Two Positive Formation in Weekly Chart

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Two Positive Formation in Weekly Chart

1- MACD Line Positive Cross Over
2- Continuation Pattern 'Pennant'Formations

That correction is on which was started on Diwali 2010 and Continuation Pattern 'Pennant'Formation has been developed therefore expected that finally upward cross over after crossing Falling Trend line will be seen.

Falling Trend line is at 5940 and Nifty could not moves above it in previous and retraced. Consolidation in the begining of coming week will be strong possibility of crossing 5940 and strong rally toward minimum upto 6120.

Weekly MACD line cross over means strong move possibility and positive cross over had been in last weeks therefore technically Indian markets are well prepared for that rally which is very much possible in the coming weeks.

Positive Market on 18-04-2011

Post-closing Report(15-04-2011) & Monday Outlook

INFY over reacted after  results today and closed 9.58% down after announcing good results and guidance. Maeket sharply down immediately after inflation rise news and Banks stocks also beaten down as well. Other features are as follows:-

1- Bearish Harami Candle
2- Falling Wedge(Bullish) Pattern between 5850-5812
3- Most of the Indices closed in Red
4- Higher levels selling and lower levels buying seen in intra day chart.

Ratios:

Nifty Put Call Ratio: 0.98
Nifty P/E Ratio(15-04-2011): 22.02

Advances & Declines:

BSE ADVANCES : 1276
BSE DECLINES : 1630
NSE ADVANCES :  515
NSE DECLINES :  894

Nifty Open Interest Changed Today:-

Nifty- 5800 CE(28APR2011)- +1122450(+29.04%)
Nifty- 5800 PE(28APR2011)- -822450(-12.29%)

Nifty- 5900 CE(28APR2011)- +1142850(+23.07%)
Nifty- 5900 PE(28APR2011)- -2027050(-37.09%)

Closing :-

Nifty- closed at 5,824.55(-86.95 Points & -1.47%)
Sensex- closed at 19,386.82(-310.04 Points & -1.57% )
CNX MIDCAP - closed at 8,317.85(-31.20 Points & -0.37%)
BSE SMALL CAP- closed at 8,808.16(-15.30 Points & -0.17%)

Nifty-Micro Analysis of Intra Day Chart(15-04-2011):-

Just click on chart for its enlarged view

Monday(18-04-2011) Outlook

All trends are up and last Friday 86.95 Points down was 61.8% correction of one day before 125.80 sharp surge. Intraday patterns of last Friday showed lower level support and bullish pattern also therefore Nifty will not dip and will firstly trade between 5810-5875. As minor correction has been completed and bullish intraday pattern(Falling Wedge) also last Friday therefore firstly fresh consolidations and follow up buying between 5810-5875 will be seen after positive opening next Monday and Most of the time positive market and finally Green Closing expected as well.

For detailed intra day chart analysis of last Friday just click go through following topic:-

Nifty-Micro Analysis of Intra Day Chart(15-04-2011)

(Detailed analysis will be posted within next 2 days in Weekly Outlook(18-04-2011 to 21-04-2011) and other analytical topics)

Nifty-Micro Analysis of Intra Day Chart(15-04-2011)

Just click on chart for its enlarged view

Series of negative news flow led Down move triggered market today,Intra day supports and resistances were shown in Nifty-Micro Analysis of Intra Day Chart at 01:19 PM today with following lines:-

intraday Selling seen between 5850-5875 and minor intraday support also betwen 5808-5826.therefore Nifty will move between both ranges first.

As I told same happened and Nifty traded within mentioned range upto closing today. Both type of following bullish and bearish formation today:-

1- Bearish Harami Candle and selling between 5850-5875
2- Falling Wedge(Bullish) Pattern between 5850-5812 and buying between 5808-5826

As intraday resistance at higher levels and intraday support at lower level therefore firstly market has to open,trade and prepare within today intraday trading range(5800-5875) for decisive moves and that will be done within today trading range in the begining of next week.

Trading within today range will be watched first in the brgining of next week to decide break out direction and will also be tried to post final conclusions in the Blog as done today and also being done daily in Mid-session Outlooks.

