Nifty- Trading the channel Above 8175-Downside Key Level

NSE:NIFTY   Nifty 50 Index
Last Price@8257

Nifty has been moving into corrective structure & within a channel. Yesterday-it was an excellent upside move for the Nifty as it sustained above 8200-8210 zone, which was resistance & suggested that this rally could extend to 8300-8350 zone.

Since 8250 which was key resistance yesterday has been taken out so likely it has opened for upside & this room extends till 8335-8350 minimum & overshoot by another 40-50 odd points till 8380-8400 zone which is top end of the channel.

Trading Strategy
We shall wait for a pullback in the zone 8200-8210 with key level-8175 (minus 5 ticks = 8170) protected downside- we will look for a target of 8330-8350 initially.

This pullback shall be a buying opportunity -taking care of 8170 as strict stops as going below 8170 will indicate that sellers have come back again, but one should not hurry in selling & do so once you get a bounce after taking out 8170.

Magic of RBI Day
Previous Analysis- This update had selling opportunity at top@8190-RBI Day-later as we moved forward -suggested 8050-8060 is important support so Market respected & moved upside

Related Analysis Attached Below
Trade active: 11:45 Hrs 12th Dec2016

Last Price@8207

Day's Low@8195

Awesome -Nifty drops 70-80 odd points as expected on 9th Dec2016- Shall look for the 8200-8210 as the pullback zone.
This morning session has fulfilled the pullback to 8195- Day's Low as shown in the chart.

Now, Holding 8170 -8175 as strong support downside- someone who was short or took sell they would be in the driver's seat to put stops below 8170 for targets close to 8330-8350 zone. Enjoy the session & trading day- Trade with care--leaving for the day.

Trade active: 20:05 Hrs 12th Dec2016

Last Price@8170

Price took the stop of 8170 - sometimes we lose & I don't shy in it as -it will be a part of the game - well before hitting stop - nifty did move down to 8200-8210 from 8260-8270 from Friday highs so likely making small gain left in complete transaction.

I was busy today -so could not monitor otherwise I would have avoided this buying if at all someone has done- looking at market structure on a short term basis.

We have 8150 as very strong support & channel below should not be breached for any bulls who is looking for 8330-8350 zone.

Let me just come back - shall post before the market opens tomorrow.

Thanks for your support.

Below link is mentioned in signature for Indian chat room as it got merged with global chat group-which has puzzled many of them to locate.
Trade active: 11:10 Hrs 13th Dec2016

Last Price@8179

Any long calls should be taken above 8200 only - it should hold above that level or wait for the channel bottom between 8125-8135 -if holds then long could be taken

Selling can be taken only below 8125 for targets 8080-8085 --Between 8075 & 8050 it is no trading zone -going below 8050 -it opens further downside.

Trade active: 15:18 Hrs 13th Dec2016

Last Price@8216

Day's High@8229 is a resistance for the day- Likely I will say book profits & shall see tomorrow & those who can take risk of holding with 8150 they only carry their trades.
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

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Hi! is the nifty view of long for 8300-50 still valid?
@LearnerTA, I guess I have updated above if channel not broken downside & getting an opportunity between 8125-8135 holding above channel could be seen till 8200-8210 zone above 8210- if sustained shall see till 8270-8280 & above 8300 -shall touch 8350-8380 zone. Do read above updates- I am repeating the same thing.
once broken 8175, does the count stands invalid , and friday high being c.upmove done
@anishkalra, Channel bottom is another support which comes in the zone 8125-8135 zone till that holds likely moving above 8200 -it travels upside to 8330-8350 zone
Thank you abhishek
Learning a lot
@piptamil, Great & Happy
perfect sir
@sandy1, Hope so we get the pullback to 8200-8210 zones & most important protecting 8170 on downside
sandy1 AbhishekHSinghCMT
@AbhishekHSinghCMT, ichimoku is also telling the same future cloude support on daily is coming at 8207 spot and in one hr time frame support is coming at 8174
sandy sandy1
@sandy1, hi sir nify is singing the same same song that u sung two days back .ichimoku support is coming at 8165 i wrongly posted at 8174