Analysis for Feb 8

Nifty has closed near the channel bottom but it displays wekness all over.

It has closed below the Day LEMA - 5959
                                     50 DMA - 5957
                             and Week Lema-5950
 The Developing week Lema - 5943.

Nifty has to close above the 50 DMA/Day Lema to maintain upsides. The support level of 5950-5960 is the current Resistance.
A move past and an Hourly close above 5960 would be the Hour channel breakout - Such a move supported by the Positive divergence would have a decent pull back. The chart below is the Hour with Smacd - exhibiting +ve divergence.

Analysis for 7 Feb

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

ANALYSIS FOR 6 FEB 2013

Nifty has made a High of 6112 and has till now corrected upto 5947. A few charts:

MONTH CHARTS:
A Bearish Gartley is almost done with the High of 5112 - though there is still room left upto 6159 - for the exact completion of the pattern.