Pre-open Outlook(18-11-2013)

As consolidation patterns formations therefore up moves and Pull Back Rally was told in all previous Outlooks and that will be seen today. Minor selling seen at higher levels in previous trading session therefore only sustaining above 6102 should be watched for strong rally continuation confirmations.

(As busy in a marriage therefore detailed Technical Analysis will not be updated and only Pre-open / Mid-session Outlooks will be posted in next 2 days)

Mid-session Outlook-2(14-11-2013)

As good selling in previous week therefore market require complete consolidations for decisive up move above recent top at 6342.95. Long and Intermediate Term Trends are up and Short Term Trend is down. Good consolidation seen at lower levels yesterday and intraday charts of today are also showing consolidation patterns therefore expected that finally up moves will remain continued in the coming sessions after follow up consolidations. Although Nifty slipped 60 points higher levels but as such selling patterns not seen and until Nifty is sustaining above 5973 till then on going rally is very much safe.

Mid-session Outlook(14-11-2013)

As intraday charts are showing higher levels consolidations after gap up opening therefore up moves continuation is expected.

Technical Analysis and Market Outlook(14-11-2013)

Following lines were told yesterday in Pre-closing Outlook:-

1- supports also seen at lower levels in last 1  hour as well as some indications of consolidations patterns also seen on intraday charts
2- minimum Pull back rally possibility
3- Correction completion will be considered after some more follow up consolidation and sustaining above today highest as well as 1/2 resistances.

As today holiday was announced therefore Pull back rally in the beginning of next week was told but market is open today therefore Pull back rally will be seen today and Wave-3 continuation after correction completion will also be considered after sustaining above next 1/2 resistances.

Pre-closing Outlook(13-11-2013)

Although now trading .55%  down but supports also seen at lower levels in last 1  hour as well as some indications of consolidations patterns also seen on intraday charts therefore minimum Pull back rally possibility in the beginning of next week. Correction completion will be considered after some more follow up consolidation and sustaining above today highest as well as 1/2 resistances.

Mid-session Outlook(13-11-2013)

Only volatility was told for today and it was seen also in first more than 4 hours but correction continuation after some higher levels selling. As some indications of consolidations also seen therefore follow up moves and sustaining below 6000 should also be firstly watched for more correction in the coming sessions. It should be kept in mind that market require complete consolidation for decisive up moves and let it happen then any up move will be considered.

Technical Analysis and Market Outlook(13-11-2013)

Closing near lowest of the day yesterday and depressing global cues today therefore gap down opening below 6000 will be seen today. As Short Term Indicators are oversold therefore intraday or 1/2 sessions volatility may be seen,lower levels supports and some consolidation will mean Pull Back Rally. 

Mid-session Outlook(12-11-2013)

Correction continuation but today intraday charts are not showing as such selling patterns despite Nifty trading .55% down at this moment therefore valid break out of 6034-6140 should be watched for next trend confirmations

Technical Analysis and Market Outlook(12-11-2013)

Nifty-Intra Day Chart (11-Nov-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 6105-6140 
2- Bearish Head and Shoulders formations and its Neckline at 6094 broken down.
3- Whole day actual trading between 6068-6140

Conclusions from intra day chart analysis 

As better than expected jobs report in USA last Friday therefore its negative impact seen on Indian markets today and resultant USDINR closed 1.15% weak and Nifty also closed 1.42% down today. Correction of Wave-3 was on and it turned deeper today after fresh selling at higher levels with Bearish Head and Shoulders formations as well as broken down of its Neckline at 6094.

Follow up selling after gap down opening today and Bearish Head and Shoulders pattern formations today therefore correction continuation is expected in the coming sessions.

Pre-closing Outlook(11-11-2013)

Indian markets completely under performed Global markets with higher levels selling today therefore correction continuation is expected.

Post-open Outlook(11-11-2013)

As better than expected jobs report in USA last Friday therefore its negative impact on Indian markets and resultant USDINR is 1.25% weak and Nifty also traded more than 1% down today. Correction of Wave-3 is on and deeper correction was not expected but negative news generation for Indian economy because Fed may taper QE-3($85 billion per month Bond buying programme) sooner rather than later after better jobs report therefore correction continuation. Following next supports should be firstly watched now for correction completion or much deeper correction:-

1- 6080
2- 6034

Pre-open Outlook-2(11-11-2013)

Although solid and much better than expected jobs report in USA last Friday but most Asian markets are flat to weak barring Nikkei 225 despite strong Rally in US markets last Friday because:-

1- Fed may taper QE-3($85 billion per month Bond buying programme) sooner rather than later after better jobs report.  
2- Dollar Index is trading at 2 months high therefore other currencies may be weak.

