Nifty-Kissing The Temporary Channel Resistance

There is channel which is running since 7600 & could give resistance to nifty's up movement which started from post brexit low@7927. Having said that, No one should directly jump into trade unless we get some confirmation. In my previous update's comment section -yesterday i.e. 30th June 2016--I said that once we start moving above 8266--we are going up again --look what happened again a gap up...I shall update you in comment section once I get some confirmation on Nifty Weakness.

Regards, Abhishek H.Singh, CMT

Trade active:

11:15 Hrs--1st July 2016-- Nifty High@8356..Nifty is flirting around the channel resistance. Momentum Indicators are becoming weak but still no confirmation...Let us 1st break 8340. Regards,
Abhishek

Trade active:

13:20 Hrs--1st July 2016-- Nifty Looking to form resistance at 8256--8257...I shall need a pull back without taking that high to enter into short trades...Current Price --8230

Trade active:

14:10 Hrs--1st July 2016...Current Price 8345..It Pulled Back as desired...Going Below 8340--Let us go short with strict stop loss -a tick above 8357...Once it drops in the zone 8318--8325....Book 50% --Take That Profit & Try to re--enter close to our stop zone...may be 8345--8352...But Yes Kindly Maintain Stops--From Risk Management Point of View. Regards, Abhishek

Comment:

Sorry..for all typo..."13:20 Hrs"-----Blunder in figures....its not 8200's all figures are 8300's . Apologies

Trade active:

15:00 Hrs--We are in the trade..Current Price -8330...Let us book complete in the zone 8318--8324...& Shall Enter in Short Trade Again in the Bounce between 8345--8352 with Strict Stop -a tick above 8257... Regards, Abhishek

Trade active:

15:25 Hrs--1st July 2016--Bang On...Booked Profit Exactly in the Neck ..Session low- 8320......Happy Week End...Enjoy...Regards, Abhishek

Trade active:

11:45 Hrs--7th July 2016-- Nifty looks weak below 8319 & with a stop above 8366-A tick Above --look for target 8270--8280...or wait if 8319 is not broken downside for a rally in the zone 8355--8365 to take short once going in that zone & starts going below 8340. Regards, Abhishek

Trade active:

12:30 Hrs-- Nifty dipped below marginally below 8319 so let us not take short or if taken short just take small stop @ current rate 8330 & wait for push till 8355-8365 to participate in the sell again..Regards

Trade active:

13:30 Hrs-- nifty pushed up as expected but felt shy of 8-10 points to kiss the desired zone 8355--8365...made session high@8348...still open for that zone unless we start moving below 8325...Regards, Abhishek

Trade active:

14:10 Hrs--7th July 2016--Boom...Nifty Kissed 8355--8365 zone...Makes session high@8359...Regards, Abhishek

Comment:

14:15 Hrs--7th July 2016 --This happens in irregular structure as soon as it dipped below 8319 & hardly stayed below 8319..making a low@8318...started moving up..I took the stop of 10 points @8330 & was looking for a push in the zone 8355--8365 zone...Vow...Nifty Kissed making session high@8360-8362...Regards, Abhishek

Trade active:

14:50 Hrs- 7th July 2016-- Nifty is moving back in downside direction...current rate--8339..one can take sell here or wait for pull back & keep a stop a tick above 8362 ...for downside target 8270--8280...may be 8235...we cannot get as market will close & most probably it opens gap down...Oh..God..sometimes I really feel that market should be working 24 hrs...let us not become machines.. & enjoy our life. Regards, Abhishek

Trade active:

08:40 Hrs --8th July 2016-- Looking at EU(EURUSD) which is doing retracement of the current fall from 1.1185 to 1.1029...Trading Nifty could be challenging...Momentum Indicators have started slowing down but I am not a fan of these lagging indicators but yes could be of great help at times. Bollinger Band is almost flat on hourly basis--telling us that Nifty could also move into range..but going below 8310-we shall be open for downside ..once sustains below 8300 as well..or going above 8400 --only one should go long...trade carefully in between. Regards, Abhishek

Comment:

10:00 Hrs-11th July 2016-- Structure is not clear & that is the reason I was of the view that one should trade below 8300 ..if sustains...Nifty was in too hurry..went down but bounced back immediately in last session to close above 8300...Going 8400..one should have opened long positions. Unless the structure is clear let us move as market moves instead of guessing its direction. Regards, Abhishek