Technical Analysis and Market Outlook(24-06-2014)

Nifty-Intra Day Chart (23-Jun-2014):-

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Buying between 7441-7466
3- Whole day actual trading between 7441-7534

Conclusions from intra day chart analysis 

Following lines were told at 08:19 AM today in Bullish Flag formation in last 11 sessions correction:-

1- expected that correction will finish near about 7488 
2- possibility of minor slipping below 7488 should be kept in mind

As was told 100% same happened and minor slipping below 7488 today and closing above it also at 7493.35 after bottom formation at 7441.

Following line was told at 12:59 PM today in Mid-session Outlook(23-06-2014):-

emergence of supports getting possibility near about today lowest(7452) of at this moment

As was told 100% same happened and strong recovery from lower levels after  supports getting at 7441

Strong recovery from lower levels after consolidation and good supports at lower levels today therefore first strong indication of that correction completion which started from 7700.05 on 11-06-2014 

Supports between 7488-7566 in 11 sessions of previous weeks and today supports with consolidation just below it as well as Nifty got supports near about 21 day EMA(7453) therefore sustaining above 7441 tomorrow will mean fresh rally towards next resistance range(7626-7673) 

Mid-session Outlook(23-06-2014)

Last 11 sessions lowest(7488) broken down and 21 day EMA(7453) tested just now. As above mentioned levels broken down/testing are without required force therefore emergence of supports getting possibility near about today lowest(7452) of at this moment.

Sustaining beyond 7452 should be firstly watched now.

Bullish Flag formation in last 11 sessions correction 

Technical Analysis,Research & Weekly Outlook

(Jun 23 to Jun 27,2014)

Nifty-EOD Chart (20-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 7700.05 on 11-06-2014
9- Bullish Flag formation in last 11 sessions correction

Conclusions from EOD chart analysis 

Long and Intermediate Term Trends are up and Short Term trend remained sideways between 7488-7700 in previous weeks as well as Wave-v of Wave-3 continuation with new highest formation at 7700.05 on 11-06-2014. Bullish Flag formation in last 11 sessions correction therefore finally rally is expected above 7700 in the coming weeks despite closing near the lower levels last Friday

Nifty-Intra Day Chart (Jun 06 to Jun 20,2014):-

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Technical Patterns and Formations in last 11 Sessions intraday charts

1- 11 Sessions actual trading between 7488-7700
2- Higher levels selling in last 11 sessions
3- Lower levels buying in last 11 sessions

Conclusions from 11 Sessions intra day chart analysis 

Last 11 sessions trading between 7488-7700 with higher levels selling and lower levels buying therefore sustaining beyond this range will be next big moves confirmations.

Nifty-Intra Day Chart (20-Jun-2014):-

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Technical Patterns and Formations in today intraday charts

1- Up moves in Bearish Rising Channel
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 7498-7560

Conclusions from intra day chart analysis 

Whole day sideways trading within 62 points with both Bullish and Bearish patterns formations therefore mixed patterns formations and valid break out of this range will be next immediate trend confirmations. As last 2 hours down moves in bigger Bullish Falling Channel therefore more expectations of finally up moves above 7560 despite closing near the lower levels of the day.

Conclusions (After Putting All Studies Together)

Following lines were told on 15-06-2014 in Sideways Market before Fresh Rally:-

Expected that Nifty will prepare for next decisive moves within 7500-7700 in the beginning of next week

As was told 99% same happened and Nifty traded between 7488-7700 in whole previous week. Supports and resistances within this range are as follows:-

1- Supports between 7488-7566
2- Resistances between 7626-7673 

Sentiment turned heated after Modi's victory in parliamentary elections therefore profit booking and sideways correction in previous weeks. As civil war in Iraq and Crude rates hiked therefore most Global markets are cautious and if situation of Crude will turn worse then deeper correction will be seen otherwise expected that correction will finish near about 7488 and possibility of minor slipping below 7488 should be kept in mind.

As Bullish Flag formation in last 11 sessions correction therefore expected that finally rally will be seen after on going correction completion and deeper correction will not be seen. 

Pre-closing Outlook(20-06-2014)

Only sideways market between 7488-7700 was told in all the previous Outlooks of this week and Nifty traded within this range whole week. 

Following line was told  yesterday in Technical Analysis and Market Outlook(20-06-2014):- 

Sustaining beyond 7488-7566 should be firstly watched in the coming sessions for next big moves first indication

7488-7566 was given yesterday and whole time trading within this range today between 7519.40-7560.55 and Nifty has not broken out yet. Correction is on and sustaining beyond 7488-7566 should be firstly watched for next big moves first strong indication. 

