WaveTalks- Nifty: Piercing Candlestick Pattern

What Is a Piercing Pattern?
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A piercing pattern is a two candlestick price pattern that marks a potential short-term reversal from a downward trend to an upward trend. This candlestick pattern is applicable in any time frame but produces better results on a higher timeframe. The pattern includes the first session opening near the high and closing near the low with an average or larger-sized trading range. It also includes a gap down after the first session where the second session begins trading, opening near the low and closing near the high.

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Important Pattern Criteria
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The 2nd session close should cover at least half or 50% of the 1st session candlestick.
Getting 50% & above closing into the 1st session indicates- bulls have taken control of the session.

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Stop Loss
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Stops should be maintained below low of the candlestick in 2nd session. In current situation – 17587

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Critical Zone
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17590-17600 was discussed in last video idea published as running comment. If critical zone holds then Index has fair chances for a new all-time high once again.


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Target
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Target 1- 17700 & Strictly Holding Above 17700- We can expect 17790+ for another new ATH (All-Time High) as Target 2.


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Last Video Idea Published on 16th Sep2021- WaveTalks: Nifty- On Cloud Seven
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09:58

Trade closed: stop reached:

14:38 Hrs / 17th Sep2021

Last @ 17570

The index dropped below 17587 - low & slipped to 17537 & Bouncing above 17535 - Do you remember the level.

Closing comment ------------------------17535 is an important level as suggested in yesterday's video on "Nifty on Cloud Seven"

Comment:

14:42 Hrs / 17th Sep2021

Last @ 17583

Most Important Level - 17535 shown in the snapshot. Thanks

Comment:

09:13 Hrs / 22nd Sep2021

Nifty Update

Nifty Key Resistance 17622.75-Failing to cross above that level & #Traders you need to be careful. Last time suggested 17670 in the last update commentary. Failed to cross that level on Monday 20th Sep2021 & made high @ 17622.75 - What Happened Next? Dropped 300 points.

Comment:

10:51 Hrs / 23rd Sep2021

Last @ 17720

Nifty Update

Traders be careful in 17715-17735 zone. If index slips below 17700 strictly & holds that level as resistance, after falling below 17700 then it may have negative to sideways bias. Holding above 17700-Bulls will control the session.

Thanks & Have a wonderful day.

Comment:

13:14 Hrs / 23rd Sep 2021

Last @ 17760

Mercury goes retrograde coming 27th Sep2021. Mercury's shadow-how will it affect the StockMarket-Only time will tell us. Thanks

Comment:

12:06 Hrs / 24th Sep2021

Last @ 17886

Nifty Update

Short Term Support 17850-17875 -Holding this zone Index could bounce for highs at 17948 / 17990 which could be intraday targets upside. Thanks & Have a wonderful day.

Comment:

Nifty (Last - 17862 / 12:45 Hrs / 24th sep2021) Minor fluctuations can never be avoided. support is still intact 17850-17875. Small dip to 17843 & Trading at 17863. Upside we still look for 17948 & Higher Targets. Also keep in mind it should not make second attempt of breaking below 17850

Comment:

#Nifty (Last-17839 / 13:47 Hrs / 24th Sep2021) Weeding out weak traders (New low-17819) which the market always does when it has to resume the larger trend again(which is still upside) so you have to hold yourself strong in some situations & never hurry while trading.