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.

May 31, 2012

Analysis for May 31

Nifty Has closed above the Day Lema and 5EMA - indicating lack of downward momentum. Today being the Expiry and Month's close if Nifty Closes above 4937 - Month LEMA - and subsequently followed by tomorrow's weekly close above 5EMA, the Bulls task might be easier - Else Niftywould drift Lower.

WEEKLY HARMONIC PATTERN:

Developing Bullish Butterfly Pattern Holding 4788 low:
XA - 4531 - 5629
B -4788- approx 78.6% retr of XA.
Projections for C:38.2% retr of AB - 5109 
44.7% retr of AB - 5164 
50% - retr of AB - 5207
61.8% retr of AB - 5307

Considering the present down movement - the projections seems to be Highy Bullish. The above projections are valid HOLDING THE LOW OF 4788 - 4765. If Broken the next level to watch would be,
88.6% retr of XA - 4656 -which would then become the new B and the projections would vary accordingly.

The above Bullish weekly Projection is supported by the 5D lead indicator.


Nifty has found good channel support at 4788 in weekly charts.


A close above 4930-50 - today being the Month end and expiry is a must for further UPMOVES - as indicated by the DAy S Macd chart:




BEARISH CRAB PATTERN IN HOUR CHARTS:



Development of Bearish Crab Pattern:
XA - 5432 - 4788
B - 5020 - approx 38.2% retr of XA
Proj for C:38.2% - 4931 - corresponds to Month LEMA
44.7% -4916 - approx Day /Week LEMA
50% - 4904 - 
61.8% - 4876
78.6% -4837
88.6% - 4814

SYNOPSIS:
NIFTY IS LIKELY TO GATHER SUPPORTS AT 4905-4915 LEVELS (based on Day LEMA and Month LEMA) INITIALLY AND THE BOUNCE BACK WOULD BE DECIDING FACTOR FOR THE C TO COMPLETE AND THE BULLISH LEG D TO START of the Bearish Crab Pattern.

BUY AT 4905-4920 LEVELS WITH STRICT EOD STOPLOSS OF 4870.



Week levelsMonth Levels
CLOSE4920CLOSE
PIVOT4894PIVOT5006
HI EMA5066HI EMA5370
LOW EMA4918LOW EMA4937
5 EMA49975 EMA5128
5 SMA50045 SMA5216
PrevHigh4956 High5280
Prev Low4804LOW4789



CHECK LIST-DAY
CLOSE49515 SMA4954
PIVOT49565EMA4949
HI EMA497210EMA4941
LOW EMA492413EMA4949
prev HI497126DEMA5007
prev LOW494520 Hr MA4977
10 DMA 491350 Hr MA4922
20 DMA4955100 Hr MA4911
50 DMA5134200 Hr MA5039
200 DMA5077



Trade Table
Current patternX-AB(current)
Bearish Crab Pattern Developing5432 - 47885020
Trade initiatedSL EOD 4870
Buy at 4905-4920 levelsProj for C
38.20%4931.00
50.00%4904.00
61.80%4876.00
78.60%4837.00



2 comments:

Nilesh Patil said...

Good Morning Mam,
Nice to see your postings and Harmonic Patterns.
It is always helpful to me to understand the market moves.

satheesh said...

Thanks Nilesh

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