AbhishekHSinghCMT

Nifty- Use the Bounce 8000-8025 to Sell- Buy Only Above 8060

Short
AbhishekHSinghCMT Updated   
NSE:NIFTY   Nifty 50 Index
Last Important Support which was updated in previous ones was 8050-8055 as soon as it got broken the downside possibilities became more.
In yesterday's session, it made a low 7965.

Trading Strategy- Looking to Sell on Bounce
If it bounces close to 8000-8025 zone use the stops above 8065 which I have kept 10-15 points above important zone of 8050-8055-as any buying interest shall become aggressive once it crosses 8055-8065 zone.
Look to sell in the bounce for targets in the 7900-7910 zone. This is an impulsive looking leg downside & part of a correction on larger degree, which can complete below 7900 before any bounce could be expected- This way we will get a b - wave?- as shown in previous updates

Related Analysis Attached Below-How are we moving in Nifty
Trade active: 13:30 Hrs 23rd Dec2016

Day's High@8022

Bounce is done as expected between 8000-8025

Risk Takers They can take sell if you can afford losing 45 points as a stop at 8066-I won't mind putting that stop as I made 70 points from day's low@7940-7950 zone to the current highs 8020's in the current bounce.

Going below 7980-7975 zone -pressure could increase downside--when this happens, I will trail my stops to the day high@8023.


If I lose still I am in profit of 20 points -& happy to enjoy Christmas-Merry Christmas to all of you.

Going below 7980-7975 zone -pressure could increase downside.

Trade active: 13:48 Hrs 23rd Dec2016

Last Price@8006

Trail Stops@8022- Day High

if it takes out that high, then no problem as we lose nothing.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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