Technical Analysis and Market Outlook(27-06-2014)

Nifty-Intra Day Chart (26-Jun-2014):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling immediately after opening
2- Sharp fall
3- Follow up between 7515-7540
4- Sharp fall again
5- Whole day actual trading between 7482-7570

Conclusions from intra day chart analysis 

As disappointing news of Gas price revision deferring decision therefore selling developed immediately after opening and follow up selling also seen. As soon as intraday charts started to show clear selling patterns then following lines were told yesterday at 01:42PM in Mid-session Outlook:-

Follow up selling also seen between 7515-7540 in last 4 hours therefore testing possibility of following 2 immediate supports:-

1- 7488
2- 7441

Correction continuation and no signal of its completion yet,above mentioned 1st support has been tested and 2nd support testing possibility can not be ruled out. Let consolidation patterns develop then on going correction completion will be considered otherwise correction is on and its continuation is expected.

Mid-session Outlook(26-06-2014)

As disappointing news of Gas price revision deferring decision therefore selling developed immediately after opening and follow up selling also seen between 7515-7540 in last 4 hours therefore testing possibility of following 2 immediate supports:-

1- 7488
2- 7441

Post-open Outlook-2(26-06-2014)

Sharp down in last minutes and Nifty is now trading .68% down,it means that Indian markets are completely disappointed from Gas price revision deferring decision. Next supports are at 7488 and sustaining it beyond  will be confirmation of deeper correction or its completion therefore should be firstly watched now. 

Post-open Outlook(26-06-2014)

As disappointing decision of deferring Gas price revision for 3 months by Govt. yesterday therefore heavyweight RIL,ONGC and other oil stocks are 2.5% to 5.5% down but benchmark Indices are minor down. Although Indian markets are Bullish but certainly this news is surprising because high expectations from Modi Government and market reaction has to be firstly understood and then final view will be formed accordingly.

Technical Analysis and Market Outlook(26-06-2014)

Nifty-Intra Day Chart (25-Jun-2014):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Whole day down moves in Bullish Falling Channel
2- Whole day actual trading between 7557-7589

Conclusions from intra day chart analysis 

Following conclusive line was told yesterday in Technical Analysis and Market Outlook(25-06-2014)

Consolidation in sideways quiet market is expected tomorrow

As was told 100% same happened today and whole day sideways consolidation in quiet trading within 32 points range between 7557.05-6589.25 today. 

Although whole day down moves but today intraday trading patterns are not showing selling formations and consolidation pattern of "whole day down moves in Bullish Falling Channel" formation also seen today therefore emergence of fresh up moves possibility in the coming sessions. Technically expected that Nifty will not sustain below today lowest(7557.05) and finally rally will be seen above today highest(7592)

As disappointing decision of deferring Gas price revision and status quo on for 3 months by Govt. today therefore Indian markets may firstly react negative tomorrow but sustaining beyond today trading range(7557-7589) will be next decisive moves confirmation and should be firstly watched tomorrow.

Mid-session Outlook(25-06-2014)

Following conclusive line was told yesterday in Technical Analysis and Market Outlook(25-06-2014)

Consolidation in sideways quiet market is expected tomorrow

As was told 100% same happened today and first 4 hours sideways quiet trading within 25 points range between 7564.05-6589.25 today. Selling patterns formation between 7580-7592 yesterday and today trading seen just below 7580 also but today trading patterns are not showing selling but consolidation indications from today intraday charts and emergenece of up moves possibility. Although now trading near the lower levels of the day but expected that Nifty will not sustain below today lowest(7564.05) and finally will rally above today highest(7592)

Pre-open Outlook(25-06-2014)

As Iraq insurgents are gaining and resultant all the Global markets are flat to weak therefore same reaction is expected in Indian markets today. Nifty traded most time between 7542-7592 yesterday with both higher levels selling and lower levels consolidation and supports. As next resistances(7626-7673) are just above therefore complete consolidation is required for rally above 7673/7700 and expected that Nifty will firstly trade and prepare for next decisive moves between 7542-7592 and sustaining beyond 7542-7673 will be next trend confirmation. 

Technical Analysis and Market Outlook(25-06-2014)

Nifty-Intra Day Chart (24-Jun-2014):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Sharp up immediately after opening
2- Down moves in Bullish Falling Channel
3- Selling patterns formation between 7580-7592 
4- Support between 7542-7559
5- Whole day actual trading between 7523-7592

Conclusions from intra day chart analysis 

Sharp up immediately after gap up opening and minor selling was also seen at higher levels but consolidation patterns formations with some supports also therefore rally continuation expectations are alive. 

