Technical Analysis and Market Outlook(23-07-2014)

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

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Technical Patterns and Formations in today intraday charts

1- Up moves in Bearish Rising Channel
2- Consolidation between 7705-7733
3- Strong recovery from lower levels in last hour.
4- Whole day actual trading between 7705-7773

Conclusions from intra day chart analysis 

Although more than 2 hours up moves in Bearish Rising Channel and channel broken down also but lower levels good consolidation before strong recovery in last hour. Last resistances of Nifty are between 7756-7800 and closing within this range yesterday but more consolidations is firstly require for valid break out above 7800.

As Indian markets closed near the highs yesterday and most Global markets are positive therefore sentiment is heated today morning and trading above 7800 after gap up opening can not be ruled out but fresh consolidation is firstly required for fresh decisive rally above 7800.

All the previous 20 Outlooks on Home page and Archive of this Blog are live proofs of this fact that finally up moves and rally above 7655/7800 are being continuously told since 11-07-2014 when Nifty was trading near 7400 and still expected that rally will remain continued after follow up consolidations.

Pre-closing Outlook(22-07-2014)

Following conclusive line was told today at 08:47:00 AM in Technical Analysis and Market Outlook(22-07-2014):- 

Although immediate resistances but lower levels good supports also therefore finally rally above 7800 is still expected despite yesterday closing near the lowest of the day.

Nifty is now trading 1.02% up and high possibility of rally continuation above 7800 within next 1/2 sessions after fresh consolidation between last resistance range(7756-7800).

Technical Analysis and Market Outlook(22-07-2014)

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

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Technical Patterns and Formations in today intraday charts

1- Selling in first hour between 7707-7722.
2- Down moves in Bullish Falling Channel
3- Up moves in Bearish Rising Channel
4- Lower levels consolidation patterns formations.
5- Last 5 hours trading with Mixed patterns formations between 7675-7707
6- Whole day actual trading between 7675-7722

Conclusions from intra day chart analysis 

Following line was told yesterday at 10:51 AM in Post-open Outlook:-

As is now some profit booking seen in first hour today

Following  line was told yesterday at 12:34 PM in Mid-session Outlook:-

valid break of today trading range(7682-7722) will be next trend first indication and should be firstly watched now.

As  profit booking in first hour therefore Nifty closed near the lowest of the day and closed above 7682 at 7684.20 because lower levels consolidation was also seen,

Last 5 hours trading with Mixed patterns formations between 7675-7707 because both buying and selling patterns seen within this range therefore Nifty is not prepared for any side decisive moves beyond yesterday trading range(7675-7722) and will firstly prepare for next trend within this range today.

Next resistances are as follows:-

1- 7690-7731
2- 7756-7800

Nifty traded most time within 1st resistance range and resistances are up to 7800 as well therefore fresh consolidation is firstly required for next rally. Follow up moves with sustaining beyond 7690-7800 will be next big trend confirmation and should be firstly watched in the coming sessions.

Let market trade and react in mentioned resistance range then next trend will be updated according to intraday charts formations completion in coming sessions and as if now following ranges should be watched for understanding next trend:-

1- 7675-7731( Below 7675 will mean down moves towards next support and above 7731 will be 1st indication of next rally above all time high)
2- 7756-7800(As good selling within this range therefore Nifty will take its own complete time for a decisive rally above 7800 and valid break out of 7800 will mean blasting rally)

Although immediate resistances but lower levels good supports also therefore finally rally above 7800 is still expected despite yesterday closing near the lowest of the day.

Mid-session Outlook(21-07-2014)

Although some profit booking in first hour but minor consolidation also seen at lower levels today therefore valid break of today trading range(7682-7722) will be next trend first indication and should be firstly watched now.

Post-open Outlook(21-07-2014)

All the Outlooks on Home Page of this Blog are live proofs are of this fact that we projected only and only Bullish views in all the Outlooks of whole previous week and  Nifty moved up more than 3% since the beginning of previous week.

Next resistances are as follows:-

1- 7690-7731
2- 7756-7800

Nifty is trading between 1st resistance range since opening today and resistances are up to 7800 as well therefore fresh consolidation is firstly required for next rally. Follow up moves with sustaining beyond 7690-7800 will be next big trend confirmation and should be firstly watched now.

Let market trade and react in mentioned resistance range then next trend will be updated according to intraday charts formations completion in coming hours. As is now some profit booking seen in first hour today.

