NIFTY on 13th March opened and closed at 7484 and 7510 respectively.......on 14th March created a red candle doji....where it opened higher than 7510 at 7542 but closed 4 points lower than open at 7538...created a red candle doji and the body of 14th March candle did not touch the body of 13th March Candle....finally on 15th March it opened lower than close of 7538 i.e., at 7535 and closed at 7460...again 15th March candle's body did not touch that of 14th March candle....complying all three candles of an evening star reversal pattern.
Coming to Elliott Wave counts.....i mentioned yesterday that we should make a 20 to 30 points higher high than 7583 in zone of 7590-7615.....to complete A.5.5 and start the downtrend....but nifty did not make a higher high than 14th March of 7583......this is making a slight case of WAVE 5 failure in A.5.5 WAVE........the only confirmation we can get is if we successfully close below 7440-7420 zone......if that happens then next stop is at 7350 and 7240....but if it has to complete the A.5.5 wave successfully then a slightly higher high than 7583 and then reversal till minimum 7200.
Make or break for today is a closing below 7440-7420 zone.
For BANKNIFTY it has started to show sideways movement since last 2 days of 14th March to 15th March and also the range has started to decrease of high-low range.On 11th March the range was of 318 points.....on 14th March this range reduced to 196 points....on 15th March it further reduced to 118 points....showing contraction/squeezing of BANKNIFTY........which further is indicative of a decisive move.........a fall and close below 15000 would take it straight towards zone of 14800-14500-14400-14300 in this leg of downside.
For more clarity posting NIFTY and BANKNIFTY 10 minutes chart today.
Happy Trading !
Coming to Elliott Wave counts.....i mentioned yesterday that we should make a 20 to 30 points higher high than 7583 in zone of 7590-7615.....to complete A.5.5 and start the downtrend....but nifty did not make a higher high than 14th March of 7583......this is making a slight case of WAVE 5 failure in A.5.5 WAVE........the only confirmation we can get is if we successfully close below 7440-7420 zone......if that happens then next stop is at 7350 and 7240....but if it has to complete the A.5.5 wave successfully then a slightly higher high than 7583 and then reversal till minimum 7200.
Make or break for today is a closing below 7440-7420 zone.
For BANKNIFTY it has started to show sideways movement since last 2 days of 14th March to 15th March and also the range has started to decrease of high-low range.On 11th March the range was of 318 points.....on 14th March this range reduced to 196 points....on 15th March it further reduced to 118 points....showing contraction/squeezing of BANKNIFTY........which further is indicative of a decisive move.........a fall and close below 15000 would take it straight towards zone of 14800-14500-14400-14300 in this leg of downside.
For more clarity posting NIFTY and BANKNIFTY 10 minutes chart today.
Happy Trading !
Thanks Abhishek! Hope for the best :)
ReplyDeleteAbhishekji I am little confused about bank nifty at this point. Kindly suggest me some more information about it.As it is going up and up.what should I do and what should be my level of exit.
ReplyDeleteAbhishekji I am little confused about bank nifty at this point. Kindly suggest me some more information about it.As it is going up and up.what should I do and what should be my level of exit.
ReplyDeleteSanjeshkant: will give you more info tonite....
DeleteSanjeshkant: will give you more info tonite....
DeleteWell,I think you missed something.
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ReplyDeleteNeeraj: hold.....
DeleteNeeraj ji when someone advised u to hold then u should trust him..i m too in loss holding puts but 200 fall can come in just 2-3 days...thats my gut feeling and trust abhi Sir's confidence...dont loose hope bro..
DeleteNeeraj: hold.....
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DeleteOptions have time value too. So holding puts into third week is anyhow not advisable.
ReplyDeleteEveryone does not have the capability to average at each level or even to have a buffer for mtm.
DeleteSmridh Bnsal: That is why i have always mentioned max levels.....for potential tops and bottoms....and i don't have a view to what a person is holding,since when and at what price so cannot really advise them mtm managmenet.
DeleteSgx nifty indicating that we will open around 7600. What should be strategy for who are already holding shorts in futures
ReplyDeleteGopi: I do agree that the reply to this is post is late. Expect reversal from 7695 zone by monday or tuesday.
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