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
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.
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
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.
Jumps Sharply from 8530-8540 to 8658
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