Although more than 1% down yesterday and now trading almost flat but today intraday patterns and last 3 sessions intraday charts are showing consolidation patterns therefore means that consolidation process is on and expected that on going correction will complete within or above those next supports which have been updated in previous Outlook yesterday. Also expected that next rally will start above 7082.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Technical Analysis and Market Outlook(29-05-2014)
Nifty-Intra Day Chart (29-May-2014):-
Technical Patterns and Formations in today intraday charts
1- Whole day down moves but in Bullish Falling Channel formations also.
2- Whole day actual trading between 7225-7325
Although consolidation in last 2 sessions but huge selling was also seen on 16th May(Election results day) and on 26th May(Modi Govt oath taking day) therefore big fall seen on May Derivative expiry day and market closed more than 1% down today. As huge selling on 16th May therefore following topic was posted on 19-05-2014:-
Long and Intermediate Term Trends are up and Short Term Trend turned down amid last 13 sessions trading between 7082-7563. Next supports within this range are as follows:-
1- Support between 7193-7229
2- Supports between 7082-7102
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| Just click on chart for its enlarged view |
1- Whole day down moves but in Bullish Falling Channel formations also.
2- Whole day actual trading between 7225-7325
Conclusions from intra day chart analysis
Although consolidation in last 2 sessions but huge selling was also seen on 16th May(Election results day) and on 26th May(Modi Govt oath taking day) therefore big fall seen on May Derivative expiry day and market closed more than 1% down today. As huge selling on 16th May therefore following topic was posted on 19-05-2014:-
1- Support between 7193-7229
2- Supports between 7082-7102
Although Whole day down moves today but with Bullish Falling Channel formations therefore indications of consolidation process emergence also amid on going correction. As consolidation was seen in last 2 sessions also therefore expected that correction will complete within above mentioned both supports ranges.
Post-open Outlook(29-05-2014)
As negative news of CEO-probable B G Srinivas quits Infy therefore heavy weight Infy traded more than 7% down and resultant negative zone trading of Indian markets. As consolidation in last 2 sessions therefore up moves/rally beginning hopes are still alive and finally sustaining beyond 7275-7504 should be firstly watched for next immediate decisive trend first strong indication.
Technical Analysis and Market Outlook(29-05-2014)
Nifty-Intra Day Chart (28-May-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 7303-7327
2- Whole day actual trading between 7303-7344
Whole day sideways trading within 41 points between 7303-7344 with lower levels supports and consolidation therefore emergence of rally beginning expectations after last Monday started correction completion because consolidation was seen above 7275 yesterday also. As selling with huge volumes between 7430-7504 last Monday also therefore firstly Nifty has to prepare for next decisive moves between 7275-7504. Long and Intermediate Term trends are up and Short Term Trend is sideways between 7275-7504 as well as immediate resistances and supports beyond this range are as follows:-
1- Resistances between 7505-7563
2- Support between 7248-7274
As resistances are just above 7504 and supports are just below 7275 therefore next decisive moves will start after valid break out of 7248-7563 in following manner:-
1- Sustaining above 7563 will mean fresh strong rally after correction completion.
2- Sustaining below 7248 will mean down moves towards following next supports:-
a- Support between 7193-7229
b- Supports between 7082-7102
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| Just click on chart for its enlarged view |
1- Consolidation between 7303-7327
2- Whole day actual trading between 7303-7344
Conclusions from intra day chart analysis
Whole day sideways trading within 41 points between 7303-7344 with lower levels supports and consolidation therefore emergence of rally beginning expectations after last Monday started correction completion because consolidation was seen above 7275 yesterday also. As selling with huge volumes between 7430-7504 last Monday also therefore firstly Nifty has to prepare for next decisive moves between 7275-7504. Long and Intermediate Term trends are up and Short Term Trend is sideways between 7275-7504 as well as immediate resistances and supports beyond this range are as follows:-
1- Resistances between 7505-7563
2- Support between 7248-7274
As resistances are just above 7504 and supports are just below 7275 therefore next decisive moves will start after valid break out of 7248-7563 in following manner:-
1- Sustaining above 7563 will mean fresh strong rally after correction completion.
