India Nifty@24th May 2016- 7680 is key level for the market

NSE:NIFTY   Nifty 50 Index
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India Nifty@24th May 2016- 7680 is key level for the market
7890 will be important resistance for the market & any break of falling channel & sustaining above the same shall open any bullish opportunity.
Till the time falling channel is holding good we shall avoid taking long positions- having said that there could be short term bounce to the zone 7750—7775 inside the channel.
Yes, it is quiet challenging to know the market direction but I figured out correctly yesterday when prices after gap up—it was falling in “b-wave” & came close to previous lows@7735-which “a-leg” of the correction. “c-leg is usually lethal & explosive-which hinted yesterday when it started crossing 7760 post making similar lows in the zone 7735—7745.
Currently it seems that we have 1-2-1-2 yellow –blue sequence running & higher possibility of breaking the channel downside where our key level 7680 will play important role.
Be careful 3rd of 3rd waves are usually scary & we are running into downside direction- so any break of channel on downside can accelerate the prices below 7680.
The move shown in oval shape signifies how volatile market is- as you are running in front of bullet train-so one has think with supersonic speed to sustain in market. We all know market is very dynamic & we need to adjust every moment-when new prices are thrown to us.
Trading Strategy
Look for pull back & bearish confirmation for going shorts in current down move & target zone of 7560-7575 where we shall complete 161.8% of blue 1st wave.
Any buying shall be taken only above 7850.

Abhishek             H.Singh, CMT
Trade active: Look to sell at the pull back in the zone 7750--7770..once you get bearish confirmation...Target shall be 7680--7690....Daily close below will infuse heavy selling pressure.
Trade active: Going below 7720 --one can take short positions for target 7680--7690...
Comment: Close all short position above 7740--that is protective stop for intraday short positions taken...
Comment: We are going long as suggested above 7750
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
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India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Abhishek Ji,

Perfect analysis... Nifty zoomed after staying above 7740.

Keep posting.
Thank You Sir
Great Analysis Abhishek... Thanks a lot
I don't track futures....track spot & trade futures...sorry...you can get in touch with customer care
Abhishek Ji,

what symbol does tradingview use for Nifty Futures and banknifty futures?
Kindly exit all shorts....we will take fresh short only below 7680 any day...price can start upside move above 7750...Regards
I will take care of that. Thanks a lot
sorry..."doing now"
There could be posibility that we will start moving up from here....so I need to see what retracement is soing now & whether it takes out our day's low@7717
No I guess....I need to monitor this current fall ...any shorts now we will take only below 7680 that is safe
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