Although 13 Sessions range(7796-8030) broken down forcefully yesterday but confirmation was required through sustaining below 7796 therefore its requirement was updated in previous Outlook yesterday. Nifty traded most time below 7796 and consolidated at lower levels today as well as moved above 7796. Correction continuation and till now no confirmation of its completion. Deeper correction possibility is still alive through sustaining below 7796/7724(today lowest) and sustaining beyond these 2 levels should be firstly watched in next week for deeper correction confirmation or its completion..
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Technical Analysis and Market Outlook(17-10-2014)
Nifty-Intra Day Chart (16-Oct-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 7827-7893
2- Sharp down in last hour
3- Whole day actual trading between 7730-7893-
Firstly more than 5 hours selling and after last 13 sessions range(7796-8030) broken down forcefully as well as given strong signal of deeper correction towards 200 Day EMA(today at 7248). As today last hour sharp down moves were the impact of deep Red European markets and more than 90 points down Dow's Futures therefore breaking down confirmation of 7796 is still left through sustaining below it.
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1- Selling between 7827-7893
2- Sharp down in last hour
3- Whole day actual trading between 7730-7893-
Conclusions from intra day chart analysis
Firstly more than 5 hours selling and after last 13 sessions range(7796-8030) broken down forcefully as well as given strong signal of deeper correction towards 200 Day EMA(today at 7248). As today last hour sharp down moves were the impact of deep Red European markets and more than 90 points down Dow's Futures therefore breaking down confirmation of 7796 is still left through sustaining below it.
Correction is on and deeper correction confirmation is still left through sustaining below 7796 and it should be firstly watched tomorrow.
Mid-session Outlook(16-10-2014)
Although huge fall in Global markets but Indian markets out performed therefore firstly some up moves with positive zone trading seen immediately after opening. As some selling was also seen therefore Nifty could not sustain and slipped into negative zone but lower levels minor support also seen above 7818 today. Following conclusive lines have been posted in previous Outlooks and being repeated:-
sideways trading between 7796-8030 and Nifty will prepare for next trend within and near about this range in the coming sessions and valid break out of this range will decide next big moves confirmation.
Post-open Outlook(16-10-2014)
Although huge fall in Global markets but Indian markets out performed and Nifty is now trading only 20 points down therefore it is a positive indication and firstly sustaining beyond 7796 should be watched today for next big moves confirmations.
Pre-open Outlook(16-10-2014)
All the Asian markets are in deep Red after huge fall in US and European markets yesterday therefore Indian markets will react it through gap down opening today. Short Term Correction continuation and sideways trading between 7796-8030 from last 12 Sessions and sustaining below 7796 should be firstly watched today for next big moves confirmations.
Technical Analysis and Market Outlook(16-10-2014)
Nifty-Intra Day Chart (14-Oct-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 7826-7856
2- Up moves in Broadening pattern with intraday correction
3- Whole day actual trading between 7826-7928
Short Term Correction continuation from 08-09-2014 with last 12 Sessions sideways trading between 7796-8030. As lower levels good supports and higher levels good selling also therefore expected that Nifty will trade and prepare for next trend within and near about this range in the coming sessions and valid break out of this range will decide next big moves
As up moves in Broadening pattern with intraday correction after lower levels consolidation on 14-10-2014 therefore emergence of up moves indications towards 8030 in the coming sessions.
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1- Consolidation between 7826-7856
2- Up moves in Broadening pattern with intraday correction
3- Whole day actual trading between 7826-7928
Conclusions from intra day chart analysis
Short Term Correction continuation from 08-09-2014 with last 12 Sessions sideways trading between 7796-8030. As lower levels good supports and higher levels good selling also therefore expected that Nifty will trade and prepare for next trend within and near about this range in the coming sessions and valid break out of this range will decide next big moves
As up moves in Broadening pattern with intraday correction after lower levels consolidation on 14-10-2014 therefore emergence of up moves indications towards 8030 in the coming sessions.
Pre-closing Outlook(14-10-2014)
As follow op consolidation today and lower levels supports yesterday therefore emergence of up moves indications up to 8030 in the coming sessions.
Mid-session Outlook(14-10-2014)
Following lines were told yesterday in Technical Analysis,Research & Weekly Outlook(Oct 13 to Oct 17,2014)
As most depressing Global markets yesterday therefore Nifty slipped below 7818 but could not sustain and recovered and today trading within last 10 Sessions trading range. Markets start decisive moves after complete technical positions formation and till then remain sideways as well as prepare for next trend. Finally sustaing beyond last 11 Sessions trading range(7796-8030) will be next big trend confirmation/strong indication and should be watched now.
