Mid-session Outlook(23-04-2014)

As good selling in previous sessions therefore very Short Term correction was expected but Indian markets are showing extreme strength today. Although continuous recovery since opening but very Short Term correction is very much due and still expected.

Technical Analysis and Market Outlook(23-04-2014)

Nifty-Intra Day Chart (22-Apr-2014):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 6821-6838
2- Whole day actual trading between 6807-6838

Conclusions from intra day chart analysis 

Following lines were told in previous Outlooks:-

1- At 11:44 AM in Mid-session Outlook(22-04-2014):- "today intraday charts are showing selling patterns"
2- At 02:58 PM in Pre-closing(21-04-2014):- "confirmation through sustaining above 6819 is required for strong rally in new zone"
3- In Technical Analysis and Market Outlook(22-04-2014):- "some selling also seen below 6825 therefore sustaining above it is must for next strong rally and should be firstly watched tomorrow" 

Selling was seen yesterday and follow up good selling was seen today also therefore it was updated at 11:44 AM when Nifty was trading near higher levels of the day. As good selling was seen today therefore expected that Nifty will slip below today lowest and very Short term correction is expected tomorrow with April expiry possibility near or below 6750 despite Dow Jones is now trading 100 points up.

Pre-closing Outlook(22-04-2014)

Although most time positive zone trading and European markets are also .65% to !.05% up at this moment but today intraday are showing selling pattern formations therefore down moves are expected below today lowest(6808).

Mid-session Outlook(22-04-2014)

Whole day positive zone trading after Green opening and new all time high formation as well but today intraday charts are showing selling patterns.

Technical Analysis and Market Outlook(22-04-2014)

Nifty-Intra Day Chart (21-Apr-2014):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 6787-6798
2- 5 Hours sideways trading between 6787-6806
3- Up moves without required force
4- Not sustaining above previous top(6819)
5- Whole day actual trading between 6787-6825

Conclusions from intra day chart analysis 

Firstly 5 hours sideways trading between 6787-6806 with lower levels consolidation between 6787-6798 and after that range broken out but without required force therefore Nifty could not sustain at higher levels.

Last 7 sessions actual trading between 6651-6819 with higher levels selling between 6806-6819 therefore it is must to sustain above 6819 for fresh strong rally therefore following line was told at 02:58 PM in Pre-closing Outlook when Nifty was trading at 6823:-

confirmation through sustaining above 6819 is required for strong rally in new zone.

As up moves without required force therefore Nifty could not sustain at higher levels and slipped toward 5810.75 in last minutes. Although Nifty closed at all time high today but some selling also seen below 6825 therefore sustaining above it is must for next strong rally and should be firstly watched tomorrow.

Pre-closing Outlook(21-04-2014)

Nifty cleared last resistance range(6806-6819) after 5 hours follow up consolidation between 6787-6806 but not forcefully therefore confirmation through sustaining above 6819 is required for strong rally in new zone.

Mid-session Outlook(21-04-2014)

First 2 hours 18 points sideways trading between 6788-6806 today and technical positions just below and just above it are as follows:-

1- Selling between 6806-6819 on 10-04-2014 
2- Mixed Patterns between 6762-6783 on 17-04-2014

Certainly Nifty is preparing for next big moves today and valid break out of 6762-6819 will be its confirmation.

Technical Analysis,Research & Weekly Outlook(Apr 21 to Apr 25,2014)

Nifty-EOD Chart (17-Apr-2014):-

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Technical Patterns and Formations in EOD charts

1- Wave-iii of Wave-3 beginning(5933.30 on 04-02-2014) 
2- 5th Wave continuation with all time high formation at 6819.05 on 10-04-2014
3- Last 7 Sessions trading between 6651-6819

Conclusions from EOD chart analysis 

Wave-iii of Wave-3 is on with its 5th wave highest formation at 6819.05 and last 7 sessions range bound trading between 6651-6819. 

Nifty-Intra Day Chart (Apr 07 to Apr 17,2014):-

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Technical Patterns and Formations in last 7 Sessions intraday charts

1- Selling between 6806-6819 on 10-04-2014
2- Consolidation between 6651-6671 on 07-04-2014
3- consolidation between 6706-6732 on 09-04-2014
4- Consolidation between 6720-6740 on 17-04-2014
5- Mixed Patterns between 6762-6783 on 17-04-2014
6- 7 Sessions actual trading between 6651-6819

Conclusions from 7 Sessions intra day chart analysis 

7 Sessions actual trading between 6651-6819 with lower levels good supports and now last resistances are between 6806-6819 therefore follow up consolidation is firstly required for fresh rally above 6819. As strong supports emerged at lower levels in last 7 sessions therefore complete selling is required for any decisive down moves below the lowest the lowest of last 7 sessions(6651) 

