Short Term Rally next Monday despite whatsoever Bihar Assembly Results

Technical Analysis,Research & Weekly Outlook

(Nov 09 to Nov 13,2015)

Nifty-EOD Chart (06-Nov-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-A(7940.30 on 12-06-2015)
3- Wave-B(8654.75 on 23-07-2015)
4- Wave-C(7539.50 on 08-09-2015)
5- Pull Back Rally completion(8336.30 on 26-10-2015)
6- Pull Back Rally correction is on with recent bottom formation at 7926.15 on 06-11-2015
7- Long Term Trend is down after last 8 sessions closing below its decider 200 Day EMA(today at 8177)

Nifty-EOD Chart (06-Nov-2015):-

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Technical Patterns and Formations in EOD charts

1- 7539.50 on 08-09-2015(Wave-1 beginning after 'ABC' correction completion)
2- Wave-1(8055.00 on 18-09-2015)
3- Wave-2(7691.20 on 29-09-2015)
4- Wave-3(8244.50 on 12-10-2015)
5- Wave-4(8088.60 on 13-10-2015)
6- Wave-5(8336.30 on 26-10-2015 and correction beginning)
7- correction continuation with recent bottom formation at 7926.15 on 06-11-2015

Nifty-Intra Day Chart (Nov 05 & Nov 06,2015):-

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Technical Patterns and Formations in last 2 Sessions intraday charts

1- All the Down moves in Bullish Falling Channels in last 2 sessions
2- 2 Sessions actual trading between 7927-8031

Conclusions (After Putting All Studies Together)

18 Months 4000 points strong rally(from 28-08-2013 to 04-03-2015 and from 5118.85 to 9119.20) with many times new life time high formation and after that 'ABC' correction begun which gave its completion signals at 7539.50 on 08-09-2015. Then Pull Back rally started from 7539.50 on 08-09-2015 which completed its 5th Wave at 8336.30 on 26-10-2015 and after that its correction begun which is in continuation with recent bottom formation at 7926.15 on 06-11-2015. 

Fibonacci Retracement levels and next 7 supports of on going correction has already been updated in following previous weekly analysis topic:-

Correction Continuation towards next 7 Supports

Nifty has completed mentioned 50% retracement and closed within 2nd support range last Friday. Certainly correction of Pull back rally is very much on and no confirmation of its completion yet but following points are giving signals of Short Term Rally in the beginning of next week:-

1- Short Term indicators are oversold
2- Intraday charts of last 2 sessions are showing consolidation patterns formations
3- Selling patterns not seen in last 2 sessions despite negative closing.
4- Doji Candle formation last Friday which is also a signal of down moves stopping.

Correction started from 8336.30 on 26-10-2015 and its completion will be considered only after sustaining above following levels:-

1- Next resistances between 8108-8152
2- Long Term Trend decider 200 Day EMA(today at 8177)

As last 2 sessions intraday charts have shown consolidation patterns formations therefore firstly Short Term Rally is expected on 09-11-2015 despite whatsoever Bihar Assembly results on 08-11-2015 and 200 Day EMA(today at 8177) will decide Rally continuation or termination.

Fresh Rally from 9th Nov after consolidation pattern formations today 

Intra Day Chart Analysis & Market Outlook

(06-11-2015)

Nifty-Intra Day Chart (05-Nov-2015):-

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Technical Patterns and Formations in today intraday charts

1- Whole day all the Down moves in Bullish Falling Channels
2- Whole day actual trading between 7945-8031

Conclusions from intra day chart analysis 

Although whole day down moves and more than 1% negative closing also today but all the Down moves were in Bullish Falling Channels therefore it is a signal of some up moves tomorrow. Last 3 sessions trading between 7996-8152 with following supports and resistances:-

1- Next supports are between 7996-8016
2- Next resistances are between 8108-8152

Nifty moved down and closed below last 3 sessions range and mentioned supports range has also been broken down today which is a strong signal of decisive down moves. As today all the down moves were in Bullish Falling Channels which is a consolidation pattern also and intraday selling patterns were not seen today therefore firstly sustaining below 7996 should be watched because that will be fresh deep down moves confirmation. 

Short Term indicators are oversold and above mentioned whole day consolidation pattern formations also today therefore once valid break out of 7996 will also mean first strong indication of that correction completion which started from 8336.30 on 26-10-2015.

