sgor1980
Short

Nifty : Going For The New Low ?

NSE:NIFTY   Nifty 50 Index
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Dear readers, for the last many trading sessions, though there has been surge in Nifty from 7916.40 to 8274.95, the movement in Nifty has been volatile, confusing and complex. Also, the move in the Nifty from the low of 7916.40 to the high of 8274.95 seems to be a double-complex correction in nature. Still, to the level best and the extent possible I have tried to simplify the same. Please, refer to the chart for the same. Here, I have put up the 15 minutes time bar chart.
As per my view, the move from 7916.40 to 8274.95 was corrective in nature and in relation to the minor wave III , being minor wave IV, as it has been mentioned in the chart. Currently, the move in the Nifty that has started from 8274.95, at first sight, looks like an implusive in nature and may be heading towards making new lows.
Today, Nifty opened with a positive note in the pre-trading sessions and made high of 8200.95 in the early session of trading, however, the initial gain got wiped off and came near to the previous day's low @ 8154.45 and made today's low of 8155.80 for until now. The up move from today's low of 8155.80 until now to 8186.70 looks corrective in nature and has retraced more than 61.80% of total move from 8200.95 to 8155.80. Trader having short position shall cover the position if there comes any move above 8200.95. However, trader having short position shall, looking at the chart and current situation, it is advisable to keep their short position open till the new low, i.e., untill Nifty breaks way below 7916.40, may be till 7800/7700 arrives.
Your views, suggestions and comments are welcome.

Disclaimer: All the charts and views posted here are for educational purposes only.
Comment: Though, the Nifty has crossed over 8200.95, it is advisable to keep the short position open. As the move from previous day's low to current high is still looks to be corrective and would not be advisable to go long or cover short.
Comment: The move in the Nifty from previous day's low of 8154.45 to today's high at 8228.85 looks like an extended flat.
Comment: Bears have started showing their strength. However, it is expected that they might get more grip over the market once it breaks below 8150 level decesively... Nifty seems to have completed its wave II @ 8229.40, today's high, in expanded flat correction, rather than @ 8200.95 as shown in the chart. Or to confuse the trader the correction might get extended in complex wave. Keep your short position open till the new low in Nifty.
Comment: As expected, currently, Nifty has formed or say completed its double complex correction, with combination of expanded flat-zigzag-ziazag, at around 8225.90. For the reference of the readers the same has been shown in the below mentioned link to the chart. please refer to the same. Please, make note that Nifty has been taking its resistance at 8230 which may be a crucial resistance .

Comment: Nifty may take some short term support at or around 7965, being the cut-off price of the previous month's settlement. One may take some profit booking at this level. This may act as crucial support for the next few hours of trading or may extend for the next day. Any decisive breach below this level with volumes will lead to the targeted price around 7700-7800.
Comment: Dear Readers, Nifty has been moving as per the expectations, however, on the safer side I would be taking booking at every new low. Besides, If there comes any more selling pressure should be taken as a last chance towards profit booking, rather waiting for any more or larger deep in the market.
Any long is not advisable at this stage.
Hope you all enjoyed this journey towards the new low!
Wow Magical 7965 that was :) You rocked man.
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sgor1980 nirav5
@nirav5, hahaha... that's not magic, just apply simple logic and market is yours. ;)
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nirav5 sgor1980
@sgor1980, I was expecting some recovery between 7950 - 7965 based upon Bullish Cypher. However if Cypher would have activated we could have witnessed some sharp recovery.
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Thank you for your guidance.
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Thanks this really puts things in perspective!!!
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sgor1980 inderjeet05
@inderjeet05, Welcome!
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Thanks for your efforts.
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sgor1980 nirav5
@nirav5, and thank you for your appreciation. Thanks again!
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