AbhishekHSinghCMT

Nifty- Trading the channel Above 8175-Downside Key Level

Long
AbhishekHSinghCMT Updated   
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

Twitter Handle
https://twitter.com/TalksWave

Telegram Handle
(Deleted)
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.