AbhishekHSinghCMT

Nifty- Looking upside with key support zone 8680-8684

Long
NSE:NIFTY   Nifty 50 Index
I am still waiting for that one leg upside atleast in the zone 8780-8800 to see what could be the next course of action. Till the time 8680-8684-key support zone is intact- I am on the bullish side of the market.
USDJPY (UJ) keeps my hope alive that Nifty could see the required bounce.



UJ connection to Nifty- Opened & Moving as expected

Expecting 104.60 from the support zone 103.50-103.60
Trade active: 11:45 Hrs 25th Oct2016

Trading@8691
Line of symmetry studied in school days -have a risk of 3-5 points more from 8699 A- wave high

Looking for target 8650-8652

Trade active: 11:52 Hrs 25th Oct2016

This is an extremely risky trade -I don't expect anyone to trade other than guys who can afford the risk involved in this trade.
Trade active: Look at the trendline - Today Nifty bounced exactly from the trendline which was drawn earlier. lows@8664 was bang on the trendline.

These are key observations.

Trade active: 12:02 Hrs 25th Oct2016

We trail the stop loss to 8699 which is current session high & entered the short trade@8693- shall lose 6 points or gain 40 points.
Trade active: 12:08 Hrs 25th Oct2016

Trading@8691
Reducing my risk to 8695 just 2 -3 points - we will exit & wait at sidelines if trades above 8695.
Trade active: 13:06 Hrs 25th Oct2016

Trading@8690

So many of them are putting stop losses above 8700 that sharks always looking to reduce them- that is the reason it spikes but not holding above 8700 is worry for bulls in current scenario.
Trade active: 13:40 Hrs 25th Oct2016

Trading@8683

A sharp fall from 8690-8700 zones was expected -just went upside to eat the stop losses as mentioned above

Fall from 8737 to 8664 looks like A -wave done & the pull back from 8664 to 8700 was B-wave & current leg likely to be C-wave which can get support close to 8650-8655 & below that 8635-8640 -These are possible zones where Nifty likely to hold & then let us see what shapes up.


Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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