As per previous post yesterday It was updated that key levels play strong role in deciding the market direction- which was no wonder - as I was very strong on up move only above 8748 & below direction could open up only below 8704 -In between you will be chopped
The best way to trade was to go long at bottoms @8704 & go short at 8748 Highs - These levels were mentioned yesterday. Shapes doesn't matter, but levels do matter in deciding the direction.
Looking for Nifty to go down if it penetrates 8704 & sustains below 8690 -It can head to desired target zone 8650-8660 & Even More.
This is the 3rd Attempt for Nifty in the zone 8704-8706- This time it should penetrate-8704 & below 8690-then we shall be looking at least 8650 & may be more
Selling looks like good man at 8748 risk is just 2-3 points
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