Nifty- Looking for a thrust downside below 8704 to 8655-8660

AbhishekHSinghCMT Updated   
NSE:NIFTY   Nifty 50 Index
Nifty had a congestion move in today's session as we discussed in the chat room- "India Markets-BSE, NSE"

It looks bearish once Nifty takes out 8704 on the downside & shall move in the zone 8650-8660 as the target zone - Looks like a triangle in current session
Trade active: 15:05 Hrs- IST-14th Aug2016 - Once Nifty Pukes below 8704 then we should put protective stop at 8735 for Target zone 8650-8660
Trade active: 15:13 Hrs- IST-14th Sep2015- Never trade unless you key levels are broken in our case it is 8704. Shapes can change - you should not marry them.
Trade active: 15:20 Hrs- IST-14th Sep2016 Markets about to close - These triangle patterns are very tricky -unless the market shows you a commitment -you don't commit to markets - I mean to say our top end of triangle is 8748 & recent swing low is 8704- either side break we will get a direction - till then avoid trading otherwise you will be chopped again & again.
Trade active: 09:10 Hrs-IST-15th Sep2016- Wait for Market Clues
Avoid creating long positions if Nifty goes below 8704 -that will be first clue that it is looking down & sustaining below 8690 can take it to our desired zone of 8650-8660 & even more on downside.
Trade active: 09:32 Hrs-IST-15th Sep2016- Nifty High is close to 8748 as of today.
Trade active: 10:32 Hrs-IST- 15th Sep2016 - Look nifty bounces back from 8704 lows of the day & trades at 8720 - Yesterday's level works wonders 8748 & 8704 -Both mentioned - Break of the same shall show us the direction- Likely it is downside.

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

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