ANALYSIS FOR JAN 30

INTRADAY UPDATE 2.20PM:

SL TRAILED TO DAY CLOSE ABOVE 5125 DAY 5 EMA as upward momentum could continue only if Day closes above the Day 5EMA.

INTRADAY UPDATE 12.15PM:

The 12.00 Noon closing is below the DHEMA of 5135. So trailing the SL to Close above 5140 NS.


ANALYSIS FOR JAN 30
Nifty had ended the week near the long term resistance Line and also the day ended with a Hanging man pattern. This is a Bearish Reversal pattern which is to be confirmed by following candle.

As Nifty has closed just below the 200 DMA and testing the long term trendline resistance, it has given the possibility of a Bearish butterfly in weekly charts. Further strength for upmove would be possible with a close above 200 DMA 5220 - which would result in continuation of the Huge Bearish shark formed from 5740 levels.

.

 PROBABLE DEVELOPMENT OF BEARISH BUTTERFLY IN WEEKLY CHARTS:

Below 5217 - Possibility of a Bearish Butterfly developing.XA - 5400 - 4531

B - 5217 - 78.6% retr of XA
Projected C:
23.6% - 5055
38.2% - 4955
ABOVE 5220 Bearish shark (click Here)  would continue for Higher targets upto 5500 ++

Week levels
CLOSE	5205
PIVOT	5148
HI EMA	5031
LOW EMA	4816
5 EMA	4984
10 EMA	4936
PrevHigh	5217
Prev Low	5021
40 Wk MA	5170

CHECK LIST-DAY
CLOSE	5205
PIVOT	5195	5 SMA	5117
HI EMA	5137	5EMA	5123
LOW EMA	5081	10EMA	5044
prev HI	5217	13EMA	5008
prev LOW	5162	26EMA	4926
100 DMA	4950	20 Hr MA	5104
200 DMA	5214	50 Hr MA	5034

THE SL FOR THE AGGRESSIVE SHORTS TAKEN ON FRIDAY REMAINS THE SAME AS CLOSE ABOVE 5220 NS