Its a complex most correction happening since 7915 bottoms & we are again in the sell camp right close to the top.
On top we had at 8155 once it crosses 8055-8065 zone.
Early this morning, got a small upside move to 8100 & visualized right at the top that holding long positions shall be risky.
It is wave-c which is running into wave-((b)) likely to complete close to 7900. Once done- it will start its wave-((c)) on upside for Jan2017
Previous Analysis- Sell the bounce 8000-8025 - Click the charts & load the bar- cracking 7940 to 8025
Related Analysis Attached Below
If it falls close to 8000-8010- Likely there could be a bounce, which can be used for further selling & falling below 7970- pressure will be visible.
Nifty will continue its sell once it starts moving below 8020-8030 zone & bounce cannot be denied to 8070-8080 zone
As per the update@22:40 Hrs 28th Dec2016- I have update if someone taking a fresh position they keep that view in mind-one should never trade in between- either trade on top or bottom where one loses less & if gains it could be good enough.
Just don't keep drawing figures - execute them because there you have real money- so sell at tops close to 8100- keep stops 8101 --- selling could be in the range 8070-8085 & buying at bottoms 8000-8010 -which has been done in the morning -- going below 8020-8030 -shall put nifty in pressure -more pressure will be seen if it breaks 7970.
Crossed previous high@8100
Likely it should not do which invalidates short term move, but till 8155 is not breached on top- I shall avoid taking long positions.
We lost 20-25 points in the short trade -making it null today as we bought in the morning session.
Unless 8020 is broken- Nifty cannot move down & holding above 8100 -it's all upside till 8150-8155.
8155 was breached upside so pullbacks should be looked as buying opportunity -in current situation 8020-8030 shall become support.
Possibly we have completed the 1st impulsive leg upside. we will wait for corrections to happen -risk takers can look for selling ops -but these corrections are tricky so I will wait for buying in the support zone.
Looks like we have started upside & there was some truncation & UJ (USDJPY) is also looking for a sharp jump from 116-116.50 area for 119-120 which will support Asian markets as weak Japanese yen against stronger dollar won't allow Asian markets to fall & shall support -so any pullback now I will look to buy.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