Crucial levels will confirm 3% moves
Technical Analysis,Research & Weekly Outlook
(Aug 19 to Aug 23,2019)
Nifty-EOD Chart Analysis(Corrective Waves)
Nifty-EOD Chart (16-Aug-2019):- |
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1- Impulsive Wave-5 completion after life time top formation at 12103.00 on 03-06-2019 and corrective Wave-A of "ABC" correction beginning
2- Corrective Wave-A continuation with recent bottom formation at
3- Last 11 Sessions trading with all means mixed Patterns formations between 10783-11181
4- Last 11 Sessions trading just below and near about Long Term Trend decider 200-Day SMA(today at 11178)
Nifty-Previous 11 Sessions intraday charts analysis
Nifty-Intra Day Chart (Jul 31 to Aug 16,2019):- |
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1- Last 11 Sessions trading with lower levels supports,higher levels selling and mixed Patterns formation
2- 11 Sessions actual trading between 10783-11181
Nifty-Intra Day Chart Analysis(16-08-2019)
Nifty-Intra Day Chart (16-Aug-2019):- |
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1- Down moves in Bullish Falling Channel
2- Slow up moves with intraday corrections
3- Last hour selling between 11039-11058
4- Whole day actual trading between 10925-11068
Conclusions from EOD chart analysis
Corrective Wave-A of "ABC" correction continuation after Impulsive Wave-5 completion at 12103.00 on 03-06-2019. During on going correction Nifty slipped below Long Term Trend decider 200-Day SMA(today at 11178) on 30-07-2019 and since then trading just below and near about it for the last 11 sessions between 10783-11181.
Conclusions from 11 Sessions intra day chart analysis
As last 11 Sessions trading between 10783-11181 with lower levels supports,higher levels selling and mixed Patterns formations also therefore firstly Nifty will trade and prepare for next decisive moves within this range in next week and finally sustaining beyond this range will confirm it.
Conclusions from intra day chart analysis
Although firstly consolidation through Down moves in Bullish Falling Channel and after that more then 4 hours up moves also with intraday corrections but up moves were slow and last hour selling was also seen near higher levels therefore trading between 10925-11068 on 16-08-2019 will be understood with Mixed Patterns formations and sustaining beyond this trading range will generate only first signal of next decisive moves.
As multiple resistances are lying above 11068 therefore until nifty will not sustain above those resistances till then decisive up moves will not be seen.
Conclusions (After Putting All Studies Together)
1- Long Term Trend is down.
2- Intermediate Term Trend is down.
3- Short Term Trend is sideways between 10783-11181 for the last 11 sessions.
Next resistances of Nifty are as follows:-
1- 11070-11121
2- 11140-11181
3- 11270-11361
4- 11467-11493
5- 11511-11543
6- 11637-11700
Next supports of Nifty are as follows:-
1- 10925-10970
2- 10845-10898
3- 10784-10826
4- 10583-10694(strong)
5- 10540-10567
6- 10468-10494
7- 10347-10405
As Nifty has turned sideways between 10783-11181 for the last 11 sessions after slipping below Long Term Trend decider 200-Day SMA(today at 11178) therefore it will confirm the fate of Wave-B because if nifty sustain above 11181 then decisive up moves will be seen after confirmation of Wave-B beginning and Wave-A completion at 10782.60 on 05-08-2019. If fresh selling develops and Nifty sustains below 10783 then Wave-A correction will remain continued towards next supports(10583-10694).
As last 11 sessions trading range(10783-11181) has become crucial therefore Nifty will firstly trade within this range and finally valid break out of this range will confirm 3% moves in above mentioned manner.