SGX Nifty is trading more than 40 points down today morning because good news from USA may result bad for other countries economy therefore correction completion confirmation is must for Wave-3 rally continuation in Indian Stock markets.

Pre-open Outlook(11-11-2013)

Although Asian cues are not as such negative but SGX Nifty traded more than 1% down today morning because Dollar Index is trading at 2 months high and Indian Rupee may turn weak therefore view is cautious and correction completion confirmation is also firstly required in the coming sessions for Wave-3 rally continuation in the coming week.

Wave-3 Rally Continuation after Correction Completion

Technical Analysis,Research & Weekly Outlook 

(Nov 11 to Nov 15,2013)

Nifty-EOD Chart (08-Nov-2013):-

Just click on chart for its enlarged view

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) completion and 'ABC' correction continuation.
3- Wave-2(5700.95 on 21-10-2013) completion and Wave-3 continuation.
4- Wave-3 recent top formation at 6342.95 on 03-11-2013. 
5- Short Term continuation continuation with recent bottom formation at 6120.95 on 08-11-2013.

Conclusions from EOD chart analysis 

Wave-3 continuation towards minimum target at 6724.60 and its calculation has already been updated in following topic on 21-10-2013:-

Minimum target of Nifty at 6724.60

When Wave-3 formed top at 6342.95 on 03-11-2013 then all around immediate Bullish moves were told in all the Business News Channels and most Websites but we updated following topic on 01-11-2013:-

Correction in Muhurat Trading session on 03-11-2013

Correction started exactly from Muhurat Trading session and whole previous week showed Red closing in all 4 trading sessions.

Technically Long and Intermediate Term Trends are up and Short Term Trend is down. As Wave-3 continuation therefore only Short term correction was expected and that was seen in previous week but deeper correction is not expected. 

Nifty-Intra Day Chart (Nov 05 to Nov 08,2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in last 4 Sessions intraday charts

1- Down moves in Bullish Falling Channel in all 4 trading sessions.

Conclusions from intra day chart analysis 

Although continuous down moves in all 4 previous sessions but in Bullish Falling Channel and without much intraday selling therefore strong indication of fast Up moves after completion of on going Short term correction.  

Nifty-Intra Day Chart (08-Nov-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 6165-6180
2- Consolidation between 6122-6150 
3- Whole day actual trading between 6122-6180

Conclusions from intra day chart analysis 

Although firstly selling but consolidation also in last more than 3 hours therefore strong indication of on going correction completion.

Conclusions (After Putting All Indicators Together)

Wave-3 is on and only Short term correction was expected because sentiment was heated and indicators were over bought near about 03-11-2013,that was seen also in whole previous week. As  Bullish Falling Channel formations in the intraday charts of previous week and good consolidation also seen on 08-11-2013 therefore Wave-3 rally continuation after correction completion is expected in next week.

Mid-session Outlook-2(08-11-2013)

As lower levels supports also seen after higher levels selling today therefore Indian markets will be understood sideways between 6130-6185 and valid break out of this range will be next trend confirmation. Impulsive Wave-3 is on therefore only very Short Term correction and limited down moves were expected but QE-3 tampering fear developed in all Global markets today therefore deeper correction possibility will also be considered after valid breaking down below 6130.

Mid-session Outlook(08-11-2013)

As fear of QE-3 tampering developed yesterday therefore all the Global markets and USDINR are weak today and resultant Indian markets also tumbled. Fresh intraday selling seen today therefore until Nifty will not sustain above today highest(6185) till then next up move will not be considered and complete consolidation is required for any decisive rally. 

Pre-open Outlook(08-11-2013)

As US markets closed in deep Red yesterday therefore all the Asian markets are weak today morning resultant sentiment turned weak and gap down opening will be seen in Indian markets. Short Term correction of impulsive Wave-3 is on and lower levels consolidation was also seen yesterday therefore deeper correction is not possible and finally impulsive Wave-3 rally continuation is expected in next week after on going Short Term correction completion within 1/2 sessions. 

