Technical Analysis and Market Outlook(07-05-2014)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- First 4 hours Down Moves in Bullish Falling Channel.
2- Support between 6701-6712
3- Whole day actual trading between 6701-6743

Conclusions from intra day chart analysis 

Positive opening and first 4 hours down moves but in Bullish Falling Channel as well as lower levels supports therefore Bullish view is still maintained. It should be kept in mind that correction is on and Nifty may slip also below 22 sessions lowest (6651) in this process but deeper correction will be considered after forcefully breaking down or sustaining below 6651 after complete follow up selling. As consolidation was seen in previous 4 sessions above 6651 therefore up moves expectations are very much alive. 

As US markets are .65% to 1.10% down at this moment and such weaker closing may result weakening of Asian markets but sustaining below 6651 is not expected and finally Rally/up moves are expected.

Mid-session Outlook(06-05-2014)

Only sideways market with Bullish expectations was told in all the previous Outlooks and same view today also despite whole day slipping from higher levels and now trading little above today lowest because first 4 hours down moves are showing Bullish Falling Channel pattern.

Technical Analysis and Market Outlook(06-05-2014)

Nifty-Intra Day Chart (05-May-2014):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 6724-6740
2- All Down Moves in Bullish Falling Channel
3- Whole day actual trading between 6680-6740

Conclusions from intra day chart analysis

Although higher levels selling and closing near the lower levels of the day but all down moves in Bullish Falling Channel therefore view will not Bearish because Indian markets out performed Asian and European markets also. As Bullish Falling Channel is consolidation pattern and all down moves showed this formation therefore correction completion possibility is still alive within sideways market between 6651-6861.

Certainly up moves expectation are alive after correction completion within last 21 sessions range and next decisive moves first signal will be valid break out of 6651-6786.

Mid-session Outlook(05-05-2014)

Following line was told in Pre-closing Outlook on 02-05-2014:-

Although Nifty is going to close flat after whole day down moves but rally will be seen in next week.

As was told same happened and most time positive zone trading today despite depressed sentiment due to weaker Asian markets today morning. It means out performance by Indian markets and signal of strength also after last 2 sessions good consolidation. Good selling at higher levels in the beginning of last week and lot of consolidation is required for fresh rally which will take its own complete time. 

Certainly up moves expectation are alive after correction completion within last 20 sessions range and next decisive moves first signal will be valid break out of 6685-6786.

Technical Analysis,Research & Weekly Outlook(May 05 to May 09,2014)

Nifty-EOD Chart (02-May-2014):-

Just click on chart for its enlarged view

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- 20 sessions sideways market between 6651-6861

Conclusions from EOD chart analysis 

Although new all time high formation on 25-04-2014 but 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):-

1- correction is very much due. As Bearish Rising Wedge formation in last 13 sessions therefore emergence of correction possibility
2- 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

Correction was told and all the trading sessions of previous week were closed in Red and side ways market was told between 6651-6861 and Nifty traded between 6656-6786 in previous week.

Long Term trend is up,Short term is down and Intermediate term is sideways between 6651-6861 for the last 20 sessions. Although Impulsive Wave-iii of Wave-3 continuation but its correction was also seen in previous week and length of this correction will be decided through sustaining beyond previous 20 sessions trading range(6651-6861):-

1- Sustaining below 6651 will mean deeper correction and Nifty will correct whole up move which started from 5933.30 because that will be confirmation of 5th sub-wave completion of on going rally.
2- Sustaining above 6861 will mean rally continuation after correction completion within more than 20 sessions sideways market between 6651-6861 

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Whole day down moves in Bullish Falling Channel.
3- Whole day actual trading between 6689-6737

Conclusions from intra day chart analysis 

Although positive opening but flat closing after whole day down moves in Bullish Falling Channel which is consolidation pattern as well therefore finally rally is expected in next week after follow up consolidation.

