Nifty-Intra Day Chart (16-Jan-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6050-6055
2- Selling between 6030-6048
3- Sharp down moves in last 40 minutes.
3- Whole day actual trading between 5992-6055.
9 Sessions sideways trading between 5950-6026 from 02-01-2013 to 14-01-2013 and its break out was seen yesterday but Nifty again slipped into this range after higher levels good selling and closing within this range at 6001.85 today. Now actual trading range has changed after good selling today and valid break out of following range will decide next trend:-
Now we are reproducing all those most crucial technical views which have already been updated in previous 4 days:-
Following 2 targets were updated in Market Cautious after Indo-Pak Cross Border Firing on 13-01-2013:-
1- Sub Wave-5 of Wave-3 minimum and maximum targets are between 6031-6331.
2- Sub Wave-3 of Sub Wave-5 is on and its minimum target is 6239.95.
As Sub Wave-5 of Wave-3 has achieved its minimum target after trading above 6031 and made a top of 6068.50 on 15-01-2013 after gaining 1298.15 points therefore its correction beginning possibility after mentioned Wave completion at 6068.50 can not be ruled out. Whenever correction will start then will be deep because market will correct whole 1298.15 points or may be more also if correction starts after making new top formation above 6068.50
It should be kept in mind that on going Sub Wave-5 which started from 5548.35 on 20-11-2012 is showing Negative Divergence and lacking required force also therefore expected that whole up move of this wave will also be corrected after reversal of on going rally. its detailed analysis has already been updated in following topic on 13-01-2013:-
Following lines were told yesterday in Technical Analysis and Market Outlook(16-01-2013)
Although Wave-3 correction will start between 6031-6331 but before that complete selling patterns are required in intraday and minimum on Daily charts,until that will not happen till then any big correction will not be considered. As no such development yet therefore rally continuation will be seen in the coming sessions but with intraday to very short term corrections also.
As weakness perceived therefore down moves possibilities with technical positions were also updated in all intraday Outlooks and following lines were told:-
1- Told at 11:122 AM-"Intraday charts are showing intraday selling patterns between 6050-6055 today"
2- Told at 12:11 PM-"Confirm intraday selling between 6050-6055 today"
3- Told at 12:40 PM-"Lower top formation at 6041 with minor intraday selling between 6035-6041 and emergence of more down moves possibility toward 6019 and below"
4- Told at 02:42 PM-"As last more than 2 hours trading is showing intraday selling patterns again therefore more down moves are expected below 6019"
As per our view above mentioned major correction will be seen after Union Budget-2013 and till then slow up moves toward 6331 are possible. Although Sub Wave-5 of Wave-3 has achived its minimum target after trading above 6031 but top of the rally has not got confirmation yet and it may be above present top(6068.50) also. As Nifty reentered into 9 Sessions sideways trading range(now changed to 5950-6065) therefore its valid break out should be firstly watched for following conclusions:-
1- Below 5950 will mean above mentioned complete correction of whole 1298.15 points.
2- Above 6055 will mean up moves toward 6331 and then firstly selling patterns formations are must on intraday and daily charts and after that complete correction of Sub Wave-5 of Wave-3 gaining points will be seen.
Tomorrow Outlook
11 Sessions trading trapped between 5950-6065 and news based high volatility last 4 sessions within it. Expected that Nifty will remain range bound within this range in the coming sessions and prepare for next big trend. Immediate supports and resistances between this range are as follows:-
1- Supports- 5970-6000
2- Resistances- 6030-6065
Nifty will firstly trade between 5970-6030 in the coming sessions and prepare for next moves tomorrow . Let market prepare then next moves will be updated in Mid Sessions Outlooks according to intraday charts patterns formations.
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1- Selling between 6050-6055
2- Selling between 6030-6048
3- Sharp down moves in last 40 minutes.
3- Whole day actual trading between 5992-6055.
Conclusions from intra day chart analysis
9 Sessions sideways trading between 5950-6026 from 02-01-2013 to 14-01-2013 and its break out was seen yesterday but Nifty again slipped into this range after higher levels good selling and closing within this range at 6001.85 today. Now actual trading range has changed after good selling today and valid break out of following range will decide next trend:-
5950-6065
Now we are reproducing all those most crucial technical views which have already been updated in previous 4 days:-
Following 2 targets were updated in Market Cautious after Indo-Pak Cross Border Firing on 13-01-2013:-
1- Sub Wave-5 of Wave-3 minimum and maximum targets are between 6031-6331.
2- Sub Wave-3 of Sub Wave-5 is on and its minimum target is 6239.95.
As Sub Wave-5 of Wave-3 has achieved its minimum target after trading above 6031 and made a top of 6068.50 on 15-01-2013 after gaining 1298.15 points therefore its correction beginning possibility after mentioned Wave completion at 6068.50 can not be ruled out. Whenever correction will start then will be deep because market will correct whole 1298.15 points or may be more also if correction starts after making new top formation above 6068.50
It should be kept in mind that on going Sub Wave-5 which started from 5548.35 on 20-11-2012 is showing Negative Divergence and lacking required force also therefore expected that whole up move of this wave will also be corrected after reversal of on going rally. its detailed analysis has already been updated in following topic on 13-01-2013:-
Following lines were told yesterday in Technical Analysis and Market Outlook(16-01-2013)
Although Wave-3 correction will start between 6031-6331 but before that complete selling patterns are required in intraday and minimum on Daily charts,until that will not happen till then any big correction will not be considered. As no such development yet therefore rally continuation will be seen in the coming sessions but with intraday to very short term corrections also.
As weakness perceived therefore down moves possibilities with technical positions were also updated in all intraday Outlooks and following lines were told:-
1- Told at 11:122 AM-"Intraday charts are showing intraday selling patterns between 6050-6055 today"
2- Told at 12:11 PM-"Confirm intraday selling between 6050-6055 today"
3- Told at 12:40 PM-"Lower top formation at 6041 with minor intraday selling between 6035-6041 and emergence of more down moves possibility toward 6019 and below"
4- Told at 02:42 PM-"As last more than 2 hours trading is showing intraday selling patterns again therefore more down moves are expected below 6019"
Conclusions (After Putting All Studies Together)
As per our view above mentioned major correction will be seen after Union Budget-2013 and till then slow up moves toward 6331 are possible. Although Sub Wave-5 of Wave-3 has achived its minimum target after trading above 6031 but top of the rally has not got confirmation yet and it may be above present top(6068.50) also. As Nifty reentered into 9 Sessions sideways trading range(now changed to 5950-6065) therefore its valid break out should be firstly watched for following conclusions:-
1- Below 5950 will mean above mentioned complete correction of whole 1298.15 points.
2- Above 6055 will mean up moves toward 6331 and then firstly selling patterns formations are must on intraday and daily charts and after that complete correction of Sub Wave-5 of Wave-3 gaining points will be seen.
Tomorrow Outlook
11 Sessions trading trapped between 5950-6065 and news based high volatility last 4 sessions within it. Expected that Nifty will remain range bound within this range in the coming sessions and prepare for next big trend. Immediate supports and resistances between this range are as follows:-
1- Supports- 5970-6000
2- Resistances- 6030-6065
Nifty will firstly trade between 5970-6030 in the coming sessions and prepare for next moves tomorrow . Let market prepare then next moves will be updated in Mid Sessions Outlooks according to intraday charts patterns formations.