Analysis for Oct 7

Nifty faced resistance at 4830 ranges at Day Lema on Oct 5 and again reached a Low of 4740. It is likely to get good support at these ranges. Positive divergences is exhibited in Hour indicators.

As per the above Hour TF Nifty is likely to face selling pressure at 4880-4900 levels. The Longs can be terminated at these levels.

At 4880-4900 Intraday shorts can be taken with 4920 as SL and should be booked out near 4840-30 levels.

Only with a close above 4900 the upward momentum will be regained then the Day TF will take over. Then fresh longs can be initiated above 4900 with 4880 as SL.

Important week parameters:

Week levels		Developing
CLOSE	4943
PIVOT	4912	4786
HI EMA	5122	5041
LOW EMA	4845	4806
5 EMA	4976	4901
5 SMA	4999	4941

Important DAy parameters:

CHECK LIST-DAY
CLOSE	4751
PIVOT	4773	5EMA	4832
HI EMA	4900	10EMA	4888
LOW EMA	4800	13EMA	4908
5 SMA	4866	26EMA	4972
20DMA	4983	prev HI	4828
20HrMA	4812	prev LOW	4741
50Hr MA	4895
26Hr Ema	4829

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	Book Pr
	61.80%	4917.00
Book PP at 4845 levels and trail SL to Day Lema @ 4800
Book full profits at 4880-4900
Upward strength only above Day Hema @ 4900.

Important TA parameters for retracements
Week Lema	38.20%	4845.00
Day Hema	50.00%	4881.00
Day Hema	61.80%	4917.00
26 Dema, 20 DMA	78.60%	4968.00

Intraday Update 11.30 AM:

The longs were terminated at 4925NF on the basis that 61.8% has been reached. Possibility of resistance near Day Hema and 4940 is the Monthly Pivot. So initiated 50% shorts at 4910NS with SL of 4950 NS.
The shorts will be covered intraday if Nifty sustains well above 4810 - 30 as today's week Lema is 4806.

Longs can be initiated near 4830-50 once the shorts are covered with SL below 4800.

Intraday update.

Holding the shorts with a close SL of 4900