Although Nifty is going to close flat after whole day down moves but rally will be seen in next week.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Mid-session Outlook-2(02-05-2014)
Although whole day slipping from higher levels but today intraday charts are showing consolidation pattern of Bullish Falling Channel therefore finally up moves are expected in next week despite now trading flat after loosing all intraday gains.
Mid-session Outlook(02-05-2014)
Although slipping from higher levels after positive opening but today intraday charts are showing consolidation patterns indications therefore emergence of fresh up moves expectations. As good resistances are between 6747-6785 therefore complete consolidation is required between 6651-6785 for decisive rally above 6785.
Technical Analysis and Market Outlook(02-05-2014)
Nifty-Intra Day Chart (30-Apr-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6747-6780
2- Consolidation between 6656-6686
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 6656-6780
Firstly sharp up immediately after opening and selling at higher levels but after that down moves in Bullish Falling Channel and lower levels good supports above 6651 as well therefore still Indian markets will be understood sideways between 6651-6861 despite more than 100 points slipping from higher levels and Red zone closing.
19 sessions market between 6651-6861 and following support was posted many times in previous Outlook:-
As Nifty reversed from 6656.80 after follow up consolidation within mentioned support range on 30-04-2014 therefore previous support strengthened and until Nifty will not sustain below 6651 till then any deeper correction will not be considered. Firstly Nifty will remain sideways between 6656-6780 tomorrow and prepare for next trend/decisive moves after Parliament Election results. Finally expected that Nifty will not sustain below 6651 and up moves will be seen after follow up consolidation in the coming sessions.
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1- Selling between 6747-6780
2- Consolidation between 6656-6686
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 6656-6780
Conclusions from intra day chart analysis
Firstly sharp up immediately after opening and selling at higher levels but after that down moves in Bullish Falling Channel and lower levels good supports above 6651 as well therefore still Indian markets will be understood sideways between 6651-6861 despite more than 100 points slipping from higher levels and Red zone closing.
19 sessions market between 6651-6861 and following support was posted many times in previous Outlook:-
Supports between 6651-6671
As Nifty reversed from 6656.80 after follow up consolidation within mentioned support range on 30-04-2014 therefore previous support strengthened and until Nifty will not sustain below 6651 till then any deeper correction will not be considered. Firstly Nifty will remain sideways between 6656-6780 tomorrow and prepare for next trend/decisive moves after Parliament Election results. Finally expected that Nifty will not sustain below 6651 and up moves will be seen after follow up consolidation in the coming sessions.
Pre-closing Outlook(30-04-2014)
Although strong recovery immediately after opening today but we told for confirmation through sustaining above 6765 in both previous Outlooks and Nifty could not sustain above 6765 as well as slipped more tahn 100 points but until Nifty will not sustain below 6650 till then deeper correction will not be considered.
Indian Markets towards next Huge Moves
Mid-session Outlook(30-04-2014)
Indian markets are not trending and sideways as well as preparing for next direction or may be very big moves beyond 6651-6861. 3 Sessions(including today) trading between 5709-5786 with following trading patterns:-
1- Consolidation between 6750-6765 on 28-04-2014 but sharp down moves below it on 29-04-2014
2- Selling between 6738-6760 on 29-04-2014 but sharp up moves above it today
18 Sessions trading between 6651-6861 with good supports at lower levels and equally good selling also at higher levels within this range. Expected that Nifty will prepare within this range for next decisive trend between 6651-6861 and forceful break out of this range will be seen on following dates:-
1- On 13-05-2014- After Exit Poll results on 12 May evening.
2- On 16-05-2014- After election results.
Let Nifty prepare for next decisive huge moves beyond 6651-6861 then will be updated according to intraday charts patterns formation in the same manner as being done for the last more than 5 years.
Today sharp up move is also 1st strong signal of fresh rally beginning but confirmation is must through sustaining above 6765/6780.
Post-open Outlook(30-04-2014)
Strong recovery from lower levels and Indian markets are out performing Asian markets as well. Although good consolidation was seen between 6750-6765 on 28-04-2014 but fast down moves below it were seen yesterday. Now Nifty is trading between 6750-6765 and once sustaining above 6765 will mean rally continuation toward 6861 and still sideways market will be understood between 6651-6861.
