BANK NIFTY ANALYSIS

PRE-MARKET:

Bank Nifty has fallen upto 50% from the rise of 17174 - 19229. Holding 18200 EOD and breakout above 18350-400 will result in an upmove. If Resisted at 18400 - then again a fall towards 18200 - break of which would drag BN towards 17900-17800.

50 DMA is 18330 and 200 DMA is 18300 - a FAST RISE set up is prevailing - On an EOD close above 18300 - it will  come into play very effectively.

Trade Plan for today:
INTRADAY -
Buy above 18200 Sl 18150 Hour Close targets - 18350-400 spot values. If two Hour close above 18350 - then trail SL to 18350 CLOSE and hold the LONGS.

Sell below 18200 - SL Hour close above 18250 - targets 1800/17950/17800

Analysis for Feb 9

Bank Nifty Hour Chart :
 
                      

Intraday Update 12.10 PM:
Rising wedge in Hour chart BankNifty:

Intraday Update 10.30 AM:
Rising Wedge in BN day charts - breakdown Point below 10200.

ANALYSIS FOR FEB 9:

Nifty has closed above the Day Pivot and Day Hema exhibiting strength. Weakness below the Day Hema/Day 5EMA. Persistence -ve divergence are seen in Day and Hour charts. For any Fall - Nifty  must close below the 5DEMA.

The Bearish Shark pattern is still continuing.

Holding above the Trend Line - Nifty is Likely to reach the Targets upto,
161.8% - 5450
113% of OX -  5498

Any Dips upto the WEEK HEMA 5225 or upto Month High EMA at 5286 would be Huge supports.
Weakness in Week TF/month TF only below 5225/5286.

TRADING RANGE BETWEEN 5400 - 5285.

CHECK LIST-DAY
CLOSE	5368
PIVOT	5363	5 SMA	5198
HI EMA	5359	5EMA	5323
LOW EMA	5284	10EMA	5254
prev HI	5397	13EMA	5215
prev LOW	5325	26EMA	5048
20 DMA	5107	20 Hr MA	5363
200 DMA	5192	50 Hr MA	5283

From the Previous Low of 5087 to 5413 -  the Retracements to be watched are :
  

23.60%	5336.06	Day 5EMA
38.20%	5288.47	Month HEMA
50.00%	5250.00	Week High EMA

Analysis for Jan 7

Nifty had a volatile day with swift Lows and Highs finally to close near yesterday's close at 4754. A Spinning top candle is formed in Day Charts.

Candlesticks with a long upper shadow, long lower shadow and small real body are called spinning tops. Spinning tops represent indecision. The small real body (whether hollow or filled) shows little movement from open to close, and the shadows indicate that both bulls and bears were active during the session. Even though the session opened and closed with little change, prices moved significantly higher and lower in the meantime. Neither buyers nor sellers could gain the upper hand and the result was a standoff. After a long advance or long white candlestick, a spinning top indicates weakness among the bulls and a potential change or interruption in trend. After a long decline or long black candlestick, a spinning top indicates weakness among the bears and a potential change or interruption in trend.

Source : Stock charts.com

Jan 5th Day made a DOJI - which is an indecisive candle. Jan 6th Candle is spinning top again depicting indecision.

So a continous tug of war is happening between the bulls and the bears.

The Falling wedge formed in Weekly Charts is intact.

Analysis for JAN 3

Intraday Update:
The partbooked Longs was reenteres at the Hourly close above 4730. The SL for this Longs is revised to current Day High EMA @ 4725.

Intraday Update 9.20 AM:
Partbooked at 4703NF - as Day Hema is 4700 NS for Today and for the remaining the SL is shifted to Day Lema of 4630
There are a series of resistances at 4700-4730 NS ranges By way of
Day Hema - 4700, Day 13 EMA-4705, Week 5EMA - 4710,  Month LEMA - 4730.
Longs can be added on a close above 4730NS

ANALYSIS for JAN 3:
Nifty Opened on a Positive note and then made a low of 4588 and regained back to close near the open value but above the Day Lema (indicating a pause in downtrend)- Forming a Dragonfly DOJI (CLICK HERE).  A Doji usually represents indecisiveness - but the dragonfly Doji is considered to be a bullish reversal candle.

The Bearish Bat pattern (Click Here) is valid till the PRZ is reached. If the Low of 4531 breaks then the Bearish Bat pattern of Hour TF would be invalidated.

ANALYSIS FOR DEC 14

Intraday update 3.00 PM:
Nifty has found resistance at the cluster at 4835-38 corresponding to week Lema and Month Lema. The channel resistance is also present at the same levels.

A diamond pattern breakdown with a fast fall set up in 5min NFcharts.

ANALYSIS FOR DEC 13

Intraday Update 10.30 AM:

Nifty in a falling wedge pattern in Hour charts.

breakout above 4810 - Day's Pivot. Weakness below Day's Pivot.

Analysisfor Dec 13:

Nifty from a high at 4910 resisted at  Day Lema/20 DMA fell around 145 points to close at 4765 retracing 70.7% of the upmove from 4639 -5099.

Bearish Bat Pattern:

BEARISH SHARK PATTERN IN WEEKLY CHART NOV 24

A low of 4640 is made. An analysis with regards to the importance of the low.



A bearish Shark Pattern has developed in weekly charts.

Considering :-

OX - 5740 - 4720
A = 5400 = 61.8%retr of OX
B (current) = 5642 - 113% retr of OX
If 4640 breaks then next B would be:
127% of XA = 4536
161.8% - 4299

Holding the low of 4640, the next Projections for C are,

Proj for C:
23.6% - 4820
38.2% -4931



The Day chart shows bottoming out and is likely to close above the DAy Lema of 4734 - which is one of the few signs of Short term reversal.
The Hourchart has shown a breakout of the Falling wedge/channel.

with a breakout above the Faliing wedge and due to the 113% retracement in weekly charts, today a buy was initiated at 4725 DEC NF.





Analysis for OCT 11

Nifty traded well above the Day Hema and rallied to close above the 20DMA at 4980. Holding the 20 DMA Nifty is likely to move towards the 50 DMA at 5058. It is likely to face resistance in that area as there is a previous gap left unfilled from 5069 -5133. Moving past 5058 it is likely to reach 5122 - 88.6 % retracement of the leg 5169-4758.

The Huge falling wedge formed in the Day Charts is likely to break out above 5010. Sustaining above the 20 DMA more highs are possible.

INTRADAY UPDATE

Day chart:

5min NF rising wedge:



RISING AND FALLING WEDGES and WEEKLY CHART

The Rising and falling wedges have been producing the desired result. For further details refer