Strong recovery from lower levels and Indian markets are out performing Asian markets as well. Although good consolidation was seen between 6750-6765 on 28-04-2014 but fast down moves below it were seen yesterday. Now Nifty is trading between 6750-6765 and once sustaining above 6765 will mean rally continuation toward 6861 and still sideways market will be understood between 6651-6861.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Technical Analysis and Market Outlook(30-04-2014)
Nifty-Intra Day Chart (29-Apr-2014):-
Technical Patterns and Formations in today intraday charts
1- Almost whole day trading between 6720-6760
2- Selling between 6738-6760
3- Whole day actual trading between 6709-6776
Correction continuation and today closing near the lowest of the day after higher levels selling amid almost whole day side ways trading between 6720-6760. As good supports just below today lowest therefore complete follow up selling is required for decisive down moves below 6651 and once sustaining below it will mean deeper correction.
Following lines should be kept in mind for next trend confirmation which were told at 01:11:00 AM on 28-04-2014 in Technical Analysis,Research & Weekly Outlook(Apr 28 to May 02,2014):-
All trends are up and impulsive Wave-iii of Wave-3 continuation but oscillators are showing negative divergence in overbought zone therefore correction is very much due. As Bearish Rising Wedge formation in last 13 sessions therefore emergence of correction possibility and next supports/resistances are as follows:-
1- Resistances between 6841-6861
2- Resistances between 6818-6836
3- Supports between 6720-6740
4- Supports between 6685-6703
5- Supports between 6651-6671
Indian markets are highly Bullish and many times such markets correct time wise in side ways moves and not price wise therefore possibility of side ways market trading range is 6651-6861 and:-
1- Sustaining below 6651 will be deeper correction confirmation because Bearish Rising Wedge formation in last 13 sessions.
2- Sustaining above 6861 will be fresh rally beginning after Short Term Correction confirmation.
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| Just click on chart for its enlarged view |
1- Almost whole day trading between 6720-6760
2- Selling between 6738-6760
3- Whole day actual trading between 6709-6776
Conclusions from intra day chart analysis
Correction continuation and today closing near the lowest of the day after higher levels selling amid almost whole day side ways trading between 6720-6760. As good supports just below today lowest therefore complete follow up selling is required for decisive down moves below 6651 and once sustaining below it will mean deeper correction.
Following lines should be kept in mind for next trend confirmation which were told at 01:11:00 AM on 28-04-2014 in Technical Analysis,Research & Weekly Outlook(Apr 28 to May 02,2014):-
All trends are up and impulsive Wave-iii of Wave-3 continuation but oscillators are showing negative divergence in overbought zone therefore correction is very much due. As Bearish Rising Wedge formation in last 13 sessions therefore emergence of correction possibility and next supports/resistances are as follows:-
1- Resistances between 6841-6861
2- Resistances between 6818-6836
3- Supports between 6720-6740
4- Supports between 6685-6703
5- Supports between 6651-6671
Indian markets are highly Bullish and many times such markets correct time wise in side ways moves and not price wise therefore possibility of side ways market trading range is 6651-6861 and:-
1- Sustaining below 6651 will be deeper correction confirmation because Bearish Rising Wedge formation in last 13 sessions.
2- Sustaining above 6861 will be fresh rally beginning after Short Term Correction confirmation.
Pre-closing Outlook(29-04-2014)
As heavy selling developed immediately after opening therefore next supports were updated at 09:37:00 AM in previous Outlook and Nifty got support between 1st support range and some recovery also seen but follow up selling was also seen above 6740.
Following line was told at 01:11:00 AM on 28-04-2014 in Technical Analysis,Research & Weekly Outlook(Apr 28 to May 02,2014)
Following line was told at 01:11:00 AM on 28-04-2014 in Technical Analysis,Research & Weekly Outlook(Apr 28 to May 02,2014)
As Bearish Rising Wedge formation in last 13 sessions therefore emergence of correction possibility
As some selling was also seen today therefore some more down moves can not be ruled out and finally sustaining beyond 6651 should be watched for deeper correction continuation / correction completion.
Post-open Outlook-2(29-04-2014)
Heavy selling immediately after opening today and following supports should be watched now:-
1- Supports between 6720-6740
2- Supports between 6685-6703
3- Supports between 6651-6671
1- Supports between 6720-6740
2- Supports between 6685-6703
3- Supports between 6651-6671
Technical Analysis and Market Outlook(29-04-2014)
Nifty-Intra Day Chart (28-Apr-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 6750-6765
2- Multiple 6 supports at lower levels.
