Nifty- Can you recognize the path?

Oct 18, 2016

The fall of 8968 - earlier I told -it's all overlapping & going into the zone of 8480-8490 which is a maximum downside when it was struggling last week between 8550-8600 is what I can see & going I won't be surprised if it goes for a deep retracement like 8850-8900 in coming days.

The only problem is financial markets never move in straight lines so likely upside movement from 8570 to 8678 today could be A-leg upside & we shall see retracement or dull movement in 1-2 days next for the final set of upside movement in the zone 8850-8900- where I have also updated that it should not go above 8968 highs otherwise downside leading diagonal becomes invalid.

Regards,
Abhishek H. Singh, CMT

Oct 19, 2016

Trade active

07:50 Hrs 19th Oct2016

Last Price@8678
Leading Diagonals are always retraced deep & surprises market traders -this time it surprised bears again.
Likely we will look for retracement as opportunity to take long positions.

Shall comeback & monitor for the retracement.

Oct 19, 2016

Trade active

09:10 Hrs 19th Oct2016

Our favourite figure is 8690 from old updates so any move above or just even sustains above that level- likely we will go to 8750-8760 next resistance zone.

Oct 19, 2016

Trade active

14:19 Hrs 19th Oct2016

Day's Low@8636

Last Price- 8681
Nifty made a low approx same time as Bank Nifty made a low@19322- Vow - Both started upside- Amazing