This blog is my trading diary. It is an attempt to organise my analysis and thoughts. I follow the charting methods given in JUST NIFTY blog by Ilango sir and so the charts would have striking resemblance to his charts. I am indebted to Ilango sir for having made this blog possible for me.

February 3, 2012

Analysis for feb 3


Nifty Closed with a doji depicting indecisiveness.  Protecting 200DMA and Day 5 EMa at 5200, more upsides beyond 5300++ is possible. The developing Weekly Pivot at 5210 also provides good supports.

WEEKLY CHART:
The Long term TRENDLINE is breached in weekly charts and sustaining above the trendline is a must for further upmoves.



DAY CHART:



The Negative Divergence developed in day charts is to be noted:



HOUR CHART:  If a fall is supported at the trendline another high is possible approximately near the DAY 5EMA @ 5204 - corresponding to 200 DMA.
A close below this would lead to more corrections.
Supported here would take Nifty to 5300 ++


LEVELS TO BE NOTED FOR TODAY:
5285 -5300 - RESISTANCES
5200-5210 - SUPPORTS


Week levelsDeveloping week levels
CLOSE5205CLOSE
PIVOT5148PIVOT5212
HI EMA5031HI EMA5118
LOW EMA4816LOW EMA4903
5 EMA49845 EMA5029
PrevHigh52175 SMA4831
Prev Low5021 High5290
40 Wk MA5170LOW5077



CHECK LIST-DAY
CLOSE5270
PIVOT52625 SMA5198
HI EMA52235EMA5204
LOW EMA515210EMA5106
prev HI529013EMA5100
prev LOW522626EMA4999
20 DMA499220 Hr MA5157
200 DMA520150 Hr MA
5115



POSITIONAL LONGS CAN BE TAKEN IF THE DAY CLOSE IS ABOVE 5200 NS.

February 2, 2012

ANALYSIS FOR FEB 2

Intraday Update 10.30 AM:

Hour chart:


Day chart:


ANALYSIS FOR FEB 2:

Nifty closed at 5236 above the 200 DMA. Sustaining and closing above the 200 DMA is very important for furhter upmoves - as it has tested the Long term trendline/channel at the High of 5245.



Not only the channel joining the Highs has completed a channel, but the channel formed by closing values also has completed a channel.




The day close during the following sessions must close above the channel for futher upmoves. If the closing is within the channel - then a pause is likely for the upmove.

Weekly channel resistances: (for previous chart click here)


Considering the Harmonic Pattern, the Bearish Shark Pattern of the Day TF is continuing. The initial target of the Pattern is 88.6% of OX ( i.e - 5400 - 4639) which arrives at 5313.



ALL FACTORS POINT OUT TO CONTINUED BULLISHNESS - A REASON FOR TRADERS TO BE CAUTIOUS!! A HUGE BEARISH ABCD RECIPROCAL PATTERN HAS EMERGED.



BEARISH RECIPROCAL ABCD Pattern:AB - 5177 - 5944
C - 4531- greater than 161.8% retr of AB.
As per the pattern, C must be greater then 161.8% but less than 200%
200% of AB is projected as 4410
Projected D : must be above 50% retr and below 61.8% retr of BC
50% - 5237 - achieved.
61.8% - 5404

One can expect any shorting oppurtunity from 5300 - 5400. THIS PATTERN GETS INVALIDATED ABOVE 5405 - 5410 NS. 

FOR ANY LONGS CLOSE BELOW THE 200 DMA @ 5200 NS MUST BE THE STRICT STOPLOSS.


CHECK LIST-DAY
CLOSE5236
PIVOT52135 SMA5176
HI EMA51905EMA5171
LOW EMA511510EMA5106
prev HI524513EMA5072
prev LOW515926EMA4977
100 DMA495420 Hr MA5157
200 DMA520450 Hr MA5115



AGGRESSIVE TRADES:

BUY ABOVE 5215 NS WITH SL HOUR CLOSE BELOW PIVOT 5210/ 200 DMA 5204.