Conclusions (After Putting All Studies Together)

Next resistances and suppoers are as follows:-

1- Resistances between 6841-6861
2- Resistances between 6818-6836
3- Resistances between 6738-6786
4- Supports between 6685-6725
5- Supports between 6651-6680

Although all session of previous week closed in Red but following consolidation was also seen:-

1- Firstly down moves in Bullish Falling Channel and after that good recovery from lower levels on 30-04-2014 
2- Whole day Bullish Falling Channel formation on 02-05-2014 
3- Nifty could not slip below the lowest(6651) of last 20 sessions

As good consolidation seen in last 2 sessions within following previous supports have been strengthened:-

1- Supports between 6685-6703
2- Supports between 6651-6671

Correction is on and coming week may be full of Parliamentary Election news flow therefore some volatility can not be ruled out and Nifty may slip also below 20 sessions lowest (6651) but deeper correction will be considered after forcefully breaking down or sustaining below 6651 because above mentioned consolidation was also seen in previous 2 sessions above 6651 and following conclusive will be repeated which was told in previous 2 Outlooks last Friday:- 

Finally Rally/up moves will be seen in next week.

Pre-closing Outlook(02-05-2014)

Although Nifty is going to close flat after whole day down moves but rally will be seen in next week.

Mid-session Outlook-2(02-05-2014)

Although whole day slipping from higher levels but today intraday charts are showing consolidation pattern of Bullish Falling Channel therefore finally up moves are expected in next week despite now trading flat after loosing all intraday gains.

Mid-session Outlook(02-05-2014)

Although slipping from higher levels after positive opening but today intraday charts are showing consolidation patterns indications therefore emergence of fresh up moves expectations. As good resistances are between  6747-6785 therefore complete consolidation is required between 6651-6785 for decisive rally above 6785. 

Technical Analysis and Market Outlook(02-05-2014)

Nifty-Intra Day Chart (30-Apr-2014):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 6747-6780
2- Consolidation between 6656-6686
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 6656-6780 

Conclusions from intra day chart analysis 

Firstly sharp up immediately after opening and selling at higher levels but after that down moves in Bullish Falling Channel and lower levels good supports above 6651 as well therefore still Indian markets will be understood sideways between 6651-6861 despite more than 100 points slipping from higher levels and Red zone closing.

19 sessions market between 6651-6861 and following support was posted many times in previous Outlook:-

Supports between 6651-6671

As Nifty reversed from 6656.80 after follow up consolidation within mentioned support range on 30-04-2014 therefore previous support strengthened and until Nifty will not sustain below 6651 till then any deeper correction will not be considered. Firstly Nifty will remain sideways between 6656-6780 tomorrow and prepare for next trend/decisive moves after Parliament Election results. Finally expected that Nifty will not sustain below 6651 and up moves will be seen after follow up consolidation in the coming sessions.

Pre-closing Outlook(30-04-2014)

Although strong recovery immediately after opening today but we told for confirmation through sustaining above 6765 in both previous Outlooks and Nifty could not sustain above 6765 as well as slipped more tahn 100 points but until Nifty will not sustain below 6650 till then deeper correction will not be considered.

Indian Markets towards next Huge Moves

Mid-session Outlook(30-04-2014)

Indian markets are not trending and sideways as well as preparing for next direction or may be very big moves beyond 6651-6861. 3 Sessions(including today) trading between 5709-5786 with following trading patterns:- 

1- Consolidation between 6750-6765 on 28-04-2014 but sharp down moves below it on  29-04-2014 
2- Selling between 6738-6760 on  29-04-2014 but sharp up moves above it today 

18 Sessions trading between 6651-6861 with good supports at lower levels and equally good selling also at higher levels within this range. Expected that Nifty will prepare within this range for next decisive trend between 6651-6861 and forceful break out of this range will be seen on following dates:-

1- On 13-05-2014- After Exit Poll results on 12 May evening.
2- On 16-05-2014- After election results.

Let Nifty prepare for next decisive huge moves beyond 6651-6861 then will be updated according to intraday charts patterns formation in the same manner as being done for the last more than 5 years.

Today sharp up move is also 1st strong signal of fresh rally beginning but confirmation is must through sustaining above 6765/6780.

Post-open Outlook(30-04-2014)

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.

Technical Analysis and Market Outlook(30-04-2014)

Nifty-Intra Day Chart (29-Apr-2014):-

Just click on chart for its enlarged view

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

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)

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

Post-open Outlook(29-04-2014)

Selling developed immediately after opening today.

Technical Analysis and Market Outlook(29-04-2014)

Nifty-Intra Day Chart (28-Apr-2014):-

Just click on chart for its enlarged view

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

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):-

Just click on chart for its enlarged view

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.

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.