AbhishekHSinghCMT

Nifty- Bang On for Trading The Triangle

NSE:NIFTY   Nifty 50
681 8 7
It's a triangle which we traded & trading a triangle is extremely tough but fortunate enough to figure out correctly, so entered at 8580 & exited at 8635 in the c-leg which completed

When we break 8540 -we will surely go down so let us wait for Monday 3rd Oct2016.

Regards,
Abhishek H. Singh, CMT



Nifty- Looking To Complete (iii)-wave below 8540
Trade active: 09:41 Hrs 3rd Oct2016

Gap Up Opening - Ok We open upside for the short term. I shall update once picture becomes little clear
Trade active: 09:55 Hrs 3rd Oct2016

8700 was a good target on upside now we will look to buy if it retraces in the zone 8630-8645 zone
Trade active: 10:20 Hrs 3rd Oct2016

Trading@8712
Do not jump on the calls looking that Nifty is running -you should wait for retracement which will give an opportunity to buy.
Trade active: 10:27 Hrs 3rd Oct2016

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
Trade active: 11:10 Hrs 3rd Oct2016

High@8727

Price Kissed 261.8%- Waiting to see market action. If there is pressure in nifty likely we go & hit 8630-8645 zone.
Trade active: 11:42 Hrs 3rd Oct2016

(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.

snapshot
Trade active: 12:45 Hrs 3rd Oct2016

Trading@8712

Nifty Holding 8700 for quite a long time. Likely That level should break downside
Trade active: 12:53 Hrs 3rd Oct2016

Trading@8710

Avoid Taking Any Short Positions -Nifty Should Take out 8700 marks if at all it has to continue down
Trade active: 13:35 Hrs 3rd Oct2016

Trading@8720

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
Trade active: 13:46 Hrs 3rd Oct2016

Trading@8728

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
Trade active: 14:05 Hrs 3rd Oct2016

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.

snapshot
Comment: 15:11 Hrs 3rd Oct2016

Trading@8739

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.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
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Nifty trying breaking 8727. Could it be a breakout on the upside?
Reply
I am not in favour of buying at this moment looks like irregular structure so if there is any pressure it will likely test 8630-8640 zone now there are 2 hurdles - 8700 & 8685 short term
Reply
LSubramani AbhishekHSinghCMT
Ok sir. Thanks. Will be watching out thse levels.
Reply
Great sir. Thank you very much.
Reply
Welcome
Reply
Thanks for updating
Reply
will the nifty rise to more than 8611, at least reach 8645 or so, i have 15 lots of calls at 8600 resting on it. or should i immediately sell and take puts.
Reply
AbhishekHSinghCMT TOP MadhvendraSingh
You can never conclude anything at this moment because its risky -I guess it could be a C-leg of triangle just because of experience & traded. If it is gap up opening then likely it goes close to 8688-8690 which is very imprtant level or on monday if market consolidates between 8580 8640 then likely we will leak downside. Only Monday can reveal the mystery.
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