Pre-Open Market Outlook(28-10-2010)
EOD charts are showing following bearish formations:-
1-ABC Correction is on and its minimum target at 5849.
2-Head and Shoulders formations indications.
3-Slipping of markets after 2/3 days narrow range moves
Next Supports are:-
1-5985-6030
2-5932-5985
Nifty traded about last 2 hours within 5985-6030 yesterday with intraday charts selling patterns in depressed sentiments. 5985-6030 is strong support and more selling requires in the coming sessions to break it. Very short term indicators are oversold and sentiment depressed therefore minor pull back rally possibility also can not be ruled out.
As good support therefore next trend decider is 5985-6030 and its breaking down will mean 5932 also not be saved. As pressure is clear at higher levels in Daily charts therefore deeper correction is also possible in breaking down situations.
Flat opening and firstly trading within 5985-6030 expected and Nifty will prepare within this range for next moves. Clear break out of this range is must for next big move confirmations. As more preperations are required for any side break out therefore coming sessions intraday charts formations will be next trend decider and final view will be formed accordingly.
(Lalit Kumar Dhingra)
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Mid-Session Outlook(27-10-2010)
Indian markets are outperforming global cues today morning.
Dow's futures is trading 45 points down.
Hangsang is 1.6% down
SSE(China) is 0.42% down
STI is 0.7% down
As Nifty is .36% down and outperforming therefore View is cautiously bearish
Dow's futures is trading 45 points down.
Hangsang is 1.6% down
SSE(China) is 0.42% down
STI is 0.7% down
As Nifty is .36% down and outperforming therefore View is cautiously bearish
NIFTY-OCT F&O-1ST SHORTING TRADE OF 26-10-2010-COVERING
NIFTY OCT F & O(SHORTED ON 26-10-2010)-COVER AND BOOK PROFIT IMMEDIATELY-CMP-6088(WE MAY SHORT AGAIN BUT FIRST COVER)
ABC correction & minimum target is 5849
Pre-Open Market Outlook(27-10-2010)
I told following lines near 8 pm on Monday for Tuesday market:-
1- Dow is trading more than 100 points up at this moment and Opening may be positive but Nifty will not sustain above 6145 and finally dip below 6100 in the coming couple of sessions.
2- Whatsoever may be global cues Tuesday morning but Nifty will not be able to cross Monday range and will slip below 6100 and will first test levels near 6060 in the coming sessions.
Nifty slipped below 6100 after selling patterns and closed below Monday range at 6082 yesterday. Last 3 sessions trading range is 6000-6145 and genuine selling patterns seen at higher levels within 6090-6145. Last 6 days trading range is 5985-6145 and within this range good buying within 5985-6030 also. Today expected trading range is 6030-6090 and after last 3 days selling at higher levels 6030 testing can not be ruled out in comming couple of sessions.
Daily Chart is suggesting ABC correction formations which minimum target is at 5849 and its calculation is shown in attached EOD chart.Except this following levels may also be correction completion points and testing possibility can not be ruled out:-
1- 55 Day EMA is at 5859 today.
2- 50.0% Fibonacci Retracement level- 5816
(Just click on the chart to magnifty it)
If Nifty sustains below 5932 then intermediate term trend will be down but there is strong support range(5985-6030) is between 6090 and 5932 and if follow up selling develop today then 6030 testing is confirm within next 2 days. As correction started after Rising Wedge reversal pattern therefore 5849 is also posible after ABC correction indaications.
Strong Asian markets are not expected today morning therefore flat to weak opening is possible today and also expected that Nifty will finally sustain below 6090 and will test minimum 6030 in the coming couple of sessions.
I told following lines near 8 pm on Monday for Tuesday market:-
1- Dow is trading more than 100 points up at this moment and Opening may be positive but Nifty will not sustain above 6145 and finally dip below 6100 in the coming couple of sessions.
2- Whatsoever may be global cues Tuesday morning but Nifty will not be able to cross Monday range and will slip below 6100 and will first test levels near 6060 in the coming sessions.
Nifty slipped below 6100 after selling patterns and closed below Monday range at 6082 yesterday. Last 3 sessions trading range is 6000-6145 and genuine selling patterns seen at higher levels within 6090-6145. Last 6 days trading range is 5985-6145 and within this range good buying within 5985-6030 also. Today expected trading range is 6030-6090 and after last 3 days selling at higher levels 6030 testing can not be ruled out in comming couple of sessions.
Daily Chart is suggesting ABC correction formations which minimum target is at 5849 and its calculation is shown in attached EOD chart.Except this following levels may also be correction completion points and testing possibility can not be ruled out:-
1- 55 Day EMA is at 5859 today.
