyond above support levels will decide Greece Crisis reaction on Indian markets therefore should be firstly watched now. As some supports between 8353-8361 today therefore sustaining it beyond will be first signal.

Fresh Rally Expectations from Next Week

Intra Day Chart Analysis & Market Outlook

(26-06-2015)

Nifty-Intra Day Chart (25-Jun-2015):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8340-8372(Immediate Supports)
2- Consolidation between 8387-8405(Immediate Supports)
3- Whole day actual trading between 8340-8423

Conclusions from intra day chart analysis 

As yesterday steep fall in last hour yesterday and uncertainty due to Greece Crisis therefore weak opening today but whole day good consolidation therefore emergence of fresh up moves possibility above today highest(8423). Last 2 sessions of all the global markets were Greece news led highly volatile and such volatility may be seen tomorrow also because final decision will come on next Saturday or Sunday.

Selling patterns between 8393-8421 yesterday and Nifty could not sustain above it today as well as closed near the lower levels of this range. Although good consolidation today but following resistances are lying above today closing:-

1- Resistances between 8393-8421
2- Resistances between 8440-8486(strong)

8 Sessions rally from 12-06-2015 to 23-06-2015 and its correction was seen yesterday but lower levels good consolidation and strong recovery was also seen today therefore if follow up consolidation develops tomorrow then Nifty will test above mentioned 2nd resistance as well as cross also.

As per our view Indian markets are well prepared for fresh rally and only negative news from Greece may create a hurdle but even though we are expecting that finally as such negative news will not come from Greece and fresh rally will be seen above 8486/8505 in next week.

Sideways Market Correction require Fresh Consolidation for its Completion

Intra Day Chart Analysis & Market Outlook

(25-06-2015)

Nifty-Intra Day Chart (24-Jun-2015):-

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Technical Patterns and Formations in today intraday charts

1- 4 Hours up moves in Bearish Rising Channel between 8393-8421 
2- Steep fall in last hour
3- Whole day actual trading between 8339-8421

Conclusions from intra day chart analysis 

Following lines were told yesterday in "View is Cautious after Higher Levels Selling Patterns Formations":-

1-As selling patterns formations at higher levels today therefore some down moves may be seen tomorrow
2-finally sustaining beyond 8335-8505 will decide those next moves

As was told 100% same happened and:-

1- Sharp down moves were seen in last hour today
2- Sustaining beyond 8335-8505 was told and Nifty could not slip below 8335 despite sharp fall today.

Following lines were told on 22-06-2015 in "Fresh Rally Expectations after follow up Consolidation between 8340-8505":-

Expected that Nifty will firstly trade and prepare for next big moves between 8340-8505 in the coming sessions and once sustaining beyond this range will decide:-

1- Correction continuation towards or below 7940.30.  
2- Fresh rally towards or above 9119.20. 

As good selling between 8393-8421 therefore this range will be immediate resistance and following levels will result today started down moves continuation:- 

1- 8340
2- 8200(200 Day EMA)

Last 15 Sessions trading between 7941-8421 with lower levels good consolidations and next resistances above 8421 are between 8440-8486 but therefore Nifty will remain sideways between 7941-8486 and finally valid break out of this range will decide next trend.

Correction of last 8 sessions rally was seen today and its continuation can not be ruled out tomorrow as well as until fresh consolidation will not develop till then its completion will not be considered.

Today started sideways market(7941-8486) correction is demanding fresh consolidation for its completion and till then its continuation will be expected towards next supports above 7941.. 

View is Cautious after Higher Levels Selling Patterns Formations

Intra Day Chart Analysis & Market Outlook

(24-06-2015)

Nifty-Intra Day Chart (23-Jun-2015):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8385-8398(Immediate Resistances)
2- Whole day actual trading between 8335-8398

Conclusions from intra day chart analysis 

Following lines were told today at 11:49 AM in "Mid-session Outlook(23-06-2015)":-

selling patterns formations between 8385-8398

As selling patterns developed between 8385-8398 in first 2 hours today therefore Nifty could not move above 8398 and follow up selling was again seen within 8385-8398 in last 3 hours today therefore this range is immediate Resistance and follow up consolidation is firstly required for fresh rally above today highest 8398.45.

