Pre-closing Outlook(29-04-2014)

As heavy selling developed immediately after opening therefore next supports were updated at 09:37:00 AM in previous Outlook and Nifty got support between 1st support range and some recovery also seen but follow up selling was also seen above 6740.

Following line was told at 01:11:00 AM on 28-04-2014 in Technical Analysis,Research & Weekly Outlook(Apr 28 to May 02,2014)

As Bearish Rising Wedge formation in last 13 sessions therefore emergence of correction possibility

As some selling was also seen today therefore some more down moves can not be ruled out and finally sustaining beyond 6651 should be watched for deeper correction continuation / correction completion.

Post-open Outlook-2(29-04-2014)

Heavy selling immediately after opening today and following supports should be watched now:-

1- Supports between 6720-6740
2- Supports between 6685-6703
3- Supports between 6651-6671

Post-open Outlook(29-04-2014)

Selling developed immediately after opening today.

Technical Analysis and Market Outlook(29-04-2014)

Nifty-Intra Day Chart (28-Apr-2014):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation between 6750-6765 
2- Multiple 6 supports at lower levels.
3- Higher levels selling.
4- Whole day actual trading between 6750-6786

Conclusions from intra day chart analysis 

Whole day 36 points range bound negative zone trading between 6750-6786 with lower levels good consolidation and multiple supports but minor selling was also seen at higher levels therefore valid break out of today trading range will be next immediate moves confirmation.  As today intraday trading patterns are showing good consolidation patterns therefore high possibility of decisive up moves above today highest(6786.25) despite today closing near the lower of the day.

Pre-closing Outlook(28-04-2014)

Most time 36 points range bound negative zone trading between 6750-6786 with lower levels good consolidation and multiple supports but minor selling was also seen at higher levels therefore valid break out of today trading range will be next immediate moves confirmation but today intraday patterns are showing good consolidation patterns hence high possibility of decisive up moves above today highest(6786.25) despite now trading near the lower of today.

Mid-session Outlook-2(28-04-2014)

Although recovery from lower levels after some consolidation but follow up consolidation not seen but some selling was also seen therefore market require some more preparation for next direction and that will be seen in the coming hours. Next immediate moves confirmation will be after valid break out of today trading range(6750-6786) and should be firstly watched now.

Mid-session Outlook(28-04-2014)

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. 

Technical Analysis,Research & Weekly Outlook(Apr 28 to May 02,2014)

Nifty-EOD Chart (25-Apr-2014):-

Just click on chart for its enlarged view

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.

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):-

Just click on chart for its enlarged view

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

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

FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value FII 23-Apr-2014 5607.62 4840.01 767.61

DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) Category Date Buy Value Sell Value Net Value DII 23-Apr-2014 1732.51 2266.39 -533.88

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

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

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

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):-

Just click on chart for its enlarged view

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.