Aggressive shorts booked Intraday at 5320NS/5340NF levels. Created Long at 5320 NS with SL EOD close below 5295 - 10 Points below 5EMA.
ANALYSIS FOR AUG 9:
A firm weekend closing and a Gap Up on Monday Aug 6th has firmly put Nifty on the uptrend path and the Bullish Bat Harmonic Pattern has got invalidated on a Move above 5349 and now it is either the the continuation of 5-0 Pattern - REFER JULY 31 ANALYSIS AND CHART (CLICK HERE) OR Development of Bullish Shark Pattern.
An Inverted Head and Shoulder has formed in the Day Charts and currently NIFTY is at the Neckline of the H&S.
If Neckline Resisted, then the Bullish Shark Pattern would be the result
If Breakout occurs then it would be the continuation of the 5-0 Pattern
MONTHLY CHART:
WEEKLY CHART: Currently resisting at Trendline/Contracting Triangle.
SYNOPSIS:
Aggressive shorts taken at 5375NF today morning with 5405 NS STRICT STOPLOSS. - based on Trendline/Inverted H&S/Channel Breakout.
Supports can be expected at 5344 Ns -Month HEMA, 5330 Developing HEMA hence book out aggressive shorts intraday at these levels.
Positional shorts should be carried forward only on CLOSE BELOW DAY HEMA 5325NS.
IF EOD CLOSE ABOVE DAY HEMA 5330, THEN BUY AT 5330-40 LEVELS WITH STOPLOSS BELOW 5320 DAY HEMA
