Suggested - out at 9965 in previous update.
Bank Nifty is not supporting so we have negative bias for BN as well & Bn was the prime reason why Nifty struggled today to touch 10,000 Mark.
In previous update our post turned as it opened above 9925 mark & dipped to 9910 was buying opportunity- missed -no worries. I even suggested on chart, moving above 9925 -1st confirmation & above 9950 -2nd confirmation.
9950 was important level as markets holded that level for 3-4 Hrs & pushed upside beyond 9970. I expected for 10000 mark but Nifty is unable to push beyond 9978 mark
So, putting this update- at 9978 highs.
Target - we shall look for 9950- 9910- 9860
Pattern invalidates above 9978 highs.
Deep Crab BC leg can extend to 361.8% which gives range of 9980 -9990. if Nifty goes beyond 10000 then this pattern fails so we should look for weakness.
There is a slight change here as we will wait for 9950 to be broken first as market respected that level for substantial duration on Friday 1st Sep2017.
Confirmation level- 9950 ( wait for the break)
Last Price@2nd Sep2017
This trade only for high risk taking guys. If you have the capacity to lose 20 points I am not talking big just above 10000 Mark as it is psychological mark as everyone is eyeing that level.
So, if you see some weakness in 9985-9995 Zone in next trading session - it could be possible we get the 1st target of 9950
once it breaks 9950 then we look for 9910 & below 9910 9860-9870. Have patience & plan your trade , manage your risk & execute.
Close to Target 1- 9950 - We start the day awesome - with current session low@9953.
Target 2 - 9910 ---------- Done - That is Awesome!
Day Starts at 9984
Crack almost 100 points for the Day at low@9884
Another Good Day - Nifty Touched All at 9861
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