Most time negative zone trading since opening today but intraday charts are showing consolidation patterns formations therefore emergence of last week started correction completion possibility and expected that Nifty will not sustain below today lowest(6750.30) and fresh up moves will begin after follow up consolidations.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Technical Analysis,Research & Weekly Outlook(Apr 28 to May 02,2014)
Nifty-EOD Chart (25-Apr-2014):-
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 6869.85 on 25-04-2014
3- Bearish Rising Wedge formation in last 13 sessions.
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. As Bearish Rising Wedge formation in last 13 sessions therefore emergence of correction possibility and next supports/resistances are as follows:-
1- Resistances between 6841-6861
2- Resistances between 6818-6836
3- Supports between 6720-6740
4- Supports between 6685-6703
5- Supports between 6651-6671
Indian markets are highly Bullish and many times such markets correct time wise in side ways moves and not price wise therefore possibility of side ways market trading range is 6651-6861 and:-
1- Sustaining below 6651 will be deeper correction confirmation because Bearish Rising Wedge formation in last 13 sessions.
2- Sustaining above 6861 will be fresh rally beginning after Short Term Correction confirmation.
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1- Wave-iii of Wave-3 beginning(5933.30 on 04-02-2014)
2- 5th Wave continuation with all time high formation at 6869.85 on 25-04-2014
3- Bearish Rising Wedge formation in last 13 sessions.
Conclusions from EOD chart analysis
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. As Bearish Rising Wedge formation in last 13 sessions therefore emergence of correction possibility and next supports/resistances are as follows:-
1- Resistances between 6841-6861
2- Resistances between 6818-6836
3- Supports between 6720-6740
4- Supports between 6685-6703
5- Supports between 6651-6671
Indian markets are highly Bullish and many times such markets correct time wise in side ways moves and not price wise therefore possibility of side ways market trading range is 6651-6861 and:-
1- Sustaining below 6651 will be deeper correction confirmation because Bearish Rising Wedge formation in last 13 sessions.
2- Sustaining above 6861 will be fresh rally beginning after Short Term Correction confirmation.
Pre-closing Outlook(25-04-2014)
As selling in previous sessions above 6790 therefore we were told for very Short term correction on 23-04-2014 but it is being seen after one sessions ie today and Nifty slipped toward 6773 but minor supports also seen between 6773.6788 today and emergence of 1st signal of correction completion as well.
It should be kept in mind that once sustaining below 6773 will mean correction possibility towards 6725/6669.
Mid-session Outlook-2(25-04-2014)
Although intraday patterns showed consolidation indications but some slipping was expected therefore the range of 6790-6861 was updated in previous Outlook and Nifty formed recent lowest at 6786. As good selling was seen above 6790 therefore down moves below it was expected in previous session but it is being seen today and once sustaining below 8790 will mean deeper correction towards 6725/6669 as well as must be kept in mind.
Mid-session Outlook(25-04-2014)
Although markets recovered from lower levels in last minutes on 23-04-2014 but higher levels selling was also seen between 6841-6861 therefore Nifty could not sustain above it and trading below it since opening today. As intraday patterns are showing consolidation indications therefore expected that Nifty will firstly trade and prepare for next decisive moves between 6790-6861 and valid break out of this range will be next trend confirmation.
Technical Analysis and Market Outlook(25-04-2014)
Nifty-Intra Day Chart (23-Apr-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6841-6861
2- Strong recovery after new intraday lowest formations
3- Whole day actual trading between 6821-6861
All trends are up and Indian markets are highly Bullish therefore consolidating at higher levels without giving deeper correction. Although good selling seen in previous sessions but market recovered from lower levels in last minutes without giving deeper correction despite higher levels selling today.
Impulsive Wave-iii of Wave-3 continuation and its continuation will be considered until complete selling patterns will not develop. Indian Stock markets are discounting Modi factor and expectations are at peak all around therefore cautious approach is required because euphoria is being developed and markets are moving up under most Bullish sentiments.
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1- Selling between 6841-6861
2- Strong recovery after new intraday lowest formations
3- Whole day actual trading between 6821-6861
Conclusions from intra day chart analysis
All trends are up and Indian markets are highly Bullish therefore consolidating at higher levels without giving deeper correction. Although good selling seen in previous sessions but market recovered from lower levels in last minutes without giving deeper correction despite higher levels selling today.
Impulsive Wave-iii of Wave-3 continuation and its continuation will be considered until complete selling patterns will not develop. Indian Stock markets are discounting Modi factor and expectations are at peak all around therefore cautious approach is required because euphoria is being developed and markets are moving up under most Bullish sentiments.
