NIFTY ANALYSIS

For the past two days Nifty has held on to the support of 6030 levels-Week channel, Day LEMA and 50 DMA Support and has closed above it.
Today's Support Level - 6000-6020 - 20pts +or- Day LEma
Today's resistance Level -6140-50 - 20 DMA
Break below 6000 would be a swift fall.

Today's expiry is likely to have huge moves on either side. Holding 6020-6000 levels is very crucial for a good run-up to 6150 levels.

As per Hour charts - there are both bullish and Bearish Possibilities:
A Bearish Crab Pattern with projected targets at 6150, 6200++
An ABCD Pattern with projected targets near 5800 levels.
For both Patterns the key is 6000 levels - Break below it and the ABCD would come into play.
Holding 6000 levels is required for the Crab pattern to reach the targets.

Bearish Crab Pattern

XA - 6343-5973
B- 6212 - 61.8% retr of XA
C - 5973 - above 88.6 of AB
Proj for D:
61.8% - 6120 - Done
78.6% - 6160
88.6% - 6184
113% - 6243

If 5973 is broken, then the Bearish Crab pattern would be invalidated and it would be labelled as ABCD pattern with targets for D near 5800 levels.

 

DAY VALUES
HIGH	6074	5 EMA	6066
LOW	6030	5 DMA	6045
CLOSE	6057	10 DMA	6079
HI EMA	6103	50 DMA	6048
LEMA	6036	34 Hr MA	6055

TRADE	STOPLOSS	REASON FOR TRADE
Bought at 6050NS on 26/11	EOD close below 6020	50 dma/Day LEMA support