Nifty- Support Zone 8770-8780 To Act as Resistance

WaveTalks Updated   
NSE:NIFTY   Nifty 50 Index
Nifty was struggling for the past 2 days- Likely we get upside move- we should be careful as it would go into the zone of prior support 8770-8780 when it was doing an uptrend shown as green arrows on left, that area could become polarity reversal zone in coming sessions.

TradingStrategy- Look out for Nifty to go into the zone 8770-8780 prior support to act as resistance but one should keenly watch that area & see for possible reversals. Another opportunity is going below 8704 -which was support level for yesterday shall push Nifty down- Likely looking for the zone 8640-8650

Trade active:
09:30 Hrs- Area of 8770-8790- Market opens with gap that doesn't mean uptrend has started unless monday gap area is protected - Likely its first leg down was completed at 8700-8690 zone & we are retracing back in Second leg - I will change this view once it sustains or go past 8850. Till then there will be another leg which shall start downside if 8850 is protected on top.
Trade active:
10:57 Hrs-16th Sep2016 Nifty 8850 could be the resistance _just went close by at 8847 Currently trading at 8838 going below 8820 -pressure will start building
Trade active:
11:05 Hrs 16th Sep2016-
Never be in a hurry for Markets or Train -accidents are bound to happen- Let market give us a signal so going below 8820 will be the clue that Nifty is looking for a downside.
Trade active:
12:07 Hrs- 16th Sep2016

At submicro degree -there is a sideways move happening -Likely market is going to push higher again -may be 15 -20 odd points in the zone 8850-8860 that will finish upside -you can start trailing your stops once it starts moving above 8850 & later if starts moving below 8834 -Nifty should look down but always maintain a stop of recent high from a risk management point of view.
Trade active:
12:30 Hrs -16th Sep2016
It has started a fall below 8835 support -could be pressure move & carry down to even fill the gap possibly till 8765-8775 with important resistance at 8850
Trade active:
1245 Hrs- 16th Sep2016 -Nifty should not move above 8846 otherwise - I will suggest to throw your short positions & take 10 points stop or continue downside till 8765-8775 with 8846 as critical for short term
Trade active:
13:20 Hrs- Nifty is at 8824 - Book 25% & Rest you should hold with stop at entry point which is close to 8835 + 2 points up
Trade active:
13:35 Hrs-16th Sep2016 - Boom It falls Makes a low 8795 looks to kiss the target zone 8765-8775
Trade active:
13:50 Hrs-16th Sep2016
Bang On Target

Nifty Kissed our Target Zone & the Gaps are filled -Low 8767
Trade active:
14:05 Hrs- 16th Sep2016

8750 - is a current session low -My invalidation level is 8725 for this session- I will likely watch for reversal trade from this zone of 8750-8760 but with strict invalidation level at 8725
Trade active:
14:28 Hrs- 16th Sep2016-

Current Price- 8771

Going Above 8780 or in the zone 8755-8762 shall be the zones for going long with strict stop below 8750
Trade active:
14:36 Hrs- 16th Sep2016

We will go long only above 8780 -Kindly do not take any long between 8755-8762 as mentioned above
Trade active:
15:01 Hrs

Nifty Goes Below 8775 - we will exit
Trade active:
15:04 Hrs

Current Rate - 8771
Maximum Risk taken should be 8760 for current long positions initiated above 8780 -else
15: 06 Hrs

Bye & Have a Nice Week End
Trade active:
15:25 Hrs 16th Sep2016

Current Price - 8777
Carry all positions on your own risk -market gaps up & down is not in someone's hand


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

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