15650-15557 is an immediate support range. Nifty if trades below 15557 then only negative.
Double zigzag correction from 15044-14885 is looks abnormal but as of now I am not able to see any other wave count.
1. Bearish RSI Divergence spotted on daily time frame as well as hourly time frame.
2. Strong Resistance at 15,500 level, might reverse.
3. Falling ADX signifies a weak move up, suggesting reversal.
4. Correction might last till 15,000 or 14,700 levels.
Retracement from 13967-13864 is not even 23% of wave iii that is why there is a point of confusion if wave v is started from 13864 OR wave iv decline is still pending.
(1) If nifty decline from here then 13847-13722 is support range and 13722 is trend reversal point.
(2) If wave iv is completed at 13864 then 14184-14381 is wave v projection range.
In 2hour chart from 10790 wave (a or i), (b or ii) and (c or iii) is completed at 12025, 11535 and 13777 respectively.
support range(retracement range for wave (iv)) is coming at 13252-12926.
If nifty trades below 12926 then only bigger decline is possible.
Nifty 15min chart suggest from 13402 wave 1, 2, 3 are completed at 13597, 13447, and 13773 respectively. If wave 4 also completed at 13658 then wave 5 projection range is 13800-13887 but if wave 4 is still running then 13696-13648 is support range in which wave 4 can complete and then 5 will start.
Nifty will be negative if trades below 13648.
Nifty has failed to break 11235 and has taken it's support. So, this is where it might bounce back to 11550-11600. If you wanna book profit, book it now....
My view is still Bearish, I doubt if it will break it's resistance at 11550, so most probably, once it touches resistance, it will once again start dropping for 11000...
So, wouldn't suggest to go long...
These are the Important levels for the Nifty BUY & SELL
* The Pink Lines are for Buying Points
* The Black Lines are for Selling Points
Through This we can Find the Momentum of direction to trade in Nifty Options
This Levels are only for Education Purpose....
Nifty is in ascending triangle pattern, which can give movement if it breaks the black line and closes below 11385 and it will go up if it closes above the red line and closes above 11395.
According to technical analysis and pattern, Nifty is showing a positive trend today.
Targets are 11415, 11440.
NIFTY IT: WEEK-TECH-SHEET->19th August 2019 to 23rd August 2019
NIFTY IT moves around +476.85 pips from 19th August 2019 to 23rd August 2019, in which nifty IT break last week 12th August 2019 to 16th August 2019 top 15822.40.