Next Trend Confirmation from Levels Despite Today Closing near the Higher Levels of the Day

Intra Day Chart Analysis & Market Outlook

(13-05-2016)

Nifty-Intra Day Chart (12-May-2016):-

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Technical Patterns and Formations in today intraday charts

1- Whole day Volatility
2- Down moves with European markets slipping
3- Up moves with strong recovery in all European markets and 100 Points surge in Dow' Futures
4- Minor selling patterns formations between 7886-7902
5- Whole day actual trading between 7850-7916

Conclusions from intra day chart analysis 

Whole day Volatility in following manner today:- 

1- Firstly up after positive opening
2- More than 3 hours continuous down moves  
3- More than 2 hours continuous up moves 

As whole day volatility and as such no intraday big position formation except minor selling patterns formations between 7886-7902 therefore view is still wait and watch because:-

1- Minor selling between 7886-7902 today which is within and near about those resistances which have been updated previous Outlook yesterday.
2- Only intraday volatile market today and technical positions reverses also during such high intraday volatility.
3- Clear intraday patterns are required to understand FIIs strategy after Mauritius treaty. 

As last 2 hours up moves were the reaction of strong recovery in all European markets and 100 Points surge in Dow' Futures therefore first signal of decisive up moves will be only after sustaining above today highest(7916) because minor selling patterns formations were also seen today.

Next resistances above today highest are between 7900-7932 and only sustaining above 7932 will give first indication of Bullish implication after Mauritius treaty but finally next trend confirmation will be after sustaining beyond 7678-7992 after this event and should be watched despite today closing near the higher levels of the day.  

Firstly Watch Crucial Levels after Mauritius treaty like Big Event

Intra Day Chart Analysis & Market Outlook

(12-05-2016)

Nifty-Intra Day Chart (11-May-2016):-

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Technical Patterns and Formations in today intraday charts

1- Mauritius treaty news led high volatility
2- Slipping 106 points in first minute after gap down opening.
3- Recovering 112 points from lower levels in first 3 hours and trading in positive zone also.
4- slipping 78 points in next one hour
5- Whole day actual trading between 7781-7893

Conclusions from intra day chart analysis 

As whole day only volatility on that Mauritius treaty news which may have long term impact on the inflows towards Indian Stock markets therefore no view can be formed only from that 1 day highly volatile intraday charts because technical positions reverses during such high intraday volatility also.

Now we shall try to understand Indian markets through from EOD charts,levels and Trends. Correction of post Budget 2016-17 rally is still on and Long Term Trend will be understood up because last 3 sessions closing above its decider 200 Day EMA(today at 7779) but Intermediate and Short Term Trends are sideways between 7678-7992 because last 18 sessions trading within this range.

Next supports of Nifty are as follows:-

1- 7810-7855 
2- 7678-7730

Next resistances of Nifty are as follows:-

1- 7850-7890
2- 7900-7932
3- 7954-7992

Although first strong indication of next big moves will be from sustaining beyond Long Term Trend decider 200 Day EMA(today at 7779) but let Indian markets prepare after Mauritius treaty for next decisive moves between 7678-7992 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".

Finally Next supports of Nifty will confirm  Mauritius treaty news actual reaction  

Although closing near the higher levels of the day yesterday but we told following line at 06:10 PM yesterday in "Sideways Market before next Trend":-

good selling on the back of strong Global Cues can not be ruled out today

good selling was told only on the back of intraday charts analysis and result is clear that Nifty traded more than 100 points down in 1st minute today. 

Although such huge down is due to Mauritius treaty news also but there was no such news at 06:10 PM yesterday when above topic was updated.

Next supports of Nifty are between 7678-7730 and should be firstly watched after Mauritius treaty news because today reaction may be sentimental also but finally sustaining beyond this supports range will decide Long Term Trend because Long Term Trend decider 200 Day EMA is today at 7778 and Nifty is hovering it around for the last 7 sessions. Mentioned supports range will confirm actual reaction of Indian markets fundamentals because below 7678 will mean deeper correction and above 7730 will mean fresh rally after digesting Mauritius treaty news. 

