AUGUST NIFTY SPOT HAS BREACHED THE 24TH JUNE SWING LOW OF 5566 BY MAKING A LOW OF 5521 AND HAS ALSO CLOSED AT 5542 BELOW THE SWING LOW F 5566 SPOT. NOW ONE SHOULD BE REASONABLY SURE TO SEE ANOTHER DAY OR TWO OF FALLS TO TEST 10TH APRIL SWING LOW OF 5477 & A DECISIVE CLOSE BELOW IT WILL SPELL THE END GAME FOR THE BULLS THAT MAY DRIVE DOWN SPOT NIFTY TOWARDS SUB 5200 LEVELS DURING THE MARKET DROWNING MONTH OF AUGUST ITSELF. SO KEEP A STOP LOSS ABOVE THE SPOT NIFTY LEVEL OF 5762 WHICH IS THE HIGH OF THE INSIDE BAR SET UP FORMED BY PRICE ACTION OF 2ND & 5TH AUGUST. SAFE TRADERS MAY EVEN KEEP STOP LOSS ABOVE THE 7TH NRB CANDLE OF 5TH AUGUST AT 5721 AND USE EVERY RISE TOWARDS 5700 OR EVEN TOWARDS 5656 SPOT LEVELS TO TRADE SHORT & HOLD THE SHORTS TILL STOPPED OUT.
WHENEVER NIFTY FUTURE ENJOYS A GOOD PREMIUM TO SPOT NIFTY, NIFTY WILL CONTINUE TO FALL TILL SUCH TIME THE PREMIUM IS CONVERTED IN TO A DISCOUNT. PRESENTLY FOR LAST 10 DAYS SINCE JULY EXPIRY, NIFTY AUGUST FUTURES ENJOYS THE HEAVY PREMIUM TO THE SPOT & SEE HOW BOTH THE INDICES CONTINUE TO SLIDE. THE GOLDEN CROSS BETWEEN 50 DMA & 200 DMA HAS BEEN TRIGGERED AROUND THE CRITICAL LEVEL OF 5848 & UNLESS THERE IS IMMEDIATE ACTION BY THE BULLS TO LIFT THE MARKETS UP, THERE IS EVERY POSSIBILITY OF NIFTY BREACHING 5477, 5225 TO SLIDE FURTHER TO BREACH 5000 MARK EVEN DURING THE MARKET FRIENDLY MONTH OF SEPTEMBER.
WHENEVER NIFTY FUTURE ENJOYS A GOOD PREMIUM TO SPOT NIFTY, NIFTY WILL CONTINUE TO FALL TILL SUCH TIME THE PREMIUM IS CONVERTED IN TO A DISCOUNT. PRESENTLY FOR LAST 10 DAYS SINCE JULY EXPIRY, NIFTY AUGUST FUTURES ENJOYS THE HEAVY PREMIUM TO THE SPOT & SEE HOW BOTH THE INDICES CONTINUE TO SLIDE. THE GOLDEN CROSS BETWEEN 50 DMA & 200 DMA HAS BEEN TRIGGERED AROUND THE CRITICAL LEVEL OF 5848 & UNLESS THERE IS IMMEDIATE ACTION BY THE BULLS TO LIFT THE MARKETS UP, THERE IS EVERY POSSIBILITY OF NIFTY BREACHING 5477, 5225 TO SLIDE FURTHER TO BREACH 5000 MARK EVEN DURING THE MARKET FRIENDLY MONTH OF SEPTEMBER.
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