Rally continuation towards Minimum Target of Nifty at 8616.90

Technical Analysis,Research & Weekly Outlook

(Jun 09 to Jun 13,2014)

Nifty-EOD Chart (06-Jun-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(7563.50 on 16-05-2014) 
7- Wave-iv of Wave-3(7118.45 on 30-05-2014) 
8- Wave-v of Wave-3 continuation with new highest formation at 7592.70 on 06-06-2014

Waves structure of Wave-iii of Wave-3

Nifty-EOD Chart (06-Jun-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- Wave-1(6562.20 on 10-03-2014)
3- Wave-2(6432.70 on 14-03-2014)
4- Wave-3(6869.85 on 25-04-2014)
5- Wave-4(6638.55 on 08-05-2014)
6- Wave-5(7563.50 on 16-05-2014)
7- 19 Sessions sideways correction between 7082-7563
8- 19 Sessions Range broken out on 06-06-2014

Conclusions from EOD charts analysis 

All trends are up and new highest formation at 7592.70 on 06-06-2014 after 19 sessions range broken out on 06-06-2014. Bullish market Wave-v of Wave-3 continuation and Indian markets are moving towards towards those higher levels which can not be easily imagined at this moment because following minimum waves are still left:-

1- Impulsive Wave-v of Wave-3 has started after previous corrective wave(Wave-iv of Wave-3) completion 
2- Wave-v of Wave-3 completion will mean termination of Wave-3 and corrective Wave-4 beginning. 
3- Corrective Wave-4 will correct whole up moves of Wave-3 which started from 5700.95.
4- Impulsive Wave-5 will start towards new top formation above the top of Wave-3.

As per Elliot Wave theory Nifty is well set for rally towards minimum target at 8616.90. Just click following topic link and understand its calculations:-

Minimum target of Nifty at 8616.90

Impulsive Wave-v of Wave-3 continuation and as per Elliot Wave theory " Wave-v of Wave-3 should be shorter than Wave-iii of Wave-3. Impulsive Wave-v of Wave-3 is on and it should gain lesser points than Wave-iii of Wave-3 gained. Maximum target of Wave-v of Wave-3 is as follows:-

1- Wave-iii of Wave-3 started from 5933.30
2- Wave-iii of Wave-3 terminated at 7563.50
3- Wave-iii of Wave-3 gained 1630.20 points
4- Wave-v of Wave-3 started from 7118.45
5- Wave-v of Wave-3 should gain less than 1630.20 points 
6- Therefore Wave-v of Wave-3 should should terminate below 8748.65(7118.45+1630.20)

As per Elliot Wave theory Nifty is at  8616.90 and maximum target of Wave-v of Wave-3 is at 8748.65.  

19 Sessions Range(7082-7563) broken out on 06-06-2014 and technical confirmation of its valid break out will mean confirmation of Wave-v of Wave-3 continuation which should terminate below 8748.65. Nifty traded between 481 points in 19 previous sessions and following Fibonacci levels will also be its next technical targets after break out confirmation above 7563:-

1- 1.618% -7860   
2- 2.000% -8044
3- 2.618% -8341

Following lines were told at 08:47 AM on 12-05-2014 in Minimum target of Nifty at 8616.90

It is very much clear that such strong rally will be seen immediately after the confirmation of Modi becoming P.M. of India and also 

expected that Modi will become Prime Minister of India and 25 sessions range will be broken out with more than 10% to 20% rally in next week.

More than 10% rally has been seen since 12-05-2014 and Bull market is very much intact as well as much more up moves will be seen in the coming weeks and months. It should be kept in mind that complete selling patterns are required on daily and weekly charts for any deeper correction and only 19 Sessions range(7082-7563) break out confirmation is firstly required in next week for fresh phase of those next technical targets which have been updated above.

Pre-closing Outlook(06-06-2014)

Although new all time high formation today but more than 5 hours  up moves were without required force and within bearish Rising Channel also therefore break out confirmation is must through sustaining above 7543/7563 after follow up consolidations.

Mid-session Outlook-2(06-06-2014)

Although Nifty is now .77% up after gap up opening and whole day positive zone trading but today intradau charts are showing selling patterns formations also therefore firstly consolidation and after that sustaining above 7543 is must for next decisive rally after formation of new all time high.

