More down moves expectations
after fresh selling
Technical Analysis,Research & Weekly Outlook
(Sep 14 to Sep 18,2020)
Nifty-Weekly Chart Analysis
(Wave B structure & Stochastics)
Nifty-Weekly Chart (11-Sep-2020):-
Technical Patterns and Formations in Weekly charts
1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
2- Wave-B completion indications with recent top formation at 11794.3 on 31-08-2020
3- Stochastic-%K(5) is at 65.47 & %D(3) is at 75.73
Conclusions from EOD chart analysis
(Wave B structure & Stochastics)
As Nifty crashed 406 points higher levels and closed 260 points down on 31-08-2020 as well as formed long Bearish Engulfing candle on both EOD and Weekly chart therefore generated strongest indication of Wave-B completion at 11794.3 and Wave-C beginning to move towards and below the ogigin of Wave-B(7511.10).
Emergence of following bearish signals from weekly Stochastics:-
1- Both lines have started to move down from over bought zone.
2- %K has intersected %d downward.
Nifty-Last 9 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Sep 01 to Sep 11,2020):-
Technical Patterns formation in last 9 Sessions intraday charts
1- Selling(Resistances) in last 9 sessions are between:-
A- 11550-11569
B- 11400-11460
C- 11382-11437
D- 11451-11493
2- Consolidation(Supports) in last 9 sessions are sessions:-
A- 11301-11339
B- 11186-11243
C- 11343-11357
D- Double bottom supports at 11366
3- 9 Sessions actual trading between 11186-11585
Conclusions from 9 Sessions intra day chart analysis
Nifty crashed 406 points higher levels on 31-08-2020 and after that traded last 9 sessions of this month between 11186-11585 with higher levels selling and lower levels buying.
As both higher levels higher levels good selling and lower levels equally good buying in last 9 sessions therefore Nifty will firstly trade within last 9 sessions trading range as well as prepare in the coming week for next decisive big moves beyond this range.
Nifty-Intra Day Chart Analysis
(11-Sep-2020)
Nifty-Intra Day Chart (11-Sep-2020):-
Technical Patterns formation in today intraday charts
1- Selling between 11467-11493
2- Up moves in Bearish Rising Channel
3- Selling between 11451-11470
4- Up moves in Bearish Rising Channel
5- Selling between 11457-11477
6- Whole day actual trading between 11420-11493
Conclusions from intra day chart analysis
As whole day sideways trading with only selling patterns formations therefore expected that down moves will be seen below last Friday lowest(11419.90) in next week.
Conclusions
(After Putting All Studies Together)
1- Long term trend is down.
2- Intermediate term trend is sideways between 11186-11585.
3- Short term trend is up.
Although higher levels good selling but lower levels some supports have also been developed in previous week therefore Nifty will firstly trade in next week between last 9 sessions trading range(11186-11585). As last Friday good intraday selling patterns formations therefore firstly Nifty will counter above mentioned supports(D & C)
As strongest indications of Wave-C formation to move below 7511.10 after 260 points fall on 31st Aug 2020 and weekly Stochastics is also indicating more down moves therefore expected that finally Nifty will move below the lowest(11186) of last 9 sessions trading range after fresh selling in next week.