Trading Nifty on 23-05-2012

8.30 AM
Global clues are showing weakness.
Watch 4840.15
If it gets broken then further downslide would open up which may not be very deep but lot od volatile 40-50 odd points up & down moves would take place. Chances of 4789 getting broken are minimal.
A tick below 4840.15 would mean us spending the day in 4910-4820 range

9.40 AM
If 4830 holds,then following may become the pattern for the day

And what if 4830 breaks?
Then we shall go below 4816 but should not break 4809

12.10 Pm
While a bounce seems to be taking place but our labels have been invalidated.
One probability is that of a Diagonal C from 4906 downwards which envisages overlap with 4850 and then a drop below day's low again

And please note that the above probability does not envisage a move above 4875.05
2.21 PM
EW labels not settled as yet but Hourly indicaters are suggesting upmove.


EOD:
The upmove from 4789-4956=167 has got retraced by 91%. Theoretically possible but normally more than 80% retracement causes concern at labels.
Also,the labels of this retracement as 
a=4956-4881=75
b=4881-4906=25
c=4906-4804=102 look within guidelines but this c's internal fractals were not very convincing.


The only positive indication for people like me who believe that Ya had its bootom in place at 4789 and currently Yb in action, was the breaking of day's high(breach of opening range) at 4847 and then failing to form a lower low.
Tomorrow,if we breach today's high of 4853.5 ,that would confirm that we are on correct track---

Raghu