NIFTY A-B-C(Ending Diagonal) with 8670 low

7 ต.ค. 2016

Nifty looks like an a-b-c move b-wave top is 8724 & c-wave bottom is at 8670. Nifty is not moving down as expected & momentum is decreasing -looks like an ending diagonal in c - wave

Bullish Engulfing candle from 8770 gives some hope for upside, but with strict stops below 8669

Trading Strategy
Strict stop- 8669

Going above 8690 we should look for targets 8770-8790- likely it should complete down move which happened yesterday & we shall go in the same zone as of yesterday which is 8770-8780

7 ต.ค. 2016

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12:57 Hrs 7th Oct2016

Trading@8678

Just 8 points left for stoploss -strict stop to be maintained at 8669- Likely Nifty should cross 8695 to give second clue that Nifty wants to move up. Momentum downside is decreasing but Nifty should hold above 8695 for possible upside move.

7 ต.ค. 2016

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13:21 Hrs 7th Oct2016

Trading@8675

Our stops have been taken at 8669 but it not taking buy & sell calls only- one should understand the pattern -usually C-waves can be wedge pattern -pattern which slowly drags down in sideways manner & always a tricky one to guess the end but if you fall on right place -You won't imagine -you will become part of explosive move -I am talking above 70-90 points in nifty in just few minutes.

Likely still if Nifty holds above 8695 -we look for upside as downside momentum is less.

7 ต.ค. 2016

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13:53 Hrs 7th Oct2016

New High@8704

Guess I was too early in the pattern but can't help to predict in running markets with lightning speed or Superman speed.
As expected prices crossed 8700 & now we shall look for 50% to 61.8% retracement which comes in the zone 8675-8680-should not be deep retracement. if Nifty stays there for some time without taking out the low @8662 then next we should have an opportunity to go long above 8705- recent high.

7 ต.ค. 2016

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15:21 Hrs 7th Oct2016

Trading@8702

From the lows@8662 - It made a high@8704 retraced in A-B-C came exactly at 8678 lows which was expected 61.8% of the rally from 8662 to 8704.

Moving Up- Possibly it could be gap up but you know its weekend - surgical strike ho gaya toh all pattern goes into bin

Our risk is low@8662 should not be taken out in coming sessions.

10 ต.ค. 2016

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09:58 Hrs 10th Oct2016

Good Morning Guys,

Thanks no surgical strike on weekends- nifty opens gap up @8744 struggling to sustain the gap.

Risky Call if 8704 holds -strict stop, then we can look nifty to 8770 levels-Thos who can afford to lose 6- 9 points-they can look to buy else wait for Nifty to cross above 8730 -in that case likely it goes to 8770

10 ต.ค. 2016

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10:25 Hrs 10th Oct2016

Gap looks like it has given support to Nifty which has crucial & critical low@8704- going below- I will not take any buying calls. I had to lose only 5 points as I executed the trade- let us see what happens

10 ต.ค. 2016

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10:35 Hrs 10th Oct2016

Trading@8715

Trail your stop to cost price & likely it has to move above 8730 to give more confidence

10 ต.ค. 2016

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11:07 Hrs 10th Oct2016

Trading@8725

Let us see whether it moves up- likely we are wearing correct pair of shoes.

10 ต.ค. 2016

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12:31 Hrs 10th Oct2016

Trading@8722

Turned from 8730 on the neck- Likely goes down let us exit & go long fresh when It crosses 8730-this time

10 ต.ค. 2016

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13:15 Hrs 10th Oct2016

Trading@8723
Prices doing sideways move & not even going below 8704 our critical low for the days- that means it is looking upside but not confirmed which market gives a signal only above 8730- going above likely we will kiss the zone 8770-8780 -which is previous swing high.

10 ต.ค. 2016

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13:43 Hrs 10th Oct2016

Trading@8718

Staying above 8714 is the first requirement if it is a triangle at sub micro degree -which I think -going above 8730 -it will confirm & thrust upside for target zone first 8755-8760

10 ต.ค. 2016

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14:24 Hrs 10th Oct2016

Trading@8719

Nifty gave us a chance to enter at 8715 -Vow, so close to 8714- likely we are not losing anything.
But do watch 8704 -which is another important level.

10 ต.ค. 2016

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14:39 Hrs 10th Oct2016

Trading@8715

8714 -even though taken out -I can really understand the frustration of traders as Nifty did not move at all, so either you wait for another chance above 8730 to cross & go long or watch for 8704 -critical level taking that as risk -look to buy.

This is the last update for today's session- Happy Dussehra to all. Let us kill the Ravana-the demon who is sitting inside us. Understand Ravana was the most intellectual person to be born on this planet. By KIlling Ravana, I mean killing our bad deeds & let us do some pious work.

Regards,
Abhishek