NIFTY ANALYSIS FOR 7th SEPT 2023

 RECAP & TRADES OF 6TH SEPT:

Nifty resisted at 19600 - and made a low of 16502. Supported @ 19490-500 levels breakout above 19530 a swift move towards 19600 ++ As per price action

Trades :

BOUGHT 19600 PE @ 70 & squared off @ 110 - One good trade DONE

Bought a 19450 CE @ 72 and squared off @ 106... Another good trade.

NIFTY ANALYSIS FOR 7th SEPT:

Prev Day:

HIGH -19636

LOW - 19491

CLOSE - 19611

OUTSIDE CANDLE FORMED

CLUSTER RESISTANCE @ 19630 LEVELS.

50% RETR OF  19991 -19223  REACHED -19610 LEVELS

A RISING WEDGE PATTERN IS SEEN 

GAP RESISTANCE @ 19680 -19700 - @ 61.8%  FIBO LEVELS

INTRADAY LEVELS:

BULLISH : Above19630 - 19680 -19710 - (filling of gap)

BEARISH : Below 19630 - 19540 (rising wedge support) -19510 -19500

PRICE ACTION LEVELS: WIDE RANGE - implies high volatility expiry

19630

19540

19490

Nifty Analysis

intraday Update 12.30PM:
Tatamotors Hour chart update:
395 - has been knocked thrice today. Breakdown of wedge below 394. If supported then again towards 400+

NIFTY and TATAMOTORS analysis

Tatamotors has rallied upto 400.85 (current value) gathering support at 390 levels. A rising wedge is formed and breakdown of Wedge is below 394.

NIFTY at interesting JUNCTURE !!!!

NIfty is poised at an interesting juncture. The Current Month low of 5760 is a Long Term Support and any break of the levels 5760-20 wouldlead to a heavy downfall. Holding 5760-5720 levels is very very important if any upmove is to take place. Few Charts:

MONTH LOG CHART:

The Chart is Self - explanatory.

Analysis for Oct 19

Intraday Update 2.30 PM:
Trailing the Stoploss for the Shorts taken to Hour close above 5680 - 10 DMA/5 DMA

Analysis for Sept 25

Nifty is correcting from the New Highof 5720. With three more trading sessions for expiry, bulls would not give up easily, and 5600NS is likely to be protected.  If the Day Closes below the Day HEMA 5648, then it is likely to test 5600-5580 - Day LEMA.

Today's Channel supports are at 5630-20NS Channel Resistances - 5710-20

The Hour charts are also exhibiting -ve divergences - which indicates caution at High Levels.

Analysis for Sept 14

Nifty ended with a DOJI indicating indecisiveness. The +ve Global cues warrants for a good gap up opening. With the gap up it is likely to test the Resistance of Rising Wedge @ 5500.

ANALYSIS FOR SEPT 12

Nifty Has closed near the High and has closed above all parameters in Month, Week and Day TF. With respect to the TA parameters Nifty is in complete Bullishness - may be a time to excercise some caution - b'coz Nifty is likely to face trendline resistance at 5410-20. REFER CHARTS OF SEPT 11. 

MONTH CHART:

ANALYSIS FOR SEPT 11

Today's Support - 20 DMA/Day HEMA - 5328-5335. An EOD close below this would drag Nifty Down towards Day LEMA/50 DMA - 5280-70.

Now lets see what charts say:

DAY CHARTS:

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.

HAPPY TEACHERS' DAY

MY PRANAMS TO ALL MY TEACHERS!!!! I PRAY  GOD TO BLESS THEM WITH GOOD HEALTH AND PROSPERITY.

Nifty managed to scroll back and close above the 50 Day MA and Day Low EMA giving some hope for the Bulls.

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

Analysis for Aug 2

INTRADAY UPDATE BANK NIFTY HOUR CHART RISING WEDGE:

The Upmove in Rising wedge is resited by the TRENDLINE.


Analysis for August 2:
Nifty Closed the July month well above the Month 5 EMA and 20 DMA. While it is trying to defend the 20 DMA, Nifty is struggling hard to breakout above the 61.8% retr level of 5246 too. More upsides possible only on a breakout above 5246. Weak below 20 DMA.