Following lines were told yesterday in "Fresh Rally Expectations after follow up Consolidation between 8340-8505":-

Nifty will firstly trade and prepare for next big moves between 8340-8505 in the coming sessions 

Nifty traded almost whole day within this mentioned range between 8335-8398 with higher levels selling therefore view is cautious because resistances are lying above today highest between 8440-8486. 

As selling patterns formations at higher levels today therefore some down moves may be seen tomorrow but finally sustaining beyond 8335-8505 will decide those next moves which have already been updated yesterday in "Fresh Rally Expectations after follow up Consolidation between 8340-8505"

Mid-session Outlook(23-06-2015)

Although Positive zone trading but higher levels selling patterns formations between 8385-8398 today therefore firstly follow up consolidation and sustaining above today highest is must for fresh rally because resistances are lying above today highest between 8440-8486.

Fresh Rally Expectations after follow up Consolidation between 8340-8505

Intra Day Chart Analysis & Market Outlook

(23-06-2015)

Nifty-Intra Day Chart (22-Jun-2015):-

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Technical Patterns and Formations in today intraday charts

1- Whole day up moves in Broadening Pattern
2- Whole day actual trading between 8258-8369

Conclusions from intra day chart analysis 

Following lines were told on 20-06-2015 in "Pull back rally continuation towards Next Resistances":-

strong rally possibility towards following next resistances:- 

1- Resistances between 8355-8400
2- Resistances between 8440-8486(strong)

As was told 100% same happened today and Pull back rally remain continued towards above mentioned resistance and closed just below 1st resistance at 8353.10 after intraday highest formation within 1st resistance at 8369.45.  

As resistances are lying just above today highest and Very Short Term Indicators are overbought after today strong rally therefore follow up consolidation is firstly required tomorrow for fresh rally and sustaining above mentioned resistances(8486). 

As 11 Sessions trading range(7941-8191) broken out after lower levels good consolidations within this range and forcefully crossing of Long Term Trend decider 200 Day EMA(today at 8197) in last 2 sessions therefore once sustaining above 2nd resistance(8440-8486) will mean:-

1- Strong possibility of correction completion at 7940.30 on 12-06-2015. 
2- Strong possibility of that rally correction completion which started from 5118.85 on 28-08-2013 and completed at at 9119.20 on 04-03-2015.

Intermediate Term Trend will be up above 8505 and once sustaining above 2nd resistance(8440-8486) will mean all trends turning up confirmations therefore resultant fresh rally will be seen after above life time high(9119.20) after 5 waves correction completion confirmations.  

Expected that Nifty will firstly trade and prepare for next big moves between 8340-8505 in the coming sessions and once sustaining beyond this range will decide:-

1- Correction continuation towards or below 7940.30.  
2- Fresh rally towards or above 9119.20. 

As 11 Sessions trading range(7941-8191) forcefully broken out after lower levels good consolidations within this range therefore expected that Nifty will trade and sustain above 8505 as well as fresh rally will be seen towards and above 9119.20 after follow up consolidation between 8340-8505 in next 2/3 sessions. 

Pull back rally continuation towards Next Resistances

Technical Analysis,Research & Weekly Outlook

(Jun 22 to Jun 26,2015)

Nifty-EOD Chart (19-Jun-2015):-

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Technical Patterns and Formations in EOD charts

1- 5118.85 on 28-08-2013(Wave-1 beginning after 'ABC' correction completion)
2- Wave-1(6415.25 on 09-12-2013)
3- Wave-2(5933.30 on 04-02-2014)
4- Wave-3(8626.95 on 04-12-2014)
5- Wave-4(7961.35 on 17-12-2014)
6- Wave-5(9119.20 on 04-03-2015)(Correction beginning)
7- Wave-1(8269.15 on 27-03-2015)
8- Wave-2(8844.40 on 15-04-2015)
9- Wave-3(7997.15 on 07-05-2015)
10- Wave-4(8489.55 on 22-05-2015)
11- Wave-5(7940.30 on 12-06-2015)
12- Pull Back Rally continuation with recent top formation at 8,250.80 on 19-06-2015 

