Next Trend Confirmations through Crucial Levels amid Global Cues led Huge Volatility

Technical Analysis,Research & Weekly Outlook

(Aug 31 to Sep 4,2015)

Nifty-EOD Chart (28-Aug-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 and 'ABC' correction beginning)
7- Wave-A(7940.30 on 12-06-2015) 
8- Wave-B(8654.75 on 23-07-2015)
9- Wave-C continuation with recent bottom formation at 7667.25 on 25-08-2015
10- Now Pull Back rally is on with recent top formation at 8091.80 on 28-08-2015  

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 and after that its 'ABC' correction started which is in continuation and no confirmation of its completion yet despite now Pull Back rally is on with recent top formation at 8091.80 on 28-08-2015.

Waves structure of 'ABC' correction

Nifty-EOD Chart (28-Aug-2015):-

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Technical Patterns and Formations in EOD charts

1- Wave-5 completion at 9119.20 on 04-03-2015 and Wave-A of 'ABC' correction beginning after life time high formation)
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 and corrective Wave-A completion(7940.30 on 12-06-2015)
4- Wave-B(8654.75 on 23-07-2015)
6- Wave-C continuation with recent bottom formation at 7667.25 on 25-08-2015
7- Now Pull Back rally is on with recent top formation at 8091.80 on 28-08-2015  

Conclusions from EOD chart analysis 

Wave-A of 'ABC' correction beginning after life time high formation at 9119.20 on 04-03-2015 which completed after its 5 sub waves formations at 7940.30 on 12-06-2015. Wave-C is in continuation with recent bottom formation at 7667.25 on 25-08-2015 after completion of Wave-B at 8654.75 on 23-07-2015. 

Now Pull Back rally is on with recent top formation at 8091.80 on 28-08-2015 and no confirmation of its completion yet.

Next target of Nifty at 7475.85

Nifty-EOD Chart (28-Aug-2015):-

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Technical Patterns and Formations in EOD charts

1- Wave-5 completion at 9119.20 on 04-03-2015 and 'ABC' correction beginning after life time high formation)
2- Wave-A(7940.30 on 12-06-2015) 
3- Wave-A corrected 1178.90 Points
4- Wave-B(8654.75 on 23-07-2015)
5- Wave-C continuation with recent bottom formation at 7667.25 on 25-08-2015
6- Wave-C has corrected 987.50 Points till today
7- Now Pull Back rally is on with recent top formation at 8091.80 on 28-08-2015  
8- Long Term Trend decider decider 200 Day EMA(today at 8272) broken down on 21-08-2015 and last 5 sessions closing below it. 

Conclusions from EOD chart analysis

Wave-A corrected 1178.90 Points and now Wave-C continuation which has retraced 987.50 Points till today. If Wave-C corrects 100% of Wave-A then it may move down upto:- 

7475.85=8654.75(Wave-B completed and Wave-C started)-1178.90(Wave-A corrected)

Wave-C of 'ABC' correction is in continuation and let market completely consolidate on EOD/weekly charts then its completion will be considered,till then its continuation will be seen according to retracement levels which are being given below.. 

Last 6 Sessions Intra Day Charts Analysis

Nifty-Intra Day Chart (Aug 21 to Aug 28,2015):-

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Technical Patterns and Formations in last 6 Sessions intraday charts

1- 164 Points gap(8061-8225) down opening on 24-08-2015 after Global markets crashing.
2- Selling between 7897-7930 on 24-08-2015
3- Selling between 7995-8010 on 24-08-2015
4- Selling between 8032-8055 on 24-08-2015 
5- Support at lower levels amid high volatility on 25-08-2015
6- Global cues led high volatility on 26-08-2015 
7- Whole day strong rally on 27-08-2015 after 619 points strong rally of Dow Jones 
8- Trading within 164 Points gap but closing below it on 28-08-2015 with selling patterns formation between 8066-8091  
9- 6 Sessions actual trading between 7668-8091 

Conclusions from 6 Sessions intra day chart analysis 

As all the Global markets were crashing therefore firstly 164 Points gap(8061-8225) down opening and after that selling between 3 following ranges on 24-08-2015:-

1- 7897-7930
2- 7995-8010
3- 8032-8055

Trading patterns of last 5 sessions are as follows:-

1- First 4 sessions most time trading below the gaps 
2- Trading within and below the gap on 28-08-2015

Although Nifty traded 4 hours above the top(8055) of above 3 selling ranges after strong gap up opening but closed within these ranges at 8001.95 on 28-08-2015 therefore it will be understood that these selling ranges have not cleared yet.

