Post-open Outlook(19-08-2016)

Selling patterns formations between 8671-8690 in last 5 hours yesterday and today first hour most time trading within it with some indications of consolidations.  Although now trading only 2 points down but will be safer to watch valid break out of 8671-8690 for first strong indication of next decisive moves.

Firstly Watch last 21 sessions trading range amid Deeper Correction Possibility

Intra Day Chart Analysis & Market Outlook

(19-08-2016)

Nifty-Intra Day Chart (18-Aug-2016):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8651-8663
2- Selling between 8678-8690
3- Selling between 8671-8678
4- Whole day actual trading between 8651-8690

Conclusions from intra day chart analysis 

Firstly consolidation after strong opening and after that up moves also but selling patterns formations developed in last 5 hours of the day therefore down moves below today lowest(8645.05) can not be ruled out in the coming sessions.

Following resistances were updated at 08:14 AM on 16-08-2016 in "Valid break out last 18 sessions sideways trading range will confirm next trend":-

1- 8664-8684
2- 8686-8710
3- 8708-8723

Nifty failed to sustain above 1st resistance and selling patterns were also seen in last 3 sessions therefore once slipping below last 3 sessions lowest(8600) will mean correction possibility towards following supports:-


1- 8546-8565
2- 8518-8540
3- 8476-8506
4- 8448-8463

Last 21 sessions sideways market between 8518-8728 and its valid down will confirm Intermediate Term Correction of Post Budget rally which has already gained 1902 points in last 6 months and its correction is very much due now because Oscillators have turned overbought on weekly Charts and some have started to show negative divergence also. 

Multiple supports between 8448-8565 and once valid break down of 8448 will mean sharp fall towards 8303 and below it also but firstly sustaining beyond last 21 sessions trading range(8518-8728) should be watched for next trend confirmations amid above mentioned deeper correction possibility because Post Budget rally is having character of rally continuation after consolidation within sideways market since its beginning from 29-02-2016.  

Intra Day Chart Analysis & Market 

Outlook(18-08-2016)

Nifty-Intra Day Chart (17-Aug-2016):-

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Technical Patterns and Formations in today intraday charts

1- Up moves in Bearish Rising Channel
2- Consolidation between 8633-8642
3- Sharp up
4- Down moves in Bullish Falling Channel
5- Selling between 8617-8630
6- Whole day actual trading between 8604-8687

Conclusions from intra day chart analysis 

Although firstly up moves in Bearish Rising Channel but lower levels consolidation was also seen 8633-8642 therefore following lines were told today at 10:15 AM in "Post-open Outlook(17-08-2016)":-

1- today intraday charts are showing some consolidation indications 
2- therefore view will watchful and valid break out of yesterday trading range(8601-8682) should be watched for next decisive moves confirmations.

As some consolidation therefore up moves with new intraday highest formation was also seen but as soon as European markets and Dow's Futures slipped fast from higher levels then Indian markets also moves down fast and new intraday lowest formation was also seen as well as new intraday highest and lowest formation was also seen within 1 hour.

As both intraday consolidation and selling patterns were seen today therefore valid break out of yesterday trading range(8601-8682) should be watched for next decisive moves confirmations but final trend will be decided through sustaining beyond last 20 sessions trading range(8518-8728). 

Nifty is not trending and sideways for the last 20 sessions within 210 points between 8518-8728 and next decisive moves will be seen only after sustaining it beyond otherwise today like volatility without any specific technical position formation within this range can not be ruled out in the coming sessions.

Post-open Outlook(17-08-2016)

Although flat market since opening today and now trading in Red also but today intraday charts are showing some consolidation indications therefore view will watchful and valid break out of yesterday trading range(8601-8682) should be watched for next decisive moves confirmations.

Down Moves below Today Lowest

Intra Day Chart Analysis & Market Outlook

(17-08-2016)

Nifty-Intra Day Chart (16-Aug-2016):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8668-8682
2- Support between 8601-8621
3- Selling indications in last hour between 8639-8652
4- Whole day actual trading between 8601-8682

Conclusions from intra day chart analysis 

Although lower levels supports but sufficiently good selling today therefore down moves are expected below today lowest(8601). As both intraday supports and selling therefore firstly trading with volatility within today trading range can not be ruled out but high possibility of slipping below today lowest after follow up selling within and near about today trading range.

