As I shall be busy therefore Blog will be updated after 2/3 days

Pre-closing Outlook(23-10-2013)

Nifty is now trading at 6180 but when was trading at 5125 then following lines were told at 01:17 PM in previous Outlook:-

1- intraday patterns of today are showing consolidation formations
2- expected that rally will remain continued in the coming sessions and in next week after on going very short term correction completion.

As all the Global markets turned in deep Red and Dow's Futures also moved 85 points down therefore sentiment was depressed and resultant Indian markets also slipped. Intraday patterns were showing consolidation formations therefore expectations of rally continuation after on going very short term correction completion was told and same view is being repeated now.

Mid-session Outlook-2(23-10-2013)

Although Nifty is now trading at 5125 and 77 points down at this moment but intraday patterns of today are showing consolidation formations therefore expected that rally will remain continued in the coming sessions and in next week after on going very short term correction completion.

Mid-session Outlook(23-10-2013)

Although US markets closed positive yesterday but its futures started slipping since opening today and now Dow's Futures is 50 points down,resultant all the Asian markets also declined from intraday higher levels and all are trading in Red barring Straits Times.

Indian markets also followed Global sentiment and slipped below next trend deciding range(6164-6221). Although next decisive moves confirmation will be after valid break out of 6164-6221 but expected that Nifty will finally sustain above 6221 despite now trading at 6166 because all trends are up and today down moves are only a part of very short term correction as well as today intraday charts are showing consolidation patterns formations.

Technical Analysis and Market Outlook(23-10-2013)

Nifty-Intra Day Chart (22-Oct-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation and supports between 6185-6200
2- Down moves in Bullish Falling Channel.
3- Whole day actual trading between 6185-6220

Conclusions from intra day chart analysis 

Although closing with minor losses but lower levels good consolidation and supports as well as down moves in Bullish Falling Channel therefore expected that on going rally will remain continued in the coming sessions and next decisive moves confirmation will be valid break out of 6164-6221.

Pre-closing Outlook(22-10-2013)

Whole day narrow range market with lower levels supports and consolidation patterns formations as well therefore rally continuation hopes are alive without deeper correction and next decisive moves confirmation will be valid break out of 6164-6221.

Mid-session Outlook(22-10-2013)

Although negative zone trading for the last more than 2 hours after slipping from higher levels today but intraday charts are showing consolidation indications therefore rally continuation hopes are still alive without deeper correction and next decisive moves confirmation will be valid break out of 6164-6221.

Technical Analysis and Market Outlook(22-10-2013)

Nifty-Intra Day Chart (21-Oct-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation and supports between 6164-6190
2- Selling indications between 6196-6204
2- Down moves in Bullish Falling Channel.
3- Whole day actual trading between 6164-6218

Conclusions from intra day chart analysis 

As lower levels consolidations with supports and Bullish Falling Channel formations today therefore finally up moves are expected but selling indications also seen at higher levels therefore some more follow up consolidations is also must in the coming sessions.

Pre-closing Outlook(21-10-2013)

As sentiment was heated and Short term indicators were overbought therefore some intraday/very short term correction was expected and it was seen within sideways markets with consolidations patterns today. Finally up moves are expected after some more follow up consolidations in the coming sessions.

Mid-session Outlook(21-10-2013)

Sideways markets with consolidations patterns today therefore finally up moves are expected.

Minimum target of Nifty at 6724.60
Technical Analysis,Research & Weekly Outlook

(Oct 21 to Oct 25,2013)

Nifty-EOD Chart (18-Oct-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Bottom formation at 5118.85 on 28-08-2013 and Wave-1 beginning
2- Wave-1(6142.50 on 19-09-2013) completion and 'ABC' correction continuation.
3- Wave-2(5700.95 on 21-10-2013) completion and Wave-3 continuation.
4- Wave-3 continuation and recent top formation at 6201.45 on 18-10-2013.

Conclusions from EOD chart analysis 

Impulsive Wave-3 continuation and as per Elliot Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5" therefore Wave 3 will move up more than Wave-1.

Wave-1 gained 6142.50-5118.85=1023.65

Wave-3 started from 5700.95 and and as per Elliot Wave theory it should gain minimum 1023.65 because it can not be shorter than Wave-1 therefore its minimum target is at:-

5700.95(Wave-3 started)+1023.65 Wave-1 gained=6724.60

As sentiment is heated and Short term indicators are overbought therefore some intraday/very short term corrections may be seen any day but as per Elliot Wave theory Nifty is well set for rally towards minimum target at 6724.60. 

Nifty Spot-Weekly Levels & Trading Strategy(Oct 21 to Oct 25,2013)

Nifty Spot-Weekly Levels

R3 6417
R2 6309
R1 6249
Avg 6141
S1 6081
S2 5973
S3 5913

Nifty Spot-Weekly Trading Strategy 

H6 6361     Trgt 2
H5 6321     Trgt 1
H4 6281     Long breakout
H3 6235     Go Short
H2 6219
H1 6204
L1 6173
L2 6158
L3 6142     Long
L4 6096     Short Breakout
L5 6056     Trgt 1
L6 6016     Trgt 2

Bank Nifty Spot-Weekly Levels & Trading Strategy(Oct 21 to Oct 25,2013)

Bank Nifty Spot-Weekly Levels

R3 11437
R2 11110
R1 10927
Avg 10600
S1 10417
S2 10090
S3 9907

Bank Nifty Spot-Weekly Trading Strategy 

H6 11277     Trgt 2
H5 11150     Trgt 1
H4 11024     Long breakout
H3 10884     Go Short
H2 10837
H1 10790
L1 10697
L2 10650
L3 10603     Long
L4 10463     Short Breakout
L5 10337     Trgt 1
L6 10210     Trgt 2