I am not regular writer of instruments & always wait at sidelines unless I am clear what I am writing. Bank Nifty is likely into pressure from today's high@18711 which could be another 1st wave downside in more bearish scenario of the market as one of my several counts which I am opening now in this post.
From highs@19611 - I have an alternate count as another series of down wave & likely in 5th wave of 2nd series, which will complete 61.8% target zone 1-3 wave distance at 17930-17950 zone
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12:42 Hrs 1st Dec2016
Recent Low@18447
Current Price@18520
Likely safe traders sell below 18440's as BN will waste time here in the zone of 18500-18700
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13:00 Hrs 1st Dec2016
Last Price@18500
Kindly Traders who have taken short remember to cut their trades or book losses if BN moves above 18610- risk of 100-120 points & Gain of 500-550 points. If breaks recent low 18440 then it will be nice for down move & next halt could be seen between 18180-18200 zone of double bottom where profit bookings can come & going below that it will be down till 17930-17950 zone.
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09:25 Hrs 2nd Dec 2016
Last Price@18239
Recent Low@18197
Bang on Target for kissing the previous double bottom -Take a tea break & let us start back after it falls below double or triple bottom.
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11:21 Hrs 2nd Dec2016
Last Price@18250
Recent lows between 18180-18200 look -how you could play with supports- double bottoms -triple bottoms & make some money in between-
The pullback to 18350-18400 zone cannot be denied
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14:12 Hrs 2nd Dec2016
Last Price@18263
Recent High@18489
Bang on for the Bounce as expected - I said bounce cannot be denied in the previous update- look it bounced to 18489 & dropped as well - What a ride--Amazzzzzing
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23:15 Hrs 4th Dec2016
Last Price@18267
Price rejected from 18500 in 2nd Dec2016 has sharp spikes on upside suggesting that sellers have joined in numbers to ride BN for an upcoming move.
Going below 18150-18175 & if sustained below the zone it could push Bank Nifty down to 17900-17950
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12:06 Hrs 7th Dec2016
Last Price@18525
Waiting for RBI Policy
Enjoyed the Double Bottom- Triple Bottom in the zone 18180-18200 till current highs couple of times hitting the zone 18500-18550
The time has come to be careful- Buying will be risky & can trap- Likely not favorable buy setup & post or pre RBI policy - it could hit upside 18590-18650's & once it starts moving below 18450 & holding below that will be our clue that BN wants to move down & going below double-triple bottom 18180-18200 is definitely bearish which can push BN to even 17600-17700 zones.
Alternate scenario, if buying at current levels of 18500-18550 should hold with 18450 else it is risky.
Comments
nirav5
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Thanks Abhishek. Will be careful in going long.
WaveTalks
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@nirav5, Keep your eyes & ears open- if Nifty fails to drop below or sustain below 8200- one can carry their long positions.
WaveTalks
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@nirav5, Here we go 600 points Bank Nifty- Bang onnnnnnnnnnnnnnnnnnnnn for move-------18588 to 17962 -1st slot
nirav5
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@AbhishekHSinghCMT, Killer move. I didnt go for long. Man you again 'Chhaap Dala' :)
WaveTalks
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@nirav5, Yes chaaaaaaaaaaaaaaap dala ---Can't believe this ........awesommmmmmmmmmmmmmmmmme
Boult2100
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Boult2100
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Thanks Abhishek for your views! Here is my take: For BankNifty, 38% retracement till 17800-900 ( of the entire upmove from 13400 to 20575) is pending in this leg of correction, currently hanging in between. 200 SMA is also around 17800. So 17800-17900 is likely to be touched, breaking below recent swing low of 18150-200, trap all the bears & move sharply from there. :-)
@theeye, I am executing same time & updating here -it's tough, but I manage- I don't want anyone to lose their hard earned money. Sometimes even I get trapped which has no solution- In that case I have to take losses & exit -it's a part & parcel of the game.