Levels will confirm next trend
and big moves
and big moves
Technical Analysis,Research & Weekly Outlook
(Nov 25 to Nov 29,2019)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (22-Nov-2019):- |
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1- Impulsive Wave-1 beginning from 6825.80 on 29-02-2016 after 1 financial year(2015-16) correction completion.
2- Impulsive Wave-1 completion at 8968.70 on 07-09-2016 and corrective Wave-2 beginning
3- Corrective Wave-2 completion at 7893.80 on 26-12-2016 and impulsive Wave-3 beginning
4- Impulsive Wave-3 completion at 11760.20 on 28-08-2018 and corrective Wave-4 beginning
5- Corrective Wave-4 completion at 10004.55 on 26-10-2018 and impulsive Wave-5 beginning
6- Impulsive Wave-5 completion after life time top formation at 12103.00 on 03-06-2019 and corrective Wave-A of "ABC" correction beginning
7- Corrective Wave-A completion at 10637.15 on 23-08-2019
8- Wave-B continuation with recent top formations at 12038.60 on 20-11-2019
Nifty-EOD Chart Analysis
(Corrective Waves)
Nifty-EOD Chart (22-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 12038.60 on 20-11-2019
4- Last 16 Sessions sideways trading between 11803-12038
Nifty-Last 16 Sessions intraday charts analysis
Nifty-Intra Day Chart (Oct 31 to Nov 22,2019):- |
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1- Last 16 Sessions trading with both lower levels buying and higher levels selling.
2- 16 Sessions actual trading between 11803-12038
Conclusions from EOD chart(Waves structure) analysis
1- Long Term Trend is up.
2- Intermediate Term Trend is up.
3- Short Term Trend is sideways between 11803-12038 for the last 16 sessions.
Conclusions from EOD chart(Corrective Waves) analysis
Wave-B of "ABC" correction is on with recent top formations at 12038.60 on 20-11-2019 and no confirmation of its completion yet. Last 16 Sessions sideways trading between 11803-12038 and valid break out of this range will confirm the life of Wave-B.
Conclusions from 11 Sessions intra day chart analysis
Last 16 sessions sideways trading between 11803-12034 and it is confirm that finally valid break out of this this trading range will generate next big moves.As both lower levels buying and higher levels selling within this range therefore 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 big decisive moves.
Conclusions
(After Putting All Studies Together)
Next supports within last 16 sessions trading range are as follows:-
1- 11881-11900
2- 11850-11870
33- 11803-11840
Next resistances within last 16 sessions trading range are as follows:-
1- 11986-12005
2- 12015-12038
Wave-B of "ABC" correction is in continuation with recent top formations at 12038.60 on 20-11-2019 and no confirmation of its completion yet. Last 16 sessions sideways trading is between 11803-12038 and finally sustaining beyond or forceful break out of this range will confirm the life of Wave-B as well as will generate big decisive in following manner:-
1- Above 12038 will mean fresh rally beginning after new life time highest formations above 12103 and in that situation Waves structure 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 or forceful break out of last 16 Sessions trading range(11803-12038) is next trend and big moves decider therefore should be firstly watched in the coming week/weeks.