ANALYSIS FOR 6 FEB 2013

Nifty has made a High of 6112 and has till now corrected upto 5947. A few charts:

MONTH CHARTS:
A Bearish Gartley is almost done with the High of 5112 - though there is still room left upto 6159 - for the exact completion of the pattern.

WEEK CHARTS:

  The Low of 5947 is resting on channel support. Channel Breakdown below 5930.

 

 

DAY CHARTS:

 

 The 50 MA provides good support currently at 5953. An EOD close below 5950 would lead to more falls.

 

 

HOUR CHARTS:

Nifty is travelling within a downward channel. Channel breakout point is break of todays high at 5990.
Retracements for 6112 - 5947 are:

23.60%	38.20%	44.70%	50.00%	61.80%	70.70%	78.60%	80.00%	85.40%	88.60%
5985.94	6010.03	6020.76	6029.50	6048.97	6063.66	6076.69	6079.00	6087.91	6093.19

5950 - 5930 - formidable supports based on 50 DMA, Week Channel Support, Week 10 MA - 5936,
Week LEMA - 5950.

An EOD close below 5950 -5930 would be the initial point for breakdown.