Analysis for Nov 28

Intraday update 3-25

NS likely to close above 4835 hence shorts are terminated and longs initiated at 4845NS i.e - 4860NF.


Intraday Update 1.45 PM:
 Booked full profits at 4820NS i.e - 4835 NF.

Trendlineresistance @ 4835 Month Lema @ 4833, Day Hema @ 4824 all provide a cluster of resistances.
As per EW count the iv wave is likely to get over at 4825-35.
23.6% retracement is over for the downmove from 5400-4640.

Initiated shorts at 4830NF with SAR close above 4835NS.


INTRADAY UPDATE 9.30AM:

Part booked at 4805NF

ANALYSIS for NOV 28:
Initially trading above the Pivot 4720 and subsequently above the Day Lema 4723 would give strength for  upward movement. If friday high of 4767 is breached then it is likely to trade upto the Day Hema of 4824 - which coincides with the Month Lema of 4833. This would mark the retracement to the Longterm Trendline in weekly charts from where the breakdown occured from 4835.

A break of the Friday's low at 4693 will be an indication of failure of support of the trendline - shown in chart above. Break of 4639 would lead NS to more Lows.

Week levels
CLOSE	4710
PIVOT	4741
HI EMA	5132
LOW EMA	4876
5 EMA	4962
5 SMA	5086
PrevHigh	4874
Prev Low	4639

CHECK LIST-DAY
CLOSE	4710
PIVOT	4723	10EMA	4867
HI EMA	4824	13EMA	4908
LOW EMA	4723	26EMA	4992
5EMA	4773	prev HI	4767
5 SMA	4753	prev LOW	4693
50DMA	5028	20 DMA	5074
20 Hr MA	4710	50 Hr MA	4811

	Trade Table
Current pattern	O-X	A	B(current)
Bearish Shark pattern	5740 - 4720	5400	4639
Trade initiated
Bought at 4720 NF	Projections for C		If 4639 breaks then proj for B
	23.60%	4818.00	127%% of XA	4536.00
	38.20%	4929.00	141.40%	4438.00
	44.70%	4979.00	161.80%	4299.00

Bearish Shark pattern:                               EW Count if 5 wave pattern is considered:

OX - 5740 - 4720                                    Wave 1 - 5400 -5201

A = 5400 = 61.8%retr of OX                   Wave 2 - 5201 -5317 - 61.8% of wave 1
B (current) = 5642 - 113% retr of OX       Wave 3 - 5317 - 4640
Proj for C:                                                 Proj for wave 4:
23.6% of AB = 4818                                 23.6% - 4799
38.2% - 4929                                             38.2% of wave 3 - 4898
44.7% - 4979                                             44.7% of wave 3 -4942