NIFTY ANALYSIS FOR 6th Sept 2023

 RECAP OF 5TH SEPT ANALYSIS AND TRADE:

Nifty opened above the prev day high of 19545 and resisted at swing high of 19587 and retraced 38.2% of the prev rise of  19432 - 19587 - to respect the price action level of 19520 - by forming today's low @ 19525.

Trade 1 done : bought 19500CE  @ 85 and sold @ 97

Trade 2 done : bought 19600PE @ 80.95 and sold @ 70 - Mistake done by not booking at the price action level of 19520 - as mentioned in the analysis and waited for further downside - thereby missing earlier gains too. 

5th Sept - No loss No Gain - 😐

ANALYSIS FOR 6TH SEPT:

Prev Day - 

Open 19564

High - 19587

low - 19525

Close - 19574

50DMA - 19463 

Again a DOJI formed. 

INTRADAY LEVELS:

Intraday Bullish levels: Cluster of resistances at 19590-19600 levels. On sustainable breakout above 19590 -19600 Nifty is likely to target 19640 - 19700. 

Intraday Bearish Levels: If resisted  @ 19580 levels - then 19525 - below which 19430 levels

PRICE ACTION LEVELS :

19595 - Cluster resistance

19575 - prev day close

19525 - prev day low

19500 - 5min 200 EMA & 23.6% fibo retracement