ANALYSIS FOR 15 OCT

Nifty opened lower and till now could not sustain above 20 DMA - 5766. Struggling for support at Day LEMA @ 5658. If supported at Day LEMA first it would move towards 20 DMA and then towards Day 5ema -5690. Initial Strength returns on two Hours' close above Day 5ema @5690.

The charts indicate breakout only above 5700-5705. A breakdown below 5640 would be a descending traiangle/Head and shoulder breakdown.

WEEK CHART:

DAY CHARTS:

Currently Nifty is trading below 20 DMA and hovering near Day LEMA. Breakdown of this level will lead Nifty to 78.6% retr at 5596 - approx near Month HEMA. Nifty may gather support at this level and rally upto Day LEMA - followed by 20 DMA.

HOUR CHART:

BREAKDOWN of the Desending triangle below 5640. Channel breakout above 5700.

SYNOPSIS:

TRAIL SL FOR SHORTS TO CURRENT 20 DMA - 5673-75.
PARTBOOK SHORTS AT 5600 NS LEVELS IF 5640 IS BROKEN.