Although Dow's Futures is more than 100 points up and European markets are trading strong after gap up opening as well as most Asian markets are showing good gains but Indian markets have not shown as much strength and trading with small gains therefore view is cautious and should be Bullish after valid break out of next resistance range(6130-6180). It should also be kept in mind that once slipping below today lowest(6056) will mean steep fall because Indian markets are completely under performing Global cues today.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Technical Analysis and Market Outlook(28-05-2013)
Nifty-Intra Day Chart (May 23 to May 27,2013):-
Technical Patterns and Formations in last 3 Sessions intraday charts
1- Consolidation between 5936-6008 on 23-05-2013 and 24-05-2013.
2- More than 5 hours sideways trading between 6010-6034 with mixed patterns(means selling also) formations on 27-05-2013.
3- Sharp up moves in last hour on 27-05-2013.
4- 3 Sessions most time trading between 5936-6040.
5- 3 Sessions actual trading between 5936-6099.
As lower levels good consolidations on 23-05-2013 and 24-05-2013 therefore corrective Wave-A completion and impulsive Wave-B continuation. Following crucial retracement levels have not been tested yet after crossing of 38.2% yesterday:-
1- 50.0%- 6117
2- 61.8%- 6143
Next strong resistances are between 6130-6180 and sustaining beyond this range will decide the fate of on going impulsive Wave-B. Although strong up moves yesterday but more than 5 hours sideways trading between 6010-6034 with mixed patterns(means selling also) yesterday therefore follow up moves today sustaining beyond mentioned strong resistances should be firstly watched in the coming sessions for:-
1- High possibility of correction completion after sustaining above 6180
2- Corrective Wave-c continuation after after sustaining below 6130 for down moves below 5935.
Pre-open Outlook(28-05-2013)
Most Asian markets are in Green and Dow's Futures is trading more than 50 points up therefore sentiment is good today morning and positive zone trading will be firstly seen today. Sustaining beyond 6130 should be firstly watched today for next signal of impulsive Wave-B continuation/completion.
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| Just click on chart for its enlarged view |
1- Consolidation between 5936-6008 on 23-05-2013 and 24-05-2013.
2- More than 5 hours sideways trading between 6010-6034 with mixed patterns(means selling also) formations on 27-05-2013.
3- Sharp up moves in last hour on 27-05-2013.
4- 3 Sessions most time trading between 5936-6040.
5- 3 Sessions actual trading between 5936-6099.
Conclusions from 3 Sessions intra day chart analysis
As lower levels good consolidations on 23-05-2013 and 24-05-2013 therefore corrective Wave-A completion and impulsive Wave-B continuation. Following crucial retracement levels have not been tested yet after crossing of 38.2% yesterday:-
1- 50.0%- 6117
2- 61.8%- 6143
Next strong resistances are between 6130-6180 and sustaining beyond this range will decide the fate of on going impulsive Wave-B. Although strong up moves yesterday but more than 5 hours sideways trading between 6010-6034 with mixed patterns(means selling also) yesterday therefore follow up moves today sustaining beyond mentioned strong resistances should be firstly watched in the coming sessions for:-
1- High possibility of correction completion after sustaining above 6180
2- Corrective Wave-c continuation after after sustaining below 6130 for down moves below 5935.
Pre-open Outlook(28-05-2013)
Most Asian markets are in Green and Dow's Futures is trading more than 50 points up therefore sentiment is good today morning and positive zone trading will be firstly seen today. Sustaining beyond 6130 should be firstly watched today for next signal of impulsive Wave-B continuation/completion.
