MARKETS FOR THURSDAY 29TH AUGUST

NIFTY EVEN THOUGH MADE A LOW OF 5119 TO BOUNCE AND CLOSE THE DAY NEAR THE HIGHEST POINT OF THE DAY IN THE FORM OF ANOTHER BULLISH HAMMER THAT TOO A GREEN HAMMER, SUCH MOVEMENTS JUST BEFORE THE EXPIRY DAY MAY BE A BULL TRAP TO PULL NIFTY DOWN ON EXPIRY DAY MORNING . IN ANY CASE AS LONG AS SPOT NIFTY SUSTAINS BELOW 5353 & DOES NOT CLOSE AT LEAST A 30 MINUTE CANDLE ABOVE IT EVERY UPWARD DEAD CAT BOUNCE IS A SHORTING OPPORTUNITY. THE ZONE BETWEEN SPOT NIFTY LEVELS OF 5353 TO 5373 IS HIGHLY CRITICAL FOR THE BULLS AND BEARS TO SURVIVE. SO A RISE NEARER TO THIS ZONE OTHER THAN THE MOST UNLIKELY GAP UP CAN SEE A TOOTH & NAIL FIGHT BETWEEN THE BULLS AND BEARS TO CONQUER THIS CRITICAL ZONE OF 5353 TO 5373. A SLIDE TO SUSTAIN BELOW 5212 MAY CALL IT THE END GAME FOR THE BULLS THAT MAY SEE ANOTHER LOW BELOW WEDNESDAY’S LOWS OF 5119 SPOT.

BEING EXPIRY DAY, NO TRADE IS BEST TRADE. HOWEVER IF SOME ONE IS JUST ITCHING TO TRADE THEN BUY AN AUGUST CALL IF 5200 ON DECLINES TOWARDS IT AND A PUT OF 5300 ON RISE TOWARDS IT TO HOLD BOTH & HAVE THE FUN. OR ONE MAY AT START BUT A CALL & PUT AND ENJOY THE TRADING FUN TILL END. NIFTY FUTURES ON SUSTAINING ABOVE 5260 TO 5277 LOOKS STRONG TOWARDS 5300 oe even higher EXPIRY CLOSING & BELOW 5190 TO 5185 TURNS WEAK TOWARDS A 5100 OR 5150 EXPIRY CLOSING.( FENCE SITTERS MAY PREFER A 5200 OR 5252 EXPIRY). BESIDE THE CONTINUOUS ADVERSE NEWS TO PULL THE MARKETS DOWN, THE EXPIRY DAY SEEMS TO BE LUCKY FOR THE BULLS, MORE SO BULLISH THE DAY AFTER THE EXPIRY DAY.

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