3- Higher levels selling.
4- Whole day actual trading between 6750-6786
Whole day 36 points range bound negative zone trading between 6750-6786 with lower levels good consolidation and multiple supports but minor selling was also seen at higher levels therefore valid break out of today trading range will be next immediate moves confirmation. As today intraday trading patterns are showing good consolidation patterns therefore high possibility of decisive up moves above today highest(6786.25) despite today closing near the lower of the day.
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| Just click on chart for its enlarged view |
1- Consolidation between 6750-6765
2- Multiple 6 supports at lower levels.
3- Higher levels selling.
4- Whole day actual trading between 6750-6786
Conclusions from intra day chart analysis
Whole day 36 points range bound negative zone trading between 6750-6786 with lower levels good consolidation and multiple supports but minor selling was also seen at higher levels therefore valid break out of today trading range will be next immediate moves confirmation. As today intraday trading patterns are showing good consolidation patterns therefore high possibility of decisive up moves above today highest(6786.25) despite today closing near the lower of the day.
Pre-closing Outlook(28-04-2014)
Most time 36 points range bound negative zone trading between 6750-6786 with lower levels good consolidation and multiple supports but minor selling was also seen at higher levels therefore valid break out of today trading range will be next immediate moves confirmation but today intraday patterns are showing good consolidation patterns hence high possibility of decisive up moves above today highest(6786.25) despite now trading near the lower of today.
Mid-session Outlook-2(28-04-2014)
Although recovery from lower levels after some consolidation but follow up consolidation not seen but some selling was also seen therefore market require some more preparation for next direction and that will be seen in the coming hours. Next immediate moves confirmation will be after valid break out of today trading range(6750-6786) and should be firstly watched now.
Mid-session Outlook(28-04-2014)
Most time negative zone trading since opening today but intraday charts are showing consolidation patterns formations therefore emergence of last week started correction completion possibility and expected that Nifty will not sustain below today lowest(6750.30) and fresh up moves will begin after follow up consolidations.
Technical Analysis,Research & Weekly Outlook(Apr 28 to May 02,2014)
Nifty-EOD Chart (25-Apr-2014):-
Technical Patterns and Formations in EOD charts
1- Wave-iii of Wave-3 beginning(5933.30 on 04-02-2014)
2- 5th Wave continuation with all time high formation at 6869.85 on 25-04-2014
3- Bearish Rising Wedge formation in last 13 sessions.
All trends are up and impulsive Wave-iii of Wave-3 continuation but oscillators are showing negative divergence in overbought zone therefore correction is very much due. As Bearish Rising Wedge formation in last 13 sessions therefore emergence of correction possibility and next supports/resistances are as follows:-
1- Resistances between 6841-6861
2- Resistances between 6818-6836
3- Supports between 6720-6740
4- Supports between 6685-6703
5- Supports between 6651-6671
Indian markets are highly Bullish and many times such markets correct time wise in side ways moves and not price wise therefore possibility of side ways market trading range is 6651-6861 and:-
1- Sustaining below 6651 will be deeper correction confirmation because Bearish Rising Wedge formation in last 13 sessions.
2- Sustaining above 6861 will be fresh rally beginning after Short Term Correction confirmation.
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| Just click on chart for its enlarged view |
1- Wave-iii of Wave-3 beginning(5933.30 on 04-02-2014)
2- 5th Wave continuation with all time high formation at 6869.85 on 25-04-2014
3- Bearish Rising Wedge formation in last 13 sessions.
Conclusions from EOD chart analysis
All trends are up and impulsive Wave-iii of Wave-3 continuation but oscillators are showing negative divergence in overbought zone therefore correction is very much due. As Bearish Rising Wedge formation in last 13 sessions therefore emergence of correction possibility and next supports/resistances are as follows:-
1- Resistances between 6841-6861
2- Resistances between 6818-6836
3- Supports between 6720-6740
4- Supports between 6685-6703
5- Supports between 6651-6671
Indian markets are highly Bullish and many times such markets correct time wise in side ways moves and not price wise therefore possibility of side ways market trading range is 6651-6861 and:-
1- Sustaining below 6651 will be deeper correction confirmation because Bearish Rising Wedge formation in last 13 sessions.
2- Sustaining above 6861 will be fresh rally beginning after Short Term Correction confirmation.
Pre-closing Outlook(25-04-2014)
As selling in previous sessions above 6790 therefore we were told for very Short term correction on 23-04-2014 but it is being seen after one sessions ie today and Nifty slipped toward 6773 but minor supports also seen between 6773.6788 today and emergence of 1st signal of correction completion as well.
