Technical Analysis and Market Outlook(07-01-2014)

Nifty-Intra Day Chart (06-Jan-2014):-

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Technical Patterns and Formations in today intraday charts

1- More than 3 hours selling between 6196-6202
2- Triple bottom support between 6170-6180
3- Whole day actual trading between 6170-6202

Conclusions from intra day chart analysis 

Although closing after some recovery and lower levels supports but higher levels good selling also seen today therefore emergence of down moves possibilities also. As lower levels good supports above 6130 therefore complete selling patterns are required for decisive down moves below it.

As triple bottom support also seen today therefore view will not be immediately Bearish and Firstly follow up moves and valid break out of 6130-6202 should be watched tomorrow for next immediate moves confirmation.   

Detailed analysis have already been updated yesterday in following Weekly Analysis topic yesterday:-

Sideways Week ahead in search of Next Big Trend

Pre-closing Outlook(06-01-2014)

Following line was told yesterday in Sideways Week ahead in search of Next Big Trend

complete preparations are required for the formation of next big trend

Sideways market between 6170-6202 today with higher levels some selling but equally good support also at lower levels therefore mentioned range valid break out should be watched tomorrow for first indication of next immediate moves.

Mid-session Outlook-2(06-01-2014)

As some selling therefore Slipping and new low formation at 6170.25 but minor recovery also because consolidation also seen above 6172 last Friday. Now next immediate moves deciding range has been narrowed between 6130-6202(today trading highest). More or less sideways market today and mentioned range valid break out should be watched for next immediate moves confirmation.

Mid-session Outlook(06-01-2014)

Although some recovery from lower levels but emergence of selling patterns indications in last hour today.

Post-open Outlook(06-01-2014)

As most Asian markets are weak and some are .75% to 2.10% down and sentiment turned weak today morning therefore negative zone trading immediately after opening today. Nifty is trading within last Friday trading range(6172-6221) amid depressed sentiments because good supports seen within this range,firstly sustaining beyond this range should be watched for next immediate decisive moves confirmations. Following line was told yesterday in previous Outlook:-

strong signals of strength on 03-01-2014 and complete selling is required for sustaining below the day's lowest(6172)

Today lowest is at 6176.15 and firstly sustaining it beyond should be watched for last Thursday started correction continuation/completion.

Sideways Week ahead in search of Next Big Trend

Technical Analysis,Research & Weekly Outlook

(Jan 06 to Jan 10,2014)

Nifty-EOD Chart (03-Jan-2014):-

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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 stopped at 6358.30 on 02-01-2014.

Conclusions from EOD chart analysis

Long and Intermediate term Trends are up,Short term is down and Impulsive Wave-3 is on towards new highs above 6415.  At present Wave-v of Wave-3 is on and its correction begun after sharp fall on 02-01-2014. As up moves of mentioned wave were slow and forceful down moves with 9 Sessions trading range(6260-6324) broken down also on 02-01-2014 therefore emergence of trend reversal risk,let its confirmation come waves recounting will be considered.

Nifty-Intra Day Chart (Dec 09 to Jan 03,2014):-

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Technical Patterns and Formations in last 19 Sessions intraday charts

1- All time high formation at 6415 on 09-12-2013
2- Selling between 6360-6387
3- Selling between 6330-6355
4- Strong support range 6130-6180
5- 9 Sessions sideways trading between 6260-6324.
6- Selling between 6328-6356
7- Support between 6172-6186
8- 19 Sessions actual trading between 6130-6415

Conclusions from 19 Sessions intra day chart analysis

19 Sessions actual trading between 6130-6415 with lower levels good supports and higher levels selling also therefore firstly Nifty has to prepare for one sided decisive moves. 9 Sessions sideways trading between 6260-6324 in last 19 sessions and this range was forcefully broken down on 02-01-2014. Strong support range 6130-6180 and follow up supports and consolidation seen within and above this range on 03-01-2014 therefore Nifty will not easily sustain below 6130.

Expected that Nifty will firstly trade and prepare for next trend between 6130-6260(lowest of 9 Sessions sideways trading range). As supports above 6172 last Friday therefore valid break out of 6172-6260 will give first indication of next trend and confirmation of big moves will be sustaining beyond 6130-6415(19 Sessions trading range).

Nifty-Intra Day Chart (03-Jan-2014):-

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Technical Patterns and Formations in today intraday charts

1- Down moves with Bullish Falling Channel.
2- Support between 6172-6186.
3- Up moves with consolidation pattern formations.
4- Whole day actual trading between 6172-6221.

