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
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15:05 Hrs- IST-14th Aug2016 - Once Nifty Pukes below 8704 then we should put protective stop at 8735 for Target zone 8650-8660
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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.
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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.
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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.
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09:32 Hrs-IST-15th Sep2016- Nifty High is close to 8748 as of today.
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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.
Comments
rathirathi2001
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i think nifty will respect of 8700 any how , PCA ratio also supporting
ChetanMazumder
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It broke the triangle cosolidation !!!!
WaveTalks
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I don't trade triangle consolidation broken to get chopped- I only trade when key levels are breached like 8747-8748 on Top then Up move else below 874 -down move -Between that someone will take you for ride.