It should be kept in mind that once sustaining below 6773 will mean correction possibility towards 6725/6669.
Mid-session Outlook-2(25-04-2014)
Although intraday patterns showed consolidation indications but some slipping was expected therefore the range of 6790-6861 was updated in previous Outlook and Nifty formed recent lowest at 6786. As good selling was seen above 6790 therefore down moves below it was expected in previous session but it is being seen today and once sustaining below 8790 will mean deeper correction towards 6725/6669 as well as must be kept in mind.
Mid-session Outlook(25-04-2014)
Although markets recovered from lower levels in last minutes on 23-04-2014 but higher levels selling was also seen between 6841-6861 therefore Nifty could not sustain above it and trading below it since opening today. As intraday patterns are showing consolidation indications therefore expected that Nifty will firstly trade and prepare for next decisive moves between 6790-6861 and valid break out of this range will be next trend confirmation.
Technical Analysis and Market Outlook(25-04-2014)
Nifty-Intra Day Chart (23-Apr-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6841-6861
2- Strong recovery after new intraday lowest formations
3- Whole day actual trading between 6821-6861
All trends are up and Indian markets are highly Bullish therefore consolidating at higher levels without giving deeper correction. Although good selling seen in previous sessions but market recovered from lower levels in last minutes without giving deeper correction despite higher levels selling today.
Impulsive Wave-iii of Wave-3 continuation and its continuation will be considered until complete selling patterns will not develop. Indian Stock markets are discounting Modi factor and expectations are at peak all around therefore cautious approach is required because euphoria is being developed and markets are moving up under most Bullish sentiments.
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1- Selling between 6841-6861
2- Strong recovery after new intraday lowest formations
3- Whole day actual trading between 6821-6861
Conclusions from intra day chart analysis
All trends are up and Indian markets are highly Bullish therefore consolidating at higher levels without giving deeper correction. Although good selling seen in previous sessions but market recovered from lower levels in last minutes without giving deeper correction despite higher levels selling today.
Impulsive Wave-iii of Wave-3 continuation and its continuation will be considered until complete selling patterns will not develop. Indian Stock markets are discounting Modi factor and expectations are at peak all around therefore cautious approach is required because euphoria is being developed and markets are moving up under most Bullish sentiments.
FII & DII trading activity in Capital Market Segment on 23-Apr-2014
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Indian Stock Markets Closing Reports(23-Apr-2014)
Main features of today trading are as follows
Ratios
Index Options Put Call Ratio: 1.03
Total Options Put Call Ratio: 0.99
Nifty P/E Ratio(23-Apr-2014): 19.20
Nifty P/B Ratio(23-Apr-2014): 3.30
Dividend Yield (23-Apr-2014): 1.34
Advances & Declines
BSE Advances : 1,428
BSE Declines : 1,372
NSE Advances : 783
NSE Declines : 748
Nifty Open Interest Changed Today
Nifty- 6700 CE(May)- -9,150(-1.17%)
Nifty- 6700 PE(May)- 148,350(15.37%)
Nifty- 6800 CE(May)- 41,250(2.65%)
Nifty- 6800 PE(May)- 471,350(%)
Nifty- 6900 CE(May)- 623,800(52.95%)
Nifty- 6900 PE(May)- 305,150(47.44%)
Nifty- 7000 CE(May)- 484,000(23.35%)
Nifty- 7000 PE(May)- 113,100(19.17%)
Closing
Sensex- closed at 22,876.54(118.17 Points & 0.52%)
Nifty- closed at 6,840.80(25.45 Points & 0.37%)
CNX Midcap - closed at 8,902.20(-1.60 Points & -0.02%)
CNX Smallcap- closed at 3,999.35(6.55 Points & 0.16%)
Nifty Spot-Levels & Trading Strategy for 25-04-2014
Nifty Spot-Levels
R3 6901
R2 6881
R1 6860
Avg 6840
S1 6819
S2 6799
S3 6778
Nifty Spot-Trading Strategy
H6 6881 Trgt 2
H5 6871 Trgt 1
H4 6862 Long breakout
H3 6851 Go Short
