Someone rightly said - " Why patience isn’t just a virtue in investing, it’s a necessity for Trading" if you want to survive in the markets for long term.
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
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09:27 Hrs 8th Sep2017
Last Price@398
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.
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11:48 Hrs 8th Sep2017
Last Price@401.70
Bounces as expected from lower levels of 398
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12:31 Hrs 8th Sep2017
Last Price@404.70
405 is another psychological level & we shall book partial profits in the bounce buying at lower levels of 398.
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12:55 Hrs 8th Sep2017
Last Price@402.40
Falls from top close to 405.
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14:35 Hrs 8th Sep2017
Last Price@402
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.
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07:30 Hrs 11th Sep2017
Last Price@403.50
Above 401 we are looking for 405-407 as the next target zone.
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.
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11th Sep2017
Picture at 09:35 Hrs
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12:25 Hrs 11th Sep2017
Last price@399
We will avoid buying anymore as it seems that larger degree correction has started downside.
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12:27 Hrs 11th Sep2017
Last Price@399
So any bounce we will exit buy positions & look to sell later. Wait for the bounce upside
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12:35 Hrs 11th Sep2017
Last price@400
Bounce from 395-400 zone & going above 402.50 we will expect 405-408-410 Next.
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14:54 Hrs 11th Sep2017
Last Price@403
Here we go from 398 again upside as suggested in morning above.
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15:07 Hrs 11th Sep2017
Last Price@403
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.
@Asif.ayyub, we might have a bounce not confirmed yet but going above 400 -yes then it will do aall choppy moves again which can last for 2-3 months & later fall again.
asif.ayyub
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@AbhishekHSinghCMT, thanks a lot for your great insights...carry on the great work that you do!! May the Almighty always bless you!!!
@AbhishekHSinghCMT, I want to ask you one thing, why it's 400 & not anything else, Is there any strong support @ 400 or any fibonacci retrancement level ? Please elaborate.
WaveTalks
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@rajsoneji, My dear friend, You should look my chart very carefully - all important levels mentioned on chart. Your answer lies in the history. Either ways , 400 is a psychological level as well. Let me know if you are able to find the answer or not.
@rajsoneji, See Bharti Turning Upside from 401 exact just now. so these levels are to be traded as they have less risk because going below 400 - it can slip down else bounces back above 405 levels.