Nifty yet again reached very important zone 8540-8550 which again can halt its down move-so be little careful in selling side & plan your trades accordingly.
Nifty Day's low@8541
Vow- it turns from the zone 8540-8550- Support is the showing its magic again.
It has good support at 8550 -any move below that shall put nifty into some more pressure
I love NIfty
Thank You Guys - Have a nice day ahead. Let us meet next trading day on 14th Oct2016 for some more excitement.
Key support-8550 -with that support -we will look a bounce in nifty to gap down area of 8650-8660 of yesterday.
Going below 8550 - will take nifty down to 8480-8490 zone
Or with 8550 as support shall look for 8610-8620 as target zone
Good Morning, All
As expected target zone for 8610-8620 -Nifty made close by high@8600 -started falling.
Nifty made a low@8550 exact & turned again-look how 8550 is again & again pushing nifty up.
No more long positions going below 8540 -Nifty becomes bearish likely will target 8480-8490 zone
Nifty is doing time pass before the market breaks down -90% chances are big for Nifty to touch 8480-8490 below 8540-8550. There is a triangle forming- likely it will be a pressure move downside.
If it goes above 8600 -then Nifty will target for 8650-8660 zone else we will wait for 8550 to break for selling for targets 8480-8490 zone.
Nifty again turned very close from 8600 levels, making a high@8597 & had a fall till 8580's
Price is doing sideways -taking a buy is with risk element so take care of your stops -likely avoid trading on upside because of more risk.
Eaten stops so many of them at new high@8604. So, I said -it's risky to take buy in this market.
Going below 8575- Nifty looks down & have a good potential downside till the zones 8480-8490.
Pressure will be seen once nifty goes below 8550 also
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