Technical Analysis and Market Outlook(23-01-2014)

Nifty-Intra Day Chart (22-Jan-2014):-

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Technical Patterns and Formations in today intraday charts

1- Almost 4 hours trading with mixed patterns between 6310-6330 
2- Whole day actual trading between 6288-6349.

Conclusions from intra day chart analysis 

Although almost 4 hours trading with mixed patterns between 6310-6330 and break out of this range in last hour but confirmation is firstly required through sustaining above 6330 for any decisive up moves and it should be firstly watched tomorrow.

Indian markets are not trending but sideways for the last 25 sessions between 6130-6415 with following technical positions:-

1- 1st Resistance between 6324-6356
2- 2nd Resistance between 6360-6387
3- 1st Support between 6232-6266
4- 2nd Support between 6130-6186

Following trading ranges should be watched for:-

1- next trend 1st strong indication:- 6232-6356
2- next trend confirmations:- 6130-6387

Mid-session Outlook(22-01-2014)

Following line was told in previous Outlook yesterday:-

slipping below 5298 and very Short Term correction is expected tomorrow

As was told 100% same happened and Nifty slipped below 6298 but recovered also from lower levels after lowest formation at 6287.45. As today up moves are without force therefore finally down moves are expected after follow up selling and following range should be watched for:-

1- next trend 1st strong indication:- 6232-6356
2- next trend confirmations:- 6130-6387

Very Short Term correction on cards

Technical Analysis and Market Outlook

(22-01-2014)

Nifty-Intra Day Chart (21-Jan-2014):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 6321-6330
2- Selling between 6314-6325 
3- Supports between 6298-6305
3- Whole day actual trading between 6298-6330

Conclusions from intra day chart analysis 

Although minor supports at lower levels but good selling at higher levels today therefore finally slipping below 5298 and very Short Term correction is expected tomorrow.

NIFTY-Jan Put Option(6200)-Positional-Buying Trade

NIFTY-Jan PE(6200)-Buy-Positional-SL-04 & TGT-49-CMP-15.25(Lalit39)

Mid-session Outlook(21-01-2014)

Sideways quiet market with first 2 hours selling and some supports and recovery also from lower levels also in last 1 hour therefore expected that Nifty will trade few more time within today trading range(6298-6330) but finally slipping below 5298 is possible because most time selling patterns formations today.

Technical Analysis and Market Outlook(21-01-2014)

Nifty-Intra Day Chart (20-Jan-2014):-

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Technical Patterns and Formations in today intraday charts

1- More than 5 hours today trading between 6274-6306
2- Selling patterns formation between 6296-6303
3- Consolidation between 6274-6286 
4- Selling patterns formation between 6301-6306  
5- Whole day actual trading between 6244-6306

Conclusions from intra day chart analysis 

23 sessions trading between 6130-6415 with following technical positions:-

1- 1st Resistance between 6324-6356
2- 2nd Resistance between 6360-6387
3- 1st Support between 6232-6266
4- 2nd Support between 6130-6186

More than 5 hours today trading between 6274-6306 with higher levels selling and lower levels buying therefore valid break out of this range will be next very Short Term moves confirmation. As multiple resistances above and multiple supports below  above mentioned more than 5 hours today trading range therefore follow up consolidation is required for sustaining above 6387 and all time high as well as in the same manner complete selling is also must for sustaining below 23 sessions lowest(6130).

Only intraday volatility seen in last 2 sessions and Nifty could not sustain above last Thursday selling range(6300-6346) and follow up selling also seen just below it between 6296-6306 today therefore view is not Bullish despite today closing near the highest of today.

Indian markets are not trending but only sideways therefore next trend will get confirmations after sustaining beyond last 23 sessions range 6130-6387 and sustaining beyond above mentioned supports and resistances should be used for next decisive big trend 1st indication and final confirmation.

Mid-session Outlook(20-01-2014)

Indian markets are not trending but sideways and only intraday volatility is being seen therefore last Friday down moves and today up moves. Indian markets are not not prepared for any side decisive moves and being prepare for next decisive trend therefore next trend deciding ranges have  already been been updated in previous Outlook yesterday.

