ANALYSIS FOR DEC 16

DIAmond pattern update:

Bank Nifty 5min futures Diamond pattern:

Breakout above 8570-90 BNF. Breakdown below todays low of 8431.


INTRADAY UPDATE 10.00 AM:
Entered 50% of Longs at 4800NF. Rest after a Dip near 4760-30NS.

ANALYSIS FOR DEC 16:

Nifty made a low of 4674 - but closed well above the 4700 levels. Today being the weekend - the closing levels would be very important for a sustained upmove. If Nifty closes above the Day Lema and week Lema - A pause for the down move can be expected. If subsequently Nifty closes above the Day 5 EMA - upward momentum will be high.

For the Bearish Bat pattern update and Weekly support charts -CLICK HERE.

Hour Chart Update:

Till the channel Hold, upsides are possible. If NS falls back into the channel, then more downsides would be expected.

There is a probabilty of a 50HrMA crossing below 100Hr MA - which would result in a fall. On the contrary, if it bounces from the 100 MA - then a fast rise would occur.

Todays levels are like cat on the wall - which way the Cat would jump???
Will today's RBI policy have an impact on Bank NIFTY - subsequently affecting NIFTY. Bank Nifty has acquired a strong support in monthly charts - will it HOLD???

Week levels		Developing levels
CLOSE	4867	CLOSE
PIVOT	4936	PIVOT	4777
HI EMA	5106	HI EMA	5040
LOW EMA	4838	LOW EMA	4783
5 EMA	4950	5 EMA	4882
5 SMA	4940	5SMA	4856
PrevHigh	5099	High	4910
Prev Low	4842	LOW	4674

CHECK LIST-DAY
CLOSE	4746
PIVOT	4730	10EMA	4841
HI EMA	4851	13EMA	4858
LOW EMA	4753	26EMA	4927
5EMA	4798	prev HI	4769
5 SMA	4788	prev LOW	4674
20 DMA	4853	100 Hr MA	4867
20 Hr MA	4763	50 Hr MA	4864

	Trade Table
Current pattern	X-A	B	C
Bearish Bat pattern	5400 - 4639	5099	4674
Trade initiated	Close below 4700
Buy above 4740 NS	Projections for D
	38.20%	4836.00	78.60%	5008.00
	44.70%	4864.00	88.60%	5050.00
	50.00%	4886.00
	61.80%	4936.00
Booked profits at 4690NF.

Buy above 4740 NS with Positional Stoploss Close below 4700 NS.