We all witnessed what happened yesterday on 21st March 2016. Both NIFTY and BANKNIFTY broke the upper levels mentioned in my previous blogs......7714 and 15790 NIFTY and BANKNIFTY respectively. Though NIFTY did not break it on closing basis but BANKNIFTY did by good 136 points at 15926.
Reversal for both NIFTY and BANKNIFTY on 29th February were identifed correctly on the Moneycontrol MMB and the potential upside of 7350 minimum and 14900 minimum which were 500 and 1500 points respectively. But this Wave being an Impulsive or corrective is in a limbo stage.
I had targets for short on both NIFTY and BANKNIFTY for 7200 and 14500 respectively from shorts given at 7450 and 15200 in March, but the triggering of deep stoplosses set on both 7714 and 15790 has as of now negated that view and i advice who have been following me since i started giving calls on both upside and downside targets from September 2015. EW gives you big targets but it also has big stop losses accompanied with them.
Historical tops and reversals identified
NIFTY
7510-8228 (700 points)
8228- new 52 week low 6869 (1350 points)
7250- again new 52 week low 6825 (400 points)
6825-7350 (500 points)
Total 2950 points target
SELL given at 7450 and SL 7714 (265 points)
BANKNIFTY
15600-13798 reversal (1900 points)
14468-13500 to 13300 reversal given (1000 points)
13407-14900 (1500 points)
Total 4400 points target
SELL given at 15200 and SL 15790 (590 points)
This time i had a strict SL to which one should adhere.
But as of now i would want to wait for couple of trading session to give any OUTLOOK on both indices.
I still feel that the market is pretty overbought and the collapse of the same is inevitable.
Happy Trading !
Reversal for both NIFTY and BANKNIFTY on 29th February were identifed correctly on the Moneycontrol MMB and the potential upside of 7350 minimum and 14900 minimum which were 500 and 1500 points respectively. But this Wave being an Impulsive or corrective is in a limbo stage.
I had targets for short on both NIFTY and BANKNIFTY for 7200 and 14500 respectively from shorts given at 7450 and 15200 in March, but the triggering of deep stoplosses set on both 7714 and 15790 has as of now negated that view and i advice who have been following me since i started giving calls on both upside and downside targets from September 2015. EW gives you big targets but it also has big stop losses accompanied with them.
Historical tops and reversals identified
NIFTY
7510-8228 (700 points)
8228- new 52 week low 6869 (1350 points)
7250- again new 52 week low 6825 (400 points)
6825-7350 (500 points)
Total 2950 points target
SELL given at 7450 and SL 7714 (265 points)
BANKNIFTY
15600-13798 reversal (1900 points)
14468-13500 to 13300 reversal given (1000 points)
13407-14900 (1500 points)
Total 4400 points target
SELL given at 15200 and SL 15790 (590 points)
This time i had a strict SL to which one should adhere.
But as of now i would want to wait for couple of trading session to give any OUTLOOK on both indices.
I still feel that the market is pretty overbought and the collapse of the same is inevitable.
Happy Trading !
Hisir, nifty 7200 down is there in this expiry
ReplyDeleteChances are there.
DeleteHi sir should we roll.over our position next month expecting 7200
ReplyDeleteDharaam: Yes...Only and only if you have the capacity to rollover.
Deletethnks sir
DeleteI will rollover all positions
hopefully god bless us
thanks
Bn already up 17% since feb expiry.. it is very unusual move as per historic data.. consolidation before march expiry should come with only 5 trading days remaining
ReplyDeleteRajdeep: The move is unsual but it has happened historically....next week should be action packed.
DeleteSir is it not the start of next bullish cycle. Read somewhere that in bullish cycle no target is resistance. The 900 points move. I am losing my patience... money is the second thing I m loosing.
ReplyDeletePlease provide your analysis abhishek sir...its helpful
ReplyDeleteAbhishek,
ReplyDeleteI think we are still in A wave from 6825.
We should see 8000 in April when c comnences
Ajay: on chart what ever i see have already shared. about A B C
Delete