(Detailed analysis will be posted within next 3 days in Post-closing Report(15-04-2011) & Monday Outlook,Weekly Outlook(18-04-2011 to 21-04-2011) and other analytical topics)

FII Trading Data in Derivatives Segment on 15-Apr-2011

FII & DII trading activity in Capital Market Segment on 15-Apr-2011

FII trading activity on NSE and BSE in Capital Aprket Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value FII 15-Apr-2011 3135.81 3389.24 -253.43

DII trading activity on NSE and BSE in Capital Aprket Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value DII 15-Apr-2011 -1373.07 1733.95 -360.87

Nifty Spot-Levels & Trading Strategy for 18-04-2011

Nifty Spot-Levels

R3 5986
R2 5946
R1 5885
Avg 5845
S1 5784
S2 5744
S3 5683

Nifty Spot-Trading Strategy

H6 5925     Trgt 2
H5 5902     Trgt 1
H4 5879     Long breakout
H3 5851     Go Short
H2 5842
H1 5833
L1 5814
L2 5805
L3 5796     Long
L4 5768     Short Breakout
L5 5745     Trgt 1
L6 5722     Trgt 2

Nifty(Apr Fut)-Levels & Trading Strategy for 18-04-2011

Nifty(Apr Fut)-Levels

R3 6001
R2 5962
R1 5898
Avg 5859
S1 5795
S2 5756
S3 5692

Nifty(Apr Fut)-Trading Strategy

H6 5937     Trgt 2
H5 5913    Trgt 1
H4 5890    Long breakout
H3 5862     Go Short
H2 5852
H1 5843
L1 5824
L2 5815
L3 5805     Long
L4 5777     Short Breakout
L5 5754    Trgt 1
L6 5730     Trgt 2

Bank Nifty(Apr Fut)-Levels & Trading Strategy for 18-04-2011

Bank Nifty(Apr Fut)-Levels

R3 12187
R2 12091
R1 11931
Avg 11835
S1 11675
S2 11579
S3 11419

Bank Nifty(Apr Fut)-Trading Strategy

H6 12027     Trgt 2
H5 11969     Trgt 1
H4 11911     Long breakout
H3 11841     Go Short
H2 11817
H1 11794
L1 11747
L2 11724
L3 11700     Long
L4 11630     Short Breakout
L5 11572    Trgt 1
L6 11514     Trgt 2

Nifty Spot-Weekly Levels & Trading Strategy(18 Apr to 21-04-2011)

Nifty Spot-Weekly Levels

R3 6108
R2 6016
R1 5920
Avg 5828
S1 5732
S2 5640
S3 5544

Nifty Spot-Weekly Trading Strategy

H6 6014     Trgt 2
H5 5971     Trgt 1
H4 5927     Long breakout
H3 5875     Go Short
H2 5858
H1 5841
L1 5806
L2 5789
L3 5772     Long
L4 5720     Short Breakout
L5 5676     Trgt 1
L6 5633     Trgt 2

Pre-closing Outlook(15-04-2011)

3 negative news driven market today with higher levels selling(5850-5875) and lower levels buying(5808-5826) and Bearish Harami Candle today.

News based market today and technical positions are mixed therefore will be better to draw next moves first confirmation from break out of 5800-5875.

Whole sentiment was bullish today morning but I gave again and again  5940 forcful cross over and sustaining above for next move confirmation.

Mid-session Outlook(15-04-2011)

Following 3 negative news dragged down Indian markets today:-

1- INFY below expectation results
2- RIL 'highly complacent' on KG-D6 production targets: DGH
3- March WPI inflation at 8.98 pct Vs 8.31 pct in Feb

Negative news flow led Down move triggered today,intraday Selling seen between 5850-5875 and minor intraday support also betwen 5808-5826.therefore Nifty will move between both ranges first.

Nifty-Micro Analysis of Intra Day Chart(at 01:19PM on 13-04-2011):-

Just click on chart for its enlarged view

Let today market range(5808-5875) break out and  then form final view.

Post-open Outlook-2(15-04-2011)

It is clear that market had taken INFY results negative and trading 7.00% down and negative news from RIL also today. Nifty traded and closed within resistance range(5870-5940) on 13-04-2011 but depressed and trading below it today. Long positions after market stablising and base formation confirmation.

