Technical Analysis,Research & Weekly Outlook (Dec 02 to Dec 06,2013)

Nifty-EOD Chart (29-Nov-2013):-

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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)
3- Wave-2(5700.95 on 01-10-2013)
4- Wave-3(6342.95 on 03-11-2013 and 'ABC' correction beginning)
5- Wave-A(5972.45 on 13-11-2013)
6- Wave-B(6212.40 on 19-11-2013)
7- Wave-C(5972.80 on 22-11-2013)
8- Double bottom support at 5972 and 'ABC' correction completion.

Conclusions from EOD chart analysis 

Wave-3 continuation after 'ABC' correction completion and recent top formation at 6182.50 on 29-11-2013

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

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Technical Patterns and Formations in today intraday charts

1- More than 1% recovery within first 20 minutes. 
2- More than 6 hours trading between 6158-6182. 

Conclusions from intra day chart analysis

More than 1% recovery within first 20 minutes after positive opening and after that more than 6 hours range bound trading between 6158-6182 are strong indication of rally continuation because much higher levels trading without selling patterns formations and it will be strong indication of consolidation.

Conclusions (After Putting All Indicators Together)

All trends are up and Wave-3 continuation after 'ABC' correction completion and its minimum target is at 6724.60,its calculation has already been updated in following topic link and expected that up moves will begin after fresh consolidation in the coming week / weeks.

Rally continuation towards 6724.60 

Next strong resistance are between 6186-6212 and Nifty traded more than 6 hours with strong indication of consolidation just below it between 6158-6182 on 29-11-2013 therefore high possibility of on going rally continuation. As next resistances are strong therefore follow up consolidation is firstly required in the beginning of next week and once sustaining above 6212 will mean fast rally and new all time high formation in next week / weeks.   

For immediate next moves confirmations sustaining beyond 6158-6212 should be firstly watched in the beginning of coming week and once sustaining above 6212 will mean rally continuation towards recent top at 6342.95 and such up moves are expected also in the coming sessions and weeks. 

Pre-closing Outlook(29-11-2013)

More than 1% recovery within first 20 minutes and after that most time trading at higher levels between 6160-6182 and sustaining also just below next resistance(6186-6212) as well. As almost 6 hours sustaining at higher levels therefore high possibility of on going rally continuation in next week but next moves confirmation is also firstly required through sustaining beyond 6160-6212 .

Post-open Outlook(29-11-2013)

Following projection were done yesterday in Technical Analysis and Market Outlook(29-11-2013):-

1- impulsive Wave-3 continuation after correction completion. 
2- fast up moves towards next strong resistance(6186-6212)
3- Once sustaining above 6212 will mean rally continuation towards recent top at 6342.95

Recent top formation at 6182.40 today after fast up moves immediately after opening and firstly more consolidation is required now because strong resistance(6186-6212) are just above today highest. Only sustaining above 6212 should be watched for fast rally and new all time high formation in next week/weeks.

Technical Analysis and Market Outlook(29-11-2013)

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

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Technical Patterns and Formations in today intraday charts

1- Higher levels selling.
2- Down moves in Bullish Falling Channel.
3- Strong recovery from lower levels in last half hour.
4- Whole day actual trading between 6070-6112

Conclusions from intra day chart analysis 

Although higher levels selling but down moves in Bullish Falling Channel therefore strong recovery from lower levels in last half hour and impulsive Wave-3 continuation after correction completion. 

As some selling at higher levels today therefore only only sustaining above today highest should be watched for confirmations because that will mean fast up moves towards next strong resistance(6186-6212). Once sustaining above 6212 will mean rally continuation towards recent top at 6342.95 and such up moves are expected also in the coming sessions and weeks. 

As sentiment may be heated tomorrow therefore some intraday volatility after profit booking may be seen and Long positions should be created after completion of intraday corrections.

As busy therefore Mid-session Outlooks are not being updated today.

