At 10.14AM: ORB for future is 4945 to 4932(Too narrow to my liking).
However, my SL for long is 4930 now.
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Conservative trade: Closed shorts @ 4935.
Aggressive trade: Long @ 4935.
Target 4970-4990, SL 4890.
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 ... -
Will not be available to intra update . Suggest one of our readers to update on DHEma-HHEma-HCEma & HLEma for possible support points fo...
22 comments:
Ilango sir SL 4930 in future or spot??/
Future rates
Hi Ilango
Whats ORB...
Regards
Akhil
Hi Ilango
I guess market is little nervous as Monetory policy is due in next 30 mins.So I don't think it will move in either direction hurry.
Regards
Akhil
Hi..Akhil,
It is the opening range that an index or stock makes in the first 15-20 minutes and its subsequent break out of that range for a trading guidance.
Today by 10.10-10.15AM, NF 's High & Low were 4945 to 4932(4960 is a freak quote and it is never traded). Break past 4945 initiates a long trade and break down below 4932 initites a short trade.
Now a long trade is initiated and the short trade parameter is cancelled as of now.
4960-4970, the multi day bottom will be the first resistance zone.
Hi..Akhil,
If credit policy is favourable, the bounce that has started will continue. If not favourable, then it is likely to make a new low and the start the bounce from there.
Hi Ilango,
If new low....then what will be that low level?
Hi..Prashant,
say 10 to 15 points below the current level.
NS low is 4920, hence around 4900.
NF low is 4932, hence around 4920.
Sir where is the volatility gone?? Seeing this chart is boring.. From here can we comment something on time of breakout from this range ??
please give some gyaan on that..
Ilango sir, below 4900 NS should we reverse or wait?
For Patience, we can not use timing. We just need to sit through like a "Night watchman" ...alert.
Ilango sir,
I think with SLR increase, rbi is indicating monetary gradual monetary tightening....also we can guess reversal of stimulus will take place slowly...
Where is SLR increase?? Please confirm this news..
Yes SriGaneshh,
Market reverses even before the "Bad news" is out...
sir can i buy bank nifty now.whats your reading from credit policy.
is more selloff left in bank nifty ?
thanks in advance
Is Credit Policy announced?
Yes credit policy is out..and its effect is there in the market..
http://rbi.org.in/scripts/NotificationUser.aspx?Id=5326&Mode=0
Hi Ilango
Nifty has made a new low.But RSI has not .Is it bullish divergence?
Regards
Akhil
Markets are quite oversold now and the news is out of the way. I still maintain a very short term "BUY" here with a Sl @ 4900.
Same should apply to Banks too. I do not follow various credit policy details..
Needless to remind here again that we have made an intermediate top for atleast for 2 months and what we have discussed here now is only for intra trading.
Hi..Akhil,
Yes. That is positive divergence. I would have preferred more time here and more lows. But then Markets are never perfect. A confirmation should be a move past 4958 NS.
sir,
waiting for u to give me some direction with logic..
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