Nifty Analysis for 14 june

INTRADAY UPDATE: 2.45 pm:
HOUR CHART:

Nifty has reached upto Week LEMA supassing day Lema and 200 DMA. If EOD close is above 200 DMA then it would be feast for the BULLS.

ANALYSIS FOR 14 JUNE:
Nifty made a Low of 5683 yesterday almost completing a Bullish bat pattern. Monthly LEMA @ 5694 currently provides support. Weekly and Monthly charts trendline supports are at 5630-20 levels. Though all indicators of week, day and Hour are Over Sold, a reversal possibility is still not visible. The weekly parameters seems to be far fetched from the current level of Nifty. A minimal close above Day Lema @ 5770 is needed today ar EOD for signalling a pause in down trend.

WEEK CHARTS:

Weekly charts show supports at 5630-20 levels

DAY CHARTS:

There is a Bullish crossover of 50 MA over 100 MA and currently all averages are bullishly alligned. If Nifty takes support at 5650 levels then a good pull back would be on cards.

Hour charts: All Hour indicators are exhibiting +ve divergences. As per the Hour charts, the channel resistance comes to around 5770-90 corresponding to day Lema and 200 DMA. Any breakout is possible only on an EOD close above 5790 -200 DMA.

5 EMA	5789	HIGH	5730
5 DMA	5801	LOW	5683
200 DMA	5793	CLOSE	5699
HI EMA	5835	50 Hr MA	5847
LEMA	5770	20 Hr MA	5756

NIFTY ANALYSIS

Monthly chart of Nifty:

 NIFTY DAY BULLISH BAT PATTERN:

BULLISH BAT PATTERN:

XA - 5477 - 6229

B -5936 - 38.6% retr of OX

C - 6134 -  61.8% retr of OA

D - 5697 - 224% retr of AB

 

Channel support at 5690-80 levels.