ANALYSIS FOR SEPT 6

INTRADAY UPDATE 3.00 pm:

Intraday trade done - Bought at 5245NF - and sold at 5275NF.

ANALYSIS FOR SEPT 6:
Nifty has poised in an interesting scenario. In the Monthly charts,  it is seen that from the Month of  April it has not scaled 5300 on Monthly Closing Basis. A Cluster of resistance is seen at 5300. Past two months, the Body of the Candle has been very narrow between 5285 - 5215- not even a 100 point range. It has been a spinning top both the previous months - showing high indecisiveness.

Yesterdays Low of 5215 is the MONTH 5 EMA, Day Rising Wedge Support and the support level based on the body of the candles of the past two months.

FACTORS FAVOURING BULLISH SCENARIO:
1. As per TA parameters ONLY THE MONTH 5EMA provides support.
2. The Month Lead indicator 5D - has turend up and has given a Buy crossover previous month.
3. Pattern Study - Rising wedge support line.
4. The 61.8% retracement of the leg from 5032 - 5449 i.e -  the GOLDEN ratio is closeby at 5191.

FACTORS FAVOURING BEARISH SCENARIO:

ALL THE TA PARAMETERS - WEEK AND DAY POINT TO A BEARISH SCENARIO - DRAGGING NIFTY TOWARD 5100 - 5050 LEVELS.

SYNOPSIS: - 5190 - 5220 -MAKE OR BREAK LEVEL
High Risk Longs can be attempted at 5190 - 5210 levels with Strict Sl below 5190NS on Hourly closing basis.
Stop Loss for existing Shorts to be trailed to 5270NS EOD basis - corresponding to Day 5EMA and 50 Day MA.

CHECK LIST-DAY
CLOSE	5226	5 SMA	5278
PIVOT	5234	5EMA	5265
HI EMA	5294	10EMA	5291
LOW EMA	5243	13EMA	5298
prev HI	5260	20 Hr MA	5250
prev LOW	5216	50 Hr MA	5279
20 DMA	5336	100 Hr MA	5336
50 DMA	5265	200 Hr MA	5289
100 DMA	5161