11:00 Hrs Update(18th May 2016)
Nifty Index- 7770 shall be important swing low for the market
Momentum Indicators slowing down at lower time frames & Index is yet again in the crucial zone 7800--7820.
As per hourly chart, 7770 is key level for the market & has been important level for us since March-April 2016.
Can take long positions once index starts moving above 7840 for targets 7890-7900. Going above 7910 shall open our target zone for 7940-7950 yesterday's .
Once executed -bulls should hold long trades with strict stop loss@7770 Intraday.
Safe Trading should be taken once index starts moving above 7890 for target zone 7940--7950(Short Term Trades)
They can control market once index starts moving below 7770 which is very crucial & can go short for targets 7710--7720 as initial halt & any movement below 7675 can open more downside target.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