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
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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
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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
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13:09 Hrs 1st Feb2017
Recent High@8658
Jumps Sharply from 8530-8540 to 8658
Comments
dmdindia
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CHANGE IN NIFTY WAVE COUNT? LONG TERM VIEW.
agilram
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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...
vishnuvnair
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Nifty forms bullish engulfing, r u still bullish on Nifty, any possible resistance level ?
WaveTalks
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@vishnuvnair, Yes, it is positive & market will confirm the downside once it starts moving below 8500.
vishnuvnair
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@AbhishekHSinghCMT, Thanks
bibz4trade
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reaching 8670 range
WaveTalks
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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.
bibz4trade
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@AbhishekHSinghCMT, sure
Regards
Bibin
sanjivt
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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.