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Another Beautiful Morning, Another Analysis,Another Pattern but same idea which we are telling for ages - " Nifty Down Down ". As expected we got into the muddy area, its gonna be really sticky mess in the 50 points range on either side of 8500's. Only a swift move from Nifty can take us out of this zone. I'm not sure why, I don't get the feeling that we will get out of this zone fast, so sit on your hands & control your emotions if Nifty is ranging.
On the analysis front, We have a beautiful ABCD pattern which is yet to complete around 8400's. Currently we are in C to D move, but Nifty has many support levels before falling to 8400's so bulls may try to run one more time, not more than 100 points. I'm expecting a gap up ( 30 points max ) into the zone we marked and move down, Don't expect 8400's in single day, it will happen but process will be slow.
We can get a channel or triangle pattern in 15mins with downside breakout , its a possibility only so if someone missed short entries good time to re-enter based on their tradeplan with proper stops. What's more worrying is, there is no news event which can move the market in the name of fear or greed. Anyway we can grab all the points in C to D move if everything goes fine. Is it Greed to Grab All ?! Nope... We are just following our Plan & its reward.
On the analysis front, We have a beautiful ABCD pattern which is yet to complete around 8400's. Currently we are in C to D move, but Nifty has many support levels before falling to 8400's so bulls may try to run one more time, not more than 100 points. I'm expecting a gap up ( 30 points max ) into the zone we marked and move down, Don't expect 8400's in single day, it will happen but process will be slow.
We can get a channel or triangle pattern in 15mins with downside breakout , its a possibility only so if someone missed short entries good time to re-enter based on their tradeplan with proper stops. What's more worrying is, there is no news event which can move the market in the name of fear or greed. Anyway we can grab all the points in C to D move if everything goes fine. Is it Greed to Grab All ?! Nope... We are just following our Plan & its reward.
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Fibernet screwed up bigtime today from 12.30pm, I missed out everything. Just got the Internet back after techie showed up.
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It just reacted from a point of daily resistance close to 8700 spot. Now expecting downside move to 8400s....what's your opinion?
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Yeah, thats why mentioned as muddy waters, but can you reason out for Upside ? I would love to know...
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Just an observation: Since July 2016 every time the price reached the 8500-8540 levels, it has pulled back to the upside. This seems to be a strong support zone. It is also possible that the upward movement may be a short-lived this time around. Nifty can still roll over and fall towards 8360s. But then, you're the pro, IB!
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Whoa ! I never viewed in this way about Nifty. The point of view which you mentioned above is valid one I believe. Let's see what happens around 8600-8500's, on short term it may be decider. Thanks for sharing, I got to know a valid counter point,probably 8500 being psychological level also...Good One !
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