AbhishekHSinghCMT

Nifty - Catching The Top & Bottom - It's 400 Not out

Long
NSE:NIFTY   Nifty 50 Index
An amazing day for all of us as we get 400 not out.

Catching the Top at 12240 for 11920 & Bounce from 11920 to 12K.

Note - Last Video Idea-"Nifty - Where does it goes next?" continues for commentary.

Picking bottom at 11910-11920 all suggested in the last video idea commentary


Picture at 12 K - What a bounce!

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Last Video Idea - Nifty : Where does it goes next?

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Comment: 19:27 Hrs / 18th Feb 2020

Last price @ 11992

What Next @ 19th Feb 2020 ------------------------------------------------

Nifty Its 400 Not Out - Bounces vertical from 11910 lows!

After opening lower today at 12,028.25, Index extended losses & slipped to touch an intraday #low of 11,908.05 in the afternoon but later recovered more than 50% & closed marginally below 12K

Time for flashback!
As per the last video idea published at #TradingView on 11th Feb 2020- "Nifty - Where does it goes next? " The key zone suggested at the tops of 12250 - 12275 remained intact & gave a fall 300 points to visit the bottoms of 11920's.

Why 11920 was important for me ?

As an analyst, I had always suggested that secret to trading always lies in the history. This bounce was no surprise to me. So, 11910 / 11920 which is the zone in close proximity of 11931 - level where Index bounced sharp on 8th Jan 2020 for new all time highs of 12390-12430 on account of President trumps smooth talks post geopolitical tension between U.S. & Iran when elite leader from Iran - QasimSuleimani got killed.

Wave structure
The fall from 12245 high looks impulsive on shorter degree with strong support zone 11900 - 11920. The bounce is closely watched.

What Next ?
11935- 11940 zone is important & holding this zone can be a possibility for a bounce to 12070 & 12110- 12125 zone upside.
Trade closed: target reached: 09:35 Hrs / 19th Feb 2020

Last price @ 12068

Target Achieved upside in 12110 - 12125 as mentioned in the idea.
Comment: Snapshot from the top at 12119 Highs - The Top View

Comment: 13:45 Hrs / 19th Feb 2020

Last price @12095

Today's High --------------------12125 ------------------------- Find that level in the update. Enjoy
Comment: 15:00 Hrs / 19th Feb 2020

Last Price @ 12120

Avoid Taking Sell Positions - Index can extend upside to 12160 / 12180 --------going above 12125. Thanks

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

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

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