Analysis for Oct 5

Nifty got resisted at Day Lema at 4880 and fell rapidly toreach a Low of 4728. The previous low of 4720 is not breached. Nifty would gather strength above Day pivot of 4790.

If the Low is held Nifty is likely to rally upto 4845 - 4881 before facing selling pressure again.



As per the above chart it is a 0-5 Bearish pattern valid for Hour TF. As per this pattern, holding the low of 4728, a retracement of 50% will be the final target. from where selling would resume. The alternative possibility is in DAy TF where the Bearish Shark Pattern would play its part with retracement to much higher targets. The KEY FACTOR is the LOW MUST NOT BE BREACHED.

 Breaching of Low of 4720, would lead to more downsides upto 4680-4580. So the Longs must be treated with strict SL of 4720-4685.

Important Day Parameters:



CHECK LIST-DAY
CLOSE	4772
PIVOT	4790	5EMA	4873
HI EMA	4936	10EMA	4918
LOW EMA	4830	13EMA	4934
5 SMA	4905	26EMA	4989
20DMA	5002	prev HI	4879
50 DMA	5103	prev LOW	4824
20HrMA	4874
50 Hr MA	4902

TRADE TABLE:

	Trades Initiated
Current pattern	O_X	A	B
Developing Bearish Shark	5169-4758	5034	4728
Trade initiated	SL close Blw 4720 (Prev low)
Bought at 4730 NS	Retr of AB for C (NS)
booked PP intraday at 4785NS	38.20%	4845.00	Book PP
	50.00%	4881.00
	61.80%	4917.00
Book PP at 4845 levels and trail SL to Day Pivot
maintain strict SL for longs at 4700 - 4685

Important TA parameters for retracements
Day Lema , Week Lema	38.20%	4845.00
Prev High	50.00%	4881.00

If 4728 low is breached then next levels,
127% of 4759-5034	4684
161.8% of 4758 -5034	4587

Intraday Update 1.30 pm

NF reached 4844 but not NS. Part booking was done at 4830NF . Now the Longs must be with Strict SL of 4720. If the SL trigerres then the next buy will be in in ranges 4600-4650.