Nifty 50 analysis for 19 Aug

Aug 18, 2020

With almost flat opening, Nifty continued with Wave 3 of impulse till 11322 levels and gave an extended flat correction before continuing its journey to Wave 5 .. the extended flat correction which corrected till 11291 was a strong indication that ongoing momentum was bullish and Wave 5 would a strong bullish wave as well ... That was second good long entry point provided by Nifty today ... Well, by the look an Fib ratios, it appears that the impulsive wave culminated just short of 11400 ... Sticking to basics, my view on Nifty for tomorrow (as of now only for 19 Aug) is bearish as I'm expecting correction from here.. Support zones have been drawn on the chart ... 11300-11290 should act as a good support zone for Nifty tomorrow, however if it breaks the support, expect levels of 11240 to be tested.
Note - Views expressed are purely personal and meant for educational purpose only and not to be used as guide for trading instruments.

Aug 18, 2020

Note

Forgot to mention ... look for price action at first support zone after initial correction ... if nifty takes support there, it can again go up with bullish momentum n test resistance zone of 11450-11460

Aug 19, 2020

Note

Nifty opening gap up at 11450 which also happens to be a resistance zone .. expecting a correction from there