Waves structure of on going 5 Waves correction

Nifty-EOD Chart (19-Jun-2015):-

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Technical Patterns and Formations in EOD charts

1- Wave-5 completion at 9119.20 on 04-03-2015 and 5 Waves correction beginning
2- Wave-1(8269.15 on 27-03-2015)
3- Wave-2(8844.40 on 15-04-2015)
4- Wave-3(7997.15 on 07-05-2015)
5- Wave-4(8489.55 on 22-05-2015)
6- Wave-5(7940.30 on 12-06-2015)
7- Pull Back Rally continuation with recent top formation at 8,250.80 on 19-06-2015 
8- Long Term Trend decider 200 Day EMA(today at 8196) broken out on 19-06-2015

Last 12 sessions intraday charts Analysis

Nifty-Intra Day Chart (Jun 04 to Jun 19,2015):-

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Technical Patterns and Formations in last 12 Sessions intraday charts

1- 11 Sessions actual trading between 7941-8191 with lower levels consolidations.
2- Gap up opening on 19-06-2015
3- 12 Sessions actual trading between 7941-8250 

Conclusions from 12 Sessions intra day chart analysis 

11 Sessions actual trading between 7941-8191 with lower levels good consolidations and after that this range was broken out forcefully on 19-06-2015 as well as closed with sufficient gains therefore emergence of fresh and strong rally possibilities above 11 Sessions highest(8191) 

Intra Day Chart Analysis(19-06-2015)

Nifty-Intra Day Chart (19-Jun-2015):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation Patterns between 8196-8214 
2- Down moves in Bullish Falling Channel
3- Up moves in Bearish Rising Channel
4- Good intraday correction
5- Whole day actual trading between 8196-8251

Conclusions from intra day chart analysis 

Firstly gap up opening and after that good consolidation as well as Down moves were also seen in Bullish Falling Channel at higher levels in first 4 hours therefore up moves started from lower levels of the day. As up moves in Bearish Rising Channel were also seen up to higher levels of the day therefore sharp intraday correction was seen and Nifty has prepared for fresh up moves above the highest(8251) of the day.

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Short Term Trend is up
2- Intermediate Term Trend is down which will be up above 8505.
3- Long Term Trend decider 200 Day EMA(today at 8196) broken out on 19-06-2015 and its turning up confirmation is required through sustaining above 8196

5 Waves correction started from 9119.20 on 04-03-2015 and its 5th wave recent bottom formation at 7940.30 on 12-06-2015,after that Pull Back Rally begun which formed recent top at 8250.80 on 19-06-2015. As 11 Sessions trading range(7941-8191) broken out forcefully and Nifty traded whole day above it as well as Long Term Trend decider 200 Day EMA(today at 8196) therefore emergence of Long Term Trend turning up indications. 

Wave-1 started on 28-08-2013 from 5118.85 and its 5th wave completed on 04-03-2015 at 9119.20 and 5 Waves correction begun as well as its 5th Wave correction completion indications after 11 sessions range and 200 Day EMA break out in previous week. Once sustaining above 200 Day EMA(today at 8196) will mean Long Term Trend turning up confirmations and resultant strong rally possibility towards following next resistances:- 

1- Resistances between 8355-8400
2- Resistances between 8440-8486(strong)

As Intermediate Term Trend will be up above 8505 therefore once sustaining above 2nd resistance will mean sustaining above 8505 confirmations also and then rally above all time highest(9119.20) will be seen after all trends turning up and 5 waves correction completion confirmations.

Expected that on going Pull back rally will remain continued towards above mentioned 2nd resistance(8440) in next week and we are seeing possibility of rally above 8505 also.

