When resistance turns its role into support which is the current case we call the zone as "polarity zone" & level as "polarity level" - useful for guys who are doing their CMT Exams.
But be careful of geo political tensions between America & North Korea.
Below 9700 Is risky to hold long positions. Bulls will be alive if it remains above 9700
Also remember - when harmonic pattern fails it will be sharp move on opposite direction so below 9700 -it has to move sharp downside for trader to take short positions or there could be trap downside for sellers- it can't drag slowly & slowly downside.
Only war like situation can make matters worse from here for Nifty immediately below 9680-9700 else if it sustains here then we should see some bounce next week.
In war situation- it will be a gap down.
We hope & pray that - There should be no war between U.S. & North Korea & matter is solved amicably.
Have a nice weekend.
Likely no bad news to start & we look for the upside as expected on 11th Aug2017 - staying above 9700-9710- the bounce.
Opens Gap Up! Awesome
Day High@9790 - Kisses our 1st Target
Looking for a pullback - if I get it in the zone 9750-9760 - I shall use it for taking long positions.
Holding 9775-9780 - Not going down can push nifty above 9800 levels & shall enter into our next target zone.
Turns exactly from 9775-9776 - Awesome!
It is struggling to cross 9792-9793 so be careful as it is trying to give us some signal.
We should wait for clear breakout above 9792-9793 for an upside push else it goes in the gap zone 9718-9755 as of today & search for support.
Gap Zone should act as support to next set of moves.
By this time, one must have realised how important some levels or zones are - at present it is 9792-9793.
It is not able to cross above that zone.
If crosses above 9792-9793 - It will explode upside why?
because positions build up tightly so don't hurry - let market show you the way & be ready to press + if you see excitement for upside else wait for downside support zone of 9718-9755 - Enjoy the Trading - Feel the Trading!
Crosses above 9792-9793 - Time to trail your stop loss - where?
Some time back it was dancing in 9780-9785 zone- we will keep stoploss below 9775 (1 point below) & enjoy!
Cash / Spot Nifty
Best Buying Zone for the day was 9775-9780 & 9790-9793.
Looking for short term pullback with bearish Cypher between 9810-9825 for Risky Traders & Safe Traders can join below 9790-9793 Zone.
Target @9890 - Done & Out - 200 Points from 9680-9710 Zone.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Date 8th Aug 2017 Time 9:15 am , Closing price of hourly candle 10029.69. Closing price of chikou span at same time 9706.41.
10:15 am,Closing price of hourly candle 9984.30 .Closing price of chikou span at same time 9716.2375
11th Aug 3:15 pm, Closing price of hourly candle 9716.24 .Closing price of chikou span as the same time 9716.2375. Nifty made a low of 9685.55, closed for the day at 9710.