As last 4 hours intraday charts are showing consolidation indications between 6274-6304 therefore emergence of hopes for Bulls and 1st strong signal of decisive up moves will be after sustaining above previous week highest(6346),should be firstly watched for confirmations.

RIL-Jan Put Option(880)-Positional Buying of 16-01-2014-Covering

RIL-Jan PE(880)-Bought on 16-01-2014-Cover and book profit immediately-CMP-17.60(Lalit39)

Technical Analysis,Research & Weekly Outlook(Jan 20 to Jan 24,2014)

Nifty-EOD Chart (17-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 with descending triangle pattern formation in last 22 sessions between 6130-6415.

Conclusions from EOD chart analysis 

Wave-v of Wave-3 is on for next rally above all time high but this Wave has not shown required strength and turned range bound because next Union Govt. stability after Parliamentary Elections has turned at stake due to the possibility of BJP votes cutting by Aam Admi Party and resultant expectations of weaker Government formations after Union Elections-2014. 

Nifty-Intra Day Chart (17-Jan-2014):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 8320-6338 
2- Fast down
3- Down moves in Bullish Falling Channel
4- Support between 6286-6391
5- Up moves in Bearish Rising Channel
6- Steep Fall
7- Last more than trading with mixed trading patterns between 6247-6272
8- Whole day actual trading between 6247-6338
(All levels are Jan Fut)

Conclusions from intra day chart analysis 

Almost 6 hours down moves with higher levels good selling and minor consolidation as well as closing near the lower levels of the day therefore  emergence of deeper correction possibility. As last more than 2 hours trading with mixed trading patterns between 6247-6272 therefore sustaining it beyond should be firstly watched for the confirmation of deeper correction possibility.

Conclusions (After Putting All Studies Together)

Long Term trend is up,Short Term trend is down and Intermediate Term Trend is sideways for the last 22 sessions between 6130-6415 with descending triangle pattern formation and valid break out  of this range will decide next big trend. As higher levels selling in last 2 sessions therefore until Nifty will not sustain above previous week highest(6346) till then next up moves will not be considered. Although markets recovered from lower levels in previous week but on the back of above expectations quarterly results and intraday selling was seen within 6165-6235 between 06-01-2014-10-01-0=2014 also therefore if follow up selling develop in the beginning of next week then sharp fall will be seen therefore complete consolidation is firstly required for any rally. 

As 22 sessions range bound market between 6130-6415 with descending triangle pattern therefore Nifty has to prepare for next trend and decisive moves within it and firstly sustaining beyond mentioned triangle and after that finally mentioned range should be watched for next next big trend confirmations. 

Mid-session Outlook-2(17-01-2014)

6284 broken down forcefully and emergence of deeper correction possibility.

Mid-session Outlook(17-01-2014)

As selling therefore very Short Term Correction was was told yesterday and it is being seen since opening today through whole day negative zone trading but last more than 2 hours intraday patterns are showing consolidation patterns formations and lower levels supports as well therefore sustaining beyond 6284--6358 should be firstly watched for next immediate trend confirmations.

Technical Analysis and Market Outlook(17-01-2014)

Nifty-Intra Day Chart (16-Jan-2014):-

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Technical Patterns and Formations in today intraday charts

1- Selling patterns formation between 6328-6346
2- Support between 6300-6312
3- Selling patterns formation between 6324-6332
4- Whole day actual trading between 6300-6346

Conclusions from intra day chart analysis 

Although some supports at lower levels but higher levels selling also seen today therefore very short term correction is expected in the coming sessions because:-

1- selling below 6325 on 14-01-2014
2- Today follow up selling within previous resistances between 6260-6358

RIL-Jan Put Option(880)-Positional-Buying Trade

RIL-Jan PE(880)-Buy-Positional-SL-6.90 & TGT-19.90-CMP-13.00(Lalit39)

Mid-session Outlook(16-01-2014)

As selling below 6325 yesterday therefore following line was told in previous Outlook yesterday:-

until Nifty will not sustain above today highest till then next up moves will not be considered.

