Rally continuation towards 6724.60

Technical Analysis,Research & Weekly Outlook

(Dec 23 to Dec 27,2013)

Nifty-EOD Chart (20-Dec-2013):-

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Technical Patterns and Formations in EOD charts

1- Rally beginning after 13 Months Wave-2 correction completion at 4531.15 on 20-12-2011.
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)('ABC'Correction beginning after 17 Months Rally completion)
7- Wave-A(5566.25 on 24-06-2013)
8- Wave-B(6093.35 on 23-07-2013)
9- Wave-C(5118.85 on 28-08-2013)('ABC'Correction completion after 3 Months correction completion)
10- Strong Rally continuation and new all time high formation at 6415.25 on 09-12-2013.

Conclusions from EOD chart analysis 

Strong Rally is on after ABC'Correction completion on 28-08-2013,Waves structure of this rally with following conclusions has already been updated 15-12-2013 in "Nifty at Most Crucial and Strong Support Range";-

1- 6141-6156 has become most crucial strong support range and consolidation pattern formation just above it on 13-12-2013
2- emergence of correction completion possibility near about mentioned range 

As was told on 15-12-2013 all that proved 100% accurate in previous week and Nifty reversed from 6129.95 after getting support just below 6141 and weekly closing was at the highest of the week after correction completion.

Nifty-EOD Chart (20-Dec-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)
3- Wave-2(5700.95 on 01-10-2013)
4- Wave-i of Wave-3(6342.95 on 03-11-2013)
5- Wave-ii of Wave-3(5972.45 on 13-11-2013)
6- Wave-iii of Wave-3(6415.25 on 09-12-2013)
7- Wave-iv of Wave-3(6129.95 on 18-12-2013)
8- Wave-v of Wave-3 continuation with recent top formation at 6274.25 on 20-12-2013.  

Conclusions from EOD chart analysis 

Long and Intermediate Term Trends were up and Short Term turned up after correction completion confirmation on 20-12-2013. Now all trends are up and Wave-3 continuation towards minimum target of Nifty at 6724.60. Its calculation has already been updated in following topic on 21-10-2013:-
 

Minimum target of Nifty at 6724.60

Conclusions (After Putting All Indicators Together)

Strong rally last Friday after good consolidation above 6130 in previous week therefore until complete selling will not happen till then Nifty will not slip below 6130.As no selling seen at higher levels in previous week therefore no risk of immediate down moves but some resistances up to all time high(6415.25) therefore follow up consolidation is required in next week for sustaining above it.

Rally continuation towards 6724.60 is expected in the coming weeks after follow up consolidations.

Pre-closing Outlook(20-12-2013)

Although Nifty closed at the lowest of the day after loosing 50 points but we were Bullish and posted following topic yesterday:-

Fresh Up Moves Possibility after Correction Completion

As was told 100% same happened and Nifty is now trading 115 points up. and rally continuation is expected in the coming sessions after follow up consolidations because some resistances are higher levels.

Mid-session Outlook-2(20-12-2013)

Good up moves after lower levels supports and consolidation patterns formations but some resistances also seen between 6227-6236 therefore firstly sustaining beyond this range should be watched for next immediate moves confirmations. Now Nifty is trading at 6226.

Mid-session Outlook(20-12-2013)

Sideways trading since opening with lower levels supports and consolidation patterns formations.

Post-open Outlook(20-12-2013)

Positive zone trading since opening today,sustaining above 6203 will be first strong signal of rally after Correction Completion and sustaining beyond 6141-6270 should be firstly for next trend confirmations.

Fresh Up Moves Possibility after Correction Completion

Nifty-Intra Day Chart (19-Dec-2013):-

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Technical Patterns and Formations in today intraday charts

1- Sharp down moves in first 6 minutes and after that whole day range bound market between 6150-6203.
2- Up moves in Bearish Rising Channels
3- Down moves showing good intraday correction
4- Lower levels Rising trend line supports.
5- Most time actual trading between 6150-6203

Conclusions from intra day chart analysis 

Long and Intermediate Term Trends are up and Short Term turned down after correction beginning from 6415.25 on 09-12-2013. Last 6 sessions trading between 6141-6270 and sustaining beyond this range should be firstly watched in the coming sessions for next big trend confirmations because lower levels consolidations between 6141-6156 and higher levels selling between 6258-6270 as well as  both big news news of RBI Credit policy and FOMC tapering reaction within this range. 

Sharp down immediate after opening today and most time trading 6150-6203 and closing near the lower levels of the day but both bullish and bearish patterns seen as well as news based high volatility was also seen in last 2 sessions therefore technically final conclusions can not be drawn mere from intraday charts formations.

