Technical Analysis and Market Outlook(13-03-2014)

Nifty-Intra Day Chart (12-Mar-2014):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation between 6488-6501 
2- Consolidation between 6495-6508
3- Selling between 6531-6546  
4- Whole day actual trading between 6488-6546

Conclusions from intra day chart analysis 

All trends are up and Short Term indicators are overbought therefore emergence of Short Term Correction possibility. It should be kept in mind that market require complete selling patterns formations for any decisive deeper down moves and some times Bullish markets complete its correction in sideways moves at higher levels or with small down moves also.

Although most depressing Global markets but we continuously updated following conclusions in previous 10 Outlooks:-

1- until fresh selling patterns will not develop till then any correction will not be considered. 
2- sustaining beyond 6487-6562 will be next decisive moves confirmation as well as should be firstly watched.

Nifty traded between 6487-6562 in last 3 sessions with lower levels good consolidation and supports as well as some selling at higher levels also therefore mixed trading patterns formations in previous 3 sessions, Expected that Nifty will firstly trade and prepare for next decisive moves between previous 3 sessions range(6487-6562) and sustaining beyond this range will be next trend confirmation.

As lower levels good supports and Nifty sustained above 6487 despite most Bearish Global markets on Monday and today  therefore expected that finally rally will remain continued above 6562 after follow up consolidations. Our view is still Bullish despite Red closing of all Asian markets today and more than .90% down all European markets as well as more than .30% weak US markets at this moment.

Mid-session Outlook-2(12-03-2014)

As lower levels consolidation and higher levels selling in last 2 sessions therefore sustaining beyond 6487-6562 was told in previous Outlooks:-

Nifty traded between 6487.30-6546.15 today with lower levels good supports and higher levels some selling also.

Only sustaining beyond 6487-6562 should be watched for next trend confirmations

Mid-session Outlook(12-03-2014)

Following lines was told yesterday in Technical Analysis and Market Outlook(12-03-2014):-

"last more than 4 hours down moves in "Bullish Falling Channel" formation also today therefore a signal of correction completion" 

As Bullish pattern formation therefore whole 4 hours down moves neutralised in only 5 minutes up minutes up moves today.

Although all the Asian markets were in Red but we were not Bearish and cautioned in Pre-open Outlook today at 08:38 AM:-

Although consolidation seen above 6498 in last 2 sessions and slipping below it can not be ruled out today due to Global sentiments but sustaining below it is must for any decisive down moves confirmations.

Nifty could not sustain below 6498 and forcefully moved up.

As mixed trading patterns formations in previous 2 sessions therefore follow up moves with sustaining beyond 6487-6562 will be next decisive moves confirmation and should be firstly watched in the coming sessions but rally continuation hopes above 6562 are alive. 

Pre-open Outlook(12-03-2014)

As all the Asian markets are in Red and 3 markets are trading more than 1% down today after negative closing of US markets therefore sentiment is depressed and weaker opening will be seen in Indian markets. Although consolidation seen above 6498 in last 2 sessions and slipping below it can not be ruled out today due to Global sentiments but sustaining below it is must for any decisive down moves confirmations.

Technical Analysis and Market Outlook(12-03-2014)

Nifty-Intra Day Chart (11-Mar-2014):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 65424-6562.
2- Last more than 4 hours down moves in Bullish Falling Channel formation.
3- Whole day actual trading between 6494-6562.

Conclusions from intra day chart analysis 

All trends are up and Short Term indicators are overbought therefore emergence of Short Term Correction possibility. It should be kept in mind that market require complete selling patterns formations for any decisive deeper down moves and some times Bullish markets complete its correction in sideways moves at higher levels or with small down moves also.

Although higher levels some selling but last more than 4 hours down moves in Bullish Falling Channel formation also today therefore a signal of correction completion within side ways moves because good consolidation seen at lower levels yesterday also. Last 2 sessions trading between 6487-6562 with lower levels good consolidation and supports and some selling at higher levels also therefore mixed trading patterns formations in previous 2 sessions,follow up moves with sustaining beyond this range will be next decisive moves confirmation and should be firstly watched in the coming sessions.

Pre-closing Outlook(11-03-2014)

As lower levels good consolidations therefore only yesterday lowest(6487.35) was given for next down moves confirmations in all previous 3 Outlooks and today lowest is at 6494.25. As soon as selling developed today then it was also updated in both previous Outlooks and markets slipped from higher levels also but some indications of consolidation also seen in last 2 hours today therefore mixed trading patterns formations today and sustaining beyond 6487-6562 will be next decisive moves confirmation as well as should be firstly watched tomorrow.

