AbhishekHSinghCMT
Long

Nifty- Looking for 8815-8820 with critical support@8735

NSE:NIFTY   Nifty 50 Index
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Yesterday -it was an exciting day. Markets were volatile -we were not as suggested in previous updates -we won't panic & look to buy in the zone 8740-8750. In session post RBI policy, we even got that opportunity also at 8750.85 with key support 8735-8740.

What Next
I am still looking Nifty upside in the zone 8815-8820 where it will face channel resistance & likely some correction from that zone if the channel restricts the price.

Trading Strategy
Look for the zone 8815-8820 with critical support@8735 (6 ticks lesser i. e. 8729). While correction happens from the zone 8815-8820 - we shall see the fall above 8775- if goes below then I will come back latest update. if holds 8775 then a push up again towards 8820-8830 zone


Oct 05
Trade active: 11:00 Hrs 5th Oct2016

Good Morning To ALl,

Trading@8745
Market Opened Gap Up at 8806. Can't help. I am still trying to figure out what's happening-looks a complex correction so earlier trading strategy is not valid any more- Gap Up opening has spoiled everything. No worries- I am still expecting big up move in the zone 8850-8875 but need to figure out the entry point.
Oct 05
Trade active: 11:10 Hrs 5th Oct2016

Trading@8754

Complex Irregular Correction at hand - If unwinds -will explode upside in 8850 & close by zone. Need to figure out the stoploss which is giving me hard time.
Oct 05
Trade active: 12:00 Hrs 5th Oct2016

Nifty we will buy above 8784-8785 for targets 8840-8850
Oct 05
Trade active: 13:30 Hrs 5th Oct2016

Likely Its X-Wave, which is close to end in the zone 8725-8740. Price is also getting rejected from bottoms of 8730 so we have key zone of 8725-8740.

Keeping stops below 8725 - getting into long above 8760- Nifty should stay above that level & going above 8785-definitely long with stops of 8729 for target zone 8850-8860

Y-Wave shall complete 61.8% of the W - wave in the zone 8850-8860

Oct 05
Trade active: 14:17 Hrs 5th Oct2016

Trading@8750

Going Below 8743 - It will can go below day's low of 8730 as well.

Likely we should take 17 points stop going below 8743 & look to enter only above 8785 only.
Oct 05
Trade active: 14:22 Hrs 5th Oct2016

Trading at 8754

Let us exit at 8754 & take a small loss of 6-7 points
Oct 05
Trade active: 14:27 Hrs 5th Oct2016

Nifty on the edge of 8760

I always try to reduce my losses so I took an exit, but if NIfty sustains above 8760 & does not go & does not go below 8743- Then likely we will move up

Also Do not forget

Above 8785- long view becomes strong
Oct 05
Trade active: 14:57 Hrs 5th Oct2016

Trading@8750

As updated earlier - We are out of the call with 6 point stop at 8754- Market went again close to 8760 but not sustaining -so we won't trade in such choppy market.
Oct 05
Trade active: 09:00 Hrs 6th Oct2016

Good Morning to All,

Still expecting an up move in Nifty



Comparision with USDJPY

Expected this in USDJPY last Night- 5th Oct2016



What Happened in USDJPY



Intermarket Analysis
Die hard fan of Intermarket Analysis - When I get stuck in analysis I use this stream to throw some light so picked a pair USDJPY which at times works wonders for its connection
If Dollar against Japanese becomes stronger -It is seen that Markets hold on selling likely goes in favour of longs but still you have keep protective stops.

So, If UJ(USDJPY) has one more leg upside then likely Nifty should as well & BankNifty also above 19625

In Nifty we will either wait for 8800 to cross for targets 8840 -8850 or buy at bottoms in the range 8700-8725 with stops below 8670 for above targets or staaying above 8765 is still looks good to me but it should sustain above that & should not fall below 8734
Oct 06
Trade active: 14:07 Hrs -6th Oct2016
Trading @8710

Closed our position longs at 8745 - sorry by mistake it went in below update section

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - India
http://in.tradingview.com
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India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Thanks, am sticking on, lets hope for the best, i feel 8785 will be taken decisively
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Thanks for your valuable inputs.
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welcome bro
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As per 15 min supertrand
Can I buy above 8761
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AbhishekHSinghCMT Fibonacci_Club
Hi, Level of 8760 -its not holding -first it should sustain above that level of 8760
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i think its a sell below todays low
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Thanks but I am looking for Explosive Upside. Lets see -we don't have confirmation. Your view also looks correct but staying above 8750- selling is risky.
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sakesh1858 AbhishekHSinghCMT
In 2 hour chart nifty make a big outside Bar. Generally this kind of outside bar occur in trend revrsal as well as in candle stick morning attack.
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sakesh1858 sakesh1858
and most of the banking stock are completing corrective price action
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Morning candlestick pattern or morning attack?- what you conclude
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