Nifty- Wave 4 Done at 11305 (62% retraced)- Careful !!!

For Educational Purpose
Do not consider this a trading call. Consult a financial advisor before executing any trades. "Risk Management" is the most important lesson -a trader has to learn before taking any trades.

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Wave Analysis Key Points for Nifty Index Moves

Last Price- 11254 / 10:28 Hrs / 29th Sep 2020

• The fall 11618 to 10790 – an impulsive fall
• Nifty retraced 62% (current bounce) of the fall from 11618 to 10790 which is 11305
• 62% level which comes at 11305 is the most important resistance level
• Keeping in mind 11300 –trader’s should decide their next course of action
• Chart representation ( such as "red arrow" marked downside is for author’s reference)
• Kindly do the due diligence before taking any trades
• Have a wonderful session ahead



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Second Last Idea -Nifty crack from 11620 to 11085

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Last Idea - Nifty bounce expected "holding above 11085"

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Trade closed manually:

23:31 Hrs / 30th Sep 2020

Outlook for 1st Oct2020

Global Markets are positive indicating a gap-up move -incase Index opens gap up - one has to be careful in 11380-11400 as crossing above 11400 & holding above that level - bulls will be strong

Opening gap up & stopping in 11380-11400 resistance zone - can make it slip again to 11300 / 11180 & below 11180 - lower targets can be seen.

Thanks

Trade closed manually:

Add on update - Nifty (Last Price- 11413 / 11:46 Hrs / 1st Oct2020) Trade long or Join The Bull camp only above 11425 intraday wise only. Avoid taking buy positions home