Nifty defended the 20 DMA yesterday but today at opening it opened below the 20 DMA - indicating weakness. Todays close below 5220 would set the way for further down moves.
The weekly charts clearly shows the formation of Contracting Triangle. Today being the weekend - Closing above the week 5EMA at 5191 is the minimum requirement for some more upsides.
Nifty Day Charts seems to be Highly Overbought and ready for correction. A close above 20 DMA/Day HEMA at 5220 is a must for more upsides. Hence correction is imminent to follow.
Harmonic pattern Chart:
(REFER AUG2 WRITE-UP)
| | Trade Table | | |
| Current pattern | X-A | B | C (current) |
| BULLISH BAT PATTERN | 4770-5349 | 5032 | 5246 |
| Trade initiated | SL EOD close above 5220 | | |
| SOLD at 5210NF on 3AUG | Proj for D | | |
| | 38.20% | 5164.00 | aprrox 100 DMA & 10 DMA |
| | 50.00% | 5139.00 | 50 DMA |
| | 61.80% | 5113.00 | week LEMA |
| | 78.60% | 5077.00 | |
| at today's opening the Longs were closed at 5220NF and shorts were taken | |
| Developing Week Levels | |
| CLOSE | |
| PIVOT | 5201 |
| HI EMA | 5337 |
| LOW EMA | 5114 |
| 5 EMA | 5191 |
| 5 SMA | 5215 |
| 10 EMA | 5172 |
| PrevHigh | 5164 |
| Prev Low | 5032 |
| CHECK LIST-DAY | | | |
| CLOSE | 5228 | 5 SMA | 5199 |
| PIVOT | 5225 | 5EMA | 5204 |
| HI EMA | 5219 | 10EMA | 5190 |
| LOW EMA | 5170 | 13EMA | 5189 |
| prev HI | 5237 | 50 Hr MA | 5161 |
| prev LOW | 5210 | 100 Hr MA | 5177 |
| 20 DMA | 5208 | 200 Hr MA | 5214 |
| 100 DMA | 5151 | | |
| 200 DMA | 5105 | | |
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