EOD 9th March 2012

We closed at 5334.

Lets look at some important lvls  ,

5323   5Hour ema
5329   Hour Hema
5258   Day Lema
5294   5 Dema
5342   DHema
5348   5Wema
5323   Monday Pivot.
5326  10 Dema
5329  21 Dema
5277  34 Ema

So we closed above most of these important lvls , except the DHema ( 5342) and 5Wema ( 5348) this is keeping the weekly trend still Down , But with todays close the Hour and Day trend are UP.

Moving Average:

If one takes position with hourly close then 10:00 close gave a buy signal today at 5313 in the morning with a close above hour high ema , but then it was a good Gap up as well ...so took support of  ORB as well. This also gave a buy signal as it broke it to upper range.

Divergence :

Take a look at the chart below ....

• I can see a good Positive divergence in slow macd hourly chart.
• Also if you observe it has also crossed the Zero line , if with monday morning we keep above this line then more upside possible .
• 12 ma crossed over 26 as well ...so  bullish moving average cross over is also there.

5 hour sma has crossed over 50 hr sma .


Channels :

We have just closed at the top of the channel , breaking this is the needed to up.IF we open gap up or even flat will work but otherwise my long positions will trigger the SL.


EW ;

 I feel we are done with this 4th wave and are in 5th to up ....but This line needs backup of studies which I have not done ...will try to update the Nifty EW counts page over this weekend  .



Fibonacci Retracements:

we have done close to 38.2% (5345) retracement of fall from 5630 to 5171 .

5345 is 38.2% retracemnet of fall from 5630 to 5171. { next is 50% at (5401).

5349 is 61.8% retracement of fall from 5459 to 5171 . { next 78.6% is 5397}

5345 is 78.6% retracement of fall from 5392 to 5171 . If we go above this then we will consider the fall from 5459

Looks like 5340 - 5350  zone Very stiff resistance ....