Analysis for OCT 11

Nifty traded well above the Day Hema and rallied to close above the 20DMA at 4980. Holding the 20 DMA Nifty is likely to move towards the 50 DMA at 5058. It is likely to face resistance in that area as there is a previous gap left unfilled from 5069 -5133. Moving past 5058 it is likely to reach 5122 - 88.6 % retracement of the leg 5169-4758.

The Huge falling wedge formed in the Day Charts is likely to break out above 5010. Sustaining above the 20 DMA more highs are possible.



The smaller wedge in pink lines broke out yesterday (Oct10). The large Blue one is likely to break out today.

Important parameters for theDay:

For Intraday a Short can be initiated at 5050 NF with a 20 -25 point SL.

CHECK LIST-DAY
CLOSE	4980
PIVOT	4953	5EMA	4894
HI EMA	4935	10EMA	4904
LOW EMA	4843	13EMA	4916
5 SMA	4848	26EMA	4967
20DMA	4966	prev HI	4991
50DMA	5058	prev LOW	4887
100Hr MA	4933
200Hr MA	4973

	Trades Initiated
Current pattern	O-X	A	B
Bearish Shark Day TF	5169-4758	5034	4728
Trade initiated	SL Close below 4970-60 20 DMA/ Month Pivot
Bought at 4930NF	Retr of AB for C (NS)
	88.60%	4999.00
	100.00%	5034.00	Book PP
	113.00%	5073.00	Book PP
	88.6% OF OX	5122.00
Book Profits at 5050 - 70 levels. Week Hema and 50 DMA

Important TA parameters for retracements
prev close	88.60%	4999.00
week Hema	100.00%	5034.00
55 Day EMA	113.00%	5073.00
55 Day SMA	88.6% OF OX	5122.00

For Intraday a Short can be initiated at 5050 NF with a 20 -25 point SL.

Update: 9.40am:

Part booked Longs taken yesterday at 5050NF.

Fast rise developing invalid below 4975NF.

Intraday Update 1.00PM:

Shorted for intraday at 5025NF



The rising wedge Break down point is 5015-10NS. Would cover the shorts at 4940-30levels. This also happens to be the 38.2% retracement for the rise from 4728 -5042 NS.

Intraday Update 1.45 PM:

Covered the intraday shorts at 4890NF as the fast rise would come to play above 4985. If 4985 breaks then a Buy near 4930-40 levels. No more shorting unless 5040-50 is reached for intraday. Holding Longs.

Intraday Update 2.50PM:

Todays current Low is 4967 which happens to be the 20DMA. as per the trade table if the close is below 4967 then the longs would be terminated.

Intraday Update 3.25:

LONGS TERMINATED.