Analysis for Aug 17

Nifty has reached the RESISTANCE POINT of the weekly/Monthly chart with a High of 5398. It also coincides with the 113% retrcement of 5349-5032 - Develoing into a BULLISH SHARK PATTERN (Click Here).

NIFTY MONTH CHART;

NIFTY WEEK CHART:

NIFTY DAY HARMONIC CHART:

5398 being the week and month resistance level, ONLY A WEEKLY CLOSE ABOVE 5400 WOULD LEAD TO FURTHER UPMOVES. Based on the BULLISH SHARK PATTERN:
Bullish Shark Pattern:
OX - 4770 - 5349
A - 5032 - 50% of OX
B - 113% - 5398 113% of XA - DONE
Holding B Proj for C:
38.2% - 5258
50% - 5215
61.8% - 5172
88.6% - 5073
113% -  4984

The above pattern will be in play till the Close is below 5400. IF THE CLOSE IS ABOVE 5400 THEN MUCH HIGHER TARGETS AS PER THE CONTINUATION OF 5-0 BULLISH PATTERN ALTERNATE-1AS MENTIONED IN THE CHART.

Longs Booked at 5390 NS levels. With EOD close above 5400 Longs would be reentered. Currently Aggressive shorts taken at 5390 NS levels with Stict Sl at 5405-5410.