Nifty-Intra Day Chart (17-Apr-2014):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 6685-6699
2- Follow up consolidation between 6720-6740
3- Mixed Patterns between 6762-6783
4- Whole day actual trading between 6685-6783

Conclusions from intra day chart analysis 

Strong 99 points rally after lower levels consolidation and follow up consolidation as well between 6720-6740 and confirmation of Short term correction completion. As mixed patterns formations between 6762-6783 in last 2 hours therefore follow up consolidation is firstly required for decisive up moves and sustaioning above the highest of the day(6783)

Conclusions (After Putting All Studies Together)

All trends are up and impulsive Wave-iii of Wave-3 continuation but oscillators are showing negative divergence in overbought zone therefore correction is very much due. Indian markets are highly Bullish and many times such markets correct time wise in side ways moves and not price wise. As last 7 sessions were range bound therefore time wise correction possibility can not be ruled out. 

Strong supports developed at lower levels and selling was also seen in last 7 sessions between 6651-6819 as well as weekly Bearish Hanging Man Candle formation in previous week therefore expected that Indian markets will firstly remain sideways between 6651-6819 in the beginning of next week and sustaining beyond this range will decide the length and life of ongoing correction. 

Next moves beyond 6651-6819 will be as follows:-

1- Sustaining above 6819 will mean strong rally after Short Term Correction completion 
2- Sustaining below 6651 will mean correction of whole that up move which started from 5933.30.

Pre-closing Outlook(17-04-2014)

Following lines were told today:-

1- At 09:34 AM in Post-open Outlook- if Nifty sustain above 6703 then it will be first signal of some up moves and Indian markets turning into range bound mode between 6651-6819.
2- At 10:37 AM in Mid-session Outlook- consolidation also seen between 6685-6700 today therefore previous supports strengthened and strong signals of fresh up moves

Strong 99 points up moves from lower levels of today after Short term correction completion and next resistances are between 6806-6819 therefore only sustaining above 6819 has to be watched in next week for strong rally and new historical highs formations. 

Mid-session Outlook(17-04-2014)

Next support range was between 6651-6671 and it was tested yesterday but consolidation also seen between 6685-6700 today therefore previous supports strengthened and strong signals of fresh up moves. Now Indian markets will be understood range bound between 6651-6819 and fresh rally with new highs formations after correction completion will be considered after sustaining above some higher levels resistances.

Post-open Outlook(17-04-2014)

As US markets closed with good gains yesterday therefore sentiment is good and positive opening in Indian markets. Follow up selling was seen between 5692-6703 yesterday and first 15 minutes most time trading between this range today. As very Short Term indicators are oversold therefore if Nifty sustain above 6703 then it will be first signal of some up moves and Indian markets turning into range bound mode between 6651-6819.

Next immediate moves confirmation first signal will be valid break out of 5692-6703 today

Technical Analysis and Market Outlook(17-04-2014)

Nifty-Intra Day Chart (16-Apr-2014):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 5738-6765
2- Follow up selling between 5692-6703
3- Whole day actual trading between 6665-6748

Conclusions from intra day chart analysis 

Firstly higher levels selling and after that follow up selling as well as testing of next support range(6651-6671) today. Long and Intermediate Trends are up,Short Term Trend turned down and correction continuation. Last hope for Bulls is 6651 and once sustaining below 6651 will mean sharp fall because next supports are at much lower levels near 6500. 

Pre-closing Outlook(16-04-2014)

Support at 6706 broken down forcefully after higher levels selling between 6724.65-6748.65 and down moves seen towards next supports range(6651-6671). Short Term correction is on and much deeper correction will be seen below 6651 but follow up selling is must for sustaining below 6651 because good supports are lying between 6651-6671.

Mid-session Outlook(16-04-2014)

Following line with levels was updated in last 3 Outlooks:-

Valid break out of 6706-6748 will be next immediate moves confirmation 

As Nifty traded between 6724.65-6748.65 today with some consolidation and selling therefore only  sustaining beyond 6706-6748 should watched watched for next immediate trend confirmations.

Post-open Outlook(16-04-2014)

As selling indications with Bearish Engulfing Candle formation therefore flat Indian markets despite good Global cues. Some indications of consolidation also developed in first hour of trading today therefore correction completion will also be considered because today and yesterday trading is seen within next support range(6706-6732).

Valid break out of 6706-6748 will be next immediate moves confirmation and should be firstly watched.

Pre-open Outlook(16-04-2014)

All the Asian markets are in Green and some are trading with good gains as well therefore sentiment is positive today morning because Dow's Futures is also now more than 50 points up after US markets closing with sufficient gains yesterday. As Bearish Engulfing Candle formation with selling indications yesterday therefore firstly next immediate moves confirmation is must through sustaining beyond 6706-6748 in today like boosted sentiment.