Post-open Outlook(15-04-2011)

It is seen first time that INFY results are declared after opening of market and below expectations also. Market has taken it negative and trading weak and INFY is 6.5% down. News based market and will be better to draw final conclusion from 3/4 hoours intra day charts foemations and market response on all these developments.

Pre-Open Market Outlook(15-04-2011)

Technical positions and forthcoming markets possibilities have already been discussed with intra Day and EOD charts in following topics ln last 2 days:-

1- Market is well prepared for Sharp Rally
2- Resistances crossed on 13-04-2011
3- Post-closing Report(13-04-2011) & 15 Apr 2011 Outlook
4- Nifty-Micro Analysis of Intra Day Chart(13-04-2011)

RIL and INFTEC results have power to trigger decisive direction to Indian markets and INFTEC Audited Results & Final Dividend announcement today at that time when Indian markets are well set to shoot up. Rocket is at launching pad,count down has been started,only sparking is left and that will be done by INFTEC results today.

Whatsoever may be sentiment today morning but today expected first trading range is 5875-5945. Sentiment may be heated today morning and in such mood profit booking possibility can not be ruled out therefore its confirmation is also required today.

Forceful break out and sustaining above 5940 today will be confirmation of fast moves toward 6120. Nifty trading within 5875-5945 will mean final view formation through 3/4 hours intraday charts analysis.

Possibilities have been discussed but as per my view strong rally above 5940 will trigger from today,

Market is well prepared for Sharp Rally

Just click on chart for its enlarged view

Sharp surge,whole day higher level consolidation,no intra day selling pattern,1st resistance(5830) cleared and last resistance has also almost crossed on 13-04-2011 therefore no big hurdle in rally now.

Wave-5 is on,all trends are up,minute resistances near 5940,crossing it by force and sustaining above will spark blasing rally in Indian markets toward minimum 6120.

Watch only 5940 for next move Confirmations

Resistances crossed on 13-04-2011

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Nifty-Micro Analysis of 10 Days-Intra Day Chart

It is clear from 10 days intra day chart that Nifty crossed stronger resistance range (5870-5910) and closed above at 5911 on 13-04-2011. Minute resistance is near 5940 and it has no strength.

Wave-5 is on,all trends are up and Nifty by force crossing or sustaining above 5940 tomorrow will confirm strong rally toward minimum 6120.

Post-closing Report(13-04-2011) & 15 Apr 2011 Outlook

Indian markets participated Crude $7 sudden fall fuelled global markets rally and  closed with good gains. Main features are as follows:-

1- Long White Bullish candle.
2- All the sectoral Indices positive closing.
3- Crossed 1st resistance(5830)
4- Traded and closed within immediate last resistance of the rally(5870-5940).

Ratios:

Nifty Put Call Ratio: 0.91
Nifty P/E Ratio(13-04-2011):22.43

Advances & Declines:-

BSE ADVANCES : 1973
BSE DECLINES :  975
NSE ADVANCES : 1068
NSE DECLINES :  356

Nifty Open Interest Changed Today:-

Nifty- 5800 CE(28APR2011)- -1428700(-26.60%)
Nifty- 5800 PE(28APR2011)- +1885550(+38.58%)

Nifty- 5900 CE(28APR2011)- -1244900(-19.76%)
Nifty- 5900 PE(28APR2011)- +2905550(+107.84%)

Nifty- 6000 CE(28APR2011)- +152150(+2.05%)
Nifty- 6000 PE(28APR2011)- +1241000(+80.58%)

Closing :-

Nifty- closed at 5,911.50(+125.80 Points & +2.17%)
Sensex- closed at 19,696.86(+434.32 Points & +2.25% )
CNX MIDCAP - closed at 8,349.05(+119.10 Points & +1.45%)
BSE SMALL CAP- closed at 8,823.46(+113.55 Points & +1.30%)

Nifty-Micro Analysis of Intra Day Chart(13-04-2011):-

Just click on chart for its enlarged view

15 Apr 2011 Outlook:-

5th Wave is on,Long term and intermediate term trends were up and short term trend turned up after sharp surge on 13-04-2011. Short term correction has been completed and up ward force was so high that market consolidated at higher levels and shoot up. Last resistance range of on going rally is between 5870-5940 and Nifty has cleared this resistance upto 5823 on 13-04-2011.

