Only Indian markets participation in Bullish Global markets

Intra Day Chart Analysis & Market Outlook

(24-12-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Sharp up after opening
2- Almost whole day up moves in Bearish Rising Channel 
3- Whole day actual trading between 7827-7872

Conclusions from intra day chart analysis 

As Dow Jones closed 165 points up yesterday and in reaction all the Asian markets was trading in Green therefore resultant strong opening of Indian markets and whole day sideways trading within 45 points betwen 7827-7872. Although today closing with 1.03% gains but on the back of strong Global cues therfore view will not be Bullish because almost whole day today up moves were in Bearish Rising Channel and intraday selling patterns were seen in last 3 sessions also. 

Global markets are strong and now Dow Jones is trading more than 100 points up as well as almost all the European markets are also more than 2% up therefore only Indian markets participation in Bullish Global markets will be understood in the form of Pull Back Rally towards following next resistance:-

1- 7877-7897
2- 7917-7934
3- 7953-7968

Correction Continuation Expectations

Intra Day Chart Analysis & Market Outlook

(23-12-2015)

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

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Technical Patterns and Formations in today intraday charts

1- More than 4 hours up moves in Bearish Rising Channel
2- Sharp down after intraday selling patterns formations
3- Whole day actual trading between 7777-7846

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Short Term correction in the coming 2/3 sessions":-

1- selling patterns formations will be understood between 7793-7840 in last 2 sessions  
2- expected that Nifty will not sustain above today highest 
3- finally down moves will be seen below today lowest(7733.45) in the coming 2/3 sessions after follow up selling

Follow up selling was firstly seen today through more than 4 hours up moves in Bearish Rising Channel. As this Bearish pattern formation was between last 2 sessions selling range(7793-7840) therefore sharp down moves below 7793 and closing also below this range at 7786.10 today.

Pull Back started on 14-12-2015 from 7551.05 and strong signals of its completion after last 3 sessions selling between 7793-7840. As such good selling therefore expected that more down moves will be seen towards the bottom of on going Pull Bach rally and possibility of slipping below the bottom(7551) of on going pull back rally also can not be ruled out because no confirmation of that big correction completion which started on 04-03-2015 from 9119.20.

As Dow Jones is now trading more than 120 points up and if it close such strong today and Asian markets also react such Bullishness tomorrow then some intraday volatility may be seen within today trading range(7777-7846) tomorrow but finally correction continuation is expected in the next 1/2 sessions.

Short Term correction in the coming 2/3 sessions 

Intra Day Charts Analysis & Market Outlook

(22-12-2015)

Nifty-Intra Day Chart (Dec 21 & Dec 22,2015)

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Technical Patterns and Formations in last 2 Sessions intraday charts

1- Selling between 7793-7836 on 18-12-2015
2- Selling between 7800-7840 on 21-12-2015

Conclusions from 2 Sessions intra day chart analysis 

Although closing near the higher levels of the day today but almost 5 hours selling patterns formations were also seen today. As more than 5 hours selling was seen almost in the same range last Friday also therefore selling patterns formations will be understood between 7793-7840 in last 2 sessions and Short Term correction will be considered.

As Dow Jones is now trading 140 points up and all the European markets are also trading with good gains therefore if Asian markets remains strong tomorrow then gap up opening will be seen in Indian markets also but expected that Nifty will not sustain above today highest and finally down moves will be seen below today lowest(7733.45) in the coming 2/3 sessions after follow up selling.   

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

Rally beginning today after more than 1.5% strong opening of all European markets

Intra Day Chart Analysis & Market Outlook

(18-12-2015)

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

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Technical Patterns and Formations in today intraday charts

1- First 2 Hours down moves despite strong closing of US markets and most Asian markets strong trading.
2- Consolidation between 7738-7772(Immediate Supports)
3- Rally beginning after more than 1.5% strong opening of all European markets
4- Whole day actual trading between 7738-7852

Conclusions from intra day chart analysis 

As selling between 7756-7776 yesterday therefore firstly 2 hours slipping and also negative zone trading in first 4 hours despite following most Bullish sentiments:-

1- Dow Jones closed 223 points up after FOMC dovish statement.
2- All Asian markets trading with very good gains.

