Analysis for Feb 10

INTRADAY UPDATE 3.00 PM:

50% SHORTS TAKEN  AT 5395NF WITH POSITIONAL SL @5440NS

Nifty ended with a new High and has reached the Cluster Zone. If resisted at the cluster then a Likely hood of formation of a Huge inverted H&S is possible.

Todays Closing being the weekend closing would determine futher movements. Initial weakness in Week TF would be with a close below Developing week Pivot at 5385. The weekly charts also exhibit highly Over Sold Nature.

Keeping above the Trendline/Channel  is a Must for the Continuing Upmove.

The Rising WEDGE formed in the Weekly charts and Day Charts would continue into channel if Upmove continues. If the Upward Movement is resisted due to the Cluster (Chart Shown Above) then the Rising Wedge may take it effect.

Week levels		Developing week levels
CLOSE	5326	CLOSE
PIVOT	5246	PIVOT	5386
HI EMA	5226	HI EMA	5229
LOW EMA	5043	LOW EMA	5043
5 EMA	5098	5 EMA	5203
PrevHigh	5335	5 SMA	5172
Prev Low	5077	High	5423
40 Wk MA	5154	LOW	5323

CHECK LIST-DAY
CLOSE	5412
PIVOT	5392	5 SMA	5198
HI EMA	5381	5EMA	5353
LOW EMA	4302	10EMA	5283
prev HI	5423	13EMA	5243
prev LOW	5339	26EMA	5019
20 DMA	5134	20 Hr MA	5364
200 DMA	5190	50 Hr MA	5314

If there is a Close below the Week Pivot 5385 or Day Hema 5380, then the Oppurtunity can be utilised for Fresh Shorts.

Analysis for Feb 9

Bank Nifty Hour Chart :
 
                      

Intraday Update 12.10 PM:
Rising wedge in Hour chart BankNifty:

Intraday Update 10.30 AM:
Rising Wedge in BN day charts - breakdown Point below 10200.

ANALYSIS FOR FEB 9:

Nifty has closed above the Day Pivot and Day Hema exhibiting strength. Weakness below the Day Hema/Day 5EMA. Persistence -ve divergence are seen in Day and Hour charts. For any Fall - Nifty  must close below the 5DEMA.

The Bearish Shark pattern is still continuing.

Holding above the Trend Line - Nifty is Likely to reach the Targets upto,
161.8% - 5450
113% of OX -  5498

Any Dips upto the WEEK HEMA 5225 or upto Month High EMA at 5286 would be Huge supports.
Weakness in Week TF/month TF only below 5225/5286.

TRADING RANGE BETWEEN 5400 - 5285.

CHECK LIST-DAY
CLOSE	5368
PIVOT	5363	5 SMA	5198
HI EMA	5359	5EMA	5323
LOW EMA	5284	10EMA	5254
prev HI	5397	13EMA	5215
prev LOW	5325	26EMA	5048
20 DMA	5107	20 Hr MA	5363
200 DMA	5192	50 Hr MA	5283

From the Previous Low of 5087 to 5413 -  the Retracements to be watched are :
  

23.60%	5336.06	Day 5EMA
38.20%	5288.47	Month HEMA
50.00%	5250.00	Week High EMA

ANALYSIS FOR FEB 8

AGGRESSIVELY SHORTED AT 5370 NS i.e - 5390NF  WITH 5415NS as SL.

5 MIN BNF FORMATION OF INV H&S AND H&S:

Inv H&S breakout above 10400. This would target upto the Upper channel.

Above 10400 it would be a contracting triangle breakout - invalidating the Big H&S formation.

If the H&S  pattern works it would target upto 10000 levels.