Correction has been completed in blasting manner and sustaining above 5940 will mean fire works in Indian markets and then Nifty will test minimum 6120 in the coming week/weeks.

Expected that Nifty will sustain above 5940 in the coming week and fresh rally will be seen. For strong rally confirmation  just watch sustaining above 5940 only.

Nifty-Micro Analysis of Intra Day Chart(13-04-2011)

Indian markets participated global markets Crude $7 down rally today. As up move was expected therefore following line was told in Pre-Open Market Outlook(13-04-2011):-

"recovery from lower levels after getting intra day support is possible today"

Although up move was expected after some consolidation but view changed after analysing first half intraday chart and  following lines were told at 09:54AM in Post-open Outlook(13-04-2011):-

"Market showed strength and if Nifty sustains above 5800 today then correction completion will be considered."

As sentiment recovered after sudden Crude price fall therefore sentiment enthused and Indian markets sharply surged after higher levels consolidation and up move was above rising trend line with 5 intraday consolidation patterns. Mentioned all the points were told also in all the 5 outlooks which were posted during trading hours on 13-04-2011.

Intra Day Chart(13-04-2011)

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Intra day consolidation at 5 levels and no distribution pattern on 13-04-2011.

FII Trading Data in Derivatives Segment on 13-Apr-2011

FII & DII trading activity in Capital Market Segment on 13-Apr-2011

FII trading activity on NSE and BSE in Capital Aprket Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value FII 13-Apr-2011 3309.08 3283.48 25.6

DII trading activity on NSE and BSE in Capital Aprket Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value DII 13-Apr-2011 1230.1 1234.9 -4.8

Nifty Spot-Levels & Trading Strategy for 15-04-2011

Nifty Spot-Levels

R3 6165
R2 6044
R1 5977
Avg 5856
S1 5789
S2 5668
S3 5601

Nifty Spot-Trading Strategy

H6 6104     Trgt 2
H5 6059     Trgt 1
H4 6014     Long breakout
H3 5962     Go Short
H2 5945
H1 5928
L1 5893
L2 5876
L3 5859     Long
L4 5807     Short Breakout
L5 5762     Trgt 1
L6 5717     Trgt 2

Nifty(Apr Fut)-Levels & Trading Strategy for 15-04-2011

Nifty(Apr Fut)-Levels

R3 6203
R2 6075
R1 6006
Avg 5878
S1 5809
S2 5681
S3 5612

Nifty(Apr Fut)-Trading Strategy

H6 6141     Trgt 2
H5 6093     Trgt 1
H4 6046     Long breakout
H3 5992     Go Short
H2 5974
H1 5956
L1 5919
L2 5901
L3 5883     Long
L4 5829     Short Breakout
L5 5782     Trgt 1
L6 5734     Trgt 2

Bank Nifty(Apr Fut)-Levels & Trading Strategy for 15-04-2011

Bank Nifty(Apr Fut)-Levels

R3 12424
R2 12171
R1 12037
Avg 11784
S1 11650
S2 11397
S3 11263

Bank Nifty(Apr Fut)-Trading Strategy

H6 12302     Trgt 2
H5 12209     Trgt 1
H4 12115    Long breakout
H3 12009     Go Short
H2 11973
H1 11938
L1 11867
L2 11832
L3 11796    Long
L4 11690     Short Breakout
L5 11596     Trgt 1
L6 11503     Trgt 2

Pre-closing(13-04-2011)

As $7 Cheaper Crude therefore excessive filled Jet tanks are flying all the global markets and Indian markets are shooting like rocket. First resistance(5830) is crossed and now travelling within next resistance 5870-5940.

Encouraging news and Strong global cues led rally today and correction is complete after higher levels condolidation. Last hurdle is 5940 and its crossing will mean 6120 fast.As correction is complete today therefore 6120 is expected in the coming week and for confirmation just watch crossing of 5940.

Correction completion possibility was told in all the today outlooks which were started after first half hour today.

