Nifty- In the middle of ((b))-wave- Let us have patience

NSE:NIFTY   Nifty 50 Index
442 1
(( ))- Means circled wave in the chart
From the lows of 7915 -this whole sequence could be ((a))-((b))-((c)) structure- nifty could be running into a time consuming b-wave pattern & likely seems a range bound price action between 8275 on top & 8050 at bottom. Once upper boundary@8275 gets breached then upside zone of 8350-8400 shall become reality.

Chances are less on the downside, but we all know markets are crazy- so let us try to move with the markets.

Trading Strategy
Break of 8050 one can take sell positions with an Intraday target of 7990-8000 having stops above 8100

Failure to break 8050 on lower side if goes close in the range 8050-8060- Sustaining above 8075 with stops below 8050 can be initiated as buy position

A last strategy could be break of 8275 on top- long positions can be initiated for target zone 8330-8350 & going above 8350- shall look for 8380-8400 zone.

Related Analysis Attached below
Trade active: 10:15 Hrs 19th Dec2016

Last Price@8120

There are 2 more sub key levels for upcoming sessions- 8150-8160 -If Nifty sustains above the zone with stops of recent low@8100-8105, then 8200 - a short term up move can be seen & going above 8230 also can be seen as addition of long positions.

Sell positions can be taken once 8100 is broken for targets 8075 -Keep an eye of 8050-8060 which very important zone for bulls
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
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