Analysis for Mar 22

Nifty found support at 50 DMA rallied to hit a century and has just closed below the Day HEMA. Strength in upward movement on a close above Day Hema.

There are both Bullish and Bearish Scenarios at work currently.
Bullish Scenario: 5650++ above 5450 - which corresponds to week Hema, current Month HEma and Contracting Triangle Breakout.

Bearish Scenario: Breakdown below 5233- Week LEMA and Contracting triangle breakdown - Initial Support 200 DMA  - Further Breakdown would lead to 4950 (Month LEMA) levels.

Bullish Crab Pattern Day TF:

Development of Bullish Crab Pattern.XA - 4531 - 5629
B - 5171 38.2% of XA - 5209 - DONE
C - 5499 - approx 70.7%(5494)- Done
Holding C(5499), Proj for D:78.6% -5241 - Done
113%- 5128
161.8% - 4968
224%- 4764

 If the Contracting triangle Breaksout above 5450, then the New C would be 5550++
Above 5629 the Pattern would be Bullish Shark Pattern with C above 5650++

 If the Contracting triangle Breaksdown below 5233, then D would be achieved 4950 --.

Factors Supporting BULLISH SCENARIO:

1. DEVELOPMENT OF A BEARISH GARTLEY PATTERN IN HOUR TF:

Bearish Gartley
XA - 5629 - 5171
B - 5499 - 70.7%
C - 5233 - 78.6%
Proj for D - 38.2% - 5334
50% - 5366
61.8% - 5397
78.6% - 5442
88.6% - 5468
113% - 5533

2. Golden crossover of 50DMA over 200 DMA and Nifty has currently taken the support of 50 DMA for the Past three days.

FACTORS SUPPORTING BEARISH VIEW:

1. RISING WEDGE BREAKDOWN BELOW 5233:

  The week Closing must be above the Week HEMA for upmoves to continue. Currently the Week TA is Down as a Close above the HEMA or PIVOT has not yet materialised. The 5D indicator is also down.

2. FAST FALL SET UP WITH 5Day EMA, 10Day EMA AND 13Day EMA's.

Fast fall set upwith 5EMA,10EMA and 13 EMA.
 5 EMA - 5329
10 EMA - 5336
13 EMA - 5340
The Fast fall setup will be negated only on EOD close above 5400.

SYNOPSIS:
TRADING TIME TILL CLOSE ABOVE DAY HEMA - 5371.
Resistances at 5375 - Day HEMA/week Pivot
                       5395 - 200 Hr MA
                       5401 - Month HEMA/Week 5SMA
                       5435 - current month HEMA
                    
Supports at    5336 - 100 Hr MA/Week 5EMA/Day 5EMA
                      5275 - Day LEMA
                      5250 - 50 DMA
                       5160 - 200 DMA             
                                

Week levels		Week Developing levels
CLOSE	5318	CLOSE
PIVOT	5374	PIVOT	5324
HI EMA	5452	HI EMA	5425
LOW EMA	5248	LOW EMA	5243
5 EMA	5338	5 EMA	5347
5 SMA	5401	5 SMA	5361
PrevHigh	5499	High	5372
Prev Low	5305	LOW	5233

CHECK LIST-DAY
CLOSE	5365	5 SMA	5319
PIVOT	5331	5EMA	5329
HI EMA	5371	10EMA	5336
LOW EMA	5274	13EMA	5340
prev HI	5372	26DEMA	5328
prev LOW	5256	50 Hr MA	5361
20 DMA	5353	100 Hr MA	5336
50 DMA	5252	200 Hr MA	5393
200DMA	5166