Note -Do not forget to vote for MCX & NSE F&O Data
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).
What Next 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
Trade active
⋅
10:59 Hrs 18th Oct2016
Trading@8582
Likely It is heading for 8610-8620 where resistance will be seen next.
Trade active
⋅
12:50 Hrs 18th Oct2016
Trading@8598
Heading for Target Zone 8610-8620
Trade active
⋅
13:20 Hrs 18th Oct2016
Trading@8618 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.
Trade active
⋅
14:18 Hrs 18th Oct2016
Trading@8646
Session High@ 8650+
Exit All Long positions
Trade active
⋅
14:49 Hrs 18th Oct2016
Trading@8658
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.
Trade active
⋅
15:09 Hrs 18th Oct2016
Trading@8675 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.
Comments
krish2052
⋅
You want to Exit all Long positions? As suggested?
Smart-Moneydottrade
⋅
got it, thks much
WaveTalks
⋅
Not all long positions because market is given an indication for upside -if you can hold 3-5 days then likely you will see 8850-8900 unless it all goes below gap up opening of today & Short term traders who have booked profits now should look for retracement to enter into long positions again.
Smart-Moneydottrade
⋅
ok sir
WaveTalks
⋅
Likely it can still push for new high above 8650 but the momentum is reducing so we should be at sidelines to see what market does next.
Smart-Moneydottrade
⋅
when u say momentum, u referring to momentum indicator?
WaveTalks
⋅
yes- RSI, MACD etc
Smart-Moneydottrade
⋅
sir is it good time to book long since its bounce to 8585 as you had mentioned?
WaveTalks
⋅
Going above 8580 -likely it will travel in the zone 8610-8620 so let us see & then we will decide.