At 2.05PM: I am logging off..
May be a short term bottom is in..
OR after a bounce to 4880-4890 by tomorrow, it may start down again.
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Nifty reversing from 4860-4878 zone.
Selling pressure increase below 4840 for new low attempt.
Staying above 4840, it will gain strength.
Ideal sell level is 4900+.
Retracement strategy, a must for traders.
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor...
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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...
18 comments:
Dear Ilango
will market come down further?....I am asking to exit my position for my put...will come to 4785?
Hi Ilango,
For aggressive shorts created at 4860 levels, what would be a good time to cover? Do you think a retest of the days low is possible?
If Nifty holds now yesterday's low of 4819, it may attempt to move past 4840 again. If moves below 4819, it should surely go to new lows..
So a tussle 4820-4840 is on..
Ilango, if one is short, then what should the stops be for those stops (both NS and NF)? thanks!!!
If Nifty futures breaks 4815-4820, it would qualify as a H&S breakdown. So the target would be todays low or a new low. So I think I'll hold my aggressive shorts with a stop of 4845 (slightly above 4840) and my positional shorts are still intact.
Hi..Rishi,
If you have been short from above 5000+, the correct trailing stop is 4968 which is the first wave down.
Now the shorts should start to look to book profits slowly in parts. Shorts created on a break of 4960 yesterday, it should be 4930 and more recent ones , 4842.
All the rates are NS.
Ilango sir 4819? yesterdays low is 4829.5 sir
Hi..Jayshah,
I stand corrected. Yes, it is 4830. So +/- 10 points struggle again there.
Hi..Sridhar,
It is wonderful to share your views here. Of late, I have noticed that many have come forward and put forth their views quite confidently in a remarkable responsible way.
Hi..Sridhar,
I noticed the H&S you mentioned. Neck line is 4820. Head height is 4868-4820=48. The downside target should be 4820 - 48 = 4772. Is that right.?
Hi Ilango,
Thank you so much for the encouragement. I have learnt so much from you these last few days. I love this forum and am only too happy to share my understanding with other friends here. Of course, my own knowledge improves in the process.
The target of the H&S should be around 4772 but I will be happy to book out even at day's low close to 4790. Don't want to be too greedy and wait for the last 10-20 points !!
if that is the case, then rs or stops should be at 4940 now....
Hi..Sridhar,
Absolutely right.Targets are just guideline.
Intra charts are quite "OS" presently.
Ilango sir, i created a short position below 4840. wht sud be my sl??can i hold it or upper levels possible for shorting again?
Hi..Bizagra,
This move down does not look impulsive to me.
Book profits as your shorting level is quite low.
sir,
as the tussel btw 4820-4840 ended in breaching 4820, can we close shorts at lows of 4790 or should book now as the down move not look impulsive?
krish
hi..Assortz,
Book out of shorts as 4800 seem to be holding presently..
thanks again ilango sir for wonderful reading of markets hats off to u and the supportive readers
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