Nifty traded with mixed intraday patterns between 5375-5400 for the last 3 hours yesterday and in previous 3 outlooks watching of this range and implications of this range was told. Nifty traded most of the time within mentioned range since opening today. First half hour intraday charts did not showed selling patterns today and indications of consolidations patterns also therefore 5375-5418 will be watched for next moves confirmations.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Pre-open Outlook(24-05-2011)
Technical Positions and next possibilities have already been posted in following topic with 7 charts yesterday therefore not repeated today:-
1-Nifty-Micro Analysis of Intra Day Chart(23-05-2011)
2-Weekly Outlook(May 23 to May 27,2011)
US markets closed more then 1% down yesterday but Asian markets are almost flat therefore sentiment is quiet and Indian markets opening will be almost flat.
All trends are down and all the technical indicators are suggesting Bearish markets. Last confirmation point is sustaining below 5444. Nifty traded whole day below it yesterday and also moved bolow strong support(5402).
As yesterday down moves were the impact of crashing global markets therefore clear selling patterns are required below 5402 for Bearish markets confirmations. Nifty traded last 3 hours between 5375-5400 yesterday but patterns were mixed and if Nifty sustains below 5375 today then it will be bear market confirmation and in that situation Indian markets will be deep down. Sustaining above 5400 will mean alive of Bullish markets expectations and crossing 5444 will be sigh of releaf of Bulls.
Sustaining beyond 5375-5400 will be next move decider and will be watched first for next moves confirmations.
1-Nifty-Micro Analysis of Intra Day Chart(23-05-2011)
2-Weekly Outlook(May 23 to May 27,2011)
US markets closed more then 1% down yesterday but Asian markets are almost flat therefore sentiment is quiet and Indian markets opening will be almost flat.
All trends are down and all the technical indicators are suggesting Bearish markets. Last confirmation point is sustaining below 5444. Nifty traded whole day below it yesterday and also moved bolow strong support(5402).
As yesterday down moves were the impact of crashing global markets therefore clear selling patterns are required below 5402 for Bearish markets confirmations. Nifty traded last 3 hours between 5375-5400 yesterday but patterns were mixed and if Nifty sustains below 5375 today then it will be bear market confirmation and in that situation Indian markets will be deep down. Sustaining above 5400 will mean alive of Bullish markets expectations and crossing 5444 will be sigh of releaf of Bulls.
Sustaining beyond 5375-5400 will be next move decider and will be watched first for next moves confirmations.
Nifty-Micro Analysis of Intra Day Chart(23-05-2011)
Nifty- Intra Day Chart(23-05-2011):-
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1- Selling between 5418-5436
2- Last 3 hours mixed patterns between 5375-5400
Conclusions
All trends are down and all the technical indicators are suggesting Bearish markets. Last confirmation point is sustaining below 5444. Nifty traded whole day below it and also moved bolow strong support(5402).
As today down moves were the impact of crashing global markets therefore clear selling patterns are required below 5402 for Bearish markets confirmations. Nifty traded last 3 hours between 5375-5400 but patterns are mixed and if Nifty sustains below 5375 tomorrow then deep down will be seen.
FII & DII trading activity in Capital Market Segment on 23-May-2011
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Indian Stock Markets Closing Reports(23-05-2011)
Main features of today trading are as follows
1- Global cues led deep Red closing today.
2- Nifty traded more than 3 hours below 5400.
3- All the Indices closed in Red except FMCG and CD.