As intraday charts of last 5 sessions are showing most time consolidation and lower levels Rising trend line supports also seen today therefore emergence of correction completion and fresh up moves possibility in the coming sessions and weeks after Short Term Trend turning up. As no confirmation yet therefore firstly sustaining above 6141 and finally sustaining above 6270 should be watched for Wave-3 continuation after Short Term correction completion. 

Post-open Outlook(19-12-2013)

As last 4 hours trading between 6198-6230 with mixed patterns also seen yesterday therefore sustaining beyond 6141-6270 was told in all the previous 3 Outlooks and should be firstly watched after news based highly volatile markets today and yesterday.

Pre-open Outlook(19-12-2013)

As 10% tapering by FOMC therefore Global markets strong rally and Indian markets will also participate through gap up opening but next resistance between 6258-6270 and sustaining above 6270 will mean strong rally after correction completion confirmation and only sustaining above 6270 should be firstly watched in the coming sessions.

Just Watch 6141-6270 for next trend confirmations

Technical Analysis and Market Outlook
(19-12-2013)

Nifty-Intra Day Chart (18-Dec-2013):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 6144-7177.
2- Sharp up after RBI Credit Policy.
3- Last 4 hours trading between 6198-6230 with lower levels supports and higher levels selling patterns formations.
4- Whole day actual trading between 6144-6230

Conclusions from intra day chart analysis

Long and Intermediate Term Trends are up and Short Term turned down after correction beginning from 6415.25 on 09-12-2013. Nifty got support near about most crucial and strong support range(6141-6156) in last 2 sessions and strong recovery seen today after RBI Credit Policy but last 4 hours trading between 6198-6230 with mixed patterns also seen today therefore valid break out of mentioned range should be firstly watched tomorrow for following next immediate moves confirmations:-

1- Above 6230 will mean next up moves up to next resistance(6258-6270) and sustaining above 6270 will be fresh rally confirmation after sustaining above 6270. Although today closing at the highest of the day but view will be Bullish after sustaining above 6270 despite whatsoever QE-3 tapering decision by FOMC tonight.
2- Below 6198 will mean down moves towards next  strong support range(6141-6156) and deeper correction confirmation will be after sustaining below 6141.

Finally sustaining beyond 6141-6270 should be watched for next trend confirmations in the coming sessions after RBI Credit policy today and expected QE-3 tapering decision by FOMC tonight.

Pre-closing Outlook(18-12-2013)

Last 4 hours trading between 6198-6236 with slow up moves within this range which is a minor selling indication but lower levels supports also seen therefore valid break out of mentioned range should be firstly watched tomorrow for next immediate moves confirmations. 

Mid-session Outlook(18-12-2013)

Strong recovery after RBI Credit Policy and after that last 3 hours trading between 6198-6236 with slow up moves within this range which is a minor selling indication therefore valid break out of mentioned range should be watched for next immediate move confirmations. 

Live Proofs of Indian Stock Markets 100% Accurate Predictions

When most Business News Channels and Websites were confused for next moves after RBI Credit Policy today then we told for today up moves after Credit Policy in following lines in both previous Outlooks yesterday:-

1- In Pre-closing Outlook(17-12-2013):- "Now trading near the lows of the day after loosing all intraday gains but supports also seen at lower levels therefore up moves hopes after RBI Credit policy is still alive"

2- Technical Analysis and Market Outlook(18-12-2013):- "last hours down moves in Bullish Falling Channel therefore up moves expectation after correction completion is very much alive"

Not only yesterday and today but 'Archive' with 'more than 6500 posts' at the bottom of Blog' is live proof of "many hundreds" such accurate and miraculous predictions in last 4 years. Anyone can verify this facts anytime from the Blog 'Archive'.

Technical Analysis and Market Outlook(18-12-2013)

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

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Technical Patterns and Formations in today intraday charts

1- Higher levels mixed patterns formations
2- Down moves in Bullish Falling Channel within strong support range(6141-6156) in last hours.
3- Whole day actual trading between 6134-6190

Conclusions from intra day chart analysis 

Strong opening but not sustaining at higher levels and closing near the  lowest levels does not mean that coming sessions will be weak. As higher levels mixed patterns formations and without genuine selling patterns as well as last hours down moves in Bullish Falling Channel therefore up moves expectation after correction completion is very much alive.

Although strong support range(6141-6156) broken down but mentioned Bullish Falling Channel consolidation pattern also seen within and below 6141 therefore its breaking down confirmation is still left. As follow up consolidation seen within mentioned strong support range(6141-6156) therefore up moves hopes after RBI Credit policy is still alive and sustaining beyond 6141 should be firstly watched tomorrow for next trend confirmations. 

