INTRADAY UPDATE: 3.00 pm:
Today's low of 5927 exactly meets the channel bottom and Day chart support trendline.
A weekly close below 5927 is required for further downsides.
Analysis for 7 Feb:
Nifty Closed above the 50 DMA 5954 yesterday. If the 50 DMA supports then a short term bounce is on cards. 5930-50 is a major support by way of 50 DMA, week Channel, week Lema, and week 10 MA.
The hour charts 35D, SMACD and 14 RSI exhibits mild Positive divergence.
A Bullish Shark Pattern is completed in Hour charts with a low of 5936 today.
The retracements to be looked out from 6112 to 5939 are as follows:
| 23.60% | 38.20% | 44.70% | 50.00% | 61.80% | 70.70% | 78.60% | 80.00% |
| 5979.83 | 6005.09 | 6016.33 | 6025.50 | 6045.91 | 6061.31 | 6074.98 | 6077.40 |
An EOD close below 5940 would warrant closure of all Longs.
| AGGRESSIVE TRADE | STOPLOSS | REASON FOR TRADE |
| Bought @ 5960NS feb 7 | EOD close below 5935 | 50 dma/week10 MA support |
| Completion of Bullish shark pattern |
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