Sideways Market before next Trend

Intra Day Chart Analysis & Market Outlook

(11-05-2016)

Nifty-Intra Day Chart (10-May-2016):-

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Technical Patterns and Formations in today intraday charts

1- Support between 7838-7855
2- Up moves after good gains in European markets and Dow's Futures 
3- Last more than 3 hours trading with Mixed patterns formations through both Up moves in Bearish Rising Channels and sufficient intraday correction
3- Whole day actual trading between 7838-7896

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Rally Continuation Expectations but after Fresh follow up Consolidation":-

1- today started rally will remain continued but will be slow  
2- and may sideways market also between 7810-7992 in the next 1/2 sessions

As was told 100% same happened and Nifty traded whole day between 7810-7992 and up moves were slow as well as Nifty closed 0.28% up but Indian markets under  performed all Global markets also in following manner today:-

Although most Asian markets were trading flat to positive and sentiment was moderate but Indian markets under performed and slipped 0.38% after flat opening. As soon as European markets started to move up after positive opening and Dow's Futures was also rising continuously then slow up moves were seen in Indian markets also but here also Nifty under performed because Nifty gained only 0.28% while Dow's Futures was trading more than 100 points up and all the European markets were trading 0.72% to 2.00% up.

As last more than 3 hours trading with Mixed Patterns formations and Indian markets completely under performed all Global markets also therefore view will be cautious and firstly sustaining beyond today trading range(7838-7896) should be watched tomorrow because good selling on the back of strong Global Cues can not be ruled out today.

Still Nifty will be understood sideways between 7810-7992 because lower levels supports and consolidation between 7810-7855 in last 2 sessions and previous resistances(has been updated at 06:54 PM yesterday) at higher levels within this range therefore Nifty will trade and prepare for next decisive moves within this range in the coming sessions and finally sustaining it beyond should be watched for next trend confirmations.

Rally Continuation Expectations but after Fresh follow up Consolidation

Intra Day Chart Analysis & Market Outlook

(10-05-2016)

Nifty-Intra Day Chart (09-May-2016):-

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Technical Patterns and Formations in today intraday charts

1- 50 Points jump in first minute
2- More than 4 hours consolidation between 7810-7840
3- Closing near the higher levels of the day after last hours up moves
4- Whole day actual trading between 7773-7873

Conclusions from intra day chart analysis 

Following lines were told today at 01:51 AM in "Valid Break Out of 7678-7777 will Generate One Sided Big Moves":-

1- last 3 sessions trading just above 27.0% retracement level between 7678-7777 with consolidation patterns formations within this range 
2- once sustaining above 7777 will be strong indication of on going correction completion 
3- which should be firstly watched in the beginning of next week

Consolidation patterns in last 3 sessions between 7678-7777 was told and Nifty moved up above 7777 after gaining 50 points in first minute jump today as well as today closing was near the higher levels of the day after 01.71% gains. Next resistances after today rally are as follows:-

1- 7850-7890
2- 7900-7932
3- 7954-7992

Nifty traded in last hour and closed also within above mentioned 1st resistance range but more resistances are also up lying to 7992 therefore Nifty has to consolidate for fresh rally above the top of Post Budget 2016-17 Rally(7992). 

As more than 4 hours consolidation between 7810-7840 today therefore expected that today started rally will remain continued but will be slow and may sideways market also between 7810-7992 in the next 1/2 sessions because fresh follow up consolidation is must for crossing and sustaining above mentioned resistances.

Valid Break Out of 7678-7777 will Generate One Sided Big Moves

Technical Analysis,Research & Weekly Outlook

(May 09 to May 13,2016)

Nifty-EOD Chart (06-May-2016):-

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Technical Patterns and Formations in EOD charts

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- Thirdly 11 Sessions actual trading between 7777.30-7992
5- Corrective Wave-ii of Wave-5(on Long Chart) beginning after top formation at 7992 on 28-04-2016
6- 11 Sessions trading range forcefully broken down on 03-05-2016 amid on going correction 
7- Last 4 sessions closing below Long Term Trend decider 200 Day EMA(today at 7776).
8- Correction continuation with Recent bottom of Wave-ii of Wave-5 formations at 7678.35 on 06-05-2016

Fibonacci Retracement Levels of on going correction

Nifty-EOD Chart (06-May-2016):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-i of Wave-5(on Long Chart) beginning after bottom formation at 6825.80 on 29-02-2016
2- Corrective Wave-ii of Wave-5(on Long Chart) beginning after top formation at 7992 on 28-04-2016
3- Correction continuation with Recent bottom of Wave-ii of Wave-5 formations at 7678.35 on 06-05-2016

Conclusions (After Putting All Studies Together)

It had been the peculiar character of post Budget 2016-17 rally was that Nifty turned sideways after every 1/2 sessions decisive up moves. Nifty remained sideways in 37 sessions within 3 different ranges and finally Third trading range(7777.30-7992) broken down on 03-05-2016 after correction beginning from 7992 on 28-04-2016. Now correction is on with last 4 sessions closing below Long Term Trend decider 200 Day EMA(today at 7776) which is Long Term Trend turning down indication also.

