Profit booking seen between 5520-5532 and market down after GDP announcement. As profit booking seen between resistance range(5500-5605) therefore sustaining above 5509 is must for next upmove confirmations.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Post-open Outlook(31-05-2011)
Indian markets closed flat and slipped from higher levels yesterday but intraday charts showed consolidations therefore today upmove was proved and following lines were told yesterday
intraday patterns of today are suggesting whole day consolidations therefore upmoves with continuous consolidations possibility is high
Just verify above lines from following topic:-
Nifty-Micro Analysis of Intra Day Chart For 31-05-2011
Following line was also told in Pre-closing Outlook yesterday
Intraday charts of today are suggesting consolidations. Upmoves are expected in the coming sessions
Market require consolidation before every rise between 5500-5605 therefore expected that slow and steady up moves will be seen. As Indian markets have entered into strong resistance range therefore consolidations require after every rise and sustaining above 5509 will be next upmove confirmation and trigger for next upmoves .
Intraday patterns of first 45 minutes are showing consolidations therefore expected that Nifty will sustain above 5509 and upmoves will be seen.
Pre-open Outlook(31-05-2011)
Dow futures is trading 70 points up today morning therefore sentiment is good and all the Asian markets are trading positive today morning,expected that Nifty will open positive and firstly hover around 5500. It has already been proved in following topic that 5500-5605 is strong resistance range and Indian markets require complete consolidations to cross it.
Why range of 5500-5605 is Next Trend Deciding?
Expected that Nifty will first trade between yesterday range(5458-5509) and break out of this range will give confirmation to next moves. Sustaining above 5509 today will give confirmation to yesterday consolidation and up moves expectations will turn higher after continuous consolidation between 5500-5605.
Why range of 5500-5605 is Next Trend Deciding?
Expected that Nifty will first trade between yesterday range(5458-5509) and break out of this range will give confirmation to next moves. Sustaining above 5509 today will give confirmation to yesterday consolidation and up moves expectations will turn higher after continuous consolidation between 5500-5605.
Technical Analysis,Research & Market Outlook for 31-05-2011
Technical Analysis,Research(EOD & Weekly) for current week and Micro Analysis of Intra Day Chart(30-05-2011) have already been explained in following topics:-
1- Nifty-Micro Analysis of Intra Day Chart For 31-05-2011
2- Weekly Outlook(May 30 to Jun 03,2011)
Conclusions (After Putting All Studies Together)
Nifty Black Candle today but it does not mean weak market and selling. Broader market was not weak but Mid Cap and Small Cap Indices closed positive with more than half pct gains. Above all conslusions from Micro Analysis of today intra Day Chart is showing consolidation patterns. Support and base formation seen between 5459-5473 today and Nifty sustaining above 5473 tomorrow will mean Bull gaining strength between 5459-5473 today for conquering next strong resistance(5500-5605)
Expected that Nifty will finally sustain above 5473 tomorrow and will open the gate of next resistance(5500-5605) and Indian markets will close positive tomorrow.
Only sustaining beyond 5459-5473 will be watched for next moves confirmations.
1- Nifty-Micro Analysis of Intra Day Chart For 31-05-2011
2- Weekly Outlook(May 30 to Jun 03,2011)
Conclusions (After Putting All Studies Together)
Nifty Black Candle today but it does not mean weak market and selling. Broader market was not weak but Mid Cap and Small Cap Indices closed positive with more than half pct gains. Above all conslusions from Micro Analysis of today intra Day Chart is showing consolidation patterns. Support and base formation seen between 5459-5473 today and Nifty sustaining above 5473 tomorrow will mean Bull gaining strength between 5459-5473 today for conquering next strong resistance(5500-5605)
Expected that Nifty will finally sustain above 5473 tomorrow and will open the gate of next resistance(5500-5605) and Indian markets will close positive tomorrow.
Only sustaining beyond 5459-5473 will be watched for next moves confirmations.
FII & DII trading activity in Capital Market Segment on 30-May-2011
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Nifty-Micro Analysis of Intra Day Chart For 31-05-2011
Nifty-Intra Day Chart(30-05-2011):-
Main Features
1- Support,base formation and consolidation between 5459-5473
2- Although Nity slipped from higher levels continuously 5 times but Patterns are showing consolidations
3- Whole day intraday consolidation
Conclusions
Intraday charts of today are suggesting whole day consolidations patterns.
Following lines were told at 01:19:00 PM in Mid-session Outlook-2 today:-
'Intraday support and base formation indication between 5459-5473 today.Now Nifty susaining above 5473 will be watched first for next up moves confirmations"
Nifty closed exactly at 5,473.10 today and intraday patterns of today are suggesting whole day consolidations therefore upmoves with continuous consolidations possibility is high. Sustaining beyond 5459-5473 will be next moves confirmations.
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1- Support,base formation and consolidation between 5459-5473
2- Although Nity slipped from higher levels continuously 5 times but Patterns are showing consolidations
3- Whole day intraday consolidation
Conclusions
Intraday charts of today are suggesting whole day consolidations patterns.
Following lines were told at 01:19:00 PM in Mid-session Outlook-2 today:-
'Intraday support and base formation indication between 5459-5473 today.Now Nifty susaining above 5473 will be watched first for next up moves confirmations"
Nifty closed exactly at 5,473.10 today and intraday patterns of today are suggesting whole day consolidations therefore upmoves with continuous consolidations possibility is high. Sustaining beyond 5459-5473 will be next moves confirmations.
