Nifty traded 3 hours between 5552-5568,Moved below it and trading at present at 5548. It is strong indication of correction continuation
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Mid-session Outlook(02-06-2011)
Following line was told in Market Outlook(02-06-2011) yesterday
As selling patterns between 5576-5596 today therefore one dip will be seen tomorrow
As was told ,100% same happened and Indian markets moved up after forming opening rate bottom and since then moving up slowly and continuously in last 4 hours. Indian markets are out performing all the Asian and European markets today and Indian markets got intraday support at lower levels also. Although Indian markets slipped from higher levels today but patterns are not suggesting selling and indicating conoslidation today.
Next immediate move first confirmation range is 5552-5568 and forceful break out of this range will give confirmation to continuation/completion of correction.
As selling patterns between 5576-5596 today therefore one dip will be seen tomorrow
As was told ,100% same happened and Indian markets moved up after forming opening rate bottom and since then moving up slowly and continuously in last 4 hours. Indian markets are out performing all the Asian and European markets today and Indian markets got intraday support at lower levels also. Although Indian markets slipped from higher levels today but patterns are not suggesting selling and indicating conoslidation today.
Next immediate move first confirmation range is 5552-5568 and forceful break out of this range will give confirmation to continuation/completion of correction.
Post-open Outlook(02-06-2011)
Gap down opening on expected lines today.Crucial ranges are as follows:-
1 Next Resistance Range:- 5576-5596
2- Next Support Range:- 5459-5473
3- Next moves preparation Range-1:- 5485-5560
4- Next moves preparation Range-2:- 5473-5576
5- Next Trend Confirmation Range:- 5459-5596
Expected that Nifty will prepare for next moves between 5530-5576 today and follow up intraday moves will tell for break out side of this range.
1 Next Resistance Range:- 5576-5596
2- Next Support Range:- 5459-5473
3- Next moves preparation Range-1:- 5485-5560
4- Next moves preparation Range-2:- 5473-5576
5- Next Trend Confirmation Range:- 5459-5596
Expected that Nifty will prepare for next moves between 5530-5576 today and follow up intraday moves will tell for break out side of this range.
Correction of 268 Points Rally
When Indian markets were going to close near Day's highest and Month Highest then bullish views were not posted in Pre-closing Outlook and following lines were told:-
"Whole day intraday trading range broken out(5565-5593) in last half hour and Nifty is closing near day's highest but intraday trading patterns are mixed because both buying and selling indications from today intraday charts"
As sentiment was heated and very short term indicators were overbought after 268 points rally in 5 sessions therefore its correction was possible for cooling down of indicators and it will be seen today. As this possibility was also seen therefore folloing lines were told two times yesterday:-
"Expected that Nifty will consolidate between 5540-5605 and may take few hours to few session in this process. Very much expected that Nifty will finally cross and sustain above 5605 in the coming sessions/week and strong rally will be seen"
Intraday selling was already seen yesterday and negative cue from tanking global markets also therefore Red closing is possible after gap down opening today and next conclusive moves deciding range will be 5460-5605. Expected that Nifty will prepare for next moves between 5485-5560 in the coming couple of sessions and follow up intraday moves will tell depth of down moves.
Let market prepare for next moves then will be told accordingly well in advanve before the begining of real moves in Pre,Post and Mid-session Outlooks.
Indian markets are down today but selling patterns were told in all the outlooks and also at the top of the day yesterday:-
Indian markets can not deceive to followers of my Intraday Outlooks
Market Outlook(02-06-2011)
Nifty-Micro Analysis of Intra Day Chart(01-06-2011):-
Main Features
1- Intraday selling pattern between 5576-5596
2- Minor consolidations between 5566-5572
Conclusions and Market Outlook(02-06-2011)
Dow Jones is trading more than 200 points down and SGX Nifty is 55 points down therefore if I shall tell for any down moves at this moment then it will be understood that it is being told after getting above negative cues. Just go through my following analysis of last 2 sessions in which I never told for consolidations and also told 3 times for intraday selling patterns:-
1- Following line was told in Mid-session Outlook(01-06-2011):-
"selling at higher levels and minor consolidations at lower level"
2- Following line was told in Pre-closing Outlook(01-06-2011)
"both buying and selling indications from today intraday charts"
3- Following line was told in Nifty-Micro Analysis of Intra Day Chart For 01-06-2011
" Sentiment was heated therefore some selling patterns seen in last 1 hour(5555-5570)"
As immediate rally was least expected therefore following lines were also told two times today:-
"Expected that Nifty will consolidate between 5540-5605 and may take few hours to few session in this process. Very much expected that Nifty will finally cross and sustain above 5605 in the coming sessions/week and strong rally will be seen"
As selling patterns between 5576-5596 today therefore one dip will be seen tomorrow because sentiment may be depressed tomorrow morning after US markets deep Red expected closing today.
