Strong opening and Nifty is hovering around 5500 and it is continuation of uptrend indication. Indian markets will prepare for next moves near 5500 and sustaining beyond 5500 will be watched today for next moves confirmations.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Weekly Outlook(May 30 to Jun 03,2011)
Technical Analysis and Research,Micro Analysis of Nifty Intra Day Charts,Technical Positions and Levels have already been explained in following topicS with Intraday,EOD and Weekly Charts therefore not being repeated. Just click on topic name and go through following topics to Understand Indian markets.
1- Indian Stock Markets Closing Reports(27-05-2011)
Conclusions (After Putting All Studies Together)
All trends are down and very short term trend is up after last week lower levels consolidation and support. It is clear from EOD chart that falling channel has been broken out but up moves confirmation is required from weekly closing above Wave-5 trend line(Rising lower trend line of Pennant). It is clear from Nifty-Micro Analysis of 10 Days Intra Day Chart(May 04 to May 17,2011) that strong resistance between 5500-5605 and market require complete consolidations to move above 5605.
It is clear from Nifty-EOD Chart that Nifty is hanging between lower levels supports and higher level resistance therefore Indian markets are not prepared for any side sustained trend and decisive moves.
Bullish weekly hammer formation in previous week,EOD and weekly chart structure are suggesting that previous 7 month months fall as a correction and falling Wedge pattern formation was seen in previous week therefore it seems that trend has reversed in previous week and Nifty will consolidate,test and cross next strong resistance range(5500-5605) in the coming weeks and Nifty will finally cross 5605.
Expected that Nifty will first trade and prepare for next moves between 5440-5500 in the begining of coming week Let market prepare for next moves and according to intraday charts formatiions it will be concluded that Nifty is crossing mentioned resistance range or not. Whenever final conclusions will be drawn then will be posted in any of the Pre,Post or Mid-Session outlooks,as was predicted well before the begining of previous week rally.
1- Indian Stock Markets Closing Reports(27-05-2011)
Conclusions (After Putting All Studies Together)
All trends are down and very short term trend is up after last week lower levels consolidation and support. It is clear from EOD chart that falling channel has been broken out but up moves confirmation is required from weekly closing above Wave-5 trend line(Rising lower trend line of Pennant). It is clear from Nifty-Micro Analysis of 10 Days Intra Day Chart(May 04 to May 17,2011) that strong resistance between 5500-5605 and market require complete consolidations to move above 5605.
It is clear from Nifty-EOD Chart that Nifty is hanging between lower levels supports and higher level resistance therefore Indian markets are not prepared for any side sustained trend and decisive moves.
Bullish weekly hammer formation in previous week,EOD and weekly chart structure are suggesting that previous 7 month months fall as a correction and falling Wedge pattern formation was seen in previous week therefore it seems that trend has reversed in previous week and Nifty will consolidate,test and cross next strong resistance range(5500-5605) in the coming weeks and Nifty will finally cross 5605.
Expected that Nifty will first trade and prepare for next moves between 5440-5500 in the begining of coming week Let market prepare for next moves and according to intraday charts formatiions it will be concluded that Nifty is crossing mentioned resistance range or not. Whenever final conclusions will be drawn then will be posted in any of the Pre,Post or Mid-Session outlooks,as was predicted well before the begining of previous week rally.
Technical Analysis of EOD Chart For 30-05-2011
Nifty-EOD Chart(27-05-2011):-
Next Resistance is at 5605 and Supports are as follows:-
1- 5444
2- 5348
3- 5328
4- 5238
5- 5177
Falling Channel formation seen in 19 previous sessions and it was broken out in previous week. Nifty sustaining above falling upper trend line will be ist upmove confirmation in the coming sessions.
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1- 5444
2- 5348
3- 5328
4- 5238
5- 5177
Falling Channel formation seen in 19 previous sessions and it was broken out in previous week. Nifty sustaining above falling upper trend line will be ist upmove confirmation in the coming sessions.
