Break out of 25 sessions like big Nifty trading range will produce big moves

Technical Analysis,Research & Weekly Outlook

(Sep 09 to Sep 13,2019)

Nifty-EOD Chart Analysis(Corrective Waves)

Nifty-EOD Chart (06-Sep-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- 25 Sessions sideways trading between 10638-11181

Conclusions from EOD chart analysis 

Corrective Wave-A of "ABC" correction continuation after Impulsive Wave-5 completion at 12103.00 on 03-06-2019. 

Last 25 Sessions sideways trading between 10638-11181 and finally sustaining beyond this range will confirm fate of Wave-A because above 11181 will mean strong rally after Wave-B beginning and Wave-A completion confirmation. Below 10638 will confirm Wave-A continuation towards next psychological level at 10000.

Nifty-Intra Day Chart Analysis(06-09-2019)

Nifty-Intra Day Chart (06-Sep-2019):-

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Technical Patterns formation in today intraday charts

1- Consolidation between 10868-10904
2- Mixed Patterns formation between 10914-10957
3- Whole day actual trading between 10868-10957

Conclusions from intra day chart analysis 

As Most Asian markets were positive in the morning and Tax relaxation expectations from the Press Conference of Finance Minister Nirmala Sitaraman which was scheduled in Friday evening therefore good opening and firstly more than 2 hours consolidation as well as whole day up moves were seen.

Immediate resistances were between 10850-10940 and Nifty traded whole day within this range with lower levels consolidation and higher levels more than 3 hours trading with Mixed Patterns formation. 

As Indian markets have to react in next week on Press Conference therefore firstly sustaining beyond Mixed Patterns trading range(10914-10957) should be watched next Monday for its following impact on Indian stock markets:- 

1- Once sustaining above 10957 will mean sharp rally towards next resistances between 11100-11141
2- As good consolidation above 10868 therefore until complete fresh selling will not develop below 10914 till then decisive down moves will not be seen. 

Conclusions (After Putting All Studies Together)

Long and Intermediate Term Trends are down and Short Term Trend is sideways between 10638-11181 for the last 25 sessions. 

Finally valid break out of Short Term 25 sessions trading range will confirm fate of Long and Intermediate Term Trends because big moves will be seen after its break out.

Next supports within last 25 sessions trading range are as follows:-

1- 10868-10904
2- 10747-10805

Next resistances within last 25 sessions trading range are as follows:-

1- 11100-11141
1- 11147-11181

It is confirm that finally big moves will be produced after 25 sessions like big Nifty trading range valid break out. Let it happen till then trading strategies should be according to above given supports and resistances because Nifty will trade and prepare for those big moves within this 25 sessions range(10638-11181) in the next week/weeks.

24 Sessions sideways market break out confirmation from Levels

Intra Day Chart Analysis & Market Outlook

(06-09-2019)

Nifty-Intra Day Chart (05-Sep-2019):-

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Technical Patterns formation in today intraday charts

1- Selling between 10872-10920
2- Last 4 hours trading with Mixed Patterns formation between 10817-10861 
3- Whole day actual trading between 10817-10920

Conclusions from intra day chart analysis 

As Dow's Futures was trading more than more than 200 points up and all the Asian markets were trading in Green as well as some were more than 0.50% up therefore sentiment was Bullish today morning resultant firstly up moves seen after positive opening. 

More than 5 hours selling was seen between 10850-10940 on 03-09-2019 and fresh selling developed within this range today resultant this range has become stronger and immediate resistance of Nifty.

Nifty consolidated between 10747-10805 yesterday and Nifty traded whole day above it today. Selling was done between 10815-10858 yesterday and 4 hours trading with Mixed Patterns formation developed within it between 10817-10861 today. 

As Indian markets are trapped within lower levels supports and higher levels selling  therefore following trading ranges should be watched for next decisive moves beginning/confirmations:-

1- 10815-10861(First signal of next moves beginning)
2- 10872-10940(10940 for next up moves)
3- 10739-10805(10739 for next down moves)

24 Sessions sideways trading between 10638-11181 with higher levels resistances and lower levels supports. Although finally this range will confirm next big moves but as per present technical positions above given 3 Levels will signal/confirm 24 Sessions trading range break out. 

Firstly fresh technical positions formations and then Levels will confirm given next decisive moves

Intra Day Chart Analysis & Market Outlook

(05-09-2019)

Nifty-Intra Day Chart (04-Sep-2019):-

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Technical Patterns formation in today intraday charts

1- Down moves in Bullish Falling Channel
2- Minor consolidation between 10747-10770
3- Consolidation between 10786-10805
4- Selling between 10815-10858
5- Whole day actual trading between 10747-10858

Conclusions from intra day chart analysis 

Although firstly slipping after flat opening but lower levels some consolidation developed therefore slow up moves were seen which converted into selling in the last more than 2 hours therefore today trading will understood with Mixed patterns formations.

Last support of the last 23 sessions trading range is between 10739-10772 and Nifty consolidated within and above it. Immediate resistances above today highest were between 10850-10940 and last hours selling was seen just below it today therefore fresh technical positions formations and sustaining beyond today trading range(10747-10858) tomorrow will confirm following decisive moves:-

1- Above 10858 will confirm some up moves but follow up consolidation is must because resistances above it are strong.
2- Below 10747 will mean breaking down of last supports of previous 23 sessions trading range which mean emergence of sharp fall possibility after it if break down will be forceful. 

Finally correction continuation 

Intra Day Chart Analysis & Market Outlook

(04-09-2019)

Nifty-Intra Day Chart (03-Sep-2019):-

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Technical Patterns formation in today intraday charts

1- More than 5 hours selling between 10850-10940
2- Down moves in last hour
3- Whole day actual trading between 10773-10940

Conclusions from intra day chart analysis 

As announcement of GDP growth falling to 6-yr low at 5% came after Indian markets closing hours last Friday therefore its reaction was seen today through much weaker opening and after that more than 5 hours fresh selling between 10850-10940 which was within immediate supports range(10875-10948)

3rd Supports between 10739-10772 was updated on 31-08-2019 in "Firstly watch Levels for the next 5% decisive moves" and Nifty formed today lowest at 10772.70. As this support is last support of last 22 sessions range(10638-11181) therefore once sustaining below 10739 will mean corrective Wave-A continuation towards news lows.

As Very Short Term indicators have turned oversold therefore only a dead cat bounce may be seen which will not be able to move above 10940 but slipping below 10773 after fresh selling will mean correction continuation below 10638 which is finally expected also.

Nifty Levels will confirm the impact of GDP growth falling to 6-yr low at 5% 

Pre-open Outlook(03-09-2019)

As negative surprise of GDP growth falling to 6-yr low at 5% in June quarter came after the closing of indian markets last Friday therefore Indian markets will firstly react on this negative news on next trading day i.e. 03-09-2019.

Although analysts were expecting GDP at 5.7% but it came much below it therefore indian markets will firstly react through weaker opening of Indian markets on 03-09-2019. As Nifty got supports and consolidated between 10875-10992 last Friday therefore firstly sustaining beyond this range should be watched for the confirmations of this negative news real imapact on Indian markets.