8195 will be Next Big Trend Decider

Intra Day Chart Analysis & Market Outlook

(19-06-2015)

Nifty-Intra Day Chart (18-Jun-2015):-

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Technical Patterns and Formations in today intraday charts

1- 55 Points sharp jump towards 8146 in first 15 minutes.
2- Whole day up moves in Rising Channel with some selling patterns but sufficient intraday corrections also within channel
3- Whole day actual trading between 8102-8186

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Rally above today highest(8136.85) after follow up consolidations":-

finally rally above today highest(8,136.85) is still expected in the coming sessions

As was told 100% same happened and Nifty crossed 8,136.85 in first 9 minutes as well as sharply jumped 55 points towards 8146 within first 15 minutes

More than 6 hours continuous up moves in Rising Channel with some selling patterns but sufficient intraday corrections also within channel therefore one sided patterns not formations and valid break out of this channel will decide following next trend:-

1- Upper rising line break out will mean testing of Long Term Trend decider 200 Day EMA(today at 8195) and once sustaining above 8195 will mean Long Term Trend turning up confirmation as well as fresh rally after strong signal of on going correction completion.
2- Lower rising line break down will mean down moves towards the bottom(7940.30) of on going correction after on going Pull Back Rally termination.

At present Pull Back Rally continuation with today highest at 9186 and next resistance is at 8192 as well as Long Term Trend decider 200 Day EMA is just above it at 8195. Once sustaining above 8195 will mean Long Term Trend turning up confirmation and resultant strong rally possibility towards next resistances at 8360. If Nifty fails to sustain above 8192 and after that lower line of today Rising Channel broken down also then same Bearish moves will be seen which have already been updated above.

As Long Term Trend decider 200 Day EMA(8195) will decide next Big moves therefore should be firstly watched in the coming sessions.

Rally above today highest(8136.85) after follow up consolidations

Intra Day Chart Analysis & Market Outlook

(18-06-2015)

Nifty-Intra Day Chart (17-Jun-2015):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8048-8077
2- Selling between 8106-8136
3- Whole day actual trading between 8048-8136

Conclusions from intra day chart analysis 

It was expected that Nifty will prepare today for post FOMC decisive moves between and near about 7953-8061 and forceful moves beyond 7941-8057 will be seen after FOMC announcements on 18th June but good up moves were seen after first 4 hours lower levels consolidation today. 

As more than 24 hours trading between 7941-8057 in last 4 sessions with lower levels good consolidation therefore following conclusive moves were updated yesterday in "17th June will be Post FOMC forceful Moves preparation Day":-

if selling does not develop tomorrow then strong rally will begin on the 18th June despite whatsoever announcements from FOMC on 17th night.

Rally was expected on 18th June after FOMC but it was seen today and finally technical positions of last 5 sessions have developed as follows:-

1- Consolidation between 7941-8006 from 11-06-2015 to 16-06-2015
2- Consolidation between 8048-8077 on 17-06-2015
3- Selling between 8106-8136 on 17-06-2015

As good consolidation at lower levels in last 5 sessions and selling also at higher levels today therefore consolidation is firstly required between and near about today trading range(8048-8136) but finally rally above today highest(8,136.85) is still expected in the coming sessions despite following negative developments:-

1- FII selling by 940.91 Cr in Indian markets today 
2- All European markets closing in Red today.
3- US markets trading in negative zone at this moment.

17th June will be Post FOMC forceful Moves preparation Day 

Intra Day Chart Analysis & Market Outlook

(17-06-2015)

Nifty-Intra Day Chart (16-Jun-2015):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 7953-7996(Immediate Supports)
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 7953-8061

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Cautiously Bullish view requires follow up consolidation within 7941-8057":-

As good consolidation between 7941-8057 in last 3 sessions therefore moves above 8057 are expected but view is cautious because Bearish Indian markets and fresh up moves confirmation will be after follow up consolidation within 7941-8057 tomorrow. 

