As busy therefore Stock Market Outlook of today is not being updated but Mid-session Outlook may be updated during trading hours today.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Short Term Correction Expectation Tomorrow
Intra Day Chart Analysis & Market Outlook
(28-04-2016)
Nifty-Intra Day Chart (27-Apr-2016):- |
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1- Selling patterns formation between 7972-7991
2- Whole day actual trading between 7941-7991
Conclusions from intra day chart analysis
Although closing near the higher levels of the day and also at the top of on going Post Budget-2016 rally but higher levels selling patterns formations were also seen today therefore Short Term Correction below today lowest(7941) with trading and closing within last 2 sessions trading range(7823-7991) is expected tomorrow.
Firstly watch sustaining beyond 7954-7980 Tomorrow
Intra Day Chart Analysis & Market Outlook
(27-04-2016)
Nifty-Intra Day Chart (26-Apr-2016):-
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1- Support between 7823-7852
2- Sharp 45 points 1 minute jump at 12:30 PM with sudden rise in USDINR and after positive opening of European markets
3- Last 2 hours trading with Mixed Patterns between 7954-7974
4- Whole day actual trading between 7823-7974
Conclusions from intra day chart analysis
Following lines were told yesterday in "Firstly Watch 7828 Tomorrow":-
1- last more than 5 hours trading with Mixed Patterns between 7828-7866 and closing also within 4 previous sessions trading range(7843-7978) despite slipping below it lowest
2- therefore now Nifty will be understood sideways 7828-7980 and firstly valid break out this range should be watched for next trend confirmations.
Although Nifty slipped below last 5 sessions lowest(7828) but could not sustain below it and recovered after intraday lowest formation at 7823 therefore still Nifty will be understood sideways between last 6 sessions trading range(7823-7978). As next resistances are up to 7980 therefore next up move confirmation will be after sustaining above 7980.
Firstly lower levels supports amid weaker Asian markets after after that sudden jump at 12:30 PM but last 2 hours trading with Mixed Patterns between 7954-7974 therefore some more consolidation is required within and near about this range for sustaining above 7980. As closing near the higher levels of the day therefore possibility of up moves above 7980 can not be ruled out but sustaining above it must for the confirmation of fresh rally towards and above 9134.20 because Neckline of 98 sessions Inverse Head And Shoulders pattern is at 7980.
As last 2 hours trading with Mixed Patterns between 7954-7974 and valid break out of this range will be next trend first indication as well as sustaining above 7980 will be next strong up moves confirmation therefore firstly sustaining beyond 7954-7980 should be watched tomorrow.
Firstly Watch 7828 Tomorrow
Intra Day Chart Analysis & Market Outlook
(26-04-2016)
Nifty-Intra Day Chart (25-Apr-2016):- |
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1- Slipping immediately after opening
2- More than 5 hours trading with Mixed Patterns between 7828-7866
3- Whole day actual trading between 7828-7911
Conclusions from intra day chart analysis
As most Asian markets were trading in Red and some were more than 0.60% down therefore firstly slipping after positive opening but last more than 5 hours trading with Mixed Patterns between 7828-7866 and closing also within 4 previous sessions trading range(7843-7978) despite slipping below it lowest therefore now Nifty will be understood sideways 7828-7980 and firstly valid break out this range should be watched for next trend confirmations.
Today intraday moves were effected in following manner:-
1- Most Asian markets were more than 0.60% down at the opening time of Indian markets therefore Indian markets slipping immediately after opening
2- Dow's Futures was trading trading with minor losses but it fell sharply and traded more than 80 points down with intraday bottom formation at 01:45 PM and exactly at this time Nifty also formed its bottom as well as moved up with up moves in both Dow's Futures and all European markets.
Dow's Futures-Intra Day Chart (25-Apr-2016):-
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1- 7828-7866
2- 7828-7980
As weaker Global markets led some selling patterns were was also seen today therefore once sustaining below 7828 will initiate deeper correction because that will be last 5 sessions trading range broken down confirmation also and should be firstly watch tomorrow.
