Daily: Seem to be coming down in a channel. No candle has a body below 4380. Only if gap down below 4380 or closes below 4380, more weakness will reflect on prices.
"b" waves are generally time consuming(Note the earlier "b" during the fall from 4693 to 3921) and hence the possibility of trading in a range of 4380 to 4535 before heading lower(This will kill the option buyer..beware).
For trading for the day:- Pivot @ 4402 and a critical "4426". Above these some rally to 4470 & above 4470, to 4490 or higher(4515). Below 4402-4426, 4380-4375 should offer supports considering the "Oversold" short term.
Hourly:The channel(Blue) break out comes @ 4432 at the open and may come down a bit later. "4375" is a reasonable support.
14 comments:
Hello Ilango,
Happy to read your blogs during trading hrs, now a days as it is more interactive, When all running so smooth I am little afraid as people expectation on you become more and more. SL may get hit several times too, and a person who is new to trading may pass bad comments when SL hits several time. (With out understanding what is the meaning of trading). So my request is please ignore any such comments.
In last day comments, I have seen that some is requesting to pass the SMS for trading tips during trading hrs; I know that is very difficult task. But I feel there is some technology to help to make communication faster like SMS GupShup Or some other SmS Service
Hi Ilango,
yesterday you enetered short @ 4380.
Today with Gap Opening, You couldn't have Stop & Reverse @ 4426... while your first target for this S&R of 4470 is already been achieved.
My query is that have you covered your Short at higher level around 4450 or still holding it.
you said that the trading range is 4380-4535.
so isn't it be relevant to hold your short instead of covering it @ higher levels of 4470... where we have little upside left to 4535.
just a query!!
Hi..sbhandarkar,
Thank you for your concerns...I just feel "This blog is my open diary" and I am also attempting to prove the merits of "Conservative trade" v/s "Aggressive trades based on EW & other considerations".
If any one initiate a trade, it is at their own risk. Besides I am not trying to lure with these tidbits for a future "Paid service"..
And I don't have a mobile..!!
My blog allows for only 10 emails for instant email postings..If I do that only 10 could be accomadated..That will not be fair..
I just feel that "End of the Day" and "PreMarket" commentaries should be comprehensive enough for anyone to handle the Nifty moves during the day along with their own studies.
I am also explaining the reasons for my views and that should educate one to be self independent in the coming days. I might also benefit with fresh ideas and sharing of thoughts.
Like my critic say " Begin slowly...Growing happens".
Best regards.
ilango
Hi Pratham,
Yes, It was reversed @ 4458 with a loss of 78 points..Though 4475-4535 area was breached, I am waiting for another high. with a SL @ 4455.
In these aggressive trades, whiplashes are many while the conservative trade initiated on 06.08.09 @ 4571(Short) is still open.
Best regards.
ilango
Please add my name for comment update. Hope i find place in 10 list. Plz add me till some other VIP comes.. dineshrishi@gmail.com
BTW i have pressed subscribe buttion hope it works
sir, as per your chart ofter todays hi can we see 4300-250 range today or 21st.
sir most of the times corrections done in 4to 6 days but now correction go slowly why?
thanks.
Yes i got my first notification , Hurreyyyyyyyy
Sir, any idea of adding SB in ur Blog.
Hi..Dineshrishi,
You have been the smartest and sharpest one in the "Internet Space"..
SB...will distract me.
Hi..Saravanan,
Corrections are time consuming affair. We took 7-8 days to fall from 4727 to 4374. Then we corrected to 4494(a) and then to a low 4353(b) and now the next corrective up(c), may go past 4494 to 4510. But I cannot be sure.
Corrections are complex in nature. We try to trade the most obvious one. Some times we hit the bulls eye, other times we bite the dust like "Yesterday".
Best regards.
ilango
Ilango, it's having a hard time crossing 4594 and has given a lot of topping tails....do you think this correction has ended and we could enter shorts now??
Hi Rishi,
The Intra spread is just 4460 to 4480 strictly speaking. It is not giving away much so far. With Asia & Europe doing well, I would feel comfortable selling around 4500 -4515 area.
I have not seen weakness yet and also no -ve divergences.
Best regards.
ilango
Sir,
AT 2:24pm -ve divergences is seen at 5 min chart, is this a short signal ?
Regards,
Deepak
dear sir
" superb "
no other words
regards
kavita
Hi..Deepak,
Yes, you have correctly observed the -ve div. And it was a sell signal. Now for the follow up action tomorrow. If today's high is cleared, then I have to search for some answers...
Hi..Kavita,
Thank you.
Best regards.
ilango
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