Gap Up Opening - Ok We open upside for the short term. I shall update once picture becomes little clear
8700 was a good target on upside now we will look to buy if it retraces in the zone 8630-8645 zone
Do not jump on the calls looking that Nifty is running -you should wait for retracement which will give an opportunity to buy.
Likely An Area of 8722-8726 could give temp halt to Nifty This will be 261.8% of lowest degree wave which started from 8555 bottoms
Price Kissed 261.8%- Waiting to see market action. If there is pressure in nifty likely we go & hit 8630-8645 zone.
(3)rd wave = 261.8% of (1)st wave@8727-8730. First Support Level shall be 8685-8688 then 8630-8640
Warning- It should not go below 8617- which 1st Wave Top.
Nifty Holding 8700 for quite a long time. Likely That level should break downside
Avoid Taking Any Short Positions -Nifty Should Take out 8700 marks if at all it has to continue down
Nifty is Struggling on Upside. Likely its a risky call, but let us be ready as nifty could continue down once if it goes below 8710 marks. Top@8728 should not be taken out.
Look for break of 8710 & then put stop above recent high which will be 28 points
I am clear with my levels as said I won't take short unless first 8710 is breached downside -look it popped up to take the stop losses as so many guys might have put stops above 8727 -recent high
From 8727 high - likely it could be A-B-C Structure in 4th wave. B-Wave was recent High@8732 (Might have taken a lot of stop losses). I have updated below not looking good to buy as these are irregular structures & they trap traders. Already we were out at 8710 range when updated earlier -to fall further it has to take out 8700 marks. We need a sharp fall below 8710-8700 then likely we go in the zone 8630-8640. Be careful with your stop loss levels.
As if I was fighting with the market see this is what one has to learn from markets unless key levels are broken trades could trouble.
If key levels are broken -we sail through easily.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