Weakness: NS has closed below all HEma's and Day Lema and all Pivots.
Strength : The 20DMA(5510) has just moved over the 50 DMA(5500.5) and if it holds then today a bounce back upto Dlema at 5576 is possible. It also accounts to almost 38.2% retr of the downmove from 5740 to 5497 - at 5589.
Todays Action Plan:
1. Buy above 5534 - Day pivot SL Hourly close below yesterdays close at 5526 for a target upto 5576 - 5589 DLema/38.2 fibo retr. Hold Longs with an hourly close above 5576.
2. Sell Below 5576 Day Lema with SL Hourly closing above 5580. Hold shorts if 5505 broken with revised Stoploss.
3. Sell Below 5505 - 20/50DMA SL hourly closing above 5510, target week LEma at 5453
Breaking out of the channel would lead NF to move futher upto minimum of 100MA at 5568-70. Breaking yesterdays lows would result in continuing of downmove within channel
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