Bank Nifty--Final Push up expected till 17825-17850

From Bottom 17350--I was fortunate to have patience yesterday i.e. 2nd June 2016-- & figured out 2nd wave correction. We have traveled 261.8% of 1st wave from 17350 lows...we shall look for another or fifth wave upside push in the zone 17825--17850 ...Currently we are running into 4th wave which can go till 17600--17625 (Support Zone)...Traders can look to buy at dips for target 17825--17850 ...Going above 17850--we shall get target of 17925..

Regards,
Abhishek H.Singh, CMT

Comment:

12:15 pm-- 3rd June 2016-- Bank Nifty trading at 17715...expect 100 points down to 17600--17625 where this 4th wave completes & then a up push. Regards

Comment:

12:22 pm- Even though I very confident that Bank Nifty drops 100 points from 17715 to 17600--17625 zone ...you should never sell but use buyng on dips as strategy....because any time market moves above up it will be fast so short time bears get trapped. Regards.

Comment:

11:26 pm--4th June 2016- Sustainable move above 17705 shall take Bank Nifty to our desired zone of 17825--17850...If you get 17800 as well one should book partial profits--If BN stays above 17850 then we can target area of 17925--17950. I am scared only for USDJPY & forex pair moves which happened in evening session on friday payroll data--USDJPY had severe fall from 108.20 -area which was strong support -break of 108.20 slipped to 106.50 (As if no floors-- 200 pips down with just a blink---One should avoid taking yen long positions -because it could be a trap-any movement above 109--will indicate that USDJPY wants to move up...same with EURUSD -any move below 1.1220-- can target for 1.0900 area. Regards

Comment:

11:35 pm--4th June 2016 --Our Index party will be spoiled if USDJPY goes below 105.54-which is key level. Regards

Comment:

8:30 am- 6th June 2016-- Good Morning, I am happy that USDJPY fall has stalled & crossed 107 -latest update- That can give some relief to our indices. Regards, Abhishek

Comment:

10:00 am -6th June 2016---Bank Nifty Looks positive till 17900-17950 zone...There is no confirmation that we are going down. Regards,

Comment:

12:00 pm--6th June 2016--BN going above 17750 should push till 17850 & above that we shall have 17930--17950 which should complete final push from 17350 bottom. Regards, Abhishek

Comment:

12:30 pm- 6th June 2016--- Only Above 17750 --we should be bullish else this can trap becoming distribution pattern so it is always better to trade once resistance is broken on top..Let market only show us the way & let us not predict.
Regards,
Abhishek

Comment:

1:00 pm-6th June 2016--- Once BN crosses 17750---It should thrust upside to our target zone 17850-17860....Regards

Comment:

1:00 pm-6th June 2015---Partial Target should be booked in the zone 17815--17825....Post Touching the zone put strict stop loss at 17685 because going below that level---it will start bleeding. Regards.

Comment:

23:30 Hrs-6th June 2016--- As soon as we went below 17685...there was sharp down movement till 17635...Kindly do not take this as start of downtrend...we are still bullish & upside leg is still pending ...possibly into the zone 17825--17850...Safe Traders can take long above 17762...Risk Traders can take long in the zone 17600--17625...after checking for bullish confirmation at your end. Good Night, Regards.

Comment:

8:24 am-7th June 2016---Good USDJPY...looks like it has started its up wave against low@106.35---which is good sign for asian markets. Regards

Comment:

9:00 am -7th June 2016---Sorry, There is a RBI policy so kindly trade post policy at 11 am. Regards

Trade closed: target reached:

Unfortunately--BN opens gap up & close to conservative target--it might be risky to hold longs--no doubt it can spike post RBI policy but Now we should plan to sell.

Comment:

10:15 am--If nifty crosses 8235--One can get target of 8260--8270 or stay away & plan for selling. If 8125 level gets broken then one can get 8060--8070 as downside target. Regards

Comment:

11:35 am- RBI Policy Out--Repo Rate Unchanged....Do not Go long at these levels unless BN sustains above 17825 for 10 minutes

Comment:

11:55 am--7th June 2016---Bulls be careful.....

Comment:

12:45 pm-7th June 2016----It might be frustrating to miss this buy opportunity but It is always good to be sidelined as we are close to some top & It will attract & suck buyers...I just said be careful.

Comment:

Nifty Intraday Target of 8270 achieved....Regards

Comment:

13:20 Hrs-7th June 2016--- BN should touch 18040--18075 where it shall face resistance but while taking longs be careful.
Current Rate- 17950----Regards

Comment:

13:50 Hrs---7th June 2016 --BN current Price--17990...Book Complete & buy tomorrow for target 18040--18050 when retracement happens...Regards

Comment:

14:00 Hrs--- BN ...Now you should buy when it retraces & comes below 17900...possibly in the 17875--17900 for that leg of 18040--18050.....Which will be our final target

Comment:

14:50 Hrs--7th June 2016----Bang On...We drop exactly 90 points from 17992...make a low 17903....Here we could take support in the zone 17885--17920...for Target 18040--18060...with Strict Stop Loss--17799..(If this hits then 2 calls back to back...90 points down & 150 points up)...Regards

Comment:

15:15 Hrs--- Bang On....BN bounced from 17901....Book Intraday & exit if 17988 is not crossed ...Current Price 17960 ....Regards

Comment:

9:45 am- 8th June 2016---Good Morning....Unless 17798 is broken...look at your end to buy at every dips...Risk is losing 70 points but If starts moving above 17900--that shall be first clue that BN wants to move up & above 17990--for sure we will touch 18040-18060 zone. Regards

Comment:

10:00 am- 8th June 2016---Our Key Level--17798 should not be broken ...if prices start crawling which it is doing now-be alert....any up move could be very fast--like super sonic wave upside for target 18040--18060..(Almost 200 points up) Current Price -17880 --so, don't guess...Market itself should show the sign of moving up solidly.....Regards

Comment:

12:00 pm--8th June 2016-- BN is up 80 points from 17880 (Almost at bottom we picked up)...Current Price --17960... Regards

Comment:

12:15 pm--98th June 2016...We touched opening highin BN@17990...looks like there is resistance...we should book complete & buy only above 18000 ...or at dips 17850--17860...Regards

Comment:

12:30 pm---If BN takes resistance of 17990...we can look again in the zone 17850--17860 for a support....then buying again....Any Up move now will happen only above 18000. Regards

Comment:

12:35 pm-- Bank Nifty if goes below -17930-- 17935 then only take short ftarget 17850--17860 else only long please above 18000 for sure.... Current Price- 17965....Regards

Comment:

13:00 Hrs IST-- BN takes U-turn exactly from 17935.10---My Goodness........Awesome...Regards

Comment:

13:40 Hrs IST---Can you belief ...17990 again resistance....Now Trading at 17955....Awesome...Now It is moving in range 17990 on top & 17930 in bottom--Regards

Comment:

14:30 Hrs---Bang On...Look we got another small movement....17935 broke....17886 was low ...I expected 17890--17900....If you get buying opportunity in the range 17840--17860 then buy with strict stop loss@17798...else buy if BN crosses 18000... Regards, Abhishek

Comment:

14:35 Hrs---If you get a chance to buy in the zone 17890--17900 Buy with Stop 17854...Target will be again same 17990...Current Price 17935.. Regards