Valid break out last 18 sessions sideways trading range will confirm next trend

Technical Analysis,Research & Weekly Outlook

(Aug 16 to Aug 19,2016)

Nifty-EOD Chart (12-Aug-2016):-

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Technical Patterns and Formations in EOD charts

1- Corrective Wave-A of 'ABC' beginning after life time high formation at 9119.20 on 04-03-2015
2- Wave-A(7940.30 on 12-06-2015)
3- Wave-B(8654.75 on 23-07-2015)
4- Corrective Wave-C completion at 6825.80 on 29-02-2016 and Wave 1 of fresh Rally beginning
5- Wave-1(7583.70 on 14-03-2016)
6- Wave-1 gained 757.90 points  
7- Wave-2(7405.20 on 16-03-2016)
8- Wave-3(8288.90 on 08-06-2016)
9- Wave-3 gained 883.70 points
10- Wave-4(7927.10 on 24-06-2016)
11- Wave-5 continuation with recent top formation at 8728.40 on 09-08-2016
12- On Going Wave-5 has gained 801.30 points till now 
13- Previous 18 sessions sideways trading between 8518-8728 from 25-07-2016 

Previous 18 sessions Intra Day Chart Analysis

Nifty-Intra Day Chart (Jul 25  to Aug 12,2016):-

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Technical Patterns and Formations in last 18 Sessions intraday charts

1- Previous 18 sessions sideways trading between 8518-8728 from 25-07-2016 to 12-08-2016. 
2- Higher levels resistances and lower levels supports within previous 18 sessions trading range. 

Conclusions from 18 Sessions intra day chart analysis 

Previous 18 sessions sideways trading between 8518-8728 with higher levels resistances and lower levels supports therefore therefore valid break out of this range will decide next trend.

Intra Day Chart Analysis(12-08-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Selling patterns formation between 8664-8684
2- Consolidation patterns formation between 8632-8650
3- Whole day actual trading between 8605-8684

Conclusions from intra day chart analysis 

Although 0.93% Green closing after whole day positive zone trading but selling patterns formations also therefore sustaining above day's highest after fresh consolidation is must for next decisive up moves. As consolidation patterns were also seen after some slipping therefore on going rally continuation hopes are very much alive after follow up consolidation.

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Long Term Trend is up. 
2- Intermediate Term Trend is up. 
3- Short Term Trend is sideways for the last 18 sessions between 8518-8728 with following resistances within this range at higher levels:-

1- 8664-8684
2- 8686-8710
3- 8708-8723

As last 18 sessions sideways trading between 8518-8728 with above resistances therefore Waves have been counted differently which is suggesting minimum Intermediate Term correction of whole Post Budget Rally 2016-17 but valid break down of 8518 will be correction beginning confirmation which should also be watched if Nifty fails to sustainin above last 18 sessions highest(8728)

Maximum target of on going Waves structure is at 8810.80 as per following calculations:-

As per Elliott Wave theory "Wave-3 should never be shorter than both Wave-1 and Wave-5. Now Wave-5 is on and it should not gain more points than Wave-3.

Wave-3 gained=883.70 points(8288.90-7405.20)

It means on going Wave-5 will not gain more than 883.70 points which started from 7927.10. Therefore maximum target of on going Wave-5 will be:-
7927.10+883.70=8810.80

Till now on going Wave-5 has gained 801.30(8728.40-7927.10) points but can not gain more than 883.70 points. It means that if on going Wave-5 fails to move above 8810.80 and sustains below 8518 then that will be confirmation of post Budget Rally 2016-17's correction which may be deeper also.

As Post Budget rally has already gained 1902 points in last 6 months and Oscillators have turned overbought on weekly Charts as well as some have started to show negative divergence therefore its correction is very much due now and firstly valid break out of last 18 sessions range(8518-8728) should be watched in next week but Nifty should not move above 8810.80 otherwise Waves will be counted in that manner which has been updated in previously Weekly Analysis topics. 