FII & DII trading activity in Capital Market Segment on 27-May-2013
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Nifty Spot-Levels & Trading Strategy for 28-05-2013
Nifty Spot-Levels
R3 6253
R2 6176
R1 6129
Avg 6052
S1 6005
S2 5928
S3 5881
Nifty Spot-Trading Strategy
H6 6209 Trgt 2
H5 6180 Trgt 1
H4 6151 Long breakout
H3 6117 Go Short
H2 6105
H1 6094
L1 6071
L2 6060
L3 6048 Long
L4 6014 Short Breakout
L5 5985 Trgt 1
L6 5956 Trgt 2
R3 6253
R2 6176
R1 6129
Avg 6052
S1 6005
S2 5928
S3 5881
Nifty Spot-Trading Strategy
H6 6209 Trgt 2
H5 6180 Trgt 1
H4 6151 Long breakout
H3 6117 Go Short
H2 6105
H1 6094
L1 6071
L2 6060
L3 6048 Long
L4 6014 Short Breakout
L5 5985 Trgt 1
L6 5956 Trgt 2
Nifty(May Fut)-Levels & Trading Strategy for 28-05-2013
Nifty(May Fut)-Levels
R3 6259
R2 6179
R1 6131
Avg 6051
S1 6003
S2 5923
S3 5875
Nifty(May Fut)-Trading Strategy
H6 6213 Trgt 2
H5 6183 Trgt 1
H4 6153 Long breakout
H3 6118 Go Short
H2 6106
H1 6094
L1 6071
L2 6059
L3 6047 Long
L4 6012 Short Breakout
L5 5982 Trgt 1
L6 5952 Trgt 2
R3 6259
R2 6179
R1 6131
Avg 6051
S1 6003
S2 5923
S3 5875
Nifty(May Fut)-Trading Strategy
H6 6213 Trgt 2
H5 6183 Trgt 1
H4 6153 Long breakout
H3 6118 Go Short
H2 6106
H1 6094
L1 6071
L2 6059
L3 6047 Long
L4 6012 Short Breakout
L5 5982 Trgt 1
L6 5952 Trgt 2
Bank Nifty(May Fut)-Levels & Trading Strategy for 28-05-2013
Bank Nifty(May Fut)-Levels
R3 13307
R2 13135
R1 13022
Avg 12850
S1 12737
S2 12565
S3 12452
Bank Nifty(May Fut)-Trading Strategy
H6 13200 Trgt 2
H5 13133 Trgt 1
H4 13066 Long breakout
H3 12988 Go Short
H2 12962
H1 12936
L1 12883
L2 12857
L3 12831 Long
L4 12753 Short Breakout
L5 12686 Trgt 1
L6 12619 Trgt 2
R3 13307
R2 13135
R1 13022
Avg 12850
S1 12737
S2 12565
S3 12452
Bank Nifty(May Fut)-Trading Strategy
H6 13200 Trgt 2
H5 13133 Trgt 1
H4 13066 Long breakout
H3 12988 Go Short
H2 12962
H1 12936
L1 12883
L2 12857
L3 12831 Long
L4 12753 Short Breakout
L5 12686 Trgt 1
L6 12619 Trgt 2
Pre-Closing Outlook(27-05-2013)
Following lines were told today at 08:49:00 AM:-
strong signals of impulsive Wave-B commencement and following levels should also be watched for its completion after confirmations of sustaining above 5935:-
1- 38.2%- 6047
2- 50.0%- 6117
3- 61.8%- 6143
Fresh selling near about above levels will mean strong possibility of corrective Wave-C toward new bottom below 5935.
Impulsive Wave-B continuation as per expectations today and completion of 38.2% retracement as well. corrective Wave-C possibility is still alive for down moves below 5935 and above mentioned both 50.0%(6117) and 61.8%(6143) should be firstly watched tomorrow.
Let fresh selling develop near about above levels tomorrow then corrective Wave-C toward new bottom below 5935 will be considered.
strong signals of impulsive Wave-B commencement and following levels should also be watched for its completion after confirmations of sustaining above 5935:-
1- 38.2%- 6047
2- 50.0%- 6117
3- 61.8%- 6143
Fresh selling near about above levels will mean strong possibility of corrective Wave-C toward new bottom below 5935.
Impulsive Wave-B continuation as per expectations today and completion of 38.2% retracement as well. corrective Wave-C possibility is still alive for down moves below 5935 and above mentioned both 50.0%(6117) and 61.8%(6143) should be firstly watched tomorrow.
Let fresh selling develop near about above levels tomorrow then corrective Wave-C toward new bottom below 5935 will be considered.
Mid-session Outlook(27-05-2013)
Firstly good up moves immediately after opening but market turning sideways between 6010-6034 with mixed charts patterns therefore valid break out of this range should be watched for the fate of Wave-B up moves. As selling patterns at higher levels also today therefore view is cautious
Live Proofs of our Accurate Predictions
Although most Asian markets are flat and Nikkei-225(Japan) was more than 2% down today morning but we told following lines today at 08:49:00 AM
1- fresh up moves are expected today
2- Impulsive Wave-B above 6008(strong possibility of this move)
We told following line on 24-05-2013 in Pre-Closing Outlook-2:-
strong indications of rally continuation in next week
1- fresh up moves are expected today
2- Impulsive Wave-B above 6008(strong possibility of this move)
We told following line on 24-05-2013 in Pre-Closing Outlook-2:-
strong indications of rally continuation in next week
Nifty traded more than 43 points up immediately after opening today with today high formation at 6026.25
'ABC' Correction Continuation after new Top of Rally at 6229.45
Technical Analysis,Research & Weekly Outlook
(May 27 to May 31,2013)
Nifty-EOD Chart (24-May-2013):-
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| Just click on chart for its enlarged view |
1- 4531.15 on 20-12-2011(Wave-i of Wave-5 beginning)
2- Wave-i(5629.95 on 22-02-2012)
3- Wave-ii(4770.35 on 04-06-2012)
4- Wave-iii(6111.80 on 29-01-2013)
5- Wave-iv(5477.20 on 10-04-2013)
6- Wave-v of Wave-5(recent top formation at 6229.45 on 20-05-2013)
7- Corrective Wave-A of 'ABC' correction beginning
Conclusions from EOD chart analysis
Long and Intermediate Term trends are up and Short Term Trend turned down after Wave-v of Wave-5 top formation at 6229.45 on 20-05-2013. 'ABC' correction is on after 752.25 points strong rally in 27 sessions from 10-04-2013 and its recent bottom formation at 5936.90 on 24-05-2013.
