Booked the shorts at 4690NF.
Nifty could not surpass the week Hema and Month Lema at 4838 -4833 - Made a high of 4840 and dropped down upto 4750 to close below the Day pivot and Lema - indicating more weakness. Strength would regain trading above Pivot at 4785.
The Bearish Pattern update:
Bearish Bat Pattern:XA - 5400 - 4640
B (current) -5099
Proj for C:
78.6%-4737 - achieved
88.6% - 4691
94.3% - 4664
If the current Low of 4728 breaks then the next probable support would be the 88.6% retr at 4690 and 94.3% at 4664. Upto this level the Bearish pattern would not be altered with a Potential Reversal Zone at 100% retracement at 4639.
The channel breakout would be above 4800-20 and the trend line breakdown would be below 4740 -30.
| CHECK LIST-DAY | |||
| CLOSE | 4763 | ||
| PIVOT | 4784 | 10EMA | 4862 |
| HI EMA | 4893 | 13EMA | 4877 |
| LOW EMA | 4792 | 26EMA | 4927 |
| 5EMA | 4824 | prev HI | 4840 |
| 5 SMA | 4828 | prev LOW | 4750 |
| 20 DMA | 4863 | 50 DMA | 5003 |
| 20 Hr MA | 4787 | 100 Hr MA | 4864 |
| 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 | |
| 94.30% | 4664.00 | 61.80% | 4957.00 | |
| Booked at 4814NF and reshorted at 4803NF | ||||
| Positionally in short from 5040NF | ||||
Book profits in the range of 4670-90-4700.
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