This blog is my trading diary. It is an attempt to organise my analysis and thoughts. I follow the charting methods given in JUST NIFTY blog by Ilango sir and so the charts would have striking resemblance to his charts. I am indebted to Ilango sir for having made this blog possible for me.

June 6, 2013

NIFTY MAKE OR BREAK?? 100 DMA TO DECIDE

Nifty has made a Low of 5883 - at 100 DMA. This becomes a very important support level. Now for few charts.

The Monthly Nifty chart Clearly shows that the Breakdown of 5880 levels would lead to a break down of Channels dragging Nifty to lower levels.
 
The Day charts clearly indicates support at 100 DMA
 
Development of Bearish Shark Pattern in Hour Charts:
 
 
Development of Bearish Shark Pattern.
OX -6229 - 5936
A - 6134 -61.8% retr of OX
B - 5883 - 113% -127% retr of XA
Holding current Low @ 5883,
Proj for C:
88.6% of OX - 6195
or 161.8% of AB - 6289
 
If 100 DMA @ 5895 breaks decisively then it would be an ABCD pattern i.e.,
A - 6229
B - 5936
C - 6134 - 61.8% retr of AB
Projection for D:
127% retr of BC - 5880
141.4% - 5854
161.8% - 5813
 
SYNOPSIS: Holding of 100 DMA is very important to avoid futher downsides.
 
 
 
 
 

1 comment:

madamuniramaiah said...

Good morning sister,
I am happy to see you with your valuable charts after long duration.
thanks.

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