Nifty will prepare for next big moves within and near about this range for next decisive moves and sustaining beyond last 10 Sessions trading range(7818-8030) should be firstly watched in the coming week
As most depressing Global markets yesterday therefore Nifty slipped below 7818 but could not sustain and recovered and today trading within last 10 Sessions trading range. Markets start decisive moves after complete technical positions formation and till then remain sideways as well as prepare for next trend. Finally sustaing beyond last 11 Sessions trading range(7796-8030) will be next big trend confirmation/strong indication and should be watched now.
Let market prepare then will be updated from intraday charts analysis in the same manner as being done for the last more than 4 years.
Pre-closing Outlook(13-10-2014)
Although crashing like Global cues and Indian markets traded in deep Red also after Gap down opening but we were not Bearish therefore we told following line in previous Outlook at 09:53 AM today:-
Nifty could not sustain below 7818 and recovered strongly from lower levels as well as gained more than 100 points from today lowest.
last 10 sessions range breaking down confirmation is must through sustaining below 7818
Nifty could not sustain below 7818 and recovered strongly from lower levels as well as gained more than 100 points from today lowest.
Today intraday rally is only a Pull Back rally and still Nifty is will be understood sideways between 7796-8030,finally sustaining it beyond should be watched in the coming sessions for next big moves confirmations.
Post-open Outlook(13-10-2014)
As depressing Asian markets therefore gap down opening and trading below the lowest of last 10 sessions range(7818). As today weak markets are due to crashing like Global cues therefore last 10 sessions range breaking down confirmation is must through sustaining below 7818 for deeper correction towards 200 Day EMA(today at 7230
Technical Analysis,Research & Weekly Outlook(Oct 13 to Oct 17,2014)
Nifty-Intra Day Chart (Sep 24 to Oct 10,2014):-
Technical Patterns and Formations in last 10 Sessions intraday charts
1- 10 Sessions actual trading between 7818-8030
2- Lower levels supports
3- Higher levels resistances.
Conclusions from 10 Sessions intra day chart analysis
10 Sessions trading between 7818-8030 with following supports and resistances;-
1- Supports between 7842-7910
2- Supports between 7818-7850
1- Resistances between 8008-8030
2- Resistances between 7975-7991
3- Resistances between 7955-7972
Although Nifty closed within 1st supports range but both higher levels selling and lower levels buying seen in last 10 sessions therefore Nifty will prepare for next big moves within and near about this range for next decisive moves and sustaining beyond last 10 Sessions trading range(7818-8030) should be firstly watched in the coming week for next big trend confirmations.
Nifty-Intra Day Chart (10-Oct-2014):-
Technical Patterns and Formations in today intraday charts
1- Whole day high Volitility.
2- Up moves in Bearish Rising Channel
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 7848-7924
Conclusions from intra day chart analysis
Whole day both Bullish and Bearish patterns formations with no specific position formations therefore valid break out of today trading range should be watched because technical positions reverses in whole day such high volatility which was seen on 10-10-2014
Short Term Correction continuation since 08-09-2014 but last 10 Sessions sideways trading between 7818-8030 and valid break out of this range will decide the fate of on going correction. Sustaining below 7818 will mean Intermediate Term Trend turning down confirmation and that will mean deeper correction towards 200 Day EMA(today at 7230). Sustaining above 8030 will be 1st strong indication of correction completion.
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| Just click on chart for its enlarged view |
1- 10 Sessions actual trading between 7818-8030
2- Lower levels supports
3- Higher levels resistances.
Conclusions from 10 Sessions intra day chart analysis
10 Sessions trading between 7818-8030 with following supports and resistances;-
1- Supports between 7842-7910
2- Supports between 7818-7850
1- Resistances between 8008-8030
2- Resistances between 7975-7991
3- Resistances between 7955-7972
Although Nifty closed within 1st supports range but both higher levels selling and lower levels buying seen in last 10 sessions therefore Nifty will prepare for next big moves within and near about this range for next decisive moves and sustaining beyond last 10 Sessions trading range(7818-8030) should be firstly watched in the coming week for next big trend confirmations.
Nifty-Intra Day Chart (10-Oct-2014):-
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| Just click on chart for its enlarged view |
1- Whole day high Volitility.
2- Up moves in Bearish Rising Channel
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 7848-7924
Conclusions from intra day chart analysis
Whole day both Bullish and Bearish patterns formations with no specific position formations therefore valid break out of today trading range should be watched because technical positions reverses in whole day such high volatility which was seen on 10-10-2014
Conclusions (After Putting All Studies Together)
Short Term Correction continuation since 08-09-2014 but last 10 Sessions sideways trading between 7818-8030 and valid break out of this range will decide the fate of on going correction. Sustaining below 7818 will mean Intermediate Term Trend turning down confirmation and that will mean deeper correction towards 200 Day EMA(today at 7230). Sustaining above 8030 will be 1st strong indication of correction completion.
Finally sustaining beyond 7817-8030 should be watched in next week for next big moves confirmations..
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