Certainly Global cues led huge volatility in all the last 5 sessions of previous week between 7668-8091 with lower levels supports and higher levels good selling therefore Nifty will firstly trade and prepare for next decisive moves within this range in the beginning of next week and finally sustaining it beyond will decide next trend. As crucial therefore following levels should also be watched:-

1- Higher levels selling between 7897-8091 in previous week and this range break out will give first strong indication of next trend.
2- 164 Points gap between 8061-8225 formed on 24-08-2015 but trading within this gap on 28-08-2015,finally sustaining beyond this gap will decide the life of on going correction

Intra Day Chart Analysis(31-08-2015)

Nifty-Intra Day Chart (28-Aug-2015):-

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Technical Patterns and Formations in today intraday charts

1- Up moves in Bearish Rising Channel
2- Selling patterns formation between 8066-8091(Immediate Resistances)
3- Down moves in Bullish Falling Channel
4- 5 Waves of Bullish Falling Wedge formations in last hours
5- Whole day actual trading between 7962-8091

Conclusions from intra day chart analysis 

As all the Asian markets were trading with good gains after strong closing of US markets yesterday therefore gap up opening in Indian markets but emergence of following Bearish cues immediate after opening today:-

1- Indian markets under performed Asian markets despite more than 1% positive trading.
2- First hour up moves in Bearish Rising Channel   
3- Selling patterns formation at higher levels

Although slipping after selling patterns formation till 01:00 PM and new intraday lowest formations as well but with Bullish patterns formations in following manner:-

1- Down moves in Bullish Falling Channel 
2- Bullish Falling Wedge formations

As both consolidation and distribution patterns formations between 7962-8091 today therefore finally sustaining beyond this range will give next decisive first strong indication.

Conclusions (After Putting All Studies Together)

As all the Global markets badly crashed in the beginning of previous week therefore all the supports levels broken down and Long Term Trend turning down confirmation also through last 5 sessions closing below it decider 200 Day EMA(today at 8272). Now Pull Back rally is on with recent top formation at 8091.80 on 28-08-2015 and until it will not sustain above Long Term Trend decider 200 Day EMA till then corrective Wave-C completion will not be considered.

Extremely high volatility in all the Global markets in previous week therefore Indian markets were also equally volatile and closed near the higher levels of the week with Bullish Hammer weekly Candle formation therefore view will be cautious and valid break out of previous week trading range(7668-8091) must be firstly watched for the confirmation of next trend.

That rally which started on 28-08-2013 from 5118.85 completed at 9119.20 on 04-03-2015 and after that its 'ABC' correction started which is now in continuation. Fibonacci Retracement levels of rally between 5118.85-9119.20 are as follows:-

1- 13.0%- 8598(Retraced)
2- 23.6%- 8174(Retraced)
3- 27.0%- 8038(Retraced)
4- 38.2%- 7590(Crucial)
5- 50.0%- 7118(Crucial)
6- 61.8%- 6646(Crucial)
7- 70.0%- 6290
8- 76.4%- 6062
8- 78.6%- 5974
10-88.6%- 5574

Following next resistances of Wave-C are lying above last Friday closing:-

1- 8032-8055
2- 8061-8225(Gap Resistance)
3- 8239-8318
4- 8480-8526(Strong Multiple Resistances)
5- 8605-8656(Strong Multiple Resistances)

Wave-C of 'ABC' correction is in continuation with recent bottom formation at 7667.25 on 25-08-2015 towards its target at 7475.85 and no confirmation of its completion yet therefore posibility of correction continuation can not be rued out. As now Pull Back rally is on and Bullish Hammer weekly Candle formation in previous week therefore following levels should be firstly watched in next week for correction completion confirmations:-

1- Sustaining above previous week selling ranges(7897-8091) is firstly required for Wave-C correction completion first strong indication.
2- Sustaining above 164 Points gap formed on 24-08-2015(8061-8225) is must for Wave-C correction completion.
3- Sustaining above Long Term Trend decider 200 Day EMA(today at 8272) is also must for Wave-C correction completion. 

As Global cues led huge volatility is last 6 sessions with mixed technical positions formations and crucial levels are lying within 7668-8272 therefore firstly sustaining it beyond should be watched in next week/weeks for next trend confirmations.