Technical Analysis of Weekly Chart
Nifty-Weekly Chart(27-05-2011):-
Wave-5 started on 11-02-2011 from 5178 but Nifty moved below its trend line and closed below it in 2 previous weeks. As wave-5 breaking down was without force and last week candle is Bullish Hammer therefore very short term upmove seen in previous week.
Continuation Pennant pattern formation in last 7 months correction and Wave-5 formation but it was also broken down 2 weeks before. Upmove started in last week but Nifty is still below Rising lower trend line of Pennant and moving above it will validate the existence of Pennant pattern.
Rally started in last week and uptrend confirmation will be after weekly closing above Wave-5 trend line(Rising lower trend line of Pennant)
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| Just click on chart for its enlarged view |
Continuation Pennant pattern formation in last 7 months correction and Wave-5 formation but it was also broken down 2 weeks before. Upmove started in last week but Nifty is still below Rising lower trend line of Pennant and moving above it will validate the existence of Pennant pattern.
Rally started in last week and uptrend confirmation will be after weekly closing above Wave-5 trend line(Rising lower trend line of Pennant)
Why range of 5500-5605 is Next Trend Deciding?
Nifty-Micro Analysis of 10 Days Intra Day Chart(May 04 to May 17,2011)
It is clear from above 10 days intra day chart that Nifty traded between 5410-5605 between May 04 and May 17,2011. Nifty slipped sharply on 17-05-2011 after good selling between 5500-5605 in 9 previous sessions and this range is strong resistance.
Nifty formed the top at 5485 last Friday after good consolidations but above shown strong resistance also therefore Indian markets require complete consolidations to cross 5605 and it will take its own time. Follow up buying requires in the coming week and moves above 5605 will give following 2 conclusions:-
1- Crossing of strong resistance
2- Crossing 200 Day EMA(today at 5606) will mean Long term trend and all trends turning up and that will be begining of Bullish phase also.
3- Failing to cross 5605 will mean fusing of previous week started rally and that will mean minimum testing possibility of previous week bottom .
Previous week closing at 5476 and Nifty is at the verge of next crucial moves deciding range. Let Indian market prepare for next moves and according to intraday charts formatiions it will be concluded that Nifty is crossing mentioned resistance range or not. Whenever final conclusions will be drawn then will be posted in any of the Pre,Post or Mid-Session outlooks,as was predicted well before the begining of previous week rally.
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| Just click on chart for its enlarged view |
Nifty formed the top at 5485 last Friday after good consolidations but above shown strong resistance also therefore Indian markets require complete consolidations to cross 5605 and it will take its own time. Follow up buying requires in the coming week and moves above 5605 will give following 2 conclusions:-
1- Crossing of strong resistance
2- Crossing 200 Day EMA(today at 5606) will mean Long term trend and all trends turning up and that will be begining of Bullish phase also.
3- Failing to cross 5605 will mean fusing of previous week started rally and that will mean minimum testing possibility of previous week bottom .
Previous week closing at 5476 and Nifty is at the verge of next crucial moves deciding range. Let Indian market prepare for next moves and according to intraday charts formatiions it will be concluded that Nifty is crossing mentioned resistance range or not. Whenever final conclusions will be drawn then will be posted in any of the Pre,Post or Mid-Session outlooks,as was predicted well before the begining of previous week rally.
Daily Indicators and Averages Analysis
Daily Indicators and Averages Analysis Chart:-
Conclusions
1- Averages(EMA-8,21,55,200)- Nifty moved and closed(5476) above 8 day EMA(5435) but below 21 day EMA(5506) and short term top is at 5518 therefore short term trend is still down.55 day EMA is at 5587 and 200 day EMA is at 5606 and intermediate term top is at 5605 therefore intermediate and long term trends will be up above 5606.
2- Bollinger Band- Nifty started up moves after getting support above lower band and resting below Mid Line(5502). As lower levels good support therefore testing of Mid Line and Upper Band is possible.
3- MACD- Both lines are kissing above over sold zone. Average line is flat while MACD line is moving up. Upward intersection of Average line will be upmoves confirmation and it is expected also.
4- ROC- Positive divergence in oversold area and moving up but below equalibrium line. Although upmoves confirmation will be moving above equalibrium line but expected that Nifty will move above it and will give upmoves confirmations.
