Analysis for Aug 29

HAPPY ONAM TO ALL!!!

Intraday Update 2.00PM:

As presented in the morning view, shorts were partbooked at 5295NS and aggressive Longs sttempted at same levels (sept NF - 5340) with SL 5270 NS Hourly CLOSE corresponding to 200 Hr Moving Average.

STOPLOSS FOR CURRENT SHORTS TRAILED TO 5350NS - EOD CLOSE CORRESPONDING TO DAY 5 EMA.

ANALYSIS FOR AUG 29:
Nifty moved down to 5315 yesterday - trying to gain support at weekly Ema but has closed below the Day Lema of 5346.  On a break of 5310, Nifty might test 5265-70 - weekly Lema. The Oversold Hour TF might produce a Pull back owing to expiry pressure. The past two weeks was in the hands of Bulls and they would not give up so easily. The week Hema is 5365 and the Month Hema is 5380. Bulls would try to conquer this level owing to
a) Expiry,
b) Week End and
c) Month End.

The Day Hema is 5392 and Day Lema is 5346. Today a close above the Day LEMA 5346 would give a temporary pause for the downmove and put Nifty in side ways.

The Stoploss for the shorts initiated at 5390NS on 27th (SeptNF 5420) is 5380NS on closing basis.
PARTBOOKING is prudent at  5280-5300NS.
Aggressive Longs can be attempted at 5280 - 5300 NS with strict SL 5260 NS and can be booked out at 5320, 5340 or 5360 levels corresponding to week 5 EMA, Day LEma and week Hema levels.