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Technical Analysis and Market Outlook(23-04-2014)

Nifty-Intra Day Chart (22-Apr-2014):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts

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.

Pre-closing Outlook(22-04-2014)

Although most time positive zone trading and European markets are also .65% to !.05% up at this moment but today intraday are showing selling pattern formations therefore down moves are expected below today lowest(6808).

Mid-session Outlook(22-04-2014)

Whole day positive zone trading after Green opening and new all time high formation as well but today intraday charts are showing selling patterns.

Technical Analysis and Market Outlook(22-04-2014)

Nifty-Intra Day Chart (21-Apr-2014):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts

1- Consolidation between 6787-6798
2- 5 Hours sideways trading between 6787-6806
3- Up moves without required force
4- Not sustaining above previous top(6819)
5- Whole day actual trading between 6787-6825

Conclusions from intra day chart analysis 

Firstly 5 hours sideways trading between 6787-6806 with lower levels consolidation between 6787-6798 and after that range broken out but without required force therefore Nifty could not sustain at higher levels.

Last 7 sessions actual trading between 6651-6819 with higher levels selling between 6806-6819 therefore it is must to sustain above 6819 for fresh strong rally therefore following line was told at 02:58 PM in Pre-closing Outlook when Nifty was trading at 6823:-

confirmation through sustaining above 6819 is required for strong rally in new zone.

As up moves without required force therefore Nifty could not sustain at higher levels and slipped toward 5810.75 in last minutes. Although Nifty closed at all time high today but some selling also seen below 6825 therefore sustaining above it is must for next strong rally and should be firstly watched tomorrow.

Pre-closing Outlook(21-04-2014)

Nifty cleared last resistance range(6806-6819) after 5 hours follow up consolidation between 6787-6806 but not forcefully therefore confirmation through sustaining above 6819 is required for strong rally in new zone.

Mid-session Outlook(21-04-2014)

First 2 hours 18 points sideways trading between 6788-6806 today and technical positions just below and just above it are as follows:-

1- Selling between 6806-6819 on 10-04-2014 
2- Mixed Patterns between 6762-6783 on 17-04-2014

Certainly Nifty is preparing for next big moves today and valid break out of 6762-6819 will be its confirmation.

Technical Analysis,Research & Weekly Outlook(Apr 21 to Apr 25,2014)

Nifty-EOD Chart (17-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 6819.05 on 10-04-2014
3- Last 7 Sessions trading between 6651-6819

Conclusions from EOD chart analysis 

Wave-iii of Wave-3 is on with its 5th wave highest formation at 6819.05 and last 7 sessions range bound trading between 6651-6819. 

Nifty-Intra Day Chart (Apr 07 to Apr 17,2014):-
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Technical Patterns and Formations in last 7 Sessions intraday charts

1- Selling between 6806-6819 on 10-04-2014
2- Consolidation between 6651-6671 on 07-04-2014
3- consolidation between 6706-6732 on 09-04-2014
4- Consolidation between 6720-6740 on 17-04-2014
5- Mixed Patterns between 6762-6783 on 17-04-2014
6- 7 Sessions actual trading between 6651-6819

Conclusions from 7 Sessions intra day chart analysis 

7 Sessions actual trading between 6651-6819 with lower levels good supports and now last resistances are between 6806-6819 therefore follow up consolidation is firstly required for fresh rally above 6819. As strong supports emerged at lower levels in last 7 sessions therefore complete selling is required for any decisive down moves below the lowest the lowest of last 7 sessions(6651) 

Nifty-Intra Day Chart (17-Apr-2014):-
Just click on chart for its enlarged view
Technical Patterns and Formations in today intraday charts

1- Consolidation between 6685-6699
2- Follow up consolidation between 6720-6740
3- Mixed Patterns between 6762-6783
4- Whole day actual trading between 6685-6783

Conclusions from intra day chart analysis 

Strong 99 points rally after lower levels consolidation and follow up consolidation as well between 6720-6740 and confirmation of Short term correction completion. As mixed patterns formations between 6762-6783 in last 2 hours therefore follow up consolidation is firstly required for decisive up moves and sustaioning above the highest of the day(6783)

Conclusions (After Putting All Studies Together)

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. Indian markets are highly Bullish and many times such markets correct time wise in side ways moves and not price wise. As last 7 sessions were range bound therefore time wise correction possibility can not be ruled out. 

Strong supports developed at lower levels and selling was also seen in last 7 sessions between 6651-6819 as well as weekly Bearish Hanging Man Candle formation in previous week therefore expected that Indian markets will firstly remain sideways between 6651-6819 in the beginning of next week and sustaining beyond this range will decide the length and life of ongoing correction. 

Next moves beyond 6651-6819 will be as follows:-

1- Sustaining above 6819 will mean strong rally after Short Term Correction completion 
2- Sustaining below 6651 will mean correction of whole that up move which started from 5933.30.