Short term correction is on and Nifty slipped below 5340 after continuous down moves since opening today. Sustaining below 5340 will be firstly watched for survival of Intermediate term up trend survival confirmations.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Firstly Sideways and then Blasting Indian Markets
Technical Analysis,Research & Weekly Outlook
(Feb 27 to Mar 02,2012)
Technical Analysis and Research of EOD Chart,Technical Positions,next possibilities have already been explained in following topics with 3 Charts therefore not being repeated. Just click following topic links and go through detailed analysis for trading in next week:-
Conclusions from EOD chart analysis
Correction commenced after good selling between 5588-5625 therefore complete consolidation is required to cross 5625 and in the same manner strong supports also between 5340-5415 therefore complete distribution is must for slipping below 5340. Although Nifty tested mentioned support range and closed above it but both supports and resistances both are sufficiently strong and market require complete preparation for breaking out of these 2 Resistance/support ranges.
Expected that Nifty will firstly trade minimum 2/3 sessions between 5340 and 5625 and prepare for next moves and sustaining below 5340 will mean deeper correction after breaking down of strong support ranges,sustaining above 5625 will mean strong rally after correction completion.
Conclusions (After Putting All Studies Together)
Long term and Intermediate term trends are up and Short term trends is down after 3 sessions selling between 5588-5625. As correction commenced after good selling therefore complete consolidation is required to cross 5625 and in the same manner strong supports also between 5340-5415 therefore complete distribution is also must for slipping below 5340. Although Nifty tested mentioned support range and closed above it on 24-02-2012 but both supports and resistances both are sufficiently strong and market require complete preparation for breaking out either of these 2 Resistance/support ranges.
Following 2 ranges should be kept in mind:-
1- 5370-5530(Expected that Nifty will trade between this range in the next 2/3 sessions and prepare for next moves. Sustaining beyond this range will be first indication of correction continuation/completion)
2- 5340-5625(Sustaining beyond will be confirmation of correction continuation/completion)
Sustaining below 5340 will mean deeper correction after breaking down of strong support ranges as well as Intermediate term trend turning down. Sustaining above 5625 will mean strong rally after correction completion. Indian markets will firstly prepare minimum 2/3 sessions within sideways moves and then sharp moves will be seen after break out of mentioned ranges.
It is the character of Bull markets that markets does not moves deep down and completes correction at higher levels consolidations therefore expected that fresh consolidation will start in the coming week and on going rally will remain continued above 5625 without sustaining below 5340.
Correction confirmation of 2012 Rally
Nifty-EOD Chart(24-Feb-2012):-
1- Up moves in rising channel.
2- 1098.80 Nifty Points rally in 45 sessions
2- Rising channel broken down.
2012 Strong rally in rising channel and its Correction confirmation through rising channel broken down.
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| Just click on chart for its enlarged view |
Technical Patterns and Formations in EOD charts
1- Up moves in rising channel.
2- 1098.80 Nifty Points rally in 45 sessions
2- Rising channel broken down.
Conclusions from EOD chart analysis
2012 Strong rally in rising channel and its Correction confirmation through rising channel broken down.
All 7 Supports of 2012 Rally
Nifty-EOD Chart(24-Feb-2012):-
1- Strong support and base formation between 4532-4670
2- Minor support between 4590-4640
3- Strong support between 4680-4760
4- Support between 4810-4900
5- Minor support between 4992-5068
6- Support between 5120-5190
7- Strong support between 5340-5415
One Resistance of 2012 Rally
1- Resistance through 3 days selling between 5588-5625
Nifty got support through consolidation in 7 ranges and staged 1098.80 Points run away rally in 45 sessions. Now correction is on after 3 days good selling between 5588-5625 and market requires complete consolidation for fresh rally. It is confirm that Nifty will get support at any one of above support ranges and breaking down of a support range will mean fast down move toward next support therefore above support ranges can be used for long trades after fresh consolidation confirmations and for shorting after formations of distribution patterns within any of above mentioned ranges.
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| Just click on chart for its enlarged view |
All 7 Supports of 2012 Rally
1- Strong support and base formation between 4532-4670
2- Minor support between 4590-4640
3- Strong support between 4680-4760
4- Support between 4810-4900
5- Minor support between 4992-5068
6- Support between 5120-5190
7- Strong support between 5340-5415
One Resistance of 2012 Rally
1- Resistance through 3 days selling between 5588-5625
Conclusions from EOD chart analysis
Nifty got support through consolidation in 7 ranges and staged 1098.80 Points run away rally in 45 sessions. Now correction is on after 3 days good selling between 5588-5625 and market requires complete consolidation for fresh rally. It is confirm that Nifty will get support at any one of above support ranges and breaking down of a support range will mean fast down move toward next support therefore above support ranges can be used for long trades after fresh consolidation confirmations and for shorting after formations of distribution patterns within any of above mentioned ranges.
