Technical Analysis and Market Outlook(13-05-2014)

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

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 6920-6954
2- Consolidation between 6960-6980
3- Whole day actual trading between 6916-7020

Conclusions from intra day chart analysis 

Firstly sharp 70 points up in first 2 minutes and after that consolidation as well as closing at the highest of the day therefore Indian markets are technically poised for more up moves/Rally. As Exit Polls are showing clear victory for Modi therefore rally continuation is expected after huge gap up opening tomorrow.

Pre-closing Outlook(12-05-2014)

Following line was told today at 08:47 AM in Minimum target of Nifty at 8616.90

25 sessions range will be broken out with more than 10% to 20% rally in next week

Now Nifty is trading 2% up and rally continuation is still expected because selling patterns not seen today but huge volatility can not be ruled out because any news,confusion or doubt regarding Modi victory may hamper sentiment. As today intraday patterns are showing consolidation therefore Indian markets are  technically poised for more up moves/Rally.

Minimum target of Nifty at 8616.90

Technical Analysis,Research & Weekly Outlook(May 12 to May 16,2014)

Nifty-Weekly Chart (09-May-2014):-

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Technical Patterns and Formations in Weekly charts

1- 6357.10 on 08-01-2008(All time high formation and correction beginning)
2- 2252.75 on 27-10-2008(Wave-1 begining after 2008 correction completion)
3- 6338.50 on 05-11-2010(Wave-5 completion and Corrective begining)
4- 4531.15 on 20-12-2011(Wave-3 beginning after 13 Months Wave-2 correction completion)
5- 6111.80 on 29-01-2013(Wave-5 completion and Corrective begining)
6- 5118.85 on 28-08-2013(Wave-1 beginning after ABC correction completion)
7- New highest formation at 6871.35 on 09-05-2014
8- Impulsive Wave-I beginning(2252.75 on 27-10-2008)
9- Impulsive Wave-I completion and corrective Wave-II beginning(6338.50 on 05-11-2010)
10- Corrective Wave-II completion and impulsive Wave-III beginning(4531.15 on 20-12-2011)
11- Impulsive Wave-III is on

Nifty-EOD Chart (09-May-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(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 with new highest formation at 6871.35 on 09-05-2014

Nifty-EOD Chart (09-May-2014):-

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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- 25 sessions sideways market between 6639-6871
4- New all time high formation at 6871.35 on 09-05-2014. 

Conclusions (After Putting All Indicators Together)

All trends are up and new highest formation at 6871.35 on 09-05-2014 but when Nifty was trading at much lower levels then Following line was told on 21-10-2013 in Minimum target of Nifty at 6724.60

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

Now next minimum target of Nifty is at 8524.60 and its calculations are as follows:-

As per Elliot Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5. Impulsive Wave-III is on and it should gain more points than Wave-I gained.

Wave-I gained 6338.50-2252.75=4085.75

Wave-III started from 4531.15 and and as per Elliot Wave theory it should gain minimum 4085.75 because it can not be shorter than Wave-I therefore its minimum target is at:-

4531.15(Wave-III started)+4085.75 Wave-1 gained=8616.90

As per Elliot Wave theory Nifty is well set for rally towards minimum target at 8616.90. 

Bullish market Wave-iii of Wave-3 continuation towards those higher levels which can not be easily imagined at this moment because following minimum waves are still left:-

1- Wave-iii of Wave-3 continuation and no signal of its termination yet.
2- Corrective Wave-iv of Wave-3 will start after on going Wave completion and this corrective will correct whole that up move which started from 5933.30.
3- Impulsive Wave-v of Wave-3 will start after previous corrective wave completion and this Wave will form new high above the top of Wave-iii of Wave-3. It should also be kept in mind that Wave-iii of Wave-3 top formations confirmation has not been seen yet.
4- Wave-v of Wave-3 completion will mean termination of Wave-3 and corrective Wave-4 beginning. 
5- Corrective Wave-4 will correct whole up moves which started from 5700.95.
6- Impulsive Wave-5 will start towards new top formation above the top of Wave-3.

Although Indian markets formed new all time high formation with closing at all time high on 09-05-2014 but still Nifty will understood sideways between 6639-6871 for the last 25 sessions and same forceful rally or huge gap up opening is required for valid break out 25 sessions range. It is very much clear that such strong rally will be seen immediately after the confirmation of Modi becoming P.M. of India and also 

expected that Modi will become Prime Minister of India and 25 sessions range will be broken out with more than 10% to 20% rally in next week.

As soon as Nifty started to consolidate from 02-05-2014 then we started to tell for that not sustaining below 6651 and that Rally which was seen on 09-05-2014. Just click following topic link and verify on your own:-

16 Accurate Predictions of Rally on 09-05-2014 with Proofs

16 Accurate Predictions of Rally on 09-05-2014 with Proofs

 Nifty formed new all time high formation with closing at all time high on 09-05-2014 but finally Rally/up moves were non stop daily told in all the 16 Outlooks since 02-05-2014. As we always talk with those proofs which no one can deny therefore just click following topic links and verify this fact on yours own:- 

1- In Technical Analysis and Market Outlook(09-05-2014):- expected that finally Rally/up moves will be seen in the coming sessions.
2- In Pre-closing Outlook(08-05-2014):- same Bullish views is maintained which is being continuously updated for the last 4 sessions.
3- In Post-open Outlook(08-05-2014):- last 5 sessions intraday patterns are showing consolidation patterns therefore it seems that consolidation process is on and finally Rally/up moves will be on 13 may/16 May.

4- Technical Analysis and Market Outlook(08-05-2014) :- last 4 sessions intraday charts showed consolidation patterns formations therefore finally Rally/up moves are expected in the coming sessions.

