As per the last update- as expected weakness in the nifty- got the move to yesterday's low@8507 which was close to our target zone 8480-8490 (some leeway should be given to markets).
Going above 8550 -Likely it travels back to the previous swing zone 8610-8615 - can be expected Intraday. If It gets resistance in that zone & nifty is unable to cross, then likely bears will return back for selling in that zone for targets below 8500.
Previous Update- Nifty Struggling between 8550-8600
Likely It is heading for 8610-8620 where resistance will be seen next.
Heading for Target Zone 8610-8620
As expected, it is giving an impression that it could be leading diagonal & they are retraced deep, so it could travel 8850-8900 zones-possible, but we need to get some retracement back which can give us confidence of going long & holding.
Session High@ 8650+
Exit All Long positions
Even though the market is dragging upside, above 8650 those who have booked longs should wait for retracement for going longs as likely Nifty should go into 8850-8900 zone also watch on today's gap as support for upside moves in days to come.
Leading Diagonals are always going to retrace that way - I just told even though I am long & took profits you should wait to get some correction for going longs again as most likely it will retrace in 8850-8900 zones.
Financial Markets never move in straight line.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