NIFTY WEEKEND ANALYSIS for the week ended 9TH SEPT 2011

Nifty started the week on a positive note and moved up-to 5169, but failed to close above 38% retracement  of 5740-4720 and ended  flat 5059 as compared to previous weekly close at 5040. indicating the up move corrective in nature, and should resume the down trend

Let us see the alignment of some of the key technical Indicators

 Elliot Wave Count:
  

 The corrective wave 4th  up could have ended at 5169 and the 5th impulsive down might have started, a confirmation of the same would be nifty moving below 4880 level

 Ichimoku: Already in sell for a good time now gave another bearish signal of friday , as nifty falied to close above the Tanken Sen line, indicating continued weakness despite a good 450 odd points rally from the bottom.

BUZZING NIFTY: ICHIMOKU

Bollinger Band: Nifty trading above mid of the bollinger band gives some hope to the ailing bulls and may target 5220 odd level, however a move below the mid of BB at 4999 would surely add to the strength of the bears who would love to drag nifty to the lower end of BB currently at 4774 odd level

BUZZINGNIFTY: BOLLINGER BAND

 In the weekly chart the prices rose from the bottom of the bollinger band, still has a mammoth task of moving past 5377 which looks like a distinct possibility also there is a unfilled gap between 5220-5350, only a  close above 5377 would change the midterm trend for nifty.

BUZZINGNIFTY: WEEKLY BOLLINGER BAND

NIFTY MOVING IN A CHANNEL

From the up move to the high of 6339 to a low of 4720 nifty is moving in a channel, giving good trades

   

BUZZINGNIFTY: NIFTY CHANNEL

  

 BEARISH: SHARK PATTERN

Nifty got resisted at 5169, just short of its target of 5189, the detailed analysis of this pattern, and possible targets can be found in the chart below

BUZZINGNIFTY: BEARISH SHARK PATTERN

38 DAY EMA :  This moving average has been successively giving good trades throughout the year 2011, on Friday also nifty failed to move past this all important MA and started another round of sell off.

NIFTY 38DEMA

The week ahead: RBI meet on rate hikes expected next weekend (on 17th Sept)  so the banking stocks would be under pressure and may give huge intraday moves, Expected Range for the week 5000 to 5227, however a move past these levels would give excellent trades in the direction of the move. Remember the larger trend is down and daily too has turned down

HAPPY TRADING!!!!!!!!!