As per our view Indian stock markets have been technically prepared today for fresh rally after on going correction completion and its trigger will NDA clear victory in Bihar Polls which we are expecting also. Let it happen on 8th Nov then fresh rally will be seen on 9th Nov 2015.

Decisive Big Moves beyond 7996-8152 after Bihar Election Results  

Intra Day Chart Analysis & Market Outlook

(05-11-2015)

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

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Technical Patterns and Formations in today intraday charts

1- More than 5 hours Mixed Patterns between 8070-8094
2- Whole day actual trading between 8028-8116

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Firstly Watch 7996 amid Some More Down Moves":-

As good selling today therefore some more down moves towards yesterday lowest(7996) will be seen tomorrow 

Although all the Asian markets were blasting today morning but we were not Bullish therefore we told following lines today at 07:45 AM in "Firstly Watch 8100 amid Blasting Asian Markets":-

1- strong opening will be seen in Indian markets 
2- Clear selling patterns formations between Selling between 8081-8100 yesterday
3- firstly sustaining above 8100 should be watched for first signal of decisive up moves.

As was told 100% same happened today and Nifty could not sustain above 8100 as well as whole day down moves were seen after strong gap up opening and today negative zone closing was at the lowest of the day. 

Although today closing near the lower levels of the day after slipping 88 points from higher levels but more than 5 hours trading with Mixed Patterns formations between 8070-8094 today therefore final view will be formed after consideration of following points:-

1- Next big moves will be seen on 6th or 9th Nov according to Bihar Assembly Elections Exit Poll results after 05:00 PM tomorrow. 
2- Next supports are between 7996-8016
3- Next resistances are between 8108-8152

As clear selling patterns formations between 8061-8100 yesterday therefore Nifty could not sustain above it despite strong Asian and European markets today but more than 5 hours trading with mixed Patterns within this range between 8070-8094 today therefore it is clear that Indian markets are not technically prepared for any side decisive moves and will trade as well as prepare for next trend between 7996-8152 tomorrow because above mentioned supports and resistances are lying within this range. 

As decisive big moves will be seen beyond 7996-8152 after Bihar Election results on 6th or 9th Nov therefore Nifty will remain sideways and prepare for it within this range tomorrow. Let clear technical positions formations develop then will be updated according to intraday charts patterns formations.  

Firstly Watch 8100 amid Blasting Asian Markets

Pre-open Outlook(04-11-2015)

Most Asian markets have blasted today morning and are trading from 1.2% to 2.1% up at this moment therefore sentiment boosted and strong opening will be seen in Indian markets also. Clear selling patterns formations between Selling between 8081-8100 yesterday and firstly sustaining above 8100 should be watched for first signal of decisive up moves.

Firstly Watch 7996 amid Some More Down Moves 

Intra Day Chart Analysis & Market Outlook

(04-11-2015)

Nifty-Intra Day Chart (03-Nov-2015):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8081-8100
2- Selling between 8061-8077
3- Whole day actual trading between 8032-8100

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Rally will gain strong Momentum above 8152":-

1- some more up moves will be seen
2- Next resistances between 8108-8152
3 Nifty will remain sideways between 7996-8152 tomorrow 

Some more up moves were told yesterday and most of the time Nifty traded in positive zone as well as  closed in Green today. Next resistances between 8108-8152 were also told and whole day Nifty traded below it with fresh selling also within above mentioned ranges therefore expected that down moves below today lowest will be seen and once valid breaking down of yesterday lowest(7996) will mean high possibility of sharp fall.

As both lower levels good consolidation and equally good higher levels selling between 7996-8100 in last 2 sessions therefore expected that Nifty will trade within this range tomorrow and prepare for next decisive moves beyond this range. It seems that Indian markets are preparing for next big moves after Bihar Election results. Let Nifty prepare and complete technical positions form then next trend will be updated according to more intraday charts analysis of the coming sessions. 

As good selling today therefore some more down moves towards yesterday lowest(7996) will be seen tomorrow and firstly sustaining it beyond should be watched tomorrow.

Rally will gain strong Momentum above 8152

Intra Day Chart Analysis & Market Outlook

(03-11-2015)

Nifty-Intra Day Chart (02-Nov-2015):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 7996-8016(Immediate Supports)
2- Whole day actual trading between 7996-8060

Conclusions from intra day chart analysis 

Although lower levels consolidation between 7996-8016 and this range will be immediate support of Nifty also but last hours up moves were on the back of European markets and Dow's strong recovery from lower levels therefore follow up consolidation with sustaining above today lowest(7996) is must for beginning of fresh decisive rally.   

