New intraday lowest formation after sharp down at 2:00 Pm today but until Nifty will not sustain below 6675 till then decisive down moves will not be considered because consolidation patterns formations seen today.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Mid-session Outlook(04-04-2014)
As good selling in first 3 sessions of the week therefore very short term correction and consolidation was due and it has been seen yesterday and today. Consolidation patterns formation seen yesterday and today therefore emergence of rally continuation hopes in next week.
Technical Analysis and Market Outlook(04-04-2014)
Nifty-Intra Day Chart (03-Apr-2014):-
Technical Patterns and Formations in today intraday charts
1- Down moves in Bullish Falling Channel
2- Fast up in last half hour.
3- Whole day actual trading between 6697-6776
As continuous higher levels selling in last 3 sessions therefore very short term correction possibility was required and it was seen through most time down moves in Bullish Falling Channel which is consolidation pattern. Good selling in last 3 sessions therefore some down moves can not be ruled out during consolidation process but expected that Nifty will trade and prepare for next trend between last 3 sessions range(6675-6764) and valid break out of this range will be next Short Term Trend confirmation.
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1- Down moves in Bullish Falling Channel
2- Fast up in last half hour.
3- Whole day actual trading between 6697-6776
Conclusions from intra day chart analysis
As continuous higher levels selling in last 3 sessions therefore very short term correction possibility was required and it was seen through most time down moves in Bullish Falling Channel which is consolidation pattern. Good selling in last 3 sessions therefore some down moves can not be ruled out during consolidation process but expected that Nifty will trade and prepare for next trend between last 3 sessions range(6675-6764) and valid break out of this range will be next Short Term Trend confirmation.
Pre-closing Outlook(03-04-2014)
As continuous higher levels selling in last 3 sessions therefore very short term correction possibility was told in most of the previous Outlooks and it is seen today through whole day continuous down moves since opening today. Although today down moves are in Bullish Falling Channel but some more down moves can not be ruled out and expected that Nifty will trade and prepare for next trend between last 3 sessions range(6675-6764) and valid break out of the range will be next Short Term Trend confirmation.
Mid-session Outlook(03-04-2014)
Although Nifty closed near the highest of the day yesterday but selling seen in last 3 sessions therefore we told following conclusive line yesterday in Technical Analysis and Market Outlook(03-04-2014):-
As was perceived same happened and Nifty could not sustain at higher levels and slipped immediately after positive opening and now .45% down. Both higher levels selling and lower levels consolidation seen in last 3 sessions therefore finally valid break out of last 3 sessions range(6675-6764) will be next immediate moves confirmations and should be firstly watched.
view is cautious and follow up moves with sustaining above today highest will also be firstly watched tomorrow for immediate up moves confirmations.
As was perceived same happened and Nifty could not sustain at higher levels and slipped immediately after positive opening and now .45% down. Both higher levels selling and lower levels consolidation seen in last 3 sessions therefore finally valid break out of last 3 sessions range(6675-6764) will be next immediate moves confirmations and should be firstly watched.
Technical Analysis and Market Outlook(03-04-2014)
Nifty-Intra Day Chart (02-Apr-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6738-6751
2- Minor consolidation between 6724-5733
2- Upmoves in Bearish Rising Channel.
3- Whole day actual trading between 6724-6763
All trends are up and Indian markets are so highly Bullish that not stopping and not giving any correction despite good selling patterns formations in last 3 sessions. Although last hour up moves in Bearish Rising Channel but minor consolidation also seen above the highest of last 2 sessions therefore of further rally continuation possibility also.
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1- Selling between 6738-6751
2- Minor consolidation between 6724-5733
2- Upmoves in Bearish Rising Channel.
3- Whole day actual trading between 6724-6763
Conclusions from intra day chart analysis
All trends are up and Indian markets are so highly Bullish that not stopping and not giving any correction despite good selling patterns formations in last 3 sessions. Although last hour up moves in Bearish Rising Channel but minor consolidation also seen above the highest of last 2 sessions therefore of further rally continuation possibility also.