Tomorrow follow up intraday moves will decide the depth of down moves and until Nifty is sustaining above 5460 till then previous week begun up trend is safe.
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| Just click on chart for its enlarged view |
1- Intraday selling pattern between 5576-5596
2- Minor consolidations between 5566-5572
Conclusions and Market Outlook(02-06-2011)
Dow Jones is trading more than 200 points down and SGX Nifty is 55 points down therefore if I shall tell for any down moves at this moment then it will be understood that it is being told after getting above negative cues. Just go through my following analysis of last 2 sessions in which I never told for consolidations and also told 3 times for intraday selling patterns:-
1- Following line was told in Mid-session Outlook(01-06-2011):-
"selling at higher levels and minor consolidations at lower level"
2- Following line was told in Pre-closing Outlook(01-06-2011)
"both buying and selling indications from today intraday charts"
3- Following line was told in Nifty-Micro Analysis of Intra Day Chart For 01-06-2011
" Sentiment was heated therefore some selling patterns seen in last 1 hour(5555-5570)"
As immediate rally was least expected therefore following lines were also told two times today:-
"Expected that Nifty will consolidate between 5540-5605 and may take few hours to few session in this process. Very much expected that Nifty will finally cross and sustain above 5605 in the coming sessions/week and strong rally will be seen"
As selling patterns between 5576-5596 today therefore one dip will be seen tomorrow because sentiment may be depressed tomorrow morning after US markets deep Red expected closing today.
Tomorrow follow up intraday moves will decide the depth of down moves and until Nifty is sustaining above 5460 till then previous week begun up trend is safe.
FII & DII trading activity in Capital Market Segment on 01-Jun-2011
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Indian Stock Markets Closing Reports(01-06-2011)
Main features of today trading are as follows
1- White Bullish Candle
2- Most Indices closed positive
3- Highest closing in last one month.
Ratios
Nifty Put Call Ratio:1.14
Nifty P/E Ratio(31-05-2011):20.53
Advances & Declines
BSE ADVANCES : 1783
BSE DECLINES : 1046
NSE ADVANCES : 921
NSE DECLINES : 473
Nifty Open Interest Changed Today
Nifty- 5500 CE(Jun)- -186500(-5.16%)
Nifty- 5500 PE(Jun)- +1089700(+25.72%)
Nifty- 5600 CE(Jun)- +41500(+0.83%)
Nifty- 5600 PE(Jun)- +766100(+36.28%)
Nifty- 5700 CE(Jun)- +252800(+5.16%)
Nifty- 5700 PE(Jun)- +117300(+16.94%)
Closing
Nifty- closed at 5,592.00(+31.85 Points & +0.57%)
Sensex- closed at 18,608.81(+105.53 Points & +0.57% )
CNX MIDCAP - closed at 8,102.80(+38.00 Points & +0.47%)
BSE SMALL CAP- closed at 8,307.65(+71.93 Points & +0.87%)
1- White Bullish Candle
2- Most Indices closed positive
3- Highest closing in last one month.
Ratios
Nifty Put Call Ratio:1.14
Nifty P/E Ratio(31-05-2011):20.53
Advances & Declines
BSE ADVANCES : 1783
BSE DECLINES : 1046
NSE ADVANCES : 921
NSE DECLINES : 473
Nifty Open Interest Changed Today
Nifty- 5500 CE(Jun)- -186500(-5.16%)
Nifty- 5500 PE(Jun)- +1089700(+25.72%)
Nifty- 5600 CE(Jun)- +41500(+0.83%)
Nifty- 5600 PE(Jun)- +766100(+36.28%)
Nifty- 5700 CE(Jun)- +252800(+5.16%)
Nifty- 5700 PE(Jun)- +117300(+16.94%)
Closing
Nifty- closed at 5,592.00(+31.85 Points & +0.57%)
Sensex- closed at 18,608.81(+105.53 Points & +0.57% )
CNX MIDCAP - closed at 8,102.80(+38.00 Points & +0.47%)
BSE SMALL CAP- closed at 8,307.65(+71.93 Points & +0.87%)
Nifty Spot-Levels & Trading Strategy for 02-06-2011
R3 5644
R2 5620
R1 5606
Avg 5582
S1 5568
S2 5544
S3 5530
Nifty Spot-Trading Strategy
H6 5630 Trgt 2
H5 5621 Trgt 1
H4 5612 Long breakout
H3 5602 Go Short
H2 5598
H1 5595
L1 5588
L2 5585
L3 5581 Long
L4 5571 Short Breakout
L5 5562 Trgt 1
L6 5553 Trgt 2
Nifty(Jun Fut)-Levels & Trading Strategy for 02-06-2011
R3 5656
R2 5625
R1 5607
Avg 5576
S1 5558
S2 5527
S3 5509
Nifty(Jun Fut)-Trading Strategy
H6 5639 Trgt 2
H5 5628 Trgt 1
H4 5616 Long breakout
H3 5603 Go Short
H2 5598
H1 5594
L1 5585
L2 5581
L3 5576 Long
L4 5563 Short Breakout
L5 5551 Trgt 1
L6 5540 Trgt 2
Bank Nifty(Jun Fut)-Levels & Trading Strategy for 02-06-2011
R3 5656
R2 5625
R1 5607
Avg 5576
S1 5558
S2 5527
S3 5509
