Analysis for July 20

BANK NIFTY WEEKLY CHART UPDATE:

Close below the TRENDLINE would pull Bank Nifty further down near the Base of the Triangle formed - and the Lead indicator alsois in favour of it.
If supported then, a very Big upmove is possible as the pattern is  an Inverse H&S with slope tilting dwonwards. The Breakout will be very sharp.

ANALYSIS FOR JULY 20:
Nifty did not show strength in the upmove yesterday terminating at 50% retracement at 5258. The Breakout from the Falling wedge (CLICK HERE) was resisted by a channel.

Week Chart:

The Lead indicator has turned down and the break down of the Low of 5170 would be a channel breakdown, below Week 5 EMa, Day LEMA and 100 DMA.

With an EOD close below the week 5EMA 5220 and Day Lema of 5209, Nifty would get Bearish. The Longs are to be terminated at such a juncture.

Sell  @ 5165 ranges with SL 5190-5220 EOD close.

Developing Week Levels
CLOSE
PIVOT	5223
HI EMA	5266
LOW EMA	5143
5 EMA	5220
10 EMA	5179
PrevHigh	5258
Prev Low	5169

CHECK LIST-DAY
CLOSE	5243	5 SMA	5215
PIVOT	5245	5EMA	5229
HI EMA	5253	10EMA	5237
LOW EMA	5209	13EMA	5234
prev HI	5258	20 Hr MA	5215
prev LOW	5233	50 Hr MA	5241
10 DMA	5256	100 Hr MA	5268
20 DMA	5235	200 Hr MA	5195
100  DMA	5167
200 DMA	5093

Analysis for july 19

Nifty has  found support at the 100 DMA levels yesterday and has closed above the Day Lema and Day 5EMA.

50% positional shorts were booked out at 5190 levels yesterday and aggressive longs initiated at the same levels with SL below 100 DMA. and today covered the rest in opening 5250NS.

 Retracement to be watched for the Longs taken -                   50% -5259
                                                                                               61.8% - 5280
                                                                                               78.6% - 5310
                                                                                               88.6%- 5328

Buy again in ranges of 5200 levels with SL 5180 EOD

Today EOD close below the Day HEMA below 5250 would set in weakness again.

CHECK LIST-DAY
CLOSE	5216	5 SMA	5214
PIVOT	5203	5EMA	5223
HI EMA	5250	10EMA	5235
LOW EMA	5197	13EMA	5233
prev HI	5223	20 Hr MA	5206
prev LOW	5169	50 Hr MA	5249
10 DMA	5264	100 Hr MA	5266
20 DMA	5231	200 Hr MA	5189
100  DMA	5169
200 DMA	5092

Analysis for July 18

NIFTY LEVELS:
Important Resistance - Day LEMA and Day 5EMA - 5210 - 5230
Important supports - 100 DMA and 200 Hr MA- 5170-5185

Total weakness below 100 DMA would lead to 200 DMA at 5090-5100.
If EOD close above 5230 - then apause in Down move.

So SL for the Positional shorts taken at 5330 levels trailed to EOD close above 5235 - 10Points above Day 5 EMA

CHECK LIST-DAY
CLOSE	5193	5 SMA	5232
PIVOT	5204	5EMA	5226
HI EMA	5263	10EMA	5240
LOW EMA	5212	13EMA	5235
prev HI	5237	20 Hr MA	5222
prev LOW	5182	50 Hr MA	5262
10 DMA	5273	100 Hr MA	5263
20 DMA	5226	200 Hr MA	5183
100  DMA	5172
200 DMA	5090