Ratios
Nifty Put Call Ratio: 0.91
Nifty P/E Ratio(20-05-2011): 20.34
Advances & Declines
BSE ADVANCES : 813
BSE DECLINES : 1976
NSE ADVANCES : 252
NSE DECLINES : 41
Nifty Open Interest Changed Today
Nifty- 5300 CE(26-05-2011)- +1096650(+442.73%)
Nifty- 5300 PE(26-05-2011)- +595250(+9.80%)
Nifty- 5400 CE(26-05-2011)- +2919000(+76.16%)
Nifty- 5400 PE(26-05-2011)- -1014600(-12.74%)
Nifty- 5500 CE(26-05-2011)- +1030400(+15.64%)
Nifty- 5500 PE(26-05-2011)- -1167050(-20.86%)
Closing
Nifty- closed at 5,386.55(-99.80 Points & -1.82%%)
Sensex- closed at 17,993.33(-332.76 Points & -1.82% )
CNX MIDCAP - closed at 7,774.15 (-99.00 Points & -1.26%)
BSE SMALL CAP- closed at 8,057.02(-128.16 Points & -1.57%)
Nifty Spot-Levels & Trading Strategy for 24-05-2011
R3 5520
R2 5488
R1 5437
Avg 5405
S1 5354
S2 5322
S3 5271
Nifty Spot-Trading Strategy
H6 5469 Trgt 2
H5 5450 Trgt 1
H4 5431 Long breakout
H3 5408 Go Short
H2 5401
H1 5393
L1 5378
L2 5370
L3 5363 Long
L4 5340 Short Breakout
L5 5321 Trgt 1
L6 5302 Trgt 2
Bank Nifty(May Fut)-Levels & Trading Strategy for 24-05-2011
R3 10797
R2 10698
R1 10528
Avg 10429
S1 10259
S2 10160
S3 9990
Bank Nifty(May Fut)-Trading Strategy
H6 10627 Trgt 2
H5 10566 Trgt 1
H4 10505 Long breakout
H3 10431 Go Short
H2 10407
H1 10382
L1 10333
L2 10308
L3 10284 Long
L4 10210 Short Breakout
L5 10149 Trgt 1
L6 10088 Trgt 2
Nifty(May Fut)-Levels & Trading Strategy for 24-05-2011
R3 5501
R2 5470
R1 5426
Avg 5395
S1 5351
S2 5320
S3 5276
Nifty(May Fut)-Trading Strategy
H6 5458 Trgt 2
H5 5441 Trgt 1
H4 5424 Long breakout
H3 5403 Go Short
H2 5396
H1 5389
L1 5376
L2 5369
L3 5362 Long
L4 5341 Short Breakout
L5 5324 Trgt 1
L6 5307 Trgt 2
Pre-closing Outlook(23-05-2011)
Dow's Futures is more than 150 points down today therefore sentiment is depressed and all the Asian markets closed in deep Red today.Indian markets are could not survived and Nifty slipped and trading below 5400 also.
As soon as selling started to develop then it was informed and following line was clearly told at 09:52 AM today in Post-open Outlook(23-05-2011):-
"Weak opening and first half hour intraday charts selling patterns"
As sentiment is news based and completely depressed therefore sustaining below 5400 require more confirmations. Nifty is trading between 5375-5400 for the last 3 hours and dipping below 4375 will mean begining of deep down and sustaining above 5400 will mean survival of bullush markets hopes.
As soon as selling started to develop then it was informed and following line was clearly told at 09:52 AM today in Post-open Outlook(23-05-2011):-
"Weak opening and first half hour intraday charts selling patterns"
As sentiment is news based and completely depressed therefore sustaining below 5400 require more confirmations. Nifty is trading between 5375-5400 for the last 3 hours and dipping below 4375 will mean begining of deep down and sustaining above 5400 will mean survival of bullush markets hopes.
Post-open Outlook-2(23-05-2011)
Today weak opening and first hour trading between 5419-5436 with first half hour selling patterns. Strong support range is 5402-5431 and Nifty is trading within and little above this range. Although first half hour intraday sellng patterns but market requires complete selling patterns for Nifty below 5400.
As today weakness is global cues based,sentiment is extremely deprssed therefore voltality may also be seen. Sometimes markets get support in today like depressed sentiments therefore sustaining beyond 5400-5440 will be watched for next immediate move confirmations.
Let market prepare and intraday charts mature for next moves then final conclusions will be drawn.
As today weakness is global cues based,sentiment is extremely deprssed therefore voltality may also be seen. Sometimes markets get support in today like depressed sentiments therefore sustaining beyond 5400-5440 will be watched for next immediate move confirmations.
Let market prepare and intraday charts mature for next moves then final conclusions will be drawn.
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
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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.
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| 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.
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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.
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| 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.
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| 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
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| 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
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