Nifty-Magic of 8229 -Simple & Effective

NSE:NIFTY   Nifty 50 Index
We entered long above 8200 as per short updates in between & when it made high at 8229 yesterday- I suggested that let us book profits & move out- In opening session for today as well 8229 acted as resistance- "Magic of 8229"

What Next?
Avoid taking selling positions unless 8050 gets broken on the downside-so we are left with any dip as buying opportunity for target 8330-8350 zone & above 8350 for 8380-8400

Short term opportunities
Going below 8150 -likely there could be some points to eat downside for your lunch & using that dip as buying opportunity or dip close to 8150-8155 zones where channel should hold downside for targets 8229- above 8230 for 8260-8270 & above 8270 for 8330-8350 & above 8350 for 8380-8400.

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Related Analysis Attached below
Trade active: 14:20 Hrs 14th Dec2016

Last Price@8212


UJ is in confusion mode -making bulls & bears dance unless it moves above 115.50 -it will not open upside so holding 115.50 as resistance if UJ drops below 115 likely goes to 114.30-114.40 zone before bouncing back that will put India Nifty also in short term down move till 8150-8155 zones.
Holding 8229 as resistance or strict stops - scalpers can take small risks for targets downside as mentioned.Those who can afford to lose they only trade others wait outside to see if channel holds in the zone 8150-8155 or going above 8230 marks for future moves.

Remember going above 8229-8230 – It will move upside as mentioned earlier.

Trade active: 15:20 Hrs 14th Dec2016

Last Price@8180

Book Profits & close short trade taken at 8210. Tomorrow Market Opens with Fed Power
Trade active: 15:24 Hrs 14th Dec2016

Day's High-857
Trade active: 07:47 Hrs 15th Dec2016

Fed's push to USDJPY- An explosive 3rd wave or 220 pips upside above 115.50.

Trade active: 07:49 Hrs 15th Dec2016

S&P 500 - Bang on Before the Fed

Trade active: 09:06 Hrs 15th Dec2016

Post Fed decision- Nifty will panic only below 8050 that is the level which will trouble bulls or short term sell can be taken below 8100 for targets 8080 & below 8075 to 8055

8100-8110 is also strong support zone

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

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