AbhishekHSinghCMT

Nifty- Bounce to relieve oversold indicators

NSE:NIFTY   Index of the 50 listed India companies
1127 9 12
L-S Long first & short later
When this whole structure started, I visualized that its powerful trade setup & I was all the way short from 8800-8850 when we had these overlap waves as suggested that i-ii-iii-iv-v to give us larger wave-1 then dramatic wave-2 which had trump victory- gave us 8600 top-later we had again down -down & down move.

What Next?
Looking for a bounce for the zone 8025-8045 but be careful 8050-8060 shall act as resistance going above 8050- 8055 it can extend upside till 8090-8100 target zone

Short Trade can be taken only going below recent low@7915 for target zones- 7860-7870 or in the zone 8025-8035 with strict stops above 8050.

3 strong reasons for me to take selling positions (All analysis attached below as related analysis)
Larger Picture
India Nifty             looks to be in yet to complete C-wave             within 4th wave

Most Exciting Opportunity
Most Exciting was getting at the top of market at 8600 when whole world was bullish with risk of only 20-30 points - analysis can be referred in related "Catching double top to start downside"




Trade active: 09:54 Hrs 22nd Nov2016

Last Price@7968

Yesterday closed at 7946 -- look today recent fall just turned from 7946 - Standing across the mirror

snapshot
Trade active: 10:10 Hrs 22nd Nov2016

Last Price@7972

Pushed 30 points up from 7946 yesterday's close likely -book partial profits & let us wait outside
Trade active: 10:51 Hrs 22nd Nov2016

Last Price@7960

There is downside pressure in the market going below 7915 definitely it is down to target zone 7860-7870

Also 7985-8000 is a resistance zone
Trade active: 06:55 Hrs 23rd Nov2016

Last Price@8002

Opening High & closing high as of yesterday coming in close proximity giving us double top@8020

So any move above 8020- we could see in tranches or parts first in the zone 8045-8050

Going above 8050 for 8090-8100

Sustaining above 8120 -only upside

Swing low@7938 is very important going below that can put nifty in pressure again for the target zones 7850-7860

Trade carefully,

snapshot
Trade active: 09:55 Hrs 23rd Nov2016

Last Price@7990

Nifty got resistance between 8050-8055 as suggested earlier post gap up opening & had a sharp sell off- bears are in control- who ever taken sell positions at day high can continue going below 7950 & sustaining & breaking 7938 swing low - can look for 7850-7860 as suggested in previous update.
Trade active: 13:26 Hrs 23rd Nov2016

Last Price@8025

Can you see RSI has relieved from oversold zone of 20-25 so that bears can have another bang on movement (with strict stops above 8101)

Nifty moving in a channel. This upside move could extend till 8070-8080 which is the top band of the channel-if at all it goes to that zone or it starts falling in the middle.

Risky Traders- Can hold with 8101 stops

So, nice place to sell will be close to 8070-8080 with strict stops above 8101 (1 tick above 8100)

Or selling below 7950 & watching for 7938 to break downside for target 7915-720 where it holds below 7915 shall go to 7850-7860 zone.

60 mins chart

snapshot
Trade active: 08:07 Hrs 24th Nov2016

Last Price@8033

SGX Nifty at 7965- Down 40 points, European markets down yesterday. USDINR@68.70's

Likely, the channel shall be broken with a gap down.
Trade active: 09:41 Hrs 24th Nov2016

Last Price@7983

If Nifty goes below 7970-7980 then only bears will become active else bounce back can be expected. Going below 7970 for targets 7915-7920 & going below 7915 for 7860-7870
Trade active: 10:05 Hrs 24th Nov2016

Last Price@7992

Bounce back should be used to sell not to buy -likely if Nifty goes above yesterday's swing high & sustains above 8045-8050 then it will extend to 8090-8100.

8100 is a very important level, which can be used for selling at close by zone of 8100 with stops above 8101-

Selling only below 7970-7980 if sustained for target zone 7915-7920 & if sustained below 7915-7920 then zone of 7860-7870 can be looked.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
intense selling pressure in market , bears not letting it go easily !
Reply
Thanks Abhishek.
Reply
@nirav5, Welcome Nirav. Thanks for your support.
Reply
@AbhishekHSinghCMT - what's the down side you are targeting for this channel break likely today ? Or will you suggest going short only below 7920 ?
Reply
@SaurabhMehra,Target zone of 7860-7870 below 7915 lows or overnight as said Indicators are relieving from oversold status. Yes, these calls can be taken by them who can afford to lose 60 points above 8100 as suggested.
Reply
Harish_Kumar AbhishekHSinghCMT
@AbhishekHSinghCMT, Hi Abhishek,

where can you expect nifty today by end
Reply
@Harish_Kumar, Hi Harish- I was travelling official work so could answer your queries but luckily I had updated all in the current post - selling only if sustains below 7970-7980 which did not & moved above, so likely bulls have returned back. It was also updated that going above 8045-8050- it shall be extended till 8090-8100- whereas it even moved beyond 8100 which was key level for me. I shall come up with connecting piece- once I see missing actions of prior 2 sessions.
Reply
AbhishekHSinghCMT TOP AbhishekHSinghCMT
@AbhishekHSinghCMT, sorry for missing word - "could not answer your queries"
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