Initially it is likely to face resistance at the 141.4% retracement of the wave 5034-4728 (AB) of the Prevailing Bearish Shark Pattern 5160-70 which corresponds to prev Month high - and a move past this would take Nifty to 100 DMA 5250-70 - this corresponds to 161.8% retracement of AB.
If NS starts to trade below the Day Pivot/Day Hema then weakness would set in. Breaking of Week Hema @ 5084 would lead to more downsides.
WEEKLY CHART; Click Here
Bearish Crab Pattern:XA - 5740 - 4720
B - 5169 approx 44.7% retr of XA
C - 4728 - Approx 100% retr of AB
Expected D's:
100% - 5169
113% - 5226 - Month 5 Ema/100DMA
141.4% - 5351.5B - 5169 approx 44.7% retr of XA
C - 4728 - Approx 100% retr of AB
Expected D's:
100% - 5169
113% - 5226 - Month 5 Ema/100DMA
161.8% - 5441 -200 DMA
Day Chart:
The 9-RSI indicator has triggered a Buy in Day charts. The other indicator - 5D is in over Bought Mode. So caution must be taken if NS starts to trade below the Day Pivot of 5110.
Hour Chart:
The 14 -RSI is still showing -ve divergences. So untill it triggers a Buy - caution must be taken in holding longs. An hourly close below the Day pivot of 5110 is the first indication of weakness.
The 14 -RSI is still showing -ve divergences but it is likely to trigger a buy again by crossing over the moving average. Till it triggers a Buy - caution must be taken. An hourly close below the Day pivot of 5110 is the first indication of weakness.
Important Week Parameters:
| Week levels | |||
| CLOSE | 5132 | ||
| PIVOT | 5052 | PrevHigh | 5141 |
| HI EMA | 5084 | Prev Low | 4882 |
| LOW EMA | 4831 | ||
| 5 EMA | 5008 | ||
| 5 SMA | 4983 |
Important Day Parameters:
| CHECK LIST-DAY | |||
| CLOSE | 5132 | ||
| PIVOT | 5110 | 10EMA | 5002 |
| HI EMA | 5085 | 13EMA | 4991 |
| LOW EMA | 4999 | 26EMA | 4995 |
| 5EMA | 5053 | prev HI | 5141 |
| 5 SMA | 5053 | prev LOW | 5057 |
| 50DMA | 5030 | ||
| 100DMA | 5271 | ||
| 200Hr MA | 4989 |
TRADE TABLE
| Trade Table | ||||
| Current pattern | O-X | A | B | C(current) |
| Bearish Shark Day TF | 5169-4758 | 5034 | 4728 | 5141 |
| Trade initiated | ||||
| NIL | Retr of BC (NS) | Retr of AB | ||
| 23.60% | 5043.00 | 141.40% | 5160.00 | |
| 38.20% | 4983.00 | 161.80% | 5223.00 | |
| 44.70% | 4956.00 | 224.00% | 5413.00 | |
| Buy above 5110 Day Pivot SL Close blw 5085 -Dhema,Wk.Hema | ||||
| Sell below 5225-50-70 SL Close above 5275 100DMA | ||||
| If NS trades above 5141 then next upsides for C | ||||
| Prev High | 141.40% | 5160.00 | ||
| Month 5ema | 161.80% | 5223.00 | II TGTas per pattern | |
| 200DMA | 224.00% | 5413.00 | Final tgt as per pattern |
Intraday Update 11.30AM:
Bought at 5110NF with SL 5080 NS
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