As busy therefore Stock Market Outlook of today(17-09-2019) is not being updated.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Firstly watch immediate Supports for real impact of Drone Attacks
Pre-open Outlook(16-09-2019)
As "Oil Prices soar Over 10% After Drone Attacks In Saudi Arab" therefore Dow Jones's Futures is trading more then 150 points down today morning hence some Asian markets are also weak resultant Indian markets will also open in negative zone.
Immediate Supports are between 10946-10992 and firstly sustaining it beyond should be watched for real impact of Drone Attacks on Indian Stock Markets.
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Oil Prices Soar Over 10% After Drone Attacks In Saudi Cut Output By Half
https://www.ndtv.com/world-news/saudi-aramco-attack-oil-prices-soar-over-10-after-drone-attacks-2101424?fbclid=IwAR2KziDSkIlXsC7gEx1PjLtz6e9eD9cQ2-7xuYi2b0nEVDKFVkHu4F3MqBg
Firstly watch 3 most crucial levels for next up Trend beginning confirmations
Technical Analysis,Research & Weekly Outlook
(Sep 16 to Sep 20,2019)
Nifty-Last 29 Sessions intraday charts analysis
Nifty-Intra Day Chart (Jul 31 to Sep 13,2019):-
 |
| Just click on chart for its enlarged view |
1- Last 29 Sessions trading with lower levels supports,higher levels selling and mixed Patterns formation
2- 29 Sessions actual trading between 10638-11181
Conclusions from 29 Sessions intra day chart analysis
Nifty is trading and preparing for next big moves for the last 29 sessions between 10638-11181. Although Nifty closed at the top of week last Friday but still following resistances are lying within last 29 sessions trading range:-
1- 11100-11141
2- 11147-11181
Follow up consolidation and finally sustaining above 11181 will mean minimum 5% sharp up moves which should be firstly watched in the beginning of next week.
Next supports below last Friday closing and within last 29 sessions trading range are as follows:-
1- 10946-10992
2- 10868-10904
3- 10817-10861
4- 10747-10805
Nifty-Intra Day Chart Analysis(13-09-2019)
Nifty-Intra Day Chart (13-Sep-2019):- |
| Just click on chart for its enlarged view |
1- More than 3 hours consolidation between 10946-10992(Immediate Supports)
2- Last 2 hours up moves with intraday corrections.
3- Whole day actual trading between 10946-11084
Conclusions from intra day chart analysis
As firstly more than 3 hours good consolidation therefore up moves with intraday corrections were seen in 2 hours and no selling patterns formations hence up moves continuation is expected towards next resistances(11100-11141).
Conclusions (After Putting All Studies Together)
As no material change on EOD charts in previous week therefore EOD charts Analysis is not being updated and same view on it which was posted in previous weekly Analysis
Long and Intermediate Term Trends are down and Short Term Trend is sideways between 10638-11181 for the last 29 sessions.
Although finally sustaining beyond last 29 sessions trading range will produce big moves but firstly sustaining beyond immediate resistance range(11100-11141) should be watched in the beginning of next week because Short Term indicators have also turned over bought and Short Term correction can not be ruled out any day in next week.
As follow up consolidation and finally sustaining above 11141 will produce first signal of 29 sessions trading range break out but Intermediate Term Trend will turn up after sustaining above 11181 and Long Term Trend will be up after moving above its decider 200-Day SMA(today at 11222).
As previous week closing was at the highest of the week therefore firstly watch above 3 most crucial levels(11141,11181,11222) for next up Trend beginning confirmations.
Firstly watch level for more than 100 points down moves confirmations
Intra Day Chart Analysis & Market Outlook
(13-09-2019)
Nifty-Intra Day Chart (12-Sep-2019):- |
| Just click on chart for its enlarged view |
1- Selling between 11039-11081
2- Slow down moves in last 2 hours
3- Whole day actual trading between 10965-11081
Conclusions from intra day chart analysis
Although Green closing yesterday but we told following lines at 10:55 PM yesterday in "Emergence of Short Term down moves possibility":-
"higher levels selling patterns formations therefore emergence of Short Term down moves possibility"
1-Dow Jones was trading more than 125 points plus yesterday.
2-DAX(of Germany) closed 90 points up at 9 PM yesterday.
3-FTSE(of England) closed 70 points up at 9 PM yesterday.
4-CAC 40(of France) closed 90 points up at 9 PM yesterday.
