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.
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)
- Overlap structure called as which always gives exciting trade once identified in time- it was downside in Nifty it was expanding structure & in Bank Nifty-it traced out as contracting structure.
USDINR not breaking 66.20 & bouncing again & again -here we go with 68.20 in latest trading sessions
India ETF-INP in B-Wave Triangle
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 with risk of only 20-30 points - analysis can be referred in related "Catching to start downside"
Yesterday closed at 7946 -- look today recent fall just turned from 7946 - Standing across the mirror
Pushed 30 points up from 7946 yesterday's close likely -book partial profits & let us wait outside
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
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
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.
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
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.
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
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.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
where can you expect nifty today by end