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Nifty : Just an analysis... Now there will be 1000 reasons and theories why Nifty dropped down from 8720's.To check n validate whether those are right or wrong is not our job and that's not worth our time. Let those reasoning's be right, it cant make any real money, but if you have traded in right direction with your trade plan( Be it fundamental or technical) ,if you made money you are far better than those empty theories.Don't we know from start of august itself, Nifty is gonna be weak with GST passing (Sell on News ) ? Enough of past discussions, lets get back to field work ! Nifty took out the support zone of 8580's, though we don't have any valid support on hourly till it reaches trendline which is also Fib extension 2.0 if you draw fibs on Wave 1 and we do have fib extension 1.618 in the 8580's support zone, so easily that can pass as Wave 3. Well, I don't wanna predict where exactly Nifty ends its wave 3. So what we are looking for ?? Scenario 1 : if the Blue trendline support is broken enter short ( I really expect Nifty won't break it just like that, so we will get pullback to 8570's zone before breaking the supportline - that's the pullback area we are waiting to enter shorts. Use very strict stops if this happens. Scenario 2 : Can touch supportline and bounce back breaking upwards above redline, Enter longs in Nifty only after our 8570's zone is crossed. This will be safe entry according to Me, to initiate long positions. Scenario 3 : If Nifty ends wave 3 around 8570's n bounces up, I won't be taking any positions bcos I'm unsure about the move till red upper trendline is taken out. Final Scene : Well, who knows ? That's Nifty's Style,Boss ! Thanks for your Likes..Happy Trading !
NSE:NIFTY
by InsiderB
6
JustDial Correction Completed.. Buying Opportunity!!JustDial's correction is potentially completed which also retested the breakout trendline around 78.6% fibs. One can go long on the stock at current levels with Potential Start of 3rd Wave Rally which would take the stock higher and at a faster pace. Short terms targets are around 750 and longer term targets are around 1000 levels and more. Details are on the chart. Its just my view and not a trading call for anyone. Happy Trading!! Siraj Hudda, CFTe Web: www.prowaveanalysis.com Skype: sirajhudda Email: contactus@prowaveanalysis.com Facebook: www.facebook.com Twitter: twitter.com LinkedIn: in.linkedin.com
NSE:JUSTDIALLong
by SirajHudda