Technical Analysis and Market Outlook(20-06-2014)

Nifty-Intra Day Chart (19-Jun-2014):-

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Technical Patterns and Formations in today intraday charts

1- Higher levels selling
2- Down moves in Bullish Falling Channel
3- Consolidation Patterns between 7503-7531
4- Whole day actual trading between 7503-7606

Conclusions from intra day chart analysis

Although higher levels selling but down moves in Bullish Falling Channel which is a consolidation pattern and lower levels consolidation Patterns formations also between 7503-7531 therefore still Nifty will be understood sideways between 7488-7700. Sideways market between 7488-7700 for the last 10 Sessions with lower levels supports between 7488-7566 and consolidation seen within this range today therefore correction completion hopes within this are still alive. Sustaining beyond 7488-7566 should be firstly watched in the coming sessions for correction continuation below 7488 and correction completion above 7566.

Sustaining beyond 7488-7566 should be firstly watched in the coming sessions for next big moves first indication and 7488-7700 for final confirmations.

Technical Analysis and Market Outlook(19-06-2014)

Nifty-Intra Day Chart (18-Jun-2014):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 7626-7663
2- Consolidation between 7516-7566
3- Whole day actual trading between 7516-7663

Conclusions from intra day chart analysis 

Following lines were told today at 06:11 AM in Technical Analysis and Market Outlook(18-06-2014):-

1- 7488-7552 has turned strong support 
2- higher levels resistances also 7652-7673
3- sustaining above 7673 will mean strong rally above 7700
4- still Nifty will be understood sideways between 7488-7700

Nifty honoured above levels whole day in following manner:-

Resistances between 7652-7673 was told and Nifty retraced from 7663,strong support were told between 7488-7552 and Nifty closed above this range at 7558.20 today. Sideways market was told between 7488-7700 and Nifty traded whole day within this range. 

Follow up selling was seen between mentioned resistance range and Nifty slipped below this range also therefore next strong resistance range will be 7626-7673. In the same manner Nifty got supports between mentioned strong support range and sharply recovered also above this range therefore next strong support range will be 7488-7566. 

Long and Intermediate Term Trends are up and Short Term Trend is sideways between 7488-7700 for the last 9 Sessions. As lower levels strong supports and and equally strong resistances at higher levels within this range therefore more technical positions formations is still required for decisive moves beyond this range and Nifty will firstly prepare for that tomorrow. 

As some times Bull markets complete its correction within sideways moves therefore on going Short Term correction completion possibility within sideways market between 7488-7700 can not be ruled out. Expected that Nifty will firstly prepare for next decisive moves between and near about 7488-7700 and finally rally will be seen above 7700 in the coming sessions.

Technical Analysis and Market Outlook(18-06-2014)

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

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Technical Patterns and Formations in today intraday charts

1- First 5 hours consolidation between 7510-7552
2- Whole day actual trading between 7510-7637

Conclusions from intra day chart analysis 

Sharp up after first 5 hours consolidation and supports between 7510-7552 and Support,Consolidation Patterns with higher bottom formations was seen between 7488-7510 also on 16-06-2014 therefore 7488-7552 has turned strong support range in last 2 sessions. Although negative news of oil Prices rise and weakness of Indian Rupee due to civil war in Iraq but Indian markets got good supports therefore strong signal of on going correction completion. Complete selling is required for any decisive down moves below the lowest(7488) of last 2 sessions and until Nifty will not sustain below it till then deeper correction will not be seen.. 

Last 8 Sessions actual trading between 7488-7700 with lower levels good supports and higher levels resistances also 7652-7673 therefore still Nifty will be understood sideways between 7488-7700 and view will remain cautious because negative news of Oil rates hike from Iraq. As Indian markets completely ignored this negative news yesterday and follow up consolidation with sustaining above 7673 will mean strong rally above 7700. 

View is cautiously Bullish because of insurgents dominance in Iraq otherwise strong rally is on cards above 7700.

Oil Prices Could Rise as Insurgents Gain in Iraq

Technical Analysis and Market Outlook(17-06-2014)

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

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Technical Patterns and Formations in today intraday charts

1- Support,Consolidation Patterns and higher bottom formations between 7488-7510 
2- Selling Patterns and higher top formations between 7524-7533 
3- Whole day actual trading between 7488-7533

Conclusions from intra day chart analysis 

Correction continuation and slipping below 7500 but support,Consolidation Patterns with higher bottom formations also near about 7500 therefore until Nifty will not sustain below 7500 till then deeper correction will not be seen. All the Global markets are affected from following news of Iraq in last 3/4 sessions:-

Oil Prices Could Rise as Insurgents Gain in Iraq

As selling patterns were also seen at higher levels below 7533 therefore mixed Patterns formations between 7488-7533 on 16-06-2014 and Nifty will trade within this range as well as prepare for next trend. As above mentioned negative news from Iraq also therefore volatility may remain high and next Short/Intermediate term trend will also be affected by this news. Firstly follow up trading with sustaining beyond 7488-7533 and finally sustaining beyond 7488-7700 should be watched for next Short to Intermediate term trend confirmations.

