As expected: Nifty tested 8000 intra day and bounced. What Next?

Posted on twitter on Oct 20, 2015 that can test 8100-8000. Done 8000 today. Technical Analysis works guys. We just need patience, Money management and sound analysis.

As written in last post, Monday proves to an important session with Nifty testing 8000 and bouncing quickly.

Now Good thing is that it bounced nicely to close almost 50 points above lowest point of the day. But BAD news is that it still closed below 8100. More it will close below 8100 and sellers dominating, It can test 7940-7900-7880 soon.


For upmove needs to close above 8100 for 2-3 days with good volumes , Then can shoot towards 8200-higher.There 8250 waits as good resistance.

Find the chart below:

Nifty Expiry Plan

Nifty Spot @2:22PM hovering around 8160. A support as shown in pic below, exists around 8170-8160. Any break and sustaining below it will take it to 8100-8090. And sustaining here can give bounce towards 8250.

Note: If it bounces today from here and scales 8250 or more , then structure remains positive for short term.

If breaks below 8150 and tests 8090-8050 then short term choppiness and weakness expected.

 

Food for Thought

NIFTY WEEKLY  

Rise on sell seems to be the mantra!!

NIFTY Future: Bounced from supports

VOLTAS: Defying Gravity !!

Below is the Daily chart of VOLTAS FUT 

In anticipation of break out , took 280ce @5 , Booked @10 and then taken 290 CE @5.5 Booked @9.4

Other successful calls lately are 1.) AdaniEnt Sell @704 and met target @650.

2.) Bharatforge from 1300 to 1340 today and still long

3.) HDIL long from 112 now 116

4.)CANBK sell from 416 to 406

5.) ZEEL from 343 to 352

6.) DLF short from 144 to 141.5

Arvind , IDFC , TATAMOTORS hit SL.

Lot of steam left in VOLTAS, It may consolidate here or correct a bit towards 280 , But ultimate target now 320-330-350

IDFC and TATAMOTORS

Some Picks till expiry !!

1.