Immediate Strong Supports and Resistances
Nifty-EOD Chart(24-Feb-2012):-
1- Resistance through 3 days selling between 5588-5625
2- Strong support between 5340-5415
3- Testing of Support range on 24-02-2012
4- Weekly trading range 5340-5625
Correction commenced after good selling between 5588-5625 therefore complete consolidation is required to cross 5625 and in the same manner strong supports also between 5340-5415 therefore complete distribution is must for slipping below 5340. Although Nifty tested mentioned support range and closed above it but both supports and resistances both are sufficiently strong and market require complete preparation for breaking out of these 2 Resistance/support ranges.
Expected that Nifty will firstly trade minimum 2/3 sessions between 5340 and 5625 and prepare for next moves and sustaining below 5340 will mean deeper correction after breaking down of strong support ranges,sustaining above 5625 will mean strong rally after correction completion.
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| Just click on chart for its enlarged view |
Technical Patterns and Formations in EOD charts
1- Resistance through 3 days selling between 5588-5625
2- Strong support between 5340-5415
3- Testing of Support range on 24-02-2012
4- Weekly trading range 5340-5625
Conclusions from EOD chart analysis
Correction commenced after good selling between 5588-5625 therefore complete consolidation is required to cross 5625 and in the same manner strong supports also between 5340-5415 therefore complete distribution is must for slipping below 5340. Although Nifty tested mentioned support range and closed above it but both supports and resistances both are sufficiently strong and market require complete preparation for breaking out of these 2 Resistance/support ranges.
Expected that Nifty will firstly trade minimum 2/3 sessions between 5340 and 5625 and prepare for next moves and sustaining below 5340 will mean deeper correction after breaking down of strong support ranges,sustaining above 5625 will mean strong rally after correction completion.
FII & DII trading activity in Capital Market Segment on 24-Feb-2012
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Indian Stock Markets Closing Reports(27-Feb-2012)
Main features of today trading are as follows
1- All the Indices closed in Red except IT,Metals and FMCG.
2- Black Candle formation.
3- Testing of crucial supports below 5460.
Ratios
Nifty Put Call Ratio:1.17
Nifty P/E Ratio(24-Feb-2012):19.02
Advances & Declines
BSE Advances : 1086
BSE Declines : 1832
NSE Advances : 462
NSE Declines : 997
Nifty Open Interest Changed Today
Nifty- 5400 CE(Feb)- +127550(+7.75%)
Nifty- 5400 PE(Feb)- +504900(+14.31%)
Nifty- 5500 CE(Feb)- +702900(+27.01%)
Nifty- 5500 PE(Feb)- +235250(+8.02%)
Nifty- 5600 CE(Feb)- +374400(+14.71%)
Nifty- 5600 PE(Feb)- -37000(-2.69%)
Closing
Nifty- closed at 5,429.30(-54 Points & -0.98%)
Sensex- closed at 17,923.57(-154.93 Points & -0.86% )
CNX Midcap - closed at 7,588.30(-57.85 Points & -0.76%)
BSE Smallcap- closed at 6,857.04(-48.85 Points & -0.71%)
1- All the Indices closed in Red except IT,Metals and FMCG.
2- Black Candle formation.
3- Testing of crucial supports below 5460.
