Weak opening and first half hour intraday charts selling patterns.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Pre-open Outlook(23-05-2011)
Technical Positions,today Outlook and next possibilities have already been posted in following topic with 1 Chart therefore not repeated today:-
"Weekly Outlook(May 23 to May 27,2011)"
Dow's Futures is more than 80 points down today and US markets closed weak last Friday therefore sentiment is depressed and all the Asian markets are in deep Red today morning. Indian markets are already range bound with strong support between 5402-5431 and good selling at higher levels also therefore weak opening and firstly trading between 5420-5460 expected.
Most of the time Red zone trading expected and Red closing may also be seen but intraday chart formation of today will decide coming sessions markets. Let Indian markets prepare then next moves will be decided according to today intraday charts patterns.
Weekly Outlook(May 23 to May 27,2011)
Detailed Technical Analysis and Researches have been posted in following 5 topics with EOD and Daily Charts and technical reasons for next moves have been explained:-
1- Nifty-Averages and Indicators Analysis
2- Nifty-Elliot Waves Structure
3- Nifty- Correction in Continuation pattern Pennant Formations
4- Nifty-Micro Analysis of 10 Days Intra Day Chart
5- Nifty-Micro Analysis of Intra Day Chart(20-05-2011)
Conclusions (After Putting All Studies Together)
Nifty is sustaining below 50(5619) and 200 DaY EMA(5616) for the last 14 sessions therefore Intermediate and long term trends are down. Diwali 2010 started correction was in the form of 'ABC' Correction and this correction has been completed at 5177 and after its completion 4th corrective wave has also completed. 5th impulsive wave is on and it is in the form of Rising Trend Line of Pennant but it was broken down last week,Nifty nicely consolidated 4 days below it and after that strong upmove seen last Friday.
Range Bound Market Between 5401-5605 Chart
Nifty is trading between 5401-5605 for the last 14 sessions. Supports and Resistances within this range are as follows;-
1- Support and Base formation between 5402-5431
2- Minor selling between 5505-5517
3- Resistance between 5520-5530
3- Resistance between 5540-5605
Huge selling above this range. Supports below that range are as follows;-
1- 5348
2- 5232
3- 5177
Strong lower levels consolidations in previous week but resistances at higher levels are also equally strong. Indian markets have to prepare for next sustained and decisive moves and it will be done in first couple of sessions within 5444-5500. Indian markets are preparing for next moves between 5401-5605 and sustaining beyond this range will be next moves confirmations. As market is not trending but range bound therefore next trend view will be formed according to coming sessions intraday charts patterns.
As Wave-5 and continuation pattern Pennant are intact therefore upmoves hopes are still alive and also expected that Indian markets will consolidate in the coming sessions and upward break out will be seen in the coming week..
1- Nifty-Averages and Indicators Analysis
2- Nifty-Elliot Waves Structure
3- Nifty- Correction in Continuation pattern Pennant Formations
4- Nifty-Micro Analysis of 10 Days Intra Day Chart
5- Nifty-Micro Analysis of Intra Day Chart(20-05-2011)
Conclusions (After Putting All Studies Together)
Nifty is sustaining below 50(5619) and 200 DaY EMA(5616) for the last 14 sessions therefore Intermediate and long term trends are down. Diwali 2010 started correction was in the form of 'ABC' Correction and this correction has been completed at 5177 and after its completion 4th corrective wave has also completed. 5th impulsive wave is on and it is in the form of Rising Trend Line of Pennant but it was broken down last week,Nifty nicely consolidated 4 days below it and after that strong upmove seen last Friday.
Range Bound Market Between 5401-5605 Chart
 |
| Just click on chart for its enlarged view |
1- Support and Base formation between 5402-5431
2- Minor selling between 5505-5517
3- Resistance between 5520-5530
3- Resistance between 5540-5605
Huge selling above this range. Supports below that range are as follows;-
1- 5348
2- 5232
3- 5177
Strong lower levels consolidations in previous week but resistances at higher levels are also equally strong. Indian markets have to prepare for next sustained and decisive moves and it will be done in first couple of sessions within 5444-5500. Indian markets are preparing for next moves between 5401-5605 and sustaining beyond this range will be next moves confirmations. As market is not trending but range bound therefore next trend view will be formed according to coming sessions intraday charts patterns.
As Wave-5 and continuation pattern Pennant are intact therefore upmoves hopes are still alive and also expected that Indian markets will consolidate in the coming sessions and upward break out will be seen in the coming week..
