India Nifty--(S-L)Break of Channel & How Can You forget 8650?

NSE:NIFTY   Nifty 50 Index
466 21 8
(S-L)----Short First....Then Long............

It's really insane on our part as a trader- if we forget 8650-which was much talked level last year same time-23rd July 2015..Top Zone 8645--8655...That was the zone from where Nifty             had a severe fall in few days from that day.

Coming back to current situation...Our crucial mark for safe traders to go short below 8490 mark since last few sessions was not breached & this is how bears get trapped...So, One should never trade on emotional grounds...as most of us want to see -Market unfolding their way-if this happens --It is great but you know one thing as an analyst or trader one becomes complacent -which is not a good sign.

Risky Traders took 30 points stop with strict stop loss above 8595--Nifty Going Above 8600 was a bullish sign...

In today's session, we had near to vertical movement from 8600 to 8641....so I have changed my count....Now from bottom 8490 to 8543( A-Wave             Top as per previous update) has been taken as 1st Wave...when projected from 8504 (B-wave Bottom as per previous update) has been taken as 2nd Wave..261.8% comes in the zone 8645--8655 (23rd July 2015 Top Zone) -A possible zone for halting this uptrend for short duration...look for current channel break which will lead Nifty             in the zone 8575--8580 --where we spent almost few hours today i.e. 25th July 2016 before having vertical movement...to complete the possible 4th Wave --retracing 38.2% to 50% approx...once Nifty             holds that zone --we shall look for a push upside in the form of 5th Wave....which should go beyond the current highs...

Trading Strategy-1 ---Break of Channel --Look for downside target zone 9575--8580.....

Trading Strategy-2--- Zone 8575--8580 if holds ...look for a bounce to create a new high as compared to current session...

In this way we shall have 2-Trading Strategies ...Kindly confirm at your end before taking any of these trades...Risk management is very important as its our hard earned money-which should be respected....Take Care Until Next Time....

Regards, Abhishek             H.Singh, CMT
Comment: Typo error-- "Trading Strategy-1---Break of Channel-- Look for downside target zone 8575--8580"...
Trade active: 12:20 Hrs--IST--26th July 2016-- Nifty is holding 8625 Mark -Which is the fulcrum in current trading session....Once that level gives away...downside door shall be open for 40--50 points in the range 8575--8580...Regards, Abhishek
Trade active: 13:40 Hrs--IST--26th July 2016-- Nifty is moving back & forth..in the zone 8620-8630...Instead of falling it is doing time wise correction...so, let us wait for Nifty to below 8620...or there will be a push upside before a fall...Going above 8650...we should likely go into the zone 8680--8690..Regards, Abhishek
Trade active: 14:32 Hrs--26th July 2016--Nifty Took U-Turn exactly from 8644.90...Just Kissing close to 8645...Likely we should trade on upside above 8645--You can wait for a tick or 2 going above 8645...for going long ...but careful...8619 --should be strict stop loss or Nifty shall be weak below that level...Regards, Abhishek
Trade active: 15:40 Hrs--26th July 2016--Bang On...Market Leaks..& Kissed the box 8570--8580..session low was at 8577...downside objective done..Regards, Abhishek
Trade active: 07:08 Hrs--IST--27th July 2016-- Good Morning All to Asian Session...Nifty just measured 261.8% of the projected wave from bottom 8490--8543...& the Fall which came in late session kissing the box 8570--8580--as desired..Now I am looking for a bounce to make new high above 8650...but not adamant..key zone 8543--8545 should not be breached...else it will be risky for bulls again...Regards, Abhishek
Trade active: 09:15 Hrs--IST--27th July 2016-- Nifty Has 2 key levels --Traders should keep watch...for 8543----& ----8490... Logically Any Move below 8570--shall not be good for bulls, intraday wise.if 8570 gets broken...look for upside push & see whether 8620 gets breached ...because that was support level...in earlier session & another key level in yesterday's session...one can take short with that stop loss...else if 8570 is not breaking...we will look for a push upside & going above 8650--we will look for target zone 8675--8685...Regards, Abhishek
Trade active: 09:25 Hrs--IST--27th July 2016---Oo La La...It jumps...Current Rate--This is how magic happens..Regards, Abhishek
Comment: 09:30 Hrs--IST--27th July 2016-- Current Rate--8630
Trade active: 09:50 Hrs--IST--27th July 2016-- Nifty kissed session high@8652...We shall look Nifty to get resistance somewhere between 8670--8675...Look to book 75% & hold only 25% till the zone 8690--8700...Regards, Abhishek
Trade active: 12:15 Hrs--IST--27th July 2016---Current Price--8577---
Warning Bell...8570...Nifty going below....triggers
...We won't jump in the long trade now....& let us wait for market action from here onwards...Regards
Trade active: 12:20 Hrs--IST--27th July 2016-- We made almost 100 points as per the post (S-L) ...Short First..then Long...Short below 8620...as per update comment section...kissed the box 8570--8580...Made a low 8577...Opened Gap Up...at 8600...Jumped very close to our target zone 8670--8675...Made session high@8665...Falling Like knife in a butter......Regards, Abhishek
Trade active: 14:01 Hrs--IST--27th July 2016-- Most likely we are close to put a high in Nifty@8665-which was current session high..unless market proves me wrong..& goes beyond 8645--8650 & sustains above the same zone...so, we should be little cautious. Regards, Abhishek
Trade active: 14:35 Hrs--IST--27th July 2016--Current Price--8590--8592...If 8570 intact...goes above 8600...look to buy Nifty with strict stop below 8575....for target 8618--8625..Regards, Abhishek
Trade active: 15:15 Hrs--IST--27th July 2016-- Boom...Crosses 8600...Kisses the target 8620....Regards, Abhishek
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
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Nice analysis, your analysis helps me in confirming my counts. Thank you.
AbhishekHSinghCMT vinodsinghfcca
awesome calls
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