Last 18 sessions sideways market between 8518-8728 and its valid break out will confirm next trend in above mentioned manner which should be firstly watched in next week.

समस्त भारतवासियों को 70 वें स्वतंत्रता दिवस की हार्दिक शुभकामनायें 

Wishing you all Indians Happy 70th Independence Day

Correction Continuation/Completion Confirmations through Crucial Levels

Intra Day Chart Analysis & Market Outlook

(12-08-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Up moves in Bearish Rising Channels
2- Selling between 8590-8601
3- Consolidation between 8541-8560
4- Down moves in Bullish Falling Channel
5- Whole day volatility in 60 points
6- Whole day actual trading between 8541-8601

Conclusions from intra day chart analysis 

Whole day volatility in 60 points with both consolidation and distribution patterns formations are suggesting to get on going correction continuation/completion confirmations through following crucial levels:-

1- 8518-8612(First indication)
2- 8478-8650(Final confirmation)

Sustaining beyond above levels will confirm:- 

1- Below 8478- correction continuation towards 8289.
1- Above 8650- Fresh rally towards 8728 and above after on going correction completion.

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

8626 Will confirm correction continuation towards 8518 

Intra Day Chart Analysis & Market Outlook

(10-08-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Selling between 8686-8710
2- Support between 8639-8661
3- Selling between 8673-8686
4- Whole day actual trading between 8639-8710

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Firstly Watch 8708-8723 for next trend after RBI Credit Policy ":-

1- Distribution Patterns between 8708-8723
2- finally sustaining beyond today selling range(8708-8723) should be firstly watched tomorrow for fresh rally above 8723 or Short Term correction below 8708.

Selling between 8708-8723 was told yesterday and almost whole day trading below it today with fresh selling. Although some supports at lower levels of the day above 8639 but again selling between 8673-8686 during last hour of the day.

As sufficiently good selling between 8673-8723 in last 2 sessions therefore correction continuation and more down moves can not be ruled out but some supports developed between 8639-8661 today which are within next immediate supports range(8626-8652). Next supports below 8626 are between 8518-8541 and once valid break down of 8626 will confirm on going correction continuation towards 8518.

Firstly Watch 8708-8723 for next trend after RBI Credit Policy  

Intra Day Chart Analysis & Market Outlook

(09-08-2016)

Nifty-Intra Day Chart (08-Aug-2016):-

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Technical Patterns and Formations in today intraday charts

1- Distribution Patterns between 8708-8723
2- Whole day actual trading between 8698-8723

Conclusions from intra day chart analysis 

Although whole day positive zone trading after gap up opening and Green closing as well but selling patterns formations and completely under performance against all Global markets therefore an indication of some weakness developed today. RBI Credit Policy tomorrow and its announcements will decide next Short Term Trend but forceful break out of today highest or sustaining above today highest is must for fresh rally. 

As high volatility can not be ruled out just before RBI Credit Policy and technical positions reverses also amid high volatility as well as Doji(indecision) candle formation today therefore finally sustaining beyond today selling range(8708-8723) should be firstly watched tomorrow for fresh rally above 8723 or Short Term correction below 8708.

Rally Continuation above the top of on going Rally

Technical Analysis,Research & Weekly Outlook

(Aug 08 to Aug 12,2016)

Nifty-EOD Chart (05-Aug-2016):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning after bottom formation at 6825.80 on 29-02-2016
2- Wave-1(7992 on 28-04-2016)  
3- Wave-2(7678.35 on 06-05-2016)
4- Wave-i of Wave-3(8294.95 on 07-06-2016)
5- Wave-ii of Wave-3(7927.05 on 24-06-2016)
6- Wave-iii of Wave-3 continuation with recent top formation at 8711.30 on 01-08-2016 
7- Short Term Correction between 8518-8711 in previous week

Conclusions from EOD chart analysis 

Impulsive Wave-iii of Wave-3 continuation with recent top formation at 8711.30 on 01-08-2016) and sideways correction was seen between 8518-8711 in previous week.

