Nifty: Cypher-Bearish

Hi,
Publishing a bit late in this downmove, but we 'll discuss few opportunities on the downside.
First of all Nifty managed to close above 10785, did not hit the 11000 target but 10929 instead before the giant Cypher nibbled the bullish move. We might have some downside left in this move but perhaps this is not the place to short.

Traditionally the first target for this pattern would be 10555 and the second 10325. But let's see how we may reach there.

If markets pull back from here, I would look for selling opportunity in the 10690-10790 zone and hunt for the targets.

But If market hits 10555 first, I ll look for selling opportunity in the 10620-10700 zone (one can also utilize 10555 level to scalp a long trade setup), and look for targets.

As per books 11172 should be the stoploss but practically that's too high, so the current pivot 10930 can be taken as stoploss point which can be trailed if the trade proceeds in our direction.

Hope this analysis would help some traders to take better decisions.

Regards

Comment:

Next week would be important. It would be interesting to see correlation between an important news, ktk election event, and the technical levels on the chart. Let's see how market reacts. Actually it has already been reacting.

Comment:

Seems market has been taking a pause. Let's see if it can take us to 10600-650 level, where it can attach fresh shorts.

Comment:

We are getting into resistance zone, have to be slightly careful.