Morning !
Referring to my previous posts about the pending intermediate corrections for both NIFTY and BANKNIFTY in it's journey towards 9119 + levels, the corrections are happening but not to the degree which is estimated. From 8728, i estimated a 300 to 400 points correction, but again the correction was just a few points lesser than 200. This is a true characteristic of an impulsive wave.
In my last post i mentioned:
Below are the wave counts for NIFTY
WAVE 1 : 6825-7777
WAVE 2: 7777-7516
WAVE 3: 7516-8728
WAVE 4: 8728- 8450-8350 POTENTIAL ZONE
WAVE 5: 8350-8450 TO 9150-9350 POTENTIAL
The estimated WAVE 4 did not go to the level estimated, there is one case in this scenario that we are still pending for a closure of WAVE 3 above 7828 and then comes the WAVE 4. Irrespective of the intermediate corrections in NIFTY which are not happening as per the estimations, i would advise traders to be on the side of the bigger trend, which in this case is on up and avoid shorting.
Being stock specific as per my 8th August post and sharing my view of SELL on DRREDDY and INFY, i am still sticking to my view of sell on both. Also as mentioned the selling will trigger with bigger volumes once it starts giving a close below 1055 which it has since 16th August for target of 950. Stay put in this INFY position and for DRREDDY wait for it to breach 2953 on closing basis on downside and then enter shorts.
Happy Trading !
Referring to my previous posts about the pending intermediate corrections for both NIFTY and BANKNIFTY in it's journey towards 9119 + levels, the corrections are happening but not to the degree which is estimated. From 8728, i estimated a 300 to 400 points correction, but again the correction was just a few points lesser than 200. This is a true characteristic of an impulsive wave.
In my last post i mentioned:
Below are the wave counts for NIFTY
WAVE 1 : 6825-7777
WAVE 2: 7777-7516
WAVE 3: 7516-8728
WAVE 4: 8728- 8450-8350 POTENTIAL ZONE
WAVE 5: 8350-8450 TO 9150-9350 POTENTIAL
The estimated WAVE 4 did not go to the level estimated, there is one case in this scenario that we are still pending for a closure of WAVE 3 above 7828 and then comes the WAVE 4. Irrespective of the intermediate corrections in NIFTY which are not happening as per the estimations, i would advise traders to be on the side of the bigger trend, which in this case is on up and avoid shorting.
Being stock specific as per my 8th August post and sharing my view of SELL on DRREDDY and INFY, i am still sticking to my view of sell on both. Also as mentioned the selling will trigger with bigger volumes once it starts giving a close below 1055 which it has since 16th August for target of 950. Stay put in this INFY position and for DRREDDY wait for it to breach 2953 on closing basis on downside and then enter shorts.
Happy Trading !
Sir you mean to say come out of shorts??? For August or September??? Please reply fast sir!!!
ReplyDeleteHi I have shorted 3 lots of banknifty September futures at price 19173. It is currently at 19525..what should be done.. When consolidation gonna happen?
ReplyDeleteRegards
Dhiraj
Dhiraj: The september future for banknifty closed at 19413 which is currently 240 points from your sell price 240 x 3 x 40 = 28,800 negative MTM,if you want to continue this position then please hedge this with BANKNIFTY CALLS because this rise has the capacity to go till 19800-20000 SPOT, only then there will be a reversal.
Delete19600 sep future is the ideal top for short sellers for a intermediate correction to 18320/18270
ReplyDelete