Technical Analysis,Research & Weekly Outlook(Jun 30 to Jul 04,2014)

Nifty-Intra Day Chart (Jun 23 to Jun 27,2014):-

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Technical Patterns and Formations in last 5 Sessions intraday charts

1- Mixed patterns formation and down moves after disappointing news of Gas price revision deferring decision on 26-06-2014
2- 5 Sessions actual trading between 7443-7593 

Conclusions from 5 Sessions intra day chart analysis 

Mixed patterns formation and down moves after disappointing news of Gas price revision deferring decision on 26-06-2014 therefore Nifty is not prepared for any side decisive moves and firstly has to prepare therefore Nifty will trade between previous week trading range and sustaining beyond this range will be following moves confirmations:-

1- Below  7443 will mean correction continuation with possibility of deeper correction.
2- Above 7593 will mean 1st indication of correction completion because above it strong resistances between 7626-7673 and more consolidation is required for next rally.

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

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Technical Patterns and Formations in today intraday charts

1- Down moves in Bullish Falling Channel
2- Consolidation between 7483-7506 
3- Whole day actual trading between 7483-7538

Conclusions from intra day chart analysis 

Lower levels consolidation with down moves in Bullish Falling Channel therefore emergence of on going correction completion possibility.

Conclusions (After Putting All Studies Together)

Detailed analysis of EOD charts has been updated in previous weekly analysis of following topic:-

Bullish Flag formation in last 11 sessions correction 

As no material change in EOD charts during previous week therefore not being updated and may click above topic for EOD charts analysis.

Bullish Flag formation in last 16 sessions correction therefore expected that finally rally will be seen above 16 sessions highest(7700) after follow up consolidations and on going correction completion as well as deeper correction will not be seen below 16 sessions lowest(7443). 

Technical Analysis and Market Outlook(27-06-2014)

Nifty-Intra Day Chart (26-Jun-2014):-

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Technical Patterns and Formations in today intraday charts

1- Selling immediately after opening
2- Sharp fall
3- Follow up between 7515-7540
4- Sharp fall again
5- Whole day actual trading between 7482-7570

Conclusions from intra day chart analysis 

As disappointing news of Gas price revision deferring decision therefore selling developed immediately after opening and follow up selling also seen. As soon as intraday charts started to show clear selling patterns then following lines were told yesterday at 01:42PM in Mid-session Outlook:-

Follow up selling also seen between 7515-7540 in last 4 hours therefore testing possibility of following 2 immediate supports:-

1- 7488
2- 7441

Correction continuation and no signal of its completion yet,above mentioned 1st support has been tested and 2nd support testing possibility can not be ruled out. Let consolidation patterns develop then on going correction completion will be considered otherwise correction is on and its continuation is expected.

Mid-session Outlook(26-06-2014)

As disappointing news of Gas price revision deferring decision therefore selling developed immediately after opening and follow up selling also seen between 7515-7540 in last 4 hours therefore testing possibility of following 2 immediate supports:-

1- 7488
2- 7441

Post-open Outlook-2(26-06-2014)

Sharp down in last minutes and Nifty is now trading .68% down,it means that Indian markets are completely disappointed from Gas price revision deferring decision. Next supports are at 7488 and sustaining it beyond  will be confirmation of deeper correction or its completion therefore should be firstly watched now. 

Post-open Outlook(26-06-2014)

As disappointing decision of deferring Gas price revision for 3 months by Govt. yesterday therefore heavyweight RIL,ONGC and other oil stocks are 2.5% to 5.5% down but benchmark Indices are minor down. Although Indian markets are Bullish but certainly this news is surprising because high expectations from Modi Government and market reaction has to be firstly understood and then final view will be formed accordingly.

Technical Analysis and Market Outlook(26-06-2014)

Nifty-Intra Day Chart (25-Jun-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 7557-7589

Conclusions from intra day chart analysis 

Following conclusive line was told yesterday in Technical Analysis and Market Outlook(25-06-2014)

Consolidation in sideways quiet market is expected tomorrow

As was told 100% same happened today and whole day sideways consolidation in quiet trading within 32 points range between 7557.05-6589.25 today. 

Although whole day down moves but today intraday trading patterns are not showing selling formations and consolidation pattern of "whole day down moves in Bullish Falling Channel" formation also seen today therefore emergence of fresh up moves possibility in the coming sessions. Technically expected that Nifty will not sustain below today lowest(7557.05) and finally rally will be seen above today highest(7592)

As disappointing decision of deferring Gas price revision and status quo on for 3 months by Govt. today therefore Indian markets may firstly react negative tomorrow but sustaining beyond today trading range(7557-7589) will be next decisive moves confirmation and should be firstly watched tomorrow.

Mid-session Outlook(25-06-2014)

Following conclusive line was told yesterday in Technical Analysis and Market Outlook(25-06-2014)

Consolidation in sideways quiet market is expected tomorrow

As was told 100% same happened today and first 4 hours sideways quiet trading within 25 points range between 7564.05-6589.25 today. Selling patterns formation between 7580-7592 yesterday and today trading seen just below 7580 also but today trading patterns are not showing selling but consolidation indications from today intraday charts and emergenece of up moves possibility. Although now trading near the lower levels of the day but expected that Nifty will not sustain below today lowest(7564.05) and finally will rally above today highest(7592)

Pre-open Outlook(25-06-2014)

As Iraq insurgents are gaining and resultant all the Global markets are flat to weak therefore same reaction is expected in Indian markets today. Nifty traded most time between 7542-7592 yesterday with both higher levels selling and lower levels consolidation and supports. As next resistances(7626-7673) are just above therefore complete consolidation is required for rally above 7673/7700 and expected that Nifty will firstly trade and prepare for next decisive moves between 7542-7592 and sustaining beyond 7542-7673 will be next trend confirmation. 

Technical Analysis and Market Outlook(25-06-2014)

Nifty-Intra Day Chart (24-Jun-2014):-

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Technical Patterns and Formations in today intraday charts

1- Sharp up immediately after opening
2- Down moves in Bullish Falling Channel
3- Selling patterns formation between 7580-7592 
4- Support between 7542-7559
5- Whole day actual trading between 7523-7592

Conclusions from intra day chart analysis 

Sharp up immediately after gap up opening and minor selling was also seen at higher levels but consolidation patterns formations with some supports also therefore rally continuation expectations are alive. 

Next resistance are between 7626-7673 and minor selling seen just below this range today therefore follow up consolidation is firstly required for next rally above 7673. It should be kept in mind that once valid break out above 7673 will mean new all time high formation and possibility of strong rally above 7700.

Consolidation in sideways quiet market is expected tomorrow and sustaining beyond 7580-7673 will be next trend and decisive moves confirmation.

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.