As Short Term oscillators are oversold and Bullish Hammer candle formation on today EOD chart therefore certainly indications of some more up moves but Short Term Trend reversal and strong momentum will be seen only after sustaining above next resistances between 8108-8152

Expected that some more up moves will be seen but Nifty will remain sideways between 7996-8152 tomorrow and follow up technical positions formations within this range will decide next decisive moves.

Correction Continuation towards next 7 Supports

Technical Analysis,Research & Weekly Outlook

(Nov 02 to Nov 06,2015)

Nifty-EOD Chart (30-Oct-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(7539.50 on 08-09-2015)
10- Pull Back Rally completion(8336.30 on 26-10-2015)
11- Pull Back Rally correction is on with recent bottom formation at 8044.40 on 30-10-2015

Waves structure of correction

Nifty-EOD Chart (30-Oct-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-A(7940.30 on 12-06-2015)
3- Wave-B(8654.75 on 23-07-2015)
4- Pull Back Rally completion(8336.30 on 26-10-2015)
5- Pull Back Rally correction is on with recent bottom formation at 8044.40 on 30-10-2015
6- Long Term Trend is sideways after Nifty hovering around its decider 200 Day EMA(today at 8185) on 16-10-2015

Waves structure of Pull Back Rally

Nifty-EOD Chart (30-Oct-2015):-

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Technical Patterns and Formations in EOD charts

1- 7539.50 on 08-09-2015(Wave-1 beginning after 'ABC' correction completion)
2- Wave-1(8055.00 on 18-09-2015)
3- Wave-2(7691.20 on 29-09-2015)
4- Wave-3(8244.50 on 12-10-2015)
5- Wave-4(8088.60 on 13-10-2015)
6- Wave-5(8336.30 on 26-10-2015 and correction beginning)
7- correction continuation with recent bottom formation at 8044.40 on 30-10-2015

Fibonacci Retracement levels of on going correction

Nifty-EOD Chart (30-Oct-2015):-

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Last 17 sessions intraday charts analysis

Nifty-Intra Day Chart (Oct 05 to Oct 30,2015):-

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Technical Patterns and Formations in last 17 Sessions intraday charts

1- 27 Sessions trading range forcefully broken out on 05-10-2015
2- 15 sessions trading between 8090-8336 from 06-10-2015 to 29-10-2015
3- 15 Sessions trading range broken down on 30-10-2015

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Short Term Trend turned down in on going correction
2- Intermediate Term Trend is up
3- Long Term Trend is sideways after Nifty hovering around its decider 200 Day EMA(today at 8185) for last 17 sessions.  

That Wave-1 which started on 28-08-2013 from 5118.85 gained 4000 points and completed at 9119.20 on 04-03-2015 after many times new life times high formation. 'ABC' correction started which has given its completion signals at 7539.50 on 08-09-2015 from where Pull Back Rally begun. Now its correction is on with recent bottom formation at 8044.40 on 30-10-2015 and till now no indication of its completion. Fibonacci Retracement levels of on going correction are as follows:-

1- 13.0%- 8232(corrected)
2- 23.6%- 8148(corrected)
3- 27.0%- 8121(corrected)
4- 38.2%- 8031(Crucial)
5- 50.0%- 7937(Crucial)
6- 61.8%- 7843(Crucial)
7- 70.7%- 7772
8- 76.4%- 7727
9- 78.6%- 7710
10-88.6%- 7630

Nifty traded 27 Sessions between 7540-8092 from 24-08-2015 to 01-10-2015 and this range was forcefully broken out on 05-10-2015 which was a strong signal of 'ABC' correction completion at 7539.50 on 08-09-2015. Nifty remained sideways between 8090-8336 in 15 sessions and also closed 7 days above Long Term Trend decider 200 Day EMA(today at 8185) which was almost confirmation of strong rally after all trend turning up but this range was also forcefully broken down last Friday and Nifty closed within 27 sessions range at 8065.80 . It is clear that 2 sideways trading ranges of last 44 sessions are giving lower levels supports and  higher levels resistances also therefore Nifty will be understood sideways within it between 7540-8336.