As firstly consolidation was required after yesterday selling between 7756-7776 therefore consolidation was seen within and below yesterday selling range between 7738-7772 today but strong rally begun after more than 1.5% positive opening of all European markets.  

As Global markets rally triggered yesterday after FOMC dovish statement therefore Indian markets participation in the form of Pull Back Rally towards following next resistance:-

1- 7877-7897
2- 7917-7934
3- 7953-7968

Short Term correction expectations

Intra Day Chart Analysis & Market Outlook

(17-12-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Selling between 7756-7776
2- Whole day actual trading between 7716-7776

Conclusions from intra day chart analysis 

Although whole day positive zone trading after gap up opening today but selling at higher levels therefore Short Term correction of last 3 sessions rally is expected tomorrow despite whatsoever announcements from FOMC today Midnight and finally sustaining beyond 7722 will decide the fate of on going Pull back rally.

Just Watch Crucial Levels for Post FOMC Big Moves

Intra Day Chart Analysis & Market Outlook

(16-12-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Mixed Patterns between 7626-7646
2- Up moves beginning after strong opening of European markets
3- Last 2 hours up moves in Bearish Rising Channel 
4- Whole day actual trading between 7626-7705

Conclusions from intra day chart analysis 

Although closing near the higher levels of the day but due to following reasons:-

1- After strong opening of all European market.
2- Sudden jump of Dow's Futures at 01:15 PM 

As today recovery from lower levels was not on the back of consolidation but after more than 2 hours trading with Mixed Patterns formations therefore view will not be Bullish despite today closing near the higher levels of the day because last 2 hours up moves were the reaction of above mentioned Bullish Global Markets cues.

Last 5 sessions most time trading between 7620-7691 and today closing above it but on the back of strong Global cues and not due to consolidation therefore trading range break out confirmation is firstly required through sustaining above 7691. 

57 sessions Head and Shoulders pattern's Neckline(7722) breaking down confirmation through last 6 sessions closing below its Neckline therefore view will not be Bullish until Nifty will not sustain above 7722 and possibility of deeper correction below on going correction lowest(7539.50) will remain alive.

Correction is on and first signal of fresh Pull Back Rally will be after sustaining above following next 2 crucial levels:-

1- Last 5 sessions most time trading range highest(7691)
2- 57 sessions Head and Shoulders pattern's Neckline(7722)

As some big moves may be seen on 17-12-2015 after FOMC announcements therefore Indian markets will prepare for those moves tomorrow and that will be understood through intraday charts patterns formation tomorrow which will be updated accordingly. As far as next trend deciding crucial levels are concerned that will be decided through sustaining beyond 7691/7722 and should be firstly watched for post FOMC big up moves and 7620/7540 for big down moves. 

Correction Continuation Expectations with new Low of on going Correction below 7539.50 

Intra Day Chart Analysis & Market Outlook

(15-12-2015)

Nifty-Intra Day Chart (Dec 09 to Dec 14,2015):-

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Technical Patterns and Formations in last 4 Sessions intraday charts

1- Last 4 Sessions with Mixed Patterns formations trading between 7620-7691
2- Supports between 7572-7621 in last 2 sessions
2- Last 4 Sessions most time trading between 7620-7691 

Nifty-Intra Day Chart (14-Dec-2015):-

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Technical Patterns and Formations in today intraday charts

1- Support between 7572-7597
2- 93 Points Bounce in first Hour 
3- More than 5 hours trading with Mixed Patterns formations between 7620-7663 
4- Volatility in last hours
5- Whole day actual trading between 7552-7663

Conclusions from intra day chart analysis 

What so ever happened in Indian markets today,all that were updated well before its happening through intraday charts analysis. Live proofs of such accurate projections are as follows:-

Following lines were told yesterday in "Correction Continuation after 1/2 Sessions Intraday Volatility":-

1- a bounce back is firstly expected from lower levels
2- possibility of recovery from lower levels can not be ruled out
3- 1/2 sessions intraday volatility.

