Analysis for JAN 3

Intraday Update:
The partbooked Longs was reenteres at the Hourly close above 4730. The SL for this Longs is revised to current Day High EMA @ 4725.

Intraday Update 9.20 AM:
Partbooked at 4703NF - as Day Hema is 4700 NS for Today and for the remaining the SL is shifted to Day Lema of 4630
There are a series of resistances at 4700-4730 NS ranges By way of
Day Hema - 4700, Day 13 EMA-4705, Week 5EMA - 4710,  Month LEMA - 4730.
Longs can be added on a close above 4730NS

ANALYSIS for JAN 3:
Nifty Opened on a Positive note and then made a low of 4588 and regained back to close near the open value but above the Day Lema (indicating a pause in downtrend)- Forming a Dragonfly DOJI (CLICK HERE).  A Doji usually represents indecisiveness - but the dragonfly Doji is considered to be a bullish reversal candle.

The Bearish Bat pattern (Click Here) is valid till the PRZ is reached. If the Low of 4531 breaks then the Bearish Bat pattern of Hour TF would be invalidated.

As per the ratios, if AB = 50% retr and BC = 78.6% retr, the max targets for
D are 161.8% of BC = 4932
          200% of BC - 5014
          224% of BC = 5065

The Bearish Shark pattern in Day TF:

Monthly Chart: The Low of 4588 is supported by the trendline in Monthly charts. Below 4588 Deep falls can be expected.

Week Charts:

Nifty is trading below the trendline for the past two weeks.
4720-30 is the trendline resistance for this week -  coinciding with Month Lema.
A close above 4730 would give a good rally to 4950++.- targets coinciding with the Bearish Bat pattern. Failure to move above 4720 would lead to deep cuts.

Week Falling Wedge:

A Falling Wedge - False breakout at 5099 but the Body of the candle is within the wedge
Breakout above 4730-50 - This coincides with the Month Lema and also the TRENDLINE of the Previous Chart. - This gives a JUICY target upto 5250++
Below 4531 the Falling Wedge fails and the Head and Shoulders pattern would play its part for a very very DEEP FALL - targetting 4100- 3300!!!

SUMMARY:
4720-40 is important resistance level when broken upsides - would lead to a handsome rally.
4588-4530 is important support level when broken would lead to deep cuts.

for the Longs initiated the positional SL is altered to close below 4580.

Week levels		Month Levels
CLOSE	4624	CLOSE	4624
PIVOT	4678	PIVOT	4752
HI EMA	4899	HI EMA	5321
LOW EMA	4662	LOW EMA	4732
5 EMA	4709	5 EMA	4959
5 SMA	4786	3 EMA	4825
PrevHigh	4801	High	5099
Prev Low	4609	LOW	4531

CHECK LIST-DAY
CLOSE	4637
PIVOT	4624	10EMA	4688
HI EMA	4700	13EMA	4703
LOW EMA	4629	26EMA	4770
5EMA	4661	prev HI	4646
5 SMA	4673	prev LOW	4588
20 DMA	4754	100 Hr MA	4694
20 Hr MA	4651	50 Hr MA	4706

Positional	Trade Table
Current pattern	X-A	B	C(current)
Bearish Bat pattern Hour TF	5099-4531	4801	4588
Trade initiated	SL Close below 4580NS
Bought @ 4610 NF	Projections for D
	38.20%	4669.00
	44.70%	4683.00
	61.80%	4720.00
Book PP at 4720 - 61.8% proj	70.70%	4738.00

IMPORTANT TA parameters for projections
38.20%	4669.00	Day 5 EMA/week Lema
44.70%	4683.00	Day 5 SMA
61.80%	4720.00	Month Lema