Nifty-Micro Analysis of Intra Day Chart(20-05-2011)
Nifty-Intra Day Chart(20-05-2011)
Main Features
1- Consolidation patterns between 5452-5490
2- Minor selling between 5505-5517
Conclusions
3 Days base formation between 5402-5431 and then Consolidation patterns between 5452-5490 last Friday but good selling at higher levels also therefore market requires complete preparation for next moves in the coming sessions.
 |
| Just click on chart for its enlarged view |
1- Consolidation patterns between 5452-5490
2- Minor selling between 5505-5517
Conclusions
3 Days base formation between 5402-5431 and then Consolidation patterns between 5452-5490 last Friday but good selling at higher levels also therefore market requires complete preparation for next moves in the coming sessions.
Nifty-Micro Analysis of 10 Days Intra Day Chart
Nifty- 10 Days Intra Day Chart (May 09 to May 20,2011)
Main Features
1- Strong Support between 5402-5431
2- Minor selling between 5505-5517 on 20-05-2011
3- Resistance between 5520-5530
3- Resistance between 5540-5605
Conclusions
Strong support and base formation between 5402-5431 in 3 days and then up move was seen on 20-05-2011 but minor selling also seen between 5505-5517. Next resistance is between 5520-5530 and minor seeling was seen exactly below it last Friday. In this manner now next resistance range is 5505-5530.
Selling at higher levels but strong base formations at crucial levels near 5400 and Nifty has sustained above 5444 also therefore Indian markets have to consolidate between 5444-5500 first in next week and then fresh upmoves will be possible.
 |
| Just click on chart for its enlarged view |
1- Strong Support between 5402-5431
2- Minor selling between 5505-5517 on 20-05-2011
3- Resistance between 5520-5530
3- Resistance between 5540-5605
Conclusions
Strong support and base formation between 5402-5431 in 3 days and then up move was seen on 20-05-2011 but minor selling also seen between 5505-5517. Next resistance is between 5520-5530 and minor seeling was seen exactly below it last Friday. In this manner now next resistance range is 5505-5530.
Selling at higher levels but strong base formations at crucial levels near 5400 and Nifty has sustained above 5444 also therefore Indian markets have to consolidate between 5444-5500 first in next week and then fresh upmoves will be possible.
Nifty- Correction in Continuation pattern Pennant Formations
ABC' Correction & pattern Pennant Formations Chart
Main Features
1-'ABC' Correction Completed
2- Correction in Continuation pattern Pennant Formations
3- Support at 5444
4- Previous closing at Rising Trend Line of Pennant
Conclusions
Correction started from Diwali 2010 day with formation of 'ABC' Correction,that has been completed at 5177 and after its completion 4th corrective wave has completed. 5th impulsive wave is on and it is Rising Trend Line of Pennant,it was broken down last week but Nifty nicely consolidated 4 days below it and after strong upmove seen last Friday.
Pennant is continuation pattern as primary trend is still up therefore Pennant formation means that finally Nifty should cross and sustain above Falling Trend Line of Pennant. As Nifty closed exactly at at Rising Trend Line of Pennant trend line after trading above it last Friday therefore Pennant is still intact and its breaking down confirmation point will be slipping below 5401.
As Pennant is still intact therefore upmoves hopes are still alive.
 |
| Just click on chart for its enlarged view |
1-'ABC' Correction Completed
2- Correction in Continuation pattern Pennant Formations
3- Support at 5444
4- Previous closing at Rising Trend Line of Pennant
Conclusions
Correction started from Diwali 2010 day with formation of 'ABC' Correction,that has been completed at 5177 and after its completion 4th corrective wave has completed. 5th impulsive wave is on and it is Rising Trend Line of Pennant,it was broken down last week but Nifty nicely consolidated 4 days below it and after strong upmove seen last Friday.
Pennant is continuation pattern as primary trend is still up therefore Pennant formation means that finally Nifty should cross and sustain above Falling Trend Line of Pennant. As Nifty closed exactly at at Rising Trend Line of Pennant trend line after trading above it last Friday therefore Pennant is still intact and its breaking down confirmation point will be slipping below 5401.
As Pennant is still intact therefore upmoves hopes are still alive.
Nifty-Elliot Waves Structure
Nifty-Elliot Waves Structure Daily Chart(20-05-2011)
Conclusions
Nifty moved below Wave-5 trend line but consolidated 4 days below it and closed exactly at Wave -5 trend line after trading above it last Friday therefore Wave 5 is still intact and its breaking down confirmation point will be slipping below 5401.