As was told 100% same happened and Nifty could not sustain above 6325 and slipped below it immediately after opening today despite positive Global cues today morning

As some supports also seen at lower levels today therefore valid break out of today trading range(4300-4346) will ne next immediate moves confirmations.

BHARTI-Jan Put Option(320)-Positional Buying of 14-01-2014-Covering

BHARTI-Jan PE(320)-Bought on 14-01-2014-Target achieved,Cover and book profit immediately-CMP-6.40(Lalit39)

Technical Analysis and Market Outlook(16-01-2014)

Nifty-Intra Day Chart (15-Jan-2014):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 6307-6316.
2- Up moves in Bearish Rising Channel in last 2 hours.
3- Whole day actual trading between 6266-6325

Conclusions from intra day chart analysis 

Strong recovery from lower levels after strong global markets and improved WPI numbers but selling at higher levels and last 2 hours Up moves in Bearish Rising Channel also therefore until Nifty will not sustain above today highest till then next up moves will not be considered.

TCS quarterly results tomorrow and next trend will form after RIL results next Friday and next trend will form after the declaration of these 2 results. Although today closing near the highest of today but follow up moves in the coming 2 sessions and finally sustaining beyond 6232-6325 should be firstly watched now for next moves 1st indication because today selling patterns were seen within strong resistances between 6260-6358.

Mid-session Outlook(15-01-2014)

As strong global markets and improved WPI numbers therefore strong recovery from lower levels after positive opening but selling also seen at higher levels within previous resistance range(6260-6358). TCS quarterly results tomorrow and next trend will form after RIL results next Friday and next trend will form after the declaration of these 2 results. Follow up moves in the coming 2 sessions and finally sustaining beyond 6232-6316 should be firstly watched now for next moves 1st indication.

Technical Analysis and Market Outlook(15-01-2014)

Nifty-Intra Day Chart (14-Jan-2014):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 6265-6278
2- Down moves in Bullish Falling Channel.
3- Whole day actual trading between 6234-6278

Conclusions from intra day chart analysis 

Firstly higher levels some selling but whole day down moves in Bullish Falling Channel also therefore mixed intraday patterns formation today and Indian markets are not prepared for any side decisive moves at this moment.

Last 24 sessions trading between 6130-6358 with following technical positions:-

1- Higher levels resistances between 6260-6358.
2- 5 Sessions trading between 6139-6239 with selling indications in previous week.
3- Firstly strong recovery and almost 6 hours trading between 6232-6256 on 13-01-2014 with the expectation of inflation reduction. 

As most time selling in last 24 sessions therefore deeper correction possibility should be kept in mind but firstly sustaining beyond 6232-6256(almost 6 hours trading range of yesterday) should be watched for next immediate short term moves confirmations because this range trading was after strong recovery.

BHARTI-Jan Put Option(320)-Positional-Buying Trade

Bharti-Jan PE(320)-Buy-Positional-SL-1.90 & TGT-6.40-CMP-3.30(Lalit39)

Mid-session Outlook(14-01-2014)

Intraday charts of today are showing selling patterns formations and firstly sustaining beyond 6232-6256(almost 6 hours trading range of yesterday) should be watched for next immediate short term trend confirmations. 

Technical Analysis and Market Outlook(14-01-2014)

Nifty-Intra Day Chart (13-Jan-2014):-

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Technical Patterns and Formations in today intraday charts

1- Almost 6 hours trading between 6232-6256
3- Whole day actual trading between 6190-6288

Conclusions from intra day chart analysis 

Although selling in previous week but strong recovery from lower levels seen immediately after opening and almost 6 hours 24 points range bound trading between 6232-6256 and its break out in last half hour seen today. As today up moves were on the expectations of rates reduction by RBI due to expected reduction in inflation today therefore sustaining beyond today most time trading range(6232-6256) should be firstly watched tomorrow for confirmations 

High possibility of slipping and sustaining below 6130

Technical Analysis,Research & Weekly Outlook

(Jan 13 to Jan 17,2014)

Nifty-EOD Chart (10-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- Correction beginning after Wave-v of Wave-3 terminating at 6358.30 on 02-01-2014. 
9- Correction continuation with recent bottom formation at 6139,60 on 10-01-2014.
10- Last 5 sessions sideways trading between 6140-6240.
11- 200-Day EMA(today at 5963). 
12- 29 Sessions actual trading between 6130-6415

Conclusions from EOD chart analysis 

Correction beginning after Wave-v of Wave-3 terminating at 6358.30 on 02-01-2014 and last 5 sessions sideways trading between 6140-6240,sustaining beyond this range will decide next immediate moves therefore should be firstly watched in the coming week. 