5- RSI- Positive divergence in oversold area and moving up but below equalibrium line. Although upmoves confirmation will be moving above equalibrium line but expected that Nifty will move above it and will give upmoves confirmations.
6- Slow Stochastic- Very short term indicator and remained almost 1 month in oversold zone and moved above it in previous week. As passed sufficient time in oversold zone and now moved above therefore expected that overbought area will be tested by this fast moving very short term oscillator.
7- William %R- Very short term indicator and remained almost 1 month in oversold zone and moved above it in previous week. As passed sufficient time in oversold zone and now moved above therefore expected that overbought area will be tested by this fast moving very short term oscillator.
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| Just click on chart for its enlarged view |
1- Averages(EMA-8,21,55,200)- Nifty moved and closed(5476) above 8 day EMA(5435) but below 21 day EMA(5506) and short term top is at 5518 therefore short term trend is still down.55 day EMA is at 5587 and 200 day EMA is at 5606 and intermediate term top is at 5605 therefore intermediate and long term trends will be up above 5606.
2- Bollinger Band- Nifty started up moves after getting support above lower band and resting below Mid Line(5502). As lower levels good support therefore testing of Mid Line and Upper Band is possible.
3- MACD- Both lines are kissing above over sold zone. Average line is flat while MACD line is moving up. Upward intersection of Average line will be upmoves confirmation and it is expected also.
4- ROC- Positive divergence in oversold area and moving up but below equalibrium line. Although upmoves confirmation will be moving above equalibrium line but expected that Nifty will move above it and will give upmoves confirmations.
5- RSI- Positive divergence in oversold area and moving up but below equalibrium line. Although upmoves confirmation will be moving above equalibrium line but expected that Nifty will move above it and will give upmoves confirmations.
6- Slow Stochastic- Very short term indicator and remained almost 1 month in oversold zone and moved above it in previous week. As passed sufficient time in oversold zone and now moved above therefore expected that overbought area will be tested by this fast moving very short term oscillator.
7- William %R- Very short term indicator and remained almost 1 month in oversold zone and moved above it in previous week. As passed sufficient time in oversold zone and now moved above therefore expected that overbought area will be tested by this fast moving very short term oscillator.
Recent Topics,Technical Analysis,News & Research For 30-05-2011 Trading
13 Topics have been posted for 30-05-2011 trading and more topics will be posted today and tomorrow.Just click at following topics names and go through as well as analyse Chart:-
Topics prepared by Enjoy Daily Profits
Topics prepared by Enjoy Daily Profits
2- Nifty-Micro Analysis of Intra Day Chart for 30-05-2011 trading
3- Nifty Spot-Levels & Trading Strategy for 30-05-2011
4- Nifty(Jun Fut)-Levels & Trading Strategy for 30-05-2011
3- Nifty Spot-Levels & Trading Strategy for 30-05-2011
4- Nifty(Jun Fut)-Levels & Trading Strategy for 30-05-2011
6- Nifty Spot-Weekly Levels & Trading Strategy(May 30 to Jun 03,2011)
7- Daily Indicators and Averages Analysis
8- Why range of 5500-5605 is Next Trend Deciding
9- Technical Analysis of Weekly Chart
10-Technical Analysis of EOD Chart For 30-05-2011
11-Weekly Indicators and Averages Analysis
Important News
Just click at following News and go through full News:-
1- China tops India as Asian economy best placed for growth in next 5 years
2- Should you invest in gold loan firms?
3- Govt to quantify black money, exhaustive study underway
7- Daily Indicators and Averages Analysis
8- Why range of 5500-5605 is Next Trend Deciding
9- Technical Analysis of Weekly Chart
10-Technical Analysis of EOD Chart For 30-05-2011
11-Weekly Indicators and Averages Analysis
Important News
Just click at following News and go through full News:-
1- China tops India as Asian economy best placed for growth in next 5 years
2- Should you invest in gold loan firms?
