Nifty- Bang On for Triangle at hand -(S-L)

AbhishekHSinghCMT Updated   
NSE:NIFTY   Nifty 50 Index
S-L- Short First -Long Later


As expected in yesterday's update of nifty- 8727 is a key level till this level is intact, we are having a triangle at hand- vow once market opened nifty went close to 8727 & made session high@8723 -giving us d-leg of the triangle- amazing
. These are amazing risk reward opportunities with a risk of 4-5 points -Nifty slipped sharply to 8685-8690 making session low@8684.

Trading Opportunity
Scenario-1 - Going Short once 8690 is broken for short targets 8660-8670 (20-25 points)

Trading Opportunity
- Taking Long positions in the zone 8650-8665 with strict stops below 8635

Trading Opportunity
- Going Long above 8730 for target zone 8775-8785 with stops slightly below day's low.

Possible Running Triangle in B-wave

Trade active: 13:45 Hrs 24th Oct2016


Poked above 8730. Likely it should head up for target zone 8780 & above that a bonus of 20 points till 8800-8805 - Downside our strict stoploss is day's low-8683 for current up move.
Comment: 14:10 Hrs 24th Oct2016


Nifty is struggling to hold 8730 -8735 zone -problem zone. Likely let us exit & re-enter again after looking at the trend because it is fishy at the moment
Trade active: 14:20 Hrs 24th Oct2016


Ok with Strict Stop loss below 8690- One can hold buy positions but likely this up move should start fast-it cannot spend or take so much time to move up. The reason for doubt since it is spending so much time in the zone 8730-8735
Trade active: 14:45 Hrs 24th Oct2016


Thats why it was bothering me -Nifty struggling between 8730-8735 & Bank Nifty not going above 19900 was another clue.
Trade active: 14:55 Hrs 24th Oct2016


Shifting our stops slightly below 8680 - we are still bullish & going above 8733-8735 -it will head upside.
Avoid taking any shorts
Trade active: 15:29 Hrs 24th Oct2016

Last Traded@8712

Bad Luck NSE closed

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

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

Twitter Handle

Telegram Handle

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.