Pre-closing Outlook(18-11-2013)

Following line was told today in previous Outlook:-

finally rally continuation is expected after follow up consolidations between 6131-6157.

As was told 100% same happened and now Nifty formed recent high at 6174.45.

Impulsive Wave-3 is on after correction completion and its continuation is expected.

Mid-session Outlook(18-11-2013)

Side ways market today between between 6131-6157 with good consolidations between 6131-6139 and minor selling indications between 6151-6157 therefore sustaining beyond 6131-6157 will be next immediate move confirmations but finally rally continuation is expected after follow up consolidations between 6131-6157.

Pre-open Outlook(18-11-2013)

As consolidation patterns formations therefore up moves and Pull Back Rally was told in all previous Outlooks and that will be seen today. Minor selling seen at higher levels in previous trading session therefore only sustaining above 6102 should be watched for strong rally continuation confirmations.

(As busy in a marriage therefore detailed Technical Analysis will not be updated and only Pre-open / Mid-session Outlooks will be posted in next 2 days)

Mid-session Outlook-2(14-11-2013)

As good selling in previous week therefore market require complete consolidations for decisive up move above recent top at 6342.95. Long and Intermediate Term Trends are up and Short Term Trend is down. Good consolidation seen at lower levels yesterday and intraday charts of today are also showing consolidation patterns therefore expected that finally up moves will remain continued in the coming sessions after follow up consolidations. Although Nifty slipped 60 points higher levels but as such selling patterns not seen and until Nifty is sustaining above 5973 till then on going rally is very much safe.

Mid-session Outlook(14-11-2013)

As intraday charts are showing higher levels consolidations after gap up opening therefore up moves continuation is expected.

Technical Analysis and Market Outlook(14-11-2013)

Following lines were told yesterday in Pre-closing Outlook:-

1- supports also seen at lower levels in last 1  hour as well as some indications of consolidations patterns also seen on intraday charts
2- minimum Pull back rally possibility
3- Correction completion will be considered after some more follow up consolidation and sustaining above today highest as well as 1/2 resistances.

As today holiday was announced therefore Pull back rally in the beginning of next week was told but market is open today therefore Pull back rally will be seen today and Wave-3 continuation after correction completion will also be considered after sustaining above next 1/2 resistances.

Pre-closing Outlook(13-11-2013)

Although now trading .55%  down but supports also seen at lower levels in last 1  hour as well as some indications of consolidations patterns also seen on intraday charts therefore minimum Pull back rally possibility in the beginning of next week. Correction completion will be considered after some more follow up consolidation and sustaining above today highest as well as 1/2 resistances.

Mid-session Outlook(13-11-2013)

Only volatility was told for today and it was seen also in first more than 4 hours but correction continuation after some higher levels selling. As some indications of consolidations also seen therefore follow up moves and sustaining below 6000 should also be firstly watched for more correction in the coming sessions. It should be kept in mind that market require complete consolidation for decisive up moves and let it happen then any up move will be considered.

Technical Analysis and Market Outlook(13-11-2013)

Closing near lowest of the day yesterday and depressing global cues today therefore gap down opening below 6000 will be seen today. As Short Term Indicators are oversold therefore intraday or 1/2 sessions volatility may be seen,lower levels supports and some consolidation will mean Pull Back Rally. 

Mid-session Outlook(12-11-2013)

Correction continuation but today intraday charts are not showing as such selling patterns despite Nifty trading .55% down at this moment therefore valid break out of 6034-6140 should be watched for next trend confirmations

Technical Analysis and Market Outlook(12-11-2013)

Nifty-Intra Day Chart (11-Nov-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 6105-6140 
2- Bearish Head and Shoulders formations and its Neckline at 6094 broken down.
3- Whole day actual trading between 6068-6140

Conclusions from intra day chart analysis 

As better than expected jobs report in USA last Friday therefore its negative impact seen on Indian markets today and resultant USDINR closed 1.15% weak and Nifty also closed 1.42% down today. Correction of Wave-3 was on and it turned deeper today after fresh selling at higher levels with Bearish Head and Shoulders formations as well as broken down of its Neckline at 6094.

Follow up selling after gap down opening today and Bearish Head and Shoulders pattern formations today therefore correction continuation is expected in the coming sessions.

Pre-closing Outlook(11-11-2013)

Indian markets completely under performed Global markets with higher levels selling today therefore correction continuation is expected.

Post-open Outlook(11-11-2013)

As better than expected jobs report in USA last Friday therefore its negative impact on Indian markets and resultant USDINR is 1.25% weak and Nifty also traded more than 1% down today. Correction of Wave-3 is on and deeper correction was not expected but negative news generation for Indian economy because Fed may taper QE-3($85 billion per month Bond buying programme) sooner rather than later after better jobs report therefore correction continuation. Following next supports should be firstly watched now for correction completion or much deeper correction:-

1- 6080
2- 6034

Pre-open Outlook-2(11-11-2013)

Although solid and much better than expected jobs report in USA last Friday but most Asian markets are flat to weak barring Nikkei 225 despite strong Rally in US markets last Friday because:-

1- Fed may taper QE-3($85 billion per month Bond buying programme) sooner rather than later after better jobs report.  
2- Dollar Index is trading at 2 months high therefore other currencies may be weak.

SGX Nifty is trading more than 40 points down today morning because good news from USA may result bad for other countries economy therefore correction completion confirmation is must for Wave-3 rally continuation in Indian Stock markets.

