Wishing you all a happy republic day.
Only going above 8425 levels & sustains then one can think of holding their long positions. DAX up move in last week looks choppy so can't deny 11400 levels to be retested, which will support India Nifty also kissing the gap zone(8295-8322) & both travel upside post that scenario.
Scenario-1 Looking for a bounce where it can make an attempt to kiss 8370-8373 zone & if extends above then 8395-8400
Scenario-2 Look to sell the bounces once goes in the zone 8390-8400 & sustains below 8400 for gapzone 8295-8322 as target zone.
Harmonic Zone for D-leg & Larger Wave 2
Nifty 2016 Diary- How we moved in year 2016
Boom-- Wow! - What a jump from day's low@8327
Got the bounce in 30 mins.
Selling as expected on the bounce to 8390-8400 should have stops above 8410 against earlier stop of 8400
This selling should be taken by those who took buy in the opening session as taking stops of 20 points from 8390 to 8410- should be ok with them since they gained 60-70 points in the morning.
8350-8360 is the resting zone likely we should book profits in 2nd round of trade from 8400 zones
We have a support zone here 8350-8360 as suggested earlier & any weakness - or fresh view could be taken if goes into the gap zone for 8295-8322
If the zone of 8350-8360 is intact, then likely we push upside beyond 8400 so our risk is 20 points.
Very Close to 8400
What a day indeed -
Scenario-1---First bounce from 8320-8330 - close to 8390-8400 - Result Nifty touched day's high@8404
Scanario-2- Selling on bounce between 8390-8400 - Putting stop@8410 -modified updated = Result Nifty made a low in the zone 8350-8360 -Booked Profits
Finally Jumped again at 8375 for Intraday Targets-8400- Result almost done
Total Profits for the day- 135-150 points - amazing!!!
Final leg here as well similar to Bank Nifty
Boom- from lower levels look the support 8350-8360. Crossing 8445 likely extends above beyond 8461- double tops.
Hello who is inside 8461- can you open the door please! as said trend is upside so pullbacks always to be used as buying opportunity rather then selling. This is the lesson which market teaches -follow path of least resistance- short term trend is up- after "Trend is your friend"
Any pullback to 8465-8480 zone shall be taken as buying opportunity with stops below 8430 for target zone 8550-8570 zone.
Very close to 8550 - Closing my long positions as carrying long from here is too risky as Bank Nifty also faces resistance between 19275-19265 zone at present.
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw