Analysis for Nov 15

EOD analysis:
the 50% retr of XA of the Day TF comes to 5064. Ns has breached these levels to make a low of 5053 and has closed at 5068 - This is below the week Lema Day Lema and week and Day pivots exhibiting weakness.

 Longs were terminated at 3.20pm when NS breached 5060.

Intraday update 2.30PM:
NS has made a low of 5086 corresponding to 161.8% retr of XA of the Bearish shark pattern. It also approximates to the Week Lema. Today's close below this would lead NS to 5030 levels.
If found support at these levels, as per EW count it is likely that the wave B is over and the Wave C would unfold.

Intraday Update 11.30 am:
All hour charts 35D,fmacd,smacd,14RSI charts show +ve divergence. Also theDay RSI chart also shows +ve divergence.

Intraday Update 10.30 am:

Bought at  5133NS i.e NF 5151NF with SL 5085NS on closing basis.


INTRADAY UPDATE 10.00AM:

Todays Low is 5120 NS which corresponds to the 113% retr XA of the Bearish Shark pattern in Hour TF, and almost 44.7% retr of XA of Day TF and min wave C =wave A as per EW theory.

The prev week Lema is 5075 and developing Week Lema is 5089 which corresponds to 224% proj of the XA of the Bearish Shark Pattern . Holding this a huge upmove is likely to unfold.

The Hour indicators and Day stochastic Indicators are in OS mode at 20's which is an indication for an upmove.

SO, Longs can be initiated at 5110 - 5120NS with SL 5075NS. 



ANALYSIS FOR NOV 15:

CHECK LIST-DAY
CLOSE	5148
PIVOT	5173	10EMA	5208
HI EMA	5257	13EMA	5199
LOW EMA	5179	26EMA	5152
5EMA	5201	prev HI	5229
5 SMA	5246	prev LOW	5141
100 DMA	5220	20 DMA	5181
50DMA	5057
100 HrMA	5218	200 HrMA	5098

	Trade Table
Current pattern	X-A	B(current)
Developing Bullish Pattern in DAY TF	4728 -5400	5140.8
Trade initiated
NIL	Projections for B
	38.20%	5143.00
	44.70%	5099.00
	50.00%	5064.00
	61.80%	4984.00
Buy at 5100 -5120 ranges

On Nov 14, Sl was triggered at an Hourly close below 5195NS at 2.00 pm.

Yesterday, the prev day/week low of 5142 was broken to form a new low at 5140.NS. As the Day TF plays its part, further downsides can expected as shown in the graph above - upto 5099/5064.

As per the above chart, supports areliklely at 5110 -5120-5150 NF levels based on the Harmonic pattern and EW counts.

So initiating Longs at these levels would be prudent with 30-40 Point SL.

Initiating Longs after atleast Half an Hour trade would help to gauge the support level and trade with min SL.