Although most Asian markets are trading in negative and some are in deep Red as well as Dow's Futures is more than 60 points down but Indian markets are flat to minor negative therefore outperforming global cues today. As most time trading above next most crucial strong support range (6141-6156) therefore correction completion hopes are alive. Follow up moves in the coming hours and sustaining beyond mentioned range should be firstly watched.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Nifty at Most Crucial and Strong Support Range
Technical Analysis,Research & Weekly Outlook
(Dec 16 to Dec 20,2013)
Nifty-EOD Chart (13-Dec-2013):-
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1- Bottom formation at 5118.85 on 28-08-2013 and Wave-1 beginning
2- Wave-1(6142.50 on 19-09-2013)
3- Wave-2(5700.95 on 01-10-2013)
4- Wave-i of Wave-3(6342.95 on 03-11-2013)
5- Wave-ii of Wave-3(5972.45 on 13-11-2013)
6- Wave-iii of Wave-3(6415.25 on 09-12-2013)
7- Wave-iv of Wave-3 continuation with recent bottom formation at 6161.40 on 13-12-2013.
Conclusions from EOD chart analysis
Corrective Wave-iv of Wave-3 continuation and following supports should be firstly watched for its completion:-
1- 6156
2- 6032
3- 5972
Following retracement levels should also be watched for correction completion:-
13.0%-6357(Retraced)
23.6%-6310(Retraced)
27.0%-6295(Retraced)
38.2%-6245(Retraced)
50.0%-6193(Retraced)
61.8%-6141(Crucial retracement level and just below next supports at 6156)
70.7%-6101
76.4%-6076
78.6%-6066
88.6%-6022
Crucial 61.8% retracement level is at 6141 and next support is just above at 6156 as well as recent bottom formation at 6161.40 in previous trading session therefore range of 6141-6156 become most crucial strong support and next trend deciding range.
Nifty-Intra Day Chart (13-Dec-2013):-
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1- Whole day down moves in Bullish Falling Channels.
3- Whole day actual trading between 6161-6206
Conclusions from intra day chart analysis
Whole day down moves in Bullish Falling Channels on 13-12-2013 therefore generations of first signal of on going correction completion but follow up consolidation is must in the beginning of next week.
Conclusions (After Putting All Indicators Together)
6141-6156 has become most crucial strong support range and consolidation pattern formation just above it on 13-12-2013 therefore emergence of correction completion possibility near about mentioned range and firstly sustaining beyond this range should be watched in next week for corrective Wave-iv of Wave-3 continuation / completion.
Mid-session Outlook(13-12-2013)
Correction continuation after gap down opening but in Bullish Falling Channel with recent low formation at 6171 and firstly sustaining beyond next support(6156) will watched for correction continuation / completion because next week will react on following events and market has to prepare for that also:-
1- WPI DATA
2- RBI Credit Policy
3- FOMC meet with fear of tapering
1- WPI DATA
2- RBI Credit Policy
3- FOMC meet with fear of tapering
Pre-open Outlook(13-12-2013)
As US markets closed with sufficient losses after negative news of CPI and IIP numbers therefore sentiment is depressed today morning and Gap down opening will be seen. Correction continuation and sustaining beyond next support(6156) should be watched now for correction continuation / completion.
Technical Analysis and Market Outlook(13-12-2013)
Nifty-Intra Day Chart (12-Dec-2013):-
Technical Patterns and Formations in today intraday charts
1- More than 5 hours trading between 6254-6270 with consolidation indications.
2- Sharp down in last half hour.
3- Whole day actual trading between 6232-6270
Although Sharp down in last half hour and closing near the lows of the day despite consolidation indications from intraday charts between 6254-6270. As today down moves were without as such selling therefore sustaining below 6254 should be firstly watched tomorrow for next trend confirmations because Indian and all Global markets were down today on the back of QE-3 tapering fear in FOMC meet in next week.
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1- More than 5 hours trading between 6254-6270 with consolidation indications.
2- Sharp down in last half hour.
3- Whole day actual trading between 6232-6270
Conclusions from intra day chart analysis
Although Sharp down in last half hour and closing near the lows of the day despite consolidation indications from intraday charts between 6254-6270. As today down moves were without as such selling therefore sustaining below 6254 should be firstly watched tomorrow for next trend confirmations because Indian and all Global markets were down today on the back of QE-3 tapering fear in FOMC meet in next week.