Next Target of Nifty at 9134.20
Technical Analysis,Research & Weekly Outlook
(Apr 25 to Apr 29,2016)
Waves Structure of Post Budget-2016 Rally
Nifty-EOD Chart (22-Apr-2016):-
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1- Impulsive Wave-i of Wave-5(on Long Chart) beginning after bottom formation at 6825.80 on 29-02-2016
2- Firstly 10 sessions sideways trading between 7405.15-7583.70
3- Secondly 16 sessions sideways trading between 7516.85-7777.60
4- Forceful break out of Long Term Trend decider 200 Day EMA(today at 7766) on 13-04-2016
5- Last 4 sessions sideways trading between 7842.75-7978.45
5- Rally continuation with Recent top of Wave-i of Wave-5 formations at 7978.45 on 21-04-2016
6- Forceful break out of Long Term Trend decider 200 Day EMA(today at 7771) on 13-04-2016 and last 5 sessions closing above it
Conclusions from EOD chart analysis
Rally continuation after all trends turning up confirmations because last 5 sessions closing above Long Term Trend decider 200 Day EMA(today at 7771) therefore rally continuation will be expected above the top(7978.45) of on going pull back rally.
96 sessions Inverse Head & Shoulders Pattern formations
Nifty-EOD Chart (22-Apr-2016):-
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1- 96 sessions Inverse Head And Shoulders pattern formations with its Neckline at 7980
2- Head formation at 6825.80 on 29-02-2016
Conclusions from EOD chart analysis
Head formation at 6825.80
Neckline of pattern is at 7980
7980-6825.80= 1154.20 points distance between Head and Neckline
Inverse Head and Shoulders Neckline broken out confirmation will mean next target of Nifty at 7980+1154.20=9134.20
Nifty-Intra Day Chart (Apr 18 to Apr 22,2016):-
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1- Up moves with intraday corrections on 18-04-2016
2- Down moves in Bullish Falling Channel on 20-04-2016
3- Last 5 hours sideways trading between 7878-7920 on 20-04-2016
4- Mixed Patterns between 7963-7978 on 21-04-2016
5- Mixed Patterns between 7926-7947 on 21-04-2016
6- Support between 7874-7894 on 22-04-2016
7- Support between 7886-7892 on 22-04-2016
8- Down moves in Bullish Falling Channels on 22-04-2016
9- 4 Sessions actual trading between 7843-7978
Conclusions from 4 Sessions intra day chart analysis
Last 4 sessions trading with consolidation and Mixed Patterns formations and clear selling patterns were not seen therefore more signals of up moves but follow up consolidation is also required between or near about 7926-7978 because some selling within this range was also seen on 21-04-2016. As whole day consolidation patterns formations on 22-04-2016 and some consolidation was also seen at lower levels in last 4 sessions therefore strong possibility of fresh up moves above last 4 sessions highest(7978) after follow up consolidation.
Conclusions (After Putting All Studies Together)
Following lines have been told in "last 3 sessions Outlooks":-
1- Next resistances between 7920-7980
2- Nifty has to prepare for next decisive moves between 7843-7980 and finally sustaining it beyond will be next big moves confirmation.
Nifty could not cross 7980 in last 3 sessions of previous week and traded between 7843-7980,it is confirm that finally sustaining it beyond will decide Next 3% Moves.
As more consolidation in last 4 sessions therefore strong possibility of fresh up moves above last 4 sessions highest(7978) after follow up consolidation which will pave the way for final up moves above 9134.20 also.
Crucial Trading Range will decide Next 3% Moves
Intra Day Chart Analysis & Market Outlook
(22-04-2016)
Nifty-Intra Day Chart (21-Apr-2016):-
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1- Mixed Patterns between 7963-7978
2- Mixed Patterns between 7926-7947
3- Whole day actual trading between 7885-7978
Conclusions from intra day chart analysis
Following lines were told yesterday in "Just Watch Crucial levels also amid Rally Continuation Expectations":-
1- finally sustaining beyond 7843-7980 will be next big moves confirmation
2- these crucial levels should be also firstly watched in the coming sessions amid rally continuation expectations
Rally continuation with the condition of sustaining beyond 7843-7980 was told and rally was seen also after gap up opening but could not move above 7980 and fused after today highest formation at 7978.45.
