Levels will confirm Pull Back relief rally for testing 11000

Technical Analysis,Research & Weekly Outlook

(Aug 26 to Aug 30,2019)

Nifty-EOD Chart Analysis(Corrective Waves)

Nifty-EOD Chart (23-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 10637.15 on 23-08-2019
3- Long Term Trend turning down confirmations through last 17 Sessions closing below Long Term Trend decider 200-Day SMA(today at 11196)

Nifty-Last 2 Sessions intraday charts analysis

Nifty-Intra Day Chart (Aug 23 & Aug 24,2019)

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Technical Patterns formation in last 2 Sessions intraday charts

1- Selling between 10815-10890(Immediate Resistances) on 22-08-2019
2- Follow up selling in last  hours on 22-08-2019
3- firstly 104 points sharp fall in first 30 minutes on 23-08-2019  
4- Up moves with consolidation on 23-08-2019
5- Consolidation between 10728-10792(Immediate Supports) on 23-08-2019
6- Consolidation between 10801-10860(Immediate Supports) on 23-08-2019
7- 2 Sessions actual trading between 10638-10908 

Conclusions (After Putting All Studies Together) 

Corrective Wave-A of "ABC" correction is very much on after Impulsive Wave-5 completion at 12103.00 on 03-06-2019. As during on going correction Nifty has closed 17 sessions below Long Term Trend decider 200-Day SMA(today at 11196) therefore Long Term Trend turning down 100% confirmation which means that correction will remain continued in the next months or may be year also.

Now Wave-A of "ABC" correction continuation and finally Wave-C will slip below the bottom of Wave-A also but between these 2 waves Wave-B will also develop which will move up but not cross the top of Wave-5(12103)

Following lines with levels were updated on 03-08-2019 in "11080 will confirm only a strong Pull Back Rally amid finally correction continuation expectations":-

Corrective Wave-A of that 5 Waves rally is very much on which started from 6825.80 on 29-02-2016 and finished at 12103.00 on 03-06-2019 after gaining 5278 points in 27 months and Nifty will correct whole this rally points-wise and time-wise.

Fibonacci Retracement levels of Wave-1 to Wave-5(6825-12103) are as follows which were updated in 2 previous Weekly Outlooks also:-

1- 13.0%-11,416(Retraced)
2- 23.6%-10,857(Retraced)
3- 27.0%-10,677
4- 38.2%-10,086(Crucial)
5- 50.0%-9,464(Crucial)
6- 61.8%-8,841(Crucial)
7- 70.7%-8,371
8- 76.4%-8,070
9- 78.6%-7,954 
10-88.6%-7,426

Next supports of Nifty are as follows:-

1- 10583-10694(strong)
2- 10540-10567
3- 10468-10494
4- 10347-10405

Next resistances of Nifty are as follows:-

1- 11086-11145
2- 11270-11361
3- 11467-11493
4- 11511-11543
5- 11637-11700

Expected that on going correction will stay long within above mentioned 1st supports(10583-10694) because multiple supports are lying between and just below it as well as 27.0% retracement levels is also within it at 10,677.

Strong supports were told between 10583-10694 on 03-08-2019 and Nifty jumped 225 points on 23-08-2019 after forming bottom within this range at 10637.15. 

Although good selling on 22-08-2019 but equally good consolidation also on 23-08-2019 and 225 points like sharp rally was also seen after getting supports within strong supports(10583-10694) therefore if follow up consolidation develop in the beginning of next week then Pull Back relief rally will be seen for testing 11000 because next resistances above 10890 after are lying near about 11000.

Correction continuation towards next supports

Intra Day Chart Analysis & Market Outlook

(23-08-2019)

Nifty-Intra Day Chart (22-Aug-2019):-

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Technical Patterns formation in today intraday charts

1- Selling between 10815-10890(Immediate Resistances)
2- Follow up selling in last  hours
3- Whole day actual trading between 10719-10908

Conclusions from intra day chart analysis 

As most Asian markets were weak and Hang Seng was more than 1% down therefore sentiment dampened today morning and resultant Nifty slipped 40 points in first 7 minutes.

Firstly more than 4 hours fresh selling within previous supports and between 10815-10890 as well as follow up selling in last  hours therefore today closing was at lowest level of on going correction. 

As Short Term indicators have turned oversold therefore dead cat jump may be seen but will not be able to sustain above 10890 because correction is very much on and finally will remain continued towards next supports between 10583-10694 which are strong enough.

Sideways market expectations

Intra Day Chart Analysis & Market Outlook

(22-08-2019)

Nifty-Intra Day Chart (21-Aug-2019):-

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Technical Patterns formation in today intraday charts

1- Selling between 10988-11034
2- Selling between 10965-10982
3- Down moves in Bullish Falling Channel
4- Support between 10907-10924
5- Whole day actual trading between 10907-11034

Conclusions from intra day chart analysis 

As firstly good selling after opening and follow up selling in Mid-session also therefore whole day down moves. Some consolidation in last hours and supports getting at lower levels as well as following supports below today lowest therefore firstly some up moves are expected towards 10965 tomorrow:-

1- Supports between 10845-10898
2- Supports between 10784-10826

Immediate supports are above 10845 and immediate resistances are lying below 10965 therefore firstly sideways market is expected tomorrow between 10845-10965 and finally 10784-11034 will confirm next decisive moves 

As busy therefore Stock Market Outlook of today(21-08-2019) is not being updated.

11038 will confirm correction continuation

Intra Day Chart Analysis & Market Outlook

(20-08-2019)

Nifty-Intra Day Chart (19-Aug-2019):-

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Technical Patterns formation in today intraday charts

1- More than 3 hours selling between 11115-11146
2- Follow up selling in Mid-session
3- Mixed Patterns formation between 11038-11072
4- Whole day actual trading between 11038-11146

Conclusions from intra day chart analysis 

As all the Asian markets were trading with good gains after triple century gains by Dow Jones last Friday and its Futures was trading more than 150 points positive today morning therefore firstly up moves were seen in Indian markets after Green opening.

Although such strong Global sentiments today but Indian markets could not sustain at higher levels and closed near lower levels of the day after fresh selling at higher levels of the day and follow up selling in Mid-session of the day.

6 Resistances were updated on 17-08-2019 in "Crucial levels will confirm 3% moves" and Nifty could not sustain above 1st resistance(11070-11121) as well as closed below it after follow up selling within and below it therefore this resistance range has become stronger and correction continuation is expected towards those supports which have already been posted on 17-08-2019 in "Crucial levels will confirm 3% moves" 

As last hour trading at lower levels of the day with Mixed Patterns formation between 11038-11072 therefore firstly for precaution valid break out of this range should be watched for above mentioned correction continuation.