Mid-session Outlook(07-08-2013)

As US markets closed weak yesterday and Dow's Futures was also more than 40 points down today morning therefore sentiment was depressed and all the Asian markets are weak,resultant Indian markets slipped immediately after opening. 

Global markets are sharp down and Indian Rupee is also weakening but Oscillators are oversold therefore some bounce seen from lower levels but until Nifty will not consolidate completely till then any decisive up move will not be seen and only Pull Back rally will be considered.

Detailed analysis of EOD charts have already been updated in previous topics.

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Technical Analysis and Market Outlook(07-08-2013)

Nifty-EOD Chart (06-Aug-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 4531.15 on 20-12-2011(Rally beginning after 13 Months correction completion)
2- Wave-1(5629.95 on 22-02-2012)
3- Wave-2(4770.35 on 04-06-2012)
4- Wave-3(6111.80 on 29-01-2013)
5- Wave-4(5477.20 on 10-04-2012)
6- Wave-5(6229.45 on 20-05-2013) and 'ABC' correction continuation.
7- Wave-A(5566.25 on 24-06-2013)
8- Wave-B(6093.35 on 23-07-2013)
9- Wave-C continuation with bottom formation at 5521.80 on 06-08-2013

Conclusions from EOD chart analysis

Rally begun after 13 Months correction completion on 20-12-2011 from 4531.15 and this rally terminated after 5 waves structure completion at 6229.45 on 20-05-2013 as well as 'ABC' correction commenced. As correction started after 5 waves completion and Long Term Trend turning down confirmations also through sustaining below 200-Day EMA(today at 5786) therefore entering into Bearish phase and correction of whole rally between 4531.15-6229.45 is being seen and following retracement should be kept in mind:-

13.0%-6008(Retraced)
23.6%-5828(Retraced)
27.0%-5770(Retraced)
38.2%-5580(Crucial Level Retracment completed)
50.0%-5380(Crucial Level)
61.8%-5179(Crucial Level)
70.7%-5028
76.4%-4931
78.6%-4894
88.6%-4724

Next Supports are as follows:-

1- 5490-5520
2- 5220-5260
3- 5080-5180

Corrective Wave-c continuation,no indication of its completion yet and until complete consolidation will not happen on Daily and intraday charts till then any reversal will not be seen but some up moves/Bounce back/Pull Back Rallies can not be ruled out after some intraday consolidations because Oscillators have move into Oversold zone.

Pre-Closing Outlook(06-08-2013)

When Indian markets recovered from lower levels and Nifty was trading above 5600 then following line was told at 01:09 PM today in Mid-session Outlook:-

Corrective Wave-c continuation and more down moves are still expected.

As we told same happened and Nifty moved down more than 80 points after our more down moves projection. Indian markets are in Bear phase and until complete consolidation will not happen on Daily and intraday charts till then any reversal will not be seen but some up moves/Bounce back/Pull Back Rallies can not be ruled out after some intraday consolidations.

Mid-session Outlook(06-08-2013)

Following line was told on 04-08-2013 in Technical Analysis,Research & Weekly Outlook
(Aug 05 to Aug 08,2013) 

Firstly some up moves in the beginning of next week and finally down moves are expected because Wave-c continuation.

As was told same happened and finally sharp down moves are being seen today after some up moves in first 2 hours yesterday.

Corrective Wave-c continuation and more down moves are still expected.

Technical Analysis and Market Outlook(06-08-2013)

Nifty-Intra Day Chart (05-Aug-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Support between 5665-5675
2- Selling between 5709-5721
3- Last more than 3 hour trading with mixed patterns trading between 5675-5698
4- Whole day actual trading between 5665-5721

Conclusions from intra day chart analysis 

Higher levels selling patterns,lower and levels supports and last more than 3 hours trading with mixed patterns therefore no clear pattern formations on 05-08-2013. Higher levels selling and lower levels supports in last 2 sessions therefore sustaining beyond 5649-5721 will be be watched today for next moves confirmations. 