Ratios
Nifty Put Call Ratio:1.17
Nifty P/E Ratio(24-Feb-2012):19.02
Advances & Declines
BSE Advances : 1086
BSE Declines : 1832
NSE Advances : 462
NSE Declines : 997
Nifty Open Interest Changed Today
Nifty- 5400 CE(Feb)- +127550(+7.75%)
Nifty- 5400 PE(Feb)- +504900(+14.31%)
Nifty- 5500 CE(Feb)- +702900(+27.01%)
Nifty- 5500 PE(Feb)- +235250(+8.02%)
Nifty- 5600 CE(Feb)- +374400(+14.71%)
Nifty- 5600 PE(Feb)- -37000(-2.69%)
Closing
Nifty- closed at 5,429.30(-54 Points & -0.98%)
Sensex- closed at 17,923.57(-154.93 Points & -0.86% )
CNX Midcap - closed at 7,588.30(-57.85 Points & -0.76%)
BSE Smallcap- closed at 6,857.04(-48.85 Points & -0.71%)
Nifty Spot-Levels & Trading Strategy for 27-02-2012
Nifty Spot-Levels
R3 5614
R2 5567
R1 5498
Avg 5451
S1 5382
S2 5335
S3 5266
Nifty Spot-Trading Strategy
H6 5545 Trgt 2
H5 5519 Trgt 1
H4 5492 Long breakout
H3 5460 Go Short
H2 5450
H1 5439
L1 5418
L2 5407
L3 5397 Long
L4 5365 Short Breakout
L5 5338 Trgt 1
L6 5312 Trgt 2
R3 5614
R2 5567
R1 5498
Avg 5451
S1 5382
S2 5335
S3 5266
Nifty Spot-Trading Strategy
H6 5545 Trgt 2
H5 5519 Trgt 1
H4 5492 Long breakout
H3 5460 Go Short
H2 5450
H1 5439
L1 5418
L2 5407
L3 5397 Long
L4 5365 Short Breakout
L5 5338 Trgt 1
L6 5312 Trgt 2
Nifty(Mar Fut)-Levels & Trading Strategy for 27-02-2012
Nifty(Mar Fut)-Levels
R3 5656
R2 5610
R1 5548
Avg 5502
S1 5440
S2 5394
S3 5332
Nifty(Mar Fut)-Trading Strategy
H6 5595 Trgt 2
H5 5571 Trgt 1
H4 5546 Long breakout
H3 5516 Go Short
H2 5506
H1 5496
L1 5477
L2 5467
L3 5457 Long
L4 5427 Short Breakout
L5 5403 Trgt 1
L6 5378 Trgt 2
R3 5656
R2 5610
R1 5548
Avg 5502
S1 5440
S2 5394
S3 5332
Nifty(Mar Fut)-Trading Strategy
H6 5595 Trgt 2
H5 5571 Trgt 1
H4 5546 Long breakout
H3 5516 Go Short
H2 5506
H1 5496
L1 5477
L2 5467
L3 5457 Long
L4 5427 Short Breakout
L5 5403 Trgt 1
L6 5378 Trgt 2
Bank Nifty(Mar Fut)-Levels & Trading Strategy for 27-02-2012
Bank Nifty(Mar Fut)-Levels
R3 11155
R2 11006
R1 10807
Avg 10658
S1 10459
S2 10310
S3 10111
Bank Nifty(Mar Fut)-Trading Strategy
H6 10959 Trgt 2
H5 10879 Trgt 1
H4 10799 Long breakout
H3 10703 Go Short
H2 10671
H1 10639
L1 10576
L2 10544
L3 10512 Long
L4 10416 Short Breakout
L5 10336 Trgt 1
L6 10256 Trgt 2
R3 11155
R2 11006
R1 10807
Avg 10658
S1 10459
S2 10310
S3 10111
Bank Nifty(Mar Fut)-Trading Strategy
H6 10959 Trgt 2
H5 10879 Trgt 1
H4 10799 Long breakout
H3 10703 Go Short
H2 10671
H1 10639
L1 10576
L2 10544
L3 10512 Long
L4 10416 Short Breakout
L5 10336 Trgt 1
L6 10256 Trgt 2
Nifty Spot-Weekly Levels & Trading Strategy(Feb 27 to Mar 02,2012)
Nifty Spot-Weekly Levels
R3 5796
R2 5713
R1 5571
Avg 5488
S1 5346
S2 5263
S3 5121
Nifty Spot-Weekly Trading Strategy
H6 5655 Trgt 2
H5 5603 Trgt 1
H4 5552 Long breakout
H3 5490 Go Short
H2 5470
H1 5449
L1 5408
L2 5387
L3 5367 Long
L4 5305 Short Breakout
L5 5254 Trgt 1
L6 5203 Trgt 2
R3 5796
R2 5713
R1 5571
Avg 5488
S1 5346
S2 5263
S3 5121
Nifty Spot-Weekly Trading Strategy
H6 5655 Trgt 2
H5 5603 Trgt 1
H4 5552 Long breakout
H3 5490 Go Short
H2 5470
H1 5449
L1 5408
L2 5387
L3 5367 Long
L4 5305 Short Breakout
L5 5254 Trgt 1
L6 5203 Trgt 2
Bank Nifty Spot-Weekly Levels & Trading Strategy(Feb 27 to Mar 02,2012)
Bank Nifty Spot-Weekly Levels
R3 11802
R2 11514
R1 11010
Avg 10722
S1 10218
S2 9930
S3 9426
Bank Nifty Spot-Weekly Trading Strategy
H6 11303 Trgt 2
H5 11122 Trgt 1
H4 10941 Long breakout
H3 10723 Go Short
H2 10651
H1 10578
L1 10433
L2 10360
L3 10288 Long
L4 10070 Short Breakout
L5 9889 Trgt 1
L6 9708 Trgt 2
R3 11802
R2 11514
R1 11010
Avg 10722
S1 10218
S2 9930
S3 9426
Bank Nifty Spot-Weekly Trading Strategy
H6 11303 Trgt 2
H5 11122 Trgt 1
H4 10941 Long breakout
H3 10723 Go Short
H2 10651
H1 10578
L1 10433
L2 10360
L3 10288 Long
L4 10070 Short Breakout
L5 9889 Trgt 1
L6 9708 Trgt 2
Pre-Closing Outlook(24-02-2012)
Following lines were told yesterday in Correction is on & Bulls Watching Next Supports
more down moves possibilities have turned higher and testing of following supports can not be ruled out:-
