Analysis for Oct 10

Nifty opened with a Huge Gap up on friday to reach a high of 4922 corresponding to the golden ratio of 61.8% retr for the fall from 5034-4728 and near Day High EMA. Nifty was Range Bound between 4900-4860 throughout the session.

If Nifty manages to get thro Day Hema with good volumes then the immediate resistance would be 4940-55 ranges -  this being the prev month close and Monthly Pivot. If resisted near DayHEma at 4900 then NS is likely to get down to Day lema / Week Lema of 4905-4820 as per Hour TF.

Once Nifty moves past and closes above 4950 level then the upward momentum would pick up as per Day TF.

Important Week Parameters:



Week levels
CLOSE	4888
PIVOT	4846
HI EMA	5055
LOW EMA	4806
5 EMA	4947
5 SMA	4969

Important Day Parameters:

CHECK LIST-DAY
CLOSE	4888
PIVOT	4891	5EMA	4851
HI EMA	4907	10EMA	4888
LOW EMA	4821	13EMA	4905
5 SMA	4841	26EMA	4966
20DMA	4970	prev HI	4922
20HrMA	4826	prev LOW	4863
50Hr MA	4890
100 Hr MA	4941

TRADE TABLE:

	Trades Initiated
Current pattern	X-A	B
Developing Bearish Gartley Hour TF	5034-4728	4922
Trade initiated	SAR abv 4940-55 (Mon Pivot,Prev Mon close)
Sold at 4930NF	Retr of AB for C (NS)
	38.20%	4847.00
	44.70%	4835.00	Book PP
	61.80%	4802.00	Book Profit
Book PP at 4835-50 levels and trail SL to Day 5ema @ 4851
Book full profits at 4805-4820 (day lema, Week Lema)
Buy near 4820 -4830 with SL close below 4800

Important TA parameters for retracements
Mon Pivot&close, week 5ema	38.20%	4947.00
Week Pivot	44.70%	4835.00
Week Lema	61.80%	4802.00
Prev week close	78.60%	4770.00

If 4922 High is breached then next levels,
70.7% of 5034-4728	4945
78.6% of 5034-4728	4968
88.6% of 5034-4728	4999
113% of 5034-4728	5073

Intraday Update 10.45am:

Nifty has made a High of 4917 till now. A move past this and first a break of friday's high @ 4922 would be a breakout of a falling wedge and the move would be fast.

Supportive points of bullishness:

1.Nifty is trading above Day Hema

2.The 5D day indicator also has turned up indicating bullishness.

3. Also in 5min NF chart a fast rise is developing.

Considering all these factors the Shorts  are terminated at 4925NS and fresh longs are taken as the DAy TF is coming into play

Intraday Update 11.15am: 

The SL for the Longs initiated will be today's close below 4900 Day Hema.  As the week 5ema and month Pivot has reached with a high of 4947, intraday resistance could be faced. Nifty weak only below a close of 4900.

Intraday update 11.30am:

Intraday Update 12.45 PM:

For the upmove to sustain NS must close above 4930 -current month Lema.

update 1.45:

NS closed above 4930 for 1.00 Pm close. Now the 20DMA is the next hurdle to cross at 4969. Once it crosses then Nifty would zoom up.

Update 2.30:

VOLUME PROFILE CHARTS:



Intraday Update 2.50PM

Part booking for intraday longs at 4880NF.