ANALYSIS FOR SEPT 26

Nifty made a Low of 4820Nf on sept 23 and had a volatile session of going upto 4924 -prev day close and again back to 4868 to close below the Developed weekLema of 4888 and Day Pivot. Based on the Harmonic pattern 224% retracement was complete in Hour TF and a Buy was initiated at 4835NF.

The Longs MUST BE TERMINATED if NS makes an Hour close below 4800 as after this point the Hour TF gets INVALIDATED and DAY TF comes into play.
If it moves past the Day Pivot of 4876 and then the week Lema of 4888 and makes an Hour close above it, then trail the Sl to Hour close below 4875.



The minimum retr required is 38.2% which happens to be the week pivot and Day Lema levels. part book at these levels or trail SL to the next important levels.
In the 5min chart above the important retracements and the corresponding TA parameters are given. These levels are for booking profits OR When each level is scaled then the scaled level could be trailed as SL.

It is not advisable to SHORT at these levels until NS closes below 4800 in the present stage. If it is the formation of Bearish pattern then there would be more upsides If it is an ABCD formation then there would be limited upsides and more downsides. SO one should clearly wait for the trend to get set before shorting at these stages.

Important week levels:

Week levels
CLOSE	4868
PIVOT	4955
HI EMA	5165
LOW EMA	4888
5 EMA	4992
5 SMA	4960

Important Day levels:

CHECK LIST-DAY
CLOSE	4868
PIVOT	4876	5EMA	4981
HI EMA	5046	10EMA	5010
LOW EMA	4945	13EMA	5015
5 SMA	5019	26EMA	5053
20DMA	5016	prev HI	4930
50 DMA	5198	prev LOW	4829
50Hr MA	5040
100Hr MA	5038

 

	Trades Initiated
Current pattern	O-X	A	B	C
Bullish Shark pattern complete in Hr TF	4978 - 5153	5017	5170	4825
Trade initiated - sept 25	sept 26 - SL - Hr cl below 4800NS
Bought at 4835NF	Retr of BC NF
	38.20%	4953.70
	50.00%	4995.00
	61.80%	5036.00
	76.40%	5087.40
	78.60%	5095.00
Part profits booked at 4920NF on sept 23
When Hour closes above 4888 trail SL to Prev close.
If Hour closes below 4800NS then initiate short with 4830NS Hourly close as SL

 

When Hour close below 4800 the next levels as per Day TF are:
Day TF retracements	161.80%	4751.56
for 4911 -5169	200.00%	4653.00