Nifty-Intra Day Chart (24-May-2013):-
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| Just click on chart for its enlarged view |
1- Support between 5936-5967
2- Last more than 4 hours trading between 5966-6006 with mixed patterns formations
3- Bullish Flag pattern formations in last 3 hours
4- Whole day actual trading between 5936-6006
Conclusions from intra day chart analysis
Last more than 4 hours trading between 5966-6006 with mixed patterns formations after lower levels supports but Bullish Flag pattern formations in last 3 hours also within it therefore strong indications of up moves in the beginning of next week.
Conclusions (After Putting All Studies Together)
'ABC' correction continuation in previous week after new top formation of on going rally at 6229.45 and completion of 38.2%(5941) retracement also. As 38.2% lies between strong supports range(5935-5960) therefore its importance was updated many times in previous week and Nifty made bottom formation at 5936.80 on 24-05-2013 also therefore sustaining above it should be firstly watched in next week for the beginning of impulsive Wave-B after completion of corrective Wave-A in previous week.
As lower levels supports last Friday within crucial strong supports range(5935-5960) therefore expectations of firstly up moves but good resistances below 6229 therefore broader trading range of Nifty is 5935-6229. Although confirmation are required but strong signals of impulsive Wave-B commencement and following levels should also be watched for its completion after confirmations of sustaining above 5935:-
1- 38.2%- 6047
2- 50.o%- 6117
3- 61.8%- 6143
Fresh selling near about above levels will mean strong possibility of corrective Wave-C toward new bottom below 5935.
'ABC' correction is very much on and above mentioned expected moves.levels and possibilities should always be kept in mind in whole next week.
Pre-open Outlook(27-05-2013)
As some Asian markets are in Red and some are in Green today after flat closing of US markets last Friday therefore sentiment is quiet today morning and flat opening is expected today morning. As Bullish Rising Wedge formations was seen between 5955-6008 on 23-05-2013 and support between 5936-5967 on 24-05-2013 therefore finally fresh up moves are expected today and valid break out 5936-6008 should also be firstly watched in the beginning of next week for:-
1- Impulsive Wave-B above 6008(strong possibility of this move)
2- Corrective Wave-c below 5936(but complete fresh selling is firstly required)
FII & DII trading activity in Capital Market Segment on 24-May-2013
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Indian Stock Markets Closing Reports(24-May-2013)
Main features of today trading are as follows
Ratios
Index Options Put Call Ratio: 1.11
Total Options Put Call Ratio: 1.06
Nifty P/E Ratio(24-May-2013):17.71
Advances & Declines
BSE Advances : 1,193
BSE Declines : 1,096
NSE Advances : 750
NSE Declines : 628
Nifty Open Interest Changed Today
Nifty- 5800 CE(May)- -76,850(-5.84%)
Nifty- 5800 PE(May)- 358,050(5.29%)
Nifty- 5900 CE(May)- 87,300(2.92%)
Nifty- 5900 PE(May)- 836,850(11.52%)
Nifty- 6000 CE(May)- 914,650(15.60%)
Nifty- 6000 PE(May)- 573,250(10.64%)
Nifty- 6100 CE(May)- 965,800(13.89%)
Nifty- 6100 PE(May)- -766,450(-24.62%)
Nifty- 6200 CE(May)- -614,200(-10.00%)
Nifty- 6200 PE(May)- -365,750(-20.22%)