Following lines were told today at 11:23 AM in "Firstly Watch Next Crucial levels after 93 Points Bounce in first Hour Today ":- 

Correction is on and some selling was seen between 7655-7691 in last 3 sessions therefore follow up moves with sustaining beyond these crucial levels should be firstly watched for next decisive moves.

As was told in both previous Outlooks 100% same happened in following manner today:-

1- 93 Points Bounce from lower levels was seen in first Hour today.
2- Volatility was seen in last hours today.
3- As some selling between 7655-7691 in last 3 sessions therefore Nifty could not move above it and closed below these levels at 7650.05 after facing resistance within this range.  

Certainly some supports at lower levels today and Indian markets completely out performed all Global markets. Lower levels good supports between 7572-7621 in last 2 sessions therefore first signal of consolidation and follow up selling is also firstly required for decisive down moves below 7572. As last 4 sessions trading between 7620-7691 with Mixed Patterns formations therefore more consolidation is also required for Pull back rally above 7691.

Correction is still on and no confirmation of its completion yet and only some consolidation were supports were seen at lower levels in last 4 sessions. Expected that Nifty will trade between last 4 sessions actual trading range(7572-7691) and prepare for next decisive moves after FOMC announcements on 17-12-2015. Although rates hike is confirm by FOMC but this news is well discounted in all the Global markets and further down moves will not be considered only on the back of this news. 

As technically most Bearish development is 57 sessions Head and Shoulders pattern's Neckline(7722) breaking down confirmation which is giving some more down moves indications therefore correction continuation and new low of on going correction is still expected below 7539.50 after follow up selling within last 4 sessions actual trading range(7572-7691).

Firstly Watch Next Crucial levels after 93 Points Bounce in first Hour Today  

Post-open Outlook(14-12-2015)

Nifty-Intra Day Chart (First hour of 14-Dec-2015):-

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Although All the European and US markets closed in deep Red last Friday and Gap down markets of Indian markets was also expected today but we told for bounce back in following lines yesterday in"Correction Continuation after 1/2 Sessions Intraday Volatility"

1- As some intraday supports at lower levels after Bullish Falling Channel formation last Friday therefore a bounce back is firstly expected from lower levels
2- some supports and consolidation patterns were seen last Friday therefore possibility of recovery from lower levels can not be ruled out

As was told yesterday 100% same happened today and strong 93 points bounce back from lower levels after gap down opening was seen in first hour today.

Correction is on and some selling was seen between 7655-7691 in last 3 sessions therefore follow up moves with sustaining beyond these crucial levels should be firstly watched for next decisive moves.

Correction Continuation after 1/2 Sessions Intraday Volatility

Technical Analysis,Research & Weekly Outlook

(Dec 14 to Dec 18,2015)

Nifty-EOD Chart (11-Dec-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 recent bottom at 7539.50 on 08-09-2015)
10- Sub Wave-5 of Wave-C continuation with recent bottom formation at 7575.30 on 11-12-2015

Nifty-Intra Day Chart (11-Dec-2015):-

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Technical Patterns and Formations in today intraday charts

1- Mixed Patterns between 7661-7690
2- Down moves after uproar in Parliament but in Bullish Falling Channel
3- Support between 7576-7621
4- Whole day actual trading between 7576-7690

Conclusions (After Putting All Studies Together)

Detailed analysis of EOD Charts with patterns formations have already been updated in following previous weekly analysis topics:-

1- On 29-11-2015: "Bullish Flag Formation in last 9 months Correction suggesting Strong Rally"
2- On 06-12-2015: "7715 Will decide the Life of on going Correction"

Importance of 7715 was updated in previous weekly analysis topic with Neckline(7722) of 56 sessions Head and Shoulders pattern and both the levels were broken down in previous week as well as last 4 sessions closing below it therefore levels therefore emergence of some more down moves possibilities.

As whole 9 months correction from 9119.20 to 7539.50 in Falling channel with Bullish Flag formations and this pattern formation will remain valid up to near about 7119 therefore until Nifty will not slip below the Falling trend line of Flag till then expectations of fresh Rally above life time high(9119.20) will remain alive.