Rally continuation amid Blasting Global Markets Rally

Intra Day Chart Analysis & Market Outlook

(28-08-2015)

Nifty-Intra Day Chart (27-Aug-2015):-

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Technical Patterns and Formations in today intraday charts

1- Support between 7863-7880(Immediate Supports)
2- Support between 7889-7900(Immediate Supports)
3- Consolidation between 7924-7963 in last 2 hours
4- Whole day actual trading between 7863-7963

Conclusions from intra day chart analysis 

As Dow Jones closed 619 points up yesterday therefore all blast in all the Asian markets which closed 1% to 5% today and all the European markets also opened gap up resultant strong rally was seen in Indian markets today. Lower levels supports and higher consolidation between 7924-7963 in last 2 hours was also seen today therefore expected that today started rally will remain continued in the coming sessions. Following next resistances are lying above today highest:-

1- 7995-8010
2- 8032-8055
3- 8061-8225(Gap Resistance)
4- 8239-8318
5- 8480-8526(Strong Multiple Resistances)
6- 8605-8656(Strong Multiple Resistances)

Although gap resistance above 8055 but once sustaining above it may result strong rally within this range because that will be confirmation of lower levels consolidation between 7668-8055 amid Global cues led most bearish sentiments.

Sharp fall from 20 Aug to 24 Aug after huge down moves in all the Global markets and now rally continuation after beginning of Global markets blasting rally. Let follow up selling develop and Nifty to face resistances below above mentioned resistances then on going rally completion will be considered.

Failing to sustain above next 1st resistance range will mean sharp down

Pre-open Outlook(27-08-2015)

As all the Asian markets are up from 1% to 2.5% up today after 619 points strong rally of Dow Jones yesterday therefore more than 1% up opening will be seen in Indian markets also. Following immediate resistances are lying at higher levels:-

1- 7897-7930
2- 7995-8010
3- 8032-8055

Multiple resistances are lying above 7900 therefore high volatility will be seen after strong opening and if Nifty fails to sustain above next 1st resistance range(7897-7930) then sharp down moves will be seen.

Correction Continuation Expectations

Intra Day Chart Analysis & Market Outlook

(27-08-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Strong 140 points recovery after weak opening.
2- Minor selling between 7897-7930(Immediate Resistances)
3- Mixed Patterns between 7835-7900
4- Down moves in last hour.
5- Whole day actual trading between 7778-7930

Conclusions from intra day chart analysis 

High volatility in following manner today:-

1- 140 points up moves in first 2 hours
2- 152 Points down moves from higher levels and closing near the lower levels of the day after new intraday lowest formation in last minutes

Although closing at the lower levels of the day but as such good selling was not seen and mixed Patterns formations was also seen almost 3 hours therefore follow up selling is required tomorrow for decisive down moves below today lowest because high intraday volatility today and technical positions reverses also in Global cues led such volatility.

As good selling in previous weeks and on last Monday therefore correction continuation is expected tomorrow because as such consolidation not seen and some selling at higher levels today also.

Correction Continuation

Intra Day Chart Analysis & Market Outlook

(26-08-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Positive opening after strong Asian markets and Dow's Futures
2- Down moves after Hang Seng,Nikkei 225 and Dow's Futures slipping in Mid Session
3- Up moves after Hang Seng and Dow's Futures strong recovery and strong opening of European markets.
4- Whole day actual trading between 7668-7925

Conclusions from intra day chart analysis 

Whole day only Global markets led high volatility and as such no technical position formations to suggest any side decisive moves. Although Nifty closed 0.92% up at the higher levels of the day but due to European markets strong trading and Dow's Futures trading more than 500 points up therefore until Nifty will not sustain above today highest till then next rally will not be considered.

Immediate resistances of Nifty are as follows:-

1- 7995-8010
2- 8032-8055
3- 8061-8225(Gap Resistance)

Nifty require complete consolidation for crossing above resistances,let it happen then correction completion will be considered otherwise correction continuation will be seen within today trading range and high possibility of slipping below today lowest(7668).

