Watch levels for next trend confirmations
Technical Analysis,Research & Weekly Outlook
(Nov 04 to Nov 08,2019)
Nifty-EOD Chart Analysis
(Corrective Waves)
Nifty-EOD Chart (01-Nov-2019):- |
| Just click on chart for its enlarged view |
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
3- Wave-B continuation with recent top formations at 11945.00 on 31-10-2019
4- Last 3 Sessions sideways trading between 11785-11945
Conclusions from EOD chart analysis
1- Long Term Trend is up.
2- Intermediate Term Trend is up.
3- Short Term Trend is sideways between 11491-11714 for the last 3 sessions.
Nifty-Last 3 Sessions intraday charts
analysis
Nifty-Intra Day Chart (Oct 30 to Nov 01,2019):- |
| Just click on chart for its enlarged view |
1- Last 3 Sessions trading with both buying and selling Patterns formation
2- 3 Sessions actual trading between 11785-11945
Conclusions from 3 Sessions intra day chart analysis
As last 3 sessions trading with both buying and selling patterns formation between 11785-11945 therefore Nifty will firstly trade and prepare for next trend within and near about it and finally sustaining beyond this range will confirm next trend.
Nifty-Intra Day Chart Analysis
(01-11-2019)
Nifty-Intra Day Chart (01-Nov-2019):- |
| Just click on chart for its enlarged view |
1- Selling between 11890-11918
2- Selling between 11883-11914
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 11844-11918
Conclusions from intra day chart analysis
As most time sideways trading with both buying and selling patterns formation last Friday therefore firstly Nifty will have to trade and prepare for next decisive moves within and near about day's trading range(11844-11918) and finally its valid break out will give first indication of next big moves.
Conclusions (After Putting All Studies Together)
Wave-B continuation with recent top formations at 11945.00 on 31-10-2019 and no signal of its completion yet. Next resistances above 11945 are as follows:-
1- 11954-11990
2- 12034-12092
As whole mood and sentiments changed after Nirmala Sitaraman Press conference on 20-09-2019 therefore sharp rally was seen just after it and since then continuous up moves are seen. Although rally above life time high is expected also without any Intermediate or Long Term correction but technically until Nifty will not move above life time high(12103.00) till then above given corrective waves structure will remain valid and Waves will be recounted only after Nifty Moving above 12103.00.
Now Wave-B continuation with recent top formations at 11945.00 on 31-10-2019 and no confirmation of its completion yet. As last 3 sessions trading with both buying and selling patterns formation between 11785-11945 and next resistances are just above 11945 therefore firstly fresh follow up consolidation is required for moving and sustaining above 11945,let it happen in next week then further Wave-B continuation will be considered.
As Short Term indicators are overbought and fresh selling in the beginning of next week will mean correction beginning towards next supports(11500-11545) and sustaining below 11500 will be first indication of Wave-C formation for moving towards and below Wave-A lowest(10637.15)
As sustaining beyond last 3 sessions trading range(11785-11945) will confirm next trend in above updated manner therefore should be firstly watched in next week.