Between 12.00 noon to 2.00 pm, Nifty managed to stay above the "Hour High ema" and promptly got sold off thereafter denting the daily technicals too. For serious falls, 4420 & 4380 need to be broken. Holding those levels, Nifty can consolidate and attempt to go to new highs in few days time..
Slow macd has turned down and now we await its triggering its 9 sma for a confirmation of trend change.
After a brief false breakout above 4705, Nifty broke the channel support @ 4690 and fell 140 points from that point filling the gap @ 4582.At no time, the macd moved above its trigger line indicating the futility of the upmove past 4700. As this fall is happening after -ve div, it will head lower with intermittent bounces..
After a +ve div & a rally few weeks ago, now a -ve div and a fall, targetting initially 4450-4375 with possible bounces upto 4630-4660.
Channel break..Supports around 4475..
8 comments:
Sir..i can see that the long trades have been closed and as expected the conservtaive trader has been the winner this time...
One suggestion is to also keep a date exit (as in expiry series) in table apart from SL trigger/reversal criteria...Like the entry of selling can go on till the SL/criteria meets...but in real world one has to keep the series expiry also in mind...so to make it practical i just thought whether expiry date can be considered in the table as a final position closure
Hi..Shaq,
I will incorporate the exit date but what use is it of..? This table is meant for making money only...Hence, once money is made, you look ahead to the next trade.
Yes..I will give you the criteria..
Aggressive: Buy trigger when moves above 2 day high and sell below 2 day low.
Conservative: Buy trigger above 5 day high and sell below 5 day low.
Exceptions: when I saw the negative divergence, I made the sell trigger-4 day low in conservative.
Regarding the expiry..it does not really matter. You simply roll over the position at a suitable time.Close the current series & open the new series 2-3 days earlier and keep the position as long as spot is as per the table criteria.
Best regards.
ilango
oops.. wonder... how patiently u r replying? and incorporating the things..
I donno why u should incorporate expiry date, exit date etc., etc., as it's a known thing to everybody..
100% need your guidance, but not spoon feeding sir..
PS : No hardfeelings pls (both of you)
ok.. got it sir...it was only a suggestion..i was never thinking in the way of spoonfeeding someone but just to make it more descriptive and i agree in hindsight, it was asking little too much ...as it is the guidance here is incomparable..thanks
@ shaq - My sincere apologies...
What i meant is - Let him post and guide watever way he wants in his own style, if v have any doubt definitely he will guide/explain us... and asking him for each and everything will increase his work pressure, as he is working somewhere ,and already he is giving excellent guidance and no doubt he is a good MASTER too...
Onceagain excuse me..
Regards
you dont have to apologise sujatha... i understand...it was just impulsive of me asking for those details...maybe bcz i have loaded up lot of puts in past many series and have always been squeezed out..so was perhaps more desperate in knowing specific details...Thanks
hi ilangoji,
i have 2 doubts
1.on what basis you came to the conclusion that reshort nifty@4580-4600?
2.at which level in weekly chart we should go for buy on dips(or sell on rise)
kindly elaborate me
regards
rajamani
Hi..Rajamani,
1. Weekly momentum is lost with "OB" readings.
2. 5-Day low broken, slow macd turned down, stochastics on the way down.
3. Most importantly, the aggressive trade has not been able to capture the big swings and so i decided to book profit and resell @ higher levels. My original level of reshort was @ 4550 but I changed it to higher @ 4580-4600 as there is quite many resistances( as per hour, min chart).
4.This way the SL for the reshorting will be reasonable.
5. As for weekly chart, we are still in buy on dip as long as we don't close below 5-week avg (4413 or 5 week ema @ 4470).
6. Lastly as long as we hold 4380-4420(previous swing lows), a reversal is possible.
Best regards.
ilango
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