As per previous post yesterday It was updated that key levels play strong role in deciding the market direction- which was no wonder - as I was very strong on up move only above 8748 & below direction could open up only below 8704 -In between you will be chopped
The best way to trade was to go long at bottoms @8704 & go short at 8748 Highs - These levels were mentioned yesterday. Shapes doesn't matter, but levels do matter in deciding the direction.
Trading Strategy
Looking for Nifty to go down if it penetrates 8704 & sustains below 8690 -It can head to desired target zone 8650-8660 & Even More.
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12:35 Hrs-IST-15th Sep2016 This is the 3rd Attempt for Nifty in the zone 8704-8706- This time it should penetrate-8704 & below 8690-then we shall be looking at least 8650 & may be more
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14:51 Hrs- 15th Sep2016 - Nifty went very close to top again at 8740-this time
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15:08 Hrs-15th Sep2016 - The 8748-8750 acting very weird just giving up so next time if crosses allow for 3-4 mins up move & try to buy on pull backs or a break of 8704 definitely- will become bearish
Selling looks like good man at 8748 risk is just 2-3 points
Comments
abose
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nifty is getting this support @8708... trying to break it again and again but its bouncing back!
WaveTalks
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Yes- that's an important zone downside -if breaks it will slip