Technical Analysis and Market Outlook(28-11-2013)

Nifty-Intra Day Chart (27-Nov-2013):-

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Technical Patterns and Formations in today intraday charts

1-Down moves in Bullish Falling Channel. 
2-Consolidation between 6031-6048 
3- Whole day actual trading between -

Conclusions from intra day chart analysis 

As firstly down moves in Bullish Falling Channel and after that lower levels consolidation therefore following conclusions are being repeated which were updated in both previous Outlooks yesterday:-

1- emergence of fresh up move expectations.
2- emergence of rally expectations in next derivative month
3- Next crucial and big trend deciding support is at 5972 and expected that Nifty will not sustain below it despite continuous slipping. 

Mid-session Outlook-2(27-11-2013)

Although continuous down yesterday and since opening today but without force therefore consolidation indications and emergence of rally expectations in next derivative month. Next crucial and big trend deciding support is at 5972 and expected that Nifty will not sustain below it despite continuous slipping. 

Mid-session Outlook(27-11-2013)

Although continuous down since opening today but without force therefore consolidation indications and emergence of fresh up move expectations.

Technical Analysis and Market Outlook(27-11-2013)

Nifty-Intra Day Chart (26-Nov-2013):-

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Technical Patterns and Formations in today intraday charts

1- Down moves with continuous selling patterns formations.
2- Down moves in Bullish Falling Channel. 
3- Whole day actual trading between -

Conclusions from intra day chart analysis 

Although down moves with continuous selling patterns formations but in Bullish Falling Channel also therefore today intraday charts are not showing any clear pattern. As strong rally with good intraday consolidation yesterday therefore today down moves will be understood an excise for cooling of heated sentiment and a part of consolidation as well.

Impulsive Wave-3 continuation after correction completion and expected that rally will remain continued in the coming sessions but next strong resistances are between 6186-6212 therefore coming 2/3 sessions may remain sideways between between 5972-6212 and rally may be seen in next derivative month.

Expected that Nifty will firstly prepare for next moves between 6058-6123 and sustaining beyond this range will be next immediate moves confirmation but high possibility of rally continuation above 6123.

As sad news from friend circle therefore Mid-session Outlooks may be interrupted today

Pre-open Outlook(26-11-2013)

As US markets closed flat after slipping from intraday higher levels therefore sentiment is little dampened and all the Asian markets are flat to weak today morning,resultant negative zone opening is expected in Indian markets. Impulsive Wave-3 begun after correction completion yesterday therefore expected that rally will remain continued in the coming sessions but next strong resistances are between 6186-6212 therefore coming 2/3 sessions may remain sideways between between 5972-6212 and rally may be seen in next derivative month. 

Expected that Nifty will firstly prepare for next moves between 6058-6123 today and sustaining beyond this range will be next immediate moves confirmation.

Technical Analysis and Market Outlook(26-11-2013)

Nifty-Intra Day Chart (25-Nov-2013):-

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Technical Patterns and Formations in today intraday charts

1- Fast up moves immediately after strong opening.
2- More than 3 hours down moves in Bullish Falling Channels.
3- Strong up moves in last 2 hours.
4- Whole day actual trading between 6035-6123

Conclusions from intra day chart analysis 

As selling between 6028-6061 in last 2 sessions therefore firstly more than 3 hours consolidation though down moves from higher levels in Bullish Falling Channels and after that strong rally in last 2 hours as well as confirmation of impulsive Wave-3 continuation after correction completion. Expected that today started rally will remain continued in the coming sessions. 

Next strong resistance is between 6186-6212 and once sustaining above it will mean up moves towards recent top at 6342.95 as well as such up moves are expected also in the coming sessions and weeks.

Mid-session Outlook-2(25-11-2013)

As higher levels selling between 6028-6061 in last 2 sessions therefore Nifty could not sustain above 6061 and consolidated through continuously slipping from 6095 to 6058. Higher levels good consolidation today and impulsive Wave-3 continuation after strong signals of correction completion.

Mid-session Outlook(25-11-2013)

Almost 2 hours trading above next resistance range(6061) and strong indication of sustaining above it also. As today rally is strong Global cues led therefore confirmation is also must and that will mean confirmation of Wave-3 towards 6724.60.

