Break out of 25 sessions like big Nifty trading range will produce big moves
Technical Analysis,Research & Weekly Outlook
(Sep 09 to Sep 13,2019)
Nifty-EOD Chart Analysis(Corrective Waves)
Nifty-EOD Chart (06-Sep-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- 25 Sessions sideways trading between 10638-11181
Conclusions from EOD chart analysis
Corrective Wave-A of "ABC" correction continuation after Impulsive Wave-5 completion at 12103.00 on 03-06-2019.
Last 25 Sessions sideways trading between 10638-11181 and finally sustaining beyond this range will confirm fate of Wave-A because above 11181 will mean strong rally after Wave-B beginning and Wave-A completion confirmation. Below 10638 will confirm Wave-A continuation towards next psychological level at 10000.
Nifty-Intra Day Chart Analysis(06-09-2019)
Nifty-Intra Day Chart (06-Sep-2019):- |
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1- Consolidation between 10868-10904
2- Mixed Patterns formation between 10914-10957
3- Whole day actual trading between 10868-10957
Conclusions from intra day chart analysis
As Most Asian markets were positive in the morning and Tax relaxation expectations from the Press Conference of Finance Minister Nirmala Sitaraman which was scheduled in Friday evening therefore good opening and firstly more than 2 hours consolidation as well as whole day up moves were seen.
Immediate resistances were between 10850-10940 and Nifty traded whole day within this range with lower levels consolidation and higher levels more than 3 hours trading with Mixed Patterns formation.
As Indian markets have to react in next week on Press Conference therefore firstly sustaining beyond Mixed Patterns trading range(10914-10957) should be watched next Monday for its following impact on Indian stock markets:-
1- Once sustaining above 10957 will mean sharp rally towards next resistances between 11100-11141
2- As good consolidation above 10868 therefore until complete fresh selling will not develop below 10914 till then decisive down moves will not be seen.
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 25 sessions.
Finally valid break out of Short Term 25 sessions trading range will confirm fate of Long and Intermediate Term Trends because big moves will be seen after its break out.
Next supports within last 25 sessions trading range are as follows:-
1- 10868-10904
2- 10747-10805
Next resistances within last 25 sessions trading range are as follows:-
1- 11100-11141
1- 11147-11181
It is confirm that finally big moves will be produced after 25 sessions like big Nifty trading range valid break out. Let it happen till then trading strategies should be according to above given supports and resistances because Nifty will trade and prepare for those big moves within this 25 sessions range(10638-11181) in the next week/weeks.