The Rising wedge (CLICK HERE for july 31 chart) seems to have Broken and as per the charts of July 31 (CLICK HERE) - the Alternate 2 seems to be in place till 5246 above 61.8% is taken upward.

The Hour14 RSI and Hour Fmacd charts also exhibit -ve divergences - so breakdown of the rising wedge seems to be a possibility.

Bullish Bat Pattern:

Bullish Bat Pattern:XA - 4770 - 5349
B - 5032 - 50% of XA
C -  5246 - approx 61.8% of AB
Holding C, Proj for D:
38.2% - 5164
50% - 5139
61.8% - 5113
78.6% - 5077
88.6% - 5056

SYNOPSIS: THE SL FOR CURRENT POSITIONAL LONGS TO BE TRAILED TO EOD CLOSE BELOW 5210 - Corresponding to Day HEMA & 20 DMA.

Aggressive sell at current Levels - 5225NS  with Sl above 5250 - Previous High. If EOD close is below 5205 then the shorts are carried over positionally for the last leg D of the Bullish Bat Pattern.



CHECK LIST-DAY CLOSE52415 SMA5162 PIVOT52335EMA5193 HI EMA521010EMA5181 LOW EMA515113EMA5183 prev HI524620 Hr MA5207 prev LOW521350 Hr MA5149 20 DMA5213100 Hr MA5179 100  DMA5153200 Hr MA5212 200 DMA5105

Trade Table Current patternX-AB C (current) BULLISH BAT PATTERN4770-534950325246 Trade initiatedSL EOD close BELOW 5210 BOUGHT AT 5130NF JULY 27Proj for D 38.20%5164.00aprrox 100 DMA 50.00%5139.00Week HEMA 61.80%5113.00approx Mon LEMA 78.60%5077.00month Hema Sell at 5225 NS - aggressively with Sl above 5250 prev high.

Analysis for JULY 11

INtraday Update 2.15 PM:

Break of today's current low of 5302 low will be breakdown of Rising Wedge!!!

Analysis for July 11:
Nifty has closed above the Pivot, Day Hema and 5 EMA. It has almost reached the top of the Rising wedge with Month HEMA at 5342 as a big resistance,

DAy charts and Hour Charts also exhibits -ve divergence and are in OverBought zone. So Caution with Longs is a must.

Aggressive Shorts taken at 5330 NS with SL Hourly close above 5345. It would be carried as positional Shorts if the EOD close is below 5345-50NS.

CHECK LIST-DAY
CLOSE	5345	5 SMA	5313
PIVOT	5326	5EMA	5307
HI EMA	5320	10EMA	5270
LOW EMA	5269	13EMA	5249
prev HI	5349	20 Hr MA	5301
prev LOW	5285	50 Hr MA	5297
10 DMA	5270
20 DMA	5193

ANALYSIS FOR JUNE 25

NIFTY has closed well above weekly TA parameters of Pivot, 5 EMA and High EMA but closed below the Day HEMA. The TA parameters represent Bullishness - whereas the Patterns developed are Bearish Patterns or rather reversal patterns from Bullishness to Bearishness.

WEEK CHART:

The HANGING MAN PATTERN (CLICK HERE) is a reversal pattern though a follow up price confirmation is required.

DAY CHART :

RISING WEDGE if breaks past the TRENDLINE - then would likely reach the CHANNEL TOP above 5250++. If the RISING WEDGE come to play then there will be a breakdown below 5125 NS and further fall upto 5030-4980 would be imminent. If supported at the Base of the Rising wedge, then it would mve past the Rising wedge above 5175 would move higer breaking past the TRENDLINE  to reach 5250++.

BEARISH CROSS IN DAY CHART WITH BULLISH TA :

In The Golden Crossover 50DMA over 200 DMA -occured earlier - has not yet provided significant upmove as Nifty had closed above 50 DMA only once. Now there is a BEARISH crossover rather the DEath Cross - 50DMA below the 200 DMA but NS has closed both above the 50 and 200 DMA. So the pattern is Bearish But the TA is BULLISH!!