Pre-closing Outlook(12-12-2013)
Although consolidation indications and emergence of up moves expectations but sharp fall also seen therefore correction continuation and until complete consolidation will not seen till then up moves will not seen because all the Global markets are in Red and fear of tapering in FOMC meet in next week.
Mid-session Outlook(12-12-2013)
Although most time negative zone trading between 6254-6270 but intraday charts are showing consolidation indications and emergence of up moves expectations.
Post-open Outlook(12-12-2013)
As all Asian markets turned negative after Red closing of US markets therefore weak Indian markets and trading below 6280 despite good consolidation above it yesterday. Today down moves are depressed sentiment affected and sustaining below 6280 should be firstly watched for next down moves confirmations.
Technical Analysis and Market Outlook(12-12-2013)
Nifty-Intra Day Chart (11-Dec-2013):-
Technical Patterns and Formations in today intraday charts
1- Down moves in Bullish Falling Channel.
2- Consolidation between 6280-6298
3- Whole day actual trading between 6280-6326
As down moves in Bullish Falling Channel and good consolidation at lower levels therefore until Nifty will not sustain below the lowest of today till next down moves will not be considered. All trends are up but very short term correction continuation after all time high formation on 09-12-2013. As lower levels good consolidations today therefore once sustaining above today lowest(6280) will mean rally continuation after very short term correction completion.
As US markets are trading in deep Red at this moment therefore sentiment may be weak tomorrow morning and firstly sustaining beyond today lowest(6280) should be watched tomorrow for next trend confirmation but expected that rally will be seen after sustaining above 6280.
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1- Down moves in Bullish Falling Channel.
2- Consolidation between 6280-6298
3- Whole day actual trading between 6280-6326
Conclusions from intra day chart analysis
As down moves in Bullish Falling Channel and good consolidation at lower levels therefore until Nifty will not sustain below the lowest of today till next down moves will not be considered. All trends are up but very short term correction continuation after all time high formation on 09-12-2013. As lower levels good consolidations today therefore once sustaining above today lowest(6280) will mean rally continuation after very short term correction completion.
As US markets are trading in deep Red at this moment therefore sentiment may be weak tomorrow morning and firstly sustaining beyond today lowest(6280) should be watched tomorrow for next trend confirmation but expected that rally will be seen after sustaining above 6280.
Mid-session Outlook(11-12-2013)
All trends are up but very short term correction continuation after all time high formation on 09-12-2013. As lower levels good consolidations today therefore firstly sustaining beyond today lowest(6283) should be watched for next trend confirmation.
Technical Analysis and Market Outlook(11-12-2013)
Nifty-Intra Day Chart (10-Dec-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6338-6354
2- Lower levels supports.
2- Up moves in Bearish Rising Channel.
3- Whole day actual trading between 6308-6362
All trends are up but sentiment is heated due to all time high formations yesterday and resultant profit booking seen today. As lower levels supports also seen at lower levels therefore mixed positions formation today and sustaining beyond today trading range(6308-6362) should be firstly watched tomorrow for next immediate move confirmations.
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1- Selling between 6338-6354
2- Lower levels supports.
2- Up moves in Bearish Rising Channel.
3- Whole day actual trading between 6308-6362
Conclusions from intra day chart analysis
All trends are up but sentiment is heated due to all time high formations yesterday and resultant profit booking seen today. As lower levels supports also seen at lower levels therefore mixed positions formation today and sustaining beyond today trading range(6308-6362) should be firstly watched tomorrow for next immediate move confirmations.
Pre-closing Outlook(09-12-2013)
6 Hours quiet range bound market after positive news led huge Gap up opening. As today intraday charts are showing consolidation indications therefore rally continuation is expected in the coming sessions.
Mid-session Outlook(09-12-2013)
Hugh gap up opening after BJP victory in Assembly elections yesterday and new all time high formation today. Although slipping from higher levels but it is only intraday correction and Wave-3 rally continuation is expected.
Technical Analysis and Market Outlook(09-12-2013)
Nifty-EOD Chart (06-Dec-2013):-
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)
3- Wave-2(5700.95 on 01-10-2013)
4- Wave-3(6342.95 on 03-11-2013 and 'ABC' correction beginning)
5- Wave-A(5972.45 on 13-11-2013)
6- Wave-B(6212.40 on 19-11-2013)
7- Wave-C(5972.80 on 22-11-2013)
8- Descending Triangle formations in last 23 sessions with top formation at 6342.95 and bottom formation at 5972.45.