2- 50.0% Fibonacci Retracement level- 5816
If Nifty sustains below 5932 then intermediate term trend will be down but there is strong support range(5985-6030) is between 6090 and 5932 and if follow up selling develop today then 6030 testing is confirm within next 2 days. As correction started after Rising Wedge reversal pattern therefore 5849 is also posible after ABC correction indaications.
Strong Asian markets are not expected today morning therefore flat to weak opening is possible today and also expected that Nifty will finally sustain below 6090 and will test minimum 6030 in the coming couple of sessions.
NIFTY-OCT F&O-1ST SHORTING TRADE OF 26-10-2010-TRADE
NIFTY(OCT FUT-SELL-POSITIONAL)SL-6134-TGT-6064-CMP-6116
NIFTY(OCT PUT OPTION-BUY-POSITIONAL)-S.P.FOR PUT-6100,6200-NIFTY(OCT FUT)-RATES ARE FOR SL-6134-TGT-6064 FOR ALL OPTIONS-CMP-6116
NIFTY(OCT PUT OPTION-BUY-POSITIONAL)-S.P.FOR PUT-6100,6200-NIFTY(OCT FUT)-RATES ARE FOR SL-6134-TGT-6064 FOR ALL OPTIONS-CMP-6116
NIFTY-OCT F&O-1ST SHORTING TRADE OF 25-10-2010-COVERING
NIFTY OCT F & O(SHORTED ON 25-10-2010)-COVER IMMEDIATELY-CMP-6118(WE MAY SHORT AGAIN BUT FIRST COVER)
NIFTY-OCT F&O-1ST SHORTING TRADE OF 25-10-2010- MESSAGE
NIFTY OCT F & O(SHORTED ON 25-10-2010)-PLEASE DO NOT COVER AT TARGET & WAIT FOR MY COVERING MESSAGE
Pre-Open Market Outlook(26-10-2010)
Nifty crossed Friday resistance but could not crossed complete resistance range(6110-6145) after profit booking within 6125-6145 yesterday. Genuine selling was seen yesterday within 6110-6145. This range was already previous resistance range and genuine selling was seen exactly within this range yesterday therefore this range and this resistance has become become stronger.
Dow is trading more than 100 points up at this moment and Opening may be positive but Nifty will not sustain above 6145 and finally dip below 6100 in the coming couple of sessions.
Whatsoever may be global cues Tuesday morning but Nifty will not be able to cross Monday range and will slip below 6100 and will first test levels near 6060 in the coming sessions.
Dow is trading more than 100 points up at this moment and Opening may be positive but Nifty will not sustain above 6145 and finally dip below 6100 in the coming couple of sessions.
Whatsoever may be global cues Tuesday morning but Nifty will not be able to cross Monday range and will slip below 6100 and will first test levels near 6060 in the coming sessions.
NIFTY-OCT F&O-1ST SHORTING TRADE OF 25-10-2010-TRADE
NIFTY(OCT FUT-SELL-STBT)SL-6184-TGT-6084-CMP-6142
NIFTY(OCT PUT OPTION-BUY-STBT)-S.P.FOR PUT-6100,6200-NIFTY(OCT FUT)-RATES ARE FOR SL-6184-TGT-6084 FOR ALL OPTIONS-CMP-6142
NIFTY(OCT PUT OPTION-BUY-STBT)-S.P.FOR PUT-6100,6200-NIFTY(OCT FUT)-RATES ARE FOR SL-6184-TGT-6084 FOR ALL OPTIONS-CMP-6142
Mid-Session Outlook-2(25-10-2010)
As turned sentiment heated today morning therefore profit booking seen between 6125-6145 today. This range has developed as minor resistance. As I told today that if follow up buying develop then higher levels will be seen but profit booking seen at higher levels. Fresh consolidation required between 6090-6145 for crossing 6145 which is minor resistance at present.
Mid-Session Outlook(25-10-2010)
I expressed only positive moves expectations in today Pre-Open and Post-Open Outlooks and sharp up move seen after positive opening today.Although little intraday correction may be seen but positive closing and strong market expected today.Repeating again following lines of today Pre-Open Outlook:-
"if follow up buying is seen today then firstly upmoves will be seen to test levels near 6220"
"if follow up buying is seen today then firstly upmoves will be seen to test levels near 6220"
Post-Open Outlook(25-10-2010)
It was already told in Pre-Open Outlook for positive Asian markets and positive opening of Indian markets in mid night yesterday. Nifty trading near 6100 and crossing as well as sustaining above 6120 will be strong up move confiirmation.