Closing
Sensex- closed at 19,704.33(30.00 Points & 0.15%)
Nifty- closed at 5,983.55(16.50 Points & 0.28%)
CNX Midcap - closed at 7,820.20(18.15 Points & 0.23%)
CNX Smallcap- closed at 3,201.00(16.20 Points & 0.51%)
Nifty Spot-Levels & Trading Strategy for 27-05-2013
Nifty Spot-Levels
R3 6099
R2 6057
R1 6020
Avg 5978
S1 5941
S2 5899
S3 5862
Nifty Spot-Trading Strategy
H6 6062 Trgt 2
H5 6044 Trgt 1
H4 6026 Long breakout
H3 6004 Go Short
H2 5997
H1 5990
L1 5975
L2 5968
L3 5961 Long
L4 5939 Short Breakout
L5 5921 Trgt 1
L6 5903 Trgt 2
R3 6099
R2 6057
R1 6020
Avg 5978
S1 5941
S2 5899
S3 5862
Nifty Spot-Trading Strategy
H6 6062 Trgt 2
H5 6044 Trgt 1
H4 6026 Long breakout
H3 6004 Go Short
H2 5997
H1 5990
L1 5975
L2 5968
L3 5961 Long
L4 5939 Short Breakout
L5 5921 Trgt 1
L6 5903 Trgt 2
Nifty(May Fut)-Levels & Trading Strategy for 27-05-2013
Nifty(May Fut)-Levels
R3 6093
R2 6052
R1 6018
Avg 5977
S1 5943
S2 5902
S3 5868
Nifty(May Fut)-Trading Strategy
H6 6060 Trgt 2
H5 6043 Trgt 1
H4 6026 Long breakout
H3 6005 Go Short
H2 5998
H1 5991
L1 5978
L2 5971
L3 5964 Long
L4 5943 Short Breakout
L5 5926 Trgt 1
L6 5909 Trgt 2
R3 6093
R2 6052
R1 6018
Avg 5977
S1 5943
S2 5902
S3 5868
Nifty(May Fut)-Trading Strategy
H6 6060 Trgt 2
H5 6043 Trgt 1
H4 6026 Long breakout
H3 6005 Go Short
H2 5998
H1 5991
L1 5978
L2 5971
L3 5964 Long
L4 5943 Short Breakout
L5 5926 Trgt 1
L6 5909 Trgt 2
Bank Nifty(May Fut)-Levels & Trading Strategy for 27-05-2013
Bank Nifty(May Fut)-Levels
R3 13084
R2 12930
R1 12818
Avg 12664
S1 12552
S2 12398
S3 12286
Bank Nifty(May Fut)-Trading Strategy
H6 12976 Trgt 2
H5 12914 Trgt 1
H4 12852 Long breakout
H3 12779 Go Short
H2 12754
H1 12730
L1 12681
L2 12657
L3 12632 Long
L4 12559 Short Breakout
L5 12497 Trgt 1
L6 12435 Trgt 2
R3 13084
R2 12930
R1 12818
Avg 12664
S1 12552
S2 12398
S3 12286
Bank Nifty(May Fut)-Trading Strategy
H6 12976 Trgt 2
H5 12914 Trgt 1
H4 12852 Long breakout
H3 12779 Go Short
H2 12754
H1 12730
L1 12681
L2 12657
L3 12632 Long
L4 12559 Short Breakout
L5 12497 Trgt 1
L6 12435 Trgt 2
Nifty Spot-Weekly Levels & Trading Strategy(May 27 to May 31,2013)
Nifty Spot-Weekly Levels
R3 6455
R2 6342
R1 6162
Avg 6049
S1 5869
S2 5756
S3 5576
Nifty Spot-Weekly Trading Strategy
H6 6278 Trgt 2
H5 6211 Trgt 1
H4 6144 Long breakout
H3 6063 Go Short
H2 6036
H1 6009
L1 5956
L2 5929
L3 5902 Long
L4 5821 Short Breakout
L5 5754 Trgt 1
L6 5687 Trgt 2
R3 6455
R2 6342
R1 6162
Avg 6049
S1 5869
S2 5756
S3 5576
Nifty Spot-Weekly Trading Strategy
H6 6278 Trgt 2
H5 6211 Trgt 1
H4 6144 Long breakout
H3 6063 Go Short
H2 6036
H1 6009
L1 5956
L2 5929
L3 5902 Long
L4 5821 Short Breakout
L5 5754 Trgt 1
L6 5687 Trgt 2
Bank Nifty Spot-Weekly Levels & Trading Strategy(May 27 to May 31,2013)
Bank Nifty Spot-Weekly Levels
R3 14093
R2 13753
R1 13261
Avg 12921
S1 12429
S2 12089
S3 11597
Bank Nifty Spot-Weekly Trading Strategy
H6 13613 Trgt 2
H5 13419 Trgt 1
H4 13226 Long breakout
H3 12997 Go Short
H2 12921
H1 12845
L1 12692
L2 12616
L3 12540 Long
L4 12311 Short Breakout
L5 12118 Trgt 1
L6 11924 Trgt 2
R3 14093
R2 13753
R1 13261
Avg 12921
S1 12429
S2 12089
S3 11597
Bank Nifty Spot-Weekly Trading Strategy
H6 13613 Trgt 2
H5 13419 Trgt 1
H4 13226 Long breakout
H3 12997 Go Short
H2 12921
H1 12845
L1 12692
L2 12616
L3 12540 Long
L4 12311 Short Breakout
L5 12118 Trgt 1
L6 11924 Trgt 2
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