Analysis for May 31

Nifty Has closed above the Day Lema and 5EMA - indicating lack of downward momentum. Today being the Expiry and Month's close if Nifty Closes above 4937 - Month LEMA - and subsequently followed by tomorrow's weekly close above 5EMA, the Bulls task might be easier - Else Niftywould drift Lower.

WEEKLY HARMONIC PATTERN:

Developing Bullish Butterfly Pattern Holding 4788 low:
XA - 4531 - 5629
B -4788- approx 78.6% retr of XA.
Projections for C:38.2% retr of AB - 5109 
44.7% retr of AB - 5164 
50% - retr of AB - 5207
61.8% retr of AB - 5307

Considering the present down movement - the projections seems to be Highy Bullish. The above projections are valid HOLDING THE LOW OF 4788 - 4765. If Broken the next level to watch would be,
88.6% retr of XA - 4656 -which would then become the new B and the projections would vary accordingly.

The above Bullish weekly Projection is supported by the 5D lead indicator.

Nifty has found good channel support at 4788 in weekly charts.

A close above 4930-50 - today being the Month end and expiry is a must for further UPMOVES - as indicated by the DAy S Macd chart:

BEARISH CRAB PATTERN IN HOUR CHARTS:

Development of Bearish Crab Pattern:
XA - 5432 - 4788
B - 5020 - approx 38.2% retr of XA
Proj for C:38.2% - 4931 - corresponds to Month LEMA
44.7% -4916 - approx Day /Week LEMA
50% - 4904 - 
61.8% - 4876
78.6% -4837
88.6% - 4814

SYNOPSIS:
NIFTY IS LIKELY TO GATHER SUPPORTS AT 4905-4915 LEVELS (based on Day LEMA and Month LEMA) INITIALLY AND THE BOUNCE BACK WOULD BE DECIDING FACTOR FOR THE C TO COMPLETE AND THE BULLISH LEG D TO START of the Bearish Crab Pattern.

BUY AT 4905-4920 LEVELS WITH STRICT EOD STOPLOSS OF 4870.

Week levels		Month Levels
CLOSE	4920	CLOSE
PIVOT	4894	PIVOT	5006
HI EMA	5066	HI EMA	5370
LOW EMA	4918	LOW EMA	4937
5 EMA	4997	5 EMA	5128
5 SMA	5004	5 SMA	5216
PrevHigh	4956	High	5280
Prev Low	4804	LOW	4789

CHECK LIST-DAY
CLOSE	4951	5 SMA	4954
PIVOT	4956	5EMA	4949
HI EMA	4972	10EMA	4941
LOW EMA	4924	13EMA	4949
prev HI	4971	26DEMA	5007
prev LOW	4945	20 Hr MA	4977
10 DMA	4913	50 Hr MA	4922
20 DMA	4955	100 Hr MA	4911
50 DMA	5134	200 Hr MA	5039
200 DMA	5077

	Trade Table
Current pattern	X-A	B(current)
Bearish Crab Pattern Developing	5432 - 4788	5020
Trade initiated	SL EOD 4870
Buy at 4905-4920 levels	Proj for C
	38.20%	4931.00
	50.00%	4904.00
	61.80%	4876.00
	78.60%	4837.00