5-DIIs were net buyers in Equity cash by Rs 1132.42 Crores yesterday.
6-FIIs were net buyers in all sections(Equity cash,Index Futures and Index Futures)
Although all the Business Channels were also Bullish today morning but we were Bearish because:-
1- Higher levels selling patterns formations yesterday.
2- Selling was seen above 10990 last Monday also.
As all the Global markets were Bullish before Indian markets opening therefore firstly up moves were seen after positive opening but follow up selling developed ta higher levels therefore Nifty closed below 10990 today because selling was seen above it in the last 2 Green closing sessions.
Although today closing was near the lower levels of the day but last 2 hours down moves were slow therefore some buying can not be ruled out and firstly follow up moves with following levels should be watched for next decisive moves confirmations:-
1- Last 3 sessions selling was between 10990-11081 and until Nifty will not sustain above 11081 after complete consolidation till then next up moves will not be seen.
2- Immediate supports below today lowest are between 10868-10904
Although Nifty will firstly trade and prepare for next decisive moves between 10868-11081 but sustaining below 10990 will be strong indication of slipping below 10868 therefore should be firstly tomorrow for this more than 100 points down moves confirmations because Nifty has closed below it also today.
Emergence of Short Term down moves possibility
Intra Day Chart Analysis & Market Outlook
(12-09-2019)
Nifty-Intra Day Chart (11-Sep-2019):-
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| Just click on chart for its enlarged view |
1- Selling between 11036-11054
2- Whole day actual trading between 11012-11054
Conclusions from intra day chart analysis
As most Asian markets were Bullish and 2 were more than 1% up today morning therefore Green closing after whole day positive zone trading but higher levels selling patterns formations therefore emergence of Short Term down moves possibility.
As selling was seen above 10990 last Monday therefore once sustaining below it will mean sharp down moves.
Levels will confirm next moves
Intra Day Chart Analysis & Market Outlook
(11-09-2019)
Nifty-Intra Day Chart (09-Sep-2019):- |
| Just click on chart for its enlarged view |
1- Sharp up after weaker opening
2- More than 4 hours Up moves in Bearish Rising Channel
3- Slipping from higher levels
4- Last Hour trading with Mixed Patterns formation
5- Whole day actual trading between 10890-11028
Conclusions from intra day chart analysis
As good consolidation between 10868-10904 on 06-09-2019 therefore not slipping below it after weaker opening and sharp up moves were seen after getting supports within it last Monday.
Nifty traded more than 4 hours with Up moves in Bearish Rising Channel which is first indication of fresh selling therefore Nifty slipped from higher levels but last Hour trading was with Mixed Patterns formations also hence more than 5 hours trading of last Monday will be understood with Mixed Patterns formation between 10967-11028 and firstly valid break out of this range should be watched tomorrow for:-
1- Above 11028 will mean up moves continuation towards next resistances between 11100-11141
2- Below 10967 will mean fresh down moves beginning towards next supports between 10868-10904
Break out of 25 sessions like big Nifty trading range will produce big moves
Technical Analysis,Research & Weekly Outlook
(Sep 09 to Sep 13,2019)
Nifty-EOD Chart Analysis(Corrective Waves)
Nifty-EOD Chart (06-Sep-2019):- |
| Just click on chart for its enlarged view |
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 10637.15 on 23-08-2019
3- 25 Sessions sideways trading between 10638-11181
Conclusions from EOD chart analysis
Corrective Wave-A of "ABC" correction continuation after Impulsive Wave-5 completion at 12103.00 on 03-06-2019.
Last 25 Sessions sideways trading between 10638-11181 and finally sustaining beyond this range will confirm fate of Wave-A because above 11181 will mean strong rally after Wave-B beginning and Wave-A completion confirmation. Below 10638 will confirm Wave-A continuation towards next psychological level at 10000.
Nifty-Intra Day Chart Analysis(06-09-2019)
Nifty-Intra Day Chart (06-Sep-2019):- |
| Just click on chart for its enlarged view |
1- Consolidation between 10868-10904
2- Mixed Patterns formation between 10914-10957
3- Whole day actual trading between 10868-10957
Conclusions from intra day chart analysis
As Most Asian markets were positive in the morning and Tax relaxation expectations from the Press Conference of Finance Minister Nirmala Sitaraman which was scheduled in Friday evening therefore good opening and firstly more than 2 hours consolidation as well as whole day up moves were seen.
