TRADE SETUP #1
NIFTY (NSE:INDEX) traded down yesterday in Diwali Special Trading Session. Interestingly Nifty has been trading down in a choppy overlapping moves; indicating a corrective pattern.
I expect nifty to bottom soon, as there are couple of supports gap level @ 5649, retracement (61.8%) @ 5657 and also the price/rsi are diverging. The prices after bottoming, should move faster than 32 points a day (speed of wave i) to reach at-least 5850 (minimum expectation: 5815).
SNAPSHOT
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Last Price: 5666.95
Bias: BULLISH
Duration: 1 week
Expectations: 5850 - 6000
Minimum: 5815
Note: Move up (as it commences), will be faster than wave i (32 points a day).
Will update this post, when NIFTY can be safely said to have bottomed for the short-term. Next few session is the key.
Also will post intraday calls during trading hours (as they popup on my screen).
Thanks,
SGARG