3- Govt to quantify black money, exhaustive study underway
Nifty Spot-Levels & Trading Strategy for 30-05-2011
R3 5575.00
R2 5530.00
R1 5503.00
Avg 5458.00
S1 5431.00
S2 5386.00
S3 5359.00
Nifty Spot-Trading Strategy
H6 5548 Trgt 2
H5 5532 Trgt 1
H4 5515 Long breakout
H3 5495 Go Short
H2 5489
H1 5482
L1 5469
L2 5462
L3 5456 Long
L4 5436 Short Breakout
L5 5419 Trgt 1
L6 5403 Trgt 2
Nifty(Jun Fut)-Levels & Trading Strategy for 30-05-2011
R3 5560
R2 5521
R1 5493
Avg 5454
S1 5426
S2 5387
S3 5359
Nifty(Jun Fut)-Trading Strategy
H6 5533 Trgt 2
H5 5518 Trgt 1
H4 5502 Long breakout
H3 5484 Go Short
H2 5478
H1 5472
L1 5459
L2 5453
L3 5447 Long
L4 5429 Short Breakout
L5 5413 Trgt 1
L6 5398 Trgt 2
Bank Nifty(Jun Fut)-Levels & Trading Strategy for 30-05-2011
R3 10945
R2 10802
R1 10720
Avg 10577
S1 10495
S2 10352
S3 10270
Bank Nifty(Jun Fut)-Trading Strategy
H6 10867 Trgt 2
H5 10814 Trgt 1
H4 10761 Long breakout
H3 10699 Go Short
H2 10679
H1 10658
L1 10617
L2 10596
L3 10576 Long
L4 10514 Short Breakout
L5 10461 Trgt 1
L6 10408 Trgt 2
Nifty Spot-Weekly Levels & Trading Strategy(May 30 to Jun 03,2011)
R3 5688
R2 5587
R1 5531
Avg 5430
S1 5374
S2 5273
S3 5217
Nifty Spot-Weekly Trading Strategy
H6 5637 Trgt 2
H5 5599 Trgt 1
H4 5562 Long breakout
H3 5519 Go Short
H2 5504
H1 5490
L1 5461
L2 5447
L3 5432 Long
L4 5389 Short Breakout
L5 5352 Trgt 1
L6 5314 Trgt 2
Nifty-Micro Analysis of Intra Day Chart for 30-05-2011 trading
Nifty-Intra Day Chart(27-05-2011):-
Main Features
1- 2 Times some distribution at higher levels.
2- 2 Times consolidations at lower levels also.
3- Conclusion is Consolidations both times
Conclusions
Although two times minor distributions at higher levels but consolidations at lower levels also. Final conclusion is consolidation and expected that previous week started rally will remain continued in the coming week.
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| Just click on chart for its enlarged view |
1- 2 Times some distribution at higher levels.
2- 2 Times consolidations at lower levels also.
3- Conclusion is Consolidations both times
Conclusions
Although two times minor distributions at higher levels but consolidations at lower levels also. Final conclusion is consolidation and expected that previous week started rally will remain continued in the coming week.
Indian Stock Markets Closing Reports(27-05-2011)
Main features of today trading are as follows
1- White Candle.
2- All the Indices closed in Green except CD and AUTO
3- Whole day consolidations except minor selling indications in last 3 hours.
Ratios
Nifty Put Call Ratio: 1.00
Nifty P/E Ratio(27-05-2011): 20.26
Advances & Declines
BSE ADVANCES : 1729
BSE DECLINES : 1076
NSE ADVANCES : 973
NSE DECLINES : 434
Nifty Open Interest Changed Today
Nifty- 5300 CE(Jun)- +29900(+1.76%)
Nifty- 5300 PE(Jun)- +872450(+17.65%)
Nifty- 5400 CE(Jun)-64350(-2.08%)
Nifty- 5400 PE(Jun)- +1355850(+33.29%)
Nifty- 5500 CE(Jun)- +533100(+19.29%)
Nifty- 5500 PE(Jun)- +518150(+21.37%)
Nifty- 5600 CE(Jun)- +1028400(+31.54%)
Nifty- 5600 PE(Jun)- +70100(+5.28%)
Closing
Nifty- closed at 5,476.10(+63.75 Points & +1.18%)
Sensex- closed at 18,266.10(+221.46 Points & +1.23%)
CNX MIDCAP - closed at 7,875.35(+124.70 Points & +1.61%)
BSE SMALL CAP- closed at 8,109.86(+71.68 Points & +0.89%)
1- White Candle.
