Mid-session Outlook(09-05-2014)

Following conclusions were updated in last 16 Outlooks:-

1- finally Rally/up moves will be seen in the coming sessions.
2- Nifty will not sustain below 6651 
3- correction completion possibility is still alive within sideways market between 6651-6861.

As was repeated again and again in last 1 week same happened today and strong 187 points rally seen today. Now Nifty is trading within last resistance range(6840-6857) and expected that Nifty will cross it and today started rally will remain continued in the coming sessions.

Technical Analysis and Market Outlook(09-05-2014)

Nifty-Intra Day Chart (08-May-2014):-

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Technical Patterns and Formations in today intraday charts

1- Down Moves in Bullish Falling Channel
2- Last more than 3 hours trading between 6639-6660 with consolidation indications.
3- Whole day actual trading between 6639-6688.

Conclusions from intra day chart analysis 

Following lines were told at 07:26 AM on 05-05-2014 in Technical Analysis,Research & Weekly Outlook(May 05 to May 09,2014):-

1- Nifty may slip also below 20 sessions lowest (6651)
2- deeper correction will be considered after forcefully breaking down or sustaining below 6651

As was projected same happened and Nifty slipped below 6651 in last 2 sessions but without force and closed above 6651 in both sessions therefore no confirmation of sideways range breaking down yet. Although down moves and closing little above lower levels today and last 5 sessions also closed near the lower levels of the day but intraday charts of last 6 sessions are showing consolidation patterns formations therefore emergence of correction completion possibility and expected that finally Rally/up moves will be seen in the coming sessions.

Pre-closing Outlook(08-05-2014)

Firstly down moves in Bullish falling Channel and after that more than 3 hours trading between 6639-6660 with consolidation indications therefore same Bullish views is maintained which is being continuously updated for the last 4 sessions.

Post-open Outlook(08-05-2014)

As news of some what under performance by BJP in last 2 phases of Election because emergence of Laloo Yadav in Bihar and Poll rigging therefore market is not sustaining at higher levels and trading near the lowest of last 23 sessions range(6651-6861). Some confusion and nervousness is being seen regarding NDA victory therefore slipping and closing below 6651 can not be ruled out but last 5 sessions intraday patterns are showing consolidation patterns therefore it seems that consolidation process is on and finally Rally/up moves will be on 13 may/16 May.

Technical Analysis and Market Outlook(08-05-2014)

Nifty-Intra Day Chart (07-May-2014):-

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Technical Patterns and Formations in today intraday charts

1- Down Moves in Bullish Falling Channel
2- Whole day actual trading between 6643-6718

Conclusions from intra day chart analysis 

Following lines were told at 07:26 AM on 05-05-2014 in Technical Analysis,Research & Weekly Outlook(May 05 to May 09,2014)

Correction is on and coming week may be full of Parliamentary Election news flow therefore some volatility can not be ruled out and Nifty may slip also below 20 sessions lowest (6651) but deeper correction will be considered after forcefully breaking down or sustaining below 6651

 Following lines were told at 12:29 AM on 07-05-2014 in Technical Analysis and Market Outlook(07-05-2014)

As US markets are .65% to 1.10% down at this moment and such weaker closing may result weakening of Asian markets but sustaining below 6651 is not expected and finally Rally/up moves are expected.

Indian markets did not moved down forcefully amid depressed sentiments and down moves were in Bullish Falling Channel therefore today trading will be understood a part of consolidation despite Nifty slipped below the lowest of last 23 sessions range(6651-6861). 

As Nifty closed above 6651 at 6652.55 therefore no confirmation of sideways range breaking down today. Although down moves but today and last 4 sessions intraday charts showed consolidation patterns formations therefore finally Rally/up moves are expected in the coming sessions.

Pre-closing Outlook(07-05-2014)

Following lines were told at 07:26 AM on 05-05-2014 in Technical Analysis,Research & Weekly Outlook(May 05 to May 09,2014)

Correction is on and coming week may be full of Parliamentary Election news flow therefore some volatility can not be ruled out and Nifty may slip also below 20 sessions lowest (6651) but deeper correction will be considered after forcefully breaking down or sustaining below 6651

 Following lines were told at 12:29 AM on 07-05-2014 in Technical Analysis and Market Outlook(07-05-2014)

As US markets are .65% to 1.10% down at this moment and such weaker closing may result weakening of Asian markets but sustaining below 6651 is not expected and finally Rally/up moves are expected.

As was suspected same happened and Nifty slipped below 6651 but today intraday patterns are showing consolidation patterns formation and last 4 sessions also showed consolidation patterns therefore finally Rally/up moves are expected in the coming sessions.

Mid-session Outlook(07-05-2014)

Indian markets have moved into consolidation phase and result will be seen on 13 May and 16 May. Although Nifty moves down after opening but selling patterns not seen and some indications of cosolidation also therefore finally Rally/up moves are expected.

Post-open Outlook(07-05-2014)

As all the Global markets are in Red and some are more than 1% down but Indian markets are flat to negative since opening today therefore completely out performing Global cues and finally Rally/up moves are expected.

