candle from 8770 gives some hope for upside, but with strict stops below 8669
Strict stop- 8669
Going above 8690 we should look for targets 8770-8790- likely it should complete down move which happened yesterday & we shall go in the same zone as of yesterday which is 8770-8780
Just 8 points left for stoploss -strict stop to be maintained at 8669- Likely Nifty should cross 8695 to give second clue that Nifty wants to move up. Momentum downside is decreasing but Nifty should hold above 8695 for possible upside move.
Our stops have been taken at 8669 but it not taking buy & sell calls only- one should understand the pattern -usually C-waves can be wedge pattern -pattern which slowly drags down in sideways manner & always a tricky one to guess the end but if you fall on right place -You won't imagine -you will become part of explosive move -I am talking above 70-90 points in nifty in just few minutes.
Likely still if Nifty holds above 8695 -we look for upside as downside momentum is less.
Guess I was too early in the pattern but can't help to predict in running markets with lightning speed or Superman speed.
As expected prices crossed 8700 & now we shall look for 50% to 61.8% retracement which comes in the zone 8675-8680-should not be deep retracement. if Nifty stays there for some time without taking out the low @8662 then next we should have an opportunity to go long above 8705- recent high.
From the lows@8662 - It made a high@8704 retraced in A-B-C came exactly at 8678 lows which was expected 61.8% of the rally from 8662 to 8704.
Moving Up- Possibly it could be gap up but you know its weekend - surgical strike ho gaya toh all pattern goes into bin
Our risk is low@8662 should not be taken out in coming sessions.
Good Morning Guys,
Thanks no surgical strike on weekends- nifty opens gap up @8744 struggling to sustain the gap.
Risky Call if 8704 holds -strict stop, then we can look nifty to 8770 levels-Thos who can afford to lose 6- 9 points-they can look to buy else wait for Nifty to cross above 8730 -in that case likely it goes to 8770
Gap looks like it has given support to Nifty which has crucial & critical low@8704- going below- I will not take any buying calls. I had to lose only 5 points as I executed the trade- let us see what happens
Trail your stop to cost price & likely it has to move above 8730 to give more confidence
Let us see whether it moves up- likely we are wearing correct pair of shoes.
Turned from 8730 on the neck- Likely goes down let us exit & go long fresh when It crosses 8730-this time
Prices doing sideways move & not even going below 8704 our critical low for the days- that means it is looking upside but not confirmed which market gives a signal only above 8730- going above likely we will kiss the zone 8770-8780 -which is previous swing high.
Staying above 8714 is the first requirement if it is a triangle at sub micro degree -which I think -going above 8730 -it will confirm & thrust upside for target zone first 8755-8760
Nifty gave us a chance to enter at 8715 -Vow, so close to 8714- likely we are not losing anything.
But do watch 8704 -which is another important level.
8714 -even though taken out -I can really understand the frustration of traders as Nifty did not move at all, so either you wait for another chance above 8730 to cross & go long or watch for 8704 -critical level taking that as risk -look to buy.
This is the last update for today's session- Happy Dussehra to all. Let us kill the Ravana-the demon who is sitting inside us. Understand Ravana was the most intellectual person to be born on this planet. By KIlling Ravana, I mean killing our bad deeds & let us do some pious work.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