As downward momentum is on after 15 sessions range breaking down last Friday therefore correction continuation will be seen according to above mentioned Fibonacci Retracement levels towards following supports in next week:-

1- Supports between 8033-8067
2- Supports between 7940-7971
3- Supports between 7874-7908
4- Supports between 7837-7865
5- Supports between 7804-7830
6- Supports between 7695-7726
7- Supports between 7545-7582

Bearish Engulfing weekly candle formation last Friday and no signal of correction completion yet therefore until complete consolidation will not develop near about above mention levels till then correction completion will not be considered and much deeper correction will be seen only after failing to get supports at above levels.

Firstly Watch valid break out Strong Supports Range

Intra Day Chart Analysis & Market Outlook

(30-10-2015)

Nifty-Intra Day Chart (29-Oct-2015):-

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Technical Patterns and Formations in today intraday charts

1- 3 Hours Mixed Patterns formations between 8134-8159
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 8098-8159

Conclusions from intra day chart analysis 

When Dow Jones was trading 105 points up and most European markets were also are more than 1% up as well as FOMC announcements were due at 11:30 PM(IST) yesterday then we posted Bearish views in following words at 09:21 PM in "Firstly Watch 8090 for deeper correction confirmations":-

1- still we are expecting some more down moves in Indian markets 
2- strong supports of Nifty are between 8090-8124
3- Firstly watch valid break down of 8090 for deeper correction confirmations 
4- some more down moves possibilities tomorrow

As was above projected yesterday all that proved 100% accurate in in following manner today;-

1- Whole day down moves were seen and once Nifty was down 73 points as well as closed after loosing 59.45 points today.
2- Strong supports were told between 8090-8124 and Nifty got supports within this range at 8098 as well as closed between this range at 8111.75 today.

Although whole day down moves and closing near the lower levels of the day today but as such selling patterns were not seen and first 3 hours trading was with Mixed Patterns formations between 8134-8159. As down moves in Bullish Falling Channel formations also in last hours also today within mentioned strong supports range(8090-8124) therefore its valid break out should be firstly watched in the coming sessions for:-

1- Deeper correction below 8090 because that will be confirmation of failure to sustain above Long Term Trend decider 200 Day EMA(today at 8186) also.
2- First signal of on going Short Term Correction completion above 8124. 

Firstly Watch 8090 for deeper correction confirmations

Intra Day Chart Analysis & Market Outlook

(29-10-2015)

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

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Technical Patterns and Formations in today intraday charts

1- More than 3 hours selling between 8188-8209
2- Volatility with lower levels minor supports in last 2 hours
3- Whole day actual trading between 8132-8209

Conclusions from intra day chart analysis 

Correction/Down moves were projected in following previous topics from 25-10-2015:- 

1- On 25-10-2015 in "Short Term Correction Possibility amid Most Bullish News led Global Markets":-
2- On 26-10-2015 in "Firstly Watch 8186 for Long Term Trend Confirmations amid Some More Down Moves Possibilities":-

Only correction and down moves told  which proved 100% acurate and Nifty slipped 204 points after 25-10-2015. 

Although strong recovery from lower levels in last hours today but on the back of only minor supports at lower levels therefore until Nifty will not sustain above today highest(8209) after complete consolidation till then decisive up moves will not be considered because good selling at higher levels between 8188-8209 and it will be immediate resistance of Nifty.

Although strong rally in US(Dow 105 points up) and all European(most are more than 1% up) markets at this moment before FOMC announcements today at 11:30 PM (IST) but still we are expecting some more down moves in Indian markets because good selling at higher levels in last 7 sessions. Next strong supports of Nifty are between 8090-8124 therefore more follow up selling is firstly required now for decisive down moves and deeper correction.

Firstly watch valid break down of 8090 for deeper correction confirmations amid some more down moves possibilities tomorrow.

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

Firstly Watch 8186 for Long Term Trend Confirmations amid Some More Down Moves Possibilities 

Intra Day Chart Analysis & Market Outlook

(27-10-2015)

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

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Technical Patterns and Formations in today intraday charts

1- 4 Hours selling patterns formations between 8265-8290
2- Whole day actual trading between 8253-8336

Conclusions from intra day chart analysis 

Although blasting Global markets in last 2 sessions due to ECB economic stimulus and Chinese interest rate cuts news but Nifty intraday patterns of previous week were showing selling patterns formations therefore we told following lines on 25-10-2015 in current week analysis topic "Short Term Correction Possibility amid Most Bullish News led Global Markets":-

Certainly Short Term Correction possibility amid most Bullish news led Global markets is suggesting to watch sustaining beyond following 3 levels one by one:-

1- Last Friday Highest(8328.10)
2- Last Wednesday Highest(8294.40)
3- 200 Day EMA(today at 8186)

As good selling in previous week therefore slipping immediately after gap up strong opening and 4 hours follow up selling patterns formations between 8265-8290 also which is within previous week selling range 8240-8294 therefore previous week resistance ranges have turned stronger and emergence of some more down moves possibilities in the coming session.

