L-S ( Long First & Short Later)
What a support@9850. Bouncing from that level conveyed a message - "do not short". If you are so keen to sell then do it only below 9850. We have Next Bat completing in the zone 9915-9930 zone which has resistance from the falling .
Holding 9850 downside moving above 9850-9860 we can look for Nifty to go in the zone 9915-9930. If faces resistance then we sell with strict stop loss above 9951.
We look for an up move to 9915-9930 then if it that zone holds or you see supply look to sell with strict stops above 9951.
Previous Update - Playing with 9850
Day High@9916 - In the Box as expected
Slips to 9895
Enjoy your lunch & the fun continues below 9895 Next.
Playing with the market in my break time. Jumps 14 points to 9914 from 9900.
Remember we have strong resistance of 9950 on top.
Bounced once again from 9900 levels. Jumps 15 points again.
So, I played again from 9900 to 9915- Till the time 9895 is broken - Having fun with the market.
Do not forget our main position is on sell side till the time 9950 is broken on upside. Intraday we are just playing with market fluctuations ( so, as suggested above -below 9895 - fun continues- we got 2 bounces from 9900 to 9915 levels. we booked 30 points & enjoyed.
Hold Your nerves for the move below 9895-9890 zone next.
Overnight News of North Korean fires missile over Japan has created fury can cause global markets trouble.
As expected in last comment that "our main position is on sell side with 9950+ as stops & also as a comment below that we can expect a gap down.
Let us welcome that gap down to start the day.
Have a nice trading day.
9850-9852 Acted as good support for current session. We remember 9850 was the level where went long 6-7 times so good demand zone.
Next dram starts if 9850 is broken next
Let us take tea brake.
Above 9850 - we need good bounce to sell & we shall be happy if we get some where in the gap 9880-9890 Keeping in mind 9825 becomes our stop for the day.
Target shall be open downside for 9820-9790-9750
Sorry for typing mistake. Selling in the range 9880-9890 with stops above 9925 which was yesterday's high can be next alternative.
In such situations you should trade 2-3 lots. 1 lot open for downside 9820-9790-9750 & 1-2 lots need to sell on bounce if we get.
Have Bullish Reversal Candle@9830 - Called Hammer Candlestick Pattern
Zone 9815-9820 is also an important zone for taking rest so do not add more shorts - next short or sell position below 9800 levels or look for a bounce & plan later for a sell or short at higher levels.
As suggested that gap zone can be tested back 9880-9890 but it should not cross 9900 on upside or we become cautious again
So, plan to sell on upside after a bounce in the gap zone keeping in mind that it should hold below 9900 mark.
Take Care. Have a nice trading day ahead.
Below 9800- we got 10-15 odd points in sell side.
Nifty Settled at 9796 making day low@9784. It was a gap zone of 9775 to 9790 between 22nd-23rd Aug2017 which got filled today.
What to expect next?
Gap Zone can act as support / resistance & if Nifty starts moving above 9800 - a temp low@9784 will be confirmed downside & possible bounce to 9850-9870 can be expected in next session.
I was expecting 9880-9890 as desired zone for fall but looking at the momentum -this zone of 9850-9870 shall be important for us next.
In short, above 9800 we shall look for a bounce or jump to 9850-9870 if holds or faces resistance then we plan to sell in that zone next for targets almost 9700-9650 which we are not sure in current situation so we wait for markets to show us the way next.
SGX Nifty at 50+ points. This time a gap up. Welcome to a roller coaster ride of the Market.
Opened gap up @9860 & went into the most desired zone of 9880-9890 as the zone which I expected yesterday so many times got filled the gap down.
This zone is again an important zone as we all know gap zones can act as good support / resistance.
We look how markets develop from here & if gap zone provides resistance holding Nifty below 9895-9900 then we can see the fall again below yesterday's low@
So we wait cautiously & observe next movement keeping in mind 9895-9900 to be protected on upside- meaning Nifty should not move above this zone- incase it moves then we will check for other alternatives.
Bears are in trouble as Nifty moves above 9900 mark. We close the update.