Analysis for Feb 9

Bank Nifty Hour Chart :
 
                      

Intraday Update 12.10 PM:
Rising wedge in Hour chart BankNifty:

Intraday Update 10.30 AM:
Rising Wedge in BN day charts - breakdown Point below 10200.

ANALYSIS FOR FEB 9:

Nifty has closed above the Day Pivot and Day Hema exhibiting strength. Weakness below the Day Hema/Day 5EMA. Persistence -ve divergence are seen in Day and Hour charts. For any Fall - Nifty  must close below the 5DEMA.

The Bearish Shark pattern is still continuing.

Holding above the Trend Line - Nifty is Likely to reach the Targets upto,
161.8% - 5450
113% of OX -  5498

Any Dips upto the WEEK HEMA 5225 or upto Month High EMA at 5286 would be Huge supports.
Weakness in Week TF/month TF only below 5225/5286.

TRADING RANGE BETWEEN 5400 - 5285.

CHECK LIST-DAY
CLOSE	5368
PIVOT	5363	5 SMA	5198
HI EMA	5359	5EMA	5323
LOW EMA	5284	10EMA	5254
prev HI	5397	13EMA	5215
prev LOW	5325	26EMA	5048
20 DMA	5107	20 Hr MA	5363
200 DMA	5192	50 Hr MA	5283

From the Previous Low of 5087 to 5413 -  the Retracements to be watched are :
  

23.60%	5336.06	Day 5EMA
38.20%	5288.47	Month HEMA
50.00%	5250.00	Week High EMA