AbhishekHSinghCMT
Short

Nifty- No Selling Above 9900- Bearish Harmonic@10034 & Wedge

NSE:NIFTY   Nifty 50 Index
If Nifty Holds above 9900 - Avoid Selling as updated in previous update - Nifty Travelled 10034 as of 10th Oct2017. We are having deep crab bearish harmonic at 10034 - Likely Bulls should book profit & look to sell in 10010-10025 with stops above 10075.

There is a wedge pattern which is forming on both indices Nifty & Bank Nifty & have been chopping upside for last couple of days.

What we have
Wedge pattern(shown in red on top end of the channel) always & almost follows swiftly to the starting point key level - in current case it is 9880 level.
Bearish Deep Crab Harmonic Pattern at Highs of 10034 but PRZ can extend till 10070-10075 Zone on the upside.

How to execute
Either sell below 10000 - 9980 Zone or sell on upside in the zone 10030-10050 after observing that it faces resistance in the zone & holds on upside & falls below 10015 later.

Target 1 - 9880,

Target 2- (Below 9880) - 9800-9775,

Target 3 - (Below 9775) - 9685-9700

Target 4 - (Below 9685) - 9575-9600


Previous Update - USDINR- Nifty -Intermarket Analysis -250 pips & fall from 66.00- (Turned upside as aniticipated from 64.80-65.20 zone)

Oct 11
Trade active: 10:39 Hrs 11th Oct2017

Last price@10061

Our Confirmation zone to trade short is 10000-9980 for safe traders & won't trade unless market indicates weakness or sudden move from the zone 10030 - 10050 downside.
Oct 11
Trade active: 10:51 Hrs 11th Oct2017

Last Price@10065

Harmonic Pattern Becomes Invalid above 10075 - We can only trade if we get some market confirmation else we are not interested to burn our hands.
Zone of 10060-10075 is the testing zone where XA leg completes 161.8% its upper boundary but we have no confirmation of selling.
We either look to sell -if there is sudden reversal from current zone or below 9980-10000 zone which will be major confirmation for shorts or selling.

If you are risk taker & can aford to lose 15-20 odd points then also sell from current zone -if you notice sudden reversal with stops above 10075.

Oct 11
Trade active: 13:33 Hrs 11th Oct2017

Last price@10010 – Cracking down right at the top 10067- Awesome!
Keep booking partial profits in between.

Oct 11
Comment: 13:39 Hrs 11th Oct2017

Last price@10011

Partial Profits - we book on add on lots - keeping 1-2 lots for bigger moves, later trailing your stops at entry price@10065 so we won't lose anything in the trade. This is risk management which ensures that we have win-win situation.
Oct 11
Comment: 13:45 Hrs 11th Oct2017

Last Price - Bank Nifty@24265

Bank Nifty as well cracks 150- 200 points from top@24450 levels. Wow!
Oct 11
Trade active: 14:09 Hrs 11th Oct2017

Last Price@9980

Here we are at 9980 - Book Some Profits Here & sell below 9980

Oct 11
Trade active: 14:23 Hrs 11th Oct2017

Last Price@9959

This is the true sign of any wedge pattern.

"Last Night update"
Wedge pattern(shown in red on top end of the channel) always & almost follows swiftly to the starting point key level - in current case it is 9880 level.
Oct 11
Trade active: 07:13 Hrs 12th Oct2017

Last Price@9970 - Closed@9984

Good Morning!

Global cues are better so a possible bounce cannot be denied & we can look for a bounce to 10025-10035 zone which was yesterday's gap zone for resistance.

In case, Prices get resistance in gap zone & starts falling back below 10015 then we can plan for selling with day high as stops.
Oct 11
Trade active: 09:42 Hrs 12th Oct2017

Last Price@ 10000

Opened gap up on global cues & suggested we should look for gap zone as resistance - travelled close to 10021 in the gap zone & slipped below 10015 - trigger point for selling.

Got 1st dip@9977

Next we plan to hold sell or short positions close or below 10015 for targets -9950-9955 & Later below 9950 for 9910-9920.

10021 - is the level we close all sell positions & do not trade unless if holds in gap zone 10020-10035 for short term targets of 10050-10075

Oct 12
Trade active: 10:58 Hrs 12th Oct2017

Last Price@10025

Made Recent High@10031

There is bearish harmonic so be careful on long or buy trades as I said short term target for long positions & moving below 10015 can be pressure situation for bulls.
Targets could be 9980-9950 below 9950 - 9910-9920
Oct 12
Trade active: 11:45 Hrs 12th Oct2017

Last Price@10031

Going above 10036 - X Wave - Invalidated short term bearish harmonic whereas going below 10015 & later psychological level of 10000 will put bulls into pressure again.

Any move above 10050 - we need to assess back.
Oct 12
Comment: 12:03 Hrs 12th Oct2017

Last Price@10032

One point to be added - harmonic pattern failures - I consider only if it sustains above X- leg high ( In our case 10036) - It made recent of 10037 & not sustaining is keeping some hope alive for bears. Only pressure is required for downside move.
Oct 12
Trade active: 12:40 Hrs 12th Oct2017

Last Price@10030

We are close to start the action.
Oct 12
Trade active: 12:45 Hrs 12th Oct2017

Last Price@10028

Thinking with super sonic speed because market never gives time in action. There is bearish gartley as well at 10037 so 2 bearish harmonic patterns & that's why all drama not going above 10037.
Oct 12
Trade closed manually: 14:30 Hrs 12th Oct2017

Last price@10060

Key Level@10037 broken after 2-3 attempts - we all know bulls will come in picture so closing the update. Thanks for all fun & excitement which market gave in last 2 days.
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - India
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ

Comments

nice view Sir :)
+1 Reply
@MrAkshatP, Cheers!
+3 Reply
vmkalola AbhishekHSinghCMT
Reply
@vmkalola, Weakness only below 10000 - 9980 Zone.
Reply
Really appreciate your continuous updates and efforts. Awesome updates...
Reply
@SpSenthil, Welcome
Reply
So does this mean down levels are coming ???
Reply
AbhishekHSinghCMT MohanishNehete
@MohanishNehete, Down level is possible & I shall turn positive now if it sustains above 10050 -psychological level but downside as well need to watch few days as global markets not showing any weakness.
Reply
Sir what a timing and analysis iam a big follower of u
Reply
@drbharath1978, Welcome Doctor.
Reply
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