As both selling and consolidations seen in last 3 sessions therefore view is cautious and follow up moves with sustaining above today highest will also be firstly watched tomorrow for immediate up moves confirmations.
Pre-closing Outlook(02-04-2014)
Market is so highly bullish that not stopping and not giving any correction despite good selling patterns formations. As consolidation at higher levels in last hour therefore emergence of further rally continuation possibility.
Mid-session Outlook(02-04-2014)
Although positive Global cues and SGX Nifty was trading more than 50 points points up today morning but Indian markets completely under performed and Mar Fut. remained 4 to 25 points up today because selling seen at higher levels in last 2 sessions and consolidation was required for any decisive up moves above yesterday highest but selling patterns again seen today therefore very short term down moves are expected.
Technical Analysis and Market Outlook(02-04-2014)
Nifty-Intra Day Chart (01-Apr-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6698-6715
3- Whole day actual trading between 6676-6732
As higher levels good selling with Hanging Man / Dragonfly Doji Candle(Daily) formation today therefore emergence of Very short term correction possibility because higher levels good selling was seen yesterday also. US markets are .55% to 1.50% up at this moment today and such strong Asian markets may result positive opening of Indian markets tomorrow but sustaining above the last 2 sessions highest(6732) should be watched tomorrow because good selling seen in last 2 sessions. Some lower levels supports also seen yesterday therefore sustaining below yesterday lowest(6663) will be little deeper down moves.
As Bull markets correct and consolidate at higher levels also therefore finally valid break out of 6663-6732 should be watched tomorrow for:-
1- Very short term correction below 6663 or
2- Rally continuation above 6732
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1- Selling between 6698-6715
3- Whole day actual trading between 6676-6732
Conclusions from intra day chart analysis
As higher levels good selling with Hanging Man / Dragonfly Doji Candle(Daily) formation today therefore emergence of Very short term correction possibility because higher levels good selling was seen yesterday also. US markets are .55% to 1.50% up at this moment today and such strong Asian markets may result positive opening of Indian markets tomorrow but sustaining above the last 2 sessions highest(6732) should be watched tomorrow because good selling seen in last 2 sessions. Some lower levels supports also seen yesterday therefore sustaining below yesterday lowest(6663) will be little deeper down moves.
As Bull markets correct and consolidate at higher levels also therefore finally valid break out of 6663-6732 should be watched tomorrow for:-
1- Very short term correction below 6663 or
2- Rally continuation above 6732
Mid-session Outlook(01-04-2014)
Following lines were told yesterday in Technical Analysis and Market Outlook(01-04-2014)
First 4 hours trading between 6676-6732 and most time trading between 6676-6710 today with higher levels again good selling and lower levels some buying also. As again mixed positions formations today therefore same view and valid break out of 6663-6730 should be firstly watched for next trend confirmation.
firstly fresh consolidation is required for any decisive up moves above today highest. Follow up moves and valid break out of today trading range(6663-6730) should be watched tomorrow
First 4 hours trading between 6676-6732 and most time trading between 6676-6710 today with higher levels again good selling and lower levels some buying also. As again mixed positions formations today therefore same view and valid break out of 6663-6730 should be firstly watched for next trend confirmation.
Technical Analysis and Market Outlook(01-04-2014)
Nifty-Intra Day Chart (31-Mar-2014):-
Technical Patterns and Formations in today intraday charts
1- Good selling between 6690-6730
2- Minor support between 6663-6677
3- Whole day actual trading between 6663-6730
Down moves after higher levels selling but minor supports also at lower levels therefore sideways market today and fresh preparation is required for next immediate decisive moves. All trends are up and indicators are overbought therefore correction is due but complete selling patterns are firstly required for decisive down moves. As higher levels good selling today therefore firstly fresh consolidation is required for any decisive up moves above today highest. Follow up moves and valid break out of today trading range(6663-6730) should be watched tomorrow for:-
1- Very short term correction below 6663 or
2- Rally continuation above 6730
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1- Good selling between 6690-6730
2- Minor support between 6663-6677
3- Whole day actual trading between 6663-6730
Conclusions from intra day chart analysis
Down moves after higher levels selling but minor supports also at lower levels therefore sideways market today and fresh preparation is required for next immediate decisive moves. All trends are up and indicators are overbought therefore correction is due but complete selling patterns are firstly required for decisive down moves. As higher levels good selling today therefore firstly fresh consolidation is required for any decisive up moves above today highest. Follow up moves and valid break out of today trading range(6663-6730) should be watched tomorrow for:-
1- Very short term correction below 6663 or
2- Rally continuation above 6730
Pre-closing Outlook(31-03-2014)
Sideways market today with lower levels supports and higher levels selling therefore same view which has already been updated in previous Outlooks.