SELL BELOW 5300 WITH SL 5320NS BASED ON THE INITIAL TARGET OF THE BEARISH SHARK PATTERN.


February 1, 2012

ANALYSIS FOR FEB 1

Nifty closed near the Month High at 5199 well above the 5EMA and 10 EMA but below the Month Hema. Month levels remaining above the 5EMA would help Nifty to push further upwards.

Monthly chart:




 Month Levels 
CLOSE5194
PIVOT4964
HI EMA5286
LOW EMA4684
5 EMA5002
10 EMA5165
PrevHigh5217
Prev Low4588



CHECK LIST-DAY   
CLOSE5194  
PIVOT51705 SMA5154
HI EMA51475EMA5139
LOW EMA508010EMA5078
prev HI519613EMA5044
prev LOW512026EMA4973
100 DMA495220 Hr MA5157
200 DMA520350 Hr MA5115


January 31, 2012

Analysis for Jan 31

Intraday Update 12.00Noon:

SL trigerred for the Aggressive short taken on friday at 5150NF.

ANALYSIS FOR JAN 31:
Nifty fell from the day Hema to close above the Day LEma but below the Pivot.   A close below the Day HEMA but above the DAY LEMA has resulted in a trading range between the Day HEMA and Day LEMA. Channel supports are present in Day and Hour Charts near the DAy LEMA and 50 HR MA.






Developing Month Levels
CLOSE
PIVOT4964
HI EMA5286
LOW EMA4684
5 EMA5002
3 EMA4956
PrevHigh5217
Prev Low4588



CHECK LIST-DAY
CLOSE5087
PIVOT51105 SMA5125
HI EMA51475EMA5111
LOW EMA508010EMA5052
prev HI516613EMA5020
prev LOW507726EMA4938
100 DMA495120 Hr MA5155
200 DMA521050 Hr MA5092


SL for shorts Remains the same with Hour close above 5125.

Levels for Intraday trade:
Sell Below 5145NS with SL close above 5150 NS Day HEMA target near Day LEMA
Buy above 5090-5100NS with SL close below 5080 Day LEMA target near Day HEMA.

January 30, 2012

ANALYSIS FOR JAN 30

INTRADAY UPDATE 2.20PM:

SL TRAILED TO DAY CLOSE ABOVE 5125 DAY 5 EMA as upward momentum could continue only if Day closes above the Day 5EMA.

INTRADAY UPDATE 12.15PM:

The 12.00 Noon closing is below the DHEMA of 5135. So trailing the SL to Close above 5140 NS.


ANALYSIS FOR JAN 30
Nifty had ended the week near the long term resistance Line and also the day ended with a Hanging man pattern. This is a Bearish Reversal pattern which is to be confirmed by following candle.



As Nifty has closed just below the 200 DMA and testing the long term trendline resistance, it has given the possibility of a Bearish butterfly in weekly charts. Further strength for upmove would be possible with a close above 200 DMA 5220 - which would result in continuation of the Huge Bearish shark formed from 5740 levels.
.
 PROBABLE DEVELOPMENT OF BEARISH BUTTERFLY IN WEEKLY CHARTS:



Below 5217 - Possibility of a Bearish Butterfly developing.XA - 5400 - 4531
B - 5217 - 78.6% retr of XA
Projected C:
23.6% - 5055
38.2% - 4955
ABOVE 5220 Bearish shark (click Here)  would continue for Higher targets upto 5500 ++



Week levels
CLOSE5205
PIVOT5148
HI EMA5031
LOW EMA4816
5 EMA4984
10 EMA4936
PrevHigh5217
Prev Low5021
40 Wk MA5170



CHECK LIST-DAY
CLOSE5205
PIVOT51955 SMA5117
HI EMA51375EMA5123
LOW EMA508110EMA5044
prev HI521713EMA5008
prev LOW516226EMA4926
100 DMA495020 Hr MA5104
200 DMA521450 Hr MA5034


THE SL FOR THE AGGRESSIVE SHORTS TAKEN ON FRIDAY REMAINS THE SAME AS CLOSE ABOVE 5220 NS