AbhishekHSinghCMT
Long

Nifty- Who is playing with numbers 8600 or 8060?

NSE:NIFTY   Nifty 50 Index
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5
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If Nifty crosses swing high 8143 then likely It will look to test 8185-8195 zone & Above 8210 -This whole sequence of the fall from 8600 to 8060.

Who is playing with numbers -I just shifted these numbers from unit, tens & a thousand places to get 8060 out of 8600- like a kid- Thinking out of the box.

Likely that's been fun part- Serious Part: Downside there is reducing momentum or divergence is visible.

Trading Strategy
Going above 8143 - Then, looking for 8185-8195 zone, but needs to sustain above 8120. Going above 8210- deep upside

Alternate Strategy
Going Below 8060 only we will look for crucial support zone of 8000-8010

Falling from Double Top 8600

Nov 17
Trade active: 09:45 Hrs 18th Nov2016

Last Price@8055

It broke 8060 mark- which was previous low- now holding short for target zone 8000-8010 with stops 5 ticks above swing high 8105- i.e. 8110
Nov 17
Trade active: 10:45 Hrs 18th Nov2016

Last Price@8085

Turning from 8090 below 8110 could give us the desired result of 8000-8025 - if goes below 8060 - On top our risk is minimum which was 20 points

Turning down below 8110 from 8090

Nov 18
Trade active: 11:45 Hrs 18th Nov2016

Last Price@8083

Day's High@8100

Amazing it falls again, keep our stops intact 8110- can it break 8060- It will be exciting to see the movement next
Nov 18
Trade closed: stop reached: 13:12 Hrs 18th Nov2016

Last Price@8115

After a long time - My stops were hit.

Key Level 8105 has been taken out on top, but we will wait for the next set of directions & see which way market wants to head.
Nov 18
Comment: 14:39 Hrs 18th Nov2016

Last Price@8065

Last Comment of the Day

That's why I suggested above Nifty should hold above 8120 (for bulls to become active) -it made a high 8129 & started falling- did not stay even 5-10 mins on top.

Have a nice weekend guys & let us come prepared for the new week & search for even better trading opportunities.

Thanks for support
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - India
http://in.tradingview.com
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India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
SohilShah SohilShah
@SohilShah, is this called divergence on the rsi?
Reply
@SohilShah, Yes, I do not prefer divergence much because it fails & traps also sometime. Largely divergence should be seen on Hourly + charts. Not to be seen on smaller timeframes otherwise one can be trapped.
Reply
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