8824 will confirm Rally Continuation towards 9764.10
Technical Analysis,Research & Weekly Outlook
(Sep 06 to Sep 09,2016)
Nifty-EOD Chart (02-Sep-2016):-
 |
| Just click on chart for its enlarged view |
1- Impulsive Wave-1 beginning after bottom formation at 6825.80 on 29-02-2016
2- Wave-1(7992 on 28-04-2016)
3- Wave-2(7678.35 on 06-05-2016)
4- Wave-i of Wave-3(8294.95 on 07-06-2016)
5- Wave-ii of Wave-3(7927.05 on 24-06-2016)
6- Wave-iii of Wave-3 continuation with recent top formation at 8824.10 on 02-09-2016)
Intra Day Chart Analysis(02-09-2016)
Nifty-Intra Day Chart (02-Sep-2016):-
 |
| Just click on chart for its enlarged view |
1- Consolidation between 8769-8787
2- Mixed Patterns formations in last hours between 8805-8824
3- Whole day actual trading between 8769-8824
Conclusions from intra day chart analysis
Following lines were told at 10:08 AM on 02-09-2016 in "Post-open Outlook(02-09-2016)":-
1- some indications of consolidation in first 50 minutes today
2- therefore sustaining below yesterday lowest(8760) should be firstly watched for fresh down moves.
Firstly some indications of consolidation in first 50 minutes and after that follow up consolidation between 8769-8787 therefore it will be immediate support of Nifty and until Nifty will not sustain below 8760 after fresh selling till then decisive down moves will not be seen.
Conclusions (After Putting All Studies Together)
Following lines were told on 16-08-2016 in "Valid break out last 18 sessions sideways trading range will confirm next trend":-
Nifty should not move above 8810.80 otherwise Waves will be counted in that manner which has been updated in previously Weekly Analysis topics.
As Nifty had moved above 8810.80 in previous week therefore Waves of Post Budget 1916-1917 Rally is being counted in above mentioned manner because that will be applicable now.
Nifty traded 28 sessions between 8518-8728 and this range was broken out 30-08-2016 as well as closed above it in all 3 sessions after that therefore all trends are up. Although some selling on 31st Aug and 01 Sep but lower levels good consolidation was also seen on 02-09-2016 therefore rally continuation hopes are alive and once valid break out of last 3 sessions highest(8824) will mean on going rally continuation towards next target(9764.10). Just click following topic link which was posted on 10-07-2016 and understand the calculation of mentioned target:-
Now Wave-iii of Wave-3 is on and as per Elliott Wave theory Wave-3 of any degree can gain maximum points therefore high possibility of rally continuation and for precaution and confirmations only watch valid break out of last 3 sessions highest(8824).