As Wave-5 is still intact therefore upmoves hopes are still alive.
 |
| Just click on chart for its enlarged view |
Nifty moved below Wave-5 trend line but consolidated 4 days below it and closed exactly at Wave -5 trend line after trading above it last Friday therefore Wave 5 is still intact and its breaking down confirmation point will be slipping below 5401.
As Wave-5 is still intact therefore upmoves hopes are still alive.
Nifty-Averages and Indicators Analysis
Nifty-Averages and Very short term Indicators of Daily Chart(20-05-2011):-
Nifty is sustaining below 50 and 200 DaY EMA(5616) for the last 14 sessions therefore long term trend is down, both average lines are kissing and 50 DaY EMA downward crossing 200 DaY EMA will be more down moves confirmations.
Very Short term Indicators Slow Stochastic and William %R have moved above from Overbought zone after positive divergence therefore Indicating Upmoves in Short term.
Conclusions
Strong indications of short term up moves
 |
| Just click on chart for its enlarged view |
Nifty is sustaining below 50 and 200 DaY EMA(5616) for the last 14 sessions therefore long term trend is down, both average lines are kissing and 50 DaY EMA downward crossing 200 DaY EMA will be more down moves confirmations.
Very Short term Indicators Slow Stochastic and William %R have moved above from Overbought zone after positive divergence therefore Indicating Upmoves in Short term.
Conclusions
Strong indications of short term up moves
Nifty Spot-Levels & Trading Strategy for 23-05-2011
Nifty Spot-LevelsR3 5609
R2 5563
R1 5524
Avg 5478
S1 5439
S2 5393
S3 5354
Nifty Spot-Trading Strategy
H6 5571 Trgt 2
H5 5552 Trgt 1
H4 5532 Long breakout
H3 5509 Go Short
H2 5501
H1 5493
L1 5478
L2 5470
L3 5462 Long
L4 5439 Short Breakout
L5 5419 Trgt 1
L6 5400 Trgt 2
Nifty(May Fut)-Levels & Trading Strategy for 23-05-2011
R3 5622
R2 5572
R1 5528
Avg 5478
S1 5434
S2 5384
S3 5340
Nifty(May Fut)-Trading Strategy
H6 5578 Trgt 2
H5 5557 Trgt 1
H4 5535 Long breakout
H3 5509 Go Short
H2 5501
H1 5492
L1 5475
L2 5466
L3 5458 Long
L4 5432 Short Breakout
L5 5410 Trgt 1
L6 5389 Trgt 2
Bank Nifty(May Fut)-Levels & Trading Strategy for 23-05-2011
R3 10962
R2 10853
R1 10759
Avg 10650
S1 10556
S2 10447
S3 10353
Bank Nifty(May Fut)-Trading Strategy
H6 10871 Trgt 2
H5 10824 Trgt 1
H4 10777 Long breakout
H3 10721 Go Short
H2 10703
H1 10684
L1 10647
L2 10628
L3 10610 Long
L4 10554 Short Breakout
L5 10507 Trgt 1
L6 10460 Trgt 2
Nifty Spot-Weekly Levels & Trading Strategy(23-05 to 27-05-2011)
R3 5692
R2 5617
R1 5551
Avg 5476
S1 5410
S2 5335
S3 5269
Nifty Spot-Weekly Trading Strategy
H6 5629 Trgt 2
H5 5596 Trgt 1
H4 5563 Long breakout
H3 5524 Go Short
H2 5511
H1 5498
L1 5473
L2 5460
L3 5447 Long
L4 5408 Short Breakout
L5 5375 Trgt 1
L6 5342 Trgt 2
FII & DII trading activity in Capital Market Segment on 20-May-2011
| ||||||||||||||||
| ||||||||||||||||
Indian Stock Markets Closing Reports(20-05-2011)
Main features of today trading are as follows
1- All the Indices closed positive except FMCG.
2- White Candle
3- Whole day consolidations except minor profit booking at higher levels.
4- Revival of upmoves expectations after sustaining above 5444.