Nifty target at 7475.85 after China Panic and FOMC minutes led Global Markets Bloodbath

Technical Analysis and Market Outlook

(25-08-2015)

Nifty-EOD Chart (24-Aug-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 and 'ABC' correction beginning)
7- Wave-A(7940.30 on 12-06-2015) 
8- Wave-B(8654.75 on 23-07-2015)
9- Wave-C continuation with recent bottom formation at 7769.40 on 24-08-2015

Nifty-EOD Chart (24-Aug-2015):-

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Technical Patterns and Formations in EOD charts

1- Wave-5 completion at 9119.20 on 04-03-2015 and 'ABC' correction beginning after life time high formation)
2- Wave-A(7940.30 on 12-06-2015) 
3- Wave-A corrected 1178.90 Points
4- Wave-B(8654.75 on 23-07-2015)
5- Wave-B has corrected 985.35 Points till today
6- Wave-C continuation with recent bottom formation at 7769.40 on 24-08-2015

Conclusions from EOD charts analysis 

Just click following topic link and go through detailed analysis of Nifty which was updated for current week on 22-08-2015:-

Crashing all Global markets require deeper correction confirmation from 8316/8226

As China currency(Yuan) surprise devaluation therefore panic in all Global financial markets and Minutes from the FOMC Reserve's last policy meeting on 19-08-2015 also showed that the central bank was "approaching" its rate hike therefore down moves started in all the Global markets in previous week. Finally Dow Jones 531.14 crashing last Friday triggered panic in all the Global markets today morning and resultant:-

1- All the Asian markets started to crash immediately after opening and most of them closed 4% to 8% down.
2- Dow's Futures also traded more than 400 points down.
3- Most European markets traded more than 3% down immediately after opening. 

As such Global markets crash therefore whole day down moves after huge gap down opening was seen in Indian markets today and all the trends turned down after forcefully slipping below Long Term Trend decider decider 200 Day EMA(last Friday at 8292) 

That rally which started on 28-08-2013 from 5118.85 completed at 9119.20 on 04-03-2015 and after that its 'ABC' correction started which is now in continuation. Fibonacci Retracement levels of rally between 5118.85-9119.20 are as follows:-

1- 13.0%- 8598(Retraced)
2- 23.6%- 8174(Retraced)
3- 27.0%- 8038(Retraced)
4- 38.2%- 7590(Crucial)
5- 50.0%- 7118(Crucial)
6- 61.8%- 6646(Crucial)
7- 70.0%- 6290
8- 76.4%- 6062
8- 78.6%- 5974
10-88.6%- 5574

Calculation of next target of Nifty at 7475.85:-

Wave-A corrected 1178.90 Points and now Wave-C continuation which has retraced 985.35 Points till today. If Wave-C corrects 100% of Wave-A then it may move down upto:- 

7475.85=8654.75(Wave-B completed and Wave-C started)-1178.90(Wave-A corrected)

Now Wave-C of 'ABC' correction is in continuation and let market completely consolidate on EOD/weekly charts then its completion will be considered,till then its continuation will be seen according to above mentioned retracement levels. 

As Short Term indicators have turned oversold and selling markets remains highly volatile also therefore a strong Pull Back Rally can not be ruled out any day but finally correction continuation towards next target(7475.85) will be seen. 

Crashing all Global markets require deeper correction confirmation from 8316/8226 

Technical Analysis,Research & Weekly Outlook

(Aug 24 to Aug 28,2015)

Nifty-EOD Chart (21-Aug-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 and 5 Waves 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 completion and impulsive Wave-i beginning after 5 Waves correction completion) 
12- Wave-i(8654.75 on 23-07-2015)
13- Wave-ii continuation with recent bottom formation at 8225.05 on 21-08-2015
14- 37 Sessions sideways trading range between 8316-8654 broken down on 21-08-2015 

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 and after that its 5 waves correction started. Wave-5 of correction completed at 7940.30 on 12-06-2015 and Wave-i started after 5 waves correction completion.Now corrective Wave-ii continuation with recent bottom formation at 8225.05 on 21-08-2015 

37 sessions sideways trading was seen between 8316-8654 from 01-07-2015 to 20-08-2015 and this range was broken down on 21-08-2015 after Global markets crashing line situation. As only one day slipping below 8316 and previous week closing is also just below it at 8299.95 therefore technically no broken down confirmation but if Nifty will sustain 8316 in next week then on going waves structure will be recalculated and 'ABC' correction will be considered according to following waves patterns.

'ABC' Waves correction

Nifty-EOD Chart (21-Aug-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 and 'ABC' correction beginning)
7- Wave-A(7940.30 on 12-06-2015) 
8- Wave-B(8654.75 on 23-07-2015)
9- Wave-C continuation with recent bottom formation at 8225.05 on 21-08-2015
10- 37 Sessions sideways trading range between 8316-8654 broken down on 21-08-2015 
11- Long Term Trend decider decider 200 Day EMA(today at 8292) broken down but closing above it at 8299.95 on 21-08-2015 

Conclusions from EOD chart analysis 

Finally sustaining below 8316 will mean 'ABC' corrective waves structure confirmation which will confirm Wave-C continuation for fresh down moves below Wave-A(7940.30).

