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
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Really appreciate your continuous updates and efforts. Awesome updates...
@SpSenthil, Welcome
So does this mean down levels are coming ???
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.
Sir what a timing and analysis iam a big follower of u
@drbharath1978, Welcome Doctor.
eagerly waiting .. sir
@ravihls, Me too. Enjoy!
Good Morning Abhishek. As usual you will come on exact time and delivers. Good work. Can you please share on Bank Nifty Future also for study as it moves give good returns. Thanks.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out