In response to "Sridhar's quiery":
Aggressive target - @ 5000-4985.
Conservative target -@ 4935-4905.
These may change with the unfolding of prices in the coming days..
Alternatively, Hold "shorts" with a trailing SL of 2 day highs or the previous day's high or 5 day ema/ avg...take your pick.
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...
17 comments:
Ilango sir as agressive target is done, still can we carry our shorts?? wht sud be the best SL among u gave above??
Ilango can we enter in more shorts and take it overnight if Nifty Spot closes below 5020??
hi..bizagra,
When you see a big profit take it. OR wait for the bears to retrace the last upmove(4935 to 5182) by tomorrow. HOLD is my advice.
Hi..Rishi,
Nifty has not given any serious bounce to add new shorts..Still we might get 4935 & lower tomorrow, most likely..
sir if by close we get to 5020.. can we short there again and carry.
Ps i did not short as i missed my short call at 5095 and this wud be a fresh short. if u cud advice
sir can we buy bank nifty.can u please provide your views on bank nifty.
Hi..Ekta,
Wait for tomorrow ..It is oversold now.
Hi..Satya,
I do not wish to advise longs till I see some bottoming patterns..
Ilango, finally there is a bounce....could we short now if it closes below 5020 Spot??
Can it retrace a liitle bit over 9200 on bank nifty.
Thanks in advance
Satya, anything is possible, although at the moment it seems unlikely...
thanks sir.
Hi..Satya,
My guess is, we may see closer to 9000 in Bank Nifty before a retracement takes place. It is possible.
Hi..Rishi,
We should try to avoid chasing prices..If we concentrate well, we will get more opportunities coming our way. Why rush into things??
best regards.
ilango
firm close below the 20EMA....daily trend down as well....only weekly support left...
Ilango, thanks for the advice....i think the sudden rush of winning gets to one's mind and rushes into making too many trades, thinking that one has mastered the markets....I'll keep that in mind next time...sill holding shorts as you mentioned....
dear Ilangoji,
today's low is on upper trendline of triangular consolidation exactly more over we r oversold on rsi(5) charts.we have corrected by apprx 27% of last upmove from 14684 to 17493.
in yr view how much significance shd be given to this trend line?
http://pankaj564.blogspot.com/2009/10/sensex-as-on-211009.html
Pankaj Shah
do u expect head n shoulder pattern with left sholder at 17196 and head at 17493 and right shoulder yest to be formed?
http://3.bp.blogspot.com/_fJ202bMkEkU/SsrTe7zvxQI/AAAAAAAAAPM/jKKVyeTvG9c/s1600-h/SENSEX+WAVE+COUNT+BY+ILANGO+AS+ON+5.10.2009-795428.PNG
look at chart . mkt has followed as per script written by you sir!
wow !
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