Bullish pattern in Tatasteel Day chart

Bullish Bat pattern has developed in Day charts.

XA = 714 - 448 = 266points
B = 575.2 = 50% retr of XA (approx)
C=  642.1 = 50% retr AB(approx)
D = 476 = 261.8% retr of BC

The 1st  target for this bullish pattern is 38.2% retr which is 539. After this there might be a short dip upto 500 levels and again the uptrend would resume. This pattern is invalid if 448 is broken down.

Bearish Butterfly in 5min NF

Bearish butterfly in 5min NF.

Analysis for Aug 9

Nifty has closed below the pivots, Lema's and 5ema's. The entire picture looks very bleak as the Global markets are plunging!! All supports are being broken with Huge gapdowns and today also seems to e one of the days!!

Yesterday's support at 5050 was maintained and a bounce back also was seen near to 5200 levels!! But all rises are being met with heavy selling!!

Today's support level is 4930 -4960-4980 based on the trendline support.. Holding these levels is very very important in Long term point of view!! Break of these levels would take Nifty to 4750-4800 levels!!

Continuation of the Harmonic Pattern chart:
http://tradeessentials.blogspot.com/2011/07/development-of-bullish-pattern-within.html

As per the Harmonic study, the Bullish pattern Gets completed at the point D @ 4960 which is 361.8% of BC. As per Crab pattern this is the largest extension and a Potential Reversal Zone. A break below this would call for a restudy of the charts.

A bounce back upto 38.2% retracement of the downmove from 5702-5947 at 5243 would be on cards if the support of 4960 is held.

Action plan for today:

Book out shorts at 4960-4980-5000 levels.
Attempt Long with a SL at 4950 on Hr closing basis.

Nifty Day chart

Nifty resisted at the channel. If  5095 - todays high (as of now 10.00am) is conquered in closing basis, then some strength would be seen. If not new low is prominent!!

For more details on Broadening top refer,
http://thepatternsite.com/bt.html

Analysis for Aug 8

Nifty's  monthly support comes intially to 5050 levels breaking which would lead to 4960 below which it would lead to 4800 levels. The Fibo retracement for the entire upmove at 38.2%  is 4777.

Nifty closed below all Lema's and week and monthly pivot. However it managed to close above the day's pivot.

Owing to Global weakness selling is expected to continue today also with a huge gapdown!!

Action Plan for the day:

Hold shorts with SL close above the Day Pivot of 5186. Part booking can be done at 5116, 5100, 5050.
When a close above the Hour Hema occurs, then a buy can be initiated with SL below the Hr High EMA