Technical Analysis and Market Outlook(07-05-2014)

Nifty-Intra Day Chart (06-May-2014):-

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Technical Patterns and Formations in today intraday charts

1- First 4 hours Down Moves in Bullish Falling Channel.
2- Support between 6701-6712
3- Whole day actual trading between 6701-6743

Conclusions from intra day chart analysis 

Positive opening and first 4 hours down moves but in Bullish Falling Channel as well as lower levels supports therefore Bullish view is still maintained. It should be kept in mind that correction is on and Nifty may slip also below 22 sessions lowest (6651) in this process but deeper correction will be considered after forcefully breaking down or sustaining below 6651 after complete follow up selling. As consolidation was seen in previous 4 sessions above 6651 therefore up moves expectations are very much alive. 

As US markets are .65% to 1.10% down at this moment and such weaker closing may result weakening of Asian markets but sustaining below 6651 is not expected and finally Rally/up moves are expected.

Mid-session Outlook(06-05-2014)

Only sideways market with Bullish expectations was told in all the previous Outlooks and same view today also despite whole day slipping from higher levels and now trading little above today lowest because first 4 hours down moves are showing Bullish Falling Channel pattern.

Technical Analysis and Market Outlook(06-05-2014)

Nifty-Intra Day Chart (05-May-2014):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 6724-6740
2- All Down Moves in Bullish Falling Channel
3- Whole day actual trading between 6680-6740

Conclusions from intra day chart analysis

Although higher levels selling and closing near the lower levels of the day but all down moves in Bullish Falling Channel therefore view will not Bearish because Indian markets out performed Asian and European markets also. As Bullish Falling Channel is consolidation pattern and all down moves showed this formation therefore correction completion possibility is still alive within sideways market between 6651-6861.

Certainly up moves expectation are alive after correction completion within last 21 sessions range and next decisive moves first signal will be valid break out of 6651-6786.

Mid-session Outlook(05-05-2014)

Following line was told in Pre-closing Outlook on 02-05-2014:-

Although Nifty is going to close flat after whole day down moves but rally will be seen in next week.

As was told same happened and most time positive zone trading today despite depressed sentiment due to weaker Asian markets today morning. It means out performance by Indian markets and signal of strength also after last 2 sessions good consolidation. Good selling at higher levels in the beginning of last week and lot of consolidation is required for fresh rally which will take its own complete time. 

Certainly up moves expectation are alive after correction completion within last 20 sessions range and next decisive moves first signal will be valid break out of 6685-6786.

Technical Analysis,Research & Weekly Outlook(May 05 to May 09,2014)

Nifty-EOD Chart (02-May-2014):-

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Technical Patterns and Formations in EOD charts

1- Wave-iii of Wave-3 beginning(5933.30 on 04-02-2014) 
2- 5th Wave continuation with all time high formation at 6869.85 on 25-04-2014
3- 20 sessions sideways market between 6651-6861

Conclusions from EOD chart analysis 

Although new all time high formation on 25-04-2014 but following line was told at 01:11:00 AM on 28-04-2014 in Technical Analysis,Research & Weekly Outlook(Apr 28 to May 02,2014):-

1- correction is very much due. As Bearish Rising Wedge formation in last 13 sessions therefore emergence of correction possibility
2- Indian markets are highly Bullish and many times such markets correct time wise in side ways moves and not price wise therefore possibility of side ways market trading range is 6651-6861

Correction was told and all the trading sessions of previous week were closed in Red and side ways market was told between 6651-6861 and Nifty traded between 6656-6786 in previous week.

Long Term trend is up,Short term is down and Intermediate term is sideways between 6651-6861 for the last 20 sessions. Although Impulsive Wave-iii of Wave-3 continuation but its correction was also seen in previous week and length of this correction will be decided through sustaining beyond previous 20 sessions trading range(6651-6861):-

1- Sustaining below 6651 will mean deeper correction and Nifty will correct whole up move which started from 5933.30 because that will be confirmation of 5th sub-wave completion of on going rally.
2- Sustaining above 6861 will mean rally continuation after correction completion within more than 20 sessions sideways market between 6651-6861 

Nifty-Intra Day Chart (02-May-2014):-

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Technical Patterns and Formations in today intraday charts

1- Whole day down moves in Bullish Falling Channel.
3- Whole day actual trading between 6689-6737

Conclusions from intra day chart analysis 

Although positive opening but flat closing after whole day down moves in Bullish Falling Channel which is consolidation pattern as well therefore finally rally is expected in next week after follow up consolidation.

Conclusions (After Putting All Studies Together)

Next resistances and suppoers are as follows:-

1- Resistances between 6841-6861
2- Resistances between 6818-6836
3- Resistances between 6738-6786
4- Supports between 6685-6725
5- Supports between 6651-6680

Although all session of previous week closed in Red but following consolidation was also seen:-

1- Firstly down moves in Bullish Falling Channel and after that good recovery from lower levels on 30-04-2014 
2- Whole day Bullish Falling Channel formation on 02-05-2014 
3- Nifty could not slip below the lowest(6651) of last 20 sessions

As good consolidation seen in last 2 sessions within following previous supports have been strengthened:-

1- Supports between 6685-6703
2- Supports between 6651-6671

Correction is on and coming week may be full of Parliamentary Election news flow therefore some volatility can not be ruled out and Nifty may slip also below 20 sessions lowest (6651) but deeper correction will be considered after forcefully breaking down or sustaining below 6651 because above mentioned consolidation was also seen in previous 2 sessions above 6651 and following conclusive will be repeated which was told in previous 2 Outlooks last Friday:- 

Finally Rally/up moves will be seen in next week.