Nifty EOD analysis 18-11-2016

Week	Open	High	Low	Close	Hi EMA	Lo EMA	Trend
7-Nov-16	8535.75	8598.1	8003	8309.9	8686.29	8339.34	Down
15-Nov-16	8284.85	8287	8048.4	8065.4	8553.19	8242.37	Down
Day
17-Nov-16	8105.10	8150.95	8060.40	8087.50	8290.4	8159.09	Down
18-Nov-16	8097.55	8128.75	8048.40	8065.40	8236.52	8122.19	Down
Date & Hour
18/11/2016 15:00:00 PM	8092.30	8100.20	8061.15	8074.55	8110.36	8072.13	Down
18/11/2016 16:00:00 PM	8074.95	8080.65	8064.30	8065.40	8100.46	8069.52	Down

Market opened at the resistance zone and went down swiftly breaking the earlier swing low. However it could not generate enough selling pressure and quickly reversed. We can see a long tailed hammer formation in the 3 min candle chart. On the way up, it found multiple resistances but formed higher high and higher low formations. Again found resistance near the 8120 zone and reached the support zone as shown in the 3 min chart.

Weekly chart:

Daily chart:

Hourly chart:

3 Min chart (trading time frame):

1 min chart to fine tune the entry & exit:

Elliott wave counting of this up move from the low seems to be like a 1-2 with 1 being a leading diagonal. 2 retraced a major portion of the up move.

Following were the opportunities for initiating trading:

1.       At the opening, resistance zone & breaking down -  short ( not taken – not prepared)

2.       Breakout failure of the support and then pull back – Long (not taken – not prepared)

3.       Once visited 8100 and the next pull back – Long (not taken – not prepared)

4.       Breaking of the resistance 8100 – Long (taken but trade was poorly managed, not sold @ the break out failure of the resistance @ 8120)

5.       Break out failure @ 8120 – Short (Not taken – not prepared, not monitoring the chart)

6.       Support near 8060 zone – square off (not taken – not prepared)