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
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14:20 Hrs 14th Dec2016
Last Price@8212
UJ-USDJPY
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.
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15:20 Hrs 14th Dec2016
Last Price@8180
Book Profits & close short trade taken at 8210. Tomorrow Market Opens with Fed Power
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15:24 Hrs 14th Dec2016
Day's High-857
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07:47 Hrs 15th Dec2016
Fed's push to USDJPY- An explosive 3rd wave or 220 pips upside above 115.50.
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07:49 Hrs 15th Dec2016
S&P 500 - Bang on Before the Fed
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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
Comments
VadivalPranchi
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Yesterday's candlestick suggest a positional 8500 CE and 8000 CE for intra day may be yield some Good Money .
WaveTalks
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@ajayww2, what do you mean by positional 8500 CE & 8000 CE for intraday?
VadivalPranchi
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@AbhishekHSinghCMT, Positional 8500 ce means buying 8500 ce ( very cheap ) around 8150-60 spot for 2-3 days holding around ,buying 8000 ce
( very costly )strict for intra day only as average .stoploss yesterdays low
WaveTalks
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@ajayww2, Thanks, I asked because markets are looking bad - hope 8500 comes soon in Dec 2016 or Jan 2017
VadivalPranchi
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@AbhishekHSinghCMT, in nifty and Bank nifty multiples of 100s and 500s are reasonably priced with adequate liquidity.All others are just Baguas.
#AbhishekHSinghCMT
#nifty (2) will not come that soon
WaveTalks
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@Gopal_Dhamija, Fed -RBI-their decisions are tricky & on top of it- Markets are more tricky.
nirav5
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Thanks Abhishek for your analysis and updates. I understand that USDINR has relevance to Nifty, I was not aware about USDJPY also affects Indian stock market.
WaveTalks
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@nirav5, Historically we have seen USDJPY if strong & japanese yen weak then it is good for Indian Markets- Here itself is the biggest clue that UJ is all set for fall below 98 lows once jumps to 118-120 if extends upside. If UJ starts falling that tells dollar is weaking as compared to Japanese Yen - if Japanese Yen becomes strong -which indicates that Asian markets including markets could be in trouble.