Immediate resistances were between 10850-10940 and Nifty traded whole day within this range with lower levels consolidation and higher levels more than 3 hours trading with Mixed Patterns formation.
As Indian markets have to react in next week on Press Conference therefore firstly sustaining beyond Mixed Patterns trading range(10914-10957) should be watched next Monday for its following impact on Indian stock markets:-
1- Once sustaining above 10957 will mean sharp rally towards next resistances between 11100-11141
2- As good consolidation above 10868 therefore until complete fresh selling will not develop below 10914 till then decisive down moves will not be seen.
Conclusions (After Putting All Studies Together)
Long and Intermediate Term Trends are down and Short Term Trend is sideways between 10638-11181 for the last 25 sessions.
Finally valid break out of Short Term 25 sessions trading range will confirm fate of Long and Intermediate Term Trends because big moves will be seen after its break out.
Next supports within last 25 sessions trading range are as follows:-
1- 10868-10904
2- 10747-10805
Next resistances within last 25 sessions trading range are as follows:-
1- 11100-11141
1- 11147-11181
It is confirm that finally big moves will be produced after 25 sessions like big Nifty trading range valid break out. Let it happen till then trading strategies should be according to above given supports and resistances because Nifty will trade and prepare for those big moves within this 25 sessions range(10638-11181) in the next week/weeks.
24 Sessions sideways market break out confirmation from Levels
Intra Day Chart Analysis & Market Outlook
(06-09-2019)
Nifty-Intra Day Chart (05-Sep-2019):- |
| Just click on chart for its enlarged view |
1- Selling between 10872-10920
2- Last 4 hours trading with Mixed Patterns formation between 10817-10861
3- Whole day actual trading between 10817-10920
Conclusions from intra day chart analysis
As Dow's Futures was trading more than more than 200 points up and all the Asian markets were trading in Green as well as some were more than 0.50% up therefore sentiment was Bullish today morning resultant firstly up moves seen after positive opening.
More than 5 hours selling was seen between 10850-10940 on 03-09-2019 and fresh selling developed within this range today resultant this range has become stronger and immediate resistance of Nifty.
Nifty consolidated between 10747-10805 yesterday and Nifty traded whole day above it today. Selling was done between 10815-10858 yesterday and 4 hours trading with Mixed Patterns formation developed within it between 10817-10861 today.
As Indian markets are trapped within lower levels supports and higher levels selling therefore following trading ranges should be watched for next decisive moves beginning/confirmations:-
1- 10815-10861(First signal of next moves beginning)
2- 10872-10940(10940 for next up moves)
3- 10739-10805(10739 for next down moves)
24 Sessions sideways trading between 10638-11181 with higher levels resistances and lower levels supports. Although finally this range will confirm next big moves but as per present technical positions above given 3 Levels will signal/confirm 24 Sessions trading range break out.
Firstly fresh technical positions formations and then Levels will confirm given next decisive moves
Intra Day Chart Analysis & Market Outlook
(05-09-2019)
Nifty-Intra Day Chart (04-Sep-2019):- |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Minor consolidation between 10747-10770
3- Consolidation between 10786-10805
4- Selling between 10815-10858
5- Whole day actual trading between 10747-10858
Conclusions from intra day chart analysis
Although firstly slipping after flat opening but lower levels some consolidation developed therefore slow up moves were seen which converted into selling in the last more than 2 hours therefore today trading will understood with Mixed patterns formations.
Last support of the last 23 sessions trading range is between 10739-10772 and Nifty consolidated within and above it. Immediate resistances above today highest were between 10850-10940 and last hours selling was seen just below it today therefore fresh technical positions formations and sustaining beyond today trading range(10747-10858) tomorrow will confirm following decisive moves:-
1- Above 10858 will confirm some up moves but follow up consolidation is must because resistances above it are strong.
2- Below 10747 will mean breaking down of last supports of previous 23 sessions trading range which mean emergence of sharp fall possibility after it if break down will be forceful.
