MARKETS FOR 6TH SEPTEMBER

NIFTY CONTINUED WITH ITS DOWN SLIDE CORRECTIVE MOVE WITH A LOWER LOW, LOWER HIGH AND LOWER CLOSING & THIS MAY CONTINUE FOR SOME MORE DAYS  WITH A MILD REVERSAL IN BETWEEN TO ALLURE THE BULLS INTO BUYING MODE  TO BE TRAPPED BY THE WELL LAID OUT BULL TRAP EXACTLY SIMILAR TO THE BULL TRAP LAID ON TUESDAY TO TRAP THE BULLS ON WEDNESDAY MORNING. NIFTY WILL BE
MADE TO TEST THE LOWER CHANNEL OF THE UPWARD RISING CHANNEL AS CAN BE SEEN IN THE CHART ABOVE OR THIS LOWER CHANNEL MAY EVEN BE BREACHED TO WEED OUT WEAKER HANDS TO FALL TILL THE ALREADY MENTIONED FIBO 61.8% LEVEL OF 5191 TO SHOW A BOUNCE FROM AROUND THAT LEVEL.

FOR THURSDAYS INTRADAY TRADING PURPOSE, ALL EFFORTS WILL BE MADE BY THE MANIPULATORS TO SEE THAT SPOT NIFTY BREACHES WEDNESDAY’S LOW OF 5216 TO FALL A BIT MORE TOWARDS THE LOWER CHANNEL AND IT ALSO MAY BE MADE TO BREACH THE CHANNEL TO GENERATE SOME PANIC OR A MILD BOUNCE MAY BE THERE TO WAIT FOR THE FRAUDULENT OUTCOME OF THE ECB MEETING TO TAKE FURTHER ACTION . SUPPORTS FOR SPOT NIFTY ARE AROUND 5210, FOLLOWED BY 5200 AND 5191. RESISTANCES ARE AROUND 5242 AND 5260. SUSTAINING ABOVE SPOT 5260 ONLY CAN GENERATE SOME SHORT COVERING FOR A SHARP JUMP UPWARDS.

FOR TRADING NIFTY FUTURES ON THURSDAY,  A BREACH OF 5240 CAN SEE NIFTY FUTURE SLIDING TOWARDS 5233 FOLLOWED BY 5225 BELOW WHICH IT MAY SEE LOWER LEVELS OF  5215 OR EVEN 5200. SIMILARLY ON THE HIGHER SIDE NIFTY FUTURES MAY  FIND INITIAL RESISTANCE AROUND 5266 FOLLOWED BY 5276 ABOVE WHICH  SOME SHORT COVERING MAY PROPEL NIFTY FUTURES TOWARDS HIGHER LEVELS OF 5280 OR EVEN 5290 TO LOOK FOR THE PSYCHOLOGICAL LEVEL OF 5300 BUT ONLY TO BE HAMMERED OUT OF SHAPE FROM THERE TO BE SHUNTED  DOWN TOWARDS THE  LOWER LEVELS AGAIN.