Technical Analysis and Market Outlook(30-04-2014)
Nifty-Intra Day Chart (29-Apr-2014):-
Technical Patterns and Formations in today intraday charts
1- Almost whole day trading between 6720-6760
2- Selling between 6738-6760
3- Whole day actual trading between 6709-6776
Correction continuation and today closing near the lowest of the day after higher levels selling amid almost whole day side ways trading between 6720-6760. As good supports just below today lowest therefore complete follow up selling is required for decisive down moves below 6651 and once sustaining below it will mean deeper correction.
Following lines should be kept in mind for next trend confirmation which were told at 01:11:00 AM on 28-04-2014 in Technical Analysis,Research & Weekly Outlook(Apr 28 to May 02,2014):-
All trends are up and impulsive Wave-iii of Wave-3 continuation but oscillators are showing negative divergence in overbought zone therefore correction is very much due. As Bearish Rising Wedge formation in last 13 sessions therefore emergence of correction possibility and next supports/resistances are as follows:-
1- Resistances between 6841-6861
2- Resistances between 6818-6836
3- Supports between 6720-6740
4- Supports between 6685-6703
5- Supports between 6651-6671
Indian markets are highly Bullish and many times such markets correct time wise in side ways moves and not price wise therefore possibility of side ways market trading range is 6651-6861 and:-
1- Sustaining below 6651 will be deeper correction confirmation because Bearish Rising Wedge formation in last 13 sessions.
2- Sustaining above 6861 will be fresh rally beginning after Short Term Correction confirmation.
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| Just click on chart for its enlarged view |
1- Almost whole day trading between 6720-6760
2- Selling between 6738-6760
3- Whole day actual trading between 6709-6776
Conclusions from intra day chart analysis
Correction continuation and today closing near the lowest of the day after higher levels selling amid almost whole day side ways trading between 6720-6760. As good supports just below today lowest therefore complete follow up selling is required for decisive down moves below 6651 and once sustaining below it will mean deeper correction.
Following lines should be kept in mind for next trend confirmation which were told at 01:11:00 AM on 28-04-2014 in Technical Analysis,Research & Weekly Outlook(Apr 28 to May 02,2014):-
All trends are up and impulsive Wave-iii of Wave-3 continuation but oscillators are showing negative divergence in overbought zone therefore correction is very much due. As Bearish Rising Wedge formation in last 13 sessions therefore emergence of correction possibility and next supports/resistances are as follows:-
1- Resistances between 6841-6861
2- Resistances between 6818-6836
3- Supports between 6720-6740
4- Supports between 6685-6703
5- Supports between 6651-6671
Indian markets are highly Bullish and many times such markets correct time wise in side ways moves and not price wise therefore possibility of side ways market trading range is 6651-6861 and:-
1- Sustaining below 6651 will be deeper correction confirmation because Bearish Rising Wedge formation in last 13 sessions.
2- Sustaining above 6861 will be fresh rally beginning after Short Term Correction confirmation.
Pre-closing Outlook(29-04-2014)
As heavy selling developed immediately after opening therefore next supports were updated at 09:37:00 AM in previous Outlook and Nifty got support between 1st support range and some recovery also seen but follow up selling was also seen above 6740.
Following line was told at 01:11:00 AM on 28-04-2014 in Technical Analysis,Research & Weekly Outlook(Apr 28 to May 02,2014)
Following line was told at 01:11:00 AM on 28-04-2014 in Technical Analysis,Research & Weekly Outlook(Apr 28 to May 02,2014)
As Bearish Rising Wedge formation in last 13 sessions therefore emergence of correction possibility
As some selling was also seen today therefore some more down moves can not be ruled out and finally sustaining beyond 6651 should be watched for deeper correction continuation / correction completion.
Post-open Outlook-2(29-04-2014)
Heavy selling immediately after opening today and following supports should be watched now:-
1- Supports between 6720-6740
2- Supports between 6685-6703
3- Supports between 6651-6671
1- Supports between 6720-6740
2- Supports between 6685-6703
3- Supports between 6651-6671
Technical Analysis and Market Outlook(29-04-2014)
Nifty-Intra Day Chart (28-Apr-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 6750-6765
2- Multiple 6 supports at lower levels.
3- Higher levels selling.
