Suggested in the previous video idea
Trade active: 09:55 Hrs 11th April 2017
Falling Sharp - getting a chance to sell in 545-550 - you can look for 520-525 zone as target.
Pattern invalidates only above 551 -which should be set as stop
Pattern has invalidated as moved above 551 - in this case we are open for 570-577 target zone upside.
Fresh selling should be taken only below 545 levels.
If you get a move upside to 570-577 - Very good else it could dip in opening gap of 547-549 to confuse all of us - holding that opening gap of today morning(which can act as support) -it will reach to upside target of 570 -577
Selling is only advisable below 545 or once it moves in 570-577 zone where it will face earlier double resistance of 577 - next biggest hurdle.
Sharp dip in 543-544 close to 545 levels we can't take short unless it sustains below 545 as suggested earlier.
See -I am very clear in putting the levels - I said at 10:04 Hrs above - it could dip in opening gap 547-549 to confuse all as to trade which side -trapping both bears & bulls.
It dipped to 543-544 which is close to 545 levels slightly below opening gap - even before I said @9:28 Hrs - we will consider fresh selling only below 545 levels on sustained basis.
No selling if it bounces above 545 as late comers will get trapped downside - market did the dip as it wants to move upside next which will be clear once it starts moving above 545 levels & sustain above that level.
Last Price @542
After this shocking dip - we are now open for upside which has minimum target of 555 & Above 555 for 570-577 next targets.
This is what has happened & what we are expecting next above 545 - fulcrum level for us.
Bearish Bat Turned into Alternate Bearish Bat & Gave shockers from 555 to 539 lows.
Our confirmation clue for Axis to move upside is 545 levels once that level crosses - that will sign that bottom is in place & we shall look upside as suggested above.
Last Price@538 - 539
We are expecting this candle to be bullish hammer which is a bullish candlestick pattern if 536 lows is protected & crossing of 545 shall confirm that bottom is done.
Hammer candle has long shadows & small upside body where selling is rejected by buyers because buyers are interested to take buy positions giving that stick like image below candle body or we call this hammer handle.
Have a nice weekend- session was volatile. I chose to remain in markets so that I can provide my experience to all. Take Care
In view of unfortunate attack on syria- we will be little cautious & take care if Axis starts moving below 540 & stays below that level - can slip to 525-530 zone where next set of support could be seen.
Axis is looking for support in 535 -537 zone so no need to panic.
To be safe bet for bulls will be only if 538-540 zone is crossed on upside from present levels else break of 535-534 zone will likely travel to 530 & 525 levels.
535 - 538 is no trading zone.
Safe level 538 crossed giving some hopes to bulls - we have upside space or room for 570 - 577 as target which could be maximum travel upside so we likely hold with 534-535 as key support - no buy trades below 534-535 zone
Next Target - 555
Next Support is 534-535 zone
Below 534 - I said no buying - short term weakness till 529 & below 529 for 525 - for 3-5 days looks to be neutral to positive view.
Any sustained move above 534-535 -shall be the initial clue for upside.
Finding hard to cross 534-535 zone which is the initial clue for upside - if it fails to cross the zone upside - intraday giving downside room till 529-530 & below 529 for 524-525 zone after which bounce could be expected as suggested for 555 & 570 zones.
Got a short downside move to 532.50 below 535 - Book Partial profits & wait outside as any any move above 535 should be early indication for upside.
Here comes the first sign for bulls - 535 crossed
Recent Low @530
Waiting Outside@ 532 & Turning the gears right in time could give us a plus.
12 - 15 points up from 530 lows - Enjoy!
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