This blog is my trading diary. It is an attempt to organise my analysis and thoughts. I follow the charting methods given in JUST NIFTY blog by Ilango sir and so the charts would have striking resemblance to his charts. I am indebted to Ilango sir for having made this blog possible for me.

March 7, 2012

Analysis for Mar 7

Nifty has closed below th Day Lema, Pivot suggesting weakness. The Bullish Gartley developed in Hour TF (CLICK HERE) has been taken over by the day TF and the current B is developing.

BULLISH HARMONIC PATTERN DEVELOPING IN DAY TF:


Development of Bullish Pattern.
XA - 4531 - 5629
Current B - 5206
38.2% of XA - 5209 - DONE
Proj for B:
44.7% - 5138
50% - 5080
61.8% - 4950

200 DMA @ 5170 is a very important support and a Bounce from there would lead to good upmoves upto 5400++. Closing above 5150 on EOD basis is very important for futher upmoves based on the closing value chart.


Then Short term outlook based on Hour  TF seems to be very weak with BEARISH CROSSING OF the 20 Hr MA and 50 Hr MA OVER 200Hr MA . An Inverted Cup with handle with targets upto below 5000 is formed in Hour TF. But If the 200 DMA and Month 5EMA @ 5150 provides support such low targets would not be achieved.



 20 Hr MA  50 Hr MA  100Hr MA  200Hr MA 
          5,316          5,343          5,434        5,355
          5,311          5,339          5,433        5,355




SYNOPSIS:
 A BOUNCE IS LIKELY TO EMERGE FROM THE 200 DMA AT 5170 LEVELS. SO THE SHORTS CAN BE BOOKED AT THESE LEVELS AND A AGGRESSIVE BUY AT 5170 LEVELS WITH SL 5150 EOD BASIS (MONTH 5 EMA AND TRENDLINE/CHANNEL) SUPPORT.



CHECK LIST-DAY
CLOSE52225 SMA5348
PIVOT52705EMA5302
HI EMA539210EMA5345
LOW EMA527513EMA5354
prev HI538255DEMA5197
prev LOW520620 Hr MA5372
200 DMA517050 Hr MA5339
50 DMA5128200 Hr MA5355



Trade Table
Current patternX-AB(current)
Bullish Pattern Developing4531-56295206
Trade initiatedSL close above Day LEMA of 5275
Short from 5510 Based on Hour TF Bullish patternFurther Proj for B
Partbooked at 543038.20%5209.00
44.70%5138.00
50.00%5080.00
61.80%4950.00



IMPORTANT TA parameters for projections
38.20%5209.00200 DMA
44.70%5138.00month 5 EMA/50 DMA
50.00%5080.00MONTH 5 SMA
61.80%4950.00MONTH LEMA

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