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Nifty-Micro Analysis of Intra Day Chart(11-04-2011)
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Intraday Charts showed selling patterns whole day. Weak market was told in all the yesterday outlooks and also told immediately after opening in Post-open and Mid-session Outlooks.
Micro-Analysis of previous Week Intra Day Chart was posted with clearly showing intra day selling ranges. Follow up selling today is indicating more down moves in the coming sessions.
Pre-closing(11-04-2011)
As per News channels Japan has taken back tsunami warning
Although Indian markets are technically weak but panic selling due to this news can not be advised.
Traders usually sells after such news and big players sometimes buy and cover their shorts therefore no panic selling and just wait and understand technical positions and fresh shorting should be done after fresh distribution patterns.
7.1 magnitude quake hits Japan, tsunami warning issued
SENDAI, JAPAN: A magnitude-7.1 aftershock has rattled Japan on the one-month anniversary of a massive earthquake that spawned a deadly tsunami.
The epicentre is close to the nuclear plant crippled by the tsunami a month ago. The US geological survey said the 7.1 magnitude onshore quake hit with a depth of just 10 kilometres (six miles), its epicentre 86 kilometres south-southeast of Fukushima city.
Japan's meteorological agency issued a tsunami warning saying a one-metre (three feet) wave could hit Ibaraki prefecture, the area worst hit by last month's massive tsunami.
A wave half a metre high was expected in Fukushima prefecture.
Narita airport temporarily closed a runway following the quake for safety checks.
The epicentre is close to the nuclear plant crippled by the tsunami a month ago. The US geological survey said the 7.1 magnitude onshore quake hit with a depth of just 10 kilometres (six miles), its epicentre 86 kilometres south-southeast of Fukushima city.
Japan's meteorological agency issued a tsunami warning saying a one-metre (three feet) wave could hit Ibaraki prefecture, the area worst hit by last month's massive tsunami.
A wave half a metre high was expected in Fukushima prefecture.
Narita airport temporarily closed a runway following the quake for safety checks.
Mid-session Outlook(11-04-2011)
Micro-Analysis of today first hour Intra Day charts suggested selling patterns therefore weak market for told in Pre-open Outlook before the declaration of declining IIP Data. I told for Weak market when all the Business News Channels were telling for positive IIP above 5.2%.
Although sharp surge seen but no signs of consolidation and distribution paterns seen therefore more weakness expected.
Although sharp surge seen but no signs of consolidation and distribution paterns seen therefore more weakness expected.
Post-open Outlook(11-04-2011)
Gap down opening today and negative zone trading after opening today. Weak market expected today. Market trend and technicals have already been explained in 7 topics..posted in last 3 days.
Firstly Correction and then Consolidation Before Decisive Rally
Weekly Analysis-11-04-2011 to 15-04-2011
5911 target was given and after its achieving correction possibility was told daily in previous week because indicators were overbought and sentiment was heated therefore correction was technical requirement and it started in previous week.
All trends are up,Wave-5 is on and corrective Sub Wave-F is on after Sub Wave-E fast 596 points gains in 13 sessions. Nifty traded most of the time between 5855-5945 in previous week and weekly range broken down in last hours on 08-04-2011. As weekly range was broken down in previous week therefore deeper correction possiblity turned higher and confirmation will be sustaining below 5855 in the begining of coming week.
1- Waves Structure-chart:-
2- Sub Wave-F is on- chart:-
3- Micro-Analysis of previous Week Intra Day Chart(Weekly Trading Range 5855-5945 and its Breaking Down Chart):-
Conclusions (After Putting All Studies Together)
Micro-Analysis of previous week intraday chart is confirming distribution in previous week and breaking down of weekly trading rahge is also clear from last Friday intraday chart Micro-Analysis. It is confirmation of correction and its continuation will be seen in the coming week.
Nifty traded most time between 5855-5945 in previous week and sustaining below 5855 will rule out the possibility of range bound correction and in that situation deeper correction will be seen according to Fibonacci Retracement Levels
Weekly indicators are showing begining and continuation of upmoves while daily indicators are overbought and showing begining of correction. Firstly Daily indicators will cool down and after that rally will resume after last week begun correction completion.
Weekly MACD upward intersection of Average Line is crucial development and confirmation of strong rally after last week correction completion.
Fibonacci Retracement Levels should be watched after sustaining below 5855 and as per my view following levels should be watched specially for correction completion confirmation:-
1- 5762
2- 5651
3- 5561
Finally strong rally expected but before that correction will be seen. Market require complete consolidation after last week selling and until that will not happen till then fresh up move will not start. Let correction complete then up move will be considered. Slipping expected in the begining of week, Correction will take its own time in its process and its completion not expected in the coming week.
If Nifty sustains below 5855 then deeper down moves and Red weekly closing will be seen
5911 target was given and after its achieving correction possibility was told daily in previous week because indicators were overbought and sentiment was heated therefore correction was technical requirement and it started in previous week.
All trends are up,Wave-5 is on and corrective Sub Wave-F is on after Sub Wave-E fast 596 points gains in 13 sessions. Nifty traded most of the time between 5855-5945 in previous week and weekly range broken down in last hours on 08-04-2011. As weekly range was broken down in previous week therefore deeper correction possiblity turned higher and confirmation will be sustaining below 5855 in the begining of coming week.
