AbhishekHSinghCMT

Bank Nifty- Double Top Story of 2010-2013 Cycle Will it repeat?

Short
NSE:BANKNIFTY   NIFTY BANK
26
I am not changing my bearish stand from earlier updates-yes the counts have changed but the outcome is same.

The rally from 3315 in year 2009 made a fresh high 13300 in late 2010 which was retested in 2013 by a high@13415 approx.

It is a super bullish count for Indian Markets but not immediately as likely it could repeat the story of double top which was done in 2010-2013.

Initial double top (Year 2010-2013) we had in wave-(2) which was formed as W-X-Y sequence(red wave). A possible scenario which can repeat in 2015-2017 but this wave-2 within larger wave-(3) again can take the form of W-X (which is close to finish or finished@21042 recent high) & we expect wave-Y down to finish wave-2 .

Duration 1022 Days
Likely it should take same duration as it did for larger wave-(2) - 1022 days, so BN could go into late 2017 or early 2018 to finish smaller wave-2 (Green wave) within Wave(3).

Trading Strategy (Very Important Question)

However fascinating it is -one should never get carried away -which is my mantra of trading- confirmation - so, wait- Let the market puke- it spreads like wildfire- "You heard Market Puked - Is it true -Market Puked" - then you know bears are coming back.

Have a nice weekend!!!


Trade active: 17:27 Hrs 27th Feb2017

Last Price@20613

Wow! It was a nice fall in the day. 200-225 points fall from 20820 to 20585.
Trade active: 09:52 Hrs 28th Feb2017

Last Price@20618

Intraday Trading Strategy-

Holding 20650-20675 on top if it goes below 20600 likely can test the gap of 20350-20375 as a target zone or

If goes above 20650-20675 then bounces upside for 100-150 points for target zone 20825-20850

Trade active: 11:51 Hrs 28th feb2017

Last price@20585

The recent dip till 20550-20565 look to book or exit once goes above 20650 it could rush upside for 20825-20850.
Trade active: 14:16 Hrs 28th feb2017

Last Price@20622

It turned exactly from 20550-20565 - Risk Takers have zero risk of buying if shoots -goes into 20825-20850 as suggested above.
Trade active: 15:13 Hrs 28th Feb2017

Last Price@20582

Taking long positions home has risky as markets never allow to cut your trades in case of a gap down & we are trading a counter trend move which will give required push if crosses 20650 for desired zone 20825-20850 - we are interested in a larger move & we will not hurry to judge the medium term direction.
Comment: 15:27 Hrs 28th feb2017

Last Price@20640

Market is about to end & it starts moving upside- from 20580's to 20640. Sometimes- "market pe bahut gussa aata hai"
Trade active: 09:37 Hrs 1st March2017

Good Morning!!!
What a day to start with a green candle.
Last Price@20803

Day's High@20833 was just shy of the upper zone of the target 20850- hope -you guys have booked profit in early session. Intraday we got opportunity from 20690-20700 zone for target 20825-20850.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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