EOD Analysis for july 21

Nifty has closed below all High Ema's , 5 ema's, Pivots and Day Lema exhibiting heavy weakness. Only a minimum of Hourly closing above 5550 Day Lema would possibily give an intraday bounce.

5495-5510 becomes an important support as it is the developing Week Lema and 50 Day SMA. A bounce can be expected from this support upto 5595 levels unless 5495 is broken decisively.

The 5min NF chart shows a Head and Shoulders pattern.

Break below the Neckline with increased Volumes is reqd for the target of the pattern upto 5450-70 which coincides with the Week Lema.

Action Plan for july 22:

Sell below 5550 Day Lema with SL Hourly close above 5560 (10pts from Dlema)
Book out at 5505-10 levels(50 DMA) . Add more shorts when there is an hourly close below 5495 with revised SL 5510 levels (50 DMA)

Buy Above 5555 with SL hourly close below 5550 (day Lema)
Book out at 5580-90 levels(20 SMA). Add Longs above 5610 with revised SL 5580(20 sma)
Buy Above 5505-10 with SL below 5490 (Week Lema) Book out at 5550 Day Lema.