1- Waves Structure-chart:-
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Micro-Analysis of previous week intraday chart is confirming distribution in previous week and breaking down of weekly trading rahge is also clear from last Friday intraday chart Micro-Analysis. It is confirmation of correction and its continuation will be seen in the coming week.
Nifty traded most time between 5855-5945 in previous week and sustaining below 5855 will rule out the possibility of range bound correction and in that situation deeper correction will be seen according to Fibonacci Retracement Levels
Weekly indicators are showing begining and continuation of upmoves while daily indicators are overbought and showing begining of correction. Firstly Daily indicators will cool down and after that rally will resume after last week begun correction completion.
Weekly MACD upward intersection of Average Line is crucial development and confirmation of strong rally after last week correction completion.
Fibonacci Retracement Levels should be watched after sustaining below 5855 and as per my view following levels should be watched specially for correction completion confirmation:-
1- 5762
2- 5651
3- 5561
Finally strong rally expected but before that correction will be seen. Market require complete consolidation after last week selling and until that will not happen till then fresh up move will not start. Let correction complete then up move will be considered. Slipping expected in the begining of week, Correction will take its own time in its process and its completion not expected in the coming week.
If Nifty sustains below 5855 then deeper down moves and Red weekly closing will be seen
Micro-Analysis of previous Week Intra Day Chart(04-Apr to 08-Apr-2011)
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Following selling conclusions from Previous week intraday chart Micro-Analysis
1- Last 4 days selling at higher levels.
2- Lower top and lower bottom formations.
3- Whole week trading Range between 5855-5945
4- Weekly range breaking down in last hours on 08-04-2011
Post-closing Report(08-04-2011) & Monday Outlook
Fresh selling between 5857-5870
3 days range(5855-5945) broken down
New weekly low formation.
Closing near weekly lows
Ratios:
Nifty Put Call Ratio: 1.06
Nifty P/E Ratio: 22.18
Advances & Declines:
BSE ADVANCES : 1000
BSE DECLINES : 1966
NSE ADVANCES : 335
NSE DECLINES : 1092
Nifty Open Interest Changed Today:-
Nifty- 5800 CE(28APR2011)- +447550(+10.62%)
Nifty- 5800 PE(28APR2011)- +49450(+/+0.87%)
Nifty- 5900 CE(28APR2011)- +383250(+6.37%)
Nifty- 5900 PE(28APR2011)- -425450(-11.37%)
Closing :-
Nifty- closed at 5,842.00(-43.70 Points & -0.74%)
Sensex- closed at 19,451.45(-139.73 Points & -0.71%% )
CNX MIDCAP - closed at 8,288.30(-130.75 Points & -1.55%)
BSE SMALL CAP- closed at 8,772.55(-124.64 Points & -1.40%)
Nifty Intra Day Chart of Today:-
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Correction is confirm market is prepared for some more down moves. Expected that Nifty will move below 5800 and short term trend will also be down. Market slipped without force on 08-04-2011 therefore early correction completion may be expected but complete consolidation is required for any rally.
5855 will be watched and sustaining below will mean deeper corrction and its possibility can not be ruled out.
Weekly Indicators and Averages Analysis
Weekly Indicators and Averages Analysis Chart:-
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1-Averages- All(5,21,34,55) the shorter term weekly averages are above longer term weekly averages and Nifty is above all.It is Bullish market confirmation.
2-Bollinger Band- Nifty is in the middle of band little above middle line and indicating possibility of more up moves.
3- MACD- Most important development this week that MACD line intersected Average line up side and given confirmation to rally. Weekly MACD cross over gives confirmation to long trend therefore strong confirmation to up trend.
4-ROC- moved above equalibrium line and given up moves confirmations.
5-RSI- moved above equalibrium line and given up moves confirmations.
6-Slow Stochastic- Both lines in overbought zone but tend to remin in overbought area for a longer period and until other indicators does not gives downward confirmation till then will remain in overbought zone.
7-William %R- is below overbought zone,moving upward and showing more upmoves possibility.
Conclusion
Weekly indicators are showing begining and continuation of upmoves while daily indicators are overbought and showing begining of correction. Firstly Daily indicators will cool down and after that rally will resume after last week begun correction completion.
Daily Indicators and Averages Analysis
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Long Term and Intermediate term trends are up and very short term trend is down.
Conclusions from Daily Indicators and Averages Analysis
1-Averages- All(8,21,55,200) the shorter term averages are above longer term averages and Nifty is above all.It is Bullish market confirmation.
2-Bollinger Band- Upper Band moved up with Nifty rally and gap between both bands expanded. Squeeezing of both bands is technical requirement. It is the nature of Bollinger band that price tends to return to the middle of the bands and Nifty retracement toward the middle of Band is possible which is near 5700.
3-MACD- MACD Line is above Average Line and gap increased in both lines therefore convergance in both lines is technical requirement. Nifty down move has begun in previous week and more down move is also possible in the process of convergance.
