AbhishekHSinghCMT

Bank Nifty 2016 Diary- Tricky 17828- 18443-18740

NSE:BANKNIFTY   NIFTY BANK
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Going below 17828- Bulls have to take care as we should not fight the markets & move along with markets which shall be the path of least resistance.
Against 17828 support- BN can attempt for 18440-18500 & Should take long calls if 18740 is crossed in coming sessions ahead.

Overall The structure is bearish unless 18740- tricky level is crossed in next few sessions

17828- Key Support

This is how we moved in 2016

Simple Support Area 19730-19750


Magical Channel- Looking left & Trading Right


A roller coaster ride of 2000 points & Next IT Raids


Bang on for start- Surprise U-Turn- What Next?



Let us start in the bear camp



Hitting the bulls eye for 600+ points fall to 17962


Moves down only below 17700 & Happy Jan2017 Series.

Jan 02
Trade active: 18:27 Hrs 2 Jan2016

Last Price@17969

Bounce above & very close to 17828- made day's low@17844 -jumped upside Intraday 200 pints to 18040-18050 - finally to settle down at 17969.
Jan 02
Comment: 18:27 Hrs 2nd Jan2017

Sorry- Typo error-- "2nd Jan2017" got a habit of writing 2016
Jan 10
Trade closed: target reached: 11:21 Hrs 11th Jan2017

Last price@18675

Closing the Trade on Happy Note - Shall continue the new post. "17828- Super Level- did you use it"

Experience
Key Level - 17828 - when I see that level -I feel so nice & excited as we got attempts to buy in BN respecting that level -one was very close 17830 - next opportunity it was 17868 (During 2nd low -it tested the patience for all of us) but I was adamant unless it 17828 breaks -I am not leaving the trade- which I did.
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - India
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Hello Abhishek
I see that you have put things as "Trade Active". So what was the entry point? Is that Short or Long trade? I assume that it's a long trade with SL of 17828 and target of 18400. Am i right? My analysis based on gann turn (that i expect on or before 4th Jan) is completely in line with your chart analysis, tricky zone 17900, target 18400, SL 17900. Else breaking 17900, will take banknifty to 17800-17600 levels. Can you let me know your comments based on your chart predictions?

thanks
sudhakar
Reply
AbhishekHSinghCMT sudhakar.bng93
@sudhakar.bng93, Hi Sudhakar, My Most of the analysis considers key point or levels -3 levels were mentioned 17828-18443-18740 so once BN came close putting a stop below 17828 (yesterday it came to 17844-hardly 20 points risk-jumped 200+ points to 18040) -one could have taken long call for Intraday session or if they want to hold it, but make sure these levels should not be violated & Intraday sometimes these levels may give decent trade opportunities while long term wise -markets are so tricky that we lose these opportunities- if at times we get -it will be wait & watch game.
Reply
sudhakar.bng93 AbhishekHSinghCMT
@AbhishekHSinghCMT, Thanks For your comments. But based on the levels, how is the entry actually decided? It will be helpful if you can give a bit more insight on this, so that i will try to test this in my algorithm to see its impact.
thanks
sudhakar
Reply
AbhishekHSinghCMT sudhakar.bng93
@sudhakar.bng93, Supports are points which are considered to be bought & resistance always to be sold & if you get trades very close to these support or resistance levels -taking a small risk can always give decent Intraday opportunities & you should plan your trade like keeping some positions for long term & short term, but markets are tricky in case of correction which currently both the indices are doing in present so long term opportunities opens only when levels like 7890-7900 are broken downside or 8600 broken on top side. Algos also could be trapped in corrections. As Market evolves everyday so it's a huge pain to have algos -which involves everyday check- which makes an impossible task.
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Thanks.
Reply
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