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

S-L- Short First -Long Later

Trading@8712

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
Scenario-2 - Taking Long positions in the zone 8650-8665 with strict stops below 8635

Trading Opportunity
Scenario-3 - 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

Trading@8733

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

Trading@8728

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

Trading@8731

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

Trading@8719

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

Trading@8717

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