4- Whole day actual trading between 6750-6786
Whole day 36 points range bound negative zone trading between 6750-6786 with lower levels good consolidation and multiple supports but minor selling was also seen at higher levels therefore valid break out of today trading range will be next immediate moves confirmation. As today intraday trading patterns are showing good consolidation patterns therefore high possibility of decisive up moves above today highest(6786.25) despite today closing near the lower of the day.
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| Just click on chart for its enlarged view |
1- Consolidation between 6750-6765
2- Multiple 6 supports at lower levels.
3- Higher levels selling.
4- Whole day actual trading between 6750-6786
Conclusions from intra day chart analysis
Whole day 36 points range bound negative zone trading between 6750-6786 with lower levels good consolidation and multiple supports but minor selling was also seen at higher levels therefore valid break out of today trading range will be next immediate moves confirmation. As today intraday trading patterns are showing good consolidation patterns therefore high possibility of decisive up moves above today highest(6786.25) despite today closing near the lower of the day.
Pre-closing Outlook(28-04-2014)
Most time 36 points range bound negative zone trading between 6750-6786 with lower levels good consolidation and multiple supports but minor selling was also seen at higher levels therefore valid break out of today trading range will be next immediate moves confirmation but today intraday patterns are showing good consolidation patterns hence high possibility of decisive up moves above today highest(6786.25) despite now trading near the lower of today.
Mid-session Outlook-2(28-04-2014)
Although recovery from lower levels after some consolidation but follow up consolidation not seen but some selling was also seen therefore market require some more preparation for next direction and that will be seen in the coming hours. Next immediate moves confirmation will be after valid break out of today trading range(6750-6786) and should be firstly watched now.
Mid-session Outlook(28-04-2014)
Most time negative zone trading since opening today but intraday charts are showing consolidation patterns formations therefore emergence of last week started correction completion possibility and expected that Nifty will not sustain below today lowest(6750.30) and fresh up moves will begin after follow up consolidations.
Technical Analysis,Research & Weekly Outlook(Apr 28 to May 02,2014)
Nifty-EOD Chart (25-Apr-2014):-
Technical Patterns and Formations in EOD charts
1- Wave-iii of Wave-3 beginning(5933.30 on 04-02-2014)
2- 5th Wave continuation with all time high formation at 6869.85 on 25-04-2014
3- Bearish Rising Wedge formation in last 13 sessions.
All trends are up and impulsive Wave-iii of Wave-3 continuation but oscillators are showing negative divergence in overbought zone therefore correction is very much due. As Bearish Rising Wedge formation in last 13 sessions therefore emergence of correction possibility and next supports/resistances are as follows:-
1- Resistances between 6841-6861
2- Resistances between 6818-6836
3- Supports between 6720-6740
4- Supports between 6685-6703
5- Supports between 6651-6671
Indian markets are highly Bullish and many times such markets correct time wise in side ways moves and not price wise therefore possibility of side ways market trading range is 6651-6861 and:-
1- Sustaining below 6651 will be deeper correction confirmation because Bearish Rising Wedge formation in last 13 sessions.
2- Sustaining above 6861 will be fresh rally beginning after Short Term Correction confirmation.
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| Just click on chart for its enlarged view |
1- Wave-iii of Wave-3 beginning(5933.30 on 04-02-2014)
2- 5th Wave continuation with all time high formation at 6869.85 on 25-04-2014
3- Bearish Rising Wedge formation in last 13 sessions.
Conclusions from EOD chart analysis
All trends are up and impulsive Wave-iii of Wave-3 continuation but oscillators are showing negative divergence in overbought zone therefore correction is very much due. As Bearish Rising Wedge formation in last 13 sessions therefore emergence of correction possibility and next supports/resistances are as follows:-
1- Resistances between 6841-6861
2- Resistances between 6818-6836
3- Supports between 6720-6740
4- Supports between 6685-6703
5- Supports between 6651-6671
Indian markets are highly Bullish and many times such markets correct time wise in side ways moves and not price wise therefore possibility of side ways market trading range is 6651-6861 and:-
1- Sustaining below 6651 will be deeper correction confirmation because Bearish Rising Wedge formation in last 13 sessions.
2- Sustaining above 6861 will be fresh rally beginning after Short Term Correction confirmation.
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