BANK NIFTY ANALYSIS

1.30PM Update:

Owing to Global weakness - Banknifty has fallen from 18500 -18250 levels. 18300 is 200 DMA and 18330 is 50 DMA - A FAST RISE BETWEEN 50 DMA AND 200 DMA. An EOD close above 18300 would be an initial step for Bounce back.

The BEARISH WOLFEWAVE (24 JULY 2014) has reached its final target. The Bullish Gartley pattern is completed. 

http://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_4c7145301c781882e2046bd9b88a60f3.png

Time to Exit shorts taken at 19000.

Analysis for Aug 13

BANK NIFTY DAY CHART:

BULLISH GARTLEY PATTERN IN BANK NIFTY:
Bullish Gartley Pattern:
XA - 9622 - 10782
B - 10056 - 61.8% retr
C - 10640 - approx 78.6% retr of AB
Holding C, Proj for D:
61.8% - 10279 - DONE
78.6% - 10180
88.6% - 10122
113% - 9980

The Trendline Has been Broken downwards - signalling more downsides to come - towards the CHANNEL bottom.  If Bank Nifty moves above 10355 the it would agan creep back above the Trendline to Triangle Top.
Till 10355-370 is taken out EOD more downsides will follow.



NIFTY HOUR CHART UPDATE:

BREAKDOWN OF THE CHANNEL WOULD LEAD TO MORE LOWS.

An EOD close below 5300 - below day 5 EMA/Day HEMA would lead to more lows and the Bullish Shark Pattern (CLICK HERE)  is likely to continue. So at such juncture the Longs are to be terminated and Fresh Shorts taken with SL above Day HEMA.