Resistances between 7920-7980 has been updated 4/5 times in previous Outlooks and Nifty faced resistance within this range with mixed patterns formations within this range today therefore fresh consolidation is must for decisive up moves above 7980.
Although slipping from higher levels and flat closing but today intraday chart is showing mixed patterns formations and some consolidation was also seen above 7843 in last 2 sessions therefore still Nifty has to prepare for next decisive moves between 7843-7980.
Expected that Nifty will trade between 7843-7980 in the coming 1/2 sessions and finally valid break out of this crucial trading range will decide next 3% moves. Let it happen then next Short Term Trend beyond this range will be understood and updated accordingly from intraday Patterns formations.
Just Watch Crucial levels also amid Rally Continuation Expectations
Intra Day Chart Analysis & Market Outlook
(21-04-2016)
Nifty-Intra Day Chart (20-Apr-2016):- |
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1- Up moves immediately after opening
2- Down moves in Bullish Falling Channel
3- Last 5 hours sideways trading between 7878-7920
4- Whole day actual trading between 7878-7950
Conclusions from intra day chart analysis
Following lines were told on 18-04-2016 in "Firstly Rally continuation expectations are high":-
1- Resistances between 7920-7980
2- now Nifty has to prepare for next decisive moves between 7843-7980
3- Firstly Rally continuation expectations are high
Although firstly up moves immediately after opening but resistances were there at higher levels between 7920-7980 therefore not sustaining at higher levels and whole day today trading within mentioned levels(7843-7980). As Down moves in Bullish Falling Channel was also seen and as such selling patterns were also not seen between last 5 hours sideways trading between 7878-7920 therefore on going rally continuation hopes are alive but decisive and strong up moves will be seen only above 7980.
As 5 hours sideways trading between 7878-7920 and valid break out of this range will be first indication as well as finally sustaining beyond 7843-7980 will be next big moves confirmation therefore these crucial levels should be also firstly watched in the coming sessions amid rally continuation expectations because Short Term indicators are now overbought.
Firstly Rally continuation expectations are high
Intra Day Chart Analysis & Market Outlook
(20-04-2016)
Nifty-Intra Day Chart (18-Apr-2016):-
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1- Loosing 65 points within first 7 minutes after gap up strong opening.
2- Up moves with intraday corrections
3- Whole day actual trading between 7843-7920
Conclusions from intra day chart analysis
Although all the Asian markets were trading in deep Red and Dow's Futures was also more than 100 points down today morning but strong gap up 57 points positive opening of Nifty and also slipping into Red after loosing 65 points within first 7 minutes. As whole day up moves were with intraday corrections and any other intraday pattern formation was also not seen after first 7 minutes sharp fall therefore view will be cautiously Bullish because Bearish Hanging Man Candle formation today.
Resistances between 7920-7980 were updated at 02:07 AM today in "Immediate target of Nifty at 8374.20" and today highest was at 7920.60.
As resistances are lying just above today highest therefore Nifty has to consolidate for decisive up moves above 7980 and if some selling develops after Mixed Patterns formations today then only Very Short Term Correction will be seen.
As now Nifty has to prepare for next decisive moves between 7843-7980 therefore let it happen then next decisive moves beyond this range will be understood from intraday Patterns formations within this range(7843-7980) and valid break out of this range should be firstly watched in the coming sessions for next big trend confirmations.
Firstly Rally continuation expectations are high after follow up consolidation because Indian markets out performed all Asian and European markets and intraday selling patterns were not seen despite Bearish Hanging Man Candle formation today.