Mid-session Outlook(11-03-2014)

Whole day trading between 6498-6562 yesterday and today first 2 hours trading within this range. As good supports at lower levels yesterday therefore complete selling is required for decisive down moves below yesterday lowest. Although higher levels selling seen today but complete follow up selling with sustaining below yesterday lowest is must for Short Term correction beginning confirmation.

Post-open Outlook(11-03-2014)

Selling seen immediately after opening today but follow up selling and sustaining below yesterday lowest should be watched for correction beginning confirmation.  

Technical Analysis and Market Outlook(11-03-2014)

Nifty-Intra Day Chart (10-Mar-2014):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation between 6498-6525. 
2- Last hour down moves in Bullish Falling Wedge formation.
3- Whole day actual trading between 6498-6562.

Conclusions from intra day chart analysis 

Sentiment was most depressed today morning because all the Asian markets were in Red and some markets were more than 1% down and US Futures were also negative but Indian markets completely out performed Global markets and traded flat as well as consolidated with lower levels supports. Although market slipped from higher levels in last hour but with Bullish Falling Wedge formation therefore Rally continuation is still alive and until complete selling patterns will not develop as well as Nifty will not sustain below today lowest till then decisive down moves will not be considered.  

All trends are up and momentum indicators are over bought therefore Short Term Correction is due but complete selling patterns are required for the beginning of correction. Let follow up selling develop and Nifty sustain below today lowest then correction beginning should be considered. 

Mid-session Outlook(10-03-2014)

Although most depressed Global markets sentiments since today morning but Indian markets showed strength and consolidated at lower levels as well as got good supports. Rally is on and its continuation is expected after higher levels consolidation. As such up moves were expected therefore firstly we covered our Puts and told following lines in previous Outlook today at 10:20 AM:-

1- until fresh selling patterns will not develop till then any correction will not be considered
2- some times Bull markets consolidate at higher levels within sideways moves also.

Post-open Outlook(10-03-2014)

All the Asian markets are in Red and 4 markets are more than 1% down as well as reemergence of fresh Ukraine problems but Indian markets are completely outperforming Global markets and trading flat. All trends are up and Indian markets are most Bullish therefore until fresh selling patterns will not develop till then any correction will not be considered because some times Bull markets consolidate at higher levels within sideways moves also.

NIFTY-Mar Put Option(6400)-Positional Buying of 07-03-2014-Covering

NIFTY-Mar PE(6400)-Bought on 07-03-2014-Cover immediately-CMP-41(Indian markets are completely outperforming Global markets therefore covering)(Lalit39)

Firstly Short Term Correction before Next Rally

Technical Analysis,Research & Weekly Outlook

(Mar 10 to Mar 14,2014)

Recent top formation at  6,537.80 on 07-03-2014 but well before on 21-10-2013 Following line was told in Minimum target of Nifty at 6724.60

Nifty is well set for rally towards minimum target at 6724.60. 

Nifty closed at the top of rally with new high formation last Friday but well before its happening following 4 Weekly analysis topics with Bullish views were posted in previous 4 weeks:-

1- Rally Continuation after Very Short Term Correction(Posted on 02-03-2014)
2- Bullish Rally continuation(Posted on 23-02-2014)
3- View is Bullish(Posted on 16-02-2014) 
4- Bullish Week Ahead(Posted on 09-02-2014) 

(Just click on above topic and understand the reasons of our Bullish views since beginning of on going rally)

Nifty-EOD Chart (07-Mar-2014):-

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(6415.25 on 09-12-2013)
5- Wave-ii of Wave-3(5933.30 on 04-02-2014)
6- Wave-iii of Wave-3 continuation

Conclusions from EOD chart analysis 

All trends are up and impulsive Wave-3 continuation. 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.

