Looking for an upside push with final leg in bearish bat pattern whose PRZ falls between 11455-11465 -
Once Nifty pushes in the upside zone of 11455-11465 & faces resistance then you may look to sell for lower targets downside.
Trading Strategy
Plan 1 - Buy for upside target 11425- 11455/11465 with strict stops below 11365 - Keep Trailing your stops
Plan 2 - Sell with harmonic pattern in the zone 11455-11465 if Index faces resistance in the PRZ shown. Keep strict stops upside above 11480 & sell for downside targets of 11410 - 11375 - 11340 & finally 11200-11225
Always motivate the author by supporting the idea in time as time is important factor - Authors take lot of pains to write the reports.
Last Update on Bank Nifty
Trade closed: stop reached
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Closed.
Comment
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14:41 Hrs 17th Aug 2018
Last Price@11482
Even the idea is closed as stops slightly above 11480 taken out -One should be careful as market takes all stops above 11480 & falling below 11480 - could be the trap. Do not get convinced easily. Any good move we will plan only above 11500 which will open for upside big else enjoy the weekend.
@AbhishekHSinghCMT, I would like to join your services on nifty, if you're providing. I m from Kolkata.
WaveTalks
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@Rajivahuja.rka, I don't provide any service on Nifty. I write few times in a month. You can follow authors to get their updates.
rajivahuja.rka
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It means nifty still can go down ?
WaveTalks
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@Rajivahuja.rka, Yes. Psychological zone 11480-11500 +/- 25 points is danger zone. Unless it crosses 11500 & sustains / holds then I will think for upside else downside.
rajivahuja.rka
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@AbhishekHSinghCMT, sir just one question, you told that closing below 11480 could be a trap...trap for bulls ...am I right
SaahilHingorani
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Is the pattern still valid? Do we need to look at 11480+ as per closing basis?
WaveTalks
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@SaahilHingorani, Pattern invalidates above 11480 but Psychological levels such as 11480 - 11500 draws attention & closing below 11480 is all reason to doubt as I stated above in the update.