AbhishekHSinghCMT

India Nifty- Spending lot of time in zone 7800—7900 – Worry

NSE:NIFTY   NIFTY 50
74 1 5
8 months ago
India Nifty- Spending lot of time in the zone 7800—7900 – Worry Factor

Good Morning!

06:30 Hrs Update-19th May 2016

As per previous update, 7840 was crucial level & as soon as we moved above 7840- we went close to our Intraday Target zone 7890-7900 & made a high very close@7882 (As per aggressive trading strategy).
Spending lot of time in the zone 7800-7900 can be worry factor & zone of concern. We shall have 7800-7810 as important zone which was 78.6% of the rally from 7770 to 7940.
Going below 7800 & later breaching 7770 is warning bell for the bulls.
Structure is yet not clear but yes, if we move in narrow zone between 7800—7900 without going above 7910- shall open up for an ending structure in C?-wave. To negate ending structure-our first clue shall be a move above 7910.

Trading Strategy

Bulls to be careful as going below 7800- One should have minimum buy positions & going below 7770- it shall confirm that we are under waters- In that case they should be out.
Once 7770 is broken- It shall open new zone for bears or bears may become active & control market.
Going forward we need Index to move above 7910 to keep upside momentum intact- failure to do so & moving in narrow range in coming sessions shall be reason to worry.

Regards
Abhishek H Singh, CMT
8 months ago
Comment: Shorts to be taken only below 7770....There could be short term pull back from 7820--7830 ...&trap bears .short term it can go to 7890--7910...If resistance 7940--7950 is intact then we shall have sell strategy.
Agressive Traders can sell in top zone bet 7890--7920 with Strict Stop loss 7951- once you get bearish confirmation. Regards
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
+919833996865 | LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
djhimmu
8 months ago
thank you seems like its going to go low in coming days
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out