Analysis for Aug 5

Nifty reached a Low of 5325 and closed at 5331. It has broken all pivots, Lema's and 5ema's. The TA looks RED!!!

Owing to weak global conditions, Nifty would be a huge gap down today. The probable supports as per the bearish pattern forming would be near. 5230-50. The low of 5197 should not be breached for the bearish pattern to be valid as

http://tradeessentials.blogspot.com/2011/07/development-of-bullish-pattern-within.html

The continuity chart of the above link:

XA = 5912-5197
B= 5740
C can be equal or greater than A but never less than A
i.e C >=5197 - supports at 5228, 5258.

For the Bearish Pattern to be valid,

1. NS must take supports near 5225 - 5258 because A = 5197 MUST NOT be breached.

2. Once it breaches then the new low would be A of the bearish pattern and chart should be remarked.

Below 5225 the Probale levels are:5165, 4960

Action Plan for the Day:

partbook shorts near 5200 - 5225. and Hold shorts with SL of Hr close above 5260 - Previous price action from where the uptrend started to 5740.

Analysis for Aug 4

Yesterday NS opened gap down but did not close below the week Lema indicating support at these levels.
It has closed just at the 61.8%retr of the rise from 5197-5740 and above day Pivot.
It has closed below all 5ema's, and Day Lema. 

It has breached the weekly support line of 5430 and closed below it, but it is supported by Day channel.

Trading above todays pivot at 5404 would give some intraday bounces upto yesterdays high of 5422 and may be till the Day Lema of 5444. A close above the Day Lema would reverse the trend in short term.

Action plan for the day:

Sell below 5440 with SL Hr close abv 5450 Day Lema
Buy above 5450 with SL  Hr cls blw 5440
Buy above 5390 with SL Hr cls blw prev low 5375
Sell below 5470 with SL Hr cls abv 5390

5min NF in channel

5Min NF chart trading within channel.

NS day chart

Today's Low of 5385 is at the channel support, month Lema and also 5404 is 61.8% retr for the rise from 5197 to 5740. A close above this may lead to a bounce back. This is a crucial support to be watched.

NS MONTHLY CHART:

Analysis for Aug 3

NS has closed below all 5ema's, and Day and week Lema and Pivots.
The 5 Ema has closed above the 5Sma.

Trading firmly above the pivots only would lead to a bounce.

5380-90 is a longterm trendline support for week and Month TF. Holding above this in weekly TF would lead NS to a bounce upto 5600 - 650 levels. A break below this would take NS upto 5260.

Action Plan for today:

Sell below 5470-5460 - Day Lema/pivot SL hr cls above 5675
Book profits near 5390-5400 (Long term trendline support/ month Lema).
Add shorts if a close below 5390.
Buy abv 5470-75 -Day Lema/pivot SL Hr cls below 5460
Buy above 5400 SL Hr cls blw 5390 Month lema

Analysis for Aug 2

NS closed above all Lema's.
NS closed below the pivots and Hema's.
break and close above 50 DMA @ 5520 is essential for the upmove at the same time close below 5495 Day lema and 5482 - Week Lema would set weakness.

The trading range would be resolved between the Day Hema and Lema - 5565-5495.

Action Plan for the Day:
Buy above 5520 - 50 DMa with Hr Cls blw 5495 - Day Lema
Part book near 5555-5560 Day Hema
Sell below 5550-60 with SL hr cls abv 5570 Day Hema
Sell below 5490 with SL Hr cls above 5505 - Day Lema

BEARISH CRAB IN NS Hour

A Bearish Crab is being formed.
XA = 5702-5454
B= 5551 = 38.2% retr
with C = 5486-5455 probable tgts for D are given below
Without surpassing 5551 if NS breaks the low of 5454 then this pattern becomes invalid.

Analysis for Aug 1

Buy above 5525 - 50 DMA, SL Hr close below 5505 day Lema BOOK PARTIAL PROFIT AT 5570 DAY HEMA

SELL BELOW 5505

SELL BELOW 5570 SL HRLY CLOSE ABV 5585 100 DMA