Nifty Weekly Analysis on 13th August

Nifty hourly chart

In the above hourly chart, prices are facing falling channel resistance, any move below 11100 will infuse selling pressure which can drag prices lower. It is likely that prices will fill the gap which was made on Friday. If the gap is filled then it will be an exhaustion gap indicating the uptrend is over.
 From wave perspective, after completing wave c down near 10780 levels, the index rose 400 point in a three wave structure (a-b-c) to possibly complete counter trend. From here prices will dip near till 11050-10950 range. Once this is done next week it will be important to see if prices show signs of reversal.

The summation of the above  chart is, Nifty is likely to face resistance of 11200. Prices will dip further once the level of 11100 is taken out which can accelerate selling pressure dragging it lower till 11050-10950 range in coming short end week.


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