ANALYSIS FOR DEC 20

Booked the longs at 4610NF. Closing all positions as i will not be available for the next 10 days. Whenever possible I shall give EOD updates.


PASURAM - 4 -

Nifty made a low of 4556 and bounced back upto the previous Low of 4628 and managed to close above the pivot. Today strength will remain if trading above the pivot and subsequently a close above the Day Lema at 4650 would give some strength for NS to move up. A Break and Close below the 4550 lows guarentees more downsides.



With the Low of 4556 -  the BEARSIH SHARK PATTERN -has formed.

Bearish Shark Pattern:OX - 5400 - 4639
A - 5099 - approx 61.8% retr of OX
B - 4556 -approx - 113% - (4579.2)
Holding B, Proj for C:
38.2% - 4763
44.7% - 4798
61.8% - 4891

CHANNEL SUPPORTS IN DAY/WEEK CHARTS: -

If yesterday's low of 4550 is not breached on closing basis then a small ST rally can materialze upto 4700-4750. Else downsides will continue. So Strict SL at 4550 NS in closing basis isa must for all Longs. Also Booking out profits at important levels like Day LEMA, Day 5ema etc would protect the gains until a clear upsides emerges with a close above Day 5 EMA for upward momentum. Failure to do so would go for DEEP DOWN targets.

CHECK LIST-DAY
CLOSE	4613
PIVOT	4597	10EMA	4772
HI EMA	4768	13EMA	4798
LOW EMA	4659	26EMA	4873
5EMA	4704	prev HI	4623
5 SMA	4715	prev LOW	4556
20 DMA	4825	100 Hr MA	4854
20 Hr MA	4688	50 Hr MA	4763

	Trade Table
Current pattern	O-X	A	B(current)
Bearish Shark pattern	5400 - 4639	5099	4628
Trade initiated	SL close below 4550NS
Bought at 4570NF	Projections for C
	38.20%	4763.00
	44.70%	4798.00
	50.00%	4827.00
	61.80%	4891.00