Last week was very exciting as market once again turned everyone . Once should be careful here not to add any longs until you get a close above 7980.
If 7517 is broken in coming days then it could be hard for bulls to digest as market once again shall trap them but if 7517 not broken & we close above 7980 (It will turn out to be 3 waves structure)-then it could be bull formation & one should not hurry as market will give appropriate opportunities in coming days.
W is 3 wave structure …X is 3 wave structure….if Y turns out to be 3 wave structure without breaking 7517 –important support then we shall adopt 1…2…3..4..5- an impulsive structure but it is too early to comment anything at the moment.
If 7825-7830 shall be important & if Nifty sustains below that zone, intraday one can look for 7750 as target.
Avoid taking long positions unless it breaches upside resistance channel.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