Finally correction continuation
Intra Day Chart Analysis & Market Outlook
(04-09-2019)
Nifty-Intra Day Chart (03-Sep-2019):- |
| Just click on chart for its enlarged view |
1- More than 5 hours selling between 10850-10940
2- Down moves in last hour
3- Whole day actual trading between 10773-10940
Conclusions from intra day chart analysis
As announcement of GDP growth falling to 6-yr low at 5% came after Indian markets closing hours last Friday therefore its reaction was seen today through much weaker opening and after that more than 5 hours fresh selling between 10850-10940 which was within immediate supports range(10875-10948)
3rd Supports between 10739-10772 was updated on 31-08-2019 in "Firstly watch Levels for the next 5% decisive moves" and Nifty formed today lowest at 10772.70. As this support is last support of last 22 sessions range(10638-11181) therefore once sustaining below 10739 will mean corrective Wave-A continuation towards news lows.
As Very Short Term indicators have turned oversold therefore only a dead cat bounce may be seen which will not be able to move above 10940 but slipping below 10773 after fresh selling will mean correction continuation below 10638 which is finally expected also.
Nifty Levels will confirm the impact of GDP growth falling to 6-yr low at 5%
Pre-open Outlook(03-09-2019)
As negative surprise of GDP growth falling to 6-yr low at 5% in June quarter came after the closing of indian markets last Friday therefore Indian markets will firstly react on this negative news on next trading day i.e. 03-09-2019.
Although analysts were expecting GDP at 5.7% but it came much below it therefore indian markets will firstly react through weaker opening of Indian markets on 03-09-2019. As Nifty got supports and consolidated between 10875-10992 last Friday therefore firstly sustaining beyond this range should be watched for the confirmations of this negative news real imapact on Indian markets.
Firstly watch Levels for the next 5% decisive moves
Technical Analysis,Research & Weekly Outlook
(Sep 03 to Sep 06,2019)
Nifty-EOD Chart Analysis(Corrective Waves)
Nifty-EOD Chart (30-Aug-2019):- |
| Just click on chart for its enlarged view |
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 10637.15 on 23-08-2019
3- 21 Sessions sideways trading between 10638-11181
Nifty-Last 21 Sessions intraday charts analysis
Nifty-Intra Day Chart (Jul 31 to Aug 30,2019):- |
| Just click on chart for its enlarged view |
1- Last 21 Sessions trading with lower levels supports,higher levels selling and mixed Patterns formation
2- 21 Sessions actual trading between 10638-11181
Nifty-Intra Day Chart Analysis(30-08-2019)
Nifty-Intra Day Chart (30-Aug-2019):- |
| Just click on chart for its enlarged view |
1- Selling between 11003-11022
2- Consolidation in negative zone(below previous close(10948.30) between 10875-10948
2- Consolidation in positive zone(above previous close(10948.30) between 10948-10992
3- Whole day actual trading between 10875-11042
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 got supports within those strong supports(10583-10694) levels which were updated on 03-08-2019 in "11080 will confirm only a strong Pull Back Rally amid finally correction continuation expectations" and Nifty is sustaining above it for the last 6 sessions after 505 points sharp jump in the next 3 sessions.
Conclusions from 21 Sessions intra day chart analysis
As last 21 Sessions trading between 10638-11181 with lower levels supports,higher levels selling and mixed Patterns formations also therefore Nifty will firstly 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
As firstly selling therefore nifty slipped 149 points in first 3 hours and traded also 73 points down but Consolidated more than 1 hour in negative zone. Follow up consolidation also developed in positive zone therefore closing was seen near higher levels after sharp up moves in last hour.
As lower levels good consolidation last Friday therefore up moves towards next resistances are expected in the beginning of next week.
Conclusions (After Putting All Studies Together)
Long and Intermediate Term Trends are down and Short Term Trend is sideways between 10638-11181 for the last 21 sessions.
As last 21 sessions lowest(10638) is between those strong supports(10583-10694) levels which were updated on 03-08-2019 and 27.0% retracement levels(10677) is also lying within mentioned strong supports range as well as Nifty jumped 505 points in the next 3 sessions after the lowest formation at 10638 therefore Wave-B formation first signal emerged to correct the fall of Wave-A.
Next supports within last 21 sessions trading range are as follows:-
1- 10875-10992
2- 10810-10860
3- 10739-10772
Next resistances within last 21 sessions trading range are as follows:-
1- 11100-11141
1- 11147-11181
As above supports and resistances are within last 21 sessions trading range(10638-11181) therefore Nifty will firstly trade and prepare for next decisive moves within this range in next week and finally sustaining beyond this range will confirm following next more than 5% moves which should be firstly watched in next week:-
1- Above 11181 will be first strong signal and sustaining above Long Term Trend decider 200-Day SMA(today at 11209) will confirm formation of Wave-B to correct Wave-A fall from 12103 to 10638.