Intra Day Chart Analysis(05-08-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8626-8652
2- Whole day actual trading between 8615-8689

Conclusions from intra day chart analysis 

63 Points sharp up in first minute after gap up opening and higher levels consolidation at 0.90% higher levels as well as closing at higher levels of the day after sudden sharp recovery in last half hour are strong indications of rally continuation of on going rally.

Conclusions (After Putting All Studies Together)

Trends of Nifty are as follows:-

1- Long Term Trend is up. 
2- Intermediate Term Trend is up. 
3- Short Term Trend is sideways between 8518-8711 for the last 9 sessions.

Following lines were told on 01-08-2016 in "Rally continuation Expectations":-

1- As Short/Intermediate Term Indicators have turned overbought therefore correction is very much due
2- on going Wave-iii of Wave-3 will remain continued in the coming week.

Correction was very much due and it was seen in previous week through sideways trading between 8518-8711 but on going Wave-iii of Wave-3 also remained continued and previous week closing was at the top of not only previous week top but also at highest of on goint rally. Although Nifty firstly slipped in previous 3 sessions but without intraday selling patterns formations and sufficiently good consolidation patterns were also seen in last 3 sessions therefore on going rally continuation is expected in the coming week above the top(8711.30) of on going Post Budget 2016-17 rally. 

Up Moves Expectations

Intra Day Chart Analysis & Market Outlook

(05-08-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8518-8541
2- Whole day actual trading between 8518-8589

Conclusions from intra day chart analysis 

Although slipping 81 points within first 18 minutes but lower levels consolidation patterns formations also therefore up moves are expected in the coming sessions. As whole day intraday consolidation pattern formations yesterday also therefore strong signals of last Monday started correction completion as well as high possibility of rally continuation above the top(8711.30) of on going rally.

Rally Continuation after Correction Completion

Intra Day Chart Analysis & Market Outlook

(04-08-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channels
2- Consolidation between 8545-8548
3- Whole day actual trading between 8530-8635

Conclusions from intra day chart analysis 

Although 0.91% down closing near the lower levels of the day after whole day negative zone trading today but good intraday consolidation patterns formations therefore expected that fresh up moves will be seen in the coming sessions and strong signals of last Monday started correction completion as well as high possibility of rally continuation above the top(8711.30) of on going rally. 

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

Firstly watch 8574-8711 for next Trend Confirmations

Intra Day Chart Analysis & Market Outlook

(02-08-2016)

Nifty-Intra Day Chart (01-Aug-2016):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8683-8711(Immediate Resistances)
2- Last 3 hours mixed Patterns between 8591-8643
3- Whole day actual trading between 8591-8711

Conclusions from intra day chart analysis

Rally continuation was expected and Nifty traded 72 points also in first 2 hours today but fresh selling developed and Nifty slipped from higher levels. Immediate supports were between 8574-8595 and Nifty got supports within it in last 3 hours but with mixed Patterns between 8591-8643 therefore follow up fresh consolidation is firstly required for fresh up moves above today highest(8711)

As immediate supports and resistances are between 8574-8711 therefore Nifty has to prepare for next decisive moves within and near about this range and finally valid break out of this range will decide next trend which should be firstly watched for confirmations.  

Rally continuation Expectations

Technical Analysis,Research & Weekly Outlook

(Aug 01 to Aug 05,2016)

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

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-1 beginning after bottom formation at 6825.80 on 29-02-2016
2- Wave-1(7992 on 28-04-2016)  
3- Wave-2(7678.35 on 06-05-2016)
4- Wave-i of Wave-3(8294.95 on 07-06-2016)
5- Wave-ii of Wave-3(7927.05 on 24-06-2016)
6- Wave-iii of Wave-3 contimuation with recent top formation at 8674.70 on 28-07-2016) 

Conclusions from EOD chart analysis 

Rally is very much on and its continuation is expected because selling patterns formations not seen on EOD charts.

Intra Day Chart Analysis(29-07-2016)

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

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 8637-8653
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 8632-8670

Conclusions from intra day chart analysis 

Although closing near the lower levels of the day in sideways 38 points whole day trading but intraday patterns are showing good consolidation patterns formations therefore expected that on going rally will remain continued despite 0.32% negative closing last Friday.

