It is still moving in a choppy manner, but taking risk of 235 -trader could have taken long positions -when it hit recent low@246 against losing 10 points -trader could have gained 50 points -where it travelled to recent high@292. You will always have to take risk to gain but in a smart manner.
Trading Strategy
Scenario-1 Risky Scenario If the gap is sustained or taking stops below 270 -one can look for an upside push in the zone 295-300 zone.
Scenario-2 Let the bank move above 287 & sustain above 285 then trade for 295-300 zone as target zone.
Scenario-3 Moving below 235 -long time support can open more on downside taking into 150-160 target zone.
Previous Update Looking for C-wave below 235
Comments
ChintaX
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Hi, I am glad you are covering ICICI......... i had taken a long position on Friday at 280.... but for some reason just fell off the cliff at the opening in the morning........ never recovered....... can i continue to hold?
WaveTalks
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@ChintaX, 270-272 is key zone -if it holds then likely it pushed upside but need to be careful as it is late in this choppy trade upside suddenly it will start falling without any notice.