Pre-closing Outlook(20-06-2014)

Only sideways market between 7488-7700 was told in all the previous Outlooks of this week and Nifty traded within this range whole week. 

Following line was told  yesterday in Technical Analysis and Market Outlook(20-06-2014):- 

Sustaining beyond 7488-7566 should be firstly watched in the coming sessions for next big moves first indication

7488-7566 was given yesterday and whole time trading within this range today between 7519.40-7560.55 and Nifty has not broken out yet. Correction is on and sustaining beyond 7488-7566 should be firstly watched for next big moves first strong indication. 

Technical Analysis and Market Outlook(20-06-2014)

Nifty-Intra Day Chart (19-Jun-2014):-

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Technical Patterns and Formations in today intraday charts

1- Higher levels selling
2- Down moves in Bullish Falling Channel
3- Consolidation Patterns between 7503-7531
4- Whole day actual trading between 7503-7606

Conclusions from intra day chart analysis

Although higher levels selling but down moves in Bullish Falling Channel which is a consolidation pattern and lower levels consolidation Patterns formations also between 7503-7531 therefore still Nifty will be understood sideways between 7488-7700. Sideways market between 7488-7700 for the last 10 Sessions with lower levels supports between 7488-7566 and consolidation seen within this range today therefore correction completion hopes within this are still alive. Sustaining beyond 7488-7566 should be firstly watched in the coming sessions for correction continuation below 7488 and correction completion above 7566.

Sustaining beyond 7488-7566 should be firstly watched in the coming sessions for next big moves first indication and 7488-7700 for final confirmations.

Technical Analysis and Market Outlook(19-06-2014)

Nifty-Intra Day Chart (18-Jun-2014):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 7626-7663
2- Consolidation between 7516-7566
3- Whole day actual trading between 7516-7663

Conclusions from intra day chart analysis 

Following lines were told today at 06:11 AM in Technical Analysis and Market Outlook(18-06-2014):-

1- 7488-7552 has turned strong support 
2- higher levels resistances also 7652-7673
3- sustaining above 7673 will mean strong rally above 7700
4- still Nifty will be understood sideways between 7488-7700

Nifty honoured above levels whole day in following manner:-

Resistances between 7652-7673 was told and Nifty retraced from 7663,strong support were told between 7488-7552 and Nifty closed above this range at 7558.20 today. Sideways market was told between 7488-7700 and Nifty traded whole day within this range. 

Follow up selling was seen between mentioned resistance range and Nifty slipped below this range also therefore next strong resistance range will be 7626-7673. In the same manner Nifty got supports between mentioned strong support range and sharply recovered also above this range therefore next strong support range will be 7488-7566. 

Long and Intermediate Term Trends are up and Short Term Trend is sideways between 7488-7700 for the last 9 Sessions. As lower levels strong supports and and equally strong resistances at higher levels within this range therefore more technical positions formations is still required for decisive moves beyond this range and Nifty will firstly prepare for that tomorrow. 

As some times Bull markets complete its correction within sideways moves therefore on going Short Term correction completion possibility within sideways market between 7488-7700 can not be ruled out. Expected that Nifty will firstly prepare for next decisive moves between and near about 7488-7700 and finally rally will be seen above 7700 in the coming sessions.

Technical Analysis and Market Outlook(18-06-2014)

Nifty-Intra Day Chart (17-Jun-2014):-

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Technical Patterns and Formations in today intraday charts

1- First 5 hours consolidation between 7510-7552
2- Whole day actual trading between 7510-7637

Conclusions from intra day chart analysis 

Sharp up after first 5 hours consolidation and supports between 7510-7552 and Support,Consolidation Patterns with higher bottom formations was seen between 7488-7510 also on 16-06-2014 therefore 7488-7552 has turned strong support range in last 2 sessions. Although negative news of oil Prices rise and weakness of Indian Rupee due to civil war in Iraq but Indian markets got good supports therefore strong signal of on going correction completion. Complete selling is required for any decisive down moves below the lowest(7488) of last 2 sessions and until Nifty will not sustain below it till then deeper correction will not be seen.. 

