Nifty@16thNov2016- Global Indices could hold the fall

AbhishekHSinghCMT Updated   
NSE:NIFTY   Nifty 50 Index
Most Likely, Nifty could bounce as global indices are positive & SGX Nifty was 90 points up at 7:30 Hrs . In current situation we will look for recovery to the fall from 8600 to 8093.

This recovery could be a corrective sequence which could go as high as 8400-8440's retracing 61.8% closer to the Black Money Hole Gap -8460-8520 so we shall wait for a short pullback for taking longs in case of gap up openings- as this fall was aggressive so bounce could be sharp . Bank Nifty as suggested its holding 19250-19275 zone, so that too will open gap up.

Trade active:
09:42 Hrs 16th Nov2016

Last price@8120

Nifty opened gap up@8205 but could not sustain for even 5-10 minutes

If goes below 8090- Nifty could dip another 40-50 odd points in another important support zone of 8040-8050

Else going above 8135-8140 zone & sustaining above that & moving aboving 8160-8165 we shall have a bullish bias
Trade active:
10:15 Hrs 16th Nov2016

Last Price@8144

Likely an irregular correction unfolding since yesterday's bottom@8094

We would have taken short below 8090 since it has not gone below required level - we will be looking for a bounce in last leg of this short term correction.

Look to enter with again some pullback but keeping strict stop loss below 8098
11:12 Hrs 16th Nov2016

Last Price@8158

Now, Nifty should not re-enter below 8150 mark so shall this short term with 8150 trailing stops- & shall wait see further action
Trade active:
12:50 Hrs 16th Nov2016

Nifty has extended this up move till 8194 & opening high@8208 has retraced the complete fall only 23.6% so be careful in your long positions -
Trade active:
13:05 Hrs 16th Nov2016

Last Price@8150

There was a sharp fall from 8194 to 8140- so, avoid taking long positions any push upside in the zone 8170-8180 with strict stops above 8195 can be taken as selling opportunity.
I am assuming that the c - wave is done at recent highs of 8194
Or going below 8090 then surely it is downside for 8040-8050 zone as suggested in the morning update

Trade active:
13:30 Hrs 16th Nov2016

Last Price@8170

Recent High of 8173 - we entered into selling position as expected -but tighten your seat belts not to be overthrown above 8195 & do not get excited too much - we will go for a ride. Going below the day's low@8100 & 8090- we will enjoy maximum for the 8040-8050 zone.
Trade active:
13:49 Hrs 16th Nov2016

Last Price@8140

Excited for the ride as it has started - Now comes Risk Management Lesson- do not convert this trade into a loss - how will you do so- putting a stop at cost 8175

Either we get full or none- either you are correct in maths or you get zero marks -there is nothing in between.

Going below 8100 -Day's low & 8090 - as expected, we will enjoy maximum.
Trade active:
13:56 Hrs 16th Nov2016

Last Price@8140

Book profits not interested if enters again above 8150

We will wait again outside
Trade active:
15:27 Hrs 16th Nov2016

Last price@8097

Avoid Taking any short positions home
Trade active:
15:30 Hrs 16th Nov2016

Last price@8111

Markets are highly volatile - if you miss profits that will ok but if get trapped that will be painful
Trade active:
09:09 Hrs 17th Nov2016

Last Price@8111
Going ABove 8210 only to be taken as buying opportunity for a short target zone of 8250-8260

Else going below 8090 & sustaining below can take it to first 8040

Trade active:
10:28 Hrs 17th Nov2016

Last Price@8111
Bottom tested again at 8090 unless goes below & sustains we will avoid taking sell positions.
Likely to retest the highs@8200 again & above 8210 will extend to 8250-8260 with strict stops below 8090 as going below 8090 - we will wait to see 4-5 ticks more on downside then likely it will go into 8040-8050 zone

Trade active:
11:05 Hrs 17th Nov2016

Last Price@8111

Zone of 8085-8090 is important- We should take sell positions only if it dips below that zone.
In the current situation, it looks like there irregular correction WXY happening, which finished with W at 8210 tops & X wave at bottoms 8089 Bottoms- I shall be looking for Y-Wave which will most likely travel close to 8200-8210 zone once crossed -can extend till 8250-8260 zone.

Risk is 10-20 points

Sells only below 5 ticks below 8090 -which is 8085 as everyone eyeing for 8089 as a break.

Trade active:
11:52 Hrs 17th Nov2016

Last Price@8141

If Nifty falls sharply from 8130-8145 zone -let us not get panic as it will attempt to eat small fishes & rebound again sharply for 8200-8210 + zone.

Scalpers can book profits at 8135-8140 & re-enter again in 8090-8100 zone
Take shorts only below 8085 as stated in previous update
Trade active:
13:35 Hrs 17th Nov2016

Last price@8108

Bang On for 40 upside points + 40 downside points = 80 points happy scalping

Nifty kissed 8099 as expected at 8140. We entered longs again with 10 point-15 point risk. Stops below 8089 for current long positions- if stops are taken we will go short below 8085.
Trade active:
14:20 Hrs 17th Nov2016

Last Price@8103

Bounced sharply from 8065 to 8117 - Our target downside was the 8040-8050 zone which is still open we will put swing high 8143 as strict stops for holding this sell call.
Trade active:
15:22 Hrs 17th Nov2016

Last Price@8088

Markets are volatile so if you carry your positions do so on your own risk -likely I won't advise anyone in this regards.
Trade active:
10:27 Hrs 21st Nov2016

Last price@8015

Prices should drift slowly-slowly down if at all, this is a wedge, but any sustained move going below 8000 can turn out to be panic selling.
Trade active:
16:54 Hrs 21st Nov2016

Day's Low@7915

Goes below the screen. Amazing Fall expected at 8600

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

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