Technical Analysis: Nifty Harmonic Review, across different time frames

Wednesday, November 4, 2015

Nifty intra 15 min charts had reversal from bearish gartley pattern ( Prz 8113.81).
Now i could see it forming shark pattern, however sustaienenace below 8030 levels are required to unfold the said probability.
Shark pattern suggesting 8009- 7980.50 as its prz area, from where short term reversal can be seen.
7980 could serve as an important support in the near term scenerio.
This chart also has bullish abcd pattern suggesting 7964-62 as its prz area.
This shark pattern can be traded keeping stop loss at 7960 levels.
Further support is at 7846.
RSI at 30.3

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Coming on to hourly chart:-

On hourly chart, nifty is trading within a up-sloping channel, and is near to the lower band of the channel.
So its important to see whether prices will take support at the lower band or break through it.
Hourly chart has gap support zone at 8005-7958.70.
I could also see a probability of shark pattern on hourly chart also, if unfolds, can drag index to 7764-7607 levels, however this probability will unfold only if decisive break below 7960-7940 levels is seen.
RSI at 37.9
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Coming onto Daily chart:-

On Daily charts, past two candles are overlapping side by side candle, whereas prices tried to cross 8088 levels, but unable to close above it.
In today's session index close under important 8055 levels.
However index is near two month demand trendline, however any close under the tredline would negate the trendline support.
RSI is at 45.4.
Imp Support Levels: 8055, 7691, 7539.
Imp Resistance Levels: 8088 , 8244.

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Moving onto Weekly chart:-

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