Mid-session Outlook(06-06-2014)

Following lines were told yesterday in Technical Analysis and Market Outlook(06-06-2014):-

Expected that Nifty will firstly trade between resistance range(7450-7563) tomorrow and volatility with intraday correction will also be seen.

Following intraday chart of today is proving that what so ever was told yesterday all that proved 100% accurate today in first 2 hours of today trading:-

As some selling was also seen today therefore consolidation is firstly required and valid break out of today trading range(7498-7535) and finally 7450-7563 should be watched for next immediate decisive trend confirmations but finally rally continuation is expected above 7563

Technical Analysis and Market Outlook(06-06-2014)

Nifty-Intra Day Chart (05-Jun-2014):-

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Technical Patterns and Formations in today intraday charts

1- Whole day without force up moves in Expanding Triangle
2- Whole day actual trading between 7360-7484

Conclusions from intra day chart analysis 

All trends are up and closing at all time high but Whole day without force up moves in Expanding Triangle and closing between last resistance range(7450-7563) therefore some more consolidation is firstly required for next decisive rally above all time highest( 7563.50). Expected that Nifty will firstly trade between resistance range(7450-7563) tomorrow and volatility with intraday correction will also be seen.

As next resistance range(7450-7563) is lying therefore follow up consolidation is must and once fresh consolidation within this range will mean strong rally above all time high in the coming weeks and it is expected also. 

Pre-closing Outlook(05-06-2014)

Rally continuation after lower levels supports above 7415 today and now trading between last resistance range(7450-7563). As slow up moves and intraday indicators are overbought therefore some volatility and minor intraday correction is possible but finally rally continuation is expected.

Mid-session Outlook(05-06-2014)

Following lines were told in Mid-session Outlook on 03-06-2014:-

1- Selling seen today just below immediate next strong resistances and once valid break out of today lowest(7343) will mean correction continuation 
2- As Indian markets are Bullish and some times Bullish markets consolidate at higher levels also without giving deeper correction 
3- firstly sustaining beyond today trading range(7343-7424)should be watched 

Selling was told on 03-06-2014 and since then Nifty traded below its highest yesterday and today. As trading with mixed patterns formations and lower levels supports above 7415 today therefore sustaining beyond following ranges watched for next immediate trend confirmations:-

1- 7415-7424
2- 7343-7424

Mid-session Outlooks will be updated today.

As busy today therefore Blog will be updated tomorrow.

Mid-session Outlook(03-06-2014)

Although up moves seen after RBI Credit policy but selling patterns formations also seen in following ranges:-

1- Selling between 7372-7390
2- Selling between 7404-7424

Next Resistances are as follows:-

1- Resistances between 7372-7390(Strong)
2- Resistances between 7450-7563(Moderately strong) 

Selling seen today just below immediate next strong resistances and once valid break out of today lowest(7343) will mean correction continuation towards lowest(7082) of last 15 sessions trading range. As Indian markets are Bullish and some times Bullish markets consolidate at higher levels also without giving deeper correction  therefore firstly sustaining beyond today trading range(7343-7424)should be watched tomorrow.

Technical Analysis and Market Outlook(03-06-2014)

Nifty-Intra Day Chart (02-Jun-2014):-

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Technical Patterns and Formations in today intraday charts

1- Whole day up moves.
2- Last 3 hours up moves in Bearish Rising Channel. 
3- Whole day actual trading between 7239-7368.

Conclusions from intra day chart analysis 

Whole day up moves after flat opening but last 3 hours up moves in Bearish Rising Channel also therefore follow up consolidation is firstly required tomorrow because next immediate resistances are just above today trading range:-

1- Resistances between 7358-7432
2- Resistances between 7450-7563

At present Indian markets will be understood side ways between 7082-7563 and Outlook will remain Bullish because strong recovery seen today after 4 previous sessions consolidation patterns formation which is a strong signal of 14 sessions correction completion. 

Mid-session Outlook(02-06-2014)

Following lines were told in almost all the Outlooks of previous sessions

intraday patterns of last 4 sessions are showing consolidation patterns formations despite down moves therefore signals of consolidation process continuation and emergence of fresh up moves expectations also after on going correction completion.