Mid-session Outlook(31-03-2014)
Confirm selling at higher levels today and next immediate supports are at 6644.
Rally Continuation towards Unimaginable Higher Levels
Technical Analysis,Research & Weekly Outlook
(Mar 31 to Apr 04,2014)
Nifty-EOD Chart (28-Mar-2014):- |
| Just click on chart for its enlarged view |
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-i of Wave-3(6415.25 on 09-12-2013)
5- Wave-ii of Wave-3(5933.30 on 04-02-2014)
6- Wave-iii of Wave-3 continuation with new highest formation at 6702.60 on 28-03-2014
Conclusions from EOD chart analysis
With technical calculations following prediction was done on 21-10-2013 in Minimum target of Nifty at 6724.60:-
Nifty is well set for rally towards minimum target at 6724.60
As was told 5 months before and repeated more than 10 times since 21-10-2013, has been proved almost accurate after recent top formation at 6702.60 on 28-03-2014
All trends are up and Bullish market Wave-iii of Wave-3 continuation towards those higher levels which can not be easily imagined at this moment because following minimum waves are still left:-
1- Wave-iii of Wave-3 continuation and no signal of its termination yet.
2- Corrective Wave-iv of Wave-3 will start after on going Wave completion and this corrective will correct whole that up move which started from 5933.30.
3- Impulsive Wave-v of Wave-3 will start after previous corrective wave completion and this Wave will form new high above the top of Wave-iii of Wave-3. It should also be kept in mind that Wave-iii of Wave-3 top formations confirmation has not been seen yet.
4- Wave-v of Wave-3 completion will mean termination of Wave-3 and corrective Wave-4 beginning.
5- Corrective Wave-4 will correct whole up moves which started from 5700.95.
6- Impulsive Wave-5 will start towards new top formation above the top of Wave-3.
As per Waves structures too much higher levels above 6702.60 are still left and those higher levels will be seen in the coming months and years.
Nifty-Intra Day Chart (28-Mar-2014):- |
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1- Consolidation between 6644- 6664
2- Whole day actual trading between 6644-6702
Conclusions from intra day chart analysis
New intraday high formation at 6702.60 on 28-03-2014 after lower levels good consolidation but when Nifty was trading near the lowest of the day then we were not bearish therefore we clearly told at 12:48 PM on 28-03-2014 in Mid-session Outlook(28-03-2014)
new intraday lowest formation 15 minutes before at 6643.80 but as such selling patterns were not seen today.
As lower levels good consolidation on 31-03-2014 therefore until Nifty will not sustain below the lowest of the day(6643.80) after complete selling till then decisive down moves will not be considered.
Conclusions (After Putting All Studies Together)
At present impulsive Wave-iii of Wave-3 continuation and no signal of its completion yet. Until complete selling patterns will not develop till then correction or decisive down moves will not be seen. As Short Term indicators are over bought therefore correction is due but will not be seen immediately because:-
1- 11 Sessions most time trading range(6433-6574) broken out in previous week.
2- Good intraday consolidation seen at lower levels in previous session(28-03-2014).
Bullish markets following character should also be kept in mind:-
1- Markets consolidate at higher levels also.
2- Some times markets correct time wise not price wise.
3- Some times markets complete its correction in sideways moves and deeper correction is not seen.
Indian markets are completely Bullish and let complete selling patterns develop then will updated according to intraday selling patterns analysis and until it will not happen till then on going rally will remain continued towards new tops formation.
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