Technical Analysis and Market Outlook(08-11-2013)

Nifty-Intra Day Chart (07-Nov-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation between 6209-6231 
2- Selling between 6271-6287 
3- Consolidation between 6181-6202
4- Whole day actual trading between 6181-6287

Conclusions from intra day chart analysis

Highly volatile day with lower levels good consolidations and higher levels selling also therefore follow up moves and valid break out of today trading range(6181-6287) will be next trend confirmation.  

As impulsive Wave-3 is on towards 6724.60 and previous 3 sessions down moves are only very Short Term correction therefore only limited down moves up to next supports(6194)  were considered and were seen also with today closing at 6,187.25.

Although today closing is near the lowest of the day but last 1 hour lower levels good consolidation therefore rally continuation hopes above today highest(6,288.95) is alive and once sustaining it above will mean strong indication of very short term correction completion and impulsive Wave-3 continuation.  

Expected that tomorrow Nifty will firstly trade within today actual trading range(6181-6287) and finally sustain above 6287 in the coming week after follow up consolidations.

Mid-session Outlook(07-11-2013)

Although up moves after lower levels good consolidations but good selling also at higher levels today therefore firstly sustaining beyond 6194 should be watched for on going correction completion conformations. As today up moves were not showing required strength therefore we booked profit in our buying trade of Nov CE(6400) at 64.00 which is now trading at 44.00(Live proofs of this trade have already been updated in previous topic)

Live Proofs of Profits,Perfect Timing and the Best Services of Indian Stock Markets to Our Paid Clients

We told following line in both previous Outlooks which were posted yesterday:-

emergence of first signal of on going correction completion.

As sson as we got confirmation of correction completion then we gave following call and profit booking messages to out paid clients:-

1- 09:40:48 AM:-NIFTY-Nov CE(6400)-Buy-Positio nal-SL-34 & TGT-74-CMP-49(Lalit39)
07-11-2013 
2- 11:32:18 AM:-NIFTY-Nov CE(6400)-Bought on 07-11-2013-Cover and book profit immediately-CMP-64(L alit39)

As we always talk with those proofs which no one can deny therefore updating following picture of above SMS which was sent to our paid clients today:-

Website Picture:-

Just click on above picture for enlarged view of those SMS which were sent to paid clients

Only 2 following information are deleted in above SMS Picture due to official secrecy rules:-

1- Numbers of sent SMS.

2- SMS sending Website name.

Technical Analysis and Market Outlook(07-11-2013)

Nifty-Intra Day Chart (06-Nov-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 6255-6269
2- Down moves in Bullish Falling Channel.
3- Whole day actual trading between 6209-6269

Conclusions from intra day chart analysis

Firstly selling at higher levels and after that without force down moves in Bullish Falling Channel which is one of consolidation pattern also therefore emergence of first signal of on going correction completion.

Following line was told yesterday in Firstly Watch now next Supports at 6194:-

Next supports are at 6194 and slipping towards it can not be ruled out today

As was told same happened today and bottom formation at 6,208.70 after whole day slipping from intraday higher levels. Although correction is on but sustaining beyond  6194 should be firstly watched today because that will give deeper correction or correction completion confirmation.

As impulsive Wave-3 is on towards 6724.60 and on going down moves are only very Short Term correction therefore only limited down moves up to next supports(6194)  were considered and those were seen in previous sessions. As consolidation patterns formations also seen today therefore if Nifty sustain above 6194 tomorrow then that will be very short term correction completion confirmation and then rally above all time high of Nifty will be seen in the coming weeks.

Pre-closing Outlook(06-11-2013)

Market is now trading near the lowest of the day but today intraday charts are showing only some selling patterns at higher levels and on the contrary consolidation patterns have also seen therefore emergence of on going correction completion signals.   

view is cautious today and deeper correction should be considered only after sustaining below 6194,finally sustaining above 6194 will mean rally continuation after correction completion..

Mid-session Outlook(06-11-2013)

Although selling at higher levels but down moves are also not showing required force therefore view is cautious and deeper correction should be considered only after sustaining below 6194. 

