India Nifty Update@20th May 2016- Expect Downside Thrust to 7750

NSE:NIFTY   Nifty 50 Index
173 0 8

11:00 Hrs             Update

There is a triangle forming in red wave iv- so taking time as it is consolidation ..we shall expect downside thrust & target 7750-7755 intraday with stop@7838. This will achieve equality with yellow wave -i.

7750 can work as support-in that case we will see bounce back.

Current Price - 7795
Trade active: Ideally Nifty should not go above 7811...We will give some leeway & consider 7816 as stop for Intraday Trade...I have modified stop loss from 7838 to 7816....If hits ...Let us be out & take short once 7789 is broken to downside.
Comment: Thrust was seen but never made low which I was expecting....Kindly trail your stop losses to cost if taken short between 7800--7810...Do not stand in the short trade above 7810. Regards
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
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