Financial Markets never move in straight line & if you are able to guess the movement on bigger picture- you can play in shorter durations. On 1st April 2016- I guessed that in all possibilities we shall halt this up move which started from 6825 to 7765 giving us Y-XX leg. Look XX leg is falling exactly on channel top. Since 7765 Top--we are almost 220 points down. Going forward our strategy should be sell on rallies & If 7400 mark also gets broken-in that case be ready for the real show- Markets could scare you as it might go below 6826 as well & complete the Z-leg to solve the puzzle. Once Z- leg gets completed- multi month low shall be in place for new beginning in India Nifty . Till then Take care & Trade.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