MARKETS FOR 28 AUG 08:--   THE CLOSING OF INDICES ON WEDNESDAY INDICATES MORE WEAKNESS TO FOLLOW IN COMING DAYS. THE ONLY SAVING GRACE IS THURSDAY BEING EXPIRY DAY, MARKETS DO NOT OBEY ANY CHART OR RULES. THE DESIRES OF OPERATORS ONLY PREVAIL ON EXPIRY DAY. INABILITY OF REACHING 20 DAY MOVING AVERAGE AROUND 4425 AFTER BREACHING IT ON 18TH AUGUST AND CONTINUOUSLY BOMBARDING 50 DAY MOVING AVERAGE CAN EASILY CRACK 50 DMA TO GIVE WAY FOR FURTHER FALLS IN COMING DAYS. SO ON EXPIRY DAY ANY THING CAN HAPPEN, NIFTY MAY CLOSE AROUND 4300 OR 4400 OR EVEN AT 4200 DEPENDING ON WELL COORDINATED PLAN OF OPERATORS. HOWEVER THE DAYS THAT MAY FOLLOW THE EXPIRY DAY ARE CERTAINLY GOING TO BE DEVASTATING.

IN THE HOURLY CHART ABOVE, NIFTY FINDS MAJOR RESISTANCE AROUND 4338 TO 4350 LEVELS AND IN CASE SUPPORT AROUND 4282 IS BREACHED, IT CAN EASILY SLIDE TO RECENT LOW OF 4248 THEN TO 4222 AND FINALLY TO 4200 WITH A LOSING BATTLE AROUND 50 DMA AT 4266 LEVELS. BEARISH SLINGSHOT FORMATION IN THE MACD INDICATES BIGGER FALLS IN THE DAYS AHEAD .TRADERS ARE ADVISED TO SHORT NIFTY SEPTEMBER FUTURES, WRITE SEPTEMBER 4500 CALLS & BUY SEPT 4300 & 4200 PUTS  ON EVERY OPERATOR DRIVEN RISE OF INDICES ABOVE 4340 TO 4350 LEVELS AND HOLD THESE POSITIONS FOR GOOD GAINS IN SEPTEMBER 2ND WEEK. 

MORNING UPDATE AT 8 AM 28AUG 08 :-- IN SPITE OF CRUDE RISING TO NEAR $119 LEVELS, DOW WAS RISING AND FINALLY CLOSED AT 89 +VE, EUROPEAN MARKETS WERE ALSO +VE WITH UK FTSE CLOSING WITH 1% GAIN, BRAZIL WAS UP BY MORE THAN 2%. SO WHERE DOES ONE FIND THE ADVERSE RELATIONSHIP BETWEEN CRUDE & EQUITY MARKETS? ASIAN MARKETS HAVE OPENED MIXED AND ARE LIKELY TO TURN +VE AS DAY PASSES. FOR INDIAN MARKETS, EXPECT A DULL DAY IN THE FIRST HALF TO BE FOLLOWED BY HIGH VOLATILITY DURING ENDING HOURS.WITH INFLATION NUMBERS  LIKELY TO RISE & LONG WEEK END OF US MARKETS, TRADERS ARE ADVISED TO AVOID CARRY OVER TRADE FOR NEXT DAY. BITTEN DOWN STOCKS LIKE TATASTEEL, SUZLON, RELIANCE,WELSPUN GUJ  ALONG WITH BANKING PACK MAY SHOW SOME FACE SAVING RECOVERY TO HELP THE INDICES & PREVENT FURTHER FALL ON EXPIRY DAY. AGAINST ALL INDICATIONS OF FURTHER FALLS, INDICES MAY CLOSE +VE TO SURPRISE EVERYONE.

INTRADAY TRADING  LEVELS FOR INDICES 28 AUG 08 (FOR SUBSCRIBERS)

FOR INTRADAY TRADING ON  28 AUG , NIFTY SPOT MAY FIND  INITIAL SUPPORT  AROUND 4282   LEVELS. BREACH OF  4280 CAN TAKE NIFTY STRAIGHT TO  50 DMA AROUND  4266 LEVELS .  BREACH OF 4266  CAN TAKE NIFTY TO 4250  FROM WHERE  SOME TEMPORARY PROFIT BOOKING  MAY EMERGE . HOWEVER UNABLE TO SUSTAIN ABOVE  4266 OR 4248 CAN  SLIDE  NIFTY