Firstly watch Levels for the next 5% decisive moves
Technical Analysis,Research & Weekly Outlook
(Sep 03 to Sep 06,2019)
Nifty-EOD Chart Analysis(Corrective Waves)
Nifty-EOD Chart (30-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 10637.15 on 23-08-2019
3- 21 Sessions sideways trading between 10638-11181
Nifty-Last 21 Sessions intraday charts analysis
Nifty-Intra Day Chart (Jul 31 to Aug 30,2019):- |
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1- Last 21 Sessions trading with lower levels supports,higher levels selling and mixed Patterns formation
2- 21 Sessions actual trading between 10638-11181
Nifty-Intra Day Chart Analysis(30-08-2019)
Nifty-Intra Day Chart (30-Aug-2019):- |
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1- Selling between 11003-11022
2- Consolidation in negative zone(below previous close(10948.30) between 10875-10948
2- Consolidation in positive zone(above previous close(10948.30) between 10948-10992
3- Whole day actual trading between 10875-11042
Conclusions from EOD chart analysis
Corrective Wave-A of "ABC" correction continuation after Impulsive Wave-5 completion at 12103.00 on 03-06-2019. During on going correction Nifty got supports within those strong supports(10583-10694) levels which were updated on 03-08-2019 in "11080 will confirm only a strong Pull Back Rally amid finally correction continuation expectations" and Nifty is sustaining above it for the last 6 sessions after 505 points sharp jump in the next 3 sessions.
Conclusions from 21 Sessions intra day chart analysis
As last 21 Sessions trading between 10638-11181 with lower levels supports,higher levels selling and mixed Patterns formations also therefore Nifty will firstly trade and prepare for next decisive moves within this range in next week and finally sustaining beyond this range will confirm it.
Conclusions from intra day chart analysis
As firstly selling therefore nifty slipped 149 points in first 3 hours and traded also 73 points down but Consolidated more than 1 hour in negative zone. Follow up consolidation also developed in positive zone therefore closing was seen near higher levels after sharp up moves in last hour.
As lower levels good consolidation last Friday therefore up moves towards next resistances are expected in the beginning of next week.
Conclusions (After Putting All Studies Together)
Long and Intermediate Term Trends are down and Short Term Trend is sideways between 10638-11181 for the last 21 sessions.
As last 21 sessions lowest(10638) is between those strong supports(10583-10694) levels which were updated on 03-08-2019 and 27.0% retracement levels(10677) is also lying within mentioned strong supports range as well as Nifty jumped 505 points in the next 3 sessions after the lowest formation at 10638 therefore Wave-B formation first signal emerged to correct the fall of Wave-A.
Next supports within last 21 sessions trading range are as follows:-
1- 10875-10992
2- 10810-10860
3- 10739-10772
Next resistances within last 21 sessions trading range are as follows:-
1- 11100-11141
1- 11147-11181
As above supports and resistances are within last 21 sessions trading range(10638-11181) therefore Nifty will firstly trade and prepare for next decisive moves within this range in next week and finally sustaining beyond this range will confirm following next more than 5% moves which should be firstly watched in next week:-
1- Above 11181 will be first strong signal and sustaining above Long Term Trend decider 200-Day SMA(today at 11209) will confirm formation of Wave-B to correct Wave-A fall from 12103 to 10638.
2- Below 10638 will mean Wave-A continuation towards 38.2% retracement level which is at 10086.