Finally 200-Day SMA will confirm next decisive moves
Technical Analysis,Research & Weekly Outlook
(Aug 13 to Aug 16,2019)
Nifty-EOD Chart Analysis(Corrective Waves)
Nifty-EOD Chart (09-Aug-2019):- |
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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 10782.60 on 05-08-2019
3- Supports getting at lower levels
4- Testing of Long Term Trend decider 200-Day SMA(today at 11166)
Nifty-Previous 5 Sessions intraday charts analysis
Nifty-Intra Day Chart (Aug 05 to Aug 09,2019):- |
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1- Last 5 sessions trading with consolidation,selling and Mixed Patterns formation between 10097-11181 at higher levels on 09-08-2019
2- 5 Sessions actual trading between 10783-11181
Nifty-Intra Day Chart Analysis(09-Aug-2019)
Nifty-Intra Day Chart (09-Aug-2019):- |
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1- Consolidation between 11086-11120
2- More than 3 hours slow up moves with intraday corrections
3- Volatility in last 2 hours between 11097-11160
4- Whole day actual trading between 11063-11181
Conclusions (After Putting All Studies Together)
As Waves structure of Nifty-EOD Chart,its Fibonacci Retracement levels,next supports and resistances have already been updated in previous weekly analysis and no material change in previous week therefore not being updated.
Nifty consolidated in previous week between 10783-10903 therefore it will be immediate supports of Nifty. As good consolidation developed at lower levels therefore Nifty crossed all the resistances of previous week and closed at highest level of the week.
As it is the tendency of correction therefore during Pull Back Rally Nifty tested Long Term Trend decider 200-Day SMA(today at 11166) on 09-08-2019 and if Nifty sustains above it only then decisive up moves will be seen after Wave-B beginning confirmation and failing it will mean correction continuation below lowest(10782.60) of on going correction.
As more than 3 hours slow up moves with intraday corrections and volatility in last 2 hours between 11097-11160 on 09-08-2019 therefore some selling also can not be ruled out between 11097-11160 and firstly sustaining beyond this range should be watched in next week for the life of Previous week Pull back Rally and finally sustaining beyond 200-Day SMA(today at 11166) will be next decisive moves confirmations.