Correction is on to correct post Budget 2016-17 rally according to following Fibonacci Retracement levels of Wave-1(6826-7992):-

1- 13.0%- 7840
2- 23.6%- 7716
3- 27.0%- 7677
4- 38.2%- 7546(Crucial)
5- 50.0%- 7409(Crucial)
6- 61.8%- 7271(Crucial)
7- 70.7%- 7167
8- 76.4%- 7101
9- 78.6%- 7075 
10-88.6%- 6958 

Correction on post Budget 2016-17 rally is on and no confirmation of its completion yet but last 3 sessions trading just above 27.0% retracement level between 7678-7777 with consolidation patterns formations within this range and once sustaining above 7777 will be strong indication of on going correction completion which should be firstly watched in the beginning of next week because that will be Long Term Trend turning up confirmation also after sustaining above its decider 200 Day EMA(today at 7776). 

It is confirm that finally valid break out of 7678-7777 will generate one sided big moves in next week because:-

1- Above 7777 will mean strong indication of Post Budget 2016-17 Rally's correction completion and possibility of fresh rally above the top of Rally(7992) 
2- Below 7678 will mean fresh and sharp down moves towards next supports above 7517.

Firstly Watch Crucial levels amid High Volatility

Intra Day Chart Analysis & Market Outlook

(06-05-2016)

Nifty-Intra Day Chart (05-May-2016):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 7707-3329
2- High volatility according to the European markets.
3- Whole day actual trading between 7707-7777

Conclusions from intra day chart analysis 

Following lines were told yesterday in "7715 Will Confirm Strong Bounce above 7800":-

1- more than 1% down closing of all European markets after Red closing of all Asian markets and
2- Dow Jones is also trading more than 120 points at this moment
3- our view is turning Bullish with the expectations of fresh up moves above 7800

When sentiment was extremely depressed yesterday then we told for fresh up moves which was seen also today through Nifty whole day Green zone trading and 0.38% positive closing after intraday highest formation at 7777.55. Indian markets were highly volatile according to the volatility in European markets which will be clear from following charts:-

European markets and Nifty-Intra Day Chart (05-May-2016):-

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This peculiar character has been developed recently that many times Indian markets reacts exactly according to the moves in European markets and Dow's Futures which was seen today also as depicted above that last 3 hours of Nifty volatility is same as first 3 hours(from 12:30 PM to 03:30 PM IST) volatility in European markets. 

As technical positions reverses in such like today high volatility therefore immediate next moves will be understood according to first 1/2 hours intraday patterns formation tomorrow and firstly sustaining beyond crucial levels(7680-7777) should be watched for next immediate decisive moves confirmations.

7715 Will Confirm Strong Bounce above 7800

Intra Day Chart Analysis & Market Outlook

(05-05-2016)

Nifty-Intra Day Chart (04-May-2016):-

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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 7698-7749

Conclusions from intra day chart analysis 

Following line was told at 08:12 AM today in "Global markets pressure led Correction Continuation":-

correction continuation will be seen towards next supports between 7680-7715

As was told 100% same happened today with correction continuation towards 7680-7715 and also closing within this range at 7706.55 with today lowest also formation between this range at at 7697.25.

Although 0.52% down closing with whole day negative zone trading but whole day today trading was with  Down moves in Bullish Falling Channels therefore it will be understood that Indian markets are under consolidation process and once valid break out of mentioned supports range(7680-7715) will mean strong bounce above 7800. 

As sentiment is extremely depressed due to more than 1% down closing of all European markets after Red closing of all Asian markets and Dow Jones is also trading more than 120 points at this moment but our view is turning Bullish with the expectations of fresh up moves above 7800 in the coming 1/2 sessions because emergence of consolidation process beginning signals today. 

As no confirmation of on going correction correction completion yet and Global markets are in crashing like situation therefore for precaution valid break out of mention supports range(7680-7715) should be also firstly watched.

