ANALYSIS FOR APR 9

Nifty has closed just near the Day Pivot and week Pivot. Nifty has formed an Bearish abandoned Baby pattern.

BEARISH ABANDONED BABY -
Look for a white candle in an upward price trend. Following that, a doji whose lower shadow remains above the prior candle’s high. The third day is a black candle with an upper shadow below the doji’s low
As per the above chart the upper shadow of the last candle is below the low of the previous day's candle with a gap down - giving the possibility of a Bearish Abandoned Baby - but it is formed as a spinning top - So a big red candle for follow up would confirm the pattern.

Nifty Has managed to close just at the Day 5EMA. The 10,13 AND 26 EMA'S are Bearishly alligned with a Possible Fast Fall set up. A Close below the Day 5 EMA would call for weakness.


Harmonic Patterns:

After completing a Bullish ABCD pattern in Hour Charts at 5136 - a 61.8% retracement is done to reach 5379.  If Nifty manges to get thro 5380 - breakout above the Day channel and trendline resistance of Hour Charts then the Bearish Shark Pattern (ref chart Mar 23 CLICK HERE) would come into play for much higher targets upto 5550++.

The Long term channel (ref chart March 23 Click here) has given good supports at 5136 lows, and has reached 5379. A Breakout above this is very much required for a good upmove.



WEEK CHART:

SYNOPSIS: A move above 5380 - corresponding to week Hema would Lead to good upmoves. Day/Week close below 5225 would lead to weakness.

Trading Time between 5380 and 5220.
                            

Week levels		Month Levels
CLOSE	5323	CLOSE	5296
PIVOT	5327	PIVOT	5310
HI EMA	5386	HI EMA	5434
LOW EMA	5227	LOW EMA	4940
5 EMA	5315	5 EMA	5201
5 SMA	5310	3 EMA	5247
PrevHigh	5379	High	5499
Prev Low	5279	LOW	5136

CHECK LIST-DAY
CLOSE	5323	5 SMA	5295
PIVOT	5322	5EMA	5306
HI EMA	5327	10EMA	5291
LOW EMA	5274	13EMA	5292
prev HI	5338	26DEMA	5297
prev LOW	5305	100 Hr MA	5279
50 DMA	5324	200 Hr MA	5320
20DMA	5300