Wave-3 continuation after 'ABC' correction completion but Descending Triangle formations in last 23 sessions with top formation at 6342.95 and bottom formation at 5972.45. As last 23 sessions trading were under the shadow of 5 states Assembly polls with both lower levels consolidations and higher levels selling therefore sustaining beyond 5972.45-6342.95 will be next trend confirmations and should be firstly watched in next sessions after BJP big victory in Election results today.
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1- Bottom formation at 5118.85 on 28-08-2013 and Wave-1 beginning
2- Wave-1(6142.50 on 19-09-2013)
3- Wave-2(5700.95 on 01-10-2013)
4- Wave-3(6342.95 on 03-11-2013 and 'ABC' correction beginning)
5- Wave-A(5972.45 on 13-11-2013)
6- Wave-B(6212.40 on 19-11-2013)
7- Wave-C(5972.80 on 22-11-2013)
8- Descending Triangle formations in last 23 sessions with top formation at 6342.95 and bottom formation at 5972.45.
Conclusions from EOD chart analysis
Wave-3 continuation after 'ABC' correction completion but Descending Triangle formations in last 23 sessions with top formation at 6342.95 and bottom formation at 5972.45. As last 23 sessions trading were under the shadow of 5 states Assembly polls with both lower levels consolidations and higher levels selling therefore sustaining beyond 5972.45-6342.95 will be next trend confirmations and should be firstly watched in next sessions after BJP big victory in Election results today.
Mid-session Outlook-2 (06-12-2013)
Quiet sideways market with higher levels selling and lower levels supports also between 6231-6243 and no clear indication from today intraday charts. Next trend confirmation will be after sustaining beyond 6155-6301.
Mid-session Outlook(06-12-2013)
More than 4 hours flat sideways market with selling between 6250-6265 today and view is cautious.
Technical Analysis and Market Outlook(06-12-2013)
Nifty-Intra Day Chart (05-Dec-2013):-
Technical Patterns and Formations in today intraday charts
1- Bullish Falling Channel formations in whole day down moves.
2- Whole day actual trading between 6232-6300.
As Exit Poll results showed BJP victory will be with good gains on next Sunday and emergence of strong,economic growth oriented Govt.formation possibility after Parliament Election next year under the leadership of Shri Narendra Modi therefore huge gap up opening today. Good selling in previous 3 sessions below 6228 therefore consolidation was required and it was seen today through higher levels continuous down moves in Bullish Falling Channel.
Impulsive Wave-3 is on,all trends are up and Rally continuation towards 6724.60 therefore market showed as such enthusiasm today after first strong signal of stable union Govt. possibility in 2014. As market showed higher levels consolidation after huge gap up opening therefore today started rally continuation is expected in the coming sessions and weeks.
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| Just click on chart for its enlarged view |
1- Bullish Falling Channel formations in whole day down moves.
2- Whole day actual trading between 6232-6300.
Conclusions from intra day chart analysis
As Exit Poll results showed BJP victory will be with good gains on next Sunday and emergence of strong,economic growth oriented Govt.formation possibility after Parliament Election next year under the leadership of Shri Narendra Modi therefore huge gap up opening today. Good selling in previous 3 sessions below 6228 therefore consolidation was required and it was seen today through higher levels continuous down moves in Bullish Falling Channel.
Impulsive Wave-3 is on,all trends are up and Rally continuation towards 6724.60 therefore market showed as such enthusiasm today after first strong signal of stable union Govt. possibility in 2014. As market showed higher levels consolidation after huge gap up opening therefore today started rally continuation is expected in the coming sessions and weeks.
Mid-session Outlook-2(05-12-2013)
As Exit Poll results showed BJP victory will be with good gains on next Monday and emergence of strong Govt.formation possibility after Parliament Elections in next year under the leadership of economic growth oriented Prime Minister Modi therefore huge gap up opening today. Good selling in previous 3 sessions below 6228 therefore higher levels consolidation through continuous down moves in Bullish Falling Channel and recent lowest formation at 6232.
As higher levels consolidation seen today therefore today started rally continuation is expected.
Mid-session Outlook(05-12-2013)
Modi factor works and huge gap up opening seen after 1st strong indication of BJP clear victory possibility in 4 states and 2014 Lok Sabha Election from Exit Poll results yesterday. Not only gap up opening but sustaining at higher levels and consolidating also therefore today started rally continuation is expected.
Pre-open Outlook(05-12-2013)
As emergence of BJP clear victory possibility in 4 states from Exit Poll results yesterday therefore higher levels consolidation is possible after strong opening. Sustaining above 6228 should be firstly watched today for next up moves confirmations because good selling seen below it in previous 3 sessions.
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