Pre-open Outlook(25-11-2013)

Dow's Futures is more than 50 points up today morning after positive closing last Friday therefore sentiment is good today morning and all the Asian markets are positive as well as some are trading with good gains resultant positive opening will be seen in Indian markets. Lower levels minor supports(5972) on 22-11-2013 therefore sustaining beyond it should be firstly watched today and sustaining above  6061 will be correction completion confirmation.

Technical Analysis,Research & Weekly Outlook 

(Nov 25 to Nov 29,2013)

Nifty-EOD Chart (22-Nov-2013):-

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Technical Patterns and Formations in EOD charts

1- 4531.15 on 20-12-2011(Rally beginning after 13 Months correction completion)
2- Wave-1(5629.95 on 22-02-2012)
3- Wave-2(4770.35 on 04-06-2012)
4- Wave-3(6111.80 on 29-01-2013)
5- Wave-4(5477.20 on 10-04-2012)
6- Wave-5(6229.45 on 20-05-2013)('ABC'Correction beginning after 17 Months Rally completion)
7- Wave-A(5566.25 on 24-06-2013)
8- Wave-B(6093.35 on 23-07-2013)
9- Wave-C(5118.85 on 28-08-2013)(Wave-1 beginning after'ABC'Correction completion)
10- Wave-1(6142.50 on 19-09-2013)
11- Wave-2(5700.95 on 01-10-2013)
12- Wave-3(Recent top formation at 6342.95 on 03-11-2013 and correction continuation)

Conclusions from EOD chart analysis

Although Wave-3 correction continuation but Wave-3 minimum target is at 6724.60,its calculation has already been updated in following topic link and expected that up moves will begin after fresh consolidation and on going correction completion in the coming week/weeks.

Rally continuation towards 6724.60

(Just click above topic link and understand the calculation of 6724.60)

Nifty-EOD Chart (22-Nov-2013):-

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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)
3- Wave-2(5700.95 on 01-10-2013)
4- Wave-3(Recent top formation at 6342.95 on 03-11-2013 and 'ABC'correction continuation)
5- Wave-A(5972.45 on 13-11-2013)
6- Wave-B(6212.40 on 19-11-2013)
7- Wave-C(Recent bottom formation at 5972.80 on 22-11-2013)
8- Falling Trend line support.

Conclusions from EOD chart analysis

corrective Wave-C of 'ABC' continuation and and its 100% correction of Wave-A can not be ruled out therefore this levels is being updated as follows:-

Wave-A lost 379.50 points=6342.95(Recent top)-5972.45(Wave-A bottom)
5841.90(100% correction level)=6212.40(Wave-B top)-379.50(100% of Wave-A)

Technically Wave-C of 'ABC' may correct up to 5841.90.

Nifty-Intra Day Chart (Nov 21 & Nov 22,2013):-

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Technical Patterns and Formations in last 2 Sessions intraday charts

1- Selling between 6045-6061 on 21-11-2013.
2- Follow up elling between 6028-6050 on 22-11-2013.
3- Down moves in Bullish Falling Channels in both sessions.
4- Up moves in Bearish Rising Channel on 22-11-2013.
5- Lower levels minor supports on 22-11-2013.

 Conclusions from 2 Sessions intra day chart analysis

Although lower levels minor supports on 22-11-2013 and down moves in Bullish Falling Channels in both sessions but higher levels good selling in both previous sessions and up moves in Bearish Rising Channel also seen therefore both previous sessions are showing mixed patterns. As good selling at higher levels in both previous sessions and as such good consolidation not seen therefore possibility of some more down moves in the coming week and until Nifty will not sustain above 6061 till then next up moves will not be considered.

Conclusions (After Putting All Indicators Together)

Wave-C of 'ABC' correction continuation and complete consolidation with strong supports formation not seen yet therefore firstly some more down moves can not be ruled. Complete consolidation is required for correction completion and until it will not happen till then decisive up moves will not be seen.

"Immediate supports are at 5980 and immediate resistance is at 6061 therefore sustaining beyond 5980-6061 should be watched for correction continuation minimum up to 5841.90 after sustaining below 5980. As lower levels minor supports on 22-11-2013 therefore sustaining beyond it should be firstly watched in the beginning of next week for the mentioned length of on going correction.