Nifty - Bearish Butterfly & Double Top@10500

Nifty 50 IndexNSE

Description

⋅ Dec 21, 2017 3:16 PM

There is a bearish butterfly & double top@10500.

Trading Strategies

Strategy 1 - If Nifty Holds in 10400 -10425 then expect a bounce to 10460-10485 & we book profits & wait outside

Strategy 2 - If Nifty gets resistance between 10475-10500 after strategy 1 is done then look to sell on tops with minimum stops above 10500 - Target -10425 - 10390 - Below 10370 - 10135- 10000

Strategy 3 - Moving above bearish butterfly & double top ( crossing above 10500 ) - "D" level (Holding above D-level & crossing 10500) - Extreme Bullish Scenario - Take care once it crosses above 10500 -it should not dip below 10490 else be cautious.

Strategy 4 - Going below 10370 - Sell for target 10135 - 10000 or closer levels

Trade active

⋅ Dec 22, 2017 6:04 AM

11:33 Hrs 22nd Dec2017

Last Price@10468

Strategy 1 donnnnnnnnnnnnnnnne at 10485 - made day high@10492 - Oh "92" repeats in Nifty & where else ?

Trade active

⋅ Dec 22, 2017 7:53 AM

13:21 Hrs 22nd Dec2017

Last Price@10488

Closing the update. Thanks & Take Care.

Comments

ankur81084

⋅ Jan 6, 2018 12:13 PM

Is this still valid?

UnknownUnicorn1642156

⋅ Dec 28, 2017 8:52 AM

Is this view still valid ? Is Nifty worth a short now ?

WaveTalks

⋅ Dec 28, 2017 9:15 AM

@sharuvman, Hello Sharuvman. I have mentioned strategy 3 above - You need to follow it & manage your risk accordingly.

UnknownUnicorn1642156

⋅ Dec 28, 2017 9:17 AM

@AbhishekHSinghCMT, Thanks for the clarification. Am sorry that I had missed out. Looking at Tata Motors to go short close to 425 levels. Thanks

WaveTalks

⋅ Dec 28, 2017 9:19 AM

@sharuvman, Welcome!

niteshkumar

⋅ Dec 26, 2017 8:27 AM

merry christmas to u

niteshkumar

⋅ Dec 26, 2017 8:25 AM

thanks u help us a lot

WaveTalks

⋅ Dec 26, 2017 8:26 AM

@niteshkumar, Welcome & Merry Christmas!

niteshkumar

⋅ Dec 26, 2017 8:21 AM

abhishek is this pattern still valid bec my calculation also matching with ur pattern

WaveTalks

⋅ Dec 26, 2017 8:24 AM

@niteshkumar, Yes. Finding hard to move above 10500 - makes this pattern valid & only if it sustains above 10500-10515 in next sessions then we close & come out of short trades.