AbhishekHSinghCMT

Nifty- Happy to catch the top@8020's- What Next?

Short
AbhishekHSinghCMT Updated   
NSE:NIFTY   Nifty 50 Index
9
Its a complex irregular correction going on since lows@7915. From previous update, "Use the bounce 8000-8025 to sell"- Nifty made last sessions high@8022 & slipped below 8000 mark.

What Next?
Likely we should not take any long positions unless 8055-8065 zone is taken out convincingly as updated last because zone 8050-8060 was intact for several bounces & now same zone shall be acting as resistance zone .

Trading Strategy
Next support should be close to 7900-7920 in the zone of previous low@7915. If that zone holds, then look for a bounce again to 8000-8025 & Sell again if falls below 8000 with the recent swing high as stops in coming session, keeping in mind-it should not take out 8065 above our head which is critical level now.

Use the Bounce 8000-8025 to sell-Buy only above 8060- Click the chart & use load bar feature
Trade active:
12:57 Hrs 26th Dec2016

Last Price@7912

Likely we will avoid long positions as 7900 was broken down so let us wait for a new low in the zone 7860-7870's. Any sustained move above 7925 or dipping down in the zone 7850-7870 we shall come back to see for a possible bounce.

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

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