Global markets pressure led Correction Continuation

Intra Day Chart Analysis & Market Outlook(

04-05-2016)

Nifty-Intra Day Chart (03-May-2016):-

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Technical Patterns and Formations in today intraday charts

1- 89 Points recovery in first 30 minutes
2- More than 3 hours trading with Mixed Patterns between 7861-7890 
3- Sharp down after deep Red opening of all the European markets and 100 points fall in Dow's Futures
4- More than last 2 hours trading with Mixed Patterns in between 7736-7773
5- Whole day actual trading between 7736-7771

Conclusions from intra day chart analysis 

Following lines were told on 02-05-2016 in "Firstly Up Moves Expectations"

up moves within last 11 Sessions actual trading range(7778-7992) will be seen in the coming sessions.

As most Asian markets are trading in Red therefore following lines were told  yesterday at 07:59 AM in "Pre-open Outlook(03-05-2016)":-

up moves within last 11 Sessions actual trading range(7778-7992) will be seen in the coming sessions

89 Points up move was seen  in first 30 minutes yesterday despite most Asian markets Red zone trading but slipping sharply also after deep Red opening of all the European markets hence yesterday trading will be understood Global markets sentiments affected and not on the back of technical positions formations because more than 5 hours trading was with Mixed Patterns at higher levels and lower levels of the day. 

Although more than 5 hours trading with Mixed Patterns but yesterday closing was below the lowest of last 11 sessions amid global markets pressure and still Global markets slipping is continued therefore Apr 28,2016 started correction continuation will be seen towards next supports between 7680-7715. As Indian markets down moves are Global markets pressure led and not on the back of as such technical positions formations therefore once Global markets improvement may result sharp recovery in Indian markets also.

Pre-open Outlook(03-05-2016)

 As most Asian markets are trading in Red with some are trading more than 1% down therefore sentiment is depressed today morning and in reaction possibility of slipping below yesterday lowest after weak opening can not be ruled out but expected that finally up moves within last 11 Sessions actual trading range(7778-7992) will be seen in the coming sessions because intraday consolidation patterns formation was seen in last 2 sessions.

Firstly Up Moves Expectations

Intra Day Chart Analysis & Market Outlook

(03-05-2016)

Nifty-Intra Day Chart (02-May-2016):-

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Technical Patterns and Formations in today intraday charts

1- Most time sideways trading between 7785-7819 with consolidation patterns formations within it
3- Whole day actual trading between 7778-7829

Conclusions from intra day chart analysis 

As both opened Asian markets were trading in Red and Nikkei 225 was more than 3 down therefore whole day negative zone trading after weak opening but intraday consolidation patterns formations within most time sideways trading range therefore emergence of very Short Term up moves expectations above today highest(7829).  Consolidation was seen between 7790-7810 last Friday and follow up consolidation was seen within this range today also as well as no immediate resistance above 7829 therefore once its valid break out will mean up moves towards next resistances 7963-7991.

As consolidation patterns formations in last 2 sessions therefore expected that firstly up moves within last 11 Sessions actual trading range(7778-7992) will be seen in the coming sessions.

7790-7992 will confirm more than 3 % one sided decisive moves

Technical Analysis,Research & Weekly Outlook

(May 02 to May 06,2016)

Nifty-EOD Chart (29-Apr-2016):-

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Technical Patterns and Formations in EOD charts

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- Thirdly last 10 Sessions actual trading between 7790-7992 
5- Rally continuation with Recent top of Wave-i of Wave-5 formations at 7992 on 28-04-2016

Conclusions from EOD chart analysis 

It is the peculiar character of post Budget 2016-17 rally is that Nifty is turning sideways after every 1/2 sessions decisive up moves for the last 36 sessions and now also Nifty is range bound within 7790-7992 for the last 10 Sessions as well as finally sustaining beyond this trading range will decide next Trend. 

Previous 10 Sessions intraday charts analysis

Nifty-Intra Day Chart (Apr 13 to Apr 29,2016):-

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Technical Patterns and Formations in last 10 Sessions intraday charts

1- Previous 9 sessions actual trading between 7796-7992 with lower levels supports and higher levels selling 
2- Previous 9 sessions trading range broken down on 29-04-2016
3- Closing within Previous 9 sessions trading range after lower levels consolidation on 29-04-2016  
4- 10 Sessions actual trading between 7790-7992 

Conclusions from 10 Sessions intra day chart analysis 

Previous 9 sessions actual trading between 7796-7992 with lower levels supports and higher levels selling and this trading range was broken down on 29-04-2016 but Nifty closed also within Previous 9 sessions trading range at 7849.80 same day after lower levels good consolidation and 100 points recovery also therefore still Nifty will be understood sideways within 10 Sessions actual trading range between 7790-7992 and finally sustaining beyond this range will decide next more than 3% moves.