Immediate target of Nifty at 8374.20
Technical Analysis,Research & Weekly Outlook
(Apr 18 to Apr 22,2016)
7 Years Waves structures of post 2008 correction
Nifty-EOD Chart (13-Apr-2016):-
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1- 2252.75 on 27-10-2008(Impulsive Wave-1 beginning after 2008 big correction completion)
2- Corrective Wave 2 beginning after Wave 1 completion at 6338.50 on 05-11-2010
3- Impulsive Wave-3 beginning after 13 Months Wave-2 correction completion at 4531.15 on 20-12-2011
4- Corrective Wave 4 beginning after many times new life time high formations and Wave 3 completion at 9119.20 on 04-03-2015
5- Impulsive Wave-i of Wave-5 beginning after 12 Months Wave-4 correction completion at 6825.80 on 29-02-2016
6- Impulsive Wave-i of Wave-5 continuation with recent top formation at 7864.80 on 13-04-2016
Conclusions from EOD chart analysis
Indian markets are tend to move in 7/8 years time cycles in following manner:-
1- In Apr 1992 -Rally finished after Harshad Mehta scam
2- In Jan 2000 -IT Rally finished after Ketan Parikh scam
3- In Jan 2008 -Rally finished after Lehman brothers scam
4- In Mar 2015 -Rally finished after Budget-2015-16.
2008 Correction completed at 2252.75 on 27-10-2008 and after that Wave-1 of fresh rally begun in Apr 2009 after 5 months sideways consolidation. Now its Wave-i of Wave-5 continuation with recent top formation at 7864.80 on 13-04-2016 which will remain continued above life time high(9119.20) in the coming months and years because Indian markets time cycles remains continued for 7/8 years therefore the rally which started from 6825.80 on 29-02-2016 may remain on for this period also.
Waves Structure of Impulsive Wave-3
Nifty-EOD Chart (13-Apr-2016):-
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1- Impulsive Wave-3(on Long Chart) beginning after 13 Months Wave-2 correction completion at 4531.15 on 20-12-2011
2- Corrective Wave 2 beginning after Wave 1 completion at 6229.45 on 20-05-2013
3- Impulsive Wave-3 beginning after Wave 2 correction completion at 5118.85 on 28-08-2013
4- Corrective Wave 4 beginning after Wave 3 completion at 8174.55 on 09-09-2014
5- Impulsive Wave-5 beginning after correction completion at 7723.85 on 17-10-2014
6- Wave-5 completion at 9119.20 on 04-03-2015 and Wave-A of 'ABC' correction beginning
7- Wave-A completion(7940.30 on 12-06-2015) and Wave-B beginning
8- Wave-B completion(8654.75 on 23-07-2015)
9- Wave-C completion at 6825.80 on 29-02-2016 and Wave 1 of fresh Rally beginning
10- Recent top of Wave 1 formation at 7864.80 on 13-04-2016
Conclusions from EOD chart analysis
Impulsive Wave-3 which started from 4531.15 on 20-12-2011 completed at 9119.20 on 04-03-2015 and after that 'ABC' correction of Wave-4 begun which finished at 6825.80 on 29-02-2016.Now Wave 1 of Wave-5 is on which is impulsive Wave-i of Wave-5 of that rally which started at 2252.75 on 27-10-2008.
Waves Structure of Post Budget-2015 Correction
Nifty-EOD Chart (13-Apr-2016):-
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1- Wave-5 completion at 9119.20 on 04-03-2015 and Wave-A of 'ABC' correction of Wave-4((on Long Chart)) beginning after life time high formation
2- Wave-1 of Wave-A(8269.15 on 27-03-2015)
3- Wave-2 of Wave-A(8844.40 on 15-04-2015)
4- Wave-3 of Wave-A(7997.15 on 07-05-2015)
5- Wave-4 of Wave-A(8489.55 on 22-05-2015)
6- Wave-5 of corrective Wave-A completion at 7940.30 on 12-06-2015 and Wave-B beginning
7- Wave-B completion and corrective Wave-C beginning(8654.75 on 23-07-2015)
8- Wave-1 of Wave-C(7539.50 on 08-09-2015)
9- Wave-2 of Wave-C(8336.30 on 26-10-2015)
10- Wave-3 of Wave-C(7241.50 on 20-01-2016)
11- Wave-4 of Wave-C(7600.45 on 01-02-2016)
12- Wave-5 of corrective Wave-C completion at 6825.80 on 29-02-2016 and Wave 1 of fresh Rally beginning
13- Recent top of Wave 1 formation at 7864.80 on 13-04-2016
Conclusions from EOD chart analysis
'ABC' correction of whole this rally begun from 9119.20 on 04-03-2015 which started from 4531.15 on 20-12-2011. Wave-4 correction with 5 sub waves of both Wave-A and Wave-C lasted 12 months and completed at 6825.80 on 29-02-2016. Now impulsive Wave-5 continuation with its Wave 1 recent top formation at 7864.80 on 13-04-2016.