H2 6847
H1 6843
L1 6836
L2 6832
L3 6828 Long
L4 6817 Short Breakout
L5 6808 Trgt 1
L6 6798 Trgt 2
R3 6901
R2 6881
R1 6860
Avg 6840
S1 6819
S2 6799
S3 6778
Nifty Spot-Trading Strategy
H6 6881 Trgt 2
H5 6871 Trgt 1
H4 6862 Long breakout
H3 6851 Go Short
H2 6847
H1 6843
L1 6836
L2 6832
L3 6828 Long
L4 6817 Short Breakout
L5 6808 Trgt 1
L6 6798 Trgt 2
Nifty(May Fut)-Levels & Trading Strategy for 25-04-2014
Nifty(May Fut)-Levels
R3 6953
R2 6931
R1 6915
Avg 6893
S1 6877
S2 6855
S3 6839
Nifty(May Fut)-Trading Strategy
H6 6937 Trgt 2
H5 6928 Trgt 1
H4 6919 Long breakout
H3 6909 Go Short
H2 6905
H1 6902
L1 6895
L2 6892
L3 6888 Long
L4 6878 Short Breakout
L5 6869 Trgt 1
L6 6860 Trgt 2
R3 6953
R2 6931
R1 6915
Avg 6893
S1 6877
S2 6855
S3 6839
Nifty(May Fut)-Trading Strategy
H6 6937 Trgt 2
H5 6928 Trgt 1
H4 6919 Long breakout
H3 6909 Go Short
H2 6905
H1 6902
L1 6895
L2 6892
L3 6888 Long
L4 6878 Short Breakout
L5 6869 Trgt 1
L6 6860 Trgt 2
Bank Nifty(May Fut)-Levels & Trading Strategy for 25-04-2014
Bank Nifty(May Fut)-Levels
R3 13565
R2 13421
R1 13327
Avg 13183
S1 13089
S2 12945
S3 12851
Bank Nifty(May Fut)-Trading Strategy
H6 13475 Trgt 2
H5 13420 Trgt 1
H4 13364 Long breakout
H3 13299 Go Short
H2 13277
H1 13255
L1 13212
L2 13190
L3 13168 Long
L4 13103 Short Breakout
L5 13047 Trgt 1
L6 12992 Trgt 2
R3 13565
R2 13421
R1 13327
Avg 13183
S1 13089
S2 12945
S3 12851
Bank Nifty(May Fut)-Trading Strategy
H6 13475 Trgt 2
H5 13420 Trgt 1
H4 13364 Long breakout
H3 13299 Go Short
H2 13277
H1 13255
L1 13212
L2 13190
L3 13168 Long
L4 13103 Short Breakout
L5 13047 Trgt 1
L6 12992 Trgt 2
Mid-session Outlook(23-04-2014)
As good selling in previous sessions therefore very Short Term correction was expected but Indian markets are showing extreme strength today. Although continuous recovery since opening but very Short Term correction is very much due and still expected.
Technical Analysis and Market Outlook(23-04-2014)
Nifty-Intra Day Chart (22-Apr-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6821-6838
2- Whole day actual trading between 6807-6838
Following lines were told in previous Outlooks:-
1- At 11:44 AM in Mid-session Outlook(22-04-2014):- "today intraday charts are showing selling patterns"
2- At 02:58 PM in Pre-closing(21-04-2014):- "confirmation through sustaining above 6819 is required for strong rally in new zone"
3- In Technical Analysis and Market Outlook(22-04-2014):- "some selling also seen below 6825 therefore sustaining above it is must for next strong rally and should be firstly watched tomorrow"
Selling was seen yesterday and follow up good selling was seen today also therefore it was updated at 11:44 AM when Nifty was trading near higher levels of the day. As good selling was seen today therefore expected that Nifty will slip below today lowest and very Short term correction is expected tomorrow with April expiry possibility near or below 6750 despite Dow Jones is now trading 100 points up.
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| Just click on chart for its enlarged view |
1- Selling between 6821-6838
2- Whole day actual trading between 6807-6838
Conclusions from intra day chart analysis
Following lines were told in previous Outlooks:-
1- At 11:44 AM in Mid-session Outlook(22-04-2014):- "today intraday charts are showing selling patterns"
2- At 02:58 PM in Pre-closing(21-04-2014):- "confirmation through sustaining above 6819 is required for strong rally in new zone"
3- In Technical Analysis and Market Outlook(22-04-2014):- "some selling also seen below 6825 therefore sustaining above it is must for next strong rally and should be firstly watched tomorrow"
Selling was seen yesterday and follow up good selling was seen today also therefore it was updated at 11:44 AM when Nifty was trading near higher levels of the day. As good selling was seen today therefore expected that Nifty will slip below today lowest and very Short term correction is expected tomorrow with April expiry possibility near or below 6750 despite Dow Jones is now trading 100 points up.
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