Mid-session Outlook-2 (13-04-2011)

Crude price $7 fall fuelled global rally and European markets opened with good gains after all Asian markets lower levels recovery. Nifty is also sustaining above 5830 therefore it is strong indication of completiion of correction and higher levels consolidation  after positive global news and global markets cues.

Today intra day charts are also suggesting strong cues led higher level consolidation therefore correction completion possibility is high now.

Mid-session Outlook(13-04-2011)

As crude price is more than $7 down in last 2 days therefore strong recovery in all the Asian markets and  Indian markets today. Nifty crossed 5830,trading above and sustaining above also will mean clearance of immediate resistance and correction completion confirmation also. Today rally is news based therefore sustaining above first resistance(5830) is must for 100% confirmation.

Post-open Outlook-2(13-04-2011)

Global sentiment changed today after sharp fall in Crude rates therefore US and European futures are positive and all the Asian markets also recovered from lower levels. Sentiment reversed therefore Indian markets recovered and trading positive.

INFTEC audited results & final dividend will be declared on 15-Apr-2011 and market is up in expectation of good results also and Nifty is trading between immediate resistance range and crossing 5830 will be correction completion confirmation.

Post-open Outlook(13-04-2011)

Following line was told in Pre-open Outlook today:-

"recovery from lower levels after getting intra day support is possible today"

Nifty recovered 65 points from lower levels within first half hour today. Market showed strength and if Nifty sustains above 5800 today then correction completion will be considered.

Correction is very much on & Wait for Consolidation

Pre-Open Market Outlook(13-04-2011)

All the Asian markets were down yesterday and SGX Nifty is trading 50 points down today therefore anyone can say for today weak Indian markets after getting negative cues but today weakness was proved at 05:45PM on 11-04-2011 through Nifty-Micro Analysis of Intra Day Chart(11-04-2011). Today weak Indian market was clearly told even before the declaration of FII & DII trading figures on that day.

Whatsoever will happen today,has alreay been told in all the outlooks posted on 11-04-2011 now today first intraday levels have to be decided which are as follows:-

1st trading range- 5730-5760

Technicals and correction levels have already been posted therefore just click following link which was posted on 10-04-2011 and go through topic to understand Indian markets present technical positions and retracement levels:-

Firstly Correction and then Consolidation Before Decisive Rally

Correction is on and in this process next possibilitis and watching levels are as follows:-

1- Expected that Nifty will not finally sustain below 5561
2- 200 Day EMA is today at 5610 and also expected that Nifty will not sustain below it.
3- 100 Day EMA is today at 5669 and will be watched for supports getting possibility.
4- 55 Day EMA is today at 5647 and also will be watched for supports getting possibility.
5- 1st Gap will give support(5529-5561)

Short term trend is down. Long term and Intermediate term trendS are up and will be down after sustaining below 5610 and 5647 respectively.

Weak market and negative closing expected with intra day voltality and recovery from lower levels after getting intra day support is possible today.

Following lines have been told many times since previous week and being repeated again:-

Correction is on,it will take its own time in this process,let it complete and consolidation start then up moves and long positions will be considered.

Miracles of  "Intra  Day  Charts 
Micro - Analysis  Predictions " 
are Available Only In This Blog 

Post-closing Report(11-04-2011) & 13 Apr 2011 Outlook

Correction was told daily in last week and also told weak Indian markets in those 7 topics which were posted for this week trading in last 3 days. Although Business News Channels were telling for positive IIP above 5.2% but Weak market was told in Post-open Outlook before the announcement of IIP Data when Nifty was at 5819.

Main features of today trading are as follows

1- Gap down
2- Trading Range- 5785-5830
3- Selling patterns between- 5792-5830
4- Panic selling by retailers after Japan Quake news therefore minor support possible in last 1 hour.
5- Red Bearish Candle
6- Closing near lows after whole day selling.