2- Below 10638 will mean Wave-A continuation towards 38.2% retracement level which is at 10086.
Correction continuation expectations
Intra Day Chart Analysis & Market Outlook
(30-08-2019)
Nifty-Intra Day Chart (29-Aug-2019):-
 |
| Just click on chart for its enlarged view |
Technical Patterns formation in today intraday charts
1- Selling between 10974-11019
2- Selling between 10982-11021
3- Down moves in Bullish Falling Channels
4- Whole day actual trading between 10922-11021
Conclusions from intra day chart analysis
Although some consolidation at lower levels through Down moves in Bullish Falling Channels but higher levels good selling was also seen therefore correction continuation is expected.
As lower levels consolidation therefore valid break down of today lowest should also be watched because that will confirm sharp fall.
Follow up selling tomorrow will mean decisive down moves
Intra Day Chart Analysis & Market Outlook
(28-08-2019)
Nifty-Intra Day Chart (27-Aug-2019):- |
| Just click on chart for its enlarged view |
1- Most time sideways trading between 11080-11141
2- At higher levels up moves in Bearish Rising Channels
3- Lower levels supports
4- Whole day actual trading between 11050-11141
Conclusions from intra day chart analysis
1st Resistances between 11086-11181 were updated yesterday in "Watch levels for rally continuation confirmations" and Nifty traded most time within this range today.
Although today closing was near the higher levels of the day but higher levels selling was also seen through up moves in Bearish Rising Channels. As today selling was within above mentioned resistance range therefore emergence of down moves possibility
As some supports were also seen at lower levels today therefore once follow up selling tomorrow will mean decisive down moves will be seen below today lowest.
Watch levels for rally continuation confirmations
Intra Day Chart Analysis & Market Outlook
(27-08-2019)
Nifty-Intra Day Chart (26-Aug-2019):- |
| Just click on chart for its enlarged view |
1- Sharp down after strong gap up opening.
2- Whole day up moves with intraday consolidations
3- Whole day actual trading between 10757-11070
Conclusions from intra day chart analysis
Although firstly sharp down after gap up opening but after that whole day up moves with intraday consolidations and selling patterns were not seen today therefore last Friday started rally continuation is expected.
As Very Short Term indicators have turned overbought after last 2 sessions strong rally and following next resistances are lying just above today highest therefore fresh consolidation is firstly required for rally continuation:-
1- 11086-11181
2- 11200-11292
3- 11311-11393
Strong supports were told between 10583-10694 on 03-08-2019 in "11080 will confirm only a strong Pull Back Rally amid finally correction continuation expectations" and 27.0% retracement level(at 10677) is also within these supports as well as Nifty completed 27.0% retracement through lowest formation at 10637.15 last Friday therefore emergence of Wave-B beginning possibility because Nifty jumped 433 points in last 2 sessions after forming bottom within mentioned supports range and testing of 27.0% retracement level.
Long Term Trend decider 200-Day SMA is today at 11200 and above mentioned multiple resistances after lying below and above 11200 therefore firstly sustaining beyond it should be watched for 1st strong signal of Wave-B beginning.
As above mentioned resistances are above 11086 therefore follow up complete consolidation is must and firstly its happening as well as sustaining above it should be watched for last Friday started rally continuation confirmations.
Levels will confirm Pull Back relief rally for testing 11000
Technical Analysis,Research & Weekly Outlook
(Aug 26 to Aug 30,2019)
Nifty-EOD Chart Analysis(Corrective Waves)
Nifty-EOD Chart (23-Aug-2019):- |
| Just click on chart for its enlarged view |
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 10637.15 on 23-08-2019
3- Long Term Trend turning down confirmations through last 17 Sessions closing below Long Term Trend decider 200-Day SMA(today at 11196)
Nifty-Last 2 Sessions intraday charts analysis
Nifty-Intra Day Chart (Aug 23 & Aug 24,2019) |
| Just click on chart for its enlarged view |
1- Selling between 10815-10890(Immediate Resistances) on 22-08-2019
2- Follow up selling in last hours on 22-08-2019
3- firstly 104 points sharp fall in first 30 minutes on 23-08-2019
4- Up moves with consolidation on 23-08-2019
5- Consolidation between 10728-10792(Immediate Supports) on 23-08-2019
6- Consolidation between 10801-10860(Immediate Supports) on 23-08-2019
7- 2 Sessions actual trading between 10638-10908
Conclusions (After Putting All Studies Together)
Corrective Wave-A of "ABC" correction is very much on after Impulsive Wave-5 completion at 12103.00 on 03-06-2019. As during on going correction Nifty has closed 17 sessions below Long Term Trend decider 200-Day SMA(today at 11196) therefore Long Term Trend turning down 100% confirmation which means that correction will remain continued in the next months or may be year also.
