Analysis for April 10

Nifty yesterday formed a Huge red candle confirming the Bearish Baby Candle Pattern (April 9 chart ref. CLICK HERE) and closing below the Day Pivot, 5 EMA and Day HEMA. Close below the Day LEMA would lead to more downsides.

Below is the chart showing support levels of Nifty for this week

FIRST TRENDLINE SUPPORT - 5170 - 5180 - 200 DMA
TRIANGLE SUPPORT - 5100 - 5120 -  40 week MA
CHANNEL SUPPORT - 5050-5070 - 100 DMABreakdown below 5050 leads to 4950 levels -Month LEMA - 61.8% retracement for 4531 - 5629

The Bearish Shark Pattern will be invalidated below 5136 and it would form a Bullish ABCD again and would be labelled as:A-B- 5499-5136
C - 5379 - 61.8% OF AB
Proj for D:
113% - 5104
127% - 5070
161.8% - 4985

THE PROJECTIONS FOR D COINCIDES WITH THE SUPPORT LEVELS PROVIDED IN THE DAY CHART ABOVE.

AS THE HOUR IS OVERSOLD THERE MIGHT BE A BOUNCE FROM THE SUPPORT LEVELS OF 5180 -5200 INITIALLY OR THE 200 DMA -5151.
SO AN AGRESSIVE BUY CAN BE GENERATED AT THESE LEVELS WITH STRICT SL BELOW 200 DMA 5151.

CHECK LIST-DAY
CLOSE	5234	5 SMA	5306
PIVOT	5250	5EMA	5282
HI EMA	5314	10EMA	5281
LOW EMA	5231	13EMA	5284
prev HI	5288	26DEMA	5292
prev LOW	5228	10 DMA	5261
100 DMA	5079	100 Hr MA	5270
200 DMA	5151	200 Hr MA	5312