Last 8 Sessions actual trading between 7488-7700 with lower levels good supports and higher levels resistances also 7652-7673 therefore still Nifty will be understood sideways between 7488-7700 and view will remain cautious because negative news of Oil rates hike from Iraq. As Indian markets completely ignored this negative news yesterday and follow up consolidation with sustaining above 7673 will mean strong rally above 7700. 

View is cautiously Bullish because of insurgents dominance in Iraq otherwise strong rally is on cards above 7700.

Oil Prices Could Rise as Insurgents Gain in Iraq

Technical Analysis and Market Outlook(17-06-2014)

Nifty-Intra Day Chart (16-Jun-2014):-

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Technical Patterns and Formations in today intraday charts

1- Support,Consolidation Patterns and higher bottom formations between 7488-7510 
2- Selling Patterns and higher top formations between 7524-7533 
3- Whole day actual trading between 7488-7533

Conclusions from intra day chart analysis 

Correction continuation and slipping below 7500 but support,Consolidation Patterns with higher bottom formations also near about 7500 therefore until Nifty will not sustain below 7500 till then deeper correction will not be seen. All the Global markets are affected from following news of Iraq in last 3/4 sessions:-

Oil Prices Could Rise as Insurgents Gain in Iraq

As selling patterns were also seen at higher levels below 7533 therefore mixed Patterns formations between 7488-7533 on 16-06-2014 and Nifty will trade within this range as well as prepare for next trend. As above mentioned negative news from Iraq also therefore volatility may remain high and next Short/Intermediate term trend will also be affected by this news. Firstly follow up trading with sustaining beyond 7488-7533 and finally sustaining beyond 7488-7700 should be watched for next Short to Intermediate term trend confirmations.

Sideways Market before Fresh Rally

Nifty-Micro Analysis of 6 Sessions Intra Day Chart

(Jun 16 to Jun 20,2014)

Nifty-Intra Day Chart (Jun 09 to Jun 13,2014):-

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Technical Patterns and Formations in last 6 Sessions intraday charts

1- Consolidation between 7500-7525 on 06-06-2014
2- Selling between 7652-7673 on 09-06-2014 
2- Consolidation between 7527-7562 on 13-06-2014
1- Mixed Patterns between 7627-7670 in last 3 sessions.
3- 6 Sessions actual trading between 7500-7700 

Conclusions from 6 Sessions intra day chart analysis 

6 Sessions actual trading between 7500-7700 and correction seen within this range after higher levels selling but lower levels good supports also seen within it therefore mixed Patterns formations between this range and more preparation is required for decisive moves beyond this range as well as sustaining beyond this range will be next decisive big moves confirmations. 

Nifty-Intra Day Chart (13-Jun-2014):-

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Technical Patterns and Formations in today intraday charts

1- Mixed Patterns between 7650-7670
2- Down moves in Bullish Falling Channel
3- Consolidation Patterns between 7527-7562
4- Whole day actual trading between 7527-7670

Conclusions from intra day chart analysis 

As political disturbance in Iraq and Crude rates hiked therefore most Global markets remained flat to negative and resultant sharp fall in Indian markets also.  Although closing near the lower levels of the day but consolidation Patterns were also seen and emergence of on going correction completion expectations.

Conclusions (After Putting All Studies Together)

Very Short Term correction in previous week and minor change in EOD charts therefore just click following link of previous weekly analysis and understsnd analysis of EOD Charts:-

Rally continuation towards Minimum Target of Nifty at 8616.90

Long and Intermediate Term Trends are up and Very Short Term trend turned down in previous week as well as Wave-v of Wave-3 continuation with new highest formation at 7700.05 on 11-06-2014. Last 6 Sessions actual trading between 7500-7700 with lower levels good supports therefore sideways correction will be understood at this moment. As consolidation between 7500-7525 on 06-06-2014 and  follow up consolidation seen just above it between 7527-7562 on 13-06-2014 therefore emergence of rally continuation expectation after previous week started correction completion.

Expected that Nifty will prepare for next decisive moves within 7500-7700 in the beginning of next week and finally rally will remain continued after follow up consolidations in next week.