Firstly sustaining below 8316 should be watched in next week and once sustaining below it will mean much deeper correction. 

37 Sessions trading range broken down

Nifty-EOD Chart (21-Aug-2015):-

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Technical Patterns and Formations in EOD charts

1- 7940.30 on 12-06-2015(Fresh Wave-i beginning after 5 Waves correction completion) 
2- Wave-i(8654.75 on 23-07-2015)
3- Correction continuation with recent bottom formation at 8225.05 on 21-08-2015
4- 37 Sessions sideways trading between 8316-8654 from 01-07-2015 to 20-08-2015
5- 37 Sessions trading range broken down and closing below it at 8299.95 on 21-08-2015

Conclusions from EOD chart analysis 

37 Sessions sideways trading between 8316-8654 from 01-07-2015 to 20-08-2015 and this range was broken down on 21-08-2015 but closing below this range at 8299.95 yesterday. As sustaining below 37 Sessions lowest(8316) will mean much deeper correction therefore should be firstly watched in the coming sessions.

Bearish Head and Shoulders Pattern formations

Nifty-EOD Chart (21-Aug-2015):-

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Technical Patterns and Formations in EOD charts

1- 7940.30 on 12-06-2015(Fresh Wave-i beginning after 5 Waves correction completion) 
2- Wave-i(8654.75 on 23-07-2015)
3- Correction continuation with recent bottom formation at 8225.05 on 21-08-2015
4- Bearish Head and Shoulders Pattern formations with its neckline at 8321.75
5- Neckline broken down and closing below it at 8299.95 on 21-08-2015

Conclusions from EOD chart analysis 

37 Sessions sideways market with Bearish Head and Shoulders Pattern formations and its neckline at 8321.75 was broken down on 21-08-2015 but closing below this range at 8299.95 yesterday. 

As valid break down of neckline(8321.75) will be deeper correction confirmation therefore should be firstly watched in next week for confirmations. 

Symmetrical triangle continuation pattern formations

Nifty-EOD Chart (21-Aug-2015):-

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Technical Patterns and Formations in EOD charts

1- 7940.30 on 12-06-2015(Fresh Wave-i beginning after 5 Waves correction completion) 
2- Wave-i(8654.75 on 23-07-2015)
3- Correction continuation with recent bottom formation at 8225.05 on 21-08-2015
4- Symmetrical triangle continuation pattern formations
5- Lower rising line of triangle broken down and closing below it at 8299.95 on 21-08-2015

Conclusions from EOD chart analysis 

37 Sessions sideways market with Symmetrical triangle continuation pattern formations which is suggesting that on going Bullish trend will remain continued because it is a continuation pattern but confirmation is must through valid break out of its upward falling line.

As lower rising line of triangle broken down and closing below it at 8299.95 on 21-08-2015 therefore firstly sustaining beyond this line should be firstly watched because that will be valid break out which will be confirmation of pattern validity.

Micro Analysis of 38 Sessions Intra Day Chart

Nifty-Intra Day Chart (Jul 01 to Aug 21,2015):-

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Technical Patterns and Formations in last 38 Sessions intraday charts

1- 37 Sessions trading between 8316-8654
2- Selling at higher levels below 8654
3- Supports at lower levels above 8316
3- 37 Sessions trading range broken down on 21-08-2015

Conclusions from 38 Sessions intra day chart analysis 

37 Sessions sideways trading between 8316-8654 from 01-07-2015 to 20-08-2015 with lower levels supports and higher levels selling but all the Global markets started to crash after the release of minutes from the FOMC Reserve's last policy meeting therefore Indian markets crashed in last 2 sessions and Nifty closed just below the lowest of last 37 sessions on 21-08-2015.

As sustaining below 37 Sessions lowest(8316) will mean much deeper correction therefore should be firstly watched in the coming sessions.

