Amazing Fall to lows@8078 giving us in total 140+points - first buying @ 8150-8160 zones for 8190-8200 & expecting a sharp sell off from that zone to lows @8078
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Going below 8050- which is important level as last time nifty travelled upside from close by zone of 8055-8060- as per 'Chaap Daala" update- a surprise upside & a surprise downside- in all 200+ nifty points from Monday to Wednesday.
If goes below 8050- it travels first into 7990-8000 zone & sustaining below 7990 can likely push further down to 7915-7930 zone & complete b-wave downside.
It's a range bound market on upside with 8200-8235 as strong resistance zone, so any bounce to that zone & if it goes below 8200 & sustains down could be a selling opportunity. Any fresh buying will happen if 8250 is taken out on top or going below 8050- it is likely Nifty travels first to 8000 & below 7990 -travels to 7950.
We cannot take short or sell position in the current scenario as the market has trapped sellers with today's gap up move -which can even extend to 8300-8350 zone as well.
Fresh selling can only be taken once the rising trendline gets broken & it goes below 8050 so avoid catching any tops in the market.
A short term fluctuations cannot be denied like Nifty going into the zone 8230-8240 & falling to 8175-8180 zone, but likely looks upside because bear trapped in above 8050.
I have been telling this that 8050-8060 is very strong support in previous updates.
A good Intraday push as expected in the above update from 8215- enjoy some profits & wait outside of the market as it is important swing high next 8250.
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw