Analysis for Aug 2

INTRADAY UPDATE BANK NIFTY HOUR CHART RISING WEDGE:

The Upmove in Rising wedge is resited by the TRENDLINE.


Analysis for August 2:
Nifty Closed the July month well above the Month 5 EMA and 20 DMA. While it is trying to defend the 20 DMA, Nifty is struggling hard to breakout above the 61.8% retr level of 5246 too. More upsides possible only on a breakout above 5246. Weak below 20 DMA.

The Rising wedge (CLICK HERE for july 31 chart) seems to have Broken and as per the charts of July 31 (CLICK HERE) - the Alternate 2 seems to be in place till 5246 above 61.8% is taken upward.

The Hour14 RSI and Hour Fmacd charts also exhibit -ve divergences - so breakdown of the rising wedge seems to be a possibility.

Bullish Bat Pattern:

Bullish Bat Pattern:XA - 4770 - 5349
B - 5032 - 50% of XA
C -  5246 - approx 61.8% of AB
Holding C, Proj for D:
38.2% - 5164
50% - 5139
61.8% - 5113
78.6% - 5077
88.6% - 5056

SYNOPSIS: THE SL FOR CURRENT POSITIONAL LONGS TO BE TRAILED TO EOD CLOSE BELOW 5210 - Corresponding to Day HEMA & 20 DMA.

Aggressive sell at current Levels - 5225NS  with Sl above 5250 - Previous High. If EOD close is below 5205 then the shorts are carried over positionally for the last leg D of the Bullish Bat Pattern.



CHECK LIST-DAY CLOSE52415 SMA5162 PIVOT52335EMA5193 HI EMA521010EMA5181 LOW EMA515113EMA5183 prev HI524620 Hr MA5207 prev LOW521350 Hr MA5149 20 DMA5213100 Hr MA5179 100  DMA5153200 Hr MA5212 200 DMA5105

Trade Table Current patternX-AB C (current) BULLISH BAT PATTERN4770-534950325246 Trade initiatedSL EOD close BELOW 5210 BOUGHT AT 5130NF JULY 27Proj for D 38.20%5164.00aprrox 100 DMA 50.00%5139.00Week HEMA 61.80%5113.00approx Mon LEMA 78.60%5077.00month Hema Sell at 5225 NS - aggressively with Sl above 5250 prev high.