Up moves expectations was told because consolidation process was seen in last 4 sessions and Nifty crossed last 4 sessions trading highest(7345.60) within first 4 hours trading of today. Accuracy of our above projection will be clear from live proof of following intraday chart of last 4 sessions and today:-

First Resistance(7293-7319) has been crossed and multiple resistances are above 7358 therefore complete consolidation is required for decisive rally above 7563. Although side ways market is expected in some more sessions but finally rally is expected above 7563 as being told continuously. 

Nifty heading towards next 10% Moves

Technical Analysis,Research & Weekly Outlook

(Jun 02 to Jun 06,2014)

Nifty-EOD Chart (30-May-2014):-

Just click on chart for its enlarged view

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(7563.50 on 16-05-2014)
7- Wave-iv of Wave-3(14 Sessions sideways correction between 7082-7563)

Conclusions from EOD chart analysis

Long and Intermediate Term Trends are up,Short Term Trend is down and Nifty is sideways between 7082-7563 for the last 14 sessions. Just ckick following topic link which was posted on 19-05-2014 and understand its technical reasons:-

Sideways Market between 7082-7563

Nifty-Intra Day Chart (30-May-2014):-

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Technical Patterns and Formations in today intraday charts

1- Whole day down moves in Bullish Falling Channel
2- Whole day actual trading between 7215-7272

Conclusions from intra day chart analysis

Whole day down moves in Bullish Falling Channel with flat closing on 30-05-2014 but intraday patterns of last 4 sessions are showing consolidation patterns formations despite down moves therefore signals of consolidation process continuation and emergence of fresh up moves expectations also after on going correction completion.

Conclusions (After Putting All Studies Together)

14 Sessions sideways correction between 7082-7563 and sustaining beyond this range will give next big moves. Next supports and resistances within this range are as follows:-

1- Support between 7193-7229
2- Supports between 7082-7102
1- Resistances between 7293-7319
2- Resistances between 7358-7432
3- Resistances between 7450-7563

As good supports at lower levels and equally strong resistances are lying at higher levels also between 7082-7563 therefore Nifty is not prepared for any side decisive moves and sideways correction of Wave-iv of Wave-3 will remain continued within mentioned range in the coming sessions. Following next huge moves will be seen beyond  7082-7563:-

1- Sustaining above 7563 will mean strong rally after corrective Wave-iv of Wave-3 completion.
2- Sustaining below 7082 will mean deeper correction after Intermediate Term Trend turning down.

Expected that finally rally will remain continued above 7563 after follow up consolidation in the coming sessions but at present correction is on and its completion confirmation is firstly required also and let it happen first then will be updated accordingly in the coming sessions Outlooks, At pewsent Indian markets will be understood side ways between 7082-7563 and heading as well as preparing for next more than 10% huge fast moves after sustaining beyond 7082-7563. 

Mid-session Outlook(30-05-2014)

Although more than 1% down yesterday and now trading almost flat but today intraday patterns and last 3 sessions intraday charts are showing consolidation patterns therefore means that consolidation process is on and expected that on going correction will complete within or above those next supports which have been updated in previous Outlook yesterday. Also expected that next rally will start above 7082.

Technical Analysis and Market Outlook(29-05-2014)

Nifty-Intra Day Chart (29-May-2014):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Whole day down moves but in Bullish Falling Channel formations also.
2- Whole day actual trading between 7225-7325

Conclusions from intra day chart analysis 

Although consolidation in last 2 sessions but huge selling was also seen on 16th May(Election results day) and on 26th May(Modi Govt oath taking day) therefore big fall seen on May Derivative expiry day and market closed more than 1% down today. As huge selling on 16th May therefore following topic was posted on 19-05-2014:-

Sideways Market between 7082-7563

Long and Intermediate Term Trends are up and Short Term Trend turned down amid last 13 sessions trading between 7082-7563. Next supports within this range are as follows:- 

1- Support between 7193-7229
2- Supports between 7082-7102

Although Whole day down moves today but with Bullish Falling Channel formations therefore indications of consolidation process emergence also amid on going correction. As consolidation was seen in last 2 sessions also therefore expected that correction will complete within above mentioned both supports ranges.