HOUR CHART:

The Hour Moving averages are Bullishly alligned whereas the Pattens formed are bearish. Rising wedge resistance, trendline resistance and resistance at 5190 100 DMA.

5-0 Bullish Harmonic Pattern:

Development of Bullish 5-0 pattern:
XA - 4804 - 5020
B - 4770 - 113% retr of XA
Current C -5190 - 161% retr of AB
Projection for D:
50% -4980
4950-70 - Potential Reversal Zone - PRZ

As per the pattern Nifty must reach 50% retr level of 4980 before crossing the High of 5190.

SYNOPSIS: ONLY WITH A BREAKOUT ABOVE THE TRENDLINE @ 5175 FOLLOWED BY CLOSING ABOVE 5190 100 DMA THE UPTREND WOULD CONTINUE.
SUPPORTS AT 5125-20 RANGES - WEEK HEMA
                          5080 - 5070 - Day LEMA/ Week 10 EMA
RESISTANCES AT 5165 - trendline resistance/Day HEMA
                                 5195 - 100 DMA

Though the TA is BULLISH as the PATTERNS formed are Bearish Coution with Longs at 5180 -5210 levels is very essential.

Week Levels
CLOSE	5146
PIVOT	5126
HI EMA	5128
LOW EMA	4950
5 EMA	5074
10 EMA	5078
PrevHigh	5190
Prev Low	5042

CHECK LIST-DAY
CLOSE	5146	5 SMA	5120
PIVOT	5133	5EMA	5130
HI EMA	5152	10EMA	5100
LOW EMA	5080	13EMA	5084
prev HI	5160	20 Hr MA	5126
prev LOW	5094	50 Hr MA	5108
50 DMA	5058	100 Hr MA	5063
200 DMA	5073	200 Hr MA	4982
100  DMA	5196
20 DMA	5030

ANALYSIS FOR APRIL 30

INTRADAY UPDATE 2.20pm:

If Trendline support is respected then good upmoves.

ANALYSIS FOR APRIL 30:

NIFTY closed with a Doji on friday depicting indeciseiveness. The weekly candle has alco formed an INSIDE DAY pattern - again depicting indesiciveness.

Today being the monthly close is an important day to trigger reversal or continuation of downtrend.

BEARISH FACTORS as per TA:
1. BEARISH ALLIGNMENT OF ALL DAY EMA'S - 5,10,13 AND 26.
2. FAST FALL SET UP OF 100 DMA AND 200 DMA
3. BEARISH ALLIGNEMENT OF ALL HOUR MA'S - 20,50,100 AND 200 Hr MA'S. - likely to lead to a fast fall between the MA'S.

BULLISH FACTORS:
1. PERSISTENT +VE DIVERGENCE IN HOUR CHARTS OF FMACD, 14 RSI AND 9RSI.
2. NIFTY CLOSING ABOVE THE WEEK AND DAY LEMA'S


NIFTY has to close EOD above 5245 DAY HEMA - channel breakout levels also corresponding to 20 DMA.

Week levels		Month Levels
CLOSE	5191	CLOSE
PIVOT	5218	PIVOT	5241
HI EMA	5339	HI EMA	5415
LOW EMA	5187	LOW EMA	5012
5 EMA	5252	5 EMA	5198
5 SMA	5261	5 SMA	5139
PrevHigh	5311	High	5379
Prev Low	5154	LOW	5154

CHECK LIST-DAY
CLOSE	5191	5 SMA	5238
PIVOT	5189	5EMA	5209
HI EMA	5243	10EMA	5229
LOW EMA	5179	13EMA	5236
prev HI	5223	26DEMA	5256
prev LOW	5154	20 Hr MA	5195
10 DMA	5245	50 Hr MA	5240
20 DMA	5256	100 Hr MA	5247
50 DMA	5319	200 Hr MA	5259
100 DMA	5130
200 DMA	5136

POSSIBLE POSITIONAL TRADES:
BUY ABOVE 5220-5230(MONTH 5EMA AND CHANNEL BREAKOUT)WITH SL 5175- (DAY LEMA)