ANALYSIS FOR DEC 14

Intraday update 3.00 PM:
Nifty has found resistance at the cluster at 4835-38 corresponding to week Lema and Month Lema. The channel resistance is also present at the same levels.

A diamond pattern breakdown with a fast fall set up in 5min NFcharts.

INTRADAY UPDATE 10.40 AM:

tHE FALLING WEDGE BREAKOUT CURRENTLY AT CHANNEL TOP. mORE UPSIDES ON A CLOSE ABOVE THIS.

ANALYSIS FOR DEC 14:

After making a Low of 4728 - Nifty rallied to a High of 4825 (near to the week Lema of 4832) and closed above the Day Pivot but below Day Lema. Further Strength if NS trades above the Day Lema and if closes above the Day lema then more upsides possible.

Trading below Pivot will keep the downtrend intact.

UPDATE of BEARISH BAT PATTERN:

Bearish Bat Pattern:XA - 5400 - 4640
B (current) -5099
Proj for C:
78.6%-4737 - achieved
88.6% - 4691

If the current C at 4728 holds, then the proj. for D :38.2% - 4869
44.7% - 4894
50% - 4913
61.8% - 4957

Hour Bar EW Chart:

Alternate 1:
a.B over at 5099
b.B - 5099 - 4728
c.B - to start from 4728

Alternate 2:
wave a = 5099 - 4843 - 256 points
wave b = 4843-4918 - 75 pointsSub wave of C:wave a.C = min wave a = 4918 - 4728 = 190 pts
wave b.C = 4728 - 4825 = 50% retr of wave a.C
wave c.C = min wave a.C = 4825 - 190 = 4635
So wave C is likely to end at 4635 - and if subdivides more then below 4600 - 4500

If the current C (4728) holds at 78.6% - as per bearish Bat patten, then ALTERNATE 1 would come into play.

If current C(4728) does not hold and it drops down to 88.6% or below the current low @ 4639 - wherein it must be relabelled as Bearish Shark pattern, then Alternate 2 of EW count will take its course.

CHECK LIST-DAY
CLOSE	4801
PIVOT	4785	10EMA	4884
HI EMA	4919	13EMA	4895
LOW EMA	4813	26EMA	4940
5EMA	4855	prev HI	4825
5 SMA	4888	prev LOW	4729
20 DMA	4883	50 DMA	5007
20 Hr MA	4815	100 Hr MA	4860

	Trade Table
Current pattern	X-A	B	C (current)
Bearish Bat pattern	5400 - 4639	5099	4728
Trade initiated	SL Day close above 4815 -Day Lema
Shorted at 4805 NF	Projections for C		If C holds then proj for D
	61.80%	4814.00	38.20%	4869.00
	70.70%	4774.00	44.70%	4894.00
	88.60%	4691.00	50.00%	4913.00
			61.80%	4957.00
Booked at 4814NF and reshorted at 4803NF
Positionally in short from 5040NF

Aggressive	Trade Table	Reason for trade
Buy above 4750-80	SL - Hr close below 4728	4728 -prev low 4775 -Day Pivot
Sell below 4810	SL - Hr close above 4820	Day Lema