Intra Day Chart Analysis & Market Outlook(24-08-2015)

Nifty-Intra Day Chart (21-Aug-2015):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8226-8251(Immediate Supports)
2- Down moves in Bullish Falling Channel
3- Up moves in Bearish Rising Channel
4- Whole day actual trading between 8226-8322

Conclusions from intra day chart analysis 

As crashing all Global markets therefore sharp down immediately after gap down opening but up moves lower levels were also seen after some lower levels consolidation. Although some down moves in Bullish Falling Channel in the Mid Session but up moves also in Bearish Rising Channel in last hours therefore follow up consolidation is firstly required for rally above today highest. Although crashing like situation in all the Global markets but some supports were also seen at lower levels therefore follow up selling is also required for decisive down moves below the lowest of the day(8226)

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Long Term Trend is up
2- Intermediate Term Trend is sideways
3- Short Term Trend is down

37 Sessions sideways trading between 8316-8654 from 01-07-2015 to 20-08-2015 with both following Bearish and Bullish patterns formations:-

1- Bearish Head and Shoulders Pattern formations
2- Symmetrical triangle continuation pattern formations

All the Global markets started to crash after the release of minutes from the FOMC Reserve's last policy meeting therefore Indian markets also tumbled in last 2 sessions as well as Nifty closed just below the lowest of last 37 sessions on 21-08-2015. As 37 sessions trading range broken down was the reaction of crashing Global markets therefore confirmation through sustaining below 37 sessions lowest(8316) is must for decisive deeper correction confirmations. 

Dow Jones closed 531.14 down last Friday and if Asian markets also react this US markets crash next Monday then Indian markets may also open in deep Red. As some consolidation was seen above 8226 last Friday therefore firstly sustaining it below should be watched next Monday for much deeper correction which will be below 7940.30.

As crashing all Global markets therefore finally sustaining below 37 sessions lowest(8316) and Last Friday lowest(8226) will be confirmation of much deeper correction therefore should be firstly watched in next week.

Much deeper correction after sustaining below 8316

Technical Analysis and Market Outlook

(21-08-2015)

Nifty-EOD Chart (20-Aug-2015):-

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Technical Patterns and Formations in EOD charts

1- 7940.30 on 12-06-2015(Fresh Wave-i beginning after 5 Waves correction completion) 
2- Wave-i(8654.75 on 23-07-2015)
3- Wave-ii(8321.75 on 28-07-2015)
4- 37 Sessions trading between 8316-8654

Conclusions from EOD chart analysis 

Sideways market between 8316-8654 for the last 37 sessions with higher levels good selling below 8654 and lower levels good consolidation also above 8316. As today closing is above 8316 at 8372.75 after sharp fall today therefore still Nifty will be understood sideways within mentioned range.

As all the Global markets were crashing after the release of minutes from the FOMC Reserve's last policy meeting therefore in reaction sharp fall was seen in Indian markets also. Today lowest and closing are above 37 sessions lowest(8316) therefore sideways market is still intact and firstly sustaining beyond 8316 should be watched tomorrow for next decisive moves confirmations and should also be kept in mind that much deeper correction will be seen after sustaining below 8316.

Firstly watch crucial levels for next trend confirmations after FOMC minutes release

Pre-open Outlook(20-08-2015)

As Dow Jones closed 162 points down yesterday after minutes from the FOMC Reserve's last policy meeting which showed that the central bank was "approaching" its first rate hike in nearly a decade therefore all the Asian markets are trading negative and some are more than 1% down resultant weakness will be seen in Indian markets also.

Last 3 sessions trading between 8429-8531 with lower levels consolidation therefore valid break down of 8429 will be first signal of next trend after FOMC minutes and final confirmation will be according to sustaining beyond 36 sessions trading range(8316-8654).

Firstly above mentioned crucial levels should be watched after FOMC minutes release for next trend confirmations.

Possibility of rally is alive after Follow up Consolidation

Intra Day Chart Analysis & Market Outlook

(20-08-2015)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Recovery from lower levels in depressed Global sentiments.
1- Last 4 hours trading with consolidation Patterns between 8478-8520 
3- Whole day actual trading between 8426-8520 

Conclusions from intra day chart analysis 

Following lines were told on 18-08-2015 in "Cautious view after selling today":-

1- selling between 8506-8525 therefore view will  be cautious.
2- if follow up selling develops tomorrow then firstly slipping below today lowest(8433.60)
3- steep fall possibility also can not be ruled out.

As higher levels selling yesterday and all the Asian markets were in Red as well as most were trading more than 1% down therefore sentiment was too much depressed today morning and Nifty firstly slipped below yesterday lowest(8433.60) but follow up selling could not develop and recovery was seen from lower levels in first 2 hours.

