Finally Watch 8089-8245 for Next Blasting Moves
Nifty-Intra Day Chart (Aug 21 to Oct 14,2015):- |
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1- 165 Points gap down opening on 24-08-2015
2- 27 Sessions actual trading between 7540-8092 from 24-08-2015 to 01-10-2015
3- 27 Sessions trading range broken out on 05-10-2015
4- Sideways market between 8089-8245 after 27 sessions break out in last 6 sessions
5- Long Term Trend decider 200-Day EMA(today at 8183) is lying within last 6 sessions trading range.
Nifty-Intra Day Chart (Oct 05 to Oct 14,2015):-
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1- Forceful break out on 05-10-2015
2- Last 6 sessions Sideways market between 8089-8245 with higher levels selling and lower levels good buying
Nifty-Intra Day Chart (13-Oct-2015):-
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1- Consolidation between 8110-8129
2- Consolidation between 8089-8104
3- Whole day actual trading between 8089-8150
Conclusions (After Putting All Studies Together)
16 Months long 4000 Points strong rally from 28-08-2013 to 04-03-2015 between 5118.85-9119.20 with many times new life times high formation and after that its 'ABC' correction begun which formed bottom at 7540 on 08-09-2015.
165 Points gap down opening on 24-08-2015 and after that Nifty remained sideways in next 27 Sessions between 7540-8092 from 24-08-2015 to 01-10-2015. This range was broken out forcefully on 05-10-2015 and after that last 6 sessions sideways market between 8089-8245 with higher levels selling and lower levels good buying, supports and resistances within this range are as follows:-
1- Supports between 8089-8139
2- Resistances between 8185-8230
Intermediate and Short Trends are up and Long Term Trend is sideways because Nifty is hovering around its decider 200-Day EMA(today at 8183) for last 6 sessions in its sideways market between 8089-8245.
As both higher levels good selling and lower levels equally good buying seen in last 6 sessions between 8089-8245 therefore Nifty will trade within this range in the coming sessions and once valid break out of this range will decide one sided blasting moves because
1- That will be confirmation of Long Term Trend turning up above 8245 after correction completion at 7540 on 08-09-2015.
2- That will be confirmation of Long Term Trend remaining down below 8089 and false break out confirmation of 27 Sessions trading range(7540-8092) also.
Finally watch 8089-8245 for next blasting moves.