Maruti could be on reversal from tops@5658 -it took out the channel marginally but reversed back within the channel so going forward below 5590- Maruti could be in pressure or wait for a bounce back between 5635-5645 for taking sells with stops above 5658.
Target Zone We could be open in 5300-5325-- Below 5300 for 5050-5100 - Below 5035 Double Bottoms- Bhagwan Bachaye.
Trade active
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19:26 Hrs 9th Jan2017
Closing Price@5675
Lost 15 points & stop loss got hit -after a long time - entered in pullback for short trade between 5635-5645 with stops at 5660.
Likely, I will wait to see further price action & shall come back again
Comments
ManojDagia
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Hi Abhishek,
can i sell maruti now.
WaveTalks
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@ManojDagia, There is no confirmation yet-likely it is better below 5590 only.
sanjoy.bose.it
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Thnx for the follow up @AbhishekHSinghCMT
anupminj7
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OK
shiv2798
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the candlestick price action is rejected for further high move , I will drop to 5500 or slightly near to 5500
Lets wait and watch sir
Shivakumar
WaveTalks
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@shiv2798, it will be better if moves below 5590 & sustains.
sanjoy.bose.it
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Thnx for the post, so, if Maruti spot comes below 5590, one should take a short position and wait around till 5300-5330, right? I'm just trying to verify my understanding of your post.
WaveTalks
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@Sanjoy.bose.it, Yes- but always take care financial instruments never move in straight line.
sanjoy.bose.it
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@AbhishekHSinghCMT, Sure and many thnx for the same.
sanjivt
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Dear Abhishek, IMHO, even if we assume W-X-Y structure, Y leg is still not complete and we should see 1-2 higher highs after intermediate consolidations.
can i sell maruti now.