Following lines were told on 16-08-2015 in "Finally Rally after follow up consolidation within 33 sessions Trading Range":- 

1- 33 sessions sideways market between 8316-8654 and finally sustaining beyond this range will give confirmations to next big Trend
2- Nifty will not easily break last 8 sessions trading range and will trade as well as firstly prepare for next decisive moves within this range in the next 2/3 sessions.
3- rally above 8654 is expected after follow up consolidation because Long and Intermediate Term Trends are up and lower levels very good consolidation was seen in previous months also.

Now 36 sessions sideways trading between 8316-8654 with lower levels consolidation and higher levels resistances and hopes of rally above 8654 boosted after 4 hours sideways trading between 8478-8520 with consolidation Patterns formations today therefore possibility of rally above 36 sessions highest(8654) is alive after follow up consolidation in the coming sessions/next week.

Cautious view after selling today

Intra Day Chart Analysis & Market Outlook

(19-08-2015)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 8506-8525(Immediate Resistances)
2- Consolidation between 8434-8458
3- Minor selling between 8473-8487
4- Whole day actual trading between 8434-8525

Conclusions from intra day chart analysis 

Although firstly more than 2 hours positive zone trading after Green opening but could not sustaining at higher levels after selling between 8506-8525 therefore view will  be cautious. As minor selling also was also seen after lower levels consolidation in last 3 hours therefore if follow up selling develops tomorrow then firstly slipping below today lowest(8433.60) and steep fall possibility also can not be ruled out.  

Intra Day Chart Analysis & Market 
Outlook(18-08-2015)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Sharp fall immediate after opening
2- Support between 8430-8455
3- Selling patterns formation between 8485-8515
4- Whole day actual trading between 8428-8530

Conclusions from intra day chart analysis 

Firstly sharp fall immediate after opening and after that supports at lower levels but some selling patterns formations were also seen at higher levels therefore it is clear that one sided patterns formations was not seen today. As Mixed Patterns formations will be understood for today therefore following views is being repeated for tomorrow Outlook which was updated on 16-08-2015 in "Finally Rally after follow up consolidation within 33 sessions Trading Range":- 

1- 33 sessions sideways market between 8316-8654 and finally sustaining beyond this range will give confirmations to next big Trend
2- Nifty will not easily break last 8 sessions trading range and will trade as well as firstly prepare for next decisive moves within this range in the next 2/3 sessions.
3- rally above 8654 is expected after follow up consolidation because Long and Intermediate Term Trends are up and lower levels very good consolidation was seen in previous months also.

Finally Rally after follow up consolidation within 33 sessions Trading Range  

Technical Analysis,Research & Weekly Outlook

(Aug 17 to Aug 21,2015)

Nifty-EOD Chart (14-Aug-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- 7940.30 on 12-06-2015(Fresh Wave-i beginning after 5 Waves correction completion) 
8- Wave-i(8654.75 on 23-07-2015)
9- Wave-ii(8321.75 on 28-07-2015)
10- Sideways market between 8316-8654 for the last 33 sessions

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 and after that its 5 waves correction started. Wave-5 of correction completed at 7940.30 on 12-06-2015 and Wave-i started after 5 waves correction completion. Now sideways market between 8316-8654 for the last 33 sessions after Wave-ii correction completion at 8321.75 on 28-07-2015.

Rally continuation after 5 waves correction completion

Nifty-EOD Chart (14-Aug-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-5(9119.20 on 04-03-2015)(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)(Fresh Wave-i beginning after 5 Waves correction completion) 
7- Wave-i(8654.75 on 23-07-2015)
8- Wave-ii(8321.75 on 28-07-2015)
9-  Sideways market between 8316-8654 for the last 33 sessions

Conclusions from EOD chart analysis 

5 Waves correction begun after Wave-5 life time high formation at 9119.20 on 04-03-2015 which completed at 7940.30 on 12-06-2015 and fresh rally started which is in continuation after its 1st Short term correction completion 8321.75 on 28-07-2015 but sideways market between 8316-8654 for the last 33 sessions.

33 Sessions sideways market

Nifty-EOD Chart (14-Aug-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 7940.30 on 12-06-2015(Fresh Wave-i beginning after 5 Waves correction completion) 
2- Wave-i(8654.75 on 23-07-2015)
3- Wave-ii(8321.75 on 28-07-2015)
4- 33 Sessions sideways market between 8316-8654

Conclusions from EOD chart analysis 

fresh rally started which is in continuation with recent top formation at 8654.75 on 23-07-2015 but sideways market between 8316-8654 for the last 33 sessions. 

