Holding above 7900- It can look for a bounce again in the zone 8000-8025 & it should not move & sustain above 8025-as that will be the initial clue that critical level could also be breached.
Going in the zone & falling back below 8000 shall indicate that it wants to move down below 7900- I am looking for a target zone 7850-7870.
Trading Strategy 1
Moving above 7940 with strict stops below 7895 -one can look for 8000-8025 zone as target zone-be careful of 7895 in this buying scenario.
Trading Strategy 2
Selling on the rise in the zone 8000-8025- Should not cross & sustain above 8025 for more than 15 mins then sellers should be careful else kissing the zone & holding below 8025 & falling back below 8000 will comfort sellers- in that case target zone shall be 7850-7870.
Use the bounce 8000-8025 to sell-click the chart & load the bar
Happy to catch the top@8020's-What Next?
Strategy-1 is still not active as it did not move above 7940 & made day's high@7935. Be careful if 7940 is not broken to the upside & it keeps flirting here in the zone 7940-7890 range & consumes time -later leaking below 7890-it will open downside for 7840-7850 zone which I expected post a bounce 8000-8025 & a fall later. If this mentioned scenario unfolds- we have a sell call for target zone 7840-7850 with strict stops above 7940.
Recent High@7940 - Nifty is not sustaining above 7940 mark -atleast should hold for 10-15 mins- Then it will be better short term buying for 8000-8025 zone else it will keep moving sideways & shall trap traders- downside we have 7890 as key support.
It was boom 100 points rally right in the block hole- if holds on top 8055-8065 -important resistance zone & falling back below 8000 shall give us clue that it wants to dip again to 7840-7850 else going above 8055-8065 zone it opens for upside. Let us wait for market direction tomorrow.
Resistance zone of 8055-8065 broken now new resistance zone on upside 8150-8155
Nifty moving above 8070 can extend to 8115-8135 in current up leg with 8000 as key support for Intraday
Nifty landing in the zone 8025-8040 can be taken as buying opportunity, but be careful of strict stops below 7990-- Target on upside shall be 8100-8110-8120
Book & let us take rest as the market is going to be choppy & waste time & I shall avoid further long positions. Running late on the upside but no confirmation from the market for taking sell positions.
Now we will sell
Look the candle size so many of them sold at 8100- big red candle.
Our Stop will be 8101- Shagun le lo.
We are in the trade- This is nirvana cracking nifty right at the top@8100- first booking in long call at 8099 from 8080 & then waiting & nailing it across. Let us wait -it could be the big fall of 7840-7850.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