As was told 100% same happened and Nifty moved above 8057 and intraday highest formation at 8061.85 today. 

Although more than 4 hours lower levels consolidation today but last hours up moves were in  Bearish Rising Channel therefore follow up consolidation and sustaining above 8057 is must for next decisive up moves.

As FOMC meet on 16th and 17th June therefore decisive moves are expected after its announcements on 18th June and Nifty will prepare for post FOMC decisive moves between and near about 7953-8061 tomorrow.

More than 24 hours trading between 7941-8057 in last 4 sessions with lower levels good consolidation and if selling does not develop tomorrow then strong rally will begin on the 18th June despite whatsoever announcements from FOMC on 17th night.

It should also be kept in mind that forceful moves beyond 7941-8057 may be seen on 18th June and market will prepare for those moves tomorrow. Let market prepare for post FOMC trend and decisive moves then will be updated from intraday charts patterns formations in the same manner as being done for the last more than 5 years. 

Cautiously Bullish view requires follow up consolidation within 7941-8057

Intra Day Chart Analysis & Market Outlook

(16-06-2015)

Nifty-Intra Day Chart (15-Jun-2015):-

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Technical Patterns and Formations in today intraday charts

1- 90 Points bounce in first 30 minutes
2- Down moves in Bullish Falling Channel
3- Consolidation between 7980-8006(Immediate Supports)
4- Whole day actual trading between 7945-8057

Conclusions from intra day chart analysis 

Following line was told today at 10:36 AM in "Next Immediate Decisive moves will be decided by 7941-8051":-

Next resistances are between 8038-8051 and once valid break out of this range will mean strong possibility of more than 1% up moves and next immediate decisive moves will be decided by 7941-8051

As resistances between 8038-8051 therefore Nifty could not sustain above it and slipped below 8038 after intraday highest formation at 8057.70.

Although Nifty slipped 50 points in last hours from intraday higher levels but as such selling patterns were not seen and on the other hand consolidation patterns were also seen therefore emergence of up moves expectations in the coming sessions. 

As all trends are down and Nifty is in the grip of Bears therefore follow up consolidation is firstly required for sustaining above today highest and sharp up moves will be seen above 8188.

More than 17 hours trading between 7941-8057 in last 3 sessions therefore firstly valid break out of this range should be watched in the coming sessions for next decisive moves:-

1- Above 8057 will mean up moves towards 8188.
2- Below 7941 will mean Correction Continuation towards 7642.30.

As good consolidation between 7941-8057 in last 3 sessions therefore moves above 8057 are expected but view is cautious because Bearish Indian markets and fresh up moves confirmation will be after follow up consolidation within 7941-8057 tomorrow. 

Next Immediate Decisive moves will be decided by 7941-8051

Post-open Outlook(15-06-2015)

Nifty- First 45 Minutes Intra Day Chart(15-Jun-2015)

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Although Dow Jones closed 140 points down and all the European markets also closed 0.90% to 1.40% down last Friday but we told following line on 13-06-2015 in "Firstly Bounce Back & finally Correction Continuation towards 7642.30" 

1- finally up moves are expected in the beginning of next week despite all European and US markets more than .62% down closing last Friday
2- As Short Term Oscillators are oversold and intraday consolidation patterns formations also on 12-06-2015 therefore a bounce back will be considered in the beginning of next week
3- Firstly bounce back

As was told on 13-06-2015 same happened today and Nifty bounced 90 points from lower levels and traded 51 points up in first 30 minutes today despite all the Asian markets are trading down from .50% to 1.50% today.

Next resistances are between 8038-8051 and once valid break out of this range will mean strong possibility of more than 1% up moves and next immediate decisive moves will be decided by 7941-8051.