As I am busy therefore Weekly Outlook is not being updated today but Mid-session Outlooks will be posted during trading hours. 

More or less same Bullish view for coming sessions which has already been updated in previous week Outlooks and is avaliable also on the Home Page of this Blog. 

Mid-session Outlook-2(18-07-2014)

Although 78 points recovery from lower levels despite weak Global markets but slipping also from higher levels(7673) after gap down weak opening of all European markets. Certainly Indian markets are out performing Global markets and once sustaining above 7655/7673 will mean fast strong rally. If any most depressing news does not come from Israel-Palestine conflict and Crude rates then it is confirm that strong rally will be seen in next week.

Mid-session Outlook(18-07-2014)

Sharp down immediately after opening but lower levels supports with consolidation patterns formations and no selling patterns seen yet today therefore finally up moves are expected above yesterday highest(7655)

Israel-Palestine conflict impact on all Global and Indian Markets
Pre-open Outlook(18-07-2014)

As Israel launched a ground attack in Gaza and a passenger jet shot down by missile in Ukraine therefore all the Global markets are down and some are more than 1% weak,resultant sentiment is completely depressed today morning and weaker opening will be seen in Indian markets. 10 days of Israel-Palestine conflict and its enhancement may result involvement of other Arabian countries also in this war therefore it may impact Crude rates and Global stock markets. 

Following conclusion has already been updated in Technical Analysis and Market Outlook(15-07-2014 , 16-07-2014 & 17-07-2014):-

Nifty will be understood sideways between 7423-7808

As consolidation was seen between 7615-7635 yesterday therefore fresh selling is firstly required for sustaining below 7615 and follow up selling on the back of mentioned news will mean slipping towards next following supports:-

1- 7534-7572
2- 7460-7475
3- 7423-7445

Next resistances at higher levels are as follows:-

1- 7690-7731
2- 7756-7800

Long and Intermediate Term trends are up and Short Term is sideways between 7423-7808 and valid break out of this range will decide next big trend. Nifty will prepare for Post Budget big moves within this range and finally big moves are still expected above 7808 but today and may be coming sessions may remain in the grip of Israel-Palestine conflict therefore above mentioned levels should be watched for the beginning of next trend. 

Technical Analysis and Market Outlook(18-07-2014)

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

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Technical Patterns and Formations in today intraday charts

1- Profit booking between 7634-7644
2- Consolidation between 7615-7630 
3- Consolidation between 7624-7635
4- Higher bottom formations 
5- Whole day actual trading between 7615-7655

Conclusions from intra day chart analysis 

Although profit booking firstly but lower levels consolidations with higher bottom formations therefore signals of follow up consolidation after more than 2% rally in previous 2 sessions and expected that finally up moves will be seen above today highest(7655).

Pre-closing Outlook(17-07-2014)

Although slipping from intraday higher levels and now trading below 7643 also but lower levels consolidation patterns formations today therefore finally up moves are expected above today highest(7655)

Mid-session Outlook-2(17-07-2014)

As lower levels higher bottom formations with consolidation patterns formations between 7613-7643 therefore high possibility of sustaining above this range. 

Mid-session Outlook(17-07-2014)

Today is rest taking day after more than 2% rally in last 2 sessions therefore quiet,flat and 30 points range bound Nifty between 7613-7643 and preparing for next decisive moves. Now Nifty is sideways between 7423-7808 with lower levels strong supports and higher levels selling within this range as well as Indian markets will prepare for next big "post Budget trend" within this range.  

Although Nifty is now trading near the lowest of today but as such selling patterns are not seen today but some indications of consolidation patterns also developed. Let Indian markets completely prepare for next trend within or near about today first 2 hours trading range(7613-7643) then next decisive moves will be updated in the same manner as being done for the last more than 4 years in this Blog.

Technical Analysis and Market Outlook(17-07-2014)

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

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Technical Patterns and Formations in today intraday charts

1- More than 5 hours consolidation between 7534-7572
2- Sharp up moves in last hour.
3- Whole day actual trading between 7534-7640.

Conclusions from intra day chart analysis 

Although sharp Up moves started at 02:29 PM but we predicted it at 01:08 PM  and told following lines in Mid-session Outlook(16-07-2014)

strong indications of fresh rally beginning after correction completion in previous 2 sessions. 

