AbhishekHSinghCMT

Nifty- Bullish Harmonic + Polarity Resistance

Long
AbhishekHSinghCMT Updated   
NSE:NIFTY   Nifty 50 Index
B-Swing Low@8650-8655 of the bullish harmonic pattern is also the polarity reversal zone as well, which acted as support & now acting as resistance in current scenario.

What is the Polarity Reversal Zone ?

When one level acts as support turns its role into resistance that zone is known as polarity reversal zones- so in our present case zone of 8650-8655 acted as support & gave B-swing low & now in the current scenario -it is acting as resistance zone so we come up with below mentioned trading strategies.


Trading Strategy-1
So, Likely, If Nifty dips, but remains above 8609 or the trendline passing through 8612 -8615 supports nifty then with strict stops below 8609 which is 8608 -Nifty likely should go in the range of 8715-8725.

Trading Strategy-2
Nifty Going Above 8655 & sustaining above 8650 then longs could be built up for target zone 8715-8725
Trade active: 13:30 Hrs 1st Nov2016

Trading@8662

Trailing Stops to cost @8650- safe traders & risk traders to hold with strict stops at 8608. Incase price goes below 8650 then we will see if nifty holds in the zone 8635-8640 for upside targets
Trade active: 13:38 Hrs 1st Nov2016

Trading@8663

Nifty is struggling to cross 8670 -likely it will test the support zones downside
Trade active: 13:59 Hrs 1st Nov2016

Trading@8666

I have never said its a down call or short call to clear confusions- please do understand - I still favor the bull side till 8609 is taken out downside else I will look at every opportunity to buy & most important it is struggling to cross the 8670 mark for a long time so I said pullback could be possible not a short call.

Have you seen a rubber band it is pulled back to shoot higher or reach farthest distance.
Trade active: 14:19 Hrs 1st Nov2016

Trading@8655

The magic of 8670 -Struggling Level as suggested in above update. I will wait to see further price action

Trade active: 14:31 Hrs 1st Nov2016

Trading@8632

Not buying any more -not looking good for bulls at the moment
Trade active: 14:39 Hrs 1st Nov2016

Trading@8629

Market gives sometimes very less time to even think can't help but did my best updating at highs of 8670.
Trade active: 15:27 Hrs 1st Nov2016

Trading@8619
Support trendline do not forget - we need to see whether it holds


Trade active: 08:12 Hrs 2nd Nov2016

Last Price@8626

Nifty had a sharp fall from 8670 in yesterday's session so bulls need to be careful & can look to buy if the trendline connecting 8612-8615 holds or going above & sustaining 8650 which is psychological level-can also be looked as buying opportunity.

Bears or sellers can look for breach of 8580 -once broken can look downside, but target zones could be 8540 -8500 & 8480- let us wait watch -how it plays out for the day.

Trade active: 10:00 Hrs 2nd Nov2016

Update on 14:31 Hrs -----"Not buying anymore -not looking good for bulls at the moment" at price@8632

I wrote this in a very clear manner- "not buying anymore" at 14:31 Hrs

The market opened gap down- I am still looking for one upside move in the range 8850-8900- otherwise "Nifty--Can this dream turn into reality" update- shall remain incomplete.

Zone of 8480-8500 is a very strong zone- likely can hold the current fall, but still have no confirmation- for which I will wait for markets to give me green signal.
Trade active: 10:50 Hrs 2nd Nov2016

Trading@8532

It is moving in sideways manner after opening gap down likely some bit left on downside & possible attempt for 8500-8510 can be expected -post that we will be looking for a bounce in impulsive manner.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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