Bank Nifty(Jun Fut)-Trading Strategy
H6 11082 Trgt 2
H5 11051 Trgt 1
H4 11021 Long breakout
H3 10984 Go Short
H2 10972
H1 10960
L1 10935
L2 10923
L3 10911 Long
L4 10874 Short Breakout
L5 10844 Trgt 1
L6 10813 Trgt 2
Pre-closing Outlook(01-06-2011)
Following lines were told in two outlooks which were written for today trading:-
As Nifty has to decisively cross 5605 therefore Nifty may take few hours to few session in consolidation process between 5540-5605.
Whole day intraday trading range broken out(5565-5593) in last half hour and Nifty is closing near day's highest but intraday trading patterns are mixed because both buying and selling indications from today intraday charts. Sustaining beyond today intraday trading range will be next big moves strong confirmations in the coming sessions.
As Nifty has to decisively cross 5605 therefore Nifty may take few hours to few session in consolidation process between 5540-5605.
Whole day intraday trading range broken out(5565-5593) in last half hour and Nifty is closing near day's highest but intraday trading patterns are mixed because both buying and selling indications from today intraday charts. Sustaining beyond today intraday trading range will be next big moves strong confirmations in the coming sessions.
Mid-session Outlook(01-06-2011)
Following line was told in all the outlooks which were written for today trading:-
"sentiment was heated and intraday selling patterns seen in the last one hour between 5555-5570"
It was also told each time that market require consolidations for any up move. Nifty is trading between 5565-5595 since opening today. Although market slipped from higher level after some selling but patterns are mixed and no clear indication yet. Market require complete preparaton for any side sustainned moves and it is being done in tight range moves tday.
As selling at higher levels and minor consolidations at lower level also today therefore break out of this range(5555-5595) will be next moves first strong indication.
Pre-open Outlook(01-06-2011)
As per my view Nifty will trade first between 5540-5605 in all types of Bullish/Bearsh sentiments and and sustaining beyond this range will give confirmation to next Indian markets.
Expected that Nifty will consolidate between 5540-5605 and may take few hours to few session in this process. Very much expected that Nifty will finally cross and sustain above 5605 in the coming sessions/week and strong rally will be seen.
Next moves confirmation range- sustaining beyond 5540-5605
Market Outlook(01-06-2011)
Technical Analysis and Research of EOD chart,Micro Analysis of Nifty Intra Day Chart,Technical Positions and next possibilities have already been explained in following topics with 2 Charts therefore not being repeated:-
1- Technical Analysis and Research For 01-06-2011
2- Nifty-Micro Analysis of Intra Day Chart For 01-06-2011
3- Why range of 5500-5605 is Next Trend Deciding?
Conclusions (After Putting All Studies Together)
Short term and Intermediate term trends turned up yesterday and Long term trend will be up after sustaining above 5605. Almost 70% of the resistance has been cleared yesterday and remaining 30% resistance is not strong. Sustaing above 5605 will mean begining of fresh upmoves and worst is over.
Whole day continuous up moves were seen yesterday and in the last short term indicators turned overbought,sentiment was heated and intraday selling patterns seen in the last one hour between 5555-5570 therefore intraday consolidation is demand for today market. Good consolidations at lower levels therefore market require complete distribution patterns for any decisive down moves and whenever such intraday patterns will develop then first of all will be posted in this Blog only.
Finally Nifty moved above Wave-5 trend line(Rising lower line of Pennant) yesterday and with this Wave-5 and Pennant existence have been validated again therefore Indian markets are mature for big rally also and only last point is sustaining above 5605 and long term trend turning up.
As Nifty has to decisively cross 5605 therefore Nifty may take few hours to few session in consolidation process between 5540-5605 but very much expected that Nifty will finally cross and sustain above 5605 in the coming sessions/week and strong rally will be seen.
