Intraday update

Intraday Update:12.30 P.M
 The Stoploss for the existing shorts is trailed to a close above 5010 20DMA.

As per hour TF 127% retracement is complete for the wave AB, 5017 - 5170 - which is the first target for C. Similarly 76.4% retr is complete for the wave 4911 to 5169 NS in Day TF. A Bounce could be expected from here and if NS closes today below the DLema at 5051 then  Nifty would show weakness.

Then the next Hour TF retracements levels would be,

127.00%	4975.69
161.80%	4922.45
200.00%	4864.00

The next retracments pertaining to  Day TF are,

61.80%	5009.56
76.40%	4971.89
78.60%	4966.21
85.40%	4948.67
88.60%	4940.41
94.43%	4925.37
127.00%	4841.34

A Buy could be initiated in minimum Qty with SL Week 5MA at 4955. If 4955 is broken on Hourly closing basis then the Longs must be terminated.

Intraday update: 3.00 pm
The long is terminated at 4945.