So, Likely we should wait for highs@8698 to cross for taking long positions.
Once it crosses 8698- Momentum should be good enough to move beyond 8698 for targets 8740-8750 & traps could be possible if Nifty goes beyond 8698 -travels to 8710-8720 & falls below 8688- In that case it will become a complex correction- which has to be inspected again. So, once it crosses 8710- risk point-8688 should be protected
Session High- 8726
Likely looks like irregular correction as expected in morning so pullback could be expected
Looks like it was small correction -going above 8700- no selling as market was doing pullback in uptrend market.
Not sustaining above 8700 - Not looking good for bulls
Good Morning All,
From lows@8507 -it is still not clear what structure it is -could be A-B (unfolding) C wave ahead or 1-2-3. Most Important of waves is you should know where are you wrong. Likely we should wait for some pull back & then look to buy or going above 8726 for an up move.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