Pre-Open Market Outlook(25-10-2010)
Although Indian markets slipped from higher levels last Friday but got support at lower levels(6040-6050) and whole day Nifty trading patterns are showing consolidations not distributions also. Strong supports below 6030 and today after yesterday lower levels support if follow up buying is seen today then firstly upmoves will be seen to test levels near 6220.
Positive Asian markets expected Monday morning and also expected that Indian markets will open in Green and Nifty will trade first in positive zone and first trading range will be 6050-6100. Intraday charts within this range will decide next moves and break out of this range will give next moves confirmations.
Let confirmations come from intraday charts formations then I shall post break out direction accordingly in Mid-session outlook.
Positive Asian markets expected Monday morning and also expected that Indian markets will open in Green and Nifty will trade first in positive zone and first trading range will be 6050-6100. Intraday charts within this range will decide next moves and break out of this range will give next moves confirmations.
Let confirmations come from intraday charts formations then I shall post break out direction accordingly in Mid-session outlook.
Range Bound Market & Confirmations are Must
Weekly Analysis-25 OCT to 29 OCT 2010
Last week Candle is Bullish Hammer after lower levels buying while before last week candle was Shooting Star/Gravestone Doji Bearish after higher levels selling.
Supports and Resistances of last 16 sessions are as follows:-
1- Strong support within 5985-6030
2- 1st Resistance Range is- 6110-6145
2- 2nd Resistance Range is- 6160-6180
4- 3rd and Last Resistance Range is- 6220-6245
1- Support & Resistanced Chart:-
Market is trapped within strong supports at lower levels and strong resistances at higher levels and has entered into Range bound mode within 5932-6284 and will prepare for next moves within this range. 6040-6145 is 1st trading range of next week.Supports within range are 6040-6060 and below it strong support range is 5932-6030. Resistance range within this range is 6100-6140 but above is resistances are not strong and only last resistance range 6220-6245 is little stronger.
Correction started after Rising Wedge formations and Coming week will decide that the correction has finished after Bullish Hammer formation last week or not. On going month is Quarterly Results month and it is the trend that achual results season starts from INFY results and finish after RIL results. This has to be kept in mind that this week is derivatives expiery week and RIL results will be declared on 30 OCT 2010(Saturday),market is indecisive mode and will prepare whole week within 5932-6245 for real moves in next month.
Bearish Rising Wedge and Bullish Flag Formations in last 21 sessions:- EOD chart has clearly shown Bearish Rising Wedge and last 6 sessions are showing Bullish Flag Formations.Rising Wedge implications has been written in last week and I am showing with proofs Bullish Flag implications from my following topic in my forums and Blog:-
NIFTY NEXT TARGET IS 6000
Weekly Analysis-05 Jul to 09 Jul 2010
When previous closing was at 5237 then I told following lines in this topic which name was "NIFTY NEXT TARGET IS 6000":-
1- Nifty will shoot up like bullet after crossing 5450 because no resistance upto 6000(In Technical View-3)
2- A Flag(Bullish) follows a steep nearly vertical rise( In Flag Formations in Daily Chart:-)
All very well remember sharp rise within 5500-6000 in last month and my projections for sharp surge and Bullish Flag can also verified in any of my forum and Blog.
2- Rising Wedge and Flag Formations Chart:-
Conclusions:- Coming week will first trade within 6040-6145 and will give first indication that correction has been completed in last week or not. It is obvious that crossing 5140 will mean correction complete and very much chances of testing last resistance range(6220-6245). Breaking of 6045 will mean testing possibility of 5932 but supports below 6030 are strong therefore complete selling formations are required to test 5932.
Firstly from intraday charts and after ward from forceful break out of 5932-5245 will give next moves confirmations. Markets takes its complete time within ranges for preparing of next moves and let it complete its process then final view will be formed accordingly. In the end 2 cautions for range bound moves:-
1- Sentiments remains at peak at the top or at the bottom of range and keep in mind also that market may reverse also from here therefore trade with patience at those points.
2- Forceful break out is must for range break out confirmations.
Last week Candle is Bullish Hammer after lower levels buying while before last week candle was Shooting Star/Gravestone Doji Bearish after higher levels selling.
