Levels will confirm big moves in next week
Technical Analysis,Research & Weekly Outlook
(Oct 14 to Oct 18,2019)
Nifty-EOD Chart Analysis(Corrective Waves)
Nifty-EOD Chart (11-Oct-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 completion at 10637.15 on 23-08-2019
3- Wave-B continuation with recent top formations at 11694.85 on 23-09-2019
4- Wave-B correction is on with recent bottom formations at 11090.15 on 09-10-2019
5- Last 6 Sessions sideways trading between 11091-11400
Nifty-Last 6 Sessions intraday charts analysis
Nifty-Intra Day Chart (Oct 03 to Oct 11,2019):- |
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1- Last 6 Sessions trading with lower levels supports,higher levels selling and mixed Patterns formation
2- 6 Sessions actual trading between 11091-11400
Nifty-Intra Day Chart Analysis(11-10-2019)
Nifty-Intra Day Chart (11-Oct-2019):- |
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1- Sharp up after opening
2- Selling between 11332-11362
3- Selling between 11300-11318
4- Mixed Patterns formation between 11232-11278
5- Whole day actual trading between 11190-11362
Conclusions from EOD chart analysis
Wave-A of "ABC" correction begun on 03-06-2019 from 12103.00 which completed at 10637.15 on 23-08-2019 and after that Wave-B started which is in continuation with recent top formations at 11694.85 on 23-09-2019. Now correction of Wave-B is on with recent bottom formations at 11090.15 on 09-10-2019.
Conclusions from 6 Sessions intra day chart analysis
As last 6 sessions trading between 11091-11400 with all consolidation,selling and mix patterns formations therefore firstly Nifty has to trade and prepare for next decisive moves within this range which will be done in next week and finally sustaining beyond or forceful break out of this range will be next decisive moves confirmations.
Next supports within last 6 sessions range are as follows:-
1- 11091-11141
2- 11209-11245
Next resistances within last 6 sessions range are as follows:-
1- 11300-11318
2- 11332-11362
3- 11362-11391
Conclusions from intra day chart analysis
Although most time positive zone trading after strong opening but higher levels good selling therefore signals of some weakness in the beginning of next week.
As lower levels Mixed Patterns formation between 11232-11278 therefore silpping below 11232 after follow up selling will be 2nd signal of decisive down moves beginning and confirmation will be after sustaining below immediate support(11209)
Conclusions (After Putting All Studies Together)
1- Long Term Trend is at stake because Nifty is hovering around its decider 200-Day SMA(today at 112270) for the last 7 sessions
2- Intermediate Term Trend is sideways
3- Short Term Trend is sideways for the last 6 sessions.
As continuation of Wave-B correction and no signal of its completion yet as well as more down moves are expected in the beginning of next week because intraday charts of last Friday(11-10-2019) are showing higher levels selling therefore firstly sustaining beyond above mentioned supports should be watched next Monday.
Although US markets and all except one European markets closed with more than 1% gains on the back of most positive cues on US-China trade talks but we are not Bullish and still expecting that finally Indian markets will slip in the beginning of next week.
As last 6 Sessions sideways trading between 11091-11400 and finally valid break out of this range will confirm fate of Wave-B therefore it should be firstly watched in next week for next big moves confirmations because above 11400 will signal Wave-B continuation after correction completion and below 11091 will be strong signal of Wave-C formations for slipping below Wave-A lowest(10637.15).