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
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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.
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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
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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.
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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.
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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
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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
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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
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13:35 Hrs-16th Sep2016 - Boom It falls Makes a low 8795 looks to kiss the target zone 8765-8775
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13:50 Hrs-16th Sep2016 Bang On Target
Nifty Kissed our Target Zone & the Gaps are filled -Low 8767
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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
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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
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14:36 Hrs- 16th Sep2016
We will go long only above 8780 -Kindly do not take any long between 8755-8762 as mentioned above
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15:01 Hrs
Nifty Goes Below 8775 - we will exit
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15:04 Hrs
Current Rate - 8771 Maximum Risk taken should be 8760 for current long positions initiated above 8780 -else
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15: 06 Hrs
Bye & Have a Nice Week End
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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
Comments
MindTrader
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WaveTalks
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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.
silentlyaddicte
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lots of upside potential still there
WaveTalks
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Thanks - I too think upside potential exist with 8690 -8704 as the crucial support zone.
silentlyaddicte
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Very nicely said, Monday will be a positive day according to my analysis
WaveTalks
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Thanks
silentlyaddicte
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There are ways to predict Gap up & Gap downs (Almost accurately), just think rationally and to your analysis in advance.
AakashRKothhari
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target is 9300 for upside sl 8700 positional closing basis