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.
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
Good Morning To ALl,
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.
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.
Nifty we will buy above 8784-8785 for targets 8840-8850
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
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.
Trading at 8754
Let us exit at 8754 & take a small loss of 6-7 points
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
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.
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
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
Closed our position longs at 8745 - sorry by mistake it went in below update section
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