Crucial levels will confirm 3% moves

Technical Analysis,Research & Weekly Outlook

(Aug 19 to Aug 23,2019)

Nifty-EOD Chart Analysis(Corrective Waves)

Nifty-EOD Chart (16-Aug-2019):-

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Technical Patterns and Formations in EOD charts

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
3- Last 11 Sessions trading with all means mixed Patterns formations between 10783-11181
4- Last 11 Sessions trading just below and near about Long Term Trend decider 200-Day SMA(today at 11178)

Nifty-Previous 11 Sessions intraday charts analysis

Nifty-Intra Day Chart (Jul 31 to Aug 16,2019):-

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Technical Patterns formation in last 11 Sessions intraday charts

1- Last 11 Sessions trading with lower levels supports,higher levels selling and mixed Patterns formation
2- 11 Sessions actual trading between 10783-11181 

Nifty-Intra Day Chart Analysis(16-08-2019)

Nifty-Intra Day Chart (16-Aug-2019):-

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Slow up moves with intraday corrections
3- Last hour selling between 11039-11058 
4- Whole day actual trading between 10925-11068

Conclusions from EOD chart analysis 

Corrective Wave-A of "ABC" correction continuation after Impulsive Wave-5 completion at 12103.00 on 03-06-2019. During on going correction Nifty slipped below Long Term Trend decider 200-Day SMA(today at 11178) on 30-07-2019 and since then trading just below and near about it for the last 11 sessions between 10783-11181. 

Conclusions from 11 Sessions intra day chart analysis 

As last 11 Sessions trading between 10783-11181 with lower levels supports,higher levels selling and mixed Patterns formations also therefore firstly Nifty will trade and prepare for next decisive moves within this range in next week and finally sustaining beyond this range will confirm it.

Conclusions from intra day chart analysis 

Although firstly consolidation through Down moves in Bullish Falling Channel and after that more then 4 hours up moves also with intraday corrections but up moves were slow and last hour selling was also seen near higher levels therefore trading between 10925-11068 on 16-08-2019 will be understood with Mixed Patterns formations and sustaining beyond this trading range will generate only first signal of next decisive moves.

As multiple resistances are lying above 11068 therefore until nifty will not sustain above those resistances till then decisive up moves will not be seen.

Conclusions (After Putting All Studies Together)

1- Long Term Trend is down.
2- Intermediate Term Trend is down.
3- Short Term Trend is sideways between 10783-11181 for the last 11 sessions. 

Next resistances of Nifty are as follows:-

1- 11070-11121
2- 11140-11181
3- 11270-11361
4- 11467-11493
5- 11511-11543
6- 11637-11700

Next supports of Nifty are as follows:-

1- 10925-10970
2- 10845-10898
3- 10784-10826
4- 10583-10694(strong)
5- 10540-10567
6- 10468-10494
7- 10347-10405

As Nifty has turned sideways between 10783-11181 for the last 11 sessions after slipping below Long Term Trend decider 200-Day SMA(today at 11178) therefore it will confirm the fate of Wave-B because if nifty sustain above 11181 then decisive up moves will be seen after confirmation of Wave-B beginning and Wave-A completion at 10782.60 on 05-08-2019. If fresh selling develops and Nifty sustains below 10783 then Wave-A correction will remain continued towards next supports(10583-10694). 

As last 11 sessions trading range(10783-11181) has become crucial therefore Nifty will firstly trade within this range and finally valid break out of this range will confirm 3% moves in above mentioned manner.

Levels will confirm next decisive moves amid extremely depressed sentiment 

Intra Day Chart Analysis & Market Outlook

(16-08-2019)

Nifty-Intra Day Chart (14-Aug-2019):-

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Technical Patterns formation in today intraday charts

1- Consolidation between 10936-10994
2- Mixed Patterns formation between 11001-11078
3- Whole day actual trading between 10936-11078

Conclusions from intra day chart analysis

As consolidation in first hour after positive opening therefore sharp up but Nifty remained sideways and traded with Mixed Patterns formation between 11001-11078 in last 5 hours hence valid breakout of this range will give first signal of next decisive moves.

Although 1 hour consolidation between 10936-10994 at lower levels last Wednesday but US markets led crashing like situation in all the Global markets and SGX Nifty ia also more than 125 points down therefore firstly sustaining beyond 10936 should be watched tomorrow for  next decisive moves beginning  confirmations because sentiment may remain extremely depressed tomorrow morning.

Finally correction continuation towards next supports

Intra Day Chart Analysis & Market Outlook

(14-08-2019)

Nifty-Intra Day Chart (13-Aug-2019):-

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Technical Patterns formation in today intraday charts

1- Selling between 11010-11121(Immediate Resistances)
2- Bullish Falling wedge pattern formations in last half hour
3- Whole day actual trading between 10902-11121

Conclusions from intra day chart analysis 

As most positive announcements in Reliance Industries AGM therefore RIL traded more than 10% also but Indian markets are in Bearish mode hence huge selling was done on this news led heated sentiments and Nifty closed 1.65% down today.

Bullish Falling wedge pattern formations in last half hour therefore only some up moves may be seen because Very Short Term Indicators have turned oversold after today sharp fall.

Next supports below today lowest are lying between 10784-10826 and finally correction continuation will be seen towards these next supports because 5 hours selling was seen today.