Spot Nifty- Trending Move - Please save me

NSE_EOD:NIFTY   Nifty 50 Index
235 5 6
Hi Guys ....I am Nifty             .. I know that I have shocked everyone when I took U-turn from 6825 & bears were caught on wrong foot. I have travelled almost 1000 points since that recent bottom of 6825. My problem is that I have reached long term trendline from 5th March 2015 top@9119, which could hurt me once again as I am in his area. Early, Next week, There could be high profile drama, where RBI is awaited to take action. I will need boost from RBI where it could reduce rate of interest & I will get enough power to break the trendline & move above 7850- In that case, I will be super bullish ...but looking at all possibilities, I could hurt bulls again. Be careful if I start trading below 7580. From Elliott Wave Scenario- We are having W-X-Y-XX?---Z(Up coming Leg in downside direction). XX             is falling exactly on the channel top so we need tonic for me to cross this barrier until I warn you to stay outside.. From Short Term Duration, We have A-B-C structure...Where C-wave             is possible E.D.( Ending Diagonal )-That means we could finish this structure exactly on the trendline & Next leg on downside could start. So, one should trade once I breach 7580 on downside or If I break 7850 & pierce the channel trendline . Regards, Abhishek             H.Singh,CMT
Trade active: Trader should trade once market is calm & gives clear direction-that implies one should trade post 15-20 minutes post RBI policy. Let market only show us the direction. If you are an aggressive trader-you can go long in the current price zone 7705-7715 with strict stoploss@7699 or Go short in the range 7855--7865 with strict stoploss@7876. Our Main Idea continues... If Nifty holds or sustains above 7850 for half an hour then one can go long else any price movement below 7665 shall be negative from Intraday point of view & Going below 7580- shall confirm negative direction with strong support coming@7400.
Trade active: On Intraday Basis- I went long @7710 with stop loss@7699 - Stop loss got clicked . Also I mentioned that we will have weakness only below 7665 on Intraday basis- If you are smart you could have gone long again @7670 with minimum stop@7665- These orders are pre orders. Currently running profit of 45 points - I will trail with profit stop loss@7699--These are intraday trades. Regards
Trade active: I am again short in Nifty below 7665 as per previous update.....Running profit of 30 points ...Current rate-7630...Bang On......Always trail with profit stoploss.
Trade closed manually: I shall book profit 25 points in Nifty @7640 Intraday. Regards.
Comment: Look the Magic of E.D. (Ending Diagonal) ---I visualised this ED 4-5 Days Back....It paid me......awesome & Bang On...we are close to 7580 mark---bulls should be careful....Regards,
Comment: I am really thankful to USDJPY...Yesterday when I wrote report on USDJPY..I was 80% clear -how I shall be trading India Nifty on 5th April 2016- I went & just executed. Bang On for USDJPY as well because it is trading@110.35 --Almost 80-90 pips down from yesterday's update@111.15.......Regards,Abhishek H.Singh,CMT
Trade active: India Nifty- Please Save Me-Part 2 (Bulls will be hurt again)

As per 1st April 2016 Update- “India Nifty-Please Save Me”….It was mentioned that bulls will be hurt again- which came true because market was giving that indication & evident by slow momentum indicators like RSI, MACD.
That is the reason when prices started converging along with negative divergence which was more visible since 30th March 2016 in lower time frames - It answered 60% of my doubt whether this move from 6825(Started at Y-Leg) to current levels 7700(XX-Leg) is impulsive or corrective- The answer which I got was corrective as it appeared like 3 (A-B-C) waves as compared to impulsive -5 waves.
Yesterday, When RBI reduced repo rate by 25 bps- which market already expected & came no surprise for markets- Nifty had temporary upside push which did not sustain for long time & prices going down below 7700 –was first bad sign on intraday basis(As mentioned in previous update- USDJPY: Mirror for India Nifty).
There were lot of clues from other financial instruments like USDJPY which is currently running into A-B-C structure: Historically, JPY becoming stronger as compared to U.S. Dollar is bad for Asian Markets- This was the night of 4th April 2016 when USDJPY was trading@111.15 which broke to 110.50 – further confirmed that 5th April 2016- RBI Policy Day will not produce goodies for market & I was ready to execute on the dawn of 5th April 2016- Bang On….
What Happened Post RBI Policy on 5th April 2016
Nifty had an impulsive fall of more than 150 points & came close to our most concerned level 7580 as per previous updates-Prices going below 7580 shall be negative from short term – to medium term. Now, unless Nifty goes above 7800- we should avoid going long or bulls will be hurt again.
Intraday Strategy- On Intraday basis, Nifty going below 7580 – shall touch 7530 & later 7480 as possible targets with strict stoploss of 7651.
Long Term Strategy – 7400 shall be key support level for India Nifty- If broken, shall confirm that we have started 3rd Standard correction since 9119 High made on 5th March 2015.
Abhishek H.Singh,CMT
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
Never Over trade in expectation
Guys ...we booked our profit for intrday targets of 7530...just went close by 7535 & closed at 7542
Good going abhishek .. 95% were thinking it will go up considering RBI rate cut , turned upside down
Hey Nifty, i liked your style.
Thank You.
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