Selling seen immediately after opening today but follow up selling and sustaining below yesterday lowest should be watched for correction beginning confirmation.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Technical Analysis and Market Outlook(11-03-2014)
Nifty-Intra Day Chart (10-Mar-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 6498-6525.
2- Last hour down moves in Bullish Falling Wedge formation.
3- Whole day actual trading between 6498-6562.
Conclusions from intra day chart analysis
Sentiment was most depressed today morning because all the Asian markets were in Red and some markets were more than 1% down and US Futures were also negative but Indian markets completely out performed Global markets and traded flat as well as consolidated with lower levels supports. Although market slipped from higher levels in last hour but with Bullish Falling Wedge formation therefore Rally continuation is still alive and until complete selling patterns will not develop as well as Nifty will not sustain below today lowest till then decisive down moves will not be considered.
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1- Consolidation between 6498-6525.
2- Last hour down moves in Bullish Falling Wedge formation.
3- Whole day actual trading between 6498-6562.
Conclusions from intra day chart analysis
Sentiment was most depressed today morning because all the Asian markets were in Red and some markets were more than 1% down and US Futures were also negative but Indian markets completely out performed Global markets and traded flat as well as consolidated with lower levels supports. Although market slipped from higher levels in last hour but with Bullish Falling Wedge formation therefore Rally continuation is still alive and until complete selling patterns will not develop as well as Nifty will not sustain below today lowest till then decisive down moves will not be considered.
All trends are up and momentum indicators are over bought therefore Short Term Correction is due but complete selling patterns are required for the beginning of correction. Let follow up selling develop and Nifty sustain below today lowest then correction beginning should be considered.
Mid-session Outlook(10-03-2014)
Although most depressed Global markets sentiments since today morning but Indian markets showed strength and consolidated at lower levels as well as got good supports. Rally is on and its continuation is expected after higher levels consolidation. As such up moves were expected therefore firstly we covered our Puts and told following lines in previous Outlook today at 10:20 AM:-
1- until fresh selling patterns will not develop till then any correction will not be considered
2- some times Bull markets consolidate at higher levels within sideways moves also.
1- until fresh selling patterns will not develop till then any correction will not be considered
2- some times Bull markets consolidate at higher levels within sideways moves also.
Post-open Outlook(10-03-2014)
All the Asian markets are in Red and 4 markets are more than 1% down as well as reemergence of fresh Ukraine problems but Indian markets are completely outperforming Global markets and trading flat. All trends are up and Indian markets are most Bullish therefore until fresh selling patterns will not develop till then any correction will not be considered because some times Bull markets consolidate at higher levels within sideways moves also.
NIFTY-Mar Put Option(6400)-Positional Buying of 07-03-2014-Covering
NIFTY-Mar PE(6400)-Bought on 07-03-2014-Cover immediately-CMP-41(Indian markets are completely outperforming Global markets therefore covering)(Lalit39)
Firstly Short Term Correction before Next Rally
Technical Analysis,Research & Weekly Outlook
(Mar 10 to Mar 14,2014)
Recent top formation at 6,537.80 on 07-03-2014 but well before on 21-10-2013 Following line was told in Minimum target of Nifty at 6724.60
Nifty is well set for rally towards minimum target at 6724.60.
Nifty closed at the top of rally with new high formation last Friday but well before its happening following 4 Weekly analysis topics with Bullish views were posted in previous 4 weeks:-
1- Rally Continuation after Very Short Term Correction(Posted on 02-03-2014)
2- Bullish Rally continuation(Posted on 23-02-2014)
3- View is Bullish(Posted on 16-02-2014)
4- Bullish Week Ahead(Posted on 09-02-2014)
(Just click on above topic and understand the reasons of our Bullish views since beginning of on going rally)
Nifty-EOD Chart (07-Mar-2014):-
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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(6415.25 on 09-12-2013)
5- Wave-ii of Wave-3(5933.30 on 04-02-2014)
6- Wave-iii of Wave-3 continuation
Conclusions from EOD chart analysis
All trends are up and impulsive Wave-3 continuation. As per Elliot Wave theory "Wave-3 should not be shorter than both Wave-1 and Wave-5" therefore Wave 3 will move up more than Wave-1.
Calculation on minimum Target of Wave-3:-
1- Wave-1 gained 1023.65 points=6142.50(top of Wave-3)-5118.85(bottom of Wave-3)
2- As per Elliot Wave theory Wave-3 will move up minimum 1023.65 from the bottom on Wave-3
3- Therefore minimum target of Nifty is at 6724.60= 5700.95(bottom on Wave-3)+1023.65 (Wave-1 gained)
Now impulsive Wave-iii of Wave-3 continuation and new historical high formation in previous week with weekly closing near the weekly highest level. As per above mentioned Elliot Wave theory minimum target of Wave-iii of Wave-3 is as follows:-
Calculation on going minimum Target of Wave-iii of Wave-3:-
1- Wave-i of Wave-3 gained 714.30 points=6415.25(top of Wave-i of Wave-3)-5700.95(bottom of Wave-i of Wave-3)
2- As per Elliot Wave theory Wave-iii of Wave-3 will move up minimum 714.30 from the bottom of Wave-iii of Wave-3
3- Therefore minimum target of Wave-iii of Wave-3 is at 6647.60= 5933.30(bottom of Wave-iii of Wave-3)+714.30 (Wave-i of Wave-3 gained)
Expected that finally Wave-v of Wave-3 will achieve its minimum target of 6724.60 in the coming months.