Supports and Resistances of last 16 sessions are as follows:-
1- Strong support within 5985-6030
2- 1st Resistance Range is- 6110-6145
2- 2nd Resistance Range is- 6160-6180
4- 3rd and Last Resistance Range is- 6220-6245
1- Support & Resistanced Chart:-
Market is trapped within strong supports at lower levels and strong resistances at higher levels and has entered into Range bound mode within 5932-6284 and will prepare for next moves within this range. 6040-6145 is 1st trading range of next week.Supports within range are 6040-6060 and below it strong support range is 5932-6030. Resistance range within this range is 6100-6140 but above is resistances are not strong and only last resistance range 6220-6245 is little stronger.
Correction started after Rising Wedge formations and Coming week will decide that the correction has finished after Bullish Hammer formation last week or not. On going month is Quarterly Results month and it is the trend that achual results season starts from INFY results and finish after RIL results. This has to be kept in mind that this week is derivatives expiery week and RIL results will be declared on 30 OCT 2010(Saturday),market is indecisive mode and will prepare whole week within 5932-6245 for real moves in next month.
Bearish Rising Wedge and Bullish Flag Formations in last 21 sessions:- EOD chart has clearly shown Bearish Rising Wedge and last 6 sessions are showing Bullish Flag Formations.Rising Wedge implications has been written in last week and I am showing with proofs Bullish Flag implications from my following topic in my forums and Blog:-
NIFTY NEXT TARGET IS 6000
Weekly Analysis-05 Jul to 09 Jul 2010
When previous closing was at 5237 then I told following lines in this topic which name was "NIFTY NEXT TARGET IS 6000":-
1- Nifty will shoot up like bullet after crossing 5450 because no resistance upto 6000(In Technical View-3)
2- A Flag(Bullish) follows a steep nearly vertical rise( In Flag Formations in Daily Chart:-)
All very well remember sharp rise within 5500-6000 in last month and my projections for sharp surge and Bullish Flag can also verified in any of my forum and Blog.
2- Rising Wedge and Flag Formations Chart:-
Conclusions:- Coming week will first trade within 6040-6145 and will give first indication that correction has been completed in last week or not. It is obvious that crossing 5140 will mean correction complete and very much chances of testing last resistance range(6220-6245). Breaking of 6045 will mean testing possibility of 5932 but supports below 6030 are strong therefore complete selling formations are required to test 5932.
Firstly from intraday charts and after ward from forceful break out of 5932-5245 will give next moves confirmations. Markets takes its complete time within ranges for preparing of next moves and let it complete its process then final view will be formed accordingly. In the end 2 cautions for range bound moves:-
1- Sentiments remains at peak at the top or at the bottom of range and keep in mind also that market may reverse also from here therefore trade with patience at those points.
2- Forceful break out is must for range break out confirmations.
Last 10 days Supports & Resistances
Supports and Resistances:-
1- Strong support within 5985-6030
2- 1st Resistance Range is- 6110-6145
2- 2nd Resistance Range is- 6160-6180
4- 3rd and Last Resistance Range is- 6220-6245
1- Strong support within 5985-6030
2- 1st Resistance Range is- 6110-6145
2- 2nd Resistance Range is- 6160-6180
4- 3rd and Last Resistance Range is- 6220-6245
MARKET RANGE BOUND
Pre-Open Market Outlook(22-10-2010)
I told following lines yesterday.As relevant therefore repeating today:-
"next trend preperations range will be 6030-6110"
Nifty traded within mentioned range after break out and retraced from 6113.5 to 6092 in last 20 minutes after suggesting last 2 hours selling patterns within 6080-6113 yesterday. Resistance ranges are as follows:-
1- 6080-6113(Minor resistance range)
2- 6110-6120(Minor resistance range)
3- 6110-6160(Resistance)
4- 6220-6245(Last Resistance)
Support are as follows:-
1- 5985-6030
2- 5932-5985
Yesterday upmove started after improved inflation data release. On going month is quarterly results month therefore any sharp surge like yesterday is very much possible after any good news or in expectation of a good news. Resistances at higher levels are stronger and consolidation is required after rise. Although good selling at higher levels but supports within 5932-6030 are also strong and complete disfribution patterns are required to break supports also.
All trends are up,Wave 3 is on and its minimum target is 6359 as well as Correction has been started from 6284 and 6359 will cross after completion of correction. As Good supports aT lower levels and Good resistance are AT higher levels therefore complete distribution patterns are required to cross 5932 and complete consolidation required to cross 6284.
Correction is on and only it has to be decided that:-
1- Correction will be deeper below 5932 after fresh selling or
2- correction will complete within range bound moves(5985-6284) after fresh consolidations.
Today follow up selling or buying will give 1st indication of any of above possibility.
Sentiment may be heated today and next resistance range is 6110-6160 and if Nifty sustains above 6160 after fresh consolidation today then it will be strong indication of testing next resistance range. If Nifty does not sustain above 6160 and dip below 6080 after profit booking then levels near 6030 will be expected.
