ABCD Pattern activated on hourly timeframe.
For little more confirmation we need to wait for 1030 level.
Above 1030 we can see 1070 in Cummins India.
I am expecting it to reach target in 1-2 Trading session i.e.
16400-16800 Range for Nifty Now.
We can see 200-300 points rally on
either side break out.
16800 is Strong Resistance.
16400 become good support Now.
Perfect Place for Strangle.
16800 - 16400 Range.
Last Idea Target is Nearly done.
Selling in Nifty may be over.
Nifty should not breach 15750 on lower side.
My view is in the next month you can see Nifty heading towards 16900, 17000.
Logic : - 1) Double bottom seems to be formed.
2) 16400 Resistance is becoming weak as it tested multiple times.
3) There is Two Red Candles in Nifty Monthly Chart. Very rarely Nifty formed three or more red...
As we all know from SGX Nifty, Nifty probably going to open Gap Down near 15980-16000 level tomorrow.
Nifty may see up move up to level 16080.
Here Put writers on 16000, 16100, 16200 will try to exit and we may see big Fall towards level 16000, 15900, 15800 and Finally 15700.
This idea will fails if Nifty opens above 16100 tomorrow.
Best Level to enter short will...
If Market Open Gap Up Tomorrow above 33500-33600. Then Big Short Covering
move may come upside. Just a View for Observation.
View Valid only if Bank nifty open above 33500-33600.
I am Expecting positive market on Monday.
If Bank nifty opens Flat or Gap down then ignore.