Last 6 sessions closing above Long Term Trend decider 200 Day EMA(today at 8186) and its turning up almost confirmations also but above mentioned selling patterns above it therefore sustaining it beyond should also be firstly watched in the coming 2/3 sessions for valid break out confirmations of 200 Day EMA which seems to be at stake after emergence of some more down moves possibilities towards and below it. 

Short Term Correction Possibility amid Most Bullish News led Global Markets

Technical Analysis,Research & Weekly Outlook

(Oct 26 to Oct 30,2015)

Nifty-EOD Chart (23-Oct-2015):-

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Technical Patterns and Formations in EOD charts

1- 7539.50 on 08-09-2015(Wave-1 beginning after 'ABC' correction completion)
2- Wave-1(8055.00 on 18-09-2015)
3- Wave-2(7691.20 on 29-09-2015)
4- Wave-3(8244.50 on 12-10-2015)
5- Wave-4(8088.60 on 13-10-2015)
6- Wave-5 continuation with recent top formation at 8328.10 on 23-10-2015
7- Long Term Trend turning up almost confirmations after 5 sessions closing above its decider 200 Day EMA(today at 8186). 

Conclusions from EOD chart analysis

Rally beginning after 'ABC' correction completion at 7539.50 on 08-09-2015 and now its continuation with all trends turning up almost confirmations.

Previous 4 sessions intraday charts analysis

Nifty-Intra Day Chart (Oct 19 to Oct 23,2015):-

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Technical Patterns and Formations in last 4 Sessions intraday charts

1- Selling between 8240-8260 on 19-10-2015
2- Selling between 8271-8283 on 19-10-2015
3- Selling between 8280-8294 on 20-10-2015
4- Supports between 8230-8258 on 20-10-2015
5- Selling between 8272-8294 on 21-10-2015
6- Selling between 8252-8258 on 21-10-2015
7- Support between 8217-8240 on 21-10-2015
8- First 3 sessions trading between 8217-8294 with good selling and minor supports.
9- Mixed patterns formations on 23-10-2015

Conclusions from 4 Sessions intra day chart analysis

First 3 sessions trading between 8217-8294 with higher levels good selling and minor supports at lower levels therefore strong indications of correction below 3 sessions lowest(8217) but gap up opening was seen on 23-10-2015 after ECB Bullish news led blasting all Global markets.

As Mixed patterns formations on 23-10-2015(detailed analysis is given below) therefore valid break out confirmation of first 3 sessions trading range is still required.

Intra Day Chart Analysis(26-10-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Minor selling between 8306-8315
2- Minor selling between 8306-8312
3- Whole day Down moves in Bullish Falling Channel
4- Whole day actual trading between 8281-8328

Conclusions from intra day chart analysis

As ECB points to more economic stimulus therefore Dow Jones's triple century and strong closing of all the European markets on 22-10-2015 and resultant blasting all the Asian markets so gap up opening of Indian markets on 23-10-2015 but gap filled up through slipping below previous sessions highest(8294.40). Although whole day positive zone trading with 0.53% up closing but view will cautious due to following intraday developments:-

1- Indian markets completely under performed Global markets.
2- Minor selling patterns formations.
3- Whole day Down moves in Bullish Falling Channel

As both buying and selling indications therefore Mixed patterns formations will be understood on 23-10-2015.

Conclusions (After Putting All Studies Together)

As Long Term Trend decider 200 Day EMA(today at 8186) forcefully broken out on 16-10-2015 and last 4 sessions closing above it also therefore strong signals of fresh rally beginning towards and above life time high but for next Short Term Trend view is cautious due to following reasons which are indicating Short Term Correction possibility also:-

1- Short Term indicators turned overbought after previous 30 sessions 788 points rally.
2- 5th Wave of on going Short Term Rally continuation
3- Long Term Trend decider 200 Day EMA(today at 8186) forcefully broken out on 16-10-2015 but after that good intraday selling in next 3 sessions.