Nifty-Intra Day Chart (07-Mar-2014):-
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1- Whole day up moves in Bearish Rising Channel.
2- Whole day actual trading between 6413-6537
Conclusions from intra day chart analysis
As whole day up moves in Bearish Rising Channel and indicators are overbought therefore signals of Short Term correction possibility turned strong on 07-03-2014.
Conclusions (After Putting All Studies Together)
Indian markets are Bullish and rally continuation but Short term indicators are overbought and intraday selling patterns also seen in previous sessions therefore Short Term correction is due and expected that firstly correction will be seen in the beginning of next week. As Bullish markets complete its correction after very Short or Short Term correction therefore rally continuation after only such correction will be considered and follow up moves will also be firstly watched for the confirmation of its correction depth.
Post-open Outlook(07-03-2014)
(This topic was updated at 09:55 am today but deleted by mistake)
Most Global markets are positive and Rally continuation in Indian markets also after new all time high formations despite overbought indicators. As some times Bull markets consolidates at higher levels also without any deeper correction and indicators remains overbought much more time therefore until complete selling patterns will not develop till then deeper correction will not be considered and rally continuation will be expected in new zone.
All trends are up and Wave-iii of Wave-3 continuation towards those much more higher levels which will be updated in the Weekly Analysis before next Monday.
NIFTY-Mar Put Option(6400)-Positional-Buying Trade
NIFTY-Mar PE(6400)-Buy-Positional-SL-19 & TGT-66-CMP-41(Just trade same quantity which covered on 06-03-2014)(Lalit39)
Technical Analysis and Market Outlook(07-03-2014)
Nifty-Intra Day Chart (06-Mar-2014):-
Technical Patterns and Formations in today intraday charts
1- Firstly up moves Bearish Rising Channel.
2- Sharp up moves after positive opening of European markets.
3- Whole day actual trading between 6340-6406
As strong Asian markets therefore positive opening and sharp up moves after Green opening of European markets as well as today closing at all time high. All trends are up but selling patterns formations in last 3 sessions and Short Term Indicators are overbought also therefore Short Term Correction is expected in the coming sessions because no consolidation pattern formation seen today and today up moves were positive Global markets generated .
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1- Firstly up moves Bearish Rising Channel.
2- Sharp up moves after positive opening of European markets.
3- Whole day actual trading between 6340-6406
Conclusions from intra day chart analysis
As strong Asian markets therefore positive opening and sharp up moves after Green opening of European markets as well as today closing at all time high. All trends are up but selling patterns formations in last 3 sessions and Short Term Indicators are overbought also therefore Short Term Correction is expected in the coming sessions because no consolidation pattern formation seen today and today up moves were positive Global markets generated .
Mid-session Outlook-2(06-03-2014)
Although inraday selling patterns seen in last 2 sessions and today also without force up moves but correction not seen and accepted that I have been deceived by market today. Let some more confirmations come then will be updated accordingly.
NIFTY-Mar Put Option(6300)-Positional Buying of 05-03-2014-Covering
Nifty-Mar PE(6300)-Bought on 05-03-2014-Cover immediately-CMP-41(Lalit39)
Mid-session Outlook(06-03-2014)
As most time without force up moves today therefore down moves possibilities are still alive because selling patterns formations seen in last 2 sessions also.
NIFTY-Mar Put Option(6300)-Positional Buying of 05-03-2014-Message
Nifty-Mar PE(6300)-Bought on 05-03-2014-Strong Asian markets but just hold after positive opening and cover after my covering message(Lalit39)
Technical Analysis and Market Outlook(06-03-2014)
Nifty-Intra Day Chart (Mar 04 & Mar 05,2014):-
Technical Patterns and Formations in last 2 Sessions intraday charts
1- Consolidation between 6223-6246 on 04-03-2014
2- Up moves but without force on 04-03-2014
3- Bearish Rising Wedge formations in last 2 hours on 04-03-2014
4- Selling between 6312-6324 on 05-03-2014
5- Consolidation between 6290-6302 on 05-03-2014
6- Selling between 6318-6335 on 05-03-2014
Higher levels good selling yesterday and today also follow up selling seen in more than 3 hours therefore emergence of down moves possibilities below 6270 in the coming sessions despite some lower levels consolidations in last 2 sessions and today closing near the higher levels of the day.
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1- Consolidation between 6223-6246 on 04-03-2014
2- Up moves but without force on 04-03-2014
3- Bearish Rising Wedge formations in last 2 hours on 04-03-2014
4- Selling between 6312-6324 on 05-03-2014
5- Consolidation between 6290-6302 on 05-03-2014
6- Selling between 6318-6335 on 05-03-2014
Conclusions from 2 Sessions intra day chart analysis
Higher levels good selling yesterday and today also follow up selling seen in more than 3 hours therefore emergence of down moves possibilities below 6270 in the coming sessions despite some lower levels consolidations in last 2 sessions and today closing near the higher levels of the day.
