Firstly Levels should be watched for next trend confirmations
Technical Analysis,Research & Weekly Outlook
(Nov 18 to Nov 22,2019)
Nifty-EOD Chart Analysis
(Corrective Waves)
Nifty-EOD Chart (15-Nov-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 completion at 10637.15 on 23-08-2019 and Wave-B beginning
3- Wave-B continuation with recent top formations at 12034.10 on 08-11-2019
4- Last 11 Sessions sideways trading between 11803-12034
Conclusions from EOD chart analysis
1- Long Term Trend is up.
2- Intermediate Term Trend is up.
3- Short Term Trend is sideways between 11803-12034 for the last 11 sessions.
Nifty-Last 11 Sessions intraday charts analysis
Nifty-Intra Day Chart (Oct 31 to Nov 15,2019):- |
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1- Last 11 Sessions trading with both lower levels buying and higher levels selling.
2- 11 Sessions actual trading between 11803-12034
Conclusions from 11 Sessions intra day chart analysis
As last 11 sessions trading between 11803-12034 with both lower levels buying and higher levels selling therefore firstly Nifty has to trade and prepare for next decisive moves within this range which will be done in next week and finally sustaining beyond or forceful break out of this range will confirm next decisive moves.
Supports and Resistainces within last 11 sessions trading range are as follows:-
Next supports within last 11 sessions range are as follows:-
1- 11850-11870
2- 11803-11840
Next resistances within last 11 sessions range are as follows:-
1- 11926-11973
2- 11975-12034
Nifty-Intra Day Chart Analysis
(15-Nov-2019)
Nifty-Intra Day Chart (15-Nov-2019):- |
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1- Selling Patterns formation between 11926-11973 (Immediate Supports)
2- Sharp fall in last half hour
3- Whole day actual trading between 11880-11973
Conclusions from intra day chart analysis
As more than 5 hours selling Patterns formation between 11926-11973 therefore sharp fall in last half hour and until complete consolidation will not develop tll then decisive up moves will not be seen above 11973.
Follow up selling and sustaining below 11926 in next week will mean decisive down moves beginning which should be firstly watched in next week.
Conclusions
(After Putting All Studies Together)
(After Putting All Studies Together)
Wave-B of "ABC" correction is continued with recent top formations at 12034.10 on 08-11-2019 and no confirmation of its completion yet. As last 11 sessions trading is sideways between 11803-12034 and sustaining beyond or forceful break out of this range will give first strong indication of Wave-B life therefore should be firstly watched in next sessions/weeks for following decisive moves beginning confirmations:-
1- Above 12034 will mean high possibility of fresh rally beginning with new life time highest formations above 12103 and in that situation Waves will be recounted
2- Below 11803 will mean fresh down moves beginning towards the bottom of Wave-B(10637.15) but Wave-C formation for moving below 10637.15 will get confirmation after sustaining below Long Term average(200 Day SMA)
As sustaining beyond last 11 Sessions sideways trading range(11803-12034) will give first indication of next trend therefore should be firstly watch in next week for its confirmation.