Wave-C is on with recent bottom at 7539.50 on 08-09-2015 and now its Sub Wave-5 continuation with recent bottom formation at 7575.30 on 11-12-2015. As no confirmation of on going correction completion yet therefore more down moves below Wave-C lowest(7539.50) is very much possible.

As some intraday supports at lower levels after Bullish Falling Channel formation last Friday therefore a bounce back is firstly expected from lower levels. All the European and US markets closed in deep Red last Friday,if in reaction such weakness reflects in Asian markets also tomorrow then Gap down markets will be seen in Indian markets. As Short Term indicators are oversold and some supports and consolidation patterns were seen last Friday therefore possibility of recovery from lower levels can not be ruled out but Pull back rally will be considered only after sustaining above 7691/7722.

Correction is on and finally its continuation is expected after some 1/2 sessions intraday volatility.

Mid-session Outlook(11-12-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Last hours trading between 7655-7691 yesterday(on 11-12-2015)
2- Actual trading between 7660-7690 till 10:50 AM today(on 10-12-2015)

Conclusions from intra day chart analysis

Following lines were told yesterday in "Pull Back rally possibility amid sideways market before FOMC"

Volatility and up moves were also seen in last hours according to European markets and Dow's futures moves therefore some selling also can not be ruled out.

Although Nifty traded between 7655-7691 and also closed near the higher levels of the day yesterday but on the back of European markets and Dow's futures moves. As selling possibility was seen within this last hours range and also updated yesterday therefore first 2 hours today trading has been seen within this range between 7660-7703 for follow up moves and preparation for next decisive moves because some selling is being seen today also.

Last 4 hours trading within 7655-7691 and firstly valid break out of this range should be watched for next decisive moves confirmations.

Pull Back rally possibility amid sideways market before FOMC

Intra Day Chart Analysis & Market Outlook

(11-12-2015)

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

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Technical Patterns and Formations in today intraday charts

1- More than 4 hours consolidation between 7610-7639(Immediate Supports)
2- Sharp up
3- Volatility and up moves in last hours with European markets and Dow's futures moves.
4- Whole day actual trading between 7610-7691

Conclusions from intra day chart analysis 

Sharp up moves after 4 hours good consolidation but Volatility and up moves were also seen in last hours according to European markets and Dow's futures moves therefore some selling also can not be ruled out. As consolidation in last hour yesterday and follow up consolidation again today therefore 7608-7639 will be immediate support of Nifty and complete selling is required for decisive down moves below today lowest. 

Certainly emergence of Pull Back rally possibility towards next resistance range(7796-7822) but finally sustaining beyond Neckline(7722) of 57 sessions Head and Shoulders pattern should be watched in the coming sessions for correction continuation/completion confirmation.

Immediate supports and resistances of Nifty are as follows:-

1- Supports between 7610-7639
2- Resistance between 7796-7822

Expected that Nifty will remain sideways between 7610-7822 in the coming sessions and prepare for next decide moves after FOMC on 16 Dec 2015 and finally valid break out of this range will decide next immediate trend but firstly Pull Back rally is expected.

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

Just Watch sustaining beyond 7715 for Decisive Moves

Intra Day Chart Analysis & Market Outlook

(08-12-2015)

Nifty-Intra Day Chart (07-Dec-2015):-

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Consolidation Patterns between 7746-7775
3- Whole day actual trading between 7746-7825

Conclusions from intra day chart analysis 

Although down moves beginning immediate after opening but in Bullish Falling Channel and lower levels consolidation Patterns formations were also seen between 7746-7775 therefore emergence of some up moves possibilities. As lot of consolidation is also required for trend reversal therefore follow up consolidation is must in the coming sessions for decisive up moves. Possibility of slipping below today lowest also can not be ruled out under consolidation process but sustaining below today lowest with fresh selling is must for it for decisive down moves. Importance of 7715 and 7722 has already been updated yesterday in following topic:-

"7715 Will decide the Life of on going Correction" 

As today lowest is little above these 2 levels at 7746.05 and some down moves below today lowest can not be ruled out in consolidation process therefore firstly sustaining beyond 7715 should be watched in the coming sessions for deeper correction below 7715 and decisive up moves above 7715.