Post-open Outlook(06-11-2013)

Selling patterns formations seen between 

6260-6269.

Firstly Watch now next Supports at 6194

Technical Analysis and Market Outlook

(06-11-2013)

Nifty-Intra Day Chart (Nov 01 to Nov 01,2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in last 2 Sessions intraday charts

1- Selling in  Muhurat Trading session on 03-11-2013
2- Higher levels selling on 05-11-2013
3- Lower levels supports on 05-11-2013
4- 2 Sessions actual trading between 6244-6333 

Conclusions from 2 Sessions intra day chart analysis 

All trends are up but Short Term Indicators were overbought and sentiment was too much heated therefore we started to tell for very Short Term correction possibility from 01-11-2013 and it was seen also in both next sessions on 3rd and 5th November. As both higher levels selling and lower levels supports between 6244-6304 therefore Nifty closed between this range yesterday but very Short Term correction is on and some more correction can not be ruled out today because most Asian markets are in Red today morning. 

Next supports are at 6194 and slipping towards it can not be ruled out today because correction is on but sustaining beyond  6194 should be firstly watched today because that will give deeper correction or correction completion confirmation. As impulsive Wave-3 is on towards 6724.60 and on going down moves are only very Short Term correction therefore only limited down moves upto 6194 are being considered at this moment.

Mid-session Outlook(05-11-2013)

Although all trends are up but good intraday selling on 01-11-2013 therefore very Short Term correction within next 1/2 sessions was told which was seen immediately after opening today. As support also seen at 6248 today therefore sideways market will be seen between 6194-6330 and expected that Nifty will prepare for next decisive moves within this range and:-

1- Above 6330 will mean rally continuation after very Short Term correction completion within sideways market.
2- Below 6194 will mean deeper correction.

Firstly sustaining beyond 6194-6330 should be watched now for next trend confirmations.

Correction continuation

Post-open Outlook(05-11-2013)

When all Business News Channels and websites were telling for most Bullish and immediate rally then we told following lines in "Correction in Muhurat Trading session on 03-11-2013 on 01-11-2013":-

"finally Nifty will not sustain above today highest(6330) and will slip as well as close below today lowest(6293)"

As was told almost same happened and:-

1- Nifty could not sustain above 6330 in Muhurat Trading session on 03-11-2013.
2- Nifty opened below 6293 at 6282.15 today(immediate next trading session).
3- Correction is on and Nifty is more than 60 points down now with lowest formation at 6256.

Following line  was told in both Mid-session Outlooks on  01-11-2013:-

very Short Term correction possibility in the coming 1/2 sessions.

As was told 100% same happened within 1/2 sessions and very Short Term correction is being seen today,deeper correction will get confirmation after sustaining below 6194.

Mid-session Outlooks will be updated during trading hours today

Correction in Muhurat Trading session on 03-11-2013

Nifty-Intra Day Chart (01-Nov-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 6311-6330 
2- Whole day actual trading between 6293-6330

Conclusions from intra day chart analysis 

As whole day sideways trading within 37 points with clear selling patterns at higher levels therefore following line is being repeated which was told in both Mid-session Outlooks today:-

very Short Term correction possibility in the coming 1/2 sessions.

Although Muhurat Trading session opening can be projected at this moment but expected that finally Nifty will not sustain above today highest(6330) and will slip as well as close below today lowest(6293).

Pre-closing Outlook(01-11-2013)

Although Nifty Fut is now trading near the higher levels of today but intraday charts are showing selling patterns therefore very Short Term correction possibility in the coming 1/2 sessions.

.Mid-session Outlook(01-11-2013)

As intraday charts of first 3 hours are showing selling patterns indications therefore emergence of very Short Term correction possibility in the coming 1/2 sessions.

Rally continuation towards 6724.60

Nifty-Intra Day Chart (31-Oct-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation between 6240-6273
2- Lower levels supports and higher bottom formations.
3- Whole day actual trading between 6240-6309

Conclusions from intra day chart analysis 

Nifty crossed 6300 today but all the previous Outlooks of last weeks are live proofs of this fact that we told more than 25 times only for Bullish markets. Even when all were expecting Repo rate hike then also we told following line on 28-10-1913 ie one day before of RBI Credit Policy in Technical Analysis and Market Outlook(29-10-2013):-

finally impulsive Wave-3 will remain continued towards 6724.60 despite whatsoever RBI Credit policy on 29-10-2013 and FOMC declarations on 30-10-2013 night. 

