Tata Motors Update

UPDATE OF MAR 19 CHART CLICK HERE:
In Tata motors chart, the neckline of the H& S is broken and is trending down in a narrow channel currently trading at 200 DMA 269.5. Break of 200 DMA with an EOD close below it would be very bearish - with H&S targets near 250-245.

Nifty near 200 DMA - make or break level

Nifty and Bank Nifty continued its journey downwards where Nifty is nearing 200 DMA(5610), Bank Nifty has decisively broken the 200 DMA(11330) and closed well below it.

Nifty is developing a Bearish Shark pattern which would become an ABCD pattern on break of 5600.

Development of Bearish Shark Pattern:

OX - 6112 - 5663

A - 5971 - 70.7% retr of XA

B - 5647 - (current)

Projection for B:

5622 - 113% retr of AB.- (currently 200DMA ia 5610)

If 5600 breaks, then it would become

an ABCD pattern with coordinates:

A -6112

B-5664

C-5971 and Proj for D:

127% - 5579

141.4% -5535

161.8% - 5472

200 DMA if provides support then the Bearish Pattern would come into play else the down move would continue towards 5550

Similar Pattern is fprmed in Bank Nifty and it has already reached the 113% level. The Next important level in Bank Nifty is 11200 and if supported it would continue as Bearish Shark Pattern else it would continue its journey further down as ABCD pattern upto 11150 and below to 10900 levels.

The 11200 -11150  is the  support level as per the Monthly Channel of Bank Nifty. 

Nifty Bank Nifty Updates

Yesterday Nifty made a low of 5725 and Bank Nifty a Low of 11416. Is this a support area or is it likely to breakdown?? Lets see what charts depict!!

NIFTY:
WEEK : Yesterday's  Low of 5725 is supported at the weekly channel.

DAY: Nifty resisted at 100 DMA and fell to the channel Support:

HOUR: A Bullish Bat pattern is almost completed. If 5725 low breaks, then more downsides to 5700 - 5650

NIFTY if supported by the channel would attempt a bounce. If channel breaks and also the previous low breaks, then the next major support would be 200 DMA near 5600 levels.

BANK NIFTY:

Yesterday's low 11416 is supported by Weekly Trendline. A huge Rising Wedge is in the making in weekly charts.

The Neckline of the H&S pattern of Bank Nifty is not broken. If supported -(based on the week charts) then the pull back would be swift.

So supports can be expected from this levels in both Nifty and Bank Nifty.

Day charts

Nifty and Bank Nifty are at crucial levels. Today being an event Day - RBI policy - Volatility would be invariably present.

NIFTY:

Nifty weak below 20 DMA EOD close 5835.
Bank Nifty:

Bank Nifty weak Below 11600 EOD close

Tata Motors:

    Tata motors weak below 285 EOD close.