Nifty Diary ~ 31st August 2017 (Closing) :-
Blog Updated on 1st Sept-2017 at 01:05 Hours IST.
Hourly chart,
5 wave of new cycle completed. Count may require alteration, in line with clarity on DAILY chart.
Kindly notice the triangle formation on Daily chart. chart.
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Triangle formed on daily chart, reflects conflict of intrest between (a) current month expiry related dynamics to hold 9,900 level and (b) intention of move c(iii) on daily chart to resume its journey towards 9,497.
After trading inside triangle throught the day, in ending hour of trade, Nifty could gather steam to break triangle on upward side, but because of gravity of c(iii) wave (forth coming), Nifty finally closed at triangle point on daily chart.
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Price Volume chart
Nifty made Higher HIGH - Higher Low with Higher Volume
NSE ADVANCE DECLINE
was above one, and at closing it was (10:7)
INDIA VIX
Remained in RED ZONE, and finally closed in RED.
NSE Derivative Turnover
VOLUME in Future and Option segment was higher on account of last day of NSE August DERIVATIVE contracts.
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Way ahead:-
Nifty traded around 61.8% level of 9,871. This created triangular formation just above downward slending trendline. Finally, Nifty breached triangle on upside, but closed atbthe triangle point and kept downward trend intact.
In Next session,
there will not be any derivative expiry related dynamics. Today, after market close hours, GDP number of INDIAN economy for Q1 were released as 5.7%, against market expectation of 6.2%. This is negative news flow.
Unless there is some another positive news flow, NIFTY is to open in gap down ~ below the downward slending trendline. On daily chart triangle breakdown is expected which is to break 9,840 support level. Wave c(iii) creats favourable risk reward ratio for short sellers, hence expecting short selling on every rise.
In Next session,
there will not be any derivative expiry related dynamics. Today, after market close hours, GDP number of INDIAN economy for Q1 were released as 5.7%, against market expectation of 6.2%. This is negative news flow.
Unless there is some another positive news flow, NIFTY is to open in gap down ~ below the downward slending trendline. On daily chart triangle breakdown is expected which is to break 9,840 support level. Wave c(iii) creats favourable risk reward ratio for short sellers, hence expecting short selling on every rise.
All the Best.
Disclaimer:-
(1) Nifty data is as received from googlefinana
(2) Data is processed to generate hourly EWT wave for last 5 day
(3)All due care is taken while processing the data. However some minor technical glitch may not be ruled out.
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