We told following line yesterday in Technical Analysis and Market Outlook(16-07-2014)

1- emergence of correction completion possibility above yesterday lowest(7423).
2- more up moves are expected towards next resistance(7690)

As was told well before for today up moves same happened and more than 1% rally seen today.

Following conclusions were projected in Technical Analysis and Market Outlook(15-07-2014 & 16-07-2014) and being repeated for coming sessions also:-

Nifty will be understood sideways between 7423-7808 and more up moves are expected towards next resistance(7690). As following resistances therefore follow up consolidation is firstly required for new all time high formation and next rally above 7808:- 

1- 7690-7731
2- 7756-7800

Pre-closing Outlook(16-07-2014)

When many were telling for deeper correction then we continuously projected Bullish views in all the Outlooks since since 11-07-2014 and more than 2% rally seen today and yesterday. All the Outlooks on Home page are live proof of this fact that we were Bullish since the beginning of on going rally.

Rally is on and testing of following resistances will be seen in the coming sessions.

1- 7690-7731
2- 7756-7800

Mid-session Outlook(16-07-2014)

Although sharp down form higher levels and 4 times new intraday lows formations but today intraday patterns are not showing selling and signalling consolidations therefore strong indications of fresh rally beginning after correction completion in previous 2 sessions. 

Technical Analysis and Market Outlook(16-07-2014)

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

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Technical Patterns and Formations in today intraday charts

1- Profit booking between 7507-7524
2- Supports between 7460-7475
3- Follow up consolidation
4- Sharp up in last hours.
5- Whole day actual trading between 7460-7534

Conclusions from intra day chart analysis 

When Nifty was trading near the lowest of the day yesterday at 7435 then following lines were told at  01:10 PM in Mid-session Outlook(14-07-2014):-

consolidation patterns formations therefore expected that deeper correction will not be seen and correction will complete near about 7400.

Following lines were told yesterday in Technical Analysis and Market Outlook(15-07-2014):-

up moves will be firstly seen towards 7690 as well as it is expected also in the coming sessions.

As was told 2 times yesterday 100% same happened today and whole day positive zone trading with Nifty closing 0.97% up today

Firstly gap up strong opening but immediately after that profit booking between 7507-7524 in first 2 hours and sharp down moves seen  today. As lower levels supports also seen between 7460-7475 therefore emergence of correction completion possibility above yesterday lowest(7423). Although good follow up consolidation in last 3 hours but sufficiently good selling also seen in first 2 hours therefore confirmation through sustaining above today resistance(7507-7524) is firstly required tomorrow because that will mean base formation at lower levels in last 2 sessions between 7423-7478 for next strong rally .

As sentiment was much heated and cooling down was required therefore correction was seen from 7808 after Rail and Union Budget in previous week but lower levels supports with consolidation was seen above 7423 in both previous sessions of this week. Now Nifty will be understood sideways between 7423-7808 and more up moves are expected towards next resistance(7690). As following resistances therefore follow up consolidation is firstly required for new all time high formation and next rally above 7808:-  

1- 7690-7731
2- 7756-7800

Mid-session Outlook(15-07-2014)

Although down moves after first 2 hours profit booking between 7507-7524 but lower levels supports also seen between 7460-7475 therefore correction completion hopes are still alive above yesterday lowest(7423). As sufficiently good selling at higher levels today therefore equally good follow up consolidation is also required above yesterday lowest(7423) for next rally above today highest. 

First signal of next decisive moves will be sustaining beyond 7423-7524 and should be firstly watched in the coming sessions.

Technical Analysis and Market Outlook(15-07-2014)

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

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Whole day sideways trading with consolidation patterns formations.
3- Whole day actual trading between 7423-7478

Conclusions from intra day chart analysis 

Although flat closing with whole day sideways trading within 55 points but with consolidation patterns formations therefore first signal of that correction completion which started from 7808 on Rail Budget day. Sustaining above today highest will be understood sideways market between 7423-7808 and up moves will be firstly seen towards 7690 as well as it is expected also in the coming sessions. As following resistances therefore follow up consolidation is firstly required for new all time high formation and next rally above 7808:-  

1- 7690-7731
2- 7756-7800

Mid-session Outlook(14-07-2014)

Firstly strong recovery immediately after Budget and after that continuous down moves in last 2 sessions but with consolidation patterns formations therefore expected that deeper correction will not be seen and correction will complete near about 7400.

As I was out of station therefore Weekly Outlook will not be updated and Intraday Outlooks will be posted during trading hours today.