Using the previous leg & measuring its 138.2% gave us the top 11117 - can we get the top again at 11320- no confirmation yet so only risky traders to take sell in 11300-11320
Note - Going above 11320 ( Sell call is negated - close all sell positions & out)
Plan A - Sell below 11265 on closing basis as discussed
Plan B - Risky Sell close to 11300-11320 zone with stops above 11325
Below 11000 - 10940
Below 10890 for 10750
Below 10730 for 10620
Only further selling if double bottom@10585 gets broken
Update on Bank Nifty - Last Price@28835
Bank Nifty Day High@28927
Bank Nifty has very Strong Resistance Zone in 28900-29000 - So, Get ready if it stops at current high - we just need some confirmation for selling & rest of the journey will be amazing.
Nifty is struggling which good sign for bears but yes again no confirmation
In both cases only risky traders can take sell who can afford to lose some points else
Nifty Safe Traders get clue when it starts falling below 11265 levels.
Last Price@11341 ( No Emotions -in Trading World )
As suggested earlier or in start -----------if it fails to come down tomorrow then don't become emotional as it will confirm big upside move has already started at 10585 -double bottoms as suggested in last update - "Magic can be seen in months to come" or it should move below 10300-10320 zone -let us wait & watch - as it will be decider next. It will be explosive move in all
Also - we have turned bullish in most of the stocks last month
SBIN from 250's
Karnataka Bank - list goes on - Happy Elections as 2014 could repeat again in 2019.
Be ready for alternate bullish count - as an Elliottician over the years, I have realized that to survive in markets you should first never ever get biased that is always dangerous.
So, the rally from 10585 to 11350's already have put bears into pressure & they don't know whether their favorite level (10000 or 9500) will come in next few months or it will come in next few years! - that is the million dollar question.
Same Thing happened in 2016/2017 - When I came up with idea -
Can -C "Wave" end - It could have .............."If Nifty would have slipped below 8968"
Next What - That is why an Alternative - Expect 10500 & more- which became reality.
Luckily - Opening Candle is the high @11380's for the day & could be early start for downside as suggested by colleague @butterfly87 using polarity reversal concept as shown by him in the comments section below which most analyst use for analysis purpose.
We still have no confirmation that down leg has started so Only Risky Traders should plan to sell with strict stops above day high or sell close to day high with strict stops & Safe Traders who are not ready to take risk at all -they can join later.
Hi Putting Small Update on Auropharma
Stock - Auropharma
Last Price - 782.40
We have Bearish Bat Structure whose Potential Reversal Zone is 789-792 - Yesterday It was updated at 775 that we are looking for sell if it comes in 789-792 zone - Later if starts falling from 790-792 zone -we can look for 745-750 zone downside.
Note - Do not Trade Sell if goes beyond 792 highs
As suggested earlier if it opens gap up above 11383 then we will not chase for selling as I am also bullish because of most of the stocks have turned bullish as suggested last month - with one more addition - Tata Coffee (latest idea has been published)
It was just that I was looking for correction to -re-enter & join the bulls for higher levels.
Thanks & Trade Safely.
Astrologically - As per Hindu calendar, Sun has entered Pisces - which is an exxciting phase starting today till 13th April 2019
So, Do More good things for others & just don't pretend that you are doing good things - make sure you do it. You will see miracle happening in your life.
Avoid all Negatives
Lastly - 15th March (+/- 2-3 days) i.e. 18th / 19th March - We can expect reversal in this upside push
So Be careful & Trade Safely - If reversal doesn't happen then it will turn extremely bullish.
Thanks & have a nice weekend.
You can remain bullish till the the it holds today's gap up move - once it starts falling below today's gap or starts taking U-turn in 2nd session or on 18th /19th March 2019 as suggested above.
As we are running late in this leg upside which has traveled from 10585 to 11430's - Now you know -I don't use any lines as it is as it was used in
Last Nifty Idea - To remind all new ones &old followers - before closing last idea of Feb 2019 - I clearly mentioned -
"Note - If 10585 level is intact - Magic can be seen in months to come ahead & So I published all bullish ideas like Bank Baroda , GSFC , Century Ply, Tata Coffee, SBIN which traveled from 250 onwards now crossing 300+ , & many more. "
We hope to join in downside leg once you get some correction. Have a nice weekend.
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
this is the url for snapshot of NIFTY. i think NIFTY is facing strong resistance at 11375-11400 levels..is this valid analysis?
have attached the url below.