The introduction of the index into derivatives has come with a Bearish Alt Bat Harmonic pattern formed in Weekly Time Frame. A daily close below 15475 could lead to long unwinding that might make the index retest 15000 / 14000. The view would be negated if it breaks above 15700 on hourly closing basis (after activating a down move)
Comment: Failure to hold 15300 would not be good for it in the short term
Comment: Minimum expected retracement done today. Sustaining below 15000 on daily closing basis could take it to 14600
Comment: It completed 2nd expected level of 14600 and gave an hourly Bullish Harmonic Bat reversal


Sri, Is there enough liquidity to trade in this index as its been only a week now?
+1 Reply
@Manasmanu, right now liquidity is low, also this is the 1st time we are introduced to weekly future settlements. The view is more to be cautious on long side on the stocks in the index once the bearish harmonic pattern gets activated.
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