Pre-open Outlook(06-08-2013)

All the Asian markets are in Red and some are more than 1% down therefore sentiment is depressed today morning and gap down opening will be seen. Confirmation of sustaining below 5649 will mean sharp fall because corrective Wave-c continuation.

Pre-Closing Outlook(05-08-2013)

Whole day sideways trading with selling patterns formations at higher levels but lower levels supports last Friday also therefore sustaining beyond 5649-5721 will be be watched tomorrow for next moves confirmations.

Mid-session Outlook(05-08-2013)

4 Sessions trading between 5649-5808 with NSEL news led high volatility,following supports and resistances:- 

1- Supports between 5649-5680
2- Resistances between 5730-5768
3- Resistances between 5782-5808

As Bullish Falling Channel last Friday therefore some up moves were expected and being seen today but follow up consolidation is required for crossing next resistances and next decisive up moves above 5808. It should also be kept in mind that selling in the coming hours will mean deeper correction after sustaining below 5649.

Technical Analysis,Research & Weekly Outlook

(Aug 05 to Aug 08,2013)

Nifty-EOD Chart (02-Aug-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- 4531.15 on 20-12-2011(Rally beginning after 13 Months correction completion)
2- Wave-1(5629.95 on 22-02-2012)
3- Wave-2(4770.35 on 04-06-2012)
4- Wave-3(6111.80 on 29-01-2013)
5- Wave-4(5477.20 on 10-04-2012)
6- Wave-5(6229.45 on 20-05-2013) and 'ABC' correction continuation.
7- Wave-A(5566.25 on 24-06-2013)
8- Wave-B(6093.35 on 23-07-2013)
9- Wave-c continuation with bottom formation at 5649.00 on 02-08-2013
10 Nifty slipped below Long Term Trend decider 200-Day EMA(today at 5790)

Conclusions from EOD chart analysis 

Intermediate and Short Term Trends are down and and almost confirmation of Long Term Trend turning down after after last 4 sessions closing below Long Term Trend decider 200-Day EMA(today at 5790),once confirmation will mean entering into Bear phase. 

Nifty-Intra Day Chart (02-Aug-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Whole day down moves within Bullish Falling Channel.
2- Whole day actual trading between 5649-5745

Conclusions from intra day chart analysis 

As whole day down moves within Bullish Falling Channel therefore indications of up moves despite 0.87% negative closing last Friday.

Conclusions (After Putting All Indicators Together)

Wave-c continuation and Indian markets are on the verge entering into Bear phase through confirmation of sustaining below  Long Term Trend decider 200-Day EMA(today at 5790). As last 8 sessions continuous down moves therefore Short Term indicators have move into oversold zone and signalling some up moves/ bounce Back/Pull Back Rally as well as its possibility is alive because Bullish Falling Channel last Friday. 

Firstly some up moves in the beginning of next week and finally down moves are expected because Wave-c continuation.

Pre-Closing Outlook-2(02-08-2013)

Nifty was trading at 5697 at 01:57 PM and at that time  Rupee was trading at 60.75 but as soon as Rupee slipped 28 paise within 1 hour then Nifty immediately responded and down 50 points to 5649. As today breaking down moves are negative news led therefore sustaining below 5677 should be firstly watched in the next week for fresh down moves confirmations.

Pre-Closing Outlook(02-08-2013)

As soon as Rupee formed new intraday low the Nifty slipped below 5677 and it strong indication of fresh down moves in the next week.

Mid-session Outlook-3(02-08-2013)

As whole day without force down moves and it is an Bullish signal therefore sustaining below 5677 should be watched for next decisive down moves confirmations.

Mid-session Outlook-2(02-08-2013)

Nifty slipped below 5712 but sustaining it below should be firstly watched now and it should also be kept in mind that slipping below 5677 will be confirmation of fresh sharp down moves.

