ANALYSIS FOR DEC 19

PASURAM -3:

Nifty broke the Prvious Low of 4639 - making the Possibility of a Santa rally looking Bleak. Is it really so bleak??

The Bearish Bat pattern mentioned earlier gets invalidated and two possibilites are present currently:

POSSIBILITY -1:

BEARISH SHARK PATERN:
OX - 5400 - 4639
A - 5099 - approx 61.8% retr of OX
Projected B:
113% - 4579.2

As per the Shark pattern if NS gains support at 4535-70 - levels then a Rally is still possible upto 4850 - 4950 - 5000 levels by the end of DEC.

If the support Breaks then the next possibility of ABCD pattern will be in action.

POSSIBILITY -2:

Bullish ABCD:
AB - 5400
C - 5099 -61.8% retr of AB
Projected D:
141.4% - 4448.56
161.8% - 4354.72

THE ABOVE TWO POSSIBILITIES AS PER THE WEEKLY CHARTS ARE AS GIVEN BELOW:

BULLISH WEEKLY CHART - SUPPORTS AT 4535-80.- The persistent +ve divergence in all the weekly indicators - might be an indication of this support.

BEARISH WEEKLY CHARTS - BREAKDOWN OF HUGE H&S: The +ve divergences in the weekly, Day charts might act as a bull trap when it is in the 3rd or C wave :(

Week levels
CLOSE	4652
PIVOT	4730
HI EMA	5040
LOW EMA	4768
5 EMA	4850
5 SMA	4837
PrevHigh	4910
Prev Low	4628

CHECK LIST-DAY
CLOSE	4746
PIVOT	4700	10EMA	4807
HI EMA	4841	13EMA	4828
LOW EMA	4711	26EMA	4894
5EMA	4749	prev HI	4819
5 SMA	4745	prev LOW	4628
20 DMA	4839	100 Hr MA	4867
20 Hr MA	4754	50 Hr MA	4819

	Trade Table
Current pattern	O-X	A	B(current)
Bearish Shark pattern	5400 - 4639	5099	4628
Trade initiated
	Projections for B
	113.00%	4579.00
	127.00%	4514.00
Sell below 4700 SL close above 4715
Aggressive Buy at 4550-70 with SL 4510