Waves Structure of Post Budget-2016 Rally
Nifty-EOD Chart (13-Apr-2016):-
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1- Impulsive Wave-i of Wave-5(on Long Chart) beginning after bottom formation at 6825.80 on 29-02-2016
2- Firstly 10 sessions sideways trading between 7405.15-7583.70
3- Secondly 16 sessions sideways trading between 7516.85-7777.60
4- Forceful break out of Long Term Trend decider 200 Day EMA(today at 7766) on 13-04-2016
5- Rally continuation after forceful break out of 16 sessions trading range with Recent top of Wave-i of Wave-5 formations at 7864.80 on 13-04-2016
Conclusions from EOD chart analysis
That impulsive Wave-i of Wave-5 which begun from 6825.80 on 29-02-2016 is in continuation after forceful break out of 16 sessions sideways trading range(7516.85-7777.60). As this 1039 points rally from 6825.80 on 29-02-2016 corrections were with 10 sessions and 16 sessions sideways trading and deeper corrections were not seen therefore this rally will be understood a technically strong rally because forceful break out of Long Term Trend decider 200 Day EMA(today at 7766) also on 13-04-2016.
12 Months Correction with Bullish Flag formations
Nifty-EOD Chart (13-Apr-2016):-
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1- Wave-3 on long Chart beginning at 4531.15 on 20-12-2011
2- Wave-3 completion and corrective Wave-4 beginning at 9119.20 on 04-03-2015
3- Corrective Wave-4 completion at 6825.80 on 29-02-2016
4- 12 Months correction with Bullish Flag formations
5- Forceful break out of Upper falling line of Bullish Flag on 13-04-2016
Conclusions from EOD chart analysis
12 Months correction from 9119.20 to 6826 was with Bullish Flag formations and Nifty has not slipped below its lower falling line as well as strong Pull Back Rally started from Budget-2016 day which is in continuation. As forceful break out of Upper falling line of Bullish Flag on 13-04-2016 also therefore confirmation of Bullish Flag validity and high possibility on going rally continuation above life time high(9119.20).
Inverse Head And Shoulders formations
Nifty-EOD Chart (13-Apr-2016):-
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1- 48 sessions Inverse Head And Shoulders pattern formations with its Neckline at 7600
2- Head formation at 6825.80 on 29-02-2016
3- Neckline(7600) break out confirmation after forceful rally on 13-04-2016
Conclusions from EOD chart analysis
As Neckline broken out confirmation on 13-04-2016 therefore 48 sessions Inverse Head And Shoulders pattern target(8374.20) turns valid as per following calculations:-
Head formation at 6825.80
Neckline of pattern is at 7600
7600-6825.80= 774.20 points distance between Head and Neckline
Neckline was broken out on 18-03-2016 with closing at 7604.35
Inverse Head and Shoulders Neckline broken out confirmation will mean next target of Nifty at 7600+774.20=8374.20
Strong possibility of Nifty will test 8374.20 in the coming sessions or months.
Conclusions (After Putting All Studies Together)
Bottom of 12 months correction formation on Budget day at 6825.80 on 29-02-2016 and we told following lines at 02:12 AM on 01-03-2016 in "Strongest indications of correction completion at 6825.80 and Fresh Rally above 9119.20"
1- Strongest indications of last 12 months Long Term correction completion today at 6825.80.
2- Very much expected that finally 6825.80 will be proved the lowest of that correction which begun at 9119.20 on 04-03-2015
3- Finally fresh rally above 9119.20 will be seen before or immediately after Budget 2017-18
Nifty moved up 1039 points after 29-02-2016 but who told such words like above in whole India before 02:12 AM on 01-03-2016 except us. I would say with guarantee that no one would have imagine such strong rally which was seen from 01-03-2016.
Trends of Nifty are as follows:-
1- Short Term Trend is up.
2- Intermediate Term Trend was sideways after last 26 sessions sideways trading but high possibility of its turning up after forceful up moves above last 26 sessions trading range on 13-04-2016.