Next resistance are between 7626-7673 and minor selling seen just below this range today therefore follow up consolidation is firstly required for next rally above 7673. It should be kept in mind that once valid break out above 7673 will mean new all time high formation and possibility of strong rally above 7700.

Consolidation in sideways quiet market is expected tomorrow and sustaining beyond 7580-7673 will be next trend and decisive moves confirmation.

Technical Analysis and Market Outlook(24-06-2014)

Nifty-Intra Day Chart (23-Jun-2014):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Buying between 7441-7466
3- Whole day actual trading between 7441-7534

Conclusions from intra day chart analysis 

Following lines were told at 08:19 AM today in Bullish Flag formation in last 11 sessions correction:-

1- expected that correction will finish near about 7488 
2- possibility of minor slipping below 7488 should be kept in mind

As was told 100% same happened and minor slipping below 7488 today and closing above it also at 7493.35 after bottom formation at 7441.

Following line was told at 12:59 PM today in Mid-session Outlook(23-06-2014):-

emergence of supports getting possibility near about today lowest(7452) of at this moment

As was told 100% same happened and strong recovery from lower levels after  supports getting at 7441

Strong recovery from lower levels after consolidation and good supports at lower levels today therefore first strong indication of that correction completion which started from 7700.05 on 11-06-2014 

Supports between 7488-7566 in 11 sessions of previous weeks and today supports with consolidation just below it as well as Nifty got supports near about 21 day EMA(7453) therefore sustaining above 7441 tomorrow will mean fresh rally towards next resistance range(7626-7673) 

Mid-session Outlook(23-06-2014)

Last 11 sessions lowest(7488) broken down and 21 day EMA(7453) tested just now. As above mentioned levels broken down/testing are without required force therefore emergence of supports getting possibility near about today lowest(7452) of at this moment.

Sustaining beyond 7452 should be firstly watched now.

Bullish Flag formation in last 11 sessions correction 

Technical Analysis,Research & Weekly Outlook

(Jun 23 to Jun 27,2014)

Nifty-EOD Chart (20-Jun-2014):-

Just click on chart for its enlarged view

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-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(7563.50 on 16-05-2014) 
7- Wave-iv of Wave-3(7118.45 on 30-05-2014) 
8- Wave-v of Wave-3 continuation with new highest formation at 7700.05 on 11-06-2014
9- Bullish Flag formation in last 11 sessions correction

Conclusions from EOD chart analysis 

Long and Intermediate Term Trends are up and Short Term trend remained sideways between 7488-7700 in previous weeks as well as Wave-v of Wave-3 continuation with new highest formation at 7700.05 on 11-06-2014. Bullish Flag formation in last 11 sessions correction therefore finally rally is expected above 7700 in the coming weeks despite closing near the lower levels last Friday

Nifty-Intra Day Chart (Jun 06 to Jun 20,2014):-

Just click on chart for its enlarged view

Technical Patterns and Formations in last 11 Sessions intraday charts

1- 11 Sessions actual trading between 7488-7700
2- Higher levels selling in last 11 sessions
3- Lower levels buying in last 11 sessions

Conclusions from 11 Sessions intra day chart analysis 

Last 11 sessions trading between 7488-7700 with higher levels selling and lower levels buying therefore sustaining beyond this range will be next big moves confirmations.

Nifty-Intra Day Chart (20-Jun-2014):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Up moves in Bearish Rising Channel
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 7498-7560

Conclusions from intra day chart analysis 

Whole day sideways trading within 62 points with both Bullish and Bearish patterns formations therefore mixed patterns formations and valid break out of this range will be next immediate trend confirmations. As last 2 hours down moves in bigger Bullish Falling Channel therefore more expectations of finally up moves above 7560 despite closing near the lower levels of the day.

Conclusions (After Putting All Studies Together)

Following lines were told on 15-06-2014 in Sideways Market before Fresh Rally:-

Expected that Nifty will prepare for next decisive moves within 7500-7700 in the beginning of next week

As was told 99% same happened and Nifty traded between 7488-7700 in whole previous week. Supports and resistances within this range are as follows:-

1- Supports between 7488-7566
2- Resistances between 7626-7673 

Sentiment turned heated after Modi's victory in parliamentary elections therefore profit booking and sideways correction in previous weeks. As civil war in Iraq and Crude rates hiked therefore most Global markets are cautious and if situation of Crude will turn worse then deeper correction will be seen otherwise expected that correction will finish near about 7488 and possibility of minor slipping below 7488 should be kept in mind.

As Bullish Flag formation in last 11 sessions correction therefore expected that finally rally will be seen after on going correction completion and deeper correction will not be seen.