As interest-rate cuts in China last Friday therefore strong closing of all European and US markets last Friday and in reactions such strength will be seen in all Asian markets tomorrow therefore strong opening will be seen in Indian markets also. Last Friday strong markets were on the back of ECB economic stimulus news and next Monday surging markets will be Chinese interest rate cuts led but will not be the result of technical positions formations. Except that all the Global markets will have to prepare in next 3 sessions for post FOMC trading on 29-10-2015 which will be Oct Derivative Expiry day also therefore view will be cautious and watchful in following manner:-

1- Sustaining above last 2 sessions highest should be firstly watched next Monday after strong opening due to Chinese interest rate cuts news.
2- As trading on next Tuesday and Wednesday will be news free therefore intraday technical patterns formation will be seen and then final view will be formed accordingly for next trend.

Certainly Short Term Correction possibility amid most Bullish news led Global markets is suggesting to watch sustaining beyond following 3 levels one by one:-

1- Last Friday Highest(8328.10)
2- Last Wednesday Highest(8294.40)
3- 200 Day EMA(today at 8186)

U.S. and European markets blasted after ECB points to more economic stimulus

All the US and European markets zoomed up after ECB more economic stimulus news and now Dow Jones is trading 185 points up as well as most European markets are now more than 2% up. Certainly most Bullish news but next resistances of Nifty are between 8252-8294 and firstly sustaining above 8294 should be watched tomorrow for final reaction of news on Indian markets.

Happy Dussehra to all of you

Meaning of Dussehra Word:

D - Devil in

U - Ur life by giving you 

S - Splendid and 

S - Sparkling

E - Energy which brings

H - Happiness,

R - Riches and

A - Abundance!

3% to 5% Correction Possibility

Intra Day Chart Analysis & Market Outlook

(23-10-2015)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 8272-8294
2- Support between 8217-8240
3- Selling between 8252-8258
4- Whole day actual trading between 8217-8294

Conclusions from intra day chart analysis

Following lines were told yesterday in "just watch 8230 for sharp fall":-

1- Some down are expected
2- just watch valid break down of 8230 for sharp fall

As was told 100% same happened and down moves were seen after slipping 77 points from higher levels and 9 points down closing also today. Sharp fall after valid break down of 8230 was also told and Nifty slipped also below 8230 but valid break down was not seen and some recovery from lower levels.

Although some supports at lower levels but good selling was also seen at higher levels today and selling was seen in last 2 sessions also therefore view is turning Bearish. As lower levels some supports was also seen in last 2 sessions therefore sideways market between 8217-8294 may be seen but expected that finally valid break down of today lowest(8217) will be seen and 3% to 5% correction is expected in the coming 2/3 sessions.

Just watch 8230 for sharp fall

Intra Day Chart Analysis & Market Outlook

(21-10-2015)

Nifty-Intra Day Chart (01-Oct-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 8280-8294
2- Minor supports between 8230-8258
3- Whole day actual trading between 8230-8294

Conclusions from intra day chart analysis 

Although Nifty closed near the higher levels of the day yesterday but we were Bearish therefore we clearly told following lines yesterday in "Very Short Term Correction Possibility":-

1- indications of very Short Term correction in the coming session
2- possibility of slipping below today lowest as well

As was told yesterday all that proved 100% accurate today in following manner:-

1- Exactly very short term correction was seen today through 74 points slipping from higher levels with 45 points negative zone trading and 15 points down closing also.
2- Nifty slipped below yesterday lowest(8239.20) and today lowest was at 8229.20.

As follow up selling was seen at higher levels today after yesterday selling therefore emergence of some more down moves possibilities. Immediate supports and resistances of Nifty are as follows:-

1- Resistances between 8271-8294
2- Resistances between 8240-8460
3- Minor supports between 8230-8258
4- Supports between 8148-8180

Although some selling between 8240-8460 yesterday but minor supports were also seen within and just below this range between 8230-8258 today therefore if follow up selling develops within this range tomorrow then sharp fall will be seen towards next supports(8148-8180).

Some down are expected and just watch valid break down of 8230 for sharp fall.