3- Long Term Trend turning up high possibility after forceful break out of its decider 200 Day EMA(today at 7766) on 13-04-2016.
On Long chart Wave-5 beginning at 6825.80 on 29-02-2016 to move above the top(9119.20) of Wave-5 and this wave has correction also in last 26 sessions within sideways trading ranges as well as forceful break out of these range on 13-04-2016 therefore expected that on going Wave-5 will remain continued towards following resistances:-
1- 7920-7980
2- 8060-8140
3- 8270-8320
Wave-i of Wave-5 is on and no signal of its completion yet as well as its continuation towards the target(8374.20) of 48 sessions Inverse Head And Shoulders pattern because confirmation of forceful break out of its Neckline(7600) also. As conformation of Bullish Flag validity also therefore Nifty will move above life time high(9119.20) .
Indian markets are tend to move in 7/8 years time cycles and Indian markets are Bullish on Long charts therefore rally above life time high(9119.20) will be seen in the coming months and years but corrections will also be seen as per the nature of markets. Immediate target of Nifty is at 8374.20 which is drawn from validity confirmation of Inverse Head And Shoulders pattern but after complete corrections and consolidations because above mentioned multiple resistances are lying below it.
Pre-open Outlook(13-04-2016)
As Dow's Futures is 178 pints up today morning after 164 rally yesterday therefore sentiment is extremely strong and all the Asian markets are more than 1% up,resultant gap up opening will be seen in Indian markets also.
As Bull markets consolidate at higher levels therefore Nifty will firstly trade between 7700-7777 and consolidate for fresh up moves above the top(7777.60) of post Budget rally which may be seen today or in next week.
Just Watch Crucial Levels to understand next trend
Intra Day Chart Analysis & Market Outlook
(13-04-2016)
Nifty-Intra Day Chart (12-Apr-2016):-
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1- Support between 7677-7690
2- More than 2 hours Mixed Patterns between 7695-7717
3- Minor support between 7674-7684
4- Selling between 7704-7717
5- Whole day actual trading between 7677-7717
Conclusions from intra day chart analysis
Following line were told yesterday in "Rally Continuation after follow up fresh consolidation":-
today started rally continuation is expected
As was told 100% same happened and Nifty closed .49% up today but as such intraday consolidation was not seen because more than 2 hours trading was mixed Patterns formations between 7695-7717 and selling was also seen in last hour despite today closing near the higher levels of the day. As Nifty got supports at lower levels also therefore whole day today trading will be understood with Mixed patterns formations.
Expected that Nifty will firstly trade and prepare for next decisive moves near about and within today trading range(7677-7717) and its valid break out will be first indication and sustaining beyond 7517-7777 will be next trend final confirmation therefore these crucial levels should be firstly watched tomorrow to understand next trend.
Let Nifty prepare for next decisive moves between 7677-7717 then next trend will be updated from intraday charts patterns formations in the same manner as being done for the last more than 5 years because our policy is "No gossiping never guessing and whatsoever market suggest,only that is always updated".
Rally Continuation after follow up fresh consolidation
Intra Day Chart Analysis & Market Outlook
(12-04-2016)
Dow's Futures-Intra Day Chart(till 01:45 PM on 11-Apr-2016):-
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1- More than 3 hours sideways trading between 7557-7586
2- 3 Hours trading range broken down
3- 100 Points jump with sharp rise in Dow's Futures and all European markets.
4- Strong up moves continuation with closing near the higher levels of the day.
3- Whole day actual trading between 7517-7678
Conclusions from intra day chart analysis
Following lines were told in both previous Outlooks of yesterday and today:-
1- good selling was seen between 7552-7569
2- some down will be seen despite last Friday closing near the higher levels of the day.
3- As both supports and resistances between 7518-7644 and finally this range will decide the fate of on going Post Budget Rally correction
As was told above all the proved 100% accurate in following manner today:-
Down was told yesterday and downward moves remain continued till 01:00 PM today as well as levels between 7518-7644 were given and Nifty jumped 100 points after lowest formation at 7516.85.
