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Wide range. Wild Moves. Big Risk. Big Opportunity.

Wide range. Wild Moves.
Friday nifty witnessed lower circuit first and then rebound from 8555 to 10159 level.
1600 points wild move in a single day. Unimaginable range for intraday. Once in life time move. Great opportunity for those who track technicals keenly. These kind of moves tests ability of Analysts. Hard for average traders. Big opportunity comes with bigger risks.
Risk averted traders can step aside from markets. These kind of wild moves to repeat in future also but range may differ.
Elliott Wave Principle perspective, Wave 3 down has finished at 8555, wave4 start from there. wave 4 and wave 5 formation is still due. That's why we expecting some more volatile moves in short term point of view.
Its not a right time to initiate fresh long positions for investment purpose.
New investor still need to wait for completion of correction.

Intraday point of view,
Nifty range for the day would be 9500-10500 range.
Buy near support zone and sell near resistance zone.
Do not carry positions for next day. This is trading opportunity only.
keep stoploss as per your risk bearing capicity as we expecting wild moves.
Risk remains high in short time.
Consider long side in strong sectors and stocks and consider short selling in weak sectors and weak stocks for intraday.

Resistance 10300-10500.
supports 9500-9100.

Suryadev Bandari
Research Analyst

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