Nifty-Intra Day Chart (Jan 06 to Jan 10,2014):-

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Technical Patterns and Formations in last 5 Sessions intraday charts

1- Higher levels good selling in last 5 sessions.
2- Lower levels minor supports in last 5 sessions.
3- 5 Sessions actual trading between 6139-6239 

Conclusions from 5 Sessions intra day chart analysis 

Although lower levels minor supports but higher levels good selling in last 5 sessions therefore expected that finally Nifty will slip below 5 sessions lowest(6139).

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

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Technical Patterns and Formations in today intraday charts

1- Support between 6140-6155
2- Up moves in Bearish Rising Channel.
3- Good selling between 6207-6239
4- Sharp down after 3 hours selling.
5- Whole day actual trading between 6140-6239

Conclusions from intra day chart analysis 

Highly volatile day after good quarterly results INFY with higher levels good selling and up moves in Bearish Rising Channel therefore finally Nifty will slip below the lowest(6139) of the day.  

Conclusions (After Putting All Studies Together)

Long and Intermediate Term Trends are up and Short Term trend turned down after steep fall from 6358.30 on 02-01-2014. Following levels will decide next trends:-

1- Intermediate Term Trend will be down after sustaining below 6130
2- Long Term Trend will be down after sustaining below 200-Day EMA(today at 5963)

9 Sessions sideways trading range(6260-6324) broken down after steep fall from 6358.30 on 02-01-2014 and Nifty sustained below it in previous week therefore its broken down confirmation.

Wave-v of Wave-3 has not shown shown force and moved up slowly as well as terminated after lower bottom formation at 6358.30 therefor emergence of its failure risk. As good selling in last 5 sessions therefore expected that finally Nifty will slip below 5 sessions lowest(6139) and high possibility of sustaining below 6130 as well as Intermediate Term Trend turning down risk.  Mostly Intermediate Term Trend remains continued from 3 weeks to 3 months therefore testing of 200-Day EMA(today at 5963) can not be ruled out in this trend.

Should be kept in mind that high possibility of slipping and sustaining below 6130 in next week.

Mid-session Outlook(10-01-2014)

Firstly market slipped after good INFY results but recovered after low formation at 6139.60. As last 5 sessions were range bound with high formation at 6225 with higher levels selling therefore finally sustaining beyond 6130-6225 should be watched for next trend confirmations.

High possibility of sustaining below 6130 

Technical Analysis and Market Outlook

(10-01-2014)

Nifty-Intra Day Chart Jan 08 & Jan 09,2014:-

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Technical Patterns and Formations in last 2 Sessions intraday charts

1- Good selling between 6181-6191 on 08-01-2014
2- Minor support between 6165-6172 on 08-01-2014
3- Slipping and trading below lowest of yesterday(6160.35)
4- Minor selling between 6176-6187 on 09-01-2014
5- Selling between 6165-6174 on 09-01-2014
6- Selling between 6173-6182 on 09-01-2014
7- Minor support between 6149-6157 on 09-01-2014
8- 2 Sessions actual trading between 6149-6191 

Conclusions from 2 Sessions intra day chart analysis 

Following conclusions were updated yesterday in Nifty Slipping below 6130:-

1- higher levels good selling and minor support
2- high possibility of slipping below the lowest of today
3- selling was seen in previous 2 sessions and follow up good selling also seen
4- Nifty will slip below 6130
5- sustaining below 6130 will mean mean correction continuation towards 200-Day EMA(today at 5959)

Although minor support at lower levels but follow up higher levels good selling today after previous 3 sessions selling therefore same view of slipping below 6130 as well as high possibility of sustaining below 6130 despite whatsoever INFY quarterly results tomorrow.