Firstly Bounce Back & finally Correction Continuation towards 7642.30

Technical Analysis,Research & Weekly Outlook

(Jun 15 to Jun 19,2015)

Nifty-EOD Chart (12-Jun-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 5118.85 on 28-08-2013(Wave-1 beginning after 'ABC' correction completion)
2- Wave-1(6415.25 on 09-12-2013)
3- Wave-2(5933.30 on 04-02-2014)
4- Wave-3(8626.95 on 04-12-2014)
5- Wave-4(7961.35 on 17-12-2014)
6- Wave-5(9119.20 on 04-03-2015)(Correction beginning)
7- Wave-1(8269.15 on 27-03-2015)
8- Wave-2(8844.40 on 15-04-2015)
9- Wave-3(7997.15 on 07-05-2015)
10- Wave-4(8489.55 on 22-05-2015)
11- Wave-5 correction continuation with recent bottom formation at 7940.30 on 12-06-2015

Waves structure of on going 5 Waves correction

Nifty-EOD Chart (12-Jun-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-5 completion at 9119.20 on 04-03-2015 and 5 Waves correction beginning
2- Wave-1(8269.15 on 27-03-2015)
3- Wave-1 corrected 850.05 points
4- Wave-2(8844.40 on 15-04-2015)
5- Wave-3(7997.15 on 07-05-2015)
6- Wave-3 corrected 847.25 points
7- Wave-4(8489.55 on 22-05-2015)
8- Wave-5 correction continuation with recent bottom formation at 7940.30 on 12-06-2015
9- Wave-3 has corrected 549.25 points
10- Long Term Trend decider 200 Day EMA(today at 8200)

Nifty-Intra Day Chart (12-Jun-2015):-

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Technical Patterns and Formations in today intraday charts

1- Support and Consolidation between 7941-7967(Immediate Supports)
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 7941-7995

Conclusions from intra day chart analysis 

Although closing with minor gains on 12-06-2015 but whole day good consolidation and no selling patterns formations as well as Down moves in Bullish Falling Channels therefore finally up moves are expected in the beginning of next week despite all European and US markets more than .62% down closing last Friday.

Conclusions (After Putting All Studies Together)

All trends are down and Indian markets are in the firm grip of Bears as well as confirmations of 5 Waves correction in previous weeks therefore correction continuation will be considered and until complete consolidation will not happen on EOD charts till then correction completion will not be expected.

Wave-1 and Wave-3 have corrected almost 850 points and almost as such 850 points correction will be considered for on going Wave-5 also but on going Wave-5 will complete above 7642.30 because as per Elliot Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5". Now corrective Wave-5 is on and it should not loose more points than Wave-3 lost.

Wave-3 lost=847.25 points(8844.40-7997.15)

It means on going corrective Wave-5 will loose less than 847.25 points which started from(8489.55). Therefore maximum target of on going Wave-5 will be:-

8489.55-847.25=7642.30

Wave-1 started on 28-08-2013 from 5118.85 and its 5th wave completed on 04-03-2015 at 9119.20 and 5 Waves correction begun,now its corrective Wave-5 is on with recent bottom formation at 7940.30 on 12-06-2015. As correction started on 04-03-2015 after 5 waves completion therefore Nifty will correct whole that move which started from 5118.85 and completed 9119.20 acoording to following Fibonacci retracement levels:-

1- 13.0%-8,598(Corrected)
2- 23.6%-8,174(Corrected)
3- 27.0%-8,038(Corrected)
4- 38.2%-7,590(Crucial)
5- 50.0%-7,118(Crucial)
6- 61.8%-6,646(Crucial)
7- 70.0%-6,290
8- 76.4%-6,062
8- 78.6%-5,974 
10-88.6%-5,574 

27.0% retracement has been completed and next crucial 38.2% retracement levels is at 7,590 which is below on going Wave-5 maximum target(7642.30). Expected that on going corrective Wave-5 will completed above 7642.30 but correction completion will be considered only after sustaining above Long Term Trend decider 200 Day EMA(today at 8200) because its breaking down confirmation after last 8 sessions closing below it.

As Short Term Oscillators are oversold and intraday consolidation patterns formations also on 12-06-2015 therefore a bounce back will be considered in the beginning of next week. If follow up consolidation develops on next Monday then a Pull Back rally will be seen but until complete consolidation will not happen on EOD charts till then correction will not complete.