Bearish Head and Shoulders Pattern formations

Nifty-EOD Chart (14-Aug-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-1(7940.30 on 12-06-2015)(Fresh Wave-i beginning after 5 Waves correction completion) 
2- Wave-i(8654.75 on 23-07-2015)
3- Wave-ii(8321.75 on 28-07-2015)
4- Bearish Head and Shoulders Pattern formations with its neckline at 8321.75

Conclusions from EOD chart analysis 

33 Sessions sideways market with Bearish Head and Shoulders Pattern formations and its neckline at 8321.75. As valid break down of neckline(8321.75) will be deeper correction confirmation therefore should be firstly watched for confirmations. 

Symmetrical triangle continuation pattern formations

Nifty-EOD Chart (14-Aug-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Wave-1(7940.30 on 12-06-2015)(Fresh Wave-i beginning after 5 Waves correction completion) 
2- Wave-i(8654.75 on 23-07-2015)
3- Wave-ii(8321.75 on 28-07-2015)
4- Symmetrical triangle continuation pattern formations

Conclusions from EOD chart analysis 

33 Sessions sideways market with Symmetrical triangle continuation pattern formations which is suggesting that on going Bullish trend will remain continued because it is a continuation pattern but confirmation is must through valid break out of its upward falling line.

Intra Day Chart Analysis of last 8 Sessions intraday charts

Nifty-Intra Day Chart (Aug 05 to Aug 14,2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in last 8 Sessions intraday charts

1- 4 Sessions selling between 8568-8621
2- 3 Sessions consolidation between 8339-8433
3- 8 Sessions actual trading between 8339-8621 

Conclusions from 8 Sessions intra day chart analysis 

Firstly sharp fall in the beginning of previous week after 4 sessions good selling but sharp surge in the last sessions of previous week also after 3 sessions good consolidation at lower levels therefore Nifty will be understood sideways between last 8 sessions actual trading range(8339-8621).

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Long Term Trend is up
2- Intermediate Term Trend is up
3- Short Term Trend is sideways between 8316-8654 for the last 33 Sessions 

Fresh Rally continuation after 5 Waves correction completion at 7940.30 on 12-06-2015 with recent top formation at 8654.75 on 23-07-2015 and and now its correction is on with both following Bullish and Bearish patterns formations:-

1- Bearish Head and Shoulders Pattern formations
2- Symmetrical triangle continuation pattern formations

Both above patterns formations in last 33 sessions sideways market between 8316-8654 and finally sustaining beyond this range will give confirmations to next big Trend. Last 8 Sessions trading between 8339-8621 with both higher levels good selling and equally strong supports at lower levels therefore Nifty will not easily break last 8 sessions trading range and will trade as well as firstly prepare for next decisive moves within this range in the next 2/3 sessions.

Although precautionary 33 sessions trading range(8316-8654) break out confirmation is required but rally above 8654 is expected after follow up consolidation because Long and Intermediate Term Trends are up and lower levels very good consolidation was seen in previous months also.

Next Big Trend Confirmations through 8339-8433

Intra Day Charts Analysis & Market Outlook

(14-08-2015)

Nifty-Intra Day Chart (Aug 12 & Aug 13,2015)

Just click on chart for its enlarged view

Technical Patterns and Formations in last 2 Sessions intraday charts

1- Consolidation through down moves in Bullish Falling Channels in last 2 sessions
2- No selling patterns formations in last 2 sessions 
3- 2 Sessions actual trading between 8339-8433 

Conclusions from 2 Sessions intra day chart analysis 

Although sharp down on 12-08-2015 but amid crashing all Global markets after China currency(Yuan) surprise devaluation and as such selling patterns were not seen as well as consolidation also developed through down moves in Bullish Falling Channels in last 2 sessions therefore a signal of correction completion and some up moves also in the coming sessions.

As last 2 sessions actual trading between 8339-8433 after gap down opening on 12-08-2015 with consolidation patterns formations therefore view will not be Bearish despite sharp fall in Indian Rupee after devaluation of Yuan. Follow up moves with sustaining beyond 8339-8433 should be firstly watched in the coming sessions for following next big trend confirmations:-

1- Sustaining below 8339 will mean Bearish Head and Shoulders Pattern's neckline(8321.75) broken down confirmation also which will result deeper correction. 
2- Sustaining above 8433 will mean Pull Back rally beginning towards 8621/8654 and sideways market between 8339-8654 confirmations.