This is medium to long term outlook which can take close to 40-50 Days having reward to risk ratio of 6:1 with stops below 132 & target upside between 180-185.
Short term zone of 140-142 is an important .
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We can look to bank upon PNB this time as it respected the zone 132-135 which was a strong & the googly turned back as mentioned below in previous update.
Final leg could complete in 180-185 Zone -this Diwali 2017, I look forward to celebrate diwali with PNB not to forget "with an open eye".
Magic of Googly below 142 for 135
Googly returns back to starting point
Fevicol - unbreakable
Double Top & Bat@164.30
141.70 to 143.35 -Intraday short upside move for the day in expiry.
Some jump intraday again.
Struggling in 145-146 Zone - we have double top so we pick next buy only above 146 level else it can correct to 140-141 Zone - searching for support downside which can be 140-141.
Next Buy either above 146 or Buy in the range 140-141
Selling is a risky call as it will against the trend & likely we have started uptrend along with Nifty.
Risky Call - One can take sell with strict stop loss above 146 for 140-141 Zone- if you see weakness in Bank Nifty.
PNB has strong Support Zone between 135-137 . Either one considers buying above double top@146 or support zone 135-137 , 140-141- these are zones where possible reversal can be seen.
Struggled whole day between 137-139. Holding the levels 135-137 on closing basis we shall look next for 142 which is next upside level.
Nifty if holds below 9950 - some weakness is expected intraday so take care of PNB position as next trending moves can come only if 140 is crossed on upside.
Having said that I don't say one throw the position & trade with emotions - just be out for somewhile & re-enter later at better price.
As expected Nifty to complete the cycle at 10175-10225 which started from the update 9860 fall -earlier - Nifty has started moving from 10070 now at 10095.
At 10175- we will get 315 points & at 10225 we will get 360 points.
What was that ?
Gap up open & travelled to 193