Thursday, August 10, 2017

Is Nifty starting a bigger degree downtrend or is it still buy on dips?

Nifty showed a sharp move on downside from the highs of 10086 made last Friday. After many weeks there was a correction of nearly 100 points that too amidst all the optimism!
 So does it mean we are reversing? No, it is too soon to conclude this unless important support levels are taken out. But as we keep mentioning in our daily equity research reports it is time to stay alert and not complacent which has paid well so far.
Infact, many of the subscribers already knew about the triangle pattern even before it started to form which helped them to buy near supports and sell near resistance levels. But now we should start seeing a trending move soon.
You can also look at the concept of range bound trading strategy I discussed in my last Friday’s video – How to trade Nifty?
Now look at the below hourly chart of Nifty: (shown in morning research before markets opened)

Happened:

Following was mentioned on 9th August before markets opened in our daily equity research report – The Financial Waves short term update

In short, looking at the faster retracement of last rising segment, break below Bollinger bands support and weakness in broader markets the chances are high of a trending move on downside. Nevertheless, just one day of move is too soon to conclude anything and so move below yesterdays low near 9950 will further confirm negative outlook. We will stick with existing wave counts as long as 10085 is protected on upside. …… But so far prices have behaved exactly as expected and let see if selling pressure can start building up from here which will catch majority by a surprise! BANG ON!

Happened: Nifty moved precisely as expected and majority are still guessing what is leading this selloff. Prices have moved more than 150 points since we warned and 100 points post the support zone was broken.

So what is next from here? I do not see it buy on dips market but it is rather sell on rallies. Majority are stuck exactly at the wrong levels and selloff has been strong across the board. Avoid catching a low in this market.

“The Financial Waves short term update” is our flagship product that will provide important support and resistance levels, trading methods and charts on Nifty, Bank Nifty, stocks where there is opportunity. To Subscribe visit Pricing Page

In case you are occupied and do not have time to form trading strategy you can rely on our expertise for intraday and positional stock tips. Below are the few calls given over past few days:
In addition to above we have given the following calls since morning on which partial profits have been booked in just few hours itself:

Stock Tips given today so far ensuring more than 10000 profits and counting

DIVIS LAB FUT SELL CALL AT 632 GIVEN BOOK PART TP AT 628 AND TRAIL STOP TO COST

BAJAJ AUTO FUT SELL CALL GIVEN AT 2812 BOOK PART TP AT 2800 AND TRAIL STOP TO COST

CANARA BANK FUT SELL CALL GIVEN AT 338.80 BOOK PART TP AT 337.70 AND TRAIL STOP TO COST

Warning: However, understand this is a probabilistic game and stoploss has to be maintained at any cost to avoid major drawdown. There cannot be guarantee but we try to use systematic approach. You should risk only the amount that you are fine losing in case the methods do not work.

Independence offer: There is an opportunity to avail the above research at discount of upto 40% this Independence. To avail the offer simply visit Get 40% discount NOW on Stock Tips with free research reports.

For any queries or doubts visit Contact US or call us directly at +91 9920422202 or write to us at helpdesk@wavesstrategy.com

No comments:

Post a Comment