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.
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.
Abhishek H Singh, CMT
Agressive Traders can sell in top zone bet 7890--7920 with Strict Stop loss 7951- once you get bearish confirmation. Regards
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