India Nifty--Need to be careful...at top@8216

Jun 1, 2016

It was a whip saw market on 31st June 2016...I am expressing my fear that India Nifty has topped at 8216 & started its down leg-well its too early to say but If this scenario plays out --like a bounce is expected above 8200 - in the zone 8200--8210 & starts falling & goes below 8170 --This could turn out to be 1st leg downside if 8170 is broken --latyer Nifty break 8125 which is also important...

Trading Strategy
Safe Traders can sell once after the bounce in the zone 8200--8210 & fails to take out 8216 & Nifty starts going below 8170...
Target--8130--8140
Agressive Traders should look for a bounce of 8200--8210 with very very strict stop loss of 8216 (Risk -15 points) & go short.
Target--8130--8140...
Alternate Strategy
If Nifty goes above 8215--- Look for Targets 8250--8260.

Regards,
Abhishek H.Singh, CMT

Jun 2, 2016

Note

9:50 am --2nd June 2016---Never sell at bottom wait for pull back to sell between 8200--8210 with minimum stop 8216...Above 8216--we have buy target of 8250--8260...or Selling Below 8125..

Jun 2, 2016

Note

10:30 am ...Trader can play with markets unless 8125 is broken we have no confirmation of downside so buy at every dips.....Avoid selling between 8200--8210 as suggested earlier

Jun 2, 2016

Note

11:15 am-- 2nd June 2016... Zone of 8150--8160 is very strong support zone....

Jun 3, 2016

Note

9:50 Am---3rd June 2016---Nifty Touched target zone expected 8250--8260....Do not hold any position...if Index falls to 8200 & bounces back above 8240 then one can go long ...else who ever is holding longs first need to exit if 8240 is broken..Regards