Calculation on minimum Target of Wave-3:- 

1- Wave-1 gained 1023.65 points=6142.50(top of Wave-3)-5118.85(bottom of Wave-3)
2- As per Elliot Wave theory Wave-3 will move up minimum 1023.65 from the bottom on Wave-3 
3- Therefore minimum target of Nifty is at 6724.60= 5700.95(bottom on Wave-3)+1023.65 (Wave-1 gained)

Now impulsive Wave-iii of Wave-3 continuation and new historical high formation in previous week with weekly closing near the weekly highest level. As per above mentioned Elliot Wave theory minimum target of Wave-iii of Wave-3 is as follows:-

Calculation on going minimum Target of Wave-iii of Wave-3:-

1- Wave-i of Wave-3 gained 714.30 points=6415.25(top of Wave-i of Wave-3)-5700.95(bottom of Wave-i of Wave-3)
2- As per Elliot Wave theory Wave-iii of Wave-3 will move up minimum 714.30 from the bottom of Wave-iii of Wave-3 
3- Therefore minimum target of Wave-iii of Wave-3 is at 6647.60= 5933.30(bottom of Wave-iii of Wave-3)+714.30 (Wave-i of Wave-3 gained)

Expected that finally Wave-v of Wave-3 will achieve its minimum target of 6724.60 in the coming months. 

Nifty-Intra Day Chart (07-Mar-2014):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Whole day up moves in Bearish Rising Channel.
2- Whole day actual trading between 6413-6537

Conclusions from intra day chart analysis 

As whole day up moves in Bearish Rising Channel and indicators are overbought therefore signals of Short Term correction possibility turned strong on 07-03-2014.   

Conclusions (After Putting All Studies Together)

Indian markets are Bullish and rally continuation but Short term indicators are overbought and intraday selling patterns also seen in previous sessions therefore Short Term correction is due and expected that firstly correction will be seen in the beginning of next week. As Bullish markets complete its correction after very Short or Short Term correction therefore rally continuation after only such correction will be considered and follow up moves will also be firstly watched for the confirmation of its correction depth.

Post-open Outlook(07-03-2014)

(This topic was updated at 09:55 am today but deleted by mistake)

Most Global markets are positive and Rally continuation in Indian markets also after new all time high formations despite overbought indicators. As some times Bull markets consolidates at higher levels also without any deeper correction and indicators remains overbought much more time therefore until complete selling patterns will not develop till then deeper correction will not be considered and rally continuation will be expected in new zone. 

All trends are up and Wave-iii of Wave-3 continuation towards those much more higher levels which will be updated in the Weekly Analysis before next Monday.

NIFTY-Mar Put Option(6400)-Positional-Buying Trade

NIFTY-Mar PE(6400)-Buy-Positional-SL-19 & TGT-66-CMP-41(Just trade same quantity which covered on 06-03-2014)(Lalit39)

Technical Analysis and Market Outlook(07-03-2014)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Firstly up moves Bearish Rising Channel.
2- Sharp up moves after positive opening of European markets.
3- Whole day actual trading between 6340-6406

Conclusions from intra day chart analysis 

As strong Asian markets therefore positive opening and sharp up moves after Green opening of European markets as well as today closing at all time high. All trends are up but selling patterns formations in last 3 sessions and Short Term Indicators are overbought also therefore Short Term Correction is expected in the coming sessions because no consolidation pattern formation seen today and today up moves were positive Global markets generated .

Mid-session Outlook-2(06-03-2014)

Although inraday selling patterns seen in last 2 sessions and today also without force up moves but correction not seen and accepted that I have been deceived by market today. Let some more confirmations come then will be updated accordingly.

NIFTY-Mar Put Option(6300)-Positional Buying of 05-03-2014-Covering

Nifty-Mar PE(6300)-Bought on 05-03-2014-Cover immediately-CMP-41(Lalit39)

Mid-session Outlook(06-03-2014)

As most time without force up moves today therefore down moves possibilities are still alive because selling patterns formations seen in last 2 sessions also.

NIFTY-Mar Put Option(6300)-Positional Buying of 05-03-2014-Message

Nifty-Mar PE(6300)-Bought on 05-03-2014-Strong Asian markets but just hold after positive opening and cover after my covering message(Lalit39)

Technical Analysis and Market Outlook(06-03-2014)

Nifty-Intra Day Chart (Mar 04 & Mar 05,2014):-

Just click on chart for its enlarged view

Technical Patterns and Formations in last 2 Sessions intraday charts

1- Consolidation between 6223-6246 on 04-03-2014
2- Up moves but without force on 04-03-2014
3- Bearish Rising Wedge formations in last 2 hours on 04-03-2014
4- Selling between 6312-6324 on 05-03-2014
5- Consolidation between 6290-6302 on 05-03-2014
6- Selling between 6318-6335 on 05-03-2014

Conclusions from 2 Sessions intra day chart analysis 

Higher levels good selling yesterday and today also follow up selling seen in more than 3 hours therefore emergence of down moves possibilities below 6270 in the coming sessions despite some lower levels consolidations in last 2 sessions and today closing near the higher levels of the day.