Target Zone - 315 to 318 The choppy zone below which formed & Adani ports turned upside.
What a fall from 355 to 318 - Result Got Upside to 335 & Fall from 335
Earlier Update- Long Term Picture
Key Resistance Zone 335-336 -has been respected so far -expecting ports to kiss 318-320 Target Zone.
Fresh Entry should always be taken close to 335-336 so that you lose less & never jump in running train.
We got opportunity twice in the zone 333-335 since it opened for trading this morning where we lose 2 points but gain is 15 -16 points downside in the tripple bottom support zone of 315-318 -giving us risk reward 8:1 which is amazing as Industry Standard is 3:1
Going below 324 - it will continue to 315-318 expected zone.
Struggling below 330. It went below 330 to take the stops. Above 330 it can attempt again 334-335 zone
So we will take sell in that zone.
Awesome -between positive index -adani went close to 333-335 zone as expected bounce from previous update & falls.
Going below trendline -It will crack more- we are riding the ports from day high.
Lock your profits at current price of 328.50 & we shall sell below 326.50 later -going below 324 also will put into more pressure.
Look the bounce post profit booking
Double Mini Top in 331-332 recent looks for topping currently- going below 329 -it will continue its fall.
There is a triangle within a triangle - e wave is appearing to form triangle itself.
Safe Traders - Sell below 328
Risky Traders - Sell at every bounce - Crtical Zone 335-336 - If that zone taken out -it will go up else we are still open for 318-320 target zone next (holding 335-336 Zone on upside)
Last Price 331
Turned again from day firstname.lastname@example.org - We were suppose to sell again between 333-335.
We are in the trade again.
Likely breakdown is expected once it goes below 328 as well.
Now, you understand key level328 -just turned -risky traders could have booked & traded this up move as well but you need to be superfast to take such trades.
Testing Patience against 335-336
Likely e-wave has taken itself a form of triangle - I am looking such move for the 1st time & rare occurrence- If it falls -havoc will be created on Adani ports. Kidding.
Hold yourself. Going below 328 next- we should travel down.
Turned exactly from 328 - Patience - Break of 328 will take it down.
Tripple Bottom Target Achieved at 318.30 - Fall from 333 - Amazing
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