If Trendline support is respected then good upmoves.
ANALYSIS FOR APRIL 30:
NIFTY closed with a Doji on friday depicting indeciseiveness. The weekly candle has alco formed an INSIDE DAY pattern - again depicting indesiciveness.
Today being the monthly close is an important day to trigger reversal or continuation of downtrend.
BEARISH FACTORS as per TA:
1. BEARISH ALLIGNMENT OF ALL DAY EMA'S - 5,10,13 AND 26.
2. FAST FALL SET UP OF 100 DMA AND 200 DMA
3. BEARISH ALLIGNEMENT OF ALL HOUR MA'S - 20,50,100 AND 200 Hr MA'S. - likely to lead to a fast fall between the MA'S.
BULLISH FACTORS:
1. PERSISTENT +VE DIVERGENCE IN HOUR CHARTS OF FMACD, 14 RSI AND 9RSI.
2. NIFTY CLOSING ABOVE THE WEEK AND DAY LEMA'S
NIFTY has to close EOD above 5245 DAY HEMA - channel breakout levels also corresponding to 20 DMA.
| Week levels | Month Levels | ||
| CLOSE | 5191 | CLOSE | |
| PIVOT | 5218 | PIVOT | 5241 |
| HI EMA | 5339 | HI EMA | 5415 |
| LOW EMA | 5187 | LOW EMA | 5012 |
| 5 EMA | 5252 | 5 EMA | 5198 |
| 5 SMA | 5261 | 5 SMA | 5139 |
| PrevHigh | 5311 | High | 5379 |
| Prev Low | 5154 | LOW | 5154 |
| CHECK LIST-DAY | |||
| CLOSE | 5191 | 5 SMA | 5238 |
| PIVOT | 5189 | 5EMA | 5209 |
| HI EMA | 5243 | 10EMA | 5229 |
| LOW EMA | 5179 | 13EMA | 5236 |
| prev HI | 5223 | 26DEMA | 5256 |
| prev LOW | 5154 | 20 Hr MA | 5195 |
| 10 DMA | 5245 | 50 Hr MA | 5240 |
| 20 DMA | 5256 | 100 Hr MA | 5247 |
| 50 DMA | 5319 | 200 Hr MA | 5259 |
| 100 DMA | 5130 | ||
| 200 DMA | 5136 |
POSSIBLE POSITIONAL TRADES:
BUY ABOVE 5220-5230(MONTH 5EMA AND CHANNEL BREAKOUT)WITH SL 5175- (DAY LEMA)
