Analysis for Sept 26

Nifty Ended as a DOJI - depicting indecisiveness to move further. Trading Below Day Pivot - followed by trading below Day HEMA 5665 would indicate weakness. EOD close below Day LEMA 5600 would drag Nifty further down. But considering the expiry tomorrow  - close below Day LEMA is doubtful as Bulls are comfortably placed this expiry.

NIFTY WEEKLY CHARTS:

Developing Bullish SHARK Pattern Holding 5720-40high
OX - 4531 - 5629
A-4770- approx 78.6% retr of XA.
B - 5720 - approx 113% retr of XA (113% - 5740)
Holding B (5720-5740), Proj for C:
38.2% - 5357
44.7% - 5295
50% - 5245
61.8% - 5132

The 113% retr of the Leg 5629 - 4770 arrives at 5740. So an option of High of 5740 is still on cards. Cluster of Resistance (CLICK HERE)  act in this Zone, where a Pause in upmove can be expected.

Above 5740, this pattern would be relabelled as an ABCD pattern with Projections upto 5850++
A - 4531
B- 5629
C-4770
Proj for D above 5740,
127% - 5860
141.4% - 5984
161.8% - 6159

Day Chart:  CHANNEL SUPPORT  5660-50
 CHANNEL RESISTANCE - 5710-15

HOUR CHARTS:

HOUR CHANNEL
Resistance - 5680-85
Support - 5645-40

SYNOPSIS:

Hold Shorts with SL 5715NS.
Aggressive Longs for Intraday can be attempted at either channel Bottom at 5640 with 10 point SL
Longs can be attempted at 5605-5610 levels based on Day LEMA with 15 Point SL 5592 being the developing Week HEMA.

CHECK LIST-DAY
CLOSE	5674	HI EMA	5666
PIVOT	5676	LOW EMA	5604
prev HI	5703	20 Hr MA	5679
prev LOW	5652	50 Hr MA	5620
5EMA	5637	5 SMA	5638
10EMA	5570	10 DMA	5563
13EMA	5539	20 DMA	5426