Whatsoever was predicted all that proved 100% accurate and:-

1- Nifty closed 119.80 points up after RBI Credit policy on 29-10-2013. 
2- Nifty closed 47.45 points up after FOMC declarations today.

All wait for RBI Credit policy and FOMC declarations but we accurately predicted Indian markets well before with full confidence before the happening of above Economic events. 

Not only on 28-10-2013 but 'Archive' at the bottom of this 'Blog' is live proof of more than hundreds of such accurate and miraculous predictions in last 4 years. Anyone can verify this fact anytime from the 'Blog Archive'.

Although all the Global markets were weak after FOMC announcements today but Indian markets consolidated more than first 5 hours within flat to negative and range bound quiet moves. As strong recovery in last half hour and closing near the highest of the day today. As no selling seen yet therefore rally continuation towards 6724.60 will be seen in the coming sessions but volatility may be high because sentiment is heated and Short Term Indicators are overbought therefore market has to consolidate also. 

Nifty target at 6724.60 has already been updated on 21-10-2013 with calculations and Technical reasons. Just click following topic link and understand:-

Minimum target of Nifty at 6724.60

Pre-open Outlook(31-10-2013)

As sentiment turned heated after FOMC announcements therefore market has moved into consolidation phase and range bound quiet market today. Expected that on going rally will remain continued in the coming sessions after follow up consolidations because impulsive Wave-3 towards 6724.60 is continued.

Muhurat Trading session timings on Diwali

Just click on following picture for enlarged view of Muhurat date and timings

Post-open Outlook(31-10-2013)

As all the Global markets are weak after FOMC announcements therefore flat to negative Indian markets but finally impulsive Wave-3 towards 6724.60 will remain continued in the coming sessions.

Technical Analysis and Market Outlook(31-10-2013)

Nifty-Intra Day Chart (30-Oct-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Firstly down moves in Bullish Falling Channel.
2- Lower levels supports and higher bottom formations.
3- Up moves in Bearish Rising Channel.
4- Whole day actual trading between 6223-6269

Conclusions from intra day chart analysis 

Although both Bullish and and Bearish formations but lower levels supports and higher bottom formations with consolidations patterns also seen today therefore finally impulsive Wave-3 towards 6724.60 will remain continued in the coming sessions despite whatsoever FOMC declarations today at 11:30 PM IST.

Post-closing Report(30-10-2013)

As lower levels supports also seen therefore rally continuation hopes are alive.

Mid-session Outlook-2(30-10-2013)

Nifty crossed 5251 and now trading at 6257.Just watch sustaining above 6251 for immediate fast up moves confirmations.

Mid-session Outlook(30-10-2013)

Although positive zone trading since opening but completely under performing today therefore view is cautious and next up moves will be considered only after sustaining above 5251 because euphoria is building up and selling on the back of heated sentiments and strong Global cues can not be ruled today. 

Post-open Outlook(30-10-2013)

Nifty is hovering around 5251 and only sustaining it above should be watched today for immediate fast up moves within next couple of sessions. 

Pre-open Outlook(30-10-2013)

Sentiment strong today morning after Wall Street good closing yesterday and all positive Asian markets today therefore gap up opening will be seen in Indian markets today. Global markets are up amid expectations that US Fed will maintain its economic stimulus programme and tapering will start after Apr. 2014 therefore sentiment is boosted today morning and once sustaining above 6251 will mean strong rally as well as new high formation in the coming couple of sessions.

Technical Analysis and Market Outlook(30-10-2013)

Nifty-Intra Day Chart (29-Oct-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation between 6100-6148. 
2- Mixed Patterns between 6188-6224 in last 3 hours.
3- Whole day actual trading between 6079-6224.

Conclusions from intra day chart analysis 

Strong rally after good lower levels consolidations but mixed Patterns formations also seen in last 3 hours therefore firstly consolidation is required for next  decisive up moves.

Next resistances are between 6230-6251 and sustaining above 6251 will mean strong rally towards all time high but very short Term trend turned overbought after today strong rally therefore more consolidation is firstly required tomorrow for valid break out above 6251 because mixed Patterns formations were also seen in last 3 hours today. 

