Technical Analysis and Market Outlook(29-10-2013)

Nifty-EOD Chart (28-Oct-2013):-

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Technical Patterns and Formations in EOD charts

1- Bottom formation at 5118.85 on 28-08-2013 and Wave-1 beginning
2- Wave-1(6142.50 on 19-09-2013) completion and 'ABC' correction continuation.
3- Wave-2(5700.95 on 21-10-2013) completion and Wave-3 continuation.
4- Wave-3 recent top formation at 6252.45 on 18-10-2013.
5- Very short Term correction recent bottom formation at 6094.10 on 28-10-2013
6- 11 Sessions trading between 6032.55-6252.45 

Conclusions from EOD chart analysis 

Wave-3 continuation towards new all time high but now very short Term correction continuation.  

Nifty-Intra Day Chart (28-Oct-2013):-

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Whole day actual trading between 6094-6165

Conclusions from intra day chart analysis 

Although closing near the lower levels of the day after whole day continuous down moves but Down moves in Bullish Falling Channel therefore expected that Nifty will not sustain below today lower levels and will finally move up after on going correction completion. 

Conclusions (After Putting All Indicators Together)

Correction continuation and 11 Sessions trading between 6032.55-6252.45 with intraday consolidation patterns formations therefore expected that Nifty will not sustain below 11 Sessions lowest(6032.55) and finally impulsive Wave-3 will remain continued towards 6724.60 despite whatsoever RBI Credit policy on 29-10-2013 and FOMC declarations on 30-10-2013 night. 

As sad news in close family circle therefore Blog could not be updated after 23-10-2013 but now came back today and updation will regularise within 24 hours

As I shall be busy therefore Blog will be updated after 2/3 days

Pre-closing Outlook(23-10-2013)

Nifty is now trading at 6180 but when was trading at 5125 then following lines were told at 01:17 PM in previous Outlook:-

1- intraday patterns of today are showing consolidation formations
2- expected that rally will remain continued in the coming sessions and in next week after on going very short term correction completion.

As all the Global markets turned in deep Red and Dow's Futures also moved 85 points down therefore sentiment was depressed and resultant Indian markets also slipped. Intraday patterns were showing consolidation formations therefore expectations of rally continuation after on going very short term correction completion was told and same view is being repeated now.

Mid-session Outlook-2(23-10-2013)

Although Nifty is now trading at 5125 and 77 points down at this moment but intraday patterns of today are showing consolidation formations therefore expected that rally will remain continued in the coming sessions and in next week after on going very short term correction completion.

Mid-session Outlook(23-10-2013)

Although US markets closed positive yesterday but its futures started slipping since opening today and now Dow's Futures is 50 points down,resultant all the Asian markets also declined from intraday higher levels and all are trading in Red barring Straits Times.

Indian markets also followed Global sentiment and slipped below next trend deciding range(6164-6221). Although next decisive moves confirmation will be after valid break out of 6164-6221 but expected that Nifty will finally sustain above 6221 despite now trading at 6166 because all trends are up and today down moves are only a part of very short term correction as well as today intraday charts are showing consolidation patterns formations.

Technical Analysis and Market Outlook(23-10-2013)

Nifty-Intra Day Chart (22-Oct-2013):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation and supports between 6185-6200
2- Down moves in Bullish Falling Channel.
3- Whole day actual trading between 6185-6220

Conclusions from intra day chart analysis 

Although closing with minor losses but lower levels good consolidation and supports as well as down moves in Bullish Falling Channel therefore expected that on going rally will remain continued in the coming sessions and next decisive moves confirmation will be valid break out of 6164-6221.

Pre-closing Outlook(22-10-2013)

Whole day narrow range market with lower levels supports and consolidation patterns formations as well therefore rally continuation hopes are alive without deeper correction and next decisive moves confirmation will be valid break out of 6164-6221.

Mid-session Outlook(22-10-2013)

Although negative zone trading for the last more than 2 hours after slipping from higher levels today but intraday charts are showing consolidation indications therefore rally continuation hopes are still alive without deeper correction and next decisive moves confirmation will be valid break out of 6164-6221.

Technical Analysis and Market Outlook(22-10-2013)

Nifty-Intra Day Chart (21-Oct-2013):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation and supports between 6164-6190
2- Selling indications between 6196-6204
2- Down moves in Bullish Falling Channel.
3- Whole day actual trading between 6164-6218

Conclusions from intra day chart analysis 

As lower levels consolidations with supports and Bullish Falling Channel formations today therefore finally up moves are expected but selling indications also seen at higher levels therefore some more follow up consolidations is also must in the coming sessions.

Pre-closing Outlook(21-10-2013)

As sentiment was heated and Short term indicators were overbought therefore some intraday/very short term correction was expected and it was seen within sideways markets with consolidations patterns today. Finally up moves are expected after some more follow up consolidations in the coming sessions.

Mid-session Outlook(21-10-2013)

Sideways markets with consolidations patterns today therefore finally up moves are expected.

Minimum target of Nifty at 6724.60
Technical Analysis,Research & Weekly Outlook

(Oct 21 to Oct 25,2013)

Nifty-EOD Chart (18-Oct-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Bottom formation at 5118.85 on 28-08-2013 and Wave-1 beginning
2- Wave-1(6142.50 on 19-09-2013) completion and 'ABC' correction continuation.
3- Wave-2(5700.95 on 21-10-2013) completion and Wave-3 continuation.
4- Wave-3 continuation and recent top formation at 6201.45 on 18-10-2013.

