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
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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
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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.
bang on downside zoom from ur expected level..................good stuff
WaveTalks
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@sandy1, Enjoy the Markets & Wish You Merry Christmas
sandy1
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@AbhishekHSinghCMT, same to u sir
sandy1
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gm sir , perfect set for selling .fii data clearly shows .retailers are selling put and buying call (synthetic long).on the other hand fii are with buying puts and selling call(synthetic short)..so put seller wont get chance on this expiry....
WaveTalks
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@sandy1, Hello Sandy, Good Morning. 8050-8065 was a very strong support zone earlier this week as soon as it broke Nifty started falling so unless that zone is cleared again buying shall be risky. Hence, this update use every bounce to sell -which you saw just now going close to 8000 which it went to 7985 & had a fall -so again we will wait for bounce -once bounce wait for Nifty to go below 8000 then start selling.
sandy1
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@AbhishekHSinghCMT, thanks a lot sir for your valuable view........
sandy1
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@AbhishekHSinghCMT, sir whats ur technical downside level is coming as the target of this sell call
WaveTalks
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@sandy1, Downside it is open till 7900 till 8055-8065 zone is intact & even down, but unfortunately - markets are about to close & its a weekend. Carrying positions is always tough- but still one can if he afford to lose those many points.