Analysis for Oct 14

Nifty after reaching a High of 5137 few minutes after opening, gradually moved southwards to a low near the Day's Pivot of 5069 and closed below the Weekly Hema of 5080.

Strength for Upward journey would be possible if the weekly Hema 5080  is conquered and also trading above the today's  pivot of 5094.

A move below 5030 - 50 DMA would weaken Nifty further which might lead to low's of 20 DMA - 4978 and lower upto Month Lema of 4930.

-ve Divergence is persistence in Hour charts.

Analysis for OCT 13

Nifty eluded all resistances and made a huge rally to make a high of 5109.5 on Oct 12. Caution must be taken at these levels as the Hour TF and Day TF are in OVERBOUGHT mode. Also -ve divergences are present in almost all hour charts.

Nifty sustaining above 5122 would lead to 5160 -5225 - 5410 ranges. But due to the Over Bought nature in Both TF's there is likely to be a correction followed by the upmove.

Weekly Chart: Bearish Crab Pattern:

Analysis for 12 Oct 2011

Nifty met with resistance at 50DMA at 5045 and retraced its path dwonwards upto 20 DMA at 4965 to close just above Day Hema at 4974.  Today if the Month Lema of 4930 and next 20DMA @ 4967 supports then the upward rally would continue. Else, it is likely to test the Day Lema/week Pivot at 4884 and 4845 respectively.

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.

Analysis for Oct 10

Nifty opened with a Huge Gap up on friday to reach a high of 4922 corresponding to the golden ratio of 61.8% retr for the fall from 5034-4728 and near Day High EMA. Nifty was Range Bound between 4900-4860 throughout the session.

If Nifty manages to get thro Day Hema with good volumes then the immediate resistance would be 4940-55 ranges -  this being the prev month close and Monthly Pivot. If resisted near DayHEma at 4900 then NS is likely to get down to Day lema / Week Lema of 4905-4820 as per Hour TF.