Post-open Outlook(29-05-2014)

As negative news of CEO-probable B G Srinivas quits Infy therefore heavy weight Infy traded more than 7% down and resultant negative zone trading of Indian markets. As consolidation in last 2 sessions therefore up moves/rally beginning hopes are still alive and finally sustaining beyond 7275-7504 should be firstly watched for next immediate decisive trend first strong indication.

Technical Analysis and Market Outlook(29-05-2014)

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

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation between 7303-7327 
2- Whole day actual trading between 7303-7344

Conclusions from intra day chart analysis 

Whole day sideways trading within 41 points between 7303-7344 with lower levels supports and consolidation therefore emergence of rally beginning expectations after last Monday started correction completion because consolidation was seen above 7275 yesterday also. As selling with huge volumes between 7430-7504 last Monday also therefore firstly Nifty has to prepare for next decisive moves between 7275-7504. Long and Intermediate Term trends are up and Short Term Trend is sideways between 7275-7504 as well as immediate resistances and supports beyond this range are as follows:-

1- Resistances between 7505-7563
2- Support between 7248-7274

As resistances are just above 7504 and supports are just below 7275 therefore next decisive moves will start after valid break out of 7248-7563 in following manner:- 

1- Sustaining above 7563 will mean fresh strong rally after correction completion.
2- Sustaining below 7248 will mean down moves towards following next supports:-
a- Support between 7193-7229
b- Supports between 7082-7102

Firstly sideways markets between 7275-7504 and should be firstly watched tomorrow/in the coming sessions and May derivative expiry is expected between/near about 7350-7400 tomorrow.  

Pre-closing Outlook(28-05-2014)

Range of 7275-7245 was given yesterday for next immediate trend confirmations and whole day Nifty traded within this range. Although flat market today and negative market yesterday but intraday patterns of both sessions are showing consolidation signals also therefore rally continuation hopes are alive.

Mid-session Outlook(28-05-2014)

Following lines were told yesterday in Technical Analysis and Market Outlook(28-05-2014)

Both consolidation and Bearish patterns seen between 7275-7245 today therefore firstly follow up moves with sustaining beyond today trading range should be watched for next immediate trend confirmations. 

Range of 7275-7245 was given for next immediate trend confirmations and Nifty traded first 3 hours exactly within this range between 7302.60-7344.75. Although some supports and consolidation seen today but as a whole intraday patterns have not shown clear formations yet therefore same view that sustaining beyond mentioned yesterday trading range should be watched for next immediate trend confirmations and fresh rally beginning hopes are still alive after follow up consolidations above 7248.

Technical Analysis and Market Outlook(28-05-2014)

Nifty-Intra Day Chart (27-May-2014):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts

1- Consolidation between 7275-7310
2- Higher bottom formation
3- Up moves in Bearish Rising Channel
4- Whole day actual trading between 7275-7245

Conclusions from intra day chart analysis 

Correction continuation after huge selling under most heated sentiment due to Modi's Govt oath taking ceremony on 26-05-2014 and whole day negative zone trading today as well as -0.56% closing today. As lower levels consolidations with higher bottom formation therefore expected that Nifty will not easily sustain below next supports 7248 but up moves in Bearish Rising Channel were also seen in last 2 hours therefore firstly next trend confirmations is also required. Both consolidation and Bearish patterns seen between 7275-7245 today therefore firstly follow up moves with sustaining beyond today trading range should be watched for next immediate trend confirmations. 

As huge selling yesterday therefore equally good consolidation is also required for fresh up moves therefore trading patterns of coming 2/3 sessions should be firstly watched. Follow up consolidation and sustaining above 7248 should be firstly watched in the coming sessions because that will mean fresh rally beginning after correction completion.

Correction continuation and signals of consolidation process beginning today,let it complete then fresh rally will be seen and following supports should be firstly watched:-

1- Support between 7248-7287
2- Support between 7193-7229
3- Supports between 7082-7102

Pre-closing Outlook(27-05-2014)

As today intraday patterns are showing consolidations formations with higher bottom formation as well therefore expected that Nifty will not sustain below 1st supports range(7248-7287) and consolidate for fresh rally between 7248-7563.

Next trend first indication will be sustaining beyond 7248-7350 and should be firstly watched for confirmation.