2- Sustaining below 7248 will mean down moves towards following next supports:-
a- Support between 7193-7229
b- Supports between 7082-7102
Firstly sideways markets between 7275-7504 and should be firstly watched tomorrow/in the coming sessions and May derivative expiry is expected between/near about 7350-7400 tomorrow.
Pre-closing Outlook(28-05-2014)
Range of 7275-7245 was given yesterday for next immediate trend confirmations and whole day Nifty traded within this range. Although flat market today and negative market yesterday but intraday patterns of both sessions are showing consolidation signals also therefore rally continuation hopes are alive.
Mid-session Outlook(28-05-2014)
Following lines were told yesterday in Technical Analysis and Market Outlook(28-05-2014)
Both consolidation and Bearish patterns seen between 7275-7245 today therefore firstly follow up moves with sustaining beyond today trading range should be watched for next immediate trend confirmations.
Both consolidation and Bearish patterns seen between 7275-7245 today therefore firstly follow up moves with sustaining beyond today trading range should be watched for next immediate trend confirmations.
Range of 7275-7245 was given for next immediate trend confirmations and Nifty traded first 3 hours exactly within this range between 7302.60-7344.75. Although some supports and consolidation seen today but as a whole intraday patterns have not shown clear formations yet therefore same view that sustaining beyond mentioned yesterday trading range should be watched for next immediate trend confirmations and fresh rally beginning hopes are still alive after follow up consolidations above 7248.
Technical Analysis and Market Outlook(28-05-2014)
Nifty-Intra Day Chart (27-May-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 7275-7310
2- Higher bottom formation
3- Up moves in Bearish Rising Channel
4- Whole day actual trading between 7275-7245
Correction continuation after huge selling under most heated sentiment due to Modi's Govt oath taking ceremony on 26-05-2014 and whole day negative zone trading today as well as -0.56% closing today. As lower levels consolidations with higher bottom formation therefore expected that Nifty will not easily sustain below next supports 7248 but up moves in Bearish Rising Channel were also seen in last 2 hours therefore firstly next trend confirmations is also required. Both consolidation and Bearish patterns seen between 7275-7245 today therefore firstly follow up moves with sustaining beyond today trading range should be watched for next immediate trend confirmations.
As huge selling yesterday therefore equally good consolidation is also required for fresh up moves therefore trading patterns of coming 2/3 sessions should be firstly watched. Follow up consolidation and sustaining above 7248 should be firstly watched in the coming sessions because that will mean fresh rally beginning after correction completion.
Correction continuation and signals of consolidation process beginning today,let it complete then fresh rally will be seen and following supports should be firstly watched:-
1- Support between 7248-7287
2- Support between 7193-7229
3- Supports between 7082-7102
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| Just click on chart for its enlarged view |
1- Consolidation between 7275-7310
2- Higher bottom formation
3- Up moves in Bearish Rising Channel
4- Whole day actual trading between 7275-7245
Conclusions from intra day chart analysis
Correction continuation after huge selling under most heated sentiment due to Modi's Govt oath taking ceremony on 26-05-2014 and whole day negative zone trading today as well as -0.56% closing today. As lower levels consolidations with higher bottom formation therefore expected that Nifty will not easily sustain below next supports 7248 but up moves in Bearish Rising Channel were also seen in last 2 hours therefore firstly next trend confirmations is also required. Both consolidation and Bearish patterns seen between 7275-7245 today therefore firstly follow up moves with sustaining beyond today trading range should be watched for next immediate trend confirmations.
As huge selling yesterday therefore equally good consolidation is also required for fresh up moves therefore trading patterns of coming 2/3 sessions should be firstly watched. Follow up consolidation and sustaining above 7248 should be firstly watched in the coming sessions because that will mean fresh rally beginning after correction completion.
Correction continuation and signals of consolidation process beginning today,let it complete then fresh rally will be seen and following supports should be firstly watched:-
1- Support between 7248-7287
2- Support between 7193-7229
3- Supports between 7082-7102
Pre-closing Outlook(27-05-2014)
As today intraday patterns are showing consolidations formations with higher bottom formation as well therefore expected that Nifty will not sustain below 1st supports range(7248-7287) and consolidate for fresh rally between 7248-7563.
