Bank Nifty- Classroom - Spinning Top Candle@18890 -Target@18475

1931 45 25
4H Chart(4 Hour chart) or 240 mins chart

Closing Price@18809

There is a spinning top candle at the closing session having day high@18890---Open@18801---Close@18809--- Low@18785

Spinning Top Candlestick Pattern
When there is a small gap between open & close (small real body) for the session & prices get rejected from the top is known as "spinning top candlestick" -Its a single candlestick pattern & very strong pattern for reversal.

In the present case the last candle for the day opened at 18801 & closed at 18809 hardly a difference so we have a small real body between them & a big wick or shadow on top or upside-suggesting that sellers became active for last session of the day & taken over buyers so-we got a wick on top.

Gap as Target Zone

We have an unfilled gap as of today@11thJan2017 between 18440-18515 likely post trade execution & keeping strict stops we will look for this gap as our target zone.

Trading Strategy

Safe Trader
In tomorrow's session - we will wait to see if any bounce happens & in that bounce obviously should not take out recent high@18890+ & when this happens then we wait for price to start falling back below 18800-which will activate the sell call with stops above 18890 -- Targets mentioned above

Risk Traders
They can take selling if the price bounces close to high@18890, but fails to take out the high. Then, keeping stops above 18890 - initiate the trade for 18450-18490 zone. So, you need to judge where to sell keeping in mind 18890 levels.Targets mentioned above

One should also book in between or trail the stops if price starts moving in the desired direction.

Trade active: 07:51 Hrs 12th Jan2017

Apologies! to all

There is a big mistake in the name- It is "shooting star" instead of "spinning top" In spinning top has almost similar size wicks or shadows on upside or downside but definitely should be bigger than real body.

Here, Lower shadow is negligible as compared to realbody size so a powerful pattern- "Shooting Star"
Trade active: 10:02 Hrs 12th Jan2016

Last Price@18865

Day's High@18965

Falls Sharply from day's high- went upside to take stops. We still wait for confirmation- hold yourself.
Trade active: 11:52 Hrs 12th Jan2017

Last price@18853

Day's High@18965

Day's high holding so far - most likely we will be taking a short side trade today.
Trade active: 12:03 Hrs 12th Jan2017

Last Price@18853

Going below 18800 -it should sustain down & cannot jump back upside- so one should wait for selling below 18800-if sustained for 5-10 mins or it bounces from 18800 close by zones to 18900-18930 zone -there look for reversal signs or selling with strict stops above 18967-Day's High.
Trade active: 13:45 Hrs 12th Jan2017

Day High@18965

Last Price@18875

Sold right at the top between 18920-18930- Trail your stops at cost -was a risky call going below 18800- we see more weakness to come.
Trade active: 14:47 Hrs 12th Jan2017

Last Price@18875

Doing sideways between 18920 to 18820- Weakness can be seen only below 18800 as per above update.

Price testing trader's patience - welcome to the real world of trading- first thing one should learn in the markets is "psychology"- Study human mind- emotions which is the real enemy or obstruction in the path.

If you can beat your emotions -no one can stop you, but efforts are required to control emotions- example- Captain cool- The Legend--M.S.Dhoni
Trade active: 09:51 Hrs 13th Jan2017

Last Price@18855

Strong Support Zone 18750-18800 - Market has not corrected as expected, but doing a timewise correction that indicates the upside trend continues above 19000. In between it will be buy on dips & sell on high- Any sustained move above 18970 & crossing 19000 shall take BN to new highs.
Trade active: 10:11 Hrs 13th Jan2017

Last price@18845

Jumps above 18800 making low 18803 should be careful- BN should not dip below 18800 marks- kind box movement as buying on dips & selling on highs unless either side gets broken to show us the way.
Trade active: 10:19 Hrs 13th Jan2017

Last Price@18810

Broke 18800 marks -we will wait to take sell only if sustains below 18800 so avoid positions here- it is choppy at the current moment.
Trade active: 10:26 Hrs 13th Jan2017

Last Price@18800

Sustain means 5-10 mins below 18800 then it will give confidence in selling trade else it chops the trader.
Trade active: 10:54 Hrs 13th Jan2017

last Price18855

Its a choppy move in the box between 18800- 18970 so book 50 points here -if bought & try to re-enter again at bottoms.
Trade active: 11:40 Hrs 13th Jan2017

Last Price@18885

Now we will look for a buying opportunity in the zone 18820-18840 with stops below day's low@ 18780
Trade active: 13:00 Hrs 13th Jan2017

Last Price@18883

BN is doing time wise correction instead of price correction wise correction suggesting that some room is left upside.

Trading Strategy
Scenario -1 Buying opportunity either going beyond recent high 18967.

Scenario-2 Next Buying Opportunity can be if BN drops in the zone 18820-18840 with strict stops below 18780-day's low for targets 19000+

Scenario-3 Waiting for BN to drop in the zone 18820-18840 & nut jumping on the running train -my favorite & going beyond 18900 -likely runs upside for target zone 19000+
Trade active: 14:53 Hrs 13th Jan2017

Last Price@18906

Market is choppy wave & can trap traders -do not try to enter in between either bottoms 18780-18800 or Highs selling close to 18967

There was couple of opportunities today -once it rallied early morning above 18800 & selling at 18920-18930's close to top@18967.

You need to trade this way as mentioned below

Hi, take part in buying opportunity in the zone 18820-18840 only keeping bottoms intact @18780's
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Hi Abhishek what's mood on banknifty tell
Ur analysis was right it's up n now what to do

@VimalVashisth, Let me review- I shall comeback
@AbhishekHSinghCMT what to do today?
@abose, Hi Abose- was too busy.
Great learning for this Week & actually impreesed by the fact that you see the BN Short not working and went Long, thats a hard thing to do.
@VikramRajput, So, Bank Nifty moved up -that was nice.
@AbhishekHSinghCMT you my maan, ARE A GENIUS!
@abose, It seems that you made dollars!!!
Wasn't this supposed to be a short strategy?
@Basty, Yes, Market keeps evolving my dear friend- it has taken lot of time Not going below 18800 or even sustaining below indicates that some room is left upside- instead of price correction it has done time correction & range bound movement having strong base at 18785-18800 zone as mentioned - Today's low@18781 so, I even said selling is not ok as BN needs to sustain for 5-10 mins below 18800- which it is not doing so we conclude that sellers could get trapped.
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