Conclusions (After Putting All Studies Together)

All trends are up and rally is very much on as well as its continuation is expected because consolidation patterns formations was seen in last 2 sessions intraday charts. It is confirm that until clear and complete selling patterns will not develop on EOD and intraday charts till then Short/Intermediate Term correction will not be seen.

As Short/Intermediate Term Indicators have turned overbought therefore correction is very much due but that will happen only after suficient selling patterns formations which has not developed yet therefore on going Wave-iii of Wave-3 will remain continued in the coming week.

Intra Day Chart Analysis & 

Market Outlook(29-07-2016)

Nifty-Intra Day Chart (28-Jul-2016):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation Patterns between 8631-8653
2- Whole day actual trading between 8626-8674

Conclusions from intra day chart analysis

Last 2 sessions selling at higher levels of previous resistance range(8575-8652) but fresh consolidation Patterns formations within it between 8631-8653 therefore once sustaining above it will mean fresh fast rally which is expected also after good consolidation today and  next resistances are above 8800 

Intra Day Chart Analysis & Market Outlook(28-07-2016)

Nifty-Intra Day Chart (27-Jul-2016):-

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Technical Patterns and Formations in today intraday charts

1- Firstly Up moves in Bearish Rising Channel
2- Afterwards Down moves in Bullish Falling Channel
3- Last 4 hours Mixed Patterns between 8573-8610
4- Whole day actual trading between 8573-8665

Conclusions from intra day chart analysis 

Following lines were told yesterday in "Intra Day Chart Analysis & Market Outlook(27-07-2016)":-

1- fresh selling was seen today between 8634-8644 which is within previous sessions updated resistance range(8575-8652).
2- As follow up selling within mentioned resistance range(8575-8652) and it has become stronger today

Although strong up moves immediately after opening but not sustaining at higher levels because follow up selling within resistance range was seen yesterday. As only intraday volatility and as such one sided technical position not formations therefore next decisive moves confirmations will be from vaild break out of 8444-8665 which should be firstly watched in the coming sessions.  

Intra Day Chart Analysis & 
Market Outlook(27-07-2016)

Nifty-Intra Day Chart (26-Jul-2016):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8634-8644(Immediate Resistances)
2- Whole day actual trading between 8578-8644

Conclusions from intra day chart analysis 

Last 10 sessions sideways trading between 8444-8595 and this range was broken out yesterday despite weaker Global markets sentiments therefore finally rally continuation was expected but fresh selling was seen today between 8634-8644 which is within previous sessions updated resistance range(8575-8652). As today closing also between last 10 sessions sideways trading range(8444-8595) at 8590,65 therefore yesterday break out of 10 sessions range may be false.

As follow up selling within mentioned resistance range(8575-8652) and it has become stronger today therefore more down moves can not be ruled out and complete fresh consolidation is firstly required for decisive up moves above immediate resistance range highest(8652).

Following conclusive line is being repeated which was told on 24-07-2016 in "Valid break out of 8595/8652 will mean Bullish Gates opening":-

valid break out of 8444-8652 should be firstly watched for next decisive moves confirmations. 

Rally continuation Expectations

Intra Day Chart Analysis & Market Outlook

(26-07-2016)

Nifty-Intra Day Chart (25-Jul-2016):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Whole day up moves
2- Whole day actual trading between 8518-8641

Conclusions from intra day chart analysis 

Following line was told yesterday in "Valid break out of 8595/8652 will mean Bullish Gates opening":-

As intraday consolidation patterns formations were seen last Friday therefore some up moves can not be ruled out in the beginning of next week 

As was told yesterday 100% same happened today and whole day up moves up moves were seen today.

Although flat to weak all Asian markets today morning but Indian markets completely out performed all Global markets and good recovery from lower levels after weak opening today.

Immediate resistances between 8575-8652 were also updated yesterday and Nifty closed within this range today,once its valid break out will mean fresh fast rally because next resistances are above 8800.

Last 10 sessions sideways trading between 8444-8595 and this range is broken out today amid weaker Global markets sentiments therefore expected that finally today started rally will remain continued above 8652 and without sustaining below 8652.