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.

Pre-closing Outlook(25-04-2014)

As selling in previous sessions above 6790 therefore we were told for very Short term correction  on 23-04-2014 but it is being seen after one sessions ie today and Nifty slipped toward 6773 but minor supports also seen between 6773.6788 today and emergence of 1st signal of correction completion as well.

It should be kept in mind that once sustaining below 6773 will mean correction possibility towards 6725/6669.

Mid-session Outlook-2(25-04-2014)

Although intraday patterns showed consolidation indications but some slipping was expected therefore the range of  6790-6861 was updated in previous Outlook and Nifty formed recent lowest at 6786. As good selling was seen above 6790 therefore down moves below it was expected in previous session but it is being seen today and once sustaining below 8790 will mean deeper correction towards 6725/6669 as well as must be kept in mind.

Mid-session Outlook(25-04-2014)

Although markets recovered from lower levels in last minutes on 23-04-2014 but higher levels selling was also seen between 6841-6861 therefore Nifty could not sustain above it and trading below it since opening today. As intraday patterns are showing consolidation indications therefore expected that Nifty will firstly trade and prepare for next decisive moves between 6790-6861 and valid break out of this range will be next trend confirmation.