Indian Stock Markets Closing Reports(30-05-2011)
Main features of today trading are as follows
1- Broader market positive.
2- Main Indices closed flat while Mid Cap and Small Cap Indices closed positive with half pct up
3- Intraday Charts are showing consolidations.
Ratios
Nifty Put Call Ratio: 1.02
Nifty P/E Ratio(27-05-2011):20.26
Advances & Declines
BSE ADVANCES : 1618
BSE DECLINES : 1172
NSE ADVANCES : 854
NSE DECLINES : 543
Nifty Open Interest Changed Today
Nifty- 5400 CE(Jun)- -232250(-7.67%)
Nifty- 5400 PE(Jun)- -90100(-1.68%)
Nifty- 5500 CE(Jun)- +845550(+26.16%)
Nifty- 5500 PE(Jun)- +488100(+17.32%)
Closing
Nifty- closed at 5,473.10(-3.00 Points & -0.05%)
Sensex- closed at 18,232.06(-34.04 Points & -0.19% )
CNX MIDCAP - closed at 7,945.90(+70.55 Points & +0.90%)
BSE SMALL CAP- closed at 8,154.64(+44.78 Points & +0.55%)
1- Broader market positive.
2- Main Indices closed flat while Mid Cap and Small Cap Indices closed positive with half pct up
3- Intraday Charts are showing consolidations.
Ratios
Nifty Put Call Ratio: 1.02
Nifty P/E Ratio(27-05-2011):20.26
Advances & Declines
BSE ADVANCES : 1618
BSE DECLINES : 1172
NSE ADVANCES : 854
NSE DECLINES : 543
Nifty Open Interest Changed Today
Nifty- 5400 CE(Jun)- -232250(-7.67%)
Nifty- 5400 PE(Jun)- -90100(-1.68%)
Nifty- 5500 CE(Jun)- +845550(+26.16%)
Nifty- 5500 PE(Jun)- +488100(+17.32%)
Closing
Nifty- closed at 5,473.10(-3.00 Points & -0.05%)
Sensex- closed at 18,232.06(-34.04 Points & -0.19% )
CNX MIDCAP - closed at 7,945.90(+70.55 Points & +0.90%)
BSE SMALL CAP- closed at 8,154.64(+44.78 Points & +0.55%)
Nifty Spot-Levels & Trading Strategy for 31-05-2011
R3 5553
R2 5531
R1 5502
Avg 5480
S1 5451
S2 5429
S3 5400
Nifty Spot-Trading Strategy
H6 5524 Trgt 2
H5 5512 Trgt 1
H4 5501 Long breakout
H3 5487 Go Short
H2 5482
H1 5477
L1 5468
L2 5463
L3 5458 Long
L4 5444 Short Breakout
L5 5433 Trgt 1
L6 5421 Trgt 2
Nifty(Jun Fut)-Levels & Trading Strategy for 31-05-2011
R3 5551
R2 5524
R1 5495
Avg 5468
S1 5439
S2 5412
S3 5383
Nifty(Jun Fut)-Trading Strategy
H6 5522 Trgt 2
H5 5509 Trgt 1
H4 5496 Long breakout
H3 5481 Go Short
H2 5476
H1 5471
L1 5460
L2 5455
L3 5450 Long
L4 5435 Short Breakout
L5 5422 Trgt 1
L6 5409 Trgt 2
Bank Nifty(Jun Fut)-Levels & Trading Strategy for 31-05-2011
R3 10869
R2 10804
R1 10752
Avg 10687
S1 10635
S2 10570
S3 10518
Bank Nifty(Jun Fut)-Trading Strategy
H6 10817 Trgt 2
H5 10791 Trgt 1
H4 10764 Long breakout
H3 10732 Go Short
H2 10721
H1 10710
L1 10689
L2 10678
L3 10667 Long
L4 10635 Short Breakout
L5 10608 Trgt 1
L6 10582 Trgt 2
Pre-closing Outlook(30-05-2011)
Intraday charts of today are suggesting consolidations. Upmoves are expected in the coming sessions and sustaining beyond 5459-5473 will be next moves confirmations.
Mid-session Outlook-2(30-05-2011)
Intraday support and base formation indication between 5459-5473 today.Now Nifty susaining above 5473 will be watched first for next up moves confirmations.
Mid-session Outlook(30-05-2011)
Following line was told in Weekly Outlook(May 30 to Jun 03,2011):-
Expected that Nifty will first trade and prepare for next moves between 5440-5500
Following line was told in Why range of 5500-5605 is Next Trend Deciding?:-
good selling between 5500-5605 in 9 previous sessions and this range is strong resistance.
As 5500-5605 is strong resistance therefore Nifty could not sustain within it after strong opening and slipped. Nifty is trading between mentioned range(5440-5500) for the last 2 hours and preparing for next decisive moves.
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
Expected that Nifty will first trade and prepare for next moves between 5440-5500
Following line was told in Why range of 5500-5605 is Next Trend Deciding?:-
good selling between 5500-5605 in 9 previous sessions and this range is strong resistance.
As 5500-5605 is strong resistance therefore Nifty could not sustain within it after strong opening and slipped. Nifty is trading between mentioned range(5440-5500) for the last 2 hours and preparing for next decisive moves.
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
Post-open Outlook(30-05-2011)
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.
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.
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