Very Short Term Correction Possibility

Intra Day Chart Analysis & Market Outlook

(20-10-2015)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling patterns formation between 8240-8460
2- Selling patterns formation between 8271-8283
3- Whole day actual trading between 8240-8283

Conclusions from intra day chart analysis 

Although closing near the higher levels of the day after whole day positive zone trading but intraday patterns have shown selling patterns also therefore indications of very Short Term correction in the coming session and possibility of slipping below today lowest as well.

Pre-open Outlook(19-10-2015)

As Dow's Futures is trading 52 points down and most Asian markets are also in Red, resultant sentiment is little depressed today morning therefore weaker opening will be seen in Indian markets also. Good consolidation between 8148-8180 on 16-10-2015 therefore expected that finally rally will be seen after follow up consolidation above 8148 and until Nifty will not sustain below it after complete selling till then any decisive down moves will not be seen.

Only One Last Confirmation will result Much Much Strong Rally

Technical Analysis,Research & Weekly Outlook

(Oct 19 to Oct 23,2015)

Nifty-EOD Chart (16-Oct-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 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(7539.50 on 08-09-2015) 
10- Rally continuation after 'ABC' correction completion with recent top formation at 8246.40 on 16-10-2015

Conclusions from EOD chart analysis 

That Wave-1 which started on 28-08-2013 from 5118.85 gained 4000 points and completed at 9119.20 on 04-03-2015 after many times new life times high formation and then that its 'ABC' correction started which completed at 7539.50 on 08-09-2015 and now fresh rally is on with recent top formation at 8346.40 on 16-10-2015. 

Waves structure of correction

Nifty-EOD Chart (16-Oct-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-A(7940.30 on 12-06-2015) 
3- Wave-B(8654.75 on 23-07-2015)
4- Wave-C(7539.50 on 08-09-2015) 
5- Rally continuation after 'ABC' correction completion with recent top formation at 8246.40 on 16-10-2015
6- Strong signals of Long Term Trend turning up after forceful closing above its decider 200 Day EMA(today at 8183) on 16-10-2015. 

Conclusions from EOD chart analysis 

As correction started on 04-03-2015 from 9119.20 after 5 Waves completion of that 4000 points rally which started 5118.85 on 28-08-2013 therefore deeper correction was imminent which lasted 6 months from  04-03-2015 to 08-09-2015 in 'ABC' correction pattern. 

Fresh rally started after 'ABC' correction completion at 7539.50 on 08-09-2015 which is now in continuation with previous closing above Long Term Trend decider 200 Day EMA(today at 8183) at 8238.15. Last confirmation of correction completion is sustaining above 200 Day EMA which will mean fresh rally above life time high(9119.20) 

37 Sessions trading range broken out confirmation

Nifty-Intra Day Chart (Aug 21 to Oct 16,2015):-

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Technical Patterns and Formations in last 37 Sessions intraday charts

1- 165 Points gap down opening on 24-08-2015
2- 27 Sessions actual trading between 7540-8092 from 24-08-2015 to 01-10-2015
3- 27 Sessions trading range broken out on 05-10-2015 
4- 9 Sessions sideways market between 8089-8245  
5- Previous closing near the top of 9 Sessions market

Conclusions from 37 Sessions intra day chart analysis 

165 Points gap down opening on 24-08-2015 and after that Nifty remained sideways in next 27 Sessions between 7540-8092 from 24-08-2015 to 01-10-2015. This range was forcefully broken out on 05-10-2015 and after that last 9 sessions sideways market between 8089-8245 as well as previous closing near top of 9 sessions range.

As break out confirmation of 27 sessions range does mean fresh strong rally and that is expected after getting it. 

Previous 10 Sessions sideways market Analysis

Nifty-Intra Day Chart (Oct 05 to Oct 16,2015):-

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Technical Patterns and Formations in last 10 Sessions intraday charts

1- Forceful break out on 05-10-2015 
2- Last 9 sessions Sideways market between 8089-8246 with higher levels selling and lower levels good buying
3- 9 Sessions actual trading between - 

Conclusions from 10 Sessions intra day chart analysis

Last 9 sessions Sideways market between 8089-8246 with higher levels selling and lower levels good buying after 27 sessions range forceful break out on 05-10-2015

As strong rally in last hours of previous session and closing near the top of 9 Sessions range after new high(8246.40) formation of last 10 sessions range as well as closing above the last resistances(8185-8230) therefore strong indications of fresh rally after break out of 9 sessions range.