7715 Will decide the Life of on going Correction

Technical Analysis,Research & Weekly Outlook

(Dec 07 to Dec 11,2015)

9 Months Correction in Bullish Flag formations 

Nifty-EOD Chart (04-Dec-2015):-

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Technical Patterns and Formations in EOD charts

1- 5118.85 on 28-08-2013
2- Wave-5 completion at 9119.20 on 04-03-2015 and Wave-A of 'ABC' correction beginning after life time high formation)
3- 9 Months correction completion at 7539.50 on 08-09-2015 and Wave-1 beginning
4- Wave-1(8336.30 on 26-10-2015)
6- Wave-2(7714.15 on 16-11-2015)
4- 9 Months correction in Bullish Flag formations lower falling line towards 7119

Conclusions from EOD chart analysis

'ABC' correction begun on 04-03-2015 and from 9119.20 which completed at 7539.50 on 08-09-2015 and Wave-1 of fresh rally begun which completed at 8336.30 on 26-10-2015 and now its corrective Wave-2 is on with recent bottom formation at 7714.15 on 16-11-2015. As rally started from 7714.15 after 11 sessions rounding bottom formation therefore an indication of Wave-2 correction completion was developed but strong correction was seen in last 3 sessions and firstly 7714.15 should be watched in the coming sessions for the confirmation of corrective Wave-2 completion/continuation. 

As whole 9 months correction from 9119.20 to 7539.50 in Falling channel with Bullish Flag formations and this pattern formation will remain continued towards 7119. 

Bearish Head and Shoulders pattern formations

Nifty-EOD Chart (04-Dec-2015):-

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Technical Patterns and Formations in EOD charts

1- Head and Shoulders pattern formations in last 56 sessions
2- Neckline at 7722

Conclusions from EOD chart analysis

Head and Shoulders pattern formations in last 56 sessions with its Neckline at 7722 therefore once valid break out of 7722 will mean much deeper correction because it will be confirmation of such big 56 sessions Bearish Head and Shoulders pattern broken down confirmation.

Intra Day Chart Analysis(07-12-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Selling between 7800-7812
2- Selling between 7806-7821
3- Up moves in Bearish Rising Channel
4- Down moves in Bullish Falling Channel in last hours
5- Whole day actual trading between 7776-7821

Conclusions from intra day chart analysis 

Although higher levels selling and whole day good selling as well but down moves in Bullish Falling Channel in last hours therefore some up moves are firstly possibly in last Friday trading range(7776-7821). As good selling therefore until Nifty will not above last Friday highest(7821) after follow up consolidations till then any decisive up moves will not be seen.

Conclusions (After Putting All Studies Together)

Detailed analysis of EOD Charts have already been updated in previous weekly analysis topic on 29-11-2015 in following topic:-

"Bullish Flag Formation in last 9 months Correction suggesting Strong Rally"

Emergence of Head and Shoulders pattern formations after last 3 sessions sharp fall therefore firstly valid break out of its Neckline(7722) should be watched in the coming sessions for much deeper correction because its broken down confirmation will be the validity of such big 56 sessions Bearish pattern which will open the door for fresh and decisive down moves. 

As whole 9 months correction from 9119.20 to 7539.50 in Falling channel with lower falling trend line bottom at 7119 therefore once slipping below Wave-2 bottom(7714.15) will mean correction continuation towards 7119 after Head and Shoulders's Neckline(7722) broken down confirmations. Correction is on and next immediate supports of Nifty are as follows:-

1- 7767-7778
2- 7715-7736

As some consolidation patterns were seen in last hours of previous trading session therefore firstly some up moves may be seen next Monday but good selling in previous week at higher levels therefore until complete complete consolidation will not develop till then decisive up moves will not be seen.  

Correction is on and sustaining beyond 7722/7715 should be firstly watched in next week for its continuation towards 7119 or its completion after completion consolidation above 7715.

