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.
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
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
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