Conclusions from intra day chart analysis

Firstly down moves with Bullish Falling Channel and after that lower levels supports as well as up moves with consolidation pattern formations therefore strong signals of strength on 03-01-2014 and complete selling is required for sustaining below the day's lowest(6172). If finally Nifty sustains above 6172 in the coming week then 2nd January started correction completion will be considered.

Conclusions (After Putting All Indicators Together)

Following levels should be watched in the coming weeks for next big trends:-

1- Resistance between 6330-6355
2- Resistance between 6360-6387
3- Support between  6172-6186
4- Support between 6130-6180
5- Intermediate Term Trend will be down below 6130
6- Long Term Trend will be down below 200-Day EMA(today at 5952)

Nifty closed at 6211.15 last Friday,strong supports below it and equally strong resistances above this range also therefore complete preparations are required for the formation of next big trend and sustaining beyond 19 Sessions range(6130-6415) should be firstly watched in the coming weeks for confirmations.

Sideways week within 6130-6415 ahead in search of next big trend.

Pre-closing Outlook(03-01-2014)

As lower levels supports and consolidation today therefore now trading near the highs of today and expected that Nifty will firstly trade as well as prepare for next trend between 6172-6260 in the beginning of next week. Indian markets are sideways for the last 18 previous sessions between 6130-6415 and expected that will remain within this range some more sessions. Strong supports above 6130 and supports with consolidation seen above it today between 6172-6187,if Nifty sustains above 6172 in the coming week then yesterday started correction completion will be considered. 

Mid-session Outlook(03-01-2014)

Whole day negative zone trading after gap down opening but lower levels supports and indication of consolidation also today. As 7 sessions trading range broken down forcefully yesterday therefore complete follow up consolidation is required for any sustained up moves. As supports above 6172 today therefore firstly sustaining it beyond will give next immediate moves confirmation. Expected that Nifty will pass some more sessions between 6130-6260 for the preparation of next trend. As supports above 6172 today therefore valid break out of 6172-6260 will give next moves first indication.

Technical Analysis and Market Outlook(03-01-2014)

Nifty-Intra Day Chart (02-Jan-2014):-

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Technical Patterns and Formations in today intraday charts

1- Firstly fast forceful up moves immediately after opening.
2- More than 4 hours trading between 6328-6356
3- Sharp 75 points crashed in 15 minutes
4- Whole day actual trading between 6211-6356

Conclusions from intra day chart analysis 

7 sessions(from 23-12-2013 to 01-01-2014) trading between 6260-6344 and firstly breaking out of this range but after that sharp breaking down of this range also in highly volatile market today. Nifty closed well below 6260 at 6,221.15 today and once sustaining below 6260 will mean its breaking down confirmation and in that situation deeper correction will be seen and next big trend will be decided by valid break out of 18 previous sessions range(6130-6415)

As strong supports near 6130 and selling seen in previous week therefore following topic of Weekly Outlook(Dec 30 to Jan 03,2014) was updated on 29-12-2013:- 

Firstly Down Moves towards Next Strong Supports

Next strong supports near 6130 and lowest of previous 7 sessions trading range is at 6260 therefore following trends will be decided by valid break out of 6130-6260:-

1- Below 6130 will mean high possibility of down moves towards 200-Day EMA(today at 5949)
2- Above 6260 will mean hopes of Wave-3 continuation turning alive but confirmation will be after sustaining above 6415.

Expected that Nifty will trade and prepare for next trend between 6130-6260 in the coming sessions.

Mid-session Outlook-3(02-01-2014)

Sentiment turned completely depressed immediately after negative news regarding Adani group and market crashed as well as Nifty slipped below last 7 sessions trading range(6260-6344) after first hour trading above it today.   

As sustaining below 6260 will be confirmation of 7 sessions trading range breaking down and deeper correction as well therefore should be firstly watched today and in the coming sessions.

Mid-session Outlook-2(02-01-2014)

As some negative news regaring Adani group which is close to Narendra Modi therefore market is sharp down and Nifty slipped below next resistance range(6330-6355). Certainly news based market and sustaining beyond 6330 should be watched for next move confirmations.

Mid-session Outlook(02-01-2014)

Last 2 resistance ranges of Nifty are as follows:-

1- Resistance between 6360-6387
2- Resistance between 6330-6355

Nifty is trading between 1st resistance range for the last 2 hours after first 15 minutes strong recovery today. Nifty traded last 7 sessions between 6274-6344 and today trading after forceful recovery from lower levels therefore expected that now Nifty will cross both resistances and  trade above 6387 in the coming sessions/week.