Mid-session Outlook(02-08-2013)

As Indian Rupee is down by 35 paise today therefore sentiment is weak and Indian markets slipped as well as traded in Red but today down moves have formed Bullish falling channel in last 1 hour therefore view is cautious despite falling Rupee. Just watch for valid break out of 5712-5769 because Nifty traded last 4 hours within this range yesterday with mixed patterns formations and today also traded most time within this range.

Post-open Outlook(02-08-2013)

As lower levels good consolidations in previous 2 sessions therefore Positive opening today but Indian Rupee is weak by 19 paisa in early morning trades therefore sentiment is depressed and firstly sustaining beyond 5712-5769 should be watched for next immediate moves confirmations.

Technical Analysis and Market Outlook(02-08-2013)

Nifty-Intra Day Chart (01-Aug-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 5785-5808
2- Support between 5682-5720
3- Mixed Patterns between 5712-5769 in last 4 hours.
4- Whole day actual trading between 5682-5808

Conclusions from intra day chart analysis

NSEL news led confusion and resultant highly volatile market in first 2 hours,firstly crashing from higher levels after some selling but lower levels supports also seen today. Lower levels supports between 5677-5720 yesterday and follow up support seen between this range therefore strengthening of supports and base formation today and until Nifty will not sustain below 5677 till then next down moves will not be considered.

Corrective Wave-C continuation but Very Short Term up moves/Bounce back/Pull Back Rally can not be ruled out after lower levels suppots and its possibility is very much alive because lower levels supports in previous 2 sessions. Last 4 hours trading between 5712-5769 with mixed Patterns therefore valid break out of this range is next Short Term Trend decider and should be firstly watched tomorrow, As consolidation patterns seen within this range therefore high possibility of sustaining above 5769 and Pull Back Rally continuation.

Mid-session Outlook-3(01-08-2013)

NSEL news led high volatality in first 3 hours today with supports after supports and consolidations at  lower levels yesterday therefore until today lowest (5677) will not be broken down till then next down moves will not be considered. As some selling was also seen at higher levels today therefore today highest (5808) is next resistance and expected that Nifty will prepare for next immediate moves between 5677-5808 and valid break out of this range should be firstly watched for next moves confirmations because technical positions reverses in today like news led high volatality. 

Mid-session Outlook-2(01-08-2013)

Nifty recovered 65 points from lower levels within 15 minutes after loosing more than 130 points within first 2 hours. It is called huge volatility for cutting of small traders both side stop losses and will be better to wait for stabilising of market and taking decisive trading positions.

Mid-session Outlook(01-08-2013)

Corrective Wave-C continuation and Pull Back Rally immediately fused after strong recovery today therefore it is clear weakness signal As consolidation and lower levels supports between 5677-5720 yesterday therefore market will trade within this range,market could could not sustain at higher levels and Corrective Wave-C continuation therefore slipping below 5677 after follow up selling between 5677-5720 can not be ruled out now.

Post-open Outlook(01-08-2013)

Only consolidations and Pull Back Rally was told in all 3 previous Outlooks and Nifty is 63 points up today. Corrective Wave-C continuation but Pull Back Rallies are its part and being seen today,let it complete and fresh selling develop then next down moves after Pull Back Rally completion will be considered. 

Technical Analysis and Market Outlook(01-08-2013)

Nifty-Intra Day Chart (31-Jul-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- First 4 hours lower levels supports and consolidations between 5677-5720
2- Last more than 1 hour trading with mixed Patterns between 4726-5751 
3- Whole day actual trading between 5677-5751

Conclusions from intra day chart analysis 

As lower levels supports and consolidations therefore some recovery from lower levels but last more than 1 hour trading with mixed Patterns between 5677-5751 also. Correction continuation but emergence of Pull Back Rally possibility today and firstly sustaining beyond 5677-5751 should be watched tomorrow for Pull Back Rally beginning confirmations.