Sideways Market before Fresh Rally

Nifty-Micro Analysis of 6 Sessions Intra Day Chart

(Jun 16 to Jun 20,2014)

Nifty-Intra Day Chart (Jun 09 to Jun 13,2014):-

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Technical Patterns and Formations in last 6 Sessions intraday charts

1- Consolidation between 7500-7525 on 06-06-2014
2- Selling between 7652-7673 on 09-06-2014 
2- Consolidation between 7527-7562 on 13-06-2014
1- Mixed Patterns between 7627-7670 in last 3 sessions.
3- 6 Sessions actual trading between 7500-7700 

Conclusions from 6 Sessions intra day chart analysis 

6 Sessions actual trading between 7500-7700 and correction seen within this range after higher levels selling but lower levels good supports also seen within it therefore mixed Patterns formations between this range and more preparation is required for decisive moves beyond this range as well as sustaining beyond this range will be next decisive big moves confirmations. 

Nifty-Intra Day Chart (13-Jun-2014):-

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Technical Patterns and Formations in today intraday charts

1- Mixed Patterns between 7650-7670
2- Down moves in Bullish Falling Channel
3- Consolidation Patterns between 7527-7562
4- Whole day actual trading between 7527-7670

Conclusions from intra day chart analysis 

As political disturbance in Iraq and Crude rates hiked therefore most Global markets remained flat to negative and resultant sharp fall in Indian markets also.  Although closing near the lower levels of the day but consolidation Patterns were also seen and emergence of on going correction completion expectations.

Conclusions (After Putting All Studies Together)

Very Short Term correction in previous week and minor change in EOD charts therefore just click following link of previous weekly analysis and understsnd analysis of EOD Charts:-

Rally continuation towards Minimum Target of Nifty at 8616.90

Long and Intermediate Term Trends are up and Very Short Term trend turned down in previous week as well as Wave-v of Wave-3 continuation with new highest formation at 7700.05 on 11-06-2014. Last 6 Sessions actual trading between 7500-7700 with lower levels good supports therefore sideways correction will be understood at this moment. As consolidation between 7500-7525 on 06-06-2014 and  follow up consolidation seen just above it between 7527-7562 on 13-06-2014 therefore emergence of rally continuation expectation after previous week started correction completion.

Expected that Nifty will prepare for next decisive moves within 7500-7700 in the beginning of next week and finally rally will remain continued after follow up consolidations in next week. 

Mid-session Outlook(13-06-2014)

As sentiment turned depressed due to political disturbances in Iraq and Brent Crude rates hike therefore we cautioned today at 07:51 AM in Pre-open Pre-open Outlook(13-06-2014) and now Nifty is trading .90% down. As correction continuation after selling below 7700 and next supports are above 7500 therefore next big trend confirmation through sustaining beyond 7500-7700 was given in all previous Outlooks and being repeated now.

Pre-open Outlook(13-06-2014)

As political disturbance in Iraq therefore Brent Crude rates hike and resultant all Global markets are flat to negative. Sentiment turning depressed today morning and flat to weaker opening is expected in Indian markets. Markets may react Iraq news in the coming sessions because escalation of this problem will result Crude rates and sustaining beyond following range should be firstly watched for next Short Term Trend confirmations:-

1- 7613-7658
2- 7500-7700

Technical Analysis and Market Outlook(13-06-2014)

Nifty-Intra Day Chart (12-Jun-2014):-

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Technical Patterns and Formations in today intraday charts

1- Whole day sideways trading between 7613-7658
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 7613-7658

Conclusions from intra day chart analysis 

Whole day sideways trading between 7613-7658 with Down moves in Bullish Falling Channel formations therefore signals of consolidations and emergence of rally continuation expectation above today highest(7658) in the coming sessions.

Pre-closing Outlook(12-06-2014)

Most time trading between 7620-7655 with consolidation patterns formations also within this range therefore emergence of rally continuation expectation above 7655 in the coming sessions.

Mid-session Outlook(12-06-2014)

Correction continuation and today most time trading between 7620-7655. Valid break down below 7620 will be first strong indication of correction continuation minimum towards 7500 and valid break out above 7655 will result rally continuation towards new all time highs.