NIFTY-Mar Put Option(6300)-Positional-Buying Trade
NIFTY-Mar PE(6300)-Buy-Positional-SL-39 & TGT-79-CMP-55(Lalit39)
Mid-session Outlook-2(05-03-2014)
Selling patterns formations seen at the higher levels in last 1 hour
Mid-session Outlook(05-03-2014)
Most time trading between 6288-6328 with some selling at higher levels but lower levels good consolidations also therefore indications of very short term correction completion also. View is cautious because multiple resistance between 6320-6380 and selling pattern formation seen below 6300 yesterday therefore complete consolidation is required for any decisive up moves above 6380. Expected that Nifty will trade and prepare for next decisive moves between 6270-6380 and sustaining beyond this range should be firstly watched for next trend confirmations.
100% accuracy Nifty prediction for today
Although Global markets were completely strong but we were cautious therefore we told following line 3 times in previous 4 Outlooks
very short term correction possibility in the coming sessions
Nifty Fut(Mar) is trading 27 points down now and it proved 100% accuracy of our above prediction.
Post-open Outlook(05-03-2014)
When SGX Nifty was trading 40 points up then we told following lines today in Pre-open Outlook:-
1- but view is cautious
2- sustaining beyond 6300 should be firstly watched today for immediate up moves confirmations
Now Nifty Fut(Mar) is 10 points down now because complete consolidation is required for decisive up moves and sustaining beyond 6300(spot Nifty) should be firstly watched today for those next immediate moves confirmations which have already been updated in previous 2 Outlooks.
1- but view is cautious
2- sustaining beyond 6300 should be firstly watched today for immediate up moves confirmations
Now Nifty Fut(Mar) is 10 points down now because complete consolidation is required for decisive up moves and sustaining beyond 6300(spot Nifty) should be firstly watched today for those next immediate moves confirmations which have already been updated in previous 2 Outlooks.
Pre-open Outlook(05-03-2014)
As US and European markets closed 1.41% to 2.43% up yesterday therefore sentiment turned strong and all the Asian markets are trading in Green and positive opening will be seen in Indian markets also. Selling patterns seen at higher levels yesterday below 6300 and resistances are above 6320 therefore emergence of very short term correction possibility and complete consolidation is required for decisive up moves. Yesterday closing near 6300 and sustaining beyond it should be firstly watched today for very short term correction or up moves but after complete consolidation.
SGX Nifty is trading 40 points up at this moment but view is cautious and sustaining beyond 6300 should be firstly watched today for immediate up moves confirmations.
Technical Analysis and Market Outlook(05-03-2014)
Nifty-Intra Day Chart (04-Mar-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 6223-6246
2- Up moves but without force
3- Bearish Rising Wedge formations in last 2 hours
4- Whole day actual trading between 6223-6302
Firstly lower levels good consolidation and after that strong up moves because Russian President Putin ordered for the withdrawal of army from Ukraine and resultant Dow's Futures also sharply surged more than 100 points. Although today closing near the higher levels of today but selling patterns also developed at higher levels through without force up moves and Bearish Rising Wedge formations in last 2 hours therefore emergence of very short term correction possibility in the coming sessions before fresh rally above 6300/6358. Next resistances are as follows:-
1- 6320-6358
2- 6350-6380
Today closing near 6300 with Bearish patterns formations just below it and next resistances are just above it between 6320-6380 therefore complete consolidation is required for any decisive moves above 6380. Expected that Nifty will trade and prepare for next decisive moves between 6270-6380 in the coming sessions and follow up positions formations between this range will decide following next trends:-
1- Valid break out above 6380 will mean strong rally and new all time high formation.
2- Valid break down below 6270 will mean minimum Short Term correction and Range bound market between 5934-6380.
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1- Consolidation between 6223-6246
2- Up moves but without force
3- Bearish Rising Wedge formations in last 2 hours
4- Whole day actual trading between 6223-6302
Conclusions from intra day chart analysis
Firstly lower levels good consolidation and after that strong up moves because Russian President Putin ordered for the withdrawal of army from Ukraine and resultant Dow's Futures also sharply surged more than 100 points. Although today closing near the higher levels of today but selling patterns also developed at higher levels through without force up moves and Bearish Rising Wedge formations in last 2 hours therefore emergence of very short term correction possibility in the coming sessions before fresh rally above 6300/6358. Next resistances are as follows:-
1- 6320-6358
2- 6350-6380
Today closing near 6300 with Bearish patterns formations just below it and next resistances are just above it between 6320-6380 therefore complete consolidation is required for any decisive moves above 6380. Expected that Nifty will trade and prepare for next decisive moves between 6270-6380 in the coming sessions and follow up positions formations between this range will decide following next trends:-
1- Valid break out above 6380 will mean strong rally and new all time high formation.
2- Valid break down below 6270 will mean minimum Short Term correction and Range bound market between 5934-6380.
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