Firstly watch 3 most crucial levels for next up Trend beginning confirmations
Technical Analysis,Research & Weekly Outlook
(Sep 16 to Sep 20,2019)
Nifty-Last 29 Sessions intraday charts analysis
Nifty-Intra Day Chart (Jul 31 to Sep 13,2019):-
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1- Last 29 Sessions trading with lower levels supports,higher levels selling and mixed Patterns formation
2- 29 Sessions actual trading between 10638-11181
Conclusions from 29 Sessions intra day chart analysis
Nifty is trading and preparing for next big moves for the last 29 sessions between 10638-11181. Although Nifty closed at the top of week last Friday but still following resistances are lying within last 29 sessions trading range:-
1- 11100-11141
2- 11147-11181
Follow up consolidation and finally sustaining above 11181 will mean minimum 5% sharp up moves which should be firstly watched in the beginning of next week.
Next supports below last Friday closing and within last 29 sessions trading range are as follows:-
1- 10946-10992
2- 10868-10904
3- 10817-10861
4- 10747-10805
Nifty-Intra Day Chart Analysis(13-09-2019)
Nifty-Intra Day Chart (13-Sep-2019):- |
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1- More than 3 hours consolidation between 10946-10992(Immediate Supports)
2- Last 2 hours up moves with intraday corrections.
3- Whole day actual trading between 10946-11084
Conclusions from intra day chart analysis
As firstly more than 3 hours good consolidation therefore up moves with intraday corrections were seen in 2 hours and no selling patterns formations hence up moves continuation is expected towards next resistances(11100-11141).
Conclusions (After Putting All Studies Together)
As no material change on EOD charts in previous week therefore EOD charts Analysis is not being updated and same view on it which was posted in previous weekly Analysis
Long and Intermediate Term Trends are down and Short Term Trend is sideways between 10638-11181 for the last 29 sessions.
Although finally sustaining beyond last 29 sessions trading range will produce big moves but firstly sustaining beyond immediate resistance range(11100-11141) should be watched in the beginning of next week because Short Term indicators have also turned over bought and Short Term correction can not be ruled out any day in next week.
As follow up consolidation and finally sustaining above 11141 will produce first signal of 29 sessions trading range break out but Intermediate Term Trend will turn up after sustaining above 11181 and Long Term Trend will be up after moving above its decider 200-Day SMA(today at 11222).
As previous week closing was at the highest of the week therefore firstly watch above 3 most crucial levels(11141,11181,11222) for next up Trend beginning confirmations.