AbhishekHSinghCMT

Nifty- Support Zone 8770-8780 To Act as Resistance

NSE:NIFTY   Nifty 50
475 20 8
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

Nifty- Magic of 2 Key Levels 8748 -8704
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
Comment: 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

Regards
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
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India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Thanks for update. This big downside target -likely can be confirmed by market action only. Yes, if Nifty goes above 8900-8920 in coming sessions -it becomes little complicated for me, but if nifty bounces & stays below 8900-8920 zone & starts falling-Bears will have hope alive. If at all- Nifty is bearish it has to move below 8725 first & penetrate 8700-8704 zone as well. Let us see what the market brings on Monday.
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lots of upside potential still there
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AbhishekHSinghCMT TOP silentlyaddicte
Thanks - I too think upside potential exist with 8690 -8704 as the crucial support zone.
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silentlyaddicte AbhishekHSinghCMT
Very nicely said, Monday will be a positive day according to my analysis
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AbhishekHSinghCMT TOP silentlyaddicte
Thanks
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There are ways to predict Gap up & Gap downs (Almost accurately), just think rationally and to your analysis in advance.
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target is 9300 for upside sl 8700 positional closing basis
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AbhishekHSinghCMT TOP AakashRKothhari
Thanks for your update
Reply
holding one 8800 pe carry or squire off ?
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