Ratios:

Nifty Put Call Ratio:0.98
Nifty P/E Ratio(08-04-2011):22.18

Advances & Declines

BSE ADVANCES :1110
BSE DECLINES :1786
NSE ADVANCES : 441
NSE DECLINES : 976

Nifty Open Interest Changed Today

Nifty- 5700 CE(28APR2011)- +126450(+4.83%)
Nifty- 5700 PE(28APR2011)- +466000(+7.20%)

Nifty- 5800 CE(28APR2011)- +874000(+19.43%)
Nifty- 5800 PE(28APR2011)- -398550(-7.33%)

Nifty- 5900 CE(28APR2011)- -55400(-0.87%)
Nifty- 5900 PE(28APR2011)- -532200(-16.30%)

Closing 

Nifty- closed at 5,785.70(-56.30 Points & -0.96%)
Sensex- closed at 19,262.54(-188.91 Points & -0.97%)
CNX MIDCAP - closed at 8,229.95(-58.35 Points & -0.70%)
BSE SMALL CAP- closed at  8,709.91(-62.64 Points & -0.71%)

Nifty-Micro Analysis of Intra Day Chart(11-04-2011):-

Just click on chart for its enlarged view

13 Apr 2011 Outlook

Selling proved in previous week between 5855-5945 and follow up selling between 5792-5830 today and no consolidation pattern today except last 1 hour intraday support possibility due to  retailers panic selling after Japan Quake news.

Opening will depend on global sentiments but expected that Nifty will finally sustain below 5800 and weak markets expected. Market require complete consolidation after mentioned selling and until that will not happen till then Indian markets will not move up.

Correction is on and let it complete then rally will begin therefore will be better to wait for completion of correction and consolidation process. Technicals and correction levels have already been posted therefore just click and go through following topic to understand Indian markets present technical positions:-

Firstly Correction and then Consolidation Before Decisive Rally

FII Trading Data in Derivatives Segment on 11-Apr-2011

FII & DII trading activity in Capital Market Segment on 11-Apr-2011

FII trading activity on NSE and BSE in Capital Aprket Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value FII 11-Apr-2011 1997.6 2688.82 -691.22

DII trading activity on NSE and BSE in Capital Aprket Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value DII 11-Apr-2011 957.47 693.66 263.81

Nifty-Micro Analysis of Intra Day Chart(11-04-2011)

Just click on chart for its enlarged view

Intraday Charts showed selling patterns whole day. Weak market was told in all the yesterday outlooks and also told immediately after opening in Post-open and Mid-session Outlooks.

Micro-Analysis of previous Week Intra Day Chart was posted with clearly showing intra day selling ranges. Follow up selling today is indicating more down moves in the coming sessions.

Pre-closing(11-04-2011)

As per News channels Japan has taken back tsunami warning

Although Indian markets are technically weak but panic selling due to this news can not be advised.

Traders usually sells after such news and big players sometimes buy and cover their shorts therefore no panic selling and just wait and understand technical positions and fresh shorting should be done after fresh distribution patterns.

7.1 magnitude quake hits Japan, tsunami warning issued

SENDAI, JAPAN: A magnitude-7.1 aftershock has rattled Japan on the one-month anniversary of a massive earthquake that spawned a deadly tsunami.

The epicentre is close to the nuclear plant crippled by the tsunami a month ago. The US geological survey said the 7.1 magnitude onshore quake hit with a depth of just 10 kilometres (six miles), its epicentre 86 kilometres south-southeast of Fukushima city.

Japan's meteorological agency issued a tsunami warning saying a one-metre (three feet) wave could hit Ibaraki prefecture, the area worst hit by last month's massive tsunami.

A wave half a metre high was expected in Fukushima prefecture.

Narita airport temporarily closed a runway following the quake for safety checks.

Mid-session Outlook(11-04-2011)

Micro-Analysis of today first hour Intra Day charts suggested selling patterns therefore weak market for told in Pre-open Outlook before the declaration of declining  IIP Data. I told for Weak market when all the Business News Channels were telling for positive IIP above 5.2%.

Although sharp surge seen but no signs of consolidation and distribution paterns seen therefore more weakness expected.

Post-open Outlook(11-04-2011)

Gap down opening today and negative zone trading after opening today. Weak market expected today. Market trend and technicals have already been explained in 7 topics..posted in last 3 days.

