NIFTY AS EXPECTED OPENED WITH A BIG GAP OF 100 POINTS AT 5560 WENT UP AND BREACHED TUESDAY’S MONSTROUS RED CANDLE HIGH OF 5582 TO MAKE A HIGH OF 5624 EXACTLY AT THE 34 DAY SMA JUST SHORT OF THE 50 DAY EMA AROUND 5630 A LOW OF 5553 TO REMAIN IN A TIGHT RANGE OF 71 POINTS TO FORM A 7TH NRB. A GOOD 123 SETUP HAS BEEN FORMED ON THURSDAY BY BREACHING AND CLOSING ABOVE TUESDAY 3RD SEPTEMBER HIGH OF 5582 THAT SHOULD LIFT NIFTY FURTHER UP TOWARDS 200 DAY EMA LEVEL OF 5727 FOLLOWED BY 5757 THEN AUGUST MONTH HIGH OF 5808 IN QUICK TIME AS PER THE LEVELS INDICATED IN THE CHART ABOVE. THE TRUNCATED COMING WEEK WITH MONDAY BEING HOLIDAY MAY SLOW DOWN THE PACE OF THE UP MOVE ON FRIDAY BUT COMING WEEK STARTING FROM TUESDAY AFTER SEEING A DECEPTIVE PAUSE MAY RESUME THE UP MOVE TOWARDS MUCH HIGHER LEVELS WITH INTERMITTENT DECEPTIVE PAUSE OR DOWN SIDE CORRECTIONS TO WEED OUT WEAKER BULLS. NIFTY FUTURES HAD CLOSED AT 5601
FOR FRIDAY’S INTRADAY TRADING OF NIFTY FUTURES, IT MAY FIND INITIAL SUPPORT BETWEEN 5590 TO 5580 BELOW WHICH IT MAY SLIDE TO AROUND 5568 FOLLOWED BY 5555 FOR A BOUNCE IN ORDER TO AVOID THE THURSDAY’S GAP ENTRY. ENTERING INTO THE GAP BELOW 5555 MAY SEE 5544 FOLLOWED BY 5533; THEN 5515 TO THREATEN 5500 TO REACH 5490 LEVELS. SIMILARLY ON THE HIGHER SIDE BULLS NEED TO BREACH AND STAY ABOVE 5626 TO AIM FOR THURSDAYS HIGH OF 5640. BREACHING AND MORE IMPORTANTLY SUSTAINING ABOVE 5640 TO 5646 MAY TRIGGER MASSIVE SHORT COVERING TO SEE SKYWARD MOVE TOWARDS 5656, 5677,5688 TO EVEN EYE FOR POST 5700 TOWARDS 5707. WITH A LONG WEEKEND , SOME WEAKER BULLS MAY TRY BOOKING PROFIT ON THE RISE TO HAVE A PEACEFUL WEEKEND BY BUYING CALLS AFTER OR ON THE RISE AND PUTS ON DECLINES TO CARRY BOTH THE CALL THE PUT FOR TUESDAY TO KEEP THEMSELVES ALIVE WITH THE MARKETS.
FOR FRIDAY’S INTRADAY TRADING OF NIFTY FUTURES, IT MAY FIND INITIAL SUPPORT BETWEEN 5590 TO 5580 BELOW WHICH IT MAY SLIDE TO AROUND 5568 FOLLOWED BY 5555 FOR A BOUNCE IN ORDER TO AVOID THE THURSDAY’S GAP ENTRY. ENTERING INTO THE GAP BELOW 5555 MAY SEE 5544 FOLLOWED BY 5533; THEN 5515 TO THREATEN 5500 TO REACH 5490 LEVELS. SIMILARLY ON THE HIGHER SIDE BULLS NEED TO BREACH AND STAY ABOVE 5626 TO AIM FOR THURSDAYS HIGH OF 5640. BREACHING AND MORE IMPORTANTLY SUSTAINING ABOVE 5640 TO 5646 MAY TRIGGER MASSIVE SHORT COVERING TO SEE SKYWARD MOVE TOWARDS 5656, 5677,5688 TO EVEN EYE FOR POST 5700 TOWARDS 5707. WITH A LONG WEEKEND , SOME WEAKER BULLS MAY TRY BOOKING PROFIT ON THE RISE TO HAVE A PEACEFUL WEEKEND BY BUYING CALLS AFTER OR ON THE RISE AND PUTS ON DECLINES TO CARRY BOTH THE CALL THE PUT FOR TUESDAY TO KEEP THEMSELVES ALIVE WITH THE MARKETS.
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