Much up moves are not firstly expected tomorrow and market will consolidate but high possibility of rally continuation in the coming sessions after follow up consolidations because All trends are up and impulsive Wave-3 continuation towards 6724.60 after very short Term correction today.

Live proofs of 100% accurate predictions of Indian Stock Markets 

Nifty closed 119.80 points up today but we predicted following lines yesterday:-

Nifty will not sustain below 11 Sessions lowest(6032.55) and finally impulsive Wave-3 will remain continued towards 6724.60 despite whatsoever RBI Credit policy on 29-10-2013 

Which Business News Channel or Website predicted Indian Stock Markets after RBI Credit Policy in whole India except us

Just click following link and understand the reasons of today strong rally:-

Technical Analysis and Market Outlook
(29-10-2013)

Technical Analysis and Market Outlook(29-10-2013)

Nifty-EOD Chart (28-Oct-2013):-

Just click on chart for its enlarged view

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) completion and 'ABC' correction continuation.
3- Wave-2(5700.95 on 21-10-2013) completion and Wave-3 continuation.
4- Wave-3 recent top formation at 6252.45 on 18-10-2013.
5- Very short Term correction recent bottom formation at 6094.10 on 28-10-2013
6- 11 Sessions trading between 6032.55-6252.45 

Conclusions from EOD chart analysis 

Wave-3 continuation towards new all time high but now very short Term correction continuation.  

Nifty-Intra Day Chart (28-Oct-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Whole day actual trading between 6094-6165

Conclusions from intra day chart analysis 

Although closing near the lower levels of the day after whole day continuous down moves but Down moves in Bullish Falling Channel therefore expected that Nifty will not sustain below today lower levels and will finally move up after on going correction completion. 

Conclusions (After Putting All Indicators Together)

Correction continuation and 11 Sessions trading between 6032.55-6252.45 with intraday consolidation patterns formations therefore expected that Nifty will not sustain below 11 Sessions lowest(6032.55) and finally impulsive Wave-3 will remain continued towards 6724.60 despite whatsoever RBI Credit policy on 29-10-2013 and FOMC declarations on 30-10-2013 night. 

As sad news in close family circle therefore Blog could not be updated after 23-10-2013 but now came back today and updation will regularise within 24 hours

As I shall be busy therefore Blog will be updated after 2/3 days

Pre-closing Outlook(23-10-2013)

Nifty is now trading at 6180 but when was trading at 5125 then following lines were told at 01:17 PM in previous Outlook:-

1- intraday patterns of today are showing consolidation formations
2- expected that rally will remain continued in the coming sessions and in next week after on going very short term correction completion.

As all the Global markets turned in deep Red and Dow's Futures also moved 85 points down therefore sentiment was depressed and resultant Indian markets also slipped. Intraday patterns were showing consolidation formations therefore expectations of rally continuation after on going very short term correction completion was told and same view is being repeated now.

Mid-session Outlook-2(23-10-2013)

Although Nifty is now trading at 5125 and 77 points down at this moment but intraday patterns of today are showing consolidation formations therefore expected that rally will remain continued in the coming sessions and in next week after on going very short term correction completion.

Mid-session Outlook(23-10-2013)

Although US markets closed positive yesterday but its futures started slipping since opening today and now Dow's Futures is 50 points down,resultant all the Asian markets also declined from intraday higher levels and all are trading in Red barring Straits Times.

Indian markets also followed Global sentiment and slipped below next trend deciding range(6164-6221). Although next decisive moves confirmation will be after valid break out of 6164-6221 but expected that Nifty will finally sustain above 6221 despite now trading at 6166 because all trends are up and today down moves are only a part of very short term correction as well as today intraday charts are showing consolidation patterns formations.

Technical Analysis and Market Outlook(23-10-2013)

Nifty-Intra Day Chart (22-Oct-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation and supports between 6185-6200
2- Down moves in Bullish Falling Channel.
3- Whole day actual trading between 6185-6220

Conclusions from intra day chart analysis 

Although closing with minor losses but lower levels good consolidation and supports as well as down moves in Bullish Falling Channel therefore expected that on going rally will remain continued in the coming sessions and next decisive moves confirmation will be valid break out of 6164-6221.