Analysis for Feb 24

INTRADAY UPDATe 11.00AM:
BULLISH CROSSOVER IN DAY MA CHARTS:

Intraday Update 10.45 AM:
INitiating an Agressive Buy for Intraday at 5485NF/ 5442NS  with SL Hour close below 5430 NS.

Intraday Update 10.30 AM:
Partbooked at 5458NS trailing the SL to Hour close above 5482 Day LEMA.

ANALYSIS FOR FEB 24:
Nifty Has closed below the Week Pivot lvels and Day Pivot/Day HEMA and Day 5EMA.

Important Support levels for the Upmove to continue:
100 Hr MA -      5438
Week HEMA -   5445
Month HEMA - 5417

Important Resistances:
Developing Week Pivot - 5522
                   Day 5EMA -  5511
                      50 Hr MA - 5522
                   Day HEMA - 5566

BEARISH SHARK PATTERN WEEKLY TF:

Bearish Shark pattern:OX - 5740 - 4720
A = 5400 = 61.8%retr of OX
B (current) = 4531 > 113% retr of AB & equal to 127% retr of OA
Proj for C:
113% of AB - 5512.97
88% of OX - 5623 - DONE

The initial target of 5630 - corresponding to the 88.6% retr of the leg OX is achieved.

Nifty has made a l;ow of 5457 NS corresponding to the channel support in weekly charts. On  close below this level - corresponding to week HEMA - firther porjections can be made for downsides. HOLDING ABOVE 5450 LEVELS THE UPMOVE IS LIKELY TO CONTINUE FOR TARGETS NEAR 5700++

DAY channel chart:

Hour chart:

Nifty is trading between 50 HR MA -5522 and 100 HR MA - 5438. Break below 5438 more downsides

 possible.

HOUR CHANNEL:



AGGRESSIVELY SHORT FROM YESTERDAY AT 5510NS WITH TODAY'S SL CLOSE ABOVE DAY 5EMA - 5515NS

Week levels		week Developing levels
CLOSE	5564	CLOSE
PIVOT	5507	PIVOT	5522
HI EMA	5356	HI EMA	5445
LOW EMA	5146	LOW EMA	5251
5 EMA	5317	5 EMA	5392
5 SMA	5305	5 SMA	5172
PrevHigh	5607	High	5630
Prev Low	5351	LOW	5461

CHECK LIST-DAY
CLOSE	5483	5 SMA	5536
PIVOT	5494	5EMA	5511
HI EMA	5566	10EMA	5473
LOW EMA	5482	13EMA	5441
prev HI	5537	26EMA	5308
prev LOW	5461	50 Hr MA	5522
100 DMA	5016	100 Hr MA	5438
50 DMA	5024