4-ROC- is retracing and equalibrium line testing possibility can not be rules out in correction process.
5-RSI- is retracing from overbought zone and equalibrium line testing possibility can not be rules out in correction process.
6-Slow Stochastic- very short term fast moving indicator and both lines have started to move down from overbought zone and indicating more down moves
7-William %R- very short term fast moving indicator and in overbought zone. It has tendency to remin overbought. As other indicators are also indicating correction therefore its dipping from overbought can not be ruled out.
Conclusion
Correction begun in previous week and insicators are suggesting its continuation in the coming week
Weekly MACD upward intersection & Weekly Gravestone Doji Candle
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Weekly MACD upward intersected Average Line in previous week after 19-11-2011 and given positive moves strong indication but on the other hand 'Gravestone Doji Candle'(Bearish) formation in previous week
Weekly MACD:- 3rd wave which begun on 13-07-2009 from 3919, terminated at 6338 on 05-11-2010 and 4th corrective wave begun which terminated at 5177 on 11-02-2011. Weekly MACD upward intersection Average Line in previous week is 4th corrective wave termination and 5th impulsive wave begining confirmation.
Gravestone Doji:- 5th impulsive wave begun on 11-02-2011 from 5177 and faced resistance at 5944 in previous week. Gravestone Doji weekly Candle in previous week is Short term correction begining confirmation of 1st leg of 5th wave.
Conclusion
Nifty will first correct 1st leg of 5th wave(5177-5944) according to Fibonacci Retracement levels in the coming week and then rally will begun to test levels above 6120.
Fibonacci Retracement Levels
Rally begun on 11-02-2011 from 5177
Correction of this rally begun on 06-04-2011 from 5944
Fibonacci Retracement Levels of on going correction are as follows:-
13.0%- 5844
23.6%- 5762
27.0%- 5736
38.2%- 5651
50.0%- 5560
61.8%- 5469
70.7%- 5401
76.4%- 5358
78.6%- 5341
88.6%- 5264
Correction of this rally begun on 06-04-2011 from 5944
Fibonacci Retracement Levels of on going correction are as follows:-
13.0%- 5844
23.6%- 5762
27.0%- 5736
38.2%- 5651
50.0%- 5560
61.8%- 5469
70.7%- 5401
76.4%- 5358
78.6%- 5341
88.6%- 5264
Micro-Analysis of Nifty Intra Day Charts(08-04-2011)
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1- Selling between 5855-5875
2- Down Move in Falling Channel
3- Slow Down Move without Force
4- Intra day last hour consolidation between 5823-5842
Last 3 days range broken down after intraday selling but breaking down is without force in falling channel and last hour intra day consolidation seen between 5823-5842.
Conclusion
Correction is confirm on but breaking down move was without force therefore it is an indication of early correction completion but market require confirmations. Firstly complete consolidation and then crossing of immediate resistance will be first corretion completion confirmation.
Nifty Spot-Levels & Trading Strategy for 11-04-2011
R3 6008
R2 5967
R1 5904
Avg 5863
S1 5800
S2 5759
S3 5696
Nifty Spot-Trading Strategy
H6 5946 Trgt 2
H5 5922 Trgt 1
H4 5899 Long breakout
H3 5870 Go Short
H2 5861
H1 5851
L1 5832
L2 5822
L3 5813 Long
L4 5784 Short Breakout
L5 5761 Trgt 1
L6 5737 Trgt 2
Nifty(Apr Fut)-Levels & Trading Strategy for 11-04-2011
R3 6006
R2 5966
R1 5910
Avg 5870
S1 5814
S2 5774
S3 5718
Nifty(Apr Fut)-Trading Strategy
H6 5950 Trgt 2
H5 5928 Trgt 1
H4 5906 Long breakout
H3 5880 Go Short
H2 5871
H1 5862
L1 5845
L2 5836
L3 5827 Long
L4 5801 Short Breakout
L5 5779 Trgt 1
L6 5757 Trgt 2
Bank Nifty(Apr Fut)-Levels & Trading Strategy for 11-04-2011
R3 12069
R2 11979
R1 11845
Avg 11755
S1 11621
S2 11531
S3 11397
Bank Nifty(Apr Fut)-Trading Strategy
H6 11935 Trgt 2
H5 11885 Trgt 1
H4 11834 Long breakout
H3 11772 Go Short
H2 11752
H1 11731
L1 11690
L2 11669
L3 11649 Long
L4 11587 Short Breakout
L5 11536 Trgt 1
L6 11486 Trgt 2
Nifty Spot-Weekly Levels & Trading Strategy(11 Apr to 15-04-2011)
R3 6038
R2 5991
R1 5916
Avg 5869
S1 5794
S2 5747
S3 5672
Nifty Spot-Weekly Trading Strategy
H6 5964 Trgt 2
H5 5936 Trgt 1
H4 5909 Long breakout
H3 5875 Go Short
H2 5864
H1 5853
L1 5830
L2 5819
L3 5808 Long
L4 5774 Short Breakout
L5 5747 Trgt 1
L6 5719 Trgt 2
FII & DII trading activity in Capital Market Segment on 08-Apr-2011
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