1- 5428-5461(Gap Support)
2- 5340-5415(Strong support)
All the Global markets are in Green But Indian markets are under performing and in Red as well as traded most time between Gap Support range(5428-5461) today. Higher levels selling seen after lower levels minor support but breaking down of 5428 is without force also therefore higher levels selling and lower levels buying signals also.
Strong support between 5340-5415 and supports signals above it therefore sustaining beyond today range(5406-5460) will be firstly watched in next week for the confirmation of correction continuation/completion.
more down moves possibilities have turned higher and testing of following supports can not be ruled out:-
1- 5428-5461(Gap Support)
2- 5340-5415(Strong support)
Above both supports have been tested today and proved our above projection 100% accurate.
All the Global markets are in Green But Indian markets are under performing and in Red as well as traded most time between Gap Support range(5428-5461) today. Higher levels selling seen after lower levels minor support but breaking down of 5428 is without force also therefore higher levels selling and lower levels buying signals also.
Strong support between 5340-5415 and supports signals above it therefore sustaining beyond today range(5406-5460) will be firstly watched in next week for the confirmation of correction continuation/completion.
Firstly Watch 5428-5461 (Gap Support)
Mid-session Outlook(24-02-2012)
Following line was told yesterday which proved 100% accurate today after more than .85% down moves today:-
"more down moves possibilities have turned higher"
Just click following topic link and verify our above projection:-
Correction is on & Bulls Watching Next Supports
Following first support was yesterday in above topic:-
1- 5428-5461(Gap Support)
Nifty is trading within above support for the last 2 hours after forming low at 5428.05. Minor intraday support pattern seen at lower levels today but lot of consolidation and base formation is reuqired for completion of correction. As minor support within mentioned Gap Support therefore sustaining beyond this range will be firstly watched today for next very short term move confirmation.
Correction is on & Bulls Watching Next Supports
Technical Analysis,Researches & Market Outlook (24-02-2012)
Nifty-Intra Day Chart(23-Feb-2012):-
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| Just click on chart for its enlarged view |
1- Selling between 5545-5517.
2- Down moves in falling channel.
3- Falling channel broken out.
4- Up moves in rising channel.
5- Selling between 5514-5537.
6- Rising channel broken down.
7- Whole day trading between 5461-5538.
Conclusions from intra day chart analysis
Following 2 technical positions have been updated previously in Weekly Outlook(Feb 21 to Feb 24,2012)and now being repeated:-
1- 61.8% Retracement level at 5648
2- Crucial resistance is between 5600-5700
Selling between 5588-5625 in 3 previous sessions(17-02-2012 to 22-02-2012) and its confirmation through sharp fall seen on 22-02-2012. As mentioned selling has been just below 61.8% Retracement level and within mentioned resistance range therefore it has been strenghtened as well as resistance at 61.8% Retracement level has been validated.
Very short term correction is on and intraday selling seen at higher levels today also therefore more down moves possibilities have turned higher and testing of following supports can not be ruled out:-
1- 5428-5461(Gap Support)
2- 5340-5415(Strong support)
Sufficient and strong evidences of correction therefore complete consolidation is required to cross recent resistance(5588-5625) and until Nifty will not sustain above 5625 till then next up move will not be considered. As Nifty has to correct whole 1099 Nifty points rally therefore more down moves possibility can not be ruled out and Support range of 5340-5415 will be next hope for Bulls because it is strong support range.