Nifty closed at 7671.40 today which has validated following most crucial levels:-
1- Neckline(7600) of 48 sessions Bullish Inverse Head And Shoulders pattern
2- 11 Sessions trading range(7582-7777) was broken down on 07-04-2016 but not sustaining below it and again moved into and closing within 11 sessions range today.
As intraday charts of 06-04-2016 and 07-04-2016 showed only consolidation patterns therefore we posted following topics on that days:-
1- Posted on 06-04-2016:- "First indication of yesterday started correction completion"
2- Posted on 07-04-2016:- "Finally fresh up Moves after follow up consolidation amid Global markets Bearishness"
Only Bullish projections were given in above 2 topics and Nifty closed above the top of these 2 sessions in only one day today rally which is an strong indication of that correction completion which started from 7777.60 on 31-03-2016. As no selling pattern formations today therefore today started rally continuation is expected towards following resistances:-
1- 7710-7737
2- 7755-7777
As above resistances are just above today highest and very Short Term Indicators have also turned overbought after today strong rally therefore some volatility can not be ruled out but finally rally continuation above 7777.60 is expected after follow up fresh consolidation which is must also to cross and sustain above mentioned resistances.
Post-open Outlook(11-04-2016)
Following lines were told yesterday in "7518-7644 Will decide the Fate of on going Post Budget Rally Correction":-
1- good selling was seen between 7552-7569
2- some down will be seen despite last Friday closing near the higher levels of the day.
3- As both supports and resistances between 7518-7644 and finally this range will decide the fate of on going Post Budget Rally correction
Nifty honoured our above analysis in first 40 minutes in following manner today:-
1- Good selling between 7552-7569 was told and Nifty could not sustain above it as well as slipped below it.
2- Down was told yesterday after Green closing of all US and European markets last Friday and down moves are being seen in Indian markets today despite most Asian markets positive zone trading with more than 1.4% up moves in Chinese markets.
As both supports and resistances between 7518-7644 and finally this range will decide trend therefore should be first watched now.
7518-7644 Will decide the Fate of on going Post Budget Rally Correction
Technical Analysis,Research & Weekly Outlook
(Apr 11 to Apr 13,2016)
Waves Structure of on going Pull Back Rally
Nifty-EOD Chart (08-Apr-2016):-
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| Just click on chart for its enlarged view |
1- Pull Back Rally beginning after bottom formation at 6825.80 on 29-02-2016
2- Recent top of Pull Back rally formations at 7777.60 on 31-03-2016
3- 11 Sessions trading between 7582-7777 and this range broken down on 07-04-2016
4- Correction of Pull Back rally continuation with recent bottom formations at 7526.70 on 08-04-2016
Conclusions from EOD chart analysis
That Pull Back Rally which begun from 6825.80 on 29-02-2016 completed at 7777.60 on 31-03-2016 and correction started which is in continuation with recent bottom formations at 7526.70 on 08-04-2016.
Intra Day Chart Analysis(08-04-2016)
Nifty-Intra Day Chart (08-Apr-2016):-
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| Just click on chart for its enlarged view |
1- Support between 7527-7542
2- Selling between 7552-7569(Immediate Resistances)
3- Whole day actual trading between 7527-7569
Conclusions from intra day chart analysis
Following lines were told on 07-04-2016 in "Finally fresh up Moves after follow up consolidation amid Global markets Bearishness":-
1- Dow Jones is now trading more than 120 points down and all the European markets are also in Red
2- finally fresh up moves will be seen after follow up consolidation near about and between 7536-7635
3- because last 2 sessions intraday charts are showing consolidation patterns formations.
Although most Asian markets were too much down after deep Red closing of US and all European markets on 08-04-2016 but Indian markets opened flat also closed in Green because of consolidation patterns formations in previous 2 sessions.
Certainly Indian markets out performed Global markets and also got supports at lower levels but good selling was seen between 7552-7569 therefore it will be immediate resistance of Nifty and until Nifty will not sustain above it after fresh consolidation till then next decisive up moves above 7569 will not be seen as well as some down will be seen despite last Friday closing near the higher levels of the day.
Conclusions (After Putting All Studies Together)
Trends of Nifty are as follows:-
1- Short Term Trend has turned down after slipping below last 11 sessions trading range(7582)
2- Intermediate Term Trend is up which will be down after sustaining above 7405.