5- Pre-closing Outlook(07-05-2014):- finally Rally/up moves are expected in the coming sessions

6- Mid-session Outlook(07-05-2014):- finally Rally/up moves are expected.
7- Post-open Outlook(07-05-2014):- finally Rally/up moves are expected
8- Technical Analysis and Market Outlook(07-05-2014):-finally Rally/up moves are expected
9- Mid-session Outlook(06-05-2014):- Bullish expectations was told in all the previous Outlooks and same view today also
10-  Technical Analysis and Market Outlook(06-05-2014) - Certainly up moves expectation are alive after correction completion within last 21 sessions range

11- Mid-session Outlook(05-05-2014):- Certainly up moves expectation are alive after correction completion within last 20 sessions range

12- Technical Analysis,Research & Weekly Outlook(May 05 to May 09,2014):- Finally Rally/up moves will be seen in next week

13- 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

14- Mid-session Outlook-2(02-05-2014):- finally up moves are expected in next week despite now trading flat after loosing all intraday gains

15- Mid-session Outlook(02-05-2014):-intraday charts are showing consolidation patterns indications therefore emergence of fresh up moves expectations

16- Technical Analysis and Market Outlook(02-05-2014):-Finally expected that Nifty will not sustain below 6651 and up moves will be seen after follow up consolidation in the coming sessions.

Mid-session Outlook(09-05-2014)

Following conclusions were updated in last 16 Outlooks:-

1- finally Rally/up moves will be seen in the coming sessions.
2- Nifty will not sustain below 6651 
3- correction completion possibility is still alive within sideways market between 6651-6861.

As was repeated again and again in last 1 week same happened today and strong 187 points rally seen today. Now Nifty is trading within last resistance range(6840-6857) and expected that Nifty will cross it and today started rally will remain continued in the coming sessions.

Technical Analysis and Market Outlook(09-05-2014)

Nifty-Intra Day Chart (08-May-2014):-

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Technical Patterns and Formations in today intraday charts

1- Down Moves in Bullish Falling Channel
2- Last more than 3 hours trading between 6639-6660 with consolidation indications.
3- Whole day actual trading between 6639-6688.

Conclusions from intra day chart analysis 

Following lines were told at 07:26 AM on 05-05-2014 in Technical Analysis,Research & Weekly Outlook(May 05 to May 09,2014):-

1- Nifty may slip also below 20 sessions lowest (6651)
2- deeper correction will be considered after forcefully breaking down or sustaining below 6651

As was projected same happened and Nifty slipped below 6651 in last 2 sessions but without force and closed above 6651 in both sessions therefore no confirmation of sideways range breaking down yet. Although down moves and closing little above lower levels today and last 5 sessions also closed near the lower levels of the day but intraday charts of last 6 sessions are showing consolidation patterns formations therefore emergence of correction completion possibility and expected that finally Rally/up moves will be seen in the coming sessions.

Pre-closing Outlook(08-05-2014)

Firstly down moves in Bullish falling Channel and after that more than 3 hours trading between 6639-6660 with consolidation indications therefore same Bullish views is maintained which is being continuously updated for the last 4 sessions.

Post-open Outlook(08-05-2014)

As news of some what under performance by BJP in last 2 phases of Election because emergence of Laloo Yadav in Bihar and Poll rigging therefore market is not sustaining at higher levels and trading near the lowest of last 23 sessions range(6651-6861). Some confusion and nervousness is being seen regarding NDA victory therefore slipping and closing below 6651 can not be ruled out but last 5 sessions intraday patterns are showing consolidation patterns therefore it seems that consolidation process is on and finally Rally/up moves will be on 13 may/16 May.

Technical Analysis and Market Outlook(08-05-2014)

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

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Technical Patterns and Formations in today intraday charts

1- Down Moves in Bullish Falling Channel
2- Whole day actual trading between 6643-6718

Conclusions from intra day chart analysis 

Following lines were told at 07:26 AM on 05-05-2014 in Technical Analysis,Research & Weekly Outlook(May 05 to May 09,2014)

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

 Following lines were told at 12:29 AM on 07-05-2014 in Technical Analysis and Market Outlook(07-05-2014)

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.

Indian markets did not moved down forcefully amid depressed sentiments and down moves were in Bullish Falling Channel therefore today trading will be understood a part of consolidation despite Nifty slipped below the lowest of last 23 sessions range(6651-6861). 

As Nifty closed above 6651 at 6652.55 therefore no confirmation of sideways range breaking down today. Although down moves but today and last 4 sessions intraday charts showed consolidation patterns formations therefore finally Rally/up moves are expected in the coming sessions.

Pre-closing Outlook(07-05-2014)

Following lines were told at 07:26 AM on 05-05-2014 in Technical Analysis,Research & Weekly Outlook(May 05 to May 09,2014)

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

 Following lines were told at 12:29 AM on 07-05-2014 in Technical Analysis and Market Outlook(07-05-2014)

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.

As was suspected same happened and Nifty slipped below 6651 but today intraday patterns are showing consolidation patterns formation and last 4 sessions also showed consolidation patterns therefore finally Rally/up moves are expected in the coming sessions.

Mid-session Outlook(07-05-2014)

Indian markets have moved into consolidation phase and result will be seen on 13 May and 16 May. Although Nifty moves down after opening but selling patterns not seen and some indications of cosolidation also therefore finally Rally/up moves are expected.

Post-open Outlook(07-05-2014)

As all the Global markets are in Red and some are more than 1% down but Indian markets are flat to negative since opening today therefore completely out performing Global cues and finally Rally/up moves are expected.

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

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

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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):-

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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):-

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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):-

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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):-

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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.