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.
Trade active
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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.
Comment
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18:27 Hrs 2nd Jan2017
Sorry- Typo error-- "2nd Jan2017" got a habit of writing 2016
Trade closed: target reached
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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.
Comments
sudhakar.bng93
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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
WaveTalks
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@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.
sudhakar.bng93
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@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
WaveTalks
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@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.
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