Analysis for Sept 7

Nifty has bounced from a low of 4933  yesterday and closed well above most of the parameters. (refer table below) but the 5ema has closed below the 5sma.

	CHECK LIST
1	CLOSE	5064
2	PIVOT	5027	5EMA	5006.1
3	HI EMA	5029	10EMA	4987.5
4	LOW EMA	4928	13EMA	4999.4
6	5 SMA	5008	26EMA	5097
7	20DMA	5001
8	50 DMA
9	100 DMA
10	200 DMA

Monthly pivot is at 5090, 26 Dema is at 5097 and a trendline resistance is present at 5110. A breakout and close above this resistance is required for a sustained upmove. With a breakout above 5110 the inve. H&S in hourly TF would come into play. Resisting at 5110 the Rising wedge would be intact.

Action plan for intraday:

Sell below 5090 with SL hr close above 5110.
Buy above 5030 (DHema &Pivot) with SL Hr close below 5005



Intraday update of Hr chart - Rising wedge: