As an analyst -its a biggest achievement if something turns out as he wishes, but those cases are very rare. I am not fond of picking tops & bottoms because getting tops & bottoms has been always risky. It hurts you as you are dealing with real money.
Connecting pieces of Nifty tells that if this piece falls into place & very important not going above 8969 which is the high from where nifty started falling early Sep2016- we will be ready for the most exciting time in Indian Markets.
Nifty if travels 8640-8650 -I will love it because it will confirm that bulls are interested again in the index.
Likely Nifty could go very close to 8550-8570 - so we will wait to see the price action
Vow -what a fall likely I want this little more so I can think of buying with stops below 8550- key level
Some of these portions or updates I am writing out of my experience- you guys can take clue, but likely do your own analysis before executing any trade.
Going above 8605-8610 is likely good for bulls. Thanks to one of my colleague Udaya- one more update- New expiry contract is always good for bulls atleast 2-3 days, which has been noticed on historical basis. Also, Diwali is round the corners. So, enjoy with lots of sweets & crackers.
Hope so we see the new expiry contract running into sweet spot & complete the setup as expected when it opened up as leading diagonal.
All waves overlap from 8968
Can you recognize the path
Good Morning! Wish You All A Happy & Prosperous Diwali
Nifty has bounced back exactly from the gap zone 8530-8555 by making a low@8550- The last hour rally on expiry day looked bullish but still we will take a bullish stand as mentioned below.
If Nifty retraces to 8600-8605 or 8580-8585 with strict stoploss below 8575- we have a bullish stand in today's session.
Amazing Dip of the Market - Enjoyed the bounce of 70 points -exactly from the zone 8580-8585 with just 6 points risk- This kind of risk reward is hard to get 1:14 with a risk of 5-6 points & gain of 70 points.
There was a gap between 8655-8664 so likely Nifty going above 8647-8648 levels shall kiss some portion of the gap
Recent Low- 8619
So that's why I said, let Nifty cross 8647-8648 for a target in gap area 8660. Nifty did not cross 8647-8648 & look the fall on smallest degree.
Sorry got little late
For Risk Takers who can afford to lose 10-12 points with strict stop below 8609
Likely Let us exit & trade above 8645 or close to 8610-8615
See the thumbs shown at 8645 yesterday there was a severe fall - today after making a high at 8650 -it went down for small candle & came to 8645 -same level shown again as thumb -look the fall
Next a trendline is drawn connecting 8650 to 8645 -Once Candle crosses above one can look for this trendline as support line -most of the time it takes support -you can wait for one candle to see whether it holds -once you know it holds - you can initiate a trade with minimum risk & maximum gain.
Can this channel in B-Wave Work- Looks like Bears & Bulls are fighting- Once we cross 8550 -it will confirm for bulls that they have strong holds on the market. Before that there is channel from where the B - wave likely has bounced from day's low.
Prices did not cross 8550 for bullish bias, but likely I will avoid having a bearish bias as well, unless we break the channel- so I am avoiding short trades in current scenario.
Breaking day's Low - can push Nifty to 8440-8450 zone,
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw