Analysis based on spot price.
532 has been tested twice in last one hour of trading & in the zone 530-533 as suggested above in main update, so we are in the trade - waiting for market to show the direction ahead.
Shall Trail the stops to cost as well @533+ Be very strict in risk management -if you are not getting good trade atleast don't lose anything.
Traveled above 533 - making new firstname.lastname@example.org
Safe Traders - Exit taking minimum loss of 1 -2 points whereas Risky Traders should sell with stops above 537
Safe Traders should join below 528 lows for lower targets
Pressure Started for Axis- Waiting for Markets to support for desired downside direction.
Book partial profits In Axis Bank as Bank Nifty is strong above 24900 levels - looking upside
Bank Nifty -Current price@24940
Last price@530 - Axis Bank
Last Price @24844- Bank Nifty
Sudden fall in Bank Nifty below 24900 levels forces axis bank also
Bank Nifty Last Price@24685
Axis Bank Last Price@529
What a fall below 24900 levels hardly given any time - Time was given to Axis Bank where it was doing distribution pattern - reaction was seen in Bank Nifty - Wow!
Bank Nifty Chart@14:02 Hrs
The fall of the day below 24900
Nifty last Price@10390
Did "Axis" set the tone for the markets - what a surprise fall for Nifty as well from 10478 to 10377- wow!
528 - Holding for Axis Bank it Jumps sharply to 534+ with Bank Nifty & Nifty back sharp bounce upside.
Axis Picture Holding 528 key level as mentioned.
Last Price@530 - Axis Bank
Cheers Risky Traders Selling at Top@534-535 - This is your day - Market Tanks again from bounce - What a roller coaster ride – Awesome
Sell at tops & book at bottom range till the time it goes in either direction later.
Bouncing again from lower levels of 528-529 - What a day to end.
Take Some Profits in 523-525 zone - we shall later on bounce or sell below day's low @522.50
Tata Motors Update
Box Movement in 350-355 zone - Buy Close to 350 - Strict Stops Below 350 lows for Target 357-359-361 or Buy Above 355 Highs
Axis Bank Last Price -524.50
Bouncing close from day email@example.com - Current low was 523.30 - Have suggested to book profits in 523-525 zone @10:40 Hrs - an hour back.
Looking for bounce upside along with Bank Nifty from lows below 24500 - Later we will check for selling once we get the bounce.
Tata Motors Update
Just dipped below 350 to take the stops - dipping below & bouncing above 350 levels is good enough to hold long positions - safe clue will be once it crosses 351.50 level. This happens to get rid of weak positions or push you out of the trade.
Have patience & look for upside bounce to 357-358 zone
Nifty Update Last Price@10350
Bank Nifty Last Price@24625
Nifty looks to join the Bank Nifty which was expected to bounce from below 24500 levels ( 125+ points at present)
Nifty moving & holding above 10350 - Nifty to bounce for 10450/10460 -10500 target next
Axis Bank Last Price@529-530 - Picked the Bounce from 523-525 zone - lows of the day
Tata Motors @352 - Got the bounce from 350 levels as expected
Bank Nifty @24700 - Got the Bounce from 24500 levels - 200 + points
Nifty @10380 - Got the Bounce from 10350 levels
Bye ------------Closing ---------------------Bye
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