Pre-closing Outlook(17-12-2013)

Now trading near the lows of the day after loosing all intraday gains but supports also seen at lower levels therefore up moves hopes after RBI Credit policy is still alive and sustaining beyond 6141 should be firstly watched tomorrow for next trend confirmations. 

Post-open Outlook(17-12-2013)

Following lines were told in previous Outlook yesterday:-

1- up moves expectation after correction completion is still alive
2- sustaining beyond 6141-6183 should be firstly watched in the coming sessions for next trend confirmations.

Nifty is trading more than .50% up above 6183, sustaining it beyond should be firstly watched today for the confirmation of fresh up moves after correction completion.

Technical Analysis and Market Outlook(17-12-2013)

Nifty-Intra Day Chart (16-Dec-2013):-

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Technical Patterns and Formations in today intraday charts

1- Higher levels mixed patterns formations
2- Whole day actual trading between 6147-6183

Conclusions from intra day chart analysis 

Most of the time flat to negative zone narrow range trading between 6147-6183 and closing near the lower level after slipping but higher levels mixed patterns formations and genuine selling not seen therefore up moves expectation after correction completion is still alive. 

Strong support range (6141-6156) not broken down despite increase in WPI data therefore some supports and consolidation will also be understood today and sustaining beyond 6141-6183 should be firstly watched in the coming sessions for next trend confirmations.

Mid-session Outlook-2(16-12-2013)

Sharp fall immediate after WPI announcement but next most crucial strong support range (6141-6156) not broken down and hovering around 6156. Market is preparing for next moves on 18-12-2013(after RBI Credit policy) on 19-12-2013(after FOMC) and length of on going correction will be decided according to the announcements of these events. Correction continuation and sustaining beyond mentioned strong support range should be firstly watched for its continuation / completion.

Mid-session Outlook(16-12-2013)

Although most Asian markets are trading in negative and some are in deep Red as well as Dow's Futures is more than 60 points down but Indian markets are flat to minor negative therefore outperforming global cues today. As most time trading above next most crucial strong support range (6141-6156) therefore correction completion hopes are alive. Follow up moves in the coming hours and sustaining beyond mentioned range should be firstly watched.

Nifty at Most Crucial and Strong Support Range

Technical Analysis,Research & Weekly Outlook

(Dec 16 to Dec 20,2013)

Nifty-EOD Chart (13-Dec-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)
3- Wave-2(5700.95 on 01-10-2013)
4- Wave-i of Wave-3(6342.95 on 03-11-2013)
5- Wave-ii of Wave-3(5972.45 on 13-11-2013)
6- Wave-iii of Wave-3(6415.25 on 09-12-2013)
7- Wave-iv of Wave-3 continuation with recent bottom formation at 6161.40 on 13-12-2013.  

Conclusions from EOD chart analysis 

Corrective Wave-iv of Wave-3 continuation and following supports should be firstly watched for its completion:-

1- 6156
2- 6032
3- 5972

Following retracement levels should also be watched for correction completion:-

13.0%-6357(Retraced)
23.6%-6310(Retraced)
27.0%-6295(Retraced)
38.2%-6245(Retraced)
50.0%-6193(Retraced)
61.8%-6141(Crucial retracement level and just below next supports at 6156)
70.7%-6101
76.4%-6076
78.6%-6066
88.6%-6022

Crucial 61.8% retracement level is at 6141 and  next support is just above at 6156 as well as recent bottom formation at 6161.40 in previous trading session therefore range of 6141-6156 become most crucial strong support and next trend deciding range.

Nifty-Intra Day Chart (13-Dec-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Whole day down moves in Bullish Falling Channels.
3- Whole day actual trading between 6161-6206

Conclusions from intra day chart analysis 

Whole day down moves in Bullish Falling Channels on 13-12-2013 therefore generations of first signal of on going correction completion but follow up consolidation is must in the beginning of next week.

Conclusions (After Putting All Indicators Together)

6141-6156 has become most crucial strong support range and consolidation pattern formation just above it on 13-12-2013 therefore emergence of correction completion possibility near about mentioned range and firstly sustaining beyond this range should be watched in next week for corrective Wave-iv of Wave-3 continuation / completion.

Mid-session Outlook(13-12-2013)

 Correction continuation after gap down opening but in Bullish Falling Channel with recent low formation at 6171 and firstly sustaining beyond next support(6156) will watched for correction continuation / completion because next week will react on following events and market has to prepare for that also:-

1- WPI DATA
2- RBI Credit Policy
3- FOMC meet with fear of tapering

Pre-open Outlook(13-12-2013)

As US markets closed with sufficient losses after negative news of CPI and IIP numbers therefore sentiment is depressed today morning and Gap down opening will be seen. Correction continuation and sustaining beyond next support(6156) should be watched now for correction continuation / completion.