NIFTY - MAKE OR BREAK????

Nifty is currently at it long term support area of 5550 levels. Today being series expiry and tomorrow being the week/month END - holding on to 5550 levels is very important to stall a downmove. Any close tomorrow below 5550 - 5500 would open the flood gates for nifty to have a free fall. Now to charts

Monthly Chart:

  As per the Monthly charts, Nifty is within a tight range of Contracting Triangle and this month's High and Low  are exactly at the boundaries of the triangle. So currently a breakdown below 5550 and a weekly close below it would be disastrous. Holding on to 5550 levels is VERY VERY IMPORTANT.

Day Chart:

Falling Wedge Breakout above 5635 - An EOD close above it is essential for a breakout.
5 DMA - 5622
5EMA - 5636
Day LEMA - 5610
Current Month LEMA - 5651

Aggressive Buy above 5635 with Stoploss EOD close below Day LEMA - 5610.
Sell below 5550 with SL EOD close above 5610 - Day LEMA

TATAMOTORS H&S BREAKDOWN

In Tatamotors chart, the neckline of the Head and Shoulder pattern is broken - but the Wolfe Wave target is almost met with.

A pullback upto 280 - 283 is possible - upto neckline and if breaks out above 285, then the H&S would be a failure.

If 270 breaksdown then lower targets near 260.

 

 

 

 In the above Wolfe wave chart, there is a possibility that the target is almost achieved. If a pullback upto 280-283 occurs and breakout above the channel fails, another low is possible towards 260 levels.

 

Hour Chart: