Nifty Outlook for 14-12-2011

Daily Outlook
We were watching 4730 as trend decider level for the day and expecting at least intraday pullback at 4830 levels once it gets hold. Despite opening lower at 4733 and losing merely five points in early trade, Nifty rebounded and touched the day’s high at 4824 levels in intraday trade. At the end, Nifty registered “psychological” close at 4800 mark with the gain of 36 point.
On daily chart, Nifty has formed “Thrusting line” a bullish continuation pattern by taking support at important level of 4730 level. This could be the indicative of temporary pullback in Nifty. In this case, the level of 4830 becomes important level to be watch. As we said before, in case, if Nifty succeeds to hold above 4780 and sustain above 4830 then it will see continuation in pullback in Nifty. In that case, Nifty will test 4880 and above that 5000 levels in coming session. On the other hand, if it fails to hold and remain below said level then we will see violation of 4700 mark in few sessions.

(..pls note ….the violation of 4728-20 level has open the possibility of 2nd corrective after “x” wave as we mentioned earlier …in this case, Nifty has strong possibility to test 4400 (in case of double combination) and below that in between 3800-4200 level (in case of triple combination) in coming session.
We said that the rally from 4639 level could be label as “b” of wave A which we mentioned as 2nd corrective. Further we mentioned that it has good chance to test 5260 level (only in case of Flat pattern) but in case of Zigzag it will see an end around 5110 level. After testing high of 5099 level on 7th of this month, Nifty observed stiff fall and lost 338 points within three days trade. This could be the indication that “b” of wave A either subdividing into three wave structure (a, b c pattern) or ended at 5099 level as a part of Zigzag pattern. In case of subdivision, it will end above 4680-4700 level but in case of “expected c” wave, it will violate previous bottom of 4639 level….pls note)

The trend decider level for the day is 4830 level. A sustainable move above this level will lead further rise around 4880-4900 levels in Nifty. However, failure to trade above this level will lead fall to test 4730 mark again in Nifty.
Support :- 1) 4780 2) 4740 3) 4700
Resistance :- 1) 4830 2) 4870 3) 4910

Daily Outlook
We said that formation of green candle indicates bullish bias but never negates the possibility of intraday fall around 5020 level. After opening lower on Monday’s trade, Nifty witnessed rise but restricted its trade below 5060 by testing day’s high at 5055 level and slipped down at day’s low at 5002 level. Finally, witnessing some rally in last an hour of trade, Nifty closed at 5039 level by losing 11 point.
On daily chart, Nifty has formed “in body” small green candle with upper and higher lower tail. This implies tug-of war between buyers and sellers. It means neither bulls nor bears were able to gain control. This could be the indication of development of turning point. In such kind of scenario, 5080 on upper side and 5020 on lower side remains important levels to watch. If Nifty succeeds to hold and sustain above 5080 level then it will extend its rally i.e. above 5080 will lead 5110-5160 levels in coming trade. On the downside, if Nifty fails to hold and remain below 5020 then it will trigger fall. In that case, t Nifty’s fall into previous gap area of 4880 levels in few session can not be ruled out.
(..remember ….the violation of 4728-20 level has open the possibility of 2nd corrective after “x” wave as we mentioned earlier …in this case, Nifty has strong possibility to test 4400 (in case of double combination) and below that in between 3800-4200 level (in case of triple combination) in coming session. As of now, it could be “b” of A of 2nd corrective which has good chance to test 5260 level (only in case of Flat pattern….in case of Zigzag it will end around 5110 level…pls note) . After that we expect downward “c” of A which will trigger the violation of recent bottom of 4639). As per rule, the 2nd corrective could be a triangle means the fall from 5399 could be a part of Triangle …)

The level of 5020 will acts as trend decider level for the day. A sustainable move above this level will lead rise around 5080 levels in Nifty. However, failure to trade above this level will trigger correction around 4960-80 and below levels in Nifty.
Support :- 1) 5020 2) 4980 3) 4940
Resistance :- 1) 5080 2) 5120 3) 5150

Nifty Outlook for 05-12-2011

Daily Outlook
Nifty continued its winning on back of global rally. After opening merely one point higher and witnessing fall at 4918 thereafter, Nifty rebounded and surged above another psychological mark of 5000 level. At the end, Nifty registered close at 5050 level by gaining 114 point.
On daily chart, Nifty has formed big body green candle with small upper and lower shadow and closed above 50% retracement of entire rally from 5399 to 4639 level. This indicates bullish bias but never negates at least intraday fall around 5020 level. In case, if Nifty succeeds to hold and sustain above 5080-5100 level which is acting one of the important resistance level for the day then it will continues the rally. In that case, The possibility of Nifty testing 5160-5260 levels in coming session will remain on card. On the other hand, failure to trade above 5080-5100 level will lead profit booking in Nifty. In this case, Nifty will test 5000 and below that 4960 levels.
(..remember ….the violation of 4728-20 level has open the possibility of 2nd corrective after “x” wave as we mentioned earlier …in this case, Nifty has strong possibility to test 4400 (in case of double combination) and below that in between 3800-4200 level (in case of triple combination) in coming session. As of now, it could be “b” of B of 2nd corrective which has good chance to test 5260 level (only in case of Flat pattern….in case of Zigzag it will end around 5110 level…pls note) . After that we expect downward “c” of B which will trigger the violation of recent bottom of 4639). As per rule, the 2nd corrective could be a triangle means the fall from 5399 could be a part of Triangle …)

The level of 5020 will acts as trend decider level for the day. A sustainable move above this level will lead continuation in pullback rally in Nifty. However, failure to trade above this level will trigger correction around 4960-80 levels in Nifty.
Support :- 1) 5020 2) 4980 3) 4940
Resistance :- 1) 5080 2) 5120 3) 5150

Nifty Outlook for 02-12-2011

Daily Outlook
Nifty continued its winning streak by gaining 104 points huge gain. Nifty responded to the massive global rally with a big gap opening and touched the days high at 5011 level in intraday trade. Finally witnessing some intraday correction in last an hour of trade, Nifty closed above another psychological hurdle of 4900 mark at 4936 level.
On daily chart, Nifty has formed Red candle with higher upper tail. This indicates profit booking at higher level. In such a kind of scenario, the level of 4900 will remains important levels to watch. If Nifty fails to hold and remain below 4900 level for the day then it will see fall into the yesterday’s gap area in between 4865 to 4880 levels. While if Nifty manage to sustain above 4900 level then it will continue the rise above below 4960 and above 5000 level.
(..remember ….the violation of 4728-20 level has open the possibility of 2nd corrective after “x” wave as we mentioned earlier …in this case, Nifty has strong possibility to test 4400 (in case of double combination) and below that in between 3800-4200 level (in case of triple combination) in coming session. )

The level of 4900 will acts as trend decider level for the day. A sustainable move above this level will lead continuation in pullback rally in Nifty. However, failure to trade above this level will lead further intraday correction around 4860-80 levels in Nifty.
Support :- 1) 4900 2) 4860 3) 4820
Resistance :- 1) 4970 2) 5010 3) 5050