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.
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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
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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
Comment
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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
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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 -
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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
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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.
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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.
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13:56 Hrs 16th Nov2016
Last Price@8140
Book profits not interested if enters again above 8150
We will wait again outside
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15:27 Hrs 16th Nov2016
Last price@8097
Avoid Taking any short positions home
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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
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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
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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
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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.
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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
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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.
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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.
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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.
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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.
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16:54 Hrs 21st Nov2016
Day's Low@7915
Goes below the screen. Amazing Fall expected at 8600
Comments
vijay.risl
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Hi abhi...today wave 1 completed in bank nifty near 19000?please put your view.
WaveTalks
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@vijay. Hi, Likely I am busy today, so, won't update. Bank Nifty- only has more weakness below 19000 which is crucial support.
niteshkumar
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thanks for direction of life i m sad because after lot of try nothing i recieved but ur advices really much helpful
niteshkumar
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no problem its okk u tell us for best n i m failure in stock markets since two years n learnin from u thankss
WaveTalks
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@niteshkumar, failure is stepping stone brother so turn your failures into success- as someone said- if you can survive correction phase - Magic will happen to you everyday in impulsive wave- Up-Up- &Away. Regards
niteshkumar
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absolutely u r right i never perfect this lesson thats why total in loss thanks always take care in future
WaveTalks
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@niteshkumar, Hi Nitesh, Likely UJ(USDJPY) is going to fall as per my expectation- so Nifty could be a gap down. Sorry, you have lost the opportunity because of me. Apologies. Since my markets are so volatile -So, I gave an advice not to carry any positions.
WaveTalks
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@AbhishekHSinghCMT, Typo error above - "my markets"
niteshkumar
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if it is 3 rd wave then why u deny put i sell my put after ssein ur mess
WaveTalks
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@niteshkumar, You never know nitesh it is 3rd wave or correction will continue- see if you are ready to take risk like today 100 points gap up or down then likely you should go ahead else its risky. If you miss profits it is ok comparing with getting trapped & cursing yourself later. Markets are going to be forever. I always teach my friends -never repent on a missed opportunity you will those again n again if trade wisely