Nifty is in correction mode and we think this will continue the whole month. An immediate bounce may be to levels of 11600 - 11700 and then again to levels of 11300. We still think wave A has been done and wave B is about to start !!
Trade active
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Nifty moving in Wave B unless it breaks life high !! Nothing much over the week as Nifty looks set for a consolidation -- 11600 - 11700 & FED meet next week !!
Order cancelled
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Nifty has given up with USDINR & Crude Oil moving on upside !! Looks like 11160 ahead tomorrow -- best to sit out as Nifty is consolidating and it is getting difficult to trade !!
So what is best strategy sell on rise at 11600-700 range for 11300 or buy on dips at 11100-200 for 12000+ target.
AnbHfund
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@Rajivahuja.rka, Look at India Vix still on higher side, around 12 or less would be the signal to go long but for now sell above 11700 so that we have sl @ life high and 12 sept reversal below 11300 would be a buy signal. There is a FED meet on 26 -- 25 bps is already expected but on Oct 5 there is RBI meet and the only question is 25 bps or 50 bps hike !! So avoid trading during the consolidation/correction like these but if u are daily trader just move in out !!
Bullish on Nifty for 12200 & Bank Nifty has turned bearish ( Warning Sign ) !!