I am looking this sequence as ABC -but in premature stage- which requires further clues from the market.
Good Morning Guys
Gap Down to Start- Unfortunately Income Tax Raids yesterday has shocked markets.
No Shorts Please as we will wait for the bounce to sell. Only Risky Traders look to buy in this zone
Key Level- 8394 (should not be broken downside)
Low@8392 is holding & Nifty Spot has a support zone between 8390-8395, so we Nifty can look for a bounce after this gap down opening
I am very clear if you can afford to lose 10-15 points then trade else avoid
Nifty has taken pause -if holding shorts do not take bigger risk than 8420+ (1-2) points up as extended fall can have extended bounce back.
Excited as I had good fall from 8390's - Day's low@8352. We are at prior swing high, which was 8351- The rally, which started from 8002 on account of Trump victory. We will see whether this act as support or not.
Now at pullback we will see whether we will close our short positions or not
Looks like 8350 acting as support as Nifty turned very close from that level. But Likely, I will see we get to exit in that zone of 8350-8360.
Close to our desired Zone of 8350-8360 which is support likely let us book profits in Sell taken in the zone 8390-8385
Done & Out- Bang on Target- 8350-8360 zone
Prices are melting like hot cake -8300-8310 will be support zone now.
Likely Risk Takers only carry their selling trades & others if booked profits from 8390 to 8350- avoid taking any shorts for the day.
There is support in the zone 8300-8310
Possible to make a new below 8300 -8310 zone
Its possible to make a new but do not hurry if want to take a trade -let us if we get bounce close to 8350-8360 again
"new low" missed above
Bounce does not mean that you will buy - avoid any buying in current scenario
Who is selling Nifty from Tops 8600?
Have a nice weekend - Nifty likely has strong support zone between 8280-8300 but next week MOnday-14th Nov2016 - is holiday & Truncated Week- So, Avoid taking any risk. Have a Nice Weekend
It is so eye pleasing to see a fall like this which happens once in a while. Bears are in full control
Now - You know it is impulsive because the earlier wave was 3 wave sequence bouncing from 8000 to 8600- look the fall- can it become aggressive- time will let us know.
What will happen if USDJPY joins the party. Japanese Yen becoming stronger will add more pressure on Asian indices. Nikkei will come to Nifty's Party. Wow
Going below 7940-7945 -Nifty may start further down move or holding 7940-7945 zone expect a bounce so that oversold indicators will be relieved for further down move.
UJ- USDJPY likely has put a double top at 111.18
If Japanese Yen becomes stronger against the dollar than Asian indices will be in pressure.
Liklet short term bounce could be expected in 8000-8025 zone for fall to resume later. Getting a dip to buy for the bounce with strict stops below 7928.
Typing Mistake- Day's Low@7928
We got the dip, but looks risky to buy so I will suggest to buy only above 7955
Taking 10 points stop in small buying attempt with strict stops below 7928 but likely got a big move down below 8000 to 7930-7940
Now I shall wait to see further market moves
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw