Last time I suggested that the move from 8550 could travel in an impulsive manner & reach the zone of 8850-8900 but we all know financial markets never move in a straight line & knowing its path in advance is very tough but some key levels help to clear the path.
"Short Update as of 1st Nov2016- amazing to catch the top@8670- mentioned below"
Nifty-Bullish + Polarity Resistance- A Short Update
2nd Nov2016 Update
Prices hurried downside in an impulsive manner could be 3rd Wave or C-Wave from top@8670- which I have taken as X-Wave at present as the primary count & shall change if required & take -alternate path- which I have kept at the back of my mind.
What could be expected next?
If Nifty goes beyond 8550 -W Wave that will be the second clue- prior to that I will be looking for an impulsive move on upside likely, but before that we will see some down move going into the zone 8500-8510.
Now this whole sequence turns out as W-X-Y as A wave & W-X-Y as B-Wave- Expecting C-Wave upside which could be the result of Global Event- U.S. Elections on 8th Nov2016-
Nifty-Can this dream turn into reality
Close to the downside -likely not much left in down direction, below 8515 can travel in the zone 8500-8510 -where we exit short positions & will wait outside to see how the market reacts.
Our key level for this down move done is 8550- any move above that will give hint for upside incase Nifty turns abruptly without going into 8500-8510 target zone.
This push if goes up & above 8550 -we are not taking longs immediate as most likely- it will drop & we will see the market reaction in that case & if it remains below 8550 then for sure we will wait to see downside zone as target.
Magic of 8550
Session High-8549- Vow- It's amazing - Nifty turns very close to 8550.
Small Mini Top@8550- So, it is an important level- price got rejected 2 times since morning.
Looks like a triangle so wait for the downside target- entering into the final session of the market. Book your profits in the zone 8500-8510. Take Care & Bye for the Day.
Session Low@8505-- Bang On Target
Run away with profits & enjoy. Take Care
I shall be looking for key level 8550 to cross &sustain above that for a few minutes then most likely Nifty travels upside -If this scenario play's out then we will abandon the alternate scenario of more bearish case.
If it holds above 8520 as well- that will be nice for the bulls.
Avoid taking any short positions -which can be taken only if it pushes below 8500 or bulls will favor more
One should note that channel is good support for market so taking sell positions is risky- if still one wants to take sell they can with 8550 as strict stops else avoid sell positions.
Sometimes you should wait on the sidelines if markets are not clear, but likely having a bullish bias at the channel bottom 90% times pays off or we wait for 8550 -key level & avoid trading.
Bulls & Bears both are fighting with each other.
The channel is strong- looks to hold. Hope it crosses 8550 then we are in a safe house & later we need to cross the river gap above 8550 which is next hurdle.
Nifty need to cross the hurdle of 8535-8540 zone to give us a clue that a bottom is in place-unless that happens- downside is open
Nifty 100- Why You Should be careful@9188
Look what happened to Nifty 100
Bullish Butterfly is giving a zone of 8400-8425 so likely one can remain short to the zone 8410-8425 target zone- likely to book profits for your shorts in that zone & shall check further price action.
1st Station is close by at 8425. We will take some snacks
Just Missed by margin our target of 8425. Well Butterfly is looking to fly if Nifty holds above 8440 & starts moving above 8470
Nifty turned exactly from close to 8470 -High was 8469.80
Nifty kissed 8445- Amazing - Let us see, if it holds & gets the bull power.
That's why I always suggest key levels-8470- if the market is respecting them as an individual you should also respect those levels -never get emotional in trading or run for the trade
Nifty is again trying its best form a base for bull run, but likely we will wait for Mondays session to see- how prices react & then take some decision about bullish bias or we continue bearish bias.
An exciting week for me with Gold Run from 1250$ to above 1300$ -Reliance - Jet & Auropharma Fall.
Take Care. Have a nice weekend.
Look who is coming up - baby C-wave -will it become a giant C - wave- Time will let us know.
Likely expecting 8550 which is a crucial level at present & most discussed level in above updates - Intraday that shall be mark where nifty is likely to touch with key support@8450
Moving Sideways - waiting for tomorrow's event- if dips in the zone 8470-8480 can be a re-entry price for bulls but should not trade below 8450.
Trading in Box- Dips - Amazing Last Red Candle
Leaked below box - Now, once Nifty starts moving above 8530-8535 zone & sustains -bulls will come back
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