Ratios
Nifty Put Call Ratio: 0.85
Nifty P/E Ratio(19-05-2011): 20.20
Advances & Declines
BSE ADVANCES : 1548
BSE DECLINES : 1288
NSE ADVANCES : 834
NSE DECLINES : 560
Nifty Open Interest Changed Today
Nifty- 5400 CE(20-05-2011)- -2892950(-41.97%)
Nifty- 5400 PE(20-05-2011)- +760750(+9.56%)
Nifty- 5500 CE(20-05-2011)- -1169900(-14.58)
Nifty- 5500 PE(20-05-2011)- +1690550(39.15%)
Nifty- 5600 CE(20-05-2011)- +146700(+1.83)
Nifty- 5600 PE(20-05-2011)- +581100(+22.48)
Closing
Nifty- closed at 5,486.35(+58.25 Points & +1.07%)
Sensex- closed at 18,326.09(+184.69 Points & +1.02% )
CNX MIDCAP - closed at 7,873.15 (+40.25 Points & +0.51%)
BSE SMALL CAP- closed at 8,185.18(+39.61 Points & +0.49%)
1- All the Indices closed positive except FMCG.
2- White Candle
3- Whole day consolidations except minor profit booking at higher levels.
4- Revival of upmoves expectations after sustaining above 5444.
Ratios
Nifty Put Call Ratio: 0.85
Nifty P/E Ratio(19-05-2011): 20.20
Advances & Declines
BSE ADVANCES : 1548
BSE DECLINES : 1288
NSE ADVANCES : 834
NSE DECLINES : 560
Nifty Open Interest Changed Today
Nifty- 5400 CE(20-05-2011)- -2892950(-41.97%)
Nifty- 5400 PE(20-05-2011)- +760750(+9.56%)
Nifty- 5500 CE(20-05-2011)- -1169900(-14.58)
Nifty- 5500 PE(20-05-2011)- +1690550(39.15%)
Nifty- 5600 CE(20-05-2011)- +146700(+1.83)
Nifty- 5600 PE(20-05-2011)- +581100(+22.48)
Closing
Nifty- closed at 5,486.35(+58.25 Points & +1.07%)
Sensex- closed at 18,326.09(+184.69 Points & +1.02% )
CNX MIDCAP - closed at 7,873.15 (+40.25 Points & +0.51%)
BSE SMALL CAP- closed at 8,185.18(+39.61 Points & +0.49%)
Pre-closing Outlook(20-05-2011) & Impact of Kanimozhi arrest on Indian Stock Markets
Intraday patterns are showing consolidation except minor selling between 5505-5517 and next resistance is between 5520-5530. In this manner now next resistance range is 5505-5530. As strong base formations at crucial levels near 5400 and Nifty has sustained above 5444 therefore expected that Indian markets will first consolidate between 5444-5500 in next week and then fresh upmoves will be seen.
No impact of Kanimozhi arrest will be seen on Indian markets in next week
Mid-session Outlook(20-05-2011)
Following line was told in Post-open Outlook today:-
"5480-5495 is next resistance and sustaining above 5495 will mean strong rally"
Nifty traded about 3 hours within mentioned resistance range and slipped. Pull Back rally was expected and it has been seen. Now next moves will be decided according to coming hours intraday charts formations. For next upmoves sustaining above 5444 and crossing 5495 are confirmation levels.
"5480-5495 is next resistance and sustaining above 5495 will mean strong rally"
Nifty traded about 3 hours within mentioned resistance range and slipped. Pull Back rally was expected and it has been seen. Now next moves will be decided according to coming hours intraday charts formations. For next upmoves sustaining above 5444 and crossing 5495 are confirmation levels.
Post-open Outlook(20-05-2011)
NIFTY-MAY F&O-1ST BUYING OF 19-05-2011-COVERING
NIFTY MAY F & O(BOUGHT ON 19-05-2011)-COVER AND BOOK PROFIT IMMEDIATELY-CMP-5481
NIFTY-MAY F&O-1ST BUYING OF 19-05-2011-MESSAGE
NIFTY MAY F &; O(BOUGHT ON 19-05-2011)-PLACE TRAILLING STOP LOSS AT 5467 AND HOLD-CMP-5475
Pull Back Rally on Cards
Tomorrow Market(20-05-2011) Outlook,Technical Analysis & Research
Detailed analysis and reasons for Pull Back Rally expectations have been posted in Following topics:-
1- Indian Stock Markets Closing Reports(19-05-2011)
2- Nifty-Micro Analysis of Intra Day Chart(19-05-2011)
3- Nifty-Micro Analysis of 3 days Intra Day Charts(May 17 to May 19,2011)
Conclusions
All trends are down and Nifty sustained 3 days below 5444 but last 3 sessions patterns are suggesting lower levels consolidations and base formations therefore minimum Pull back rally expected in the coming sessions and expected that Nifty will consolidate tomorrow within last 2 days trading range(5402-5455)and after that upmoves will be seen in the coming week.
Subscribe to:
Posts (Atom)