CNX Nifty 50 - Triple Screen 'Technical Analysis' - Bulls Fight - Week 4 of October 2014.

Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 17 Oct'14

Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 17 Oct'14

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 17 Oct'14

Learning from last Week: (click here for the previous post)

Patterns:

• Evening Doji Star happens if index stays below 7964 this month - Bulls fail to sustain above this number most of October #M1.
• 'Inside Bar' on the weekly chart is followed by 2 High Wave candles #W1.

Support & Resistance:

• Index below the 5 EMA on the EOW after failing to stay above 7912, the October Wall #W1.
• Bulls keep it well above the 5 EMA on the EOM (7645) and the S2 on the Pivot #M1,

Moving Averages: 

• The critical 5 EMA and 13 SMA on the EOW touch, after the Bulls fight back to close above  our mark of 7760  #W1.

Indicators:

• MACD stays below the zero line #D2.

Wrap:

Index again fails at the October Wall (7912) after Bears light the hope of an Evening Doji Star happening #M1. Bulls keep it above the S2 of the Month Pivot #M1.

Looking Forward into this Week:


Patterns:

• Possibility of a Long Term Evening Doji Star (Study Links here, here or elsewhere) happening is brighter and now depends on this month's close (below 7964) #M1.
• Inside Day' Pattern on the Weekly Chart (Study Links here, here or elsewhere) is active as are the next 2 'High Wave' candle's effect (Study Links here, here or elsewhere) #W1.
• New Day Channel - less steep - is drawn subsequent to the Price action #D1,

Support & Resistance:

• Index supports that the Bulls want to hold, are the S2 on the Monthly Pivot and 7645 #M1.
• Bears look to keep the Index below the Wall (7912) or even better 7900 #W1. 

Moving Averages: 

• Golden Cross (study here, here or elsewhere) of the 50 & 200 SMA is on - the MA's are currently back to converging #D1.
• The critical 5 EMA and 13 SMA on the EOW will now cross Bearishly below 7900 OR deflect Bullishly above this number #W1.

Indicators:

• STS staying in the overbought, works for the Bulls #W2.

Wrap :

Staying above the S2 of the Month Pivot #M1, and closing above 7900 are high on the Bull agenda for the Week.
Bears have the rest of October to ensure an Evening Doji Star #M1, immediate task is to keep the Index below the October Wall (7912).