Market is not trending and in Range bound mode within supports and resistances therefore next moves will be decided according to immediate intraday moves and intraday charts formations and will be posted accordingly.
I told following lines yesterday.As relevant therefore repeating today:-
"next trend preperations range will be 6030-6110"
Nifty traded within mentioned range after break out and retraced from 6113.5 to 6092 in last 20 minutes after suggesting last 2 hours selling patterns within 6080-6113 yesterday. Resistance ranges are as follows:-
1- 6080-6113(Minor resistance range)
2- 6110-6120(Minor resistance range)
3- 6110-6160(Resistance)
4- 6220-6245(Last Resistance)
Support are as follows:-
1- 5985-6030
2- 5932-5985
Yesterday upmove started after improved inflation data release. On going month is quarterly results month therefore any sharp surge like yesterday is very much possible after any good news or in expectation of a good news. Resistances at higher levels are stronger and consolidation is required after rise. Although good selling at higher levels but supports within 5932-6030 are also strong and complete disfribution patterns are required to break supports also.
All trends are up,Wave 3 is on and its minimum target is 6359 as well as Correction has been started from 6284 and 6359 will cross after completion of correction. As Good supports aT lower levels and Good resistance are AT higher levels therefore complete distribution patterns are required to cross 5932 and complete consolidation required to cross 6284.
Correction is on and only it has to be decided that:-
1- Correction will be deeper below 5932 after fresh selling or
2- correction will complete within range bound moves(5985-6284) after fresh consolidations.
Today follow up selling or buying will give 1st indication of any of above possibility.
Sentiment may be heated today and next resistance range is 6110-6160 and if Nifty sustains above 6160 after fresh consolidation today then it will be strong indication of testing next resistance range. If Nifty does not sustain above 6160 and dip below 6080 after profit booking then levels near 6030 will be expected.
Market is not trending and in Range bound mode within supports and resistances therefore next moves will be decided according to immediate intraday moves and intraday charts formations and will be posted accordingly.
Mid-Session Outlook(21-10-2010)
I was telling about the possibility of that up move since yesterday opening which is being seen now. Sharp rally above 6030 and its crossing 6100/6120 will mean levels near 6160/6200.
Post-Open Outlook(21-10-2010)
Opening Positive and next move preperation range for today is 5980-6030. Mentioned range break out implications has been defined in Pre-Open Outlook. Let market prepare and finally next moves as well as today closing should be decided according to mentioned range break out.
Pre-Open Market Outlook(21-10-2010)
1- sustaining below 5985 is must for down move confirmations:- 5932-6000 is support range and if Nifty sustains below 5985 then next support is 5932 and sustaining below it will mean intermediate term trend turning down.
2- Sustaining above 6030 will be confirmations of yesterday consolidations:- It will mean range bound Indian markets within 6030-6110 because:-
1- Support within 5932-6030
2- Resistance within 6110-6245
In this situation next trend preperations range will be 6030-6110 and firstly from intraday charts within mentioned range will decide its break out direction and secondly following levels will decide next trend:-
1- Firstly 6160 then 6245 crossing will cofirm new top of the rally formation.
2- Firstly 5985 then 5932 srossing will confirm intermedate term trend turning down.
My view was bearish but My view changed immediately after watching yesterday opening and I posted my changed views and intraday charts consolidation view in all my Forums and Blog well in advance yesterday. I clearly mean to say that I am not telling for up moves after watching strong US markets but I told it during trading hours yesterday.
Positive opening to positive closing market expeccted today.
Nifty Spot- Trading Levels(21-10-2010)
6100- 3rd Resistance
6069- 2nd Resistance and sustaining above 6030 will mean its testing possibility.
6025- 1st Resistance and higher level of today expected 1st range
5992- 1st Support and lower level of today expected 1st range
5950- 2nd Support and testing not expected today
5925- 3rd Support
6069- 2nd Resistance and sustaining above 6030 will mean its testing possibility.
6025- 1st Resistance and higher level of today expected 1st range
5992- 1st Support and lower level of today expected 1st range
5950- 2nd Support and testing not expected today
5925- 3rd Support
Mid-Session Outlook-2(20-10-2010)
Nifty sustaining above 5985 since morning and its holding will mean double bottom formations and that stands for stronger support. I would like add here that today intraday charts are showing consolidation formations also.
Until Nifty does not dip below 5985 till then view will not be bearish.
Until Nifty does not dip below 5985 till then view will not be bearish.
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