Now Wave-A of "ABC" correction continuation and finally Wave-C will slip below the bottom of Wave-A also but between these 2 waves Wave-B will also develop which will move up but not cross the top of Wave-5(12103)
Following lines with levels were updated on 03-08-2019 in "11080 will confirm only a strong Pull Back Rally amid finally correction continuation expectations":-
Corrective Wave-A of that 5 Waves rally is very much on which started from 6825.80 on 29-02-2016 and finished at 12103.00 on 03-06-2019 after gaining 5278 points in 27 months and Nifty will correct whole this rally points-wise and time-wise.
Fibonacci Retracement levels of Wave-1 to Wave-5(6825-12103) are as follows which were updated in 2 previous Weekly Outlooks also:-
1- 13.0%-11,416(Retraced)
2- 23.6%-10,857(Retraced)
3- 27.0%-10,677
4- 38.2%-10,086(Crucial)
5- 50.0%-9,464(Crucial)
6- 61.8%-8,841(Crucial)
7- 70.7%-8,371
8- 76.4%-8,070
9- 78.6%-7,954
10-88.6%-7,426
Next supports of Nifty are as follows:-
1- 10583-10694(strong)
2- 10540-10567
3- 10468-10494
4- 10347-10405
Next resistances of Nifty are as follows:-
1- 11086-11145
2- 11270-11361
3- 11467-11493
4- 11511-11543
5- 11637-11700
Expected that on going correction will stay long within above mentioned 1st supports(10583-10694) because multiple supports are lying between and just below it as well as 27.0% retracement levels is also within it at 10,677.
Strong supports were told between 10583-10694 on 03-08-2019 and Nifty jumped 225 points on 23-08-2019 after forming bottom within this range at 10637.15.
Although good selling on 22-08-2019 but equally good consolidation also on 23-08-2019 and 225 points like sharp rally was also seen after getting supports within strong supports(10583-10694) therefore if follow up consolidation develop in the beginning of next week then Pull Back relief rally will be seen for testing 11000 because next resistances above 10890 after are lying near about 11000.
Correction continuation towards next supports
Intra Day Chart Analysis & Market Outlook
(23-08-2019)
Nifty-Intra Day Chart (22-Aug-2019):- |
| Just click on chart for its enlarged view |
1- Selling between 10815-10890(Immediate Resistances)
2- Follow up selling in last hours
3- Whole day actual trading between 10719-10908
Conclusions from intra day chart analysis
As most Asian markets were weak and Hang Seng was more than 1% down therefore sentiment dampened today morning and resultant Nifty slipped 40 points in first 7 minutes.
Firstly more than 4 hours fresh selling within previous supports and between 10815-10890 as well as follow up selling in last hours therefore today closing was at lowest level of on going correction.
As Short Term indicators have turned oversold therefore dead cat jump may be seen but will not be able to sustain above 10890 because correction is very much on and finally will remain continued towards next supports between 10583-10694 which are strong enough.
Sideways market expectations
Intra Day Chart Analysis & Market Outlook
(22-08-2019)
Nifty-Intra Day Chart (21-Aug-2019):- |
| Just click on chart for its enlarged view |
1- Selling between 10988-11034
2- Selling between 10965-10982
3- Down moves in Bullish Falling Channel
4- Support between 10907-10924
5- Whole day actual trading between 10907-11034
Conclusions from intra day chart analysis
As firstly good selling after opening and follow up selling in Mid-session also therefore whole day down moves. Some consolidation in last hours and supports getting at lower levels as well as following supports below today lowest therefore firstly some up moves are expected towards 10965 tomorrow:-
1- Supports between 10845-10898
2- Supports between 10784-10826
Immediate supports are above 10845 and immediate resistances are lying below 10965 therefore firstly sideways market is expected tomorrow between 10845-10965 and finally 10784-11034 will confirm next decisive moves
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