Sideways Trends requires Confirmations from Break Out of Trading Ranges
Technical Analysis,Research & Weekly Outlook
(Oct 24 to Oct 28,2016)
Nifty-EOD Chart (21-Oct-2016):-
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1- Impulsive Wave-1 beginning after bottom formation at 6825.80 on 29-02-2016
2- Wave-1(7777.6 on 31-03-2016)
3- Wave-2(7516.90 on 11-04-2016)
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 8506.20 on 17-10-2016
Intra Day Chart Analysis(21-10-2016)
Nifty-Intra Day Chart (21-Oct-2016):-
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1- Down moves in Bullish Falling Channel
2- Up moves in Bearish Rising Channels
3- Whole day actual trading between 8653-8700
Conclusions from intra day chart analysis
As first 2 hours Down moves in Bullish Falling Channel therefore remaining whole day up moves were seen but not with consolidation patterns formations and Up moves were in Bearish Rising Channels also therefore view will not be Bullish despite closing near the higher levels of the day. Until Nifty will not sustain above day's highest and next resistance highest(8728) after complete follow up consolidation till then decisive up moves will not be seen.
Conclusions (After Putting All Studies Together)
Following lines were told on 19-10-2016 in "Finally Correction Continuation/Completion Confirmation from 8637-8728 ":-
finally sustaining beyond 8637-8728 will be confirmation of that correction continuation/completion which started on 07-09-2016 from 8968.70.
Following lines were told on 18-10-2016 in "Correction Completion Confirmation will be above 8728 after Strong Global cues led Today Rally ":-
firstly sustaining above 8654 and crossing of next resistance range(8698-8728) is must for the confirmation of that correction completion which started on 07-09-2016 from 8968.70.
Next trend confirmation through next resistance range 8698-8728 was updated in both previous Outlooks from 18-10-2016 and Nifty retraced from 8727 on 20-10-2016 as well as traded between 8637-8727 in last 3 sessions.
Trends of Nifty are as follows:-
1- Long Term Trend is up.
2- Intermediate Term Trend is sideways between 8477-8968 for the last 69 Sessions.
3- Short Term Trend is sideways between 8507-8728 for the last 9 Sessions.
Although Long Term Trend is up but both Intermediate and Short Term Trends are sideways therefore next trend final confirmation will be sustaining beyond above mentioned both sideways trading ranges Expected that Nifty will firstly trade and prepare for next trends within and near about 8507-8728 in the coming 1/2 sessions,its valid break out will be first indication and finally sustaining beyond 8477-8968 will be next trend and big moves confirmations.