It looks awkward to use such language because we are professionals, but sometimes we should break those barriers & enjoy every moment, which local trader in Dalal Street would have repeatedly said to himself & his group of friends- "Chaap Daala"- Why not if you get such a move having 20 times reward against 1 time risk- you will also say those words to yourself.
This reminds me of a movie- "3 idiots"- whatever your heart says -you should follow the same.
From the bottoms of 7915 to 8250 as said it was corrective leg having key level-8050. So taking a risk of 5 points & buying in the bottom zone of 8055-8060- was amazing experience.
If Nifty starts moving above 8155- lower edge of the gap & sustains above 8150 then likely it will extend to 8200-8210 zone which is crucial resistance from earlier price history.
Else Nifty could fall back & going below 8050- It will move to the desired zone of 7990-8000.
In today's session if it moves to 8140-8150 & get resistance- then allow prices to pull back in the zone 8100-8110 zone as it is important zone- if holds, then it could push to 8150 & going above 8155- likely travels to 8190-8200- There again it will face resistance between 8200-8210 zone
Selling opportunity should be taken below 8050 marks only for 7990-8000 mark initially.
Shall be leaving for a meeting. Happy Trading & Take Care
Likely looking for a pullback in the zone 8100-8110 -if that zone holds, then one can look for push again till 8175-8185 - be careful do not hold long positions if it dips below 8100 & stays for some time below that level- going below 8050 mark -we will look to sell for the 7990-8000 zone
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