Bought at 4815 NS with SL Close below 4800 - Day pivot
Nifty has been making new lows daily form Nov 4th onwards. Yesterday it has reached 4765 - corresponding to 261.8% of wave a as per EW count and 94.43% of XA as per Harmonics count.
joining the lows of 4720-4728 the trendline support comes to 4750-40. Breaking of this support Nifty is likely to break its previous lows. Owing to the extreme OS nature of the Hour charts and Day charts and also a fall of approximately 450-470 points - markets need to take a breath - consolidate.
The chance for an intraday bounce can be converted to positional only if NS starts trading above the pivot of 4806 and closes well above it.
| CHECK LIST-DAY | |||
| CLOSE | 4778 | ||
| PIVOT | 4806 | 10EMA | 5023 |
| HI EMA | 4995 | 13EMA | 5050 |
| LOW EMA | 4900 | 26EMA | 5082 |
| 5EMA | 4929 | prev HI | 4874 |
| 5 SMA | 4944 | prev LOW | 4765 |
| 50DMA | 5056 | 20 DMA | 5156 |
| 20 Hr MA | 4893 | 50 Hr MA | 5031 |
| Trade Table | ||||
| Current pattern | X-A | B(current) | ||
| Developing Bullish Pattern in DAY TF | 4728 -5400 | 4765 | ||
| Trade initiated | ||||
| NIL | Projections for C | If 4835 breaks then proj for B | ||
| 23.60% | 4914.00 | 94.43% of XA | 4765.00 | |
| 38.20% | 5007.00 | 100.00% | 4728.00 | |
| 113.00% | 4640.00 |
BUY AT 4750-80 RANGES WITH STRICT SL 4720NS - TO BE CONVERTED TO POSITIONAL IF TRADING ABOVE PIVOT AND CLOSE ABVOE PIVOT
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