The bears got trapped through FBI at 8400- which was surprising for bears & they got squeezed in today's session as well with most of them putting stops above 8550- Market travelled marginally above 8550 & made day's high@8559- finally to close at 8543.
We are standing close to very important global event outcome- U.S. Elections which everyone might have set their eyes- Hoping for Hillary or Clinton- So what's in the box- time can let us know better, but as an analyst- let me put what I see next
If Hillary comes out of the Box
Likely -Index will witness another gap up move which could make it travel 161.8% of the initial move from the 8400 to 8535 which comes in the zone 8690-8715 zone.
If Trump comes out of the Box
The index could leak below the double bottom 8480 levels & travel below 8400 marks as well in coming session.
Trading Strategy
Protecting double bottoms in the zone 8470-8480 zone is important for having bullish bias & Hillary as an outcome of the major event
Whereas Leakage of double bottom zone- shall be the result of Trump outcome.
Let us wait for the outcome.
We are standing close to very important global event outcome- U.S. Elections which everyone might have set their eyes- Hoping for Hillary or Clinton- So what's in the box- time can let us know better, but as an analyst- let me put what I see next
If Hillary comes out of the Box
Likely -Index will witness another gap up move which could make it travel 161.8% of the initial move from the 8400 to 8535 which comes in the zone 8690-8715 zone.
If Trump comes out of the Box
The index could leak below the double bottom 8480 levels & travel below 8400 marks as well in coming session.
Trading Strategy
Protecting double bottoms in the zone 8470-8480 zone is important for having bullish bias & Hillary as an outcome of the major event
Whereas Leakage of double bottom zone- shall be the result of Trump outcome.
Let us wait for the outcome.
Trade active:
7:53 Hrs 9th Nov2016
SGX Nifty Down -270 points. Markets are going to be tricky. Going Above 8550- They forced bears out & today if the market opens gap down- bulls are trapped.
SGX Nifty Down -270 points. Markets are going to be tricky. Going Above 8550- They forced bears out & today if the market opens gap down- bulls are trapped.
Trade active:
8:07 Hrs 9th Nov2016
Dow Futures 400 points down. Trump Leading in the current outcome scenario.
Dow Futures 400 points down. Trump Leading in the current outcome scenario.
Trade active:
14:33 Hrs 9th Nov2016
Last Price@8468
Bounce from 8000 -todays low can be C-Wave so likely can touch 8850-8900 zones as expected earlier- we need some pullback to go long for few sessions atleast till 8850-8900 zones- Then we shall decide later.
Last Price@8468
Bounce from 8000 -todays low can be C-Wave so likely can touch 8850-8900 zones as expected earlier- we need some pullback to go long for few sessions atleast till 8850-8900 zones- Then we shall decide later.
Trade active:
14:37 Hrs 9th Nov2016
Last Price@8466
Do not hurry in the trade - we want some pullback from current highs of 8475 to enter.
Last Price@8466
Do not hurry in the trade - we want some pullback from current highs of 8475 to enter.
Trade active:
14:58 Hrs 9th Nov2016
Last Price@8410
Recent fall from top@8475 to 8396 is very impulsive & not looking as pullback so that suggest expecting any longs in current scenario shall be risky. If it starts moving below 8350 -then we get some confirmation bears are still active.
Last Price@8410
Recent fall from top@8475 to 8396 is very impulsive & not looking as pullback so that suggest expecting any longs in current scenario shall be risky. If it starts moving below 8350 -then we get some confirmation bears are still active.
Trade closed manually:
15:26 Hrs 9th Nov2016
Last Price@8460
Closing & Need a break as price structure is very confusing. Let me come back later
Last Price@8460
Closing & Need a break as price structure is very confusing. Let me come back later
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
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
First I have thank to Bro. Abhishek ji.... very good effort ... My option Nifty Down side A Wave Completed... Now Upside ABC May be 8740 or else 8800 - C Completed -B Wave.. Then Down should be 7700 -7600 Levels possible..C Wave.. Let see
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@vijay73, Welcome -Vijay Sir. Nifty is looking little dicy- do you think that 8600 is short term up move done
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@AbhishekHSinghCMT, 8611 Resistance Zone .. But I think 8611 will cross tomorrow.. bcoz high OI on 8800 , My opinion nifty reach 8700 or 8800 level then will be down side possible...
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@vijay73, ok- Thanks - I was little doubtful as 8600 is holding a for a long time
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@AbhishekHSinghCMT, nifty spot cross 8553 i think no risk on downside
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weekly close above 8556 will inject more fuel for NIFTY but hurdle of 8650 is crucial for bullish mode to continue
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@vivekn, 8630-8650 is very crucial -I am looking into this whole move as ABC -likely close to end this move so we see a good sharp pullback. Let us wait & watch
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Last Price@8421
Prices are falling so fast -seems like a joke