AbhishekHSinghCMT
Long

Nifty- Awesome Jump from 8330 to 8570 (Back 2 Back)

NSE:NIFTY   Nifty 50 Index
667 17 11
Recap- Happy Republic Day Analysis
From Previous update suggested that gap zone of 8295-8320 to act as a support-

Well it was indeed a pleasure to see Nifty             opening close to gap zone 8327 & bouncing to 8390-8400 in 1st Attempt, Then later as the market moved -took short with modified stops of 8410 where Nifty             made day high 8404 & slipped to 8350-8360 zone- clicked in 2nd Attempt

Finally jumping back again in long positions at 8375 for Intraday Target 8400- 3rd Attempt

Next Day- It was Up-Up & Away! For 8570 targets as mentioned- yes, we exited early- No problem- sometimes it is good to book profits are happy.

Use the load bar feature on charts to see how markets moved post analysis

Happy republic Day Analysis


What Next?
Likely Holding Above 8550 Nifty             pushes upside to 8625-8650 zone. 8672 could be possible top. Surely if Nifty             goes into the zone 8625-8650 & 8673 top is intact, then going below 8600 selling could be taken again with recent high as stops, which should be below 8673- as that will be a critical level for us going forward.



Trade active: 11:15 Hrs 1st Feb2017

Last price@8565

As 8550 was taken out on the downside -likely chances are Nifty could come down in the zone 8500-8525 -If holds, then we can expect a push in the zone 8625-8635 keeping in mind Nifty should not spend more than 5-10 mins below 8500 otherwise it will be risky buy call.
Risk of 20-25 points & gain of 100-125 points in the zone 8625-8635
Comment: 11:35 Hrs 1st Feb2017

Last Price@8569
Patience _ I always tell is the key to trading -so do not rush in any trade. Give sometime to markets -let them settle down.

Likely there is a support between 8500-8525 which we will observe for any trades for today's session.
Trade closed manually: 13:09 Hrs 1st Feb2017

Recent High@8658

Jumps Sharply from 8530-8540 to 8658
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
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India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
CHANGE IN NIFTY WAVE COUNT? LONG TERM VIEW.
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very good analysis...all the best for excelling yourself more and more. i have not traded. however, happy to see yours...
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Nifty forms bullish engulfing, r u still bullish on Nifty, any possible resistance level ?
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@vishnuvnair, Yes, it is positive & market will confirm the downside once it starts moving below 8500.
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vishnuvnair AbhishekHSinghCMT
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reaching 8670 range
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@bibz4trade, No Selling Trade That's why closed on the jump which I expected from 8500-8520 zone. Otherwise, I would have continued in the post. Let me see - Shall comeback with new update.
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bibz4trade AbhishekHSinghCMT
@AbhishekHSinghCMT, sure
Regards
Bibin
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IMHO, we completed the first impulse down.....now in wave 2 that could retrace between 8600-8620 before resuming the downside.
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What is IMHO?
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