Analysis for Nov 23

After continuously making new lows daily from Nov 8th onwards, yesterday NS made a higher Low (4782) than nov 21(4764). This does not indicate any bottoming but it might indicate a pause in down movement - unless it breaches the low today.

It was not able to close above the pivot of 4816 - exhibiting weakness.



The Falling wedge seemed to have broken out yesterday only to be resisted by the channel at yesterday's high at 4854. The channel breakout for today would be above 4840-50 and a close above it. The 35D indicator is remainingin the OS levels for quite some time and nearing near the 20 Mark.

The 14 Hr. RSI broke out of the downward sloping channel yesterday indicating a ST breakout. This will sustain if NS does not make a new low - else it would again fall back to the channel.

CHECK LIST-DAY
CLOSE	4812
PIVOT	4816	10EMA	4985
HI EMA	4995	13EMA	5016
LOW EMA	4900	26EMA	5062
5EMA	4890	prev HI	4854
5 SMA	4892	prev LOW	4783
50DMA	5051	20 DMA	5156
20 Hr MA	4838	50 Hr MA	4981

	Trade Table
Current pattern	X-A	B(current)
Developing Bullish Pattern in DAY TF	4728 -5400	4765
Trade initiated
NIL	Projections for C		If 4765 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

Yesterdays long was booked at 4850NS - channel resistance.