Conclusions from EOD chart analysis 

Impulsive Wave-3 continuation and as per Elliot Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5" therefore Wave 3 will move up more than Wave-1.

Wave-1 gained 6142.50-5118.85=1023.65

Wave-3 started from 5700.95 and and as per Elliot Wave theory it should gain minimum 1023.65 because it can not be shorter than Wave-1 therefore its minimum target is at:-

5700.95(Wave-3 started)+1023.65 Wave-1 gained=6724.60

As sentiment is heated and Short term indicators are overbought therefore some intraday/very short term corrections may be seen any day but as per Elliot Wave theory Nifty is well set for rally towards minimum target at 6724.60. 

Nifty Spot-Weekly Levels & Trading Strategy(Oct 21 to Oct 25,2013)

Nifty Spot-Weekly Levels

R3 6417
R2 6309
R1 6249
Avg 6141
S1 6081
S2 5973
S3 5913

Nifty Spot-Weekly Trading Strategy 

H6 6361     Trgt 2
H5 6321     Trgt 1
H4 6281     Long breakout
H3 6235     Go Short
H2 6219
H1 6204
L1 6173
L2 6158
L3 6142     Long
L4 6096     Short Breakout
L5 6056     Trgt 1
L6 6016     Trgt 2

Bank Nifty Spot-Weekly Levels & Trading Strategy(Oct 21 to Oct 25,2013)

Bank Nifty Spot-Weekly Levels

R3 11437
R2 11110
R1 10927
Avg 10600
S1 10417
S2 10090
S3 9907

Bank Nifty Spot-Weekly Trading Strategy 

H6 11277     Trgt 2
H5 11150     Trgt 1
H4 11024     Long breakout
H3 10884     Go Short
H2 10837
H1 10790
L1 10697
L2 10650
L3 10603     Long
L4 10463     Short Breakout
L5 10337     Trgt 1
L6 10210     Trgt 2

Mid-session Outlook(18-10-2013)

As Dow Jones recovered more than 100 points from lower levels and closed flat yesterday therefore sentiment improved and most Asian markets were in Green,resultant Indian markets are trading positive since opening as well as crossed all the resistances,now trading at the top of on going rally. 

Wave-3 continuation after 4 sessions correction completion therefore following lines are being repeated which were told in Technical Analysis and Market Outlook(17-10-2013):-

It should be kept in mind that once valid break out above 6156 will mean high possibility of new all time high formation and we are expecting it on 18-10-2013 or in next week.

Technical Analysis and Market Outlook(18-10-2013)

Nifty-Intra Day Chart (17-Oct-2013):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 6085-6110
3- Whole day actual trading between 6033-6110

Conclusions from intra day chart analysis 

Indian markets are technically poised for all time high formations because Wave-3 is continued for targets above all time highs but sentiment turned depressed and seling developed because CBI filed a FIR against Kumar Mangalam Birla and Former coal secretary P C Parakh which shaked the confidence of Industry and bureaucracy.

As Prime Minister Manmohan Singh was coal Minister at the time of scam therefore Mr Parakh commented that Prime Minister Manmohan Singh cannot escape responsibility and he should also be an accused as he is equally responsible in coal block allocations.

Sentiment dampened because PM name was involved logically and market slipped after good selling at higher levels. Previous 3 sessions trading between 6046-6156 with lower levels supports and higher levels selling within this range and closing at the lowest of this range today at 6045.85 after good selling between 6085-6110 today therefore until Nifty will not sustain above today highest(6110) till then next up moves will not be considered.

Next trend confirmation through valid break out of 6046-6156 was told in most of the previous Outlooks today and Nifty closed at 6045.85,once sustaining below it will mean deeper correction after the failure of Wave-3 and should be firstly watched tomorrow for confirmations.

Nifty Spot-Levels & Trading Strategy for 18-10-2013

Nifty Spot-Levels

R3 6170
R2 6140
R1 6092
Avg 6062
S1 6014
S2 5984
S3 5936

Nifty Spot-Trading Strategy

H6 6123     Trgt 2
H5 6105     Trgt 1
H4 6087     Long breakout
H3 6066     Go Short
H2 6059
H1 6052
L1 6037
L2 6030
L3 6023     Long
L4 6002     Short Breakout
L5 5984     Trgt 1
L6 5966     Trgt 2

Nifty(Oct Fut)-Levels & Trading Strategy for 18-10-2013

Nifty(Oct Fut)-Levels

R3 6201
R2 6170
R1 6120
Avg 6089
S1 6039
S2 6008
S3 5958

Nifty(Oct Fut)-Trading Strategy

H6  6152    Trgt 2
H5  6133    Trgt 1
H4  6115    Long breakout
H3  6093    Go Short
H2  6085
H1  6078
L1  6063
L2  6056
L3  6048    Long
L4  6026    Short Breakout
L5  6008    Trgt 1
L6  5989    Trgt 2

Bank Nifty(Oct Fut)-Levels & Trading Strategy for 18-10-2013

Bank Nifty(Oct Fut)-Levels

R3 10627
R2 10545
R1 10459
Avg 10377
S1 10291
S2 10209
S3 10123

Bank Nifty(Oct Fut)-Trading Strategy

H6 10543     Trgt 2
H5 10504     Trgt 1
H4 10466     Long breakout
H3 10420     Go Short
H2 10404
H1 10389
L1 10358
L2 10343
L3 10327     Long
L4 10281     Short Breakout
L5 10243     Trgt 1
L6 10204     Trgt 2

Pre-closing Outlook(16-10-2013)

Confirm selling today