All the Asian markets are in Green and some are trading with good gains as well therefore sentiment is positive today morning because Dow's Futures is also now more than 50 points up after US markets closing with sufficient gains yesterday. As Bearish Engulfing Candle formation with selling indications yesterday therefore firstly next immediate moves confirmation is must through sustaining beyond 6706-6748 in today like boosted sentiment.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Technical Analysis and Market Outlook(16-04-2014)
Nifty-Intra Day Chart (15-Apr-2014):-
Technical Patterns and Formations in today intraday charts
1- Almost whole day trading between 6712-6748
2- Whole day actual trading between 6712-6813
Firstly sharp 100 points down in first 10 minutes and after that almost whole day 36 points narrow range trading between 6712-6748 which was almost within next support range(6706-6732) also. As whole day trading at such lower rates therefore follow up selling and more down moves possibility can not be ruled out today.
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1- Almost whole day trading between 6712-6748
2- Whole day actual trading between 6712-6813
Conclusions from intra day chart analysis
Firstly sharp 100 points down in first 10 minutes and after that almost whole day 36 points narrow range trading between 6712-6748 which was almost within next support range(6706-6732) also. As whole day trading at such lower rates therefore follow up selling and more down moves possibility can not be ruled out today.
Bearish Engulfing Candle formation also today therefore once valid breaking down of 6706 will mean sharp down towards next supports 6651-6671 and its possibility is very much alive today and valid break out of 6706-6748 will be next immediate moves confirmation.
Mid-session Outlook-2(15-04-2014)
More than 4 hours trading between 6712-6740 and range broken out but sustaining above 6740 will mean 4th corrective wave completion and beginning of 5th impulsive wave of Bearish Rising Wedge.
Mid-session Outlook(15-04-2014)
Following support range was updated in View is Cautiously Bullish
Nifty is trading between 6712-6740 after first 10 minutes sharp fall and valid break out of 6706-6740 will be next immediate moves confirmation.
3- Next 2nd supports are between 6706-6732
Nifty is trading between 6712-6740 after first 10 minutes sharp fall and valid break out of 6706-6740 will be next immediate moves confirmation.
Post-open Outlook(15-04-2014)
As Bearish Rising Wedge like formation being developed in previous week and selling also seen between 6806-6819 last Thursday therefore Nifty retraced from 6813.40 after positive opening. As Wave-5 of Bearish Rising Wedge is still left therefore Up moves above 6819.05 were expected and following topic was updated at 12:37 AM today:-
Certainly correction is due and very short Term correction is being seen today but good supports also above 6651 therefore follow up selling is must for sustaining it below and deeper correction. Next immediate trend confirmation range is 6651-6819 and should be kept in mind.
View is Cautiously Bullish
Technical Analysis,Research & Weekly Outlook
(Apr 15 to Apr 017,2014)
Nifty-EOD Chart (11-Apr-2014):-
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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 6819.05 on 10-04-2014
Conclusions from EOD chart analysis
All trends are up and 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.
Nifty-EOD Chart (11-Apr-2014):-
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1- Wave-iii of Wave-3 beginning(5933.30 on 04-02-2014)
2- 5th Wave continuation
2- 4th wave of Bearish Rising Wedge like formation
Conclusions from EOD chart analysis
Wave-iii of Wave-3 is on and 4th wave of Bearish Rising Wedge like formation but its 5th Wave is still left which should move above the previous top at 6819.05.
Nifty-Intra Day Chart (11-Apr-2014):-
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1- Down moves in Bullish falling channel.
2- Consolidation between 6744-6762
3- Whole day actual trading between 6744-6789
Conclusions from intra day chart analysis
Indian markets out performed Global cues and firstly down moves in Bullish Falling Channel with triple bottom formations near 6744 as well as good consolidation seen therefore 6744-6762 has developed a strong support range,until Nifty will not sustain below 6744 after complete selling till then next down moves will not be considered.
Conclusions (After Putting All Studies Together)
At present impulsive Wave-iii of Wave-3 continuation and 1st signal of its completion developed in previous week because emergence of Bearish Rising Wedge like formation. As its 5th impulsive Wave is still left therefore some more up moves above 6819.05 are still left. Next resistances and supports are as follows:-
1- Next resistances are between 6806-6819
2- Next 1st supports are between 6744-6762
3- Next 2nd supports are between 6706-6732
4- Next 3rd supports are between 6651-6671
Expected that Nifty will firstly trade and prepare for next trend between 6744-6819 and sustaining it beyond should be watched in next week for next trend confirmations but view is cautiously Bullish because Bearish Rising Wedge like formation being developed and its 5th wave is still.
Up moves above 6819.05 are still expected because good supports also developed at lower levels in previous week therefore easily deeper correction will not be seen and much more selling is still left for it and let it happen then will be considered.
Live Proofs of Indian Stock Markets 100% Accurate Predictions
When Nifty was trading near the lowest of today then following lines were told with the reasons of our Bullish views at 1:36:00 PM in Mid-session Outlook(11-04-2014)
1- emergence of 1st signal of yesterday started correction completion.
2- rally continuation will be seen above 6819 in next week despite sharp fall in last half hour and now trading at 6750 which near the lowest of today.
Only Bullish views were expressed and Nifty did not slipped below 6750 after our above Outlook and and Nifty traded also at 6789 after crossing previous intraday highest(6780.40).
Pre-closing Outlook(11-04-2014)
As good supports at 6744 today therefore until Nifty will not sustain below it till then any decisive down moves will not be considered and firstly sustaining beyond 6744-6819 should be watched in next week for next trend confirmations but view is cautiously Bullish.
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