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.
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
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
Now, Nifty should not re-enter below 8150 mark so shall this short term with 8150 trailing stops- & shall wait see further action
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 -
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
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.
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.
Book profits not interested if enters again above 8150
We will wait again outside
Avoid Taking any short positions home
Markets are highly volatile - if you miss profits that will ok but if get trapped that will be painful
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
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
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.
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
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.
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.
Markets are volatile so if you carry your positions do so on your own risk -likely I won't advise anyone in this regards.
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.
Goes below the screen. Amazing Fall expected at 8600