Technical Analysis and Research For 01-06-2011
Nifty-EOD Chart(31-05-2011):-
Corrective 'ABC' wave-4 started on 05-10-2010 from 6338 which completed on 11-02-2010 at 5177 and impulsive wave-5 begun same day. It is clear from EOD chart that trend continuation Pennant formation since begining of wave-5 but Rising trend line of Pennant was broken down on 17-05-2011.
As post 17th May down move was without force and intraday charts were showing consolidations therefore Pull Back Rally expectations was told many times in previous week and it was seen also.Following lines were also told in Weekly Outlook on 30-05-2011
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.
Finally Nifty moved above Wave-5 trend line(Rising lower line of Pennant) today and with this Wave-5 and Pennant existence have also came into being. Nifty today highest was at 5571.60 and only question is left to be answered that Nifty is sustaining above 5605 or not.
Expected that Nifty will finally cross and sustain above 5605 in the coming sessions/week.
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| Just click on chart for its enlarged view |
As post 17th May down move was without force and intraday charts were showing consolidations therefore Pull Back Rally expectations was told many times in previous week and it was seen also.Following lines were also told in Weekly Outlook on 30-05-2011
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.
Finally Nifty moved above Wave-5 trend line(Rising lower line of Pennant) today and with this Wave-5 and Pennant existence have also came into being. Nifty today highest was at 5571.60 and only question is left to be answered that Nifty is sustaining above 5605 or not.
Expected that Nifty will finally cross and sustain above 5605 in the coming sessions/week.
FII & DII trading activity in Capital Market Segment on 31-May-2011
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Nifty-Micro Analysis of Intra Day Chart For 01-06-2011
Nifty-Intra Day Chart(31-05-2011)
Main Features
1-Intraday rally.
2- Whole day consolidations except last one hour selling patterns.
Conclusions
As Nifty traded between resistance range therefore continuously consolidated and moved up. Sentiment was heated therefore some selling patterns seen in last 1 hour(5555-5570). Nifty require more consolidation to cross complete resistance range(5500-5605). As good consolidation today therefore expected that Indian markets will firstly consolidate within mentioned resistance range and then Nifty will move above 5600 within 2/3 sessions.
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| Just click on chart for its enlarged view |
1-Intraday rally.
2- Whole day consolidations except last one hour selling patterns.
Conclusions
As Nifty traded between resistance range therefore continuously consolidated and moved up. Sentiment was heated therefore some selling patterns seen in last 1 hour(5555-5570). Nifty require more consolidation to cross complete resistance range(5500-5605). As good consolidation today therefore expected that Indian markets will firstly consolidate within mentioned resistance range and then Nifty will move above 5600 within 2/3 sessions.
Indian Stock Markets Closing Reports(31-05-2011)
Main features of today trading are as follows
1- Long White Bullish Candle.
2- All the Indices closed in Green with good gains.
3- Good lower level consolidations.
Ratios
Nifty Put Call Ratio: 1.05
Nifty P/E Ratio(30-05-2011): 20.25
Advances & Declines
BSE ADVANCES : 1830
BSE DECLINES : 1022
NSE ADVANCES : 1009
NSE DECLINES : 399
Nifty Open Interest Changed Today
Nifty- 5400 CE(Jun)- -11650(-0.43%)
Nifty- 5400 PE(Jun)- +1081400(+20.78%)
Nifty- 5500 CE(Jun)- -355200(-8.84%)
Nifty- 5500 PE(Jun)- +1359800(+42.37%)
Nifty- 5600 CE(Jun)- +810500(+18.92%)
Nifty- 5600 PE(Jun)- +760250(+55.01%)
Nifty- 5700 CE(Jun)- +697900(+16.46%)
Nifty- 5700 PE(Jun)- +113350(+19.25%)
Closing
Nifty- closed at 5,560.15(+87.05 Points & +1.59%)
Sensex- closed at 18,503.28(+271.22 Points & +1.49%)
CNX MIDCAP - closed at 8,064.80(+118.90 Points & +1.50%)
BSE SMALL CAP- closed at 8,235.72(+81.08 Points & +0.99)
Nifty Spot-Levels & Trading Strategy for 01-06-2011
R3 5673.00
R2 5622.00
R1 5591.00
Avg 5540.00
S1 5509.00
S2 5458.00
S3 5427.00
Nifty Spot-Trading Strategy
H6 5643 Trgt 2
H5 5624 Trgt 1
H4 5605 Long breakout
H3 5582 Go Short
H2 5575
H1 5567
L1 5552
L2 5544
L3 5537 Long
L4 5514 Short Breakout
L5 5495 Trgt 1
L6 5476 Trgt 2
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