Nifty shows +ve div in 5 minute time scale. Aggressive traders can go for a small trade here..(Against the main trend)..
Tuesday, October 27, 2009
Elliot's Impulse waves.(Part-5)
IMPULSE WAVES :- The Basics Waves that move the market in the direction of its main trend either up or down are called Impulse waves. 1....
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5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ... -
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor... -
If the steady FIIs inflow reflects in the prices, 5405 should be protected going ahead and market may encounter minor corrections and keep m...
19 comments:
sir,
how do we analyse the price level with divergences.
as you said that price level(4918) shud confirm the + Div.
Regards,
again longs got hammered....short on rallies should the mantra today with a target of around 4850...then revisit...
Ilango ji
Should we go long here?
sir iam longs at 4875 nf.i feel its agood buy for 50 point up move.your thoughts pleas
Hi..Satya,
Good. Do as per your intuition to exit as you have done for entry. Above 4905, the resistance will be the morning lows of 4920+
Hi..askme,
I have posted the guidance. You need to act at the right time..
hi ilangoji,
nifty 4900 ce + 17 lacs so i expect expiry around 4880-4920
regards
rajamani
Hi..rajamani,
Thanks for the info..I will keep that in mind.
not even a small bounce materializing near day lows....what is going on??
50day EMA broken to the downside as well....
I was just reading Martin Pring's book where he talks about the right angled broadening top pattern. In the case of Nifty, the bottom was at 4925 type levels. Breakdown from this pattern with high volumes is very powerful and target is equal to the height of the broadening top (5175-4925). So our target should be likely close to 4675. The speed of the fall is mostly because there are very few short positions in the market. The long bull phase has made people complacent and consequently there is not much chance of a short squeeze.
Hi..Rishi,
This is the Technical support (4900) breaking fall inviting "delivery based selling"..Unlike the speculative selling where short covering supports the fall, here no support will hold till Selling stops..
Hi..Sridhar,
Similar sentiments expressed at the same time..!!
Incidentally, Pring also mentions that there is a likelihood of a pullback to the point of breakdown. So given that we are close to expiry, there may be a chance that we go back to 4900 sometime in the next couple of days. But I wouldn't bet on it... Nifty future is still at 10 points premium, so not too many shorts I guess.
Sridhar...it should now test 4800 before coming higher towards 4900 on expiry day...lets see what plays out....Ilango, people that are holding positional shorts, what is your suggestion to them??
Hi..Rishi,
Positional shorts need to hold it with the 2 day high as the SL now and may partially book out once another low is made either tomorrow or on settlement day.
today`s selling with high volumes (total volume 1,39,000 cr)
shorts can rejoice as nifty is to close below 4900
regards
rajamani
ok...got it...i hope we open 100 points down tomorrow :P
If we do open 100 points down tomorrow, the party is on me :)
i hope you get to spend :)
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