3- Long Term Trend is down which will be up after sustaining above its decider 200 Day EMA(today at 7766)
As following reasons therefore view turned cautious:-
1- 11 Sessions trading between 7582-7777 at the top of Pull Back Rally and this range was broken down on 07-04-2016.
2- Last 2 sessions closing below 11 Sessions range.
3- Intraday selling patterns formations were seen last Friday.
Next immediate supports are between 7518-7542 and valid break down of 7518 will mean 11 Sessions trading range(7582-7777) broken down confirmations and resultant deeper correction will be seen towards following next supports:-
1- 7410-7443
2- 7347-7375
Fibonacci Retracement levels of Post-Budget Rally(6826-7777) are as follows:-
1- 13.0%- 7,653
2- 23.6%- 7,552
3- 27.0%- 7,520
4- 38.2%- 7,413(Crucial)
5- 50.0%- 7,301(Crucial)
6- 61.8%- 7,189(Crucial)
7- 70.7%- 7,104
8- 76.4%- 7,050
9- 78.6%- 7,029
10-88.6%- 6,934
As both supports and resistances between 7518-7644 and finally this range will decide the fate of on going Post Budget Rally correction therefore firstly should be watched in the beginning of next week because:-
1- Finally below 7518 will mean deeper correction of Post Budget Rally because that will be 11 sessions(7582-7777) trading range broken down confirmation also.
2- Finally above 7644 will mean Post Budget Rally correction completion and fresh up moves beginning towards and above 7777.
Finally fresh up Moves after follow up consolidation amid Global markets Bearishness
Intra Day Chart Analysis & Market Outlook
(08-04-2016)
Nifty-Intra Day Chart (07-Apr-2016):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channels
2- Whole day actual trading between 7536-7606
Conclusions from intra day chart analysis
Although whole day negative zone trading with closing below the Neckline(7600) of 48 sessions Inverse Head And Shoulders pattern and also below last 11 sessions lowest(7582) but as such selling patterns were not seen and on the contrary consolidation through down moves in Bullish Falling Channels also developed today therefore it will be understood that Indian markets are under consolidation process and fresh up moves will be seen very shortly after its completion.
As all the European markets slipped fast after 01:30 PM and Dow's Futures also lost 80 points therefore in reaction Indian markets tumbled and breaking down confirmation of 7582/7600 is still required despite today closing below these levels.
As Dow Jones is now trading more than 120 points down and all the European markets are also in Red therefore if such Global markets Bearishness remains continued till tomorrow then in reaction some volatility may be seen in Indian markets also but expected that finally fresh up moves will be seen after follow up consolidation near about and between 7536-7635 because last 2 sessions intraday charts are showing consolidation patterns formations.
First indication of yesterday started correction completion
Intra Day Chart Analysis & Market Outlook
(07-04-2016)
Nifty-Intra Day Chart (06-Apr-2016):- |
| Just click on chart for its enlarged view |
1- Consolidation between 7592-7610
2- Down moves in Bullish Falling Channels
3- Whole day actual trading between 7592-7635
Conclusions from intra day chart analysis
Following lines were told yesterday in "Firstly Watch last 2 Hopes of Bulls":-
following 2 last hopes for Bulls remained alive:-
1- Today closing was above 7600 which is Neckline of 48 sessions Inverse Head And Shoulders pattern.
2- Today lowest(7588.65) and closing is above Last 9 sessions trading range(7582-7777).
Two levels of 7582 and 7600 was given and Nifty honoured both levels through not slipping below 7582 (today lowest at 7591.75) and closing above 7600 at 7614.35 today.
Whole day sideways trading within 43 points with only consolidation patterns formations therefore first indication of yesterday started correction completion. As finally sustaining beyond 7582-7635 will be next decisive moves confirmation therefore should be firstly watched tomorrow for following moves:-
1- Below 7582 will mean correction beginning confirmation of Post Budget 952 points rally.
2- Above 7635 will mean up moves towards 7777 and once sustaining above it will mean strong rally towards the target(8374.20) of Inverse Head And Shoulders.
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