Technical Analysis and Market Outlook(16-04-2014)

Nifty-Intra Day Chart (15-Apr-2014):-

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Technical Patterns and Formations in today intraday charts

1- Almost whole day trading between 6712-6748 
2- Whole day actual trading between 6712-6813

Conclusions from intra day chart analysis 

Firstly sharp 100 points down in first 10 minutes and after that almost whole day 36 points narrow range trading between 6712-6748 which was almost within next support range(6706-6732) also. As whole day trading at such lower rates therefore follow up selling and more down moves possibility can not be ruled out today. 

Bearish Engulfing Candle formation also today therefore once valid breaking down of 6706 will mean sharp down towards next supports 6651-6671 and its possibility is very much alive today and valid break out of 6706-6748 will be next immediate moves confirmation.

Mid-session Outlook-2(15-04-2014)

More than 4 hours trading between 6712-6740 and range broken out but sustaining above 6740 will mean 4th corrective wave completion and beginning of 5th impulsive wave of Bearish Rising Wedge.

Mid-session Outlook(15-04-2014)

Following support range was updated in View is Cautiously Bullish

3- Next 2nd supports are between 6706-6732 

Nifty is trading between 6712-6740 after first 10 minutes sharp fall and valid break out of 6706-6740 will be next immediate moves confirmation.

Post-open Outlook(15-04-2014)

As Bearish Rising Wedge like formation being developed in previous week and selling also seen between 6806-6819 last Thursday therefore Nifty retraced from 6813.40 after positive opening. As Wave-5 of Bearish Rising Wedge is still left therefore Up moves above 6819.05 were expected and following topic was updated at 12:37 AM today:-

View is Cautiously Bullish

Certainly correction is due and very short Term correction is being seen today but good supports also above 6651 therefore follow up selling is must for sustaining it below and deeper correction. Next immediate trend confirmation range is 6651-6819 and should be kept in mind. 

View is Cautiously Bullish

Technical Analysis,Research & Weekly Outlook

(Apr 15 to Apr 017,2014)

Nifty-EOD Chart (11-Apr-2014):-

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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-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 with new highest formation at 6819.05 on 10-04-2014

Conclusions from EOD chart analysis 

All trends are up and Bullish market Wave-iii of Wave-3 continuation towards those higher levels which can not be easily imagined at this moment because following minimum waves are still left:-

1- Wave-iii of Wave-3 continuation and no signal of its termination yet.
2- Corrective Wave-iv of Wave-3 will start after on going Wave completion and this corrective will correct whole that up move which started from 5933.30.
3- Impulsive Wave-v of Wave-3 will start after previous corrective wave completion and this Wave will form new high above the top of Wave-iii of Wave-3. It should also be kept in mind that Wave-iii of Wave-3 top formations confirmation has not been seen yet.
4- Wave-v of Wave-3 completion will mean termination of Wave-3 and corrective Wave-4 beginning. 
5- Corrective Wave-4 will correct whole up moves which started from 5700.95.
6- Impulsive Wave-5 will start towards new top formation above the top of Wave-3.

Nifty-EOD Chart (11-Apr-2014):-

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Technical Patterns and Formations in EOD charts

1- Wave-iii of Wave-3 beginning(5933.30 on 04-02-2014) 
2- 5th Wave continuation
2- 4th wave of Bearish Rising Wedge like formation

Conclusions from EOD chart analysis 

Wave-iii of Wave-3 is on and 4th wave of Bearish Rising Wedge like formation but its 5th Wave is still left which should move above the previous top at 6819.05.

Nifty-Intra Day Chart (11-Apr-2014):-

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish falling channel.
2- Consolidation between 6744-6762
3- Whole day actual trading between 6744-6789

Conclusions from intra day chart analysis 

Indian markets out performed Global cues and firstly down moves in Bullish Falling Channel with triple bottom formations near 6744 as well as good consolidation seen therefore 6744-6762 has developed a strong support range,until Nifty will not sustain below 6744 after complete selling till then next down moves will not be considered.

Conclusions (After Putting All Studies Together)

At present impulsive Wave-iii of Wave-3 continuation and 1st signal of its completion developed in previous week because emergence of Bearish Rising Wedge like formation. As its 5th impulsive Wave is still left therefore some more up moves above 6819.05 are still left. Next resistances and supports are as follows:-

1- Next resistances are between 6806-6819 
2- Next 1st supports are between 6744-6762 
3- Next 2nd supports are between 6706-6732 
4- Next 3rd supports are between 6651-6671 

Expected that Nifty will firstly trade and prepare for next trend between 6744-6819 and sustaining it beyond should be watched in next week for next trend confirmations but view is cautiously Bullish because Bearish Rising Wedge like formation being developed and its 5th wave is still.

Up moves above 6819.05 are still expected because good supports also developed at lower levels in previous week therefore easily deeper correction will not be seen and much more selling is still left for it and let it happen then will be considered.