Miracles of Intra Day Charts Micro-Analysis Predictions are Available Only In This Blog & No Where in India

Firstly Correction and then Consolidation Before Decisive Rally

Weekly Analysis-11-04-2011 to 15-04-2011

5911 target was given and after its achieving correction possibility was told daily in previous week because indicators were overbought and sentiment was heated therefore correction was technical requirement and it started in previous week.

All trends are up,Wave-5 is on and corrective Sub Wave-F is on after Sub Wave-E fast 596 points gains in 13 sessions. Nifty traded most of the time between 5855-5945 in previous week and weekly range broken down in last hours on 08-04-2011. As weekly range was broken down in previous week therefore deeper correction possiblity turned higher and confirmation will be sustaining below 5855 in the begining of coming week.

1- Waves Structure-chart:-

Just click on chart for its enlarged view

2- Sub Wave-F is on- chart:-

Just click on chart for its enlarged view

3- Micro-Analysis of previous Week Intra Day Chart(Weekly Trading Range 5855-5945 and its Breaking Down Chart):-

Just click on chart for its enlarged view

Conclusions (After Putting All Studies Together)

Micro-Analysis of previous week intraday chart is confirming distribution in previous week and breaking down of weekly trading rahge is also clear from last Friday intraday chart Micro-Analysis. It is confirmation of correction and its continuation will be seen in the coming week.

Nifty traded most time between 5855-5945 in previous week and sustaining below 5855 will rule out the possibility of range bound correction and in that situation deeper correction will be seen according to Fibonacci Retracement Levels

Weekly indicators are showing begining and continuation of upmoves while daily indicators are overbought and showing begining of correction. Firstly Daily indicators will cool down and after that rally will resume after last week begun correction completion.

Weekly MACD upward intersection of Average Line is crucial development and confirmation of strong rally after last week correction completion.

Fibonacci Retracement Levels should be watched after sustaining below 5855 and as per my view following levels should be watched specially for correction completion confirmation:-

1- 5762
2- 5651
3- 5561

Finally strong rally expected but before that correction will be seen. Market require complete consolidation after last week selling and until that will not happen till then fresh up move will not start. Let correction complete then up move will be considered. Slipping expected in the begining of week, Correction will take its own time in its process and its completion not expected in the coming week.

If Nifty sustains below 5855 then deeper down moves and Red weekly closing will be seen

Micro-Analysis of previous Week Intra Day Chart(04-Apr to 08-Apr-2011)

Just click on chart for its enlarged view

Following selling conclusions from Previous week intraday chart Micro-Analysis 

1- Last 4 days selling at higher levels.
2- Lower top and lower bottom formations.
3- Whole week trading Range between 5855-5945
4- Weekly range breaking down in last hours on 08-04-2011

Post-closing Report(08-04-2011) & Monday Outlook

Fresh selling between 5857-5870
3 days range(5855-5945) broken down
New weekly low formation.
Closing near weekly lows

Ratios:

Nifty Put Call Ratio: 1.06
Nifty P/E Ratio: 22.18

Advances & Declines:

BSE ADVANCES : 1000
BSE DECLINES : 1966
NSE ADVANCES :  335
NSE DECLINES : 1092

Nifty Open Interest Changed Today:-

Nifty- 5800 CE(28APR2011)- +447550(+10.62%)
Nifty- 5800 PE(28APR2011)- +49450(+/+0.87%)

Nifty- 5900 CE(28APR2011)- +383250(+6.37%)
Nifty- 5900 PE(28APR2011)- -425450(-11.37%)

Closing :-

Nifty- closed at 5,842.00(-43.70 Points & -0.74%)
Sensex- closed at 19,451.45(-139.73 Points & -0.71%% )
CNX MIDCAP - closed at 8,288.30(-130.75 Points & -1.55%)
BSE SMALL CAP- closed at 8,772.55(-124.64 Points & -1.40%)

Nifty Intra Day Chart of Today:-

Just click on chart for its enlarged view

Monday(11-04-2011) Outlook


Correction is confirm market is prepared for some more down moves. Expected that Nifty will move below  5800 and short term trend will also be down. Market slipped without force on 08-04-2011 therefore early correction completion may be expected but complete consolidation is required for any rally.

5855 will be watched and sustaining below will mean deeper corrction and its possibility can not be ruled out.