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Outlook for Nifty future for week ending August 30, 2019 (weekly view): For the week ended 23rd August, 2019, price settled at a six month low on weekly closing basis. Strong bearish candle formation seen on weekly charts (despite a sharp rebound in price from lower levels, on last trading day of the week). Positional trendline breakdown (trendline drawn from Feb, 2016 low, connecting October, 2018 low) seen on weekly charts, which implies the intermediate and immediate trend to be negative. The weekly trend deciding level emerges around 10900 and immediate resistance placed around 10925, hence the zone of (10900-10925) likely to act as an initial supply zone for any meaningful pull-back in price from here on. It is also been noticed the 20_DMA on daily chart is acting as resistance zone for any recovery in price since 5th July, 2019. Given the set-up, trend based traders may initiate fresh short around the stated resistance zone with stop above 11032 (20-DMA). Only a daily closing of price above 11032 likely to reverse the immediate trend to positive again.

On declines the zone around 10780 is the immediate support area, a break below this on sustain basis likely to drag price further lower towards 10630. Strong positional support is seen in the zone of (10540-10597), any fall in price towards the stated zone likely to offer a contra buy opportunity for traders with stop below 10500.

 

Outlook for Nifty future for Monday August 26, 2019: For the day the crucial support zone is placed at around 10780, hence 10780 is the trend deciding level for the day. As long as price sustains above 10780 there stands a possibility for price to rebound higher during the day. The immediate resistance on hourly closing basis is placed at 10873, this implies an hourly close above 10873 likely to generate intraday demand side momentum. Strong resistance is placed around 10925, hence traders should be cautious while going long around this level.

 

Outlook for Bank Nifty future for week ending August 30, 2019 (weekly view): On weekly charts price closed below a crucial positional trend-line support with strong bearish candle, suggesting the immediate trend to be further negative. Although price rebounded from close from its’ positional weekly support of around 26520, before finally settling above 27k mark.  The weekly trend deciding level emerges around 26655, as long as price sustains or trades below this level, the trend stands weak. For the week, crucial support stands around 26500 & resistance around 27655, closing basis. 

 

For Monday, Aug 26, 2019, the trend reversal point for Nifty stands at 10919 in spot. Any close ABOVE 10919 in spot on Monday will change the trend in Nifty to POSITIVE. For Bank Nifty, the trend reversal level in spot now comes at 27666. This implies that a close ABOVE 27666 on Monday for Bank nifty in spot will change the trend in that index in to POSITIVE.

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