Firstly Pull Back Rally within Sideways Market
Technical Analysis,Research & Weekly Outlook
(Oct 03 to Oct 07,2016)
Nifty-EOD Chart (30-Oct-2016):-
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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(8968.70 on 07-09-2016)
7- Corrective Wave-iv of Wave-3 continuation with recent bottom formation at 8556 on 30-09-2016
Conclusions from EOD chart analysis
Correction is on with recent bottom formation at 8556 and no confirmation of its completion yet.
Intra Day Chart Analysis(30-09-2016)
Nifty-Intra Day Chart (30-Sep-2016):-
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1- Down moves in Bullish Falling Channel
2- Up moves with intraday corrections in last hours
3- Whole day actual trading between 9556-8637
Conclusions from intra day chart analysis
Although sentiment was nervours due to Indo Pak border tension but whole day consolidation was seen through intraday corrections and Bullish Falling Channel formations last Friday therefore up moves are expected in the beginning of next week.
Conclusions (After Putting All Studies Together)
Trends of Nifty are as follows:-
1- Long Term Trend is up.
2- Intermediate Term Trend is up and will be down below 8477.
3- Short Term Trend down.
Next resistances of Nifty are as follows:-
1- 8770-8793
1- 8854-8873
2- 8874-8902
3- 8935-8956
Next supports of Nifty are as follows:-
1- 8477-8580(Multiple and strong supports)
Multiple and strong supports between 8476-8580 were updated on 25-09-2016 in "Firstly Watch Immediate Supports for First Indication" and Nifty got supports within this range last Friday therefore this supports range has become stronger and until Nifty will not sustain below 8477 after complete selling till then fresh decisive down moves will not be seen.
As follow up consolidation last Friday within above mentioned supports range therefore firstly Pull Back Rally towards 8770 will be seen in the beginning of next week. Now Nifty will be understood sideways between 8477-8956 and finally sustaining beyond this range will confirm next trend which should also be watched for its confirmations. As Ceasefire violation by Pakistan and volatility may be high due to it in next week therefore traders should be cautious because Stop Loss triggering risk may also be high.