Next trend first indication will be sustaining beyond 7248-7350 and should be firstly watched for confirmation.
Mid-session Outlook(27-05-2014)
As correction started after selling with huge volume on the back of most heated sentiment due to Modi's Govt oath taking yesterday therefore Short Term correction continuation between 10 sessions range(7082-7563). Nifty will be understood range bound within mentioned range and sustaining it beyond will be next big moves confirmation.
Detailed analysis with all crucial levels have already been updated in previous Outlook yesterday and at present correction continuation will be considered. Although generation of minor consolidation signals from today first 2 hours intraday chart formations but complete consolidation is required for decisive up moves,let it happen then will be updated accordingly.
Detailed analysis with all crucial levels have already been updated in previous Outlook yesterday and at present correction continuation will be considered. Although generation of minor consolidation signals from today first 2 hours intraday chart formations but complete consolidation is required for decisive up moves,let it happen then will be updated accordingly.
Technical Analysis and Market Outlook(27-05-2014)
Nifty-Intra Day Chart (26-May-2014):-
Technical Patterns and Formations in today intraday charts
1- First 5 hours selling between 7430-7504
2- Sharp fall
3- Whole day actual trading between 7270-7504
As most heated sentiment on Modi's Govt oath taking day therefore strong recovery after gap up opening but huge selling/profit booking on the back of encouraging news and resultant sharp fall after 5 hours selling.
Previous last resistances were as follows:-
1- Resistances between 7358-7432
2- Resistances between 7450-7563
As selling seen within above Resistance ranges therefore complete consolidation is required for decisive up moves above 7563. Next supports are as follows:-
1- Support between 7248-7287
2- Support between 7193-7229
3- Supports between 7082-7102
If higher levels good Resistances then lower levels equally strong supports also therefore Indian markets are not technically prepared for any side decisive moves. Expected that Nifty will remain sideways between 7082-7563 and prepare for next strong moves. Till now same view of sideways market as was updated on 19-05-2014 in following topic:-
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| Just click on chart for its enlarged view |
1- First 5 hours selling between 7430-7504
2- Sharp fall
3- Whole day actual trading between 7270-7504
Conclusions from intra day chart analysis
As most heated sentiment on Modi's Govt oath taking day therefore strong recovery after gap up opening but huge selling/profit booking on the back of encouraging news and resultant sharp fall after 5 hours selling.
Previous last resistances were as follows:-
1- Resistances between 7358-7432
2- Resistances between 7450-7563
As selling seen within above Resistance ranges therefore complete consolidation is required for decisive up moves above 7563. Next supports are as follows:-
1- Support between 7248-7287
2- Support between 7193-7229
3- Supports between 7082-7102
If higher levels good Resistances then lower levels equally strong supports also therefore Indian markets are not technically prepared for any side decisive moves. Expected that Nifty will remain sideways between 7082-7563 and prepare for next strong moves. Till now same view of sideways market as was updated on 19-05-2014 in following topic:-
Mid-session Outlook(26-05-2014)
Following lines were told on 23-05-2014 in Pre-closing Outlook(23-05-2014)
1- rally continuation is expected in the coming week
2- but follow up consolidation is must because
3- following 2 last resistances are just above today highest:-
1- Resistances between 7358-7432
2- Resistances between 7450-7563
Most heated sentiment on Modi's Govt oath taking day and whole day trading within above mentioned Resistances but selling/profit booking also seen within mentioned resistance ranges.
1- rally continuation is expected in the coming week
2- but follow up consolidation is must because
3- following 2 last resistances are just above today highest:-
1- Resistances between 7358-7432
2- Resistances between 7450-7563
Most heated sentiment on Modi's Govt oath taking day and whole day trading within above mentioned Resistances but selling/profit booking also seen within mentioned resistance ranges.
All trends are up but very Short Term Trend will be understood sideways between 7300-7504 and finally sustaining beyond this range should be watched for next immediate trend confirmation.
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