Nifty Spot Hourly Chart Analysis EOD 24-9-2018

One hour chart shows that a-wave down after x-wave from 11523.25 is just about complete or about to be completed with one more move down as a bow-tie diametric.  135-324 points up move may come at some point of time tomorrow.  The upmove will have resistances at b-d trendline and 0-x trendline.   We have to keep a close eye.

Nifty Spot EOD analysis as on 24-9-2018

The 0-b channel has been broken today which Nifty Spot held yesterday. Weak below 10929 only and very strong support near 10800. 17 days from the Top and the correction can take 35 days also. Till the time limit gets over Nifty will have the risk of retracing the whole c-wave from 10677.75 also which could translate into a bear market. Now, Nifty is getting OS in Daily / Hourly and even Weekly / Monthly is at a reasonable level from the overbought situation.  It can make another low closer to the last low of 10866.45 as well if sustains below 10929.  Otherwise, we may get some pullback soon and this a-leg after the x-wave is about to get over soon.  The safe trades are generally when a close above previous day happens in a downtrend. Anticipatory longs can be initiated with low risk close to 10900 levels positionally or at the change of bias.

The time limit allows Nifty to go down upto 10500 levels too, which is another parallel trend line support. The main chart will change if such retracement happens. Oversold bounces can keep coming. Any pullback also remains risky till the time limit gets over or we sustain above 50% retracement levels of the total fall or above the start point of x-wave at 11523.25.

Intraday 24-9-2018

Nifty Future (Bias - Negative) 



Weak Below / Strong Above 11186. 



Banknifty Future  (Bias - Negative) 



Weak Below / Strong Above 25701. 

Nifty Spot EOD analysis as on 21-9-2018

The sharp fall and pullback suggest a panic bottom probability. The retracement has started and retracement of x-a from 11523.25 to 10866.45 and the 0-x trendline resistance will give the hint of the nature of the second corrective. Once that is found out the rest of the details can be worked out. 11195 / 11273 / 11392 are key resistances and 11117-11156 Strong Support.