ANALYSIS FOR SEPT 3

Nifty ended the Month at a low of 5259 - just at the support of 50 day MA and Week LEMA - keeping the bulls hopes alive.

As mentioned earlier Nifty is currently at the support level of 5230-40.

DIAMOND PATTERN IN DAY CHARTS: to know about diamond patterns CLICK HERE

The DIAMOND PATTERN has given a breakout and now retesting the trendline. Support at 5230-5210 would take Nifty towards the High of the WEDGE. @ 5450++



After the Bullish/Golden crossover, Nifty has tested the 50 Day MA on Aug 31.
Holding the 50 DMA, Upside would continue.
An EOD close below 50 MA would singal weakness

HOUR HARMONIC CHART:

If 5238 Holds then,
Developing Bullish Bat Pattern:
XA - 5032 - 5449
B - 5238 - 50% retr of XA (current)
Holding B, Proj for C:38.2% - 5319
44.7% - 5332
50% - 5343.5
61.8% - 5368
78.6% - 5403
88.6% - 5424

If 5238 Breaks, then Proj for B:
50% - 5240 -DONE
61.8% - 5191 - IF this level is achieved, then it would be termed as Gartley pattern
78.6% - 5121 - If this level is achieved it would be termed as Butterfly Pattern.
88.6% - 5092

SYNOPSIS:

TILL NIFTY HOLDS ABOVE THE 50DAY MA @ 5250 NS, THE UPTREND WOULD CONTINUE.
THE SL FOR THE AGGRESSIVE LONGS TAKEN ON 31 AUG IS TRAILED TO 5250NS.
THE STOPLOSS FOR THE POSITIONAL SHORTS IS 5310NS EOD CLOSE.

Week Levels		MONTH LEVELS
CLOSE	5259	CLOSE	5259
PIVOT	5299	PIVOT	5291
HI EMA	5376	HI EMA	5379
LOW EMA	5256	LOW EMA	5010
5 EMA	5295	5 EMA	5214
5 SMA	5310	5 SMA	5188
10 EMA	5267	High	5449
PrevHigh	5399	LOW	5165
Prev Low	5239

CHECK LIST-DAY
CLOSE	5259	5 SMA	5309
PIVOT	5267	5EMA	5307
HI EMA	5345	10EMA	5326
LOW EMA	5281	13EMA	5327
prev HI	5303	50 Hr MA	5340
prev LOW	5239	100 Hr MA	5352
20 DMA	5334	200 Hr MA	5278
50 DMA	5258
100 DMA	5160