Nifty Weekly Analysis on 5th August 2019

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Nifty 60 mins chart

In the above hourly chart, prices showed resilience from the support of the channel (shaded). It is likely that a short term bounce is on the cards which can surge prices higher near till 11050-11080 levels. RSI and prices are showing positive divergence, this indicates that the negative momentum can halt for a counter rally.
From wave perspective, prices have completed wave c. After completing wave c next leg will start anytime soon. There are high chances that the channel resistance can also be taken out.
The summation  is there is a high possibility that a gap down opening can be seen on Monday but as far as 10850 is intact on the downside, prices are expected to move in a positive direction near till 11050-11080 levels in coming week. 

 I have published this excerpt from "The Nifty Waves Weekly Forecast" which is a weekly update giving in-dept view of weekly, daily and 60 mins chart. The report is published on Monday before market opens. Subscribe the report by mailing me on meghmody@gmail.com. The cost of the report is 1000/- pm.

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