INDIAN MARKETS -WEEKLY UPDATE:05-08-19 TO 09-08-19

WEEKLY UPDATE:05-08-19 TO 09-08-19

thanks to Chart ink- 3 yrs weekly chart

Indian indices first time after 3rd June NIFTY Top @  12103+

THEN THERE WAS A CLEAR NEGATIVE DIVERGENCE ON WEEKLY CHART ADDED WEIGHT ON THE DOWNSIDE TO TOUCH A LOW OF 10783 DURING THIS WEEK.

Now the positive sign is that the white candle has covered more than 80% of previous week range

Previous week Fall (Red candle) was 11311 to 10849 a fall range of  462 points

Current week (White candle) a rise from 10783 to 11181 range of  points 398 points

weekly average is @ 10966 and the closing base @ 10987

while the Nifty closed @11110 

The whole market is in the bear grip but the lower level bounce can be a short-term up move for lower-level consolidation.