2- All the Indices closed in Green except CD and AUTO
3- Whole day consolidations except minor selling indications in last 3 hours.
Ratios
Nifty Put Call Ratio: 1.00
Nifty P/E Ratio(27-05-2011): 20.26
Advances & Declines
BSE ADVANCES : 1729
BSE DECLINES : 1076
NSE ADVANCES : 973
NSE DECLINES : 434
Nifty Open Interest Changed Today
Nifty- 5300 CE(Jun)- +29900(+1.76%)
Nifty- 5300 PE(Jun)- +872450(+17.65%)
Nifty- 5400 CE(Jun)-64350(-2.08%)
Nifty- 5400 PE(Jun)- +1355850(+33.29%)
Nifty- 5500 CE(Jun)- +533100(+19.29%)
Nifty- 5500 PE(Jun)- +518150(+21.37%)
Nifty- 5600 CE(Jun)- +1028400(+31.54%)
Nifty- 5600 PE(Jun)- +70100(+5.28%)
Closing
Nifty- closed at 5,476.10(+63.75 Points & +1.18%)
Sensex- closed at 18,266.10(+221.46 Points & +1.23%)
CNX MIDCAP - closed at 7,875.35(+124.70 Points & +1.61%)
BSE SMALL CAP- closed at 8,109.86(+71.68 Points & +0.89%)
FII & DII trading activity in Capital Market Segment on 27-May-2011
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Pre-closing Outlook(27-05-2011)
Very short term moves were expected above 5465 and it was seen also and Nifty traded last 3 hours between 5465-5485. Rally above 5444 was also projected and Nifty traded almost whole day today above 5444. Selling seen between 5475-5485 otherwise whole day intra day patterns are suggesting consolidations.
Mid-session Outlook(27-05-2011)
Some profit booking signals emerged between 5450-5461 but shorting is not advised because bullish markets consolidated at higher levels and surges sharply without giving short covering opportunity.
Nifty is sustaining above 5444 today and go long above 5465. Shorting should be considered below 5444.
5444-5465 are next very short term moves confirmation levels.
Post-open Outlook(27-05-2011)
Market showed strength,Nifty crossed 5444 in first minute and trading above mentioned resistance range(5422-5444). Strong rally started yesterday but it was non stop predicted is more than 7 outlooks in last 3 days. It is strong Indian markets indication that Nifty is trading above 5444 and between upper band of mentioned resistance range. It is the character of Bullish markets that it consolidate at higher levels.
Indications of strong rally begining and sustaining above 5444 will mean testing possibility of following next resistance ranges:-
1- 5490-5512
2- 5588-5605
Indications of strong rally begining and sustaining above 5444 will mean testing possibility of following next resistance ranges:-
1- 5490-5512
2- 5588-5605
Pre-open Outlook(27-05-2011)
US markets closed positive yesterday and most Asian markets are responding it with Green zone trading therefore sentiment is positive today morning. Expected that Nifty will first trade between 5390-5430 after Green opening. As next resistance(5422-5444) is strong therefore more consolidation is required for next rally.
No indication of down moves yesterday and rally also expected and expected that Nifty will consolidate below or near about mentioned resistance range in the coming sessions and after that rally will be seen in the coming week. Expected that Nifty will firstly hover around 5400 and after some more consolidations 5444 will be crossed in the coming week. Next resistance range(5422-5444) crossing will mean strong rally..
No indication of down moves yesterday and rally also expected and expected that Nifty will consolidate below or near about mentioned resistance range in the coming sessions and after that rally will be seen in the coming week. Expected that Nifty will firstly hover around 5400 and after some more consolidations 5444 will be crossed in the coming week. Next resistance range(5422-5444) crossing will mean strong rally..
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