Previous 4 Sessions intraday charts analysis

Nifty-Intra Day Chart (Apr 26 to Apr 29,2016):-

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Technical Patterns and Formations in last 4 Sessions intraday charts

1- Support between 7823-7852 on 26-04-2016
2- Selling between 7963-7991 on 26,27 & 28-04-2016
3- Sharp fall on 28-04-2016 
4- Good consolidation on on 29-04-2016 
5- 4 Sessions actual trading between 7790-7992 

Conclusions from 4 Sessions intra day chart analysis 

As good lower levels consolidation and equally good higher levels selling also in last 4 sessions therefore firstly Nifty has to prepare for next decisive moves within last 4 Sessions actual trading range(7790-7992) and expected that Nifty will firstly trade and prepare for next decisive moves within this crucial range in the beginning of next week.

Intra Day Chart Analysis(29-04-2016)

Nifty-Intra Day Chart (29-Apr-2016):-

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Consolidation Patterns between 7790-7810
3- Whole day actual trading between 7790-7889

Conclusions from intra day chart analysis 

Although most Asian markets were trading in deep Red after more than 1% negative closing of US markets last Thursday but Indian markets traded most time flat to positive in first 3 hours and moved down sharply only after deep Red opening of European markets. As Indian markets flat closing amid all the Global markets closing in Red and some closed more than 2.5% down also therefore it is clear that Indian markets completely out performed all Global markets last Friday which is a sign of Indian markets strength.  

AS firstly down moves in Bullish Falling Channel and after that lower levels consolidation between 7790-7810 therefore it will be immediate support of Nifty and until Nifty will not sustain below 7790 after complete selling till then decisive down moves will not be seen and follow up consolidation in the beginning on next week will mean first strong signal of last Thursday started correction completion as well.

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Short Term Trend is sideways between 7790-7992.
2- Intermediate Term Trend is up 
3- Long Term Trend is up after last 10 sessions closing above it decider 200 Day EMA(today at 7777).

As post Budget Rally is correcting in sideways trading range and deeper correction is not being seen as well as Long Term Trend turning up confirmation through last 10 sessions closing above it decider 200 Day EMA(today at 7777) therefore still rally continuation will be considered but follow up consolidation is must within last 10 sessions trading range(7790-7992) because good selling was seen between 7963-7991 in last 4 sessions.

Intraday good consolidation above 7790 last Friday and it will be understood first indication of some up moves in the beginning of next week but until nifty will not sustain above 7992 after complete consolidation till then decisive up moves will not be seen therefore firstly sustaining beyond 7790-7992 should be watched in next week for more than 3 % one sided decisive moves.

As busy therefore Stock Market Outlook of today is not being updated but Mid-session Outlook may be updated during trading hours today.

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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Technical Patterns and Formations in today intraday charts

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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USDINR-Intra Day Chart (26-Apr-2016):-

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Technical Patterns and Formations in today intraday charts

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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Technical Patterns and Formations in today intraday charts

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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As more than last 5 hours trading was with Mixed Patterns formations and intraday sentiment of today was effected from Global markets moves therefore firstly valid break out of following levels should be watched for next immediate moves confirmations:-

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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Technical Patterns and Formations in EOD charts

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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Technical Patterns and Formations in EOD charts

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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Technical Patterns and Formations in last 4 Sessions intraday charts

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.  

That impulsive Wave-i of Wave-5 which begun from 6825.80 on 29-02-2016 is in continuation after last 5 sessions closing above Long Term Trend decider 200 Day EMA(today at 7771). It has been seen in this rally that Nifty is not giving deeper correction after any decisive up moves but crrecting in sideways ranges. Now last 4 sessions sideways trading between 7842.75-7978.45 and once sustaining above it will mean 96 sessions Inverse Head & Shoulders Pattern's Neckline(7980) broken out confirmation which will confirm next rally above life time high at 9134.20. 

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):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

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.