Pre-open Outlook(11-11-2013)

Although Asian cues are not as such negative but SGX Nifty traded more than 1% down today morning because Dollar Index is trading at 2 months high and Indian Rupee may turn weak therefore view is cautious and correction completion confirmation is also firstly required in the coming sessions for Wave-3 rally continuation in the coming week.

Wave-3 Rally Continuation after Correction Completion

Technical Analysis,Research & Weekly Outlook 

(Nov 11 to Nov 15,2013)

Nifty-EOD Chart (08-Nov-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in EOD charts

1- Bottom formation at 5118.85 on 28-08-2013 and Wave-1 beginning
2- Wave-1(6142.50 on 19-09-2013) completion and 'ABC' correction continuation.
3- Wave-2(5700.95 on 21-10-2013) completion and Wave-3 continuation.
4- Wave-3 recent top formation at 6342.95 on 03-11-2013. 
5- Short Term continuation continuation with recent bottom formation at 6120.95 on 08-11-2013.

Conclusions from EOD chart analysis 

Wave-3 continuation towards minimum target at 6724.60 and its calculation has already been updated in following topic on 21-10-2013:-

Minimum target of Nifty at 6724.60

When Wave-3 formed top at 6342.95 on 03-11-2013 then all around immediate Bullish moves were told in all the Business News Channels and most Websites but we updated following topic on 01-11-2013:-

Correction in Muhurat Trading session on 03-11-2013

Correction started exactly from Muhurat Trading session and whole previous week showed Red closing in all 4 trading sessions.

Technically Long and Intermediate Term Trends are up and Short Term Trend is down. As Wave-3 continuation therefore only Short term correction was expected and that was seen in previous week but deeper correction is not expected. 

Nifty-Intra Day Chart (Nov 05 to Nov 08,2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in last 4 Sessions intraday charts

1- Down moves in Bullish Falling Channel in all 4 trading sessions.

Conclusions from intra day chart analysis 

Although continuous down moves in all 4 previous sessions but in Bullish Falling Channel and without much intraday selling therefore strong indication of fast Up moves after completion of on going Short term correction.  

Nifty-Intra Day Chart (08-Nov-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Selling between 6165-6180
2- Consolidation between 6122-6150 
3- Whole day actual trading between 6122-6180

Conclusions from intra day chart analysis 

Although firstly selling but consolidation also in last more than 3 hours therefore strong indication of on going correction completion.

Conclusions (After Putting All Indicators Together)

Wave-3 is on and only Short term correction was expected because sentiment was heated and indicators were over bought near about 03-11-2013,that was seen also in whole previous week. As  Bullish Falling Channel formations in the intraday charts of previous week and good consolidation also seen on 08-11-2013 therefore Wave-3 rally continuation after correction completion is expected in next week.

Mid-session Outlook-2(08-11-2013)

As lower levels supports also seen after higher levels selling today therefore Indian markets will be understood sideways between 6130-6185 and valid break out of this range will be next trend confirmation. Impulsive Wave-3 is on therefore only very Short Term correction and limited down moves were expected but QE-3 tampering fear developed in all Global markets today therefore deeper correction possibility will also be considered after valid breaking down below 6130.

Mid-session Outlook(08-11-2013)

As fear of QE-3 tampering developed yesterday therefore all the Global markets and USDINR are weak today and resultant Indian markets also tumbled. Fresh intraday selling seen today therefore until Nifty will not sustain above today highest(6185) till then next up move will not be considered and complete consolidation is required for any decisive rally. 

Pre-open Outlook(08-11-2013)

As US markets closed in deep Red yesterday therefore all the Asian markets are weak today morning resultant sentiment turned weak and gap down opening will be seen in Indian markets. Short Term correction of impulsive Wave-3 is on and lower levels consolidation was also seen yesterday therefore deeper correction is not possible and finally impulsive Wave-3 rally continuation is expected in next week after on going Short Term correction completion within 1/2 sessions. 

Technical Analysis and Market Outlook(08-11-2013)

Nifty-Intra Day Chart (07-Nov-2013):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation between 6209-6231 
2- Selling between 6271-6287 
3- Consolidation between 6181-6202
4- Whole day actual trading between 6181-6287

Conclusions from intra day chart analysis

Highly volatile day with lower levels good consolidations and higher levels selling also therefore follow up moves and valid break out of today trading range(6181-6287) will be next trend confirmation.  

As impulsive Wave-3 is on towards 6724.60 and previous 3 sessions down moves are only very Short Term correction therefore only limited down moves up to next supports(6194)  were considered and were seen also with today closing at 6,187.25.

Although today closing is near the lowest of the day but last 1 hour lower levels good consolidation therefore rally continuation hopes above today highest(6,288.95) is alive and once sustaining it above will mean strong indication of very short term correction completion and impulsive Wave-3 continuation.  

Expected that tomorrow Nifty will firstly trade within today actual trading range(6181-6287) and finally sustain above 6287 in the coming week after follow up consolidations.

Mid-session Outlook(07-11-2013)

Although up moves after lower levels good consolidations but good selling also at higher levels today therefore firstly sustaining beyond 6194 should be watched for on going correction completion conformations. As today up moves were not showing required strength therefore we booked profit in our buying trade of Nov CE(6400) at 64.00 which is now trading at 44.00(Live proofs of this trade have already been updated in previous topic)