Firstly bounce back & finally correction continuation towards 7642.30 is expected in next week

Maximum target of on going correction at 7642.30

Technical Analysis and Market Outlook

(12-06-2015)

Nifty-EOD Chart (11-Jun-2015):-

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Technical Patterns and Formations in EOD charts

1- 7961.35 on 17-12-2014(Wave-5 beginning after Wave-4 completion)
2- Wave-1(8445.60 on 05-01-2015)
3- Wave-2(8065.45 on 07-01-2015)
4- Wave-3(8996.60 on 30-01-2015)
5- Wave-4(8470.50 on 10-02-2015)
6- Wave-5 of Wave-5 completion at 9119.20 on 04-03-2015 and correction beginning
7- Wave-1(8269.15 on 27-03-2015)
8- Wave-2(8844.40 on 15-04-2015)
9- Wave-3(7997.15 on 07-05-2015)
10- Wave-4(8489.55 on 22-05-2015)
11- Wave-5 correction continuation with recent bottom formation at 7958.25 on 11-06-2015

Conclusions from EOD chart analysis 

Wave-5 of Wave-5 completion at 9119.20 on 04-03-2015 and firstly 'ABC'correction was considered but once slipping below Wave-C bottom(7997.15) mean 5 waves correction and now  Wave-5 correction continuation. 

As per Elliot Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5. Now corrective Wave-5 is on and it should not loose more points than Wave-3 lost.

Wave-3 lost=847.25 points(8844.40-7997.15)

It means on going corrective Wave-5 will loose less than 847.25 points which started from(8489.55). Therefore maximum target of on going Wave-5 will be:-
8489.55-847.25=7642.30

It means that on going Wave-5 will complete above 7642.30

First Indication of Next Big Moves 
from 8085-8185

Intra Day Chart Analysis & Market Outlook

(11-06-2015)

Nifty-Intra Day Chart (10-Jun-2015):-

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Technical Patterns and Formations in today intraday charts

1- Sharp 65 points up in first 4 minutes
2- Mixed Patterns between 8085-8115 in 5 hours
3- Whole day actual trading between 8030-8150

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Finally Pull back rally above 8057":-

1- Pull back rally is expected tomorrow.
2- fast up moves will be seen after valid break out above today highest(8057)
3- some resistances are lying between 8135-8185
4- strong rally will be considered after follow up consolidation and sustaining above 8185. 

As was told 100% same happened and that fast Pull back rally was seen today which moved up 65 points sharply in first 4 minutes only. Resistances were told between 8135-8185 and Nifty could not sustain within this range as well as slipped below it after intraday highest formation at 8152.25.

As 5 hours mixed Patterns formations between 8085-8115 and resistances are lying just above it between 8135-8185 therefore follow up consolidation is firstly required for fresh strong rally and sustaining above 8185.  

Expected that Nifty will firstly trade and prepare for next decisive moves between 8085-8185 and finally sustaining beyond this range will decide following next trend:-

1- Sustaining above 8185 will mean fast up moves possibility towards next resistance range(8427-8485)
2- Sustaining below 8085 will mean fast down moves possibility towards next support range(8008-8025)

37 sessions trading between 7997-8505 and finally break out of this range will decide next big moves but first indication of those big moves can be drawn from valid break out of 8085-8185 and must be watched in the coming sessions. 

Finally Pull back rally above 8057

Intra Day Chart Analysis & Market Outlook

(10-06-2015)

Nifty-Intra Day Chart (09-Jun-2015):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8045-8057
2- Good consolidation also between 8008-8025 
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 8006-8057

Conclusions from intra day chart analysis 

Whole day 51 points sideways trading with both higher levels selling and lower levels good consolidation also therefore valid break out of today trading range should be firstly watched for next trend confirmations. 

