UJ- has both opportunities long & short....One can make 200-300 pips if traded with proper dedication.
UJ as suggested from previous updates that we were looking for 111.90 as lowest target & beyond 112- we shall have 112.50—112.70 as second possible target.
These targets are still valid but we have to sweat out to earn as pattern which could be forming in this 4th wave can be a triangle & that is the reason it is taking so much time to even cross 111.35. Triangles are always patience testing pattern & one should not give up as we are clear that UJ has one more leg to go up & it could be minimum 111.90’s & beyond 112-112.10 can reach 112.50—112.70’s.
Post triangle, it is always the last leg so there is a selling opportunity as well in the zone 112.20—112.50’s (once you get confirmation) for target zone 110.60’s ---110.75’s.
If this 4th wave happens to be a triangle- we will make 100 pips atleast in current buying & 150-200 pips in selling opportunity which will follow immediately post rising from triangle.
India Nifty surprised everyone on 26th April 2016 –when it jumped 140—150 points making a low@7822 while jumping beyond 7950 to test very important 7970—7980.
In today’s session- index consolidated in narrow range while peeping out of 7980 couple of times in trading session whereby momentum indicators having started slowing down.
Traders to be careful in the session of 28th April 2016- Fed meeting effects as well as decision by BOJ(Bank of Japan) could make session volatile.
Short Term Traders
Short Term Traders to be careful as Index 7950 could show pressure
Long Term Traders:
One should take long positions If market sustains above 8000 for hour long time for targets as mentioned in previous updates-8200 to 8250( where C-wave = A-wave ).
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