Intra Day Chart Analysis(19-10-2015)

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

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Technical Patterns and Formations in today intraday charts

1- 4 Hours consolidation between 8148-8180(Immediate Supports)
2- Sharp 45 points up in 10 minutes
3- Whole day actual trading between 8148-8246
4- Strong rally in last hours on 16-10-2015

Conclusions from intra day chart analysis 

As strong up moves in last hours after first 4 hours consolidation therefore it is a clear signal of rally continuation and until Nifty will not sustain below day's lowest after complete selling till then any decisive down moves will not be seen.

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Short Term Trend is up
2- Intermediate Term Trend is up
3- Long Term Trend is up but its confirmation is still required through sustaining above its decider 200 Day EMA(today at 8183). 

As 'ABC' correction of that 4000 points rally was started which was 18 months long also therefore as such long correction was to be seen and that happened also through 1579 points and 6 months long down moves up to 7539.50 on 08-09-2015. In the same manner complete consolidation was also must for correction completion and that was also seen through 27 sessions sideways market near the bottom of correction between 7540-8092 from 24-08-2015 to 01-10-2015.

Forceful break out of 27 sessions sideways market was seen on 05-10-2015 but again market turned sideways between 8089-8246 in last 9 sessions. As strong rally was seen on 16-10-2015 after lower levels good consolidation and closing was also near the higher levels of last 9 sessions trading range with new 9 sessions intraday highest formations therefore rally continuation is expected in the beginning of next week. 

Now all trends are up but only Long Term Trend turning up confirmation is still required through sustaining above its decider 200 Day EMA(today at 8183). As no selling signals have been seen yet therefore rally continuation will be seen but minor intraday or very short term correction may be seen any day because sentiment has turned heated after last Friday strong rally.

As 27 sessions trading range break out has got confirmation which means 4000 points rally correction completion also therefore only last confirmations through sustaining above 200 Day EMA(today at 8183) is left and that should be firstly watched for that strong rally which will remain continued much much above life time high(9119.20).   

Intra Day Chart Analysis & Market 

Outlook(16-10-2015)

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

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Technical Patterns and Formations in today intraday charts

1- More than 50 points up moves in first minute.
2- More than 5 hours trading between 8164-8190
3- Down moves in Bullish Falling Channel
4- Up moves in Bearish Rising Channel
5- Intraday corrections at higher levels in last hours
6- Whole day actual trading between 8130-8190

Conclusions from intra day chart analysis 

Following supports and resistances within this range of 8089-8245 were updated on 13-10-2015 in "Finally Watch 8089-8245 for Next Blasting Moves":-

1- Supports between 8089-8139
2- Resistances between 8185-8230

Nifty got supports within mentioned supports yesterday but could not sustain within mentioned resistances and closed below its lowest(8185) today because Up moves in Bearish Rising Channel were also seen at higher levels today. As more than 5 hours trading between 8164-8190 with good consolidation patterns formations within this range therefore hopes of rally continuation are alive but more follow up consolidation is still required for blasting rally above the top(8245) of last 7 sessions trading range because:-

1- Up moves in Bearish Rising Channel at higher levels today
2- Some profit booking also can not be ruled out today on the back of strong Global markets led heated sentiments.
3- Resistances between 8185-8230 are above today highest. 

As one sided technical positions have not developed yet and more consolidation is still required for valid break out of last 7 sessions range top(8245) therefore sideways market within mentioned last 7 sessions trading range(8089-8245) is still expected tomorrow. 

Live Proofs of 100% Accurate Predictions 

 We were not  Bearish despite following negative developments yesterday and Nifty traded 50 points up in first minute today:-

1- Dow Jones was trading more than 100 down 
2- Most Asian markets .47% to 1.89% negative closing
3- European markets closed .71% to 1.16% down
4- FIIs sold Index Futures yesterday- Rs 873 cr
5- FIIs sold Stock Futures yesterday- Rs 688 cr

As intraday charts have not shown selling patterns therefore we told following lines at 10:22 PM yesterday in "Firstly Watch supports at 8089 amid deep Red Global markets":-

1- view will not be Bearish
2- Today intraday patterns have not shown as such selling patterns formation and on the contrary above mentioned Bullish patterns were also seen
3- Nifty traded whole day above the last 6 sessions lowest(8089) with above mentioned consolidation patterns formations today
4- if Global markets remain in deep Red tomorrow morning then firstly follow up selling with sustaining below 8089 should be watched