Following lines were told on 03-06-2015 in "Long Term Trend at stake after Weaker monsoon forecast":-

1- Wave-1(8269.15 on 27-03-2015)
2- Wave-2(8844.40 on 15-04-2015)
3- Wave-3(7997.15 on 07-05-2015)
4- Wave-4(8489.55 on 22-05-2015)
5- Wave-5 continuation after slipping below 7997

Slipping below 7997 will be corrective Wave-5 confirmation which will be open the doors of deeper 5% fast correction.

As good consolidation between 8057-8135 from 03-06-2015 to 05-06-2015 therefore fast up moves will be seen after valid break out above today highest(8057) but some resistances are lying between 8135-8185 and strong rally will be considered after follow up consolidation and sustaining above 8185. 

As Down moves in Bullish Falling Channel pattern formations seen 3 times and lower levels good consolidation also therefore expected that finally Nifty will move above today highest(8057) and Pull back rally is expected tomorrow.

Mid-session Outlook(09-06-2015)

Side ways quiet first 4 hours trading between 8008-8057 with both higher levels selling between 8045-8057 and lower levels good consolidation also between 8008-8025 therefore valid break out of today first 4 hours trading range should be firstly watched now and must be kept in mind that once slipping below 7997 will mean high possibility of sharp down. 

As valid break out of today trading range will open the gates of next big moves therefore should be firstly watched.

As busy therefore today Outlook is not being updated but Mid-session Outlook will be posted during trading hours today.

33 Sessions Sideways Nifty requires break out for Next Big Moves

Intra Day Charts Analysis & Market Outlook

(08-06-2015)

Nifty-Intra Day Chart (Jun 03 to Jun 05,2015):-

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Technical Patterns and Formations in last 3 Sessions intraday charts

1- Mixed Patterns between 8168-8190 on 03-06-2015
2- Consolidation between 8095-8135 on 03-06-2015
3- Consolidation between 8105-8152 on 04-06-2015
4- Consolidation between 8057-8084 on 04-06-2015
5- Consolidation between 8119-8140 on 04-06-2015
6- Consolidation between 8104-8134 on 05-06-2015
7- Mixed Patterns between 8132-8190 on 05-06-2015
8- Consolidation between 8109-8122 on 05-06-2015
9- 3 Sessions most time trading between 8057-8190 

Conclusions from 3 Sessions intra day chart analysis 

3 Sessions most time trading between 8057-8190 with good consolidation within this range but mixed Patterns formations were also seen within this range at higher levels therefore follow up consolidation is firstly required for break out and sustaining above last 3 sessions range highest(8190)

Following lines were told on 03-06-2015 in "Long Term Trend at stake after Weaker monsoon forecast"

As Nifty traded last 31 sessions between 7997-8505 and hover around 14 days Long Term Trend decider 200 Day EMA(today at 8210) therefore finally sustaining beyond this range will decide the fate of Long Term Trend also and should be firstly watched in the coming sessions. 

Nifty is not trending but sideways between 7997-8505 for the last 33 sessions and break out of this range range will decide next big moves of Nifty. As good consolidation in last 3 sessions near the lower levels of this range between 8057-8190 therefore emergence of some up moves expectations within 33 sessions range.  

Pull Back Rally Possibility

Intra Day Chart Analysis & Market Outlook

(05-06-2015)

Nifty-Intra Day Chart (04-Jun-2015):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation Patterns between 8105-8152
2- Consolidation between 8057-8084
3- Consolidation Patterns between 8119-8140
4- Whole day actual trading between 8057-8152

Conclusions from intra day chart analysis 

Although flat closing in a volatile day today but whole day good consolidation and Bullish Hammer candlestick formation therefore Pull Back rally is expected in the coming sessions and once sustaining above today trading highest(8152) will mean today consolidation levels turning into strong supports.

As all the European markets are trading moe than 1% down and Dow Futures is also now 110 points down therefore sentimental weakness may be seen tomorrow morning if such weakness reflects in Asian markets also and in that situation Nifty may firstly trade within today trading range. As whole day good consolidation Patterns formations today therefore until fresh selling will not develop till then down moves below today lowest will not be considered.