FII & DII trading activity in Capital Market Segment on 23-Apr-2014
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Indian Stock Markets Closing Reports(23-Apr-2014)
Main features of today trading are as follows
Ratios
Index Options Put Call Ratio: 1.03
Total Options Put Call Ratio: 0.99
Nifty P/E Ratio(23-Apr-2014): 19.20
Nifty P/B Ratio(23-Apr-2014): 3.30
Dividend Yield (23-Apr-2014): 1.34
Advances & Declines
BSE Advances : 1,428
BSE Declines : 1,372
NSE Advances : 783
NSE Declines : 748
Nifty Open Interest Changed Today
Nifty- 6700 CE(May)- -9,150(-1.17%)
Nifty- 6700 PE(May)- 148,350(15.37%)
Nifty- 6800 CE(May)- 41,250(2.65%)
Nifty- 6800 PE(May)- 471,350(%)
Nifty- 6900 CE(May)- 623,800(52.95%)
Nifty- 6900 PE(May)- 305,150(47.44%)
Nifty- 7000 CE(May)- 484,000(23.35%)
Nifty- 7000 PE(May)- 113,100(19.17%)
Closing
Sensex- closed at 22,876.54(118.17 Points & 0.52%)
Nifty- closed at 6,840.80(25.45 Points & 0.37%)
CNX Midcap - closed at 8,902.20(-1.60 Points & -0.02%)
CNX Smallcap- closed at 3,999.35(6.55 Points & 0.16%)
Nifty Spot-Levels & Trading Strategy for 25-04-2014
Nifty Spot-Levels
R3 6901
R2 6881
R1 6860
Avg 6840
S1 6819
S2 6799
S3 6778
Nifty Spot-Trading Strategy
H6 6881 Trgt 2
H5 6871 Trgt 1
H4 6862 Long breakout
H3 6851 Go Short
H2 6847
H1 6843
L1 6836
L2 6832
L3 6828 Long
L4 6817 Short Breakout
L5 6808 Trgt 1
L6 6798 Trgt 2
R3 6901
R2 6881
R1 6860
Avg 6840
S1 6819
S2 6799
S3 6778
Nifty Spot-Trading Strategy
H6 6881 Trgt 2
H5 6871 Trgt 1
H4 6862 Long breakout
H3 6851 Go Short
H2 6847
H1 6843
L1 6836
L2 6832
L3 6828 Long
L4 6817 Short Breakout
L5 6808 Trgt 1
L6 6798 Trgt 2
Nifty(May Fut)-Levels & Trading Strategy for 25-04-2014
Nifty(May Fut)-Levels
R3 6953
R2 6931
R1 6915
Avg 6893
S1 6877
S2 6855
S3 6839
Nifty(May Fut)-Trading Strategy
H6 6937 Trgt 2
H5 6928 Trgt 1
H4 6919 Long breakout
H3 6909 Go Short
H2 6905
H1 6902
L1 6895
L2 6892
L3 6888 Long
L4 6878 Short Breakout
L5 6869 Trgt 1
L6 6860 Trgt 2
R3 6953
R2 6931
R1 6915
Avg 6893
S1 6877
S2 6855
S3 6839
Nifty(May Fut)-Trading Strategy
H6 6937 Trgt 2
H5 6928 Trgt 1
H4 6919 Long breakout
H3 6909 Go Short
H2 6905
H1 6902
L1 6895
L2 6892
L3 6888 Long
L4 6878 Short Breakout
L5 6869 Trgt 1
L6 6860 Trgt 2
Bank Nifty(May Fut)-Levels & Trading Strategy for 25-04-2014
Bank Nifty(May Fut)-Levels
R3 13565
R2 13421
R1 13327
Avg 13183
S1 13089
S2 12945
S3 12851
Bank Nifty(May Fut)-Trading Strategy
H6 13475 Trgt 2
H5 13420 Trgt 1
H4 13364 Long breakout
H3 13299 Go Short
H2 13277
H1 13255
L1 13212
L2 13190
L3 13168 Long
L4 13103 Short Breakout
L5 13047 Trgt 1
L6 12992 Trgt 2
R3 13565
R2 13421
R1 13327
Avg 13183
S1 13089
S2 12945
S3 12851
Bank Nifty(May Fut)-Trading Strategy
H6 13475 Trgt 2
H5 13420 Trgt 1
H4 13364 Long breakout
H3 13299 Go Short
H2 13277
H1 13255
L1 13212
L2 13190
L3 13168 Long
L4 13103 Short Breakout
L5 13047 Trgt 1
L6 12992 Trgt 2
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):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6821-6838
2- Whole day actual trading between 6807-6838
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.
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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):-
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
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:-
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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
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):-
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):-
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):-
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)
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.
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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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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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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
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.
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