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
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.
Trail Stops@8022- Day High
if it takes out that high, then no problem as we lose nothing.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