Technical Analysis and Market Outlook(12-06-2014)

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

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Technical Patterns and Formations in today intraday charts

1- Up moves in Bearish Rising Channel
2- Selling between 7670-7700
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 7589-7700

Conclusions from intra day chart analysis 

Following conclusive lines were told at 07:11 AM in Rally continuation towards Minimum Target of Nifty at 8616.90 on 09-06-2014:-

only 19 Sessions range(7082-7563) break out confirmation is firstly required in next week

As soon as selling developed then following lines were told at 12:33 PM in Mid-session Outlook(09-06-2014) on 09-06-2014:-

1- profit booking also seen between 7652-7669 on the back of heated sentiments
2- at present Nifty will be understood sideways between 7500-7669.

Profit booking was told between 7652-7669 and Nifty could not sustain beyond it as well as closed below 7669 in all 3 previous sessions

Although selling between 7670-7700 today and up moves in Bearish Rising Channel but down moves in big  Bullish Falling Channel also which is consolidation pattern therefore rally beginning hopes after Very short term correction completion are still alive despite today closing near the lower levels of the day.

As selling in last 3 sessions therefore correction continuation will be understood but consolidation patterns were also seen in last 3 sessions therefore expected that correction will not be deep and Nifty will remain sideways between 7500-7700 and prepare for next decisive trend as well as sustaining it beyond will ne next trend confirmation.

Mid-session Outlook(11-06-2014)

Following lines were told yesterday in Technical Analysis and Market Outlook(11-06-2014):-

1- mixed patterns formations will be understood and next trend deciding range will be sustaining beyond 7587-7673 and expected that Nifty will firstly trade within or near about this range tomorrow. 
2- Expected that finally fresh rally will be seen after follow up consolidations between 7500-7673 but some more consolidation is firstly required yet and sustaining beyond this range should bewatched tomorrow for next trend confirmations

Nifty traded most time within mentioned ranges and could not sustain above 7673 as well as preparing for next trend. Although Nifty slipped more than 100 points from higher levels of today but inytaday charts of today are showing consolidation indications therefore expectations are alive for rally above today highest in the coming sessions.

Technical Analysis and Market Outlook(11-06-2014)

Nifty-Intra Day Chart (10-Jun-2014):-

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Technical Patterns and Formations in today intraday charts

1- Consolidation between 7587-7608
2- Consolidation between 7614-7627
3- Up moves in Bearish Rising Channel
4- Upmoves in last 1 hour
5- Whole day actual trading between 7587-7663

Conclusions from intra day chart analysis

Following conclusions were told in last 3 Outlooks:-

Following conclusions were told in last 3 Outlooks:-

1- Selling between 7652-7673
2- Consolidation above 7500 and selling below 7673 in last 2 sessions 
3- Nifty will be understood sideways between 7500-7673 and will firstly prepare for next decisive moves within this range
4- some volatility can not be ruled out within mentioned range

As was told 100% same happened today and firstly Nifty slipped from higher levels today  because intraday charts showed selling yesterday and remained whole day sideways between 7500-7673 

Although lower levels supports and consolidation above 7587 today but up moves were in Bearish Rising Channel also therefore mixed patterns formations will be understood and next trend deciding range will be sustaining beyond 7587-7673 and expected that Nifty will firstly trade within or near about this range tomorrow. 

Expected that finally fresh rally will be seen after follow up consolidations between 7500-7673 but some more consolidation is firstly required yet and sustaining beyond this range should bewatched tomorrow for next trend confirmations

Technical Analysis and Market Outlook(10-06-2014)

Nifty-Intra Day Chart (09-Jun-2014):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 7652-7673 
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 7617-7673

Conclusions from intra day chart analysis 

Selling at higher levels and up moves in Bearish Rising Channel also therefore fresh consolidation is firstly required for decisive up moves above highest of the day(7673). As consolidation above 7500 and selling below 7673 in last 2 sessions therefore Nifty will be understood sideways between 7500-7673 and will firstly prepare for next decisive moves within this range.

Expected that finally fresh rally will be seen after follow up consolidations between 7500-7673 but some volatility can not be ruled out within mentioned range because sentiment is heated and complete consolidation is firstly required after good selling at higher levels on 09-06-2014.

Pre-closing Outlook(09-06-2014)

Firstly gap up opening and Whole day positive zone trading with continuous up moves and lower levels supports also. As slow up moves and with Bearish Rising Channel formations today therefore fresh consolidation is required for next decisive rally above today highest(7673) and expected that finally fresh rally will be seen after follow up consolidations between 7500-7673

Mid-session Outlook(09-06-2014)

Although life time high formation amid Presidential address to Parliament but profit booking also seen between 7652-7669 on the back of heated sentiments therefore slipping from higher levels and intraday correction seen. As lower levels supports above 7500 and higher levels selling below 7669 therefore at present Nifty will be understood sideways between 7500-7669. Let fresh consolidation develop then next up moves will be seen and also expected that finally fresh rally will be seen after follow up consolidations between 7500-7669.

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.