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

Firstly Watch 7906

Post-open Outlook(03-12-2015)

Although all the Global markets were blasting and most GST passing possibility in previous sessions but we were cautious and told many times for watching 7906 because intraday selling patterns formations were seen in previous week and resultant gap down opening today after yesterday negative closing.

Nifty is hovering around 7906 since opening today and firstly sustaining it beyond should be watched today for next Short Term Trend.

For detailed analysis just go through previous sessions analysis which are available on Home page of this Blog.

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

Cautiously Bullish View

Intra Day Chart Analysis & Market Outlook

(02-12-2015)

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

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Technical Patterns and Formations in today intraday charts

1- Whole day down moves in Bullish Falling Channels
2- Whole day actual trading between 7935-7972

Conclusions from intra day chart analysis 

Although all the Asian markets were trading with good gains today morning but Indian markets traded with minor gains because Indian markets were not technically prepared for strong rally. As whole day today trading with down moves in Bullish Falling Channels therefore signals of consolidation process and resultant emergence of on going rally continuation possibility. 

As on going rally is slow and very short term indicators have moved into overbought zone as well as well as Indian market under performed Asian markets today therefore view will be cautious and strong rally will be considered after confirmation of sustaining next resistance range(8070-8152).

As intraday consolidation patterns formations today therefore view is cautiously Bullish and some up moves are expected towards 8070-8152. 

7906 Will decide Next Trend amid GST and RBI Credit Policy led Volatility 

Intra Day Chart Analysis & Market Outlook

(01-12-2015)

Nifty-Intra Day Chart (30-Nov-2015):-

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Technical Patterns and Formations in today intraday charts

1- Multiple supports at lower levels between 7923-7941
2- Whole day actual trading between 7923-7966

Conclusions from intra day chart analysis 

As intraday selling on 25th Nov and 26th Nov in previous week and technically Indian markets were not mature for strong rally as well as consolidation was firstly required therefore decisive up moves were not seen in last 2 sessions despite most Bullish news of GST passing possibility in current session of Parliament. We cautioned in all the previous outlooks regarding this aspect,resultant no Bullish moves and flat closing today.

We also told that 11 Sessions sideways market between 7714-7906 from Nov 09 to Nov 26,2015 with rounding bottom formation on EOD charts at the bottom of correction and this range was broken out on 27-11-2015 therefore follow up consolidation is firstly required above 11 sessions range highest(7906) for decisive up moves after big news of GST  passing possibility.

Whole day trading above 7906 with multiple supports between 7923-7941 today which is first signal of sustaining above 7906 but whole day trading of today was under the shadow of GST news led heated sentiments therefore follow up consolidation with sustaining above 7906 is must in the coming sessions for decisive rally.

As RBI Credit Policy tomorrow and last 2 sessions trading with GST news led Bullish heated sentiments therefore volatility may be high tomorrow and but finally sustaining beyond 7906 will decide next trend and should be firstly watched in the coming sessions.

Firstly Watch 7906 for final reaction of GST Passing

Mid-session Outlook(30-11-2015)

Although such most Bullish news of GST passing possibility in current session of Parliament but Indian markets are flat to negative since opening today. We are repeating following lines for keeping in mind which were told yesterday in "Bullish Flag Formation in last 9 months Correction suggesting Strong Rally":-

1- Although 11 Sessions range broken out on 27-11-2015 but on the back of sudden developments of most positive expectations of GST passing 
2- selling patterns formations were also seen in last week
3- last 2 sessions up moves were on the back of strong Global markets and GST passing expectations
4- firstly follow up consolidation is required for sustaining above 11 sessions range highest(7906)
5- no confirmation of on going correction completion yet
6- Bull markets are tend to consolidate at higher levels therefore its possibility can not be ruled out because GST passing possibilities suddenly.   

If Indian markets would have been technically prepared for fresh rally then have opened gap up more than 1% today after such Bullish news(GST) but flat to negative market today because higher levels consolidation was firstly required after selling 25 Nov and 26 Nov in previous week. 

Expected that finally rally will remain continued but for immediate up trend firstly sustaining above 11 Sessions highest(7906) should be watched for final reaction of GST passing on Indian markets because selling patterns formations in previous week.