Analysis for June 13

Intraday Update:

Partbooked at 5135NF. Only 25% longs are remaining with SL EOD close Below 5100NS Day HEMA.


Intraday Update 1.15 PM:

A bearish Bat pattern is almost complete in Bank NIfty.

BEARISH BAT PATTERN:
XA -10645 - 8995
B - 9783 - approx 44.7% retr of XA
C - 9110 -  85.4% retr of AB
Projection for D:
9870 - 113% retr of BC
127% retr of BC - 9965
141.4% - 10061.62
161.8% - 10198.91

The 161.8% retracement - 10198.9 is achieved now. -ve divergence is also exhibited. Caution required in Longs now.

If this level is surpassed and bank Nifty closes above 10200 levels at EOD more upsides will be possible upto the next retracement level of:

200% retr -10456 and
224% - 10617. - For this levels to achieve NIFTY must close above the 100 DMA at EOD.


ANALYSIS FOR JUNE 13:
Nifty has closed well above the Week and Day Hema, and 5 EMA. Holding above the Day HEMA, it is likely to reach upto 100 Dma -5180-90.

The Bullish 5-0 Harmonic pattern (CLICK HERE)  is continuing and the initial projection of 161.8% comes to 5174 - near 100 DMA. If resisted at this level, then as per pattern, a 50 % retracement for the rise from 4770 - 5174 approx -  4975 - 5000 levels is to be expected.

If Nifty moves past the 100 DMA, then the next likely resistances are 5200 - ( Refer Weekly Harmonic Chart above) 50% of the retracement of AB surpassing it, then 5300 levels. This corresponds to the 224% retr of the Day chart.

Day Bar chart:  A Huge Bullish engulfing candle is formed with a Trendline breakout.

SYNOPSIS: Holding the Day HEMA the upmove would continue upto 5175-95 levels. Surpassing these levels and an EOD close above 100 DMA would lift Nifty to 5275-5300 levels.

	Trade Table
Current pattern	X-A	B(current)
0-5 pattern and Butterfly pattern (week)	4804 - 5020	4770
Trade initiated	SL Day HEMA - 5078
Bought at 4830NF on june 4	Proj for C
	113.00%	5052.00
	161.80%	5174.00
	224.00%	5330.00
Partbooked at 5030 NF on june 7

Part booking at 5175-90 levels would be a prudent measure.
AGGRESSIVE shorts can be initiated at the same levels with Strict SL of 5205NS. If EOD close is above 100 DMA then the shorts must be terminated and Longs to continue with revised SLof 100 DMA.

Week Levels
CLOSE	5068
PIVOT	4974
HI EMA	5072
LOW EMA	4850
5 EMA	4986
10 EMA	5046
PrevHigh	5084
Prev Low	4770

CHECK LIST-DAY
CLOSE	5116	5 SMA	5057
PIVOT	5087	5EMA	4962
HI EMA	5078	10EMA	5005
LOW EMA	4986	13EMA	4993
prev HI	5129	20 Hr MA	5068
prev LOW	5015	50 Hr MA	4981
50 DMA	5086	100 Hr MA	4955
200 DMA	5063	200 Hr MA	4954
100  DMA	5192