Post-open Outlook(02-01-2014)

Nifty-Intra Day Chart (01-Jan-2014):-

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Although higher levels selling but down moves below 6300 were without required force and Bullish Falling Channel formation also seen in last 2 hours yesterday therefore we told following line in Mid-session Outlook-2(01-01-2014):- 

"firstly sustaining beyond 6300 will be watched for immediate moves first indication"

Nifty traded last 7 sessions between 6274-6344 and now trading below 6344 after fast forceful up moves immediately after opening today. All trends are up,impulsive Wave-3 is on and Bull markets consolidate also at higher levels as well as it has happened after last 2 hours Bullish Falling Channel formation yesterday therefore expected that today started rally will remain continued above 6344 after higher levels consolidation. 

Mid-session Outlooks will be updated during trading hours today

Mid-session Outlook-2(01-01-2014)

As selling above 6300 therefore Nifty slipped below 6300 but without required force and Bullish Falling Channel formation also in last 2 hours  therefore firstly sustaining beyond 6300 will be watched for immediate moves first indication and after that sustaining beyond 6260 for next big trend confirmation.

Mid-session Outlook(01-01-2014)

As good closing of US markets yesterday therefore sentiment is positive today and whole day Green Indian markets on 1st trading day of 2014 resultant whole day trading above 6300. Selling seen above 6300 yesterday and today also selling patterns formation above it and expected that finally Nifty will sustain below 6300 in the coming sessions despite whole day trading above it today.

Technical Analysis and Market Outlook(01-01-2014)

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

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Technical Patterns and Formations in today intraday charts

1- Selling patterns between 6305-6317
2- Selling patterns between 6300-6305
3- Whole day actual trading between 6287-6317

Conclusions from intra day chart analysis 

Almost whole day positive zone trading but selling patterns formation above 6300 therefore expected that Nifty will not sustain above it and finally slip below 6300 despite today closing at 6304 today.

Intraday support between 6274-6287 yesterday and selling patterns formation between 6314-6324 on 27-12-2013 therefore mixed technical positions in last 3 sessions and firstly Nifty has to prepare for next decisive moves between  6274- 6324. It is clear that sustaining beyond 6274- 6324 will give next immediate moves confirmation and finally sustaining beyond 6130-6415 will give next big trend confirmation and should be firstly watched in the coming sessions. 

Pre-closing Outlook(31-12-2013)

Most time narrow range trading within 23 points between 6292-6315 with selling indications therefore finally down moves are expected in the coming sessions.

Technical Analysis and Market Outlook(31-12-2013)

Nifty-Intra Day Chart (30-Dec-2013):-

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Technical Patterns and Formations in today intraday charts

1- Higher levels selling immediately after opening.
2- Most time trading in first 5 hours between 6290-6309.
3- Selling patterns formation between 6300-6309.
4- Bullish Falling Channel pattern formation.
5- Down moves without required force.
6- Support between 6274-6287.
7- Whole day actual trading between 6274-6344.

Conclusions from intra day chart analysis 

As intraday selling patterns formation between 6314-6324 last Friday therefore slipping below 6304 was told same day and it was seen today after follow up selling at higher levels today but Bullish pattern formation and lower levels supports also seen today therefore sustaining beyond today trading range should be firstly watched for next immediate moves confirmations because:-

1- Both intraday buying and selling patterns formation seen today.
2- Although selling in previous week but buying patterns seen above those selling levels today.

All trends are up,impulsive Wave-3 is on and Bull markets consolidate also at higher levels therefore firstly sustaining beyond today trading range(6274-6344) will give next immediate moves confirmation and finally sustaining beyond 6130-6415 will give next big trend confirmation. Follow up intraday moves in the coming sessions will be watched for first indication of next moves and will be updated in Mid-session Outlooks as being done for the last more than 3 years.

Pre-closing Outlook(30-12-2013)

Most time trading between 6274-6309 with mixed intraday patterns formations because higher levels selling but down moves without required force and with lower levels supports also therefore firstly sustaining beyond mentioned range should be watched for next immediate moves confirmations.

Mid-session Outlook-2(30-12-2013)

Most time trading between 6290-6309 with intraday selling patterns formations and slipped below 6290 also but not forcefully and consolidation indications also developing in today intraday charts therefore mixed formations and sustaining below 6290 should be firstly watched for next immediate moves confirmations.