If I Can’t Have You Right Now, I Will Wait, Dear
Few weeks back it made a high@431 - had started falling but it was not a convincing fall to 403 & pushed upside slightly above 430 levels making new high@438.
So, I am asking a question to myself is this the fall which we were waiting for a long time almost like a year as mentioned below in previous update & we have started the same by falling from 438 highs to 395 low in the last two weeks combined.
Update on 1st Jan2017
As suggested below in the comment section to Mr. Asif - Next weakness can continue only below 395 else we look for a bounce which gets confirmed if it starts moving above 400 & holds above 400.
Bounces as expected from lower levels of 398
405 is another psychological level & we shall book partial profits in the bounce buying at lower levels of 398.
Falls from top close to 405.
See Bharti turning from exactly 401 - just recent low - trading with stops below 400 we can look for a bounce above 405 -407 zone
These levels are to be traded as they have less risk -just losing 1-2 points & gain is 4-6 points upside.
Above 401 we are looking for 405-407 as the next target zone.
Got a chance after gap up opening in the zone 403-404 - we are looking for 405-407 likely upper touches for the day soon.
Rejection Zone 407.50-408.50 - Once Bharti gets next chance to touch 407.50- 408.50 & unable to cross -then book profits & take rest - downside if we get a chance 395-400 zone then we look to buy again for targets 410-415 later.
Picture at 09:35 Hrs
We will avoid buying anymore as it seems that larger degree correction has started downside.
So any bounce we will exit buy positions & look to sell later. Wait for the bounce upside
Bounce from 395-400 zone & going above 402.50 we will expect 405-408-410 Next.
Here we go from 398 again upside as suggested in morning above.
Now, trader has to trail the stop loss to cost price@399 because going below 398 it will surely fall.
We are close to 375 mark where it bounced sharply last time - if we go below 370-375 zone - more weakness can set in for 365-355 target next.
Need to keep watch on Nifty where selling pressure can be seen below 9900 mark -if sustains.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