As busy therefore Mid-session Outlooks could not be updated today.

Nifty Slipping below 6130

Technical Analysis and Market Outlook
(09-01-2014)

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

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Technical Patterns and Formations in today intraday charts

1- Good selling between 6181-6191
2- Minor support between 6165-6172
3- Whole day actual trading between 6161-6191

Conclusions from intra day chart analysis 

30 Points range bound market with higher levels good selling and minor support therefore high possibility of slipping below the lowest of today. As selling was seen in previous 2 sessions and follow up good selling also seen today therefore now expected that Nifty will slip below 6130 and once sustaining below 6130 will mean mean correction continuation towards 200-Day EMA(today at 5959). 

Mid-session Outlook-3(08-01-2014)

Selling between 6179-6193 yesterday and almost 4 hours trading between this range therefore sustaining beyond this range willl be 1st strong indication of next moves and should be firstly watched tomorrow.

Mid-session Outlook-2(08-01-2014)

Selling between 6179-6193 yesterday and Nifty slipped below 6179 after almost 3 hours trading near about this range today. If Nifty sustains below 6179 then it will be 1st strong indication of down moves.

Mid-session Outlook(08-01-2014)

Whatsoever market suggests from technical analysis only all that is updated. As it was understood that Indian markets are not prepared for any side decisive moves and will remain range bound therefore following "Weekly analysis" topic was posted on 05-01-2014:-

Sideways Week ahead in search of Next Big Trend

As was told in above topic same was seen in previous both sessions and today were range bound within 6145-6225. Technical positions of previous 3 sessions as follow:-

1- Supports between 6145-6186
2- Selling between 6179-6220

Intraday patterns are showing lower levels supports and indications of consolidation as well despite slipping from higher levels in last half hour today. More or less sustaining beyond 6130-6220 will be next trend confirmation and expected such moves will be seen next Friday after INFY quarterly results.

Let market prepare for post INFY results decisive moves then will be updated from 5 sessions intraday charts analysis including today and tomorrow. 

Post-open Outlook(08-01-2014)

We are continuously telling that Indian markets are not trending but sideways and previous 3 sessions were completely range bound. Technical positions of previous 3 sessions and mid-Dec 2013 are suggesting that equally good supports and resistances are lying between 6130-6220 therefore sustaining beyond or forceful break out of this range will decide next decisive moves and should be firstly watched now. 

As far as today 1st hour technical positions are concerned,it is being observed that intraday patterns are showing lower levels supports and indications of consolidation as well.

Technical Analysis and Market Outlook(08-01-2014)

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

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Technical Patterns and Formations in today intraday charts

1- Selling between 6197-6220
2- Support between 6145-6157
3- Selling between 6179-6193
4- Whole day actual trading between 6145-6220

Conclusions from intra day chart analysis 

Volatile day with higher levels selling and lower levels also but should be kept in mind that follow up selling seen after yesterday selling and today selling is just above previous strong support range(6130-6180) therefore view is cautious and firstly sustaining it beyond should be watched tomorrow for:-

1- Above 6180 will mean rally beginning after last Thursday started correction completion.
2- Below 6130 will mean correction continuation towards 200-Day EMA(today at 5954) 

Pre-closing Outlook(07-01-2014)

Intraday volatility with higher levels selling and lower levels buying therefore firstly valid break out of 6130-6180 should be watched tomorrow.

Mid-session Outlook-2(07-01-2014)

Last more than 3 hours 15 points range bound trading between 6146-6171. As today trading is within strong support range(6130-6180) therefore has become most crucial therefore valid break out of this range will decide next trend and should befirstly watched for:-

1- Above 6180 will mean rally beginning after last Thursday started correction completion.
2- Below 6130 will mean correction continuation towards 200-Day EMA(today at 5954)

As lower levels supports seen today therefore view view is not Bearish at this moment.

Mid-session Outlook(07-01-2014)

Quiet range bound markets after first hour sharp fall and trading just above strong support(6130) for the last more than 3 hours. It should be kept in mind that finally valid break out of 6130-6180 will decide next big trend.

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):-

Just click on chart for its enlarged view

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.