FII & DII trading activity in Capital Market Segment on 23-Feb-2012
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Indian Stock Markets Closing Reports(23-Feb-2012)
Main features of today trading are as follows
1- Benvhmark Indices closed in Red.
2- Doji Candle formation.
3- Record volume in 77 Nifty points range bound market.
Ratios
Nifty Put Call Ratio:1.13
Nifty P/E Ratio(23-Feb-2012):19.21
Advances & Declines
BSE Advances : 1103
BSE Declines : 1784
NSE Advances : 456
NSE Declines : 1005
Nifty Open Interest Changed Today
Nifty- 5400 CE(Feb)- -303550(-24.42%)
Nifty- 5400 PE(Feb)- +3702350(+54.39%)
Nifty- 5500 CE(Feb)- +2114600(+43.01%)
Nifty- 5500 PE(Feb)- -1629150(-34.97%)
Nifty- 5600 CE(Feb)- +2071550(+33.52%)
Nifty- 5600 PE(Feb)- -3312000(-72.83%)
Closing
Nifty- closed at 5,483.30(-22.05 Points & -0.40%)
Sensex- closed at 18,078.50(-66.75 Points & -0.37% )
CNX Midcap - closed at 7,646.15(-30.65 Points & -0.40%)
BSE Smallcap- closed at 6,905.89(-63.17 Points & -0.91%)
1- Benvhmark Indices closed in Red.
2- Doji Candle formation.
3- Record volume in 77 Nifty points range bound market.
Ratios
Nifty Put Call Ratio:1.13
Nifty P/E Ratio(23-Feb-2012):19.21
Advances & Declines
BSE Advances : 1103
BSE Declines : 1784
NSE Advances : 456
NSE Declines : 1005
Nifty Open Interest Changed Today
Nifty- 5400 CE(Feb)- -303550(-24.42%)
Nifty- 5400 PE(Feb)- +3702350(+54.39%)
Nifty- 5500 CE(Feb)- +2114600(+43.01%)
Nifty- 5500 PE(Feb)- -1629150(-34.97%)
Nifty- 5600 CE(Feb)- +2071550(+33.52%)
Nifty- 5600 PE(Feb)- -3312000(-72.83%)
Closing
Nifty- closed at 5,483.30(-22.05 Points & -0.40%)
Sensex- closed at 18,078.50(-66.75 Points & -0.37% )
CNX Midcap - closed at 7,646.15(-30.65 Points & -0.40%)
BSE Smallcap- closed at 6,905.89(-63.17 Points & -0.91%)
Nifty Spot-Levels & Trading Strategy for 24-02-2012
Nifty Spot-Levels
R3 5603
R2 5570
R1 5526
Avg 5493
S1 5449
S2 5416
S3 5372
Nifty Spot-Trading Strategy
H6 5560 Trgt 2
H5 5542 Trgt 1
H4 5525 Long breakout
H3 5504 Go Short
H2 5497
H1 5490
L1 5475
L2 5468
L3 5461 Long
L4 5440 Short Breakout
L5 5423 Trgt 1
L6 5405 Trgt 2
R3 5603
R2 5570
R1 5526
Avg 5493
S1 5449
S2 5416
S3 5372
Nifty Spot-Trading Strategy
H6 5560 Trgt 2
H5 5542 Trgt 1
H4 5525 Long breakout
H3 5504 Go Short
H2 5497
H1 5490
L1 5475
L2 5468
L3 5461 Long
L4 5440 Short Breakout
L5 5423 Trgt 1
L6 5405 Trgt 2
Nifty(Mar Fut)-Levels & Trading Strategy for 24-02-2012
Nifty(Mar Fut)-Levels
R3 5673
R2 5632
R1 5585
Avg 5544
S1 5497
S2 5456
S3 5409
Nifty(Mar Fut)-Trading Strategy
H6 5627 Trgt 2
H5 5607 Trgt 1
H4 5587 Long breakout
H3 5563 Go Short
H2 5555
H1 5547
L1 5530
L2 5522
L3 5514 Long
L4 5490 Short Breakout
L5 5470 Trgt 1
L6 5450 Trgt 2
R3 5673
R2 5632
R1 5585
Avg 5544
S1 5497
S2 5456
S3 5409
Nifty(Mar Fut)-Trading Strategy
H6 5627 Trgt 2
H5 5607 Trgt 1
H4 5587 Long breakout
H3 5563 Go Short
H2 5555
H1 5547
L1 5530
L2 5522
L3 5514 Long
L4 5490 Short Breakout
L5 5470 Trgt 1
L6 5450 Trgt 2
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