AbhishekHSinghCMT

Nifty- Ending Diagonal-Buy trigger above 17960

Long
NSE:NIFTY   Nifty 50 Index
Hello All,

Index is doing all choppy moves between 18065 & 17800 zone ( which is ongoing or running). A possible assumption can be a falling wedge or ending diagonal .


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Markets don't work on assumptions
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As a trader, never assume any wave-counts / patterns / indicators unless you get a trigger point + you need to manage your risk post getting the trigger which is the very important step - Risk management


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Trading Strategy - Trigger & Stop Loss Levels
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Safe Traders
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[Buy Trigger is above 17960 / after trigger - manage your risk with stops below 17920 after buy trigger/

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Risky Traders
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You are risky trader then look close to 17800 withs stops below 17750 & Targets mentioned below.

Target 1 - 18065

Target 2 - 18135

Target 3 - 18318


Thanks
Trade active: 12:19 Hrs / 20th Jan 2022

Last @ 17805

Risky Traders stop @ 17750 is intact by 20 points (Day Low - 17768/17769) at present but Index not showing strength as bears having strong grip.

The zone 17775-17800 is very important. Holding this zone & crossing above 17800 will be early indication of bulls & if fails to hold then unfortunately, Index can slip further downside.

Thanks

Trade closed: stop reached: Index could not hold suggested zone 17800 / 17775. Stops Hit for Risky traders at 17750
Comment: Additional Comment.

Last @ 17698

Index has another important support close to 17650 - Support if holds then bulls may return back else going below 17650 it could be deeper corrections.

Thanks
Comment: 2:06 Hrs / 20th Jan2022

Last @ 17694

Connecting Snapshot for Additional comment few mins back

Comment: 03:08 pm / 20th Jan2022

Last @ 17750

The Most important level holds close to 17650 - Traders can look for resistance of 17835 as partial targets & crossing above 17835 - one can look for 17960 which is the trigger level & most important resistance level

Comment: 10:02 Hrs / 21st Jan 2022

Last @ 17640

Market opened gap down & made new low close to 17525 . Bounced sharp to 17680's

This zone is resistance or supply zone 17650-17680- if Index stops or halts then falls back close to 17575 / 17600 - we see for support if any.

Getting support close to 17575 - crossing above 17650 - Bulls will be back again for short term 17750/17800


Thanks
Comment: 10:40 Hrs / 21st Jan2022

Last @ 17583

Bravo!!!

What a drop on short term frame from 17650-17680 zone.

Index kissed 17575 .

If holds here then we have bullish bias & Index may push again to 17680's/ 17750 / 17800 as suggested in the opening comment.

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

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