Negative divergences persisting..
Higher levels will continue to get selling pressure and lower levels will find some short covering as HH & HL are continuing...until 5077 is broken first..
Tuesday, October 20, 2009
Nifty Pre market view.
An Hourly close below 5135(Or higher as the day progresses) and a daily close below 5145 will keep Nifty weak.
Negative divergences persisting..
Higher levels will continue to get selling pressure and lower levels will find some short covering as HH & HL are continuing...until 5077 is broken first..
Negative divergences persisting..
Higher levels will continue to get selling pressure and lower levels will find some short covering as HH & HL are continuing...until 5077 is broken first..
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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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...
47 comments:
Hello Ilango
by chance during intraday if you say buy or sell , Please let us know is it only for aggressive or for both.
I am a conservative trader, I get little confused during trading hrs if there is any recomendation to buy or sell,
Normally I trade only one way that is long, If there is any sell signal from you I just book profit and normally wont short and wait till another buy signal from you.
Any rule changed for conservative trade,..If any change is rule let us know so that even we can learn. I am totally confused as I use to think conservative work on 5days high and 5 days lows
Regards
Subra
Regards
Hi Ilango.
Good Morning.
Request your views on SBI for Oct Series?
Hi..
No need to be confused. The rule remains the same. As I felt we may have completed the 5 waves up, I decided to close longs and create shorts. There are other possibilities of more highs too.. Based on world mkts cues, it is a possibility. No sell signals generated as yet.
Hi..Mayur,
I have posted an "Hour chart" of ICICI Bank in my other Blog "http://wealthinnifty.blogspot.com/"..The upsides look limited with a steep rise of last 5 days in SBI. Partial booking out on longs is advisable.NO SELL SIGNALS and NO Negative divergences. That means buy into corrections continues..
sir sold at 5150 , sl ?
Hi..Saravanan,
Good. Keep NF 5169 as SL. Once it breaks 5144 NF, "ORB" should favour a short trade.
ilango, is it 5169 or 5196?? You gave said 5196 as your stop for conservative trade in the table...
Dear Ilango
Is it possible to give a messege whenever u post yr views on wealthnifty?
Regards
Shankar
Hi..Rishi,
It is 5196 as I felt Nifty may move past 5176 because of world mkt and come down...so a wide SL.
Hi..Shankar,
Henceforth, I will put up a message in this blog when ever a new post is made.
good morning sir i think now best thing is sell on rallies keeping 5196 as sl?
Hi..Subrat,
Yes..and Trade the points initially, till more confirmations emerge..such as 2 day low @ 5097 and 5 day low @ 5067, etc..
Ilango sir, Belated Diwali and new year best wishes to u and your family and all our blog freinds.
Ilango, any change or update in view? Nifty seems to be stuck in a narrow 20 point range of 5140 to 5160...
Hi..Rishi,
Break of 5142(Pivot) and 5130(a channel bottom) is what I am looking for.And finally 5110.. Let us see..
Hello ilango
Shd I sell more Nifty Future.
I am holding previous shorts @ 5090 (2lots) & sold one more @ 5160.
Please suggest.
Regards
Ilango. With your view on Nifty downward, do we still take ICICI & SBI to be Buy on Dips where we Buy the same when you reverse your trade for Nifty and Buy into the same.
I ask this because ICICI is now down to 940 and if Nifty were to come to the levels indicated that could pressure this stock as well downward further.
Ilango, 5110 is the spot level, right??
Hi..askme,
You are already in shorts and you have done well to add to your shorts at a good level too. Now any more quantity depends on your "Money management" principles. No need to get carried away with one day's intra falls. Let us get more confirmations. "Patience" is the key.
Hi..Mayur,
As I have suggested the steep run in banking stocks resembled a "5th " wave. Hence, I suggested that "limited upsides". Now as the prices are unfolding downwards, it is prudent to exit longs in banking sector till they show "Oversold" readings closer to their 5 day lows. We need to combine it with Nifty to trade in them..
"Buy on dips" as long as their weekly TA is in upmode. Now the dip is on..watch them coming near the 5 day lows..If they don't break it, that is a buy area..
Hi..Rishi,
Yes..it is spot level.
thanks for the comments.
Will wait for ur guidance :-)
Ilango.
Appreciate your Time, Patience in responding to each of our queries and your expertise.
Thank You.
Ilango, do you literally mean the 5day lows or 5day ema?? what would that value be for Bank Nifty???
Hi..Rishi,
From the intra chart it looks like "8700" as 5 day Lows..
great...thanks!!!
sir which calculater you use pivot level means classic, woodie,camarilla,or fibnacci or others you use please tell me
Ilango, are you expecting testing of the 5 day lows within this expiry? I mean you expect this test to be a one way move or it could be multiple waves??
Hi..Violet,
I have sent you the excel file. You will find the "Pivot calculations" in the "Blog data" sheet.
Hi..Rishi,
It should generally be a multi wave form. Again, as Bank Nifty is trading quite close to the highs of the series, every fall will meet with "short covering" unless "delivery based selling" happens..
yet not received excel file sir. my id is violetmds@yahoo.com
dear mr.ilango,
i have been silent observer of your blog for quite a few weeks and impressed a lot!! thanks for great efforts which make small investors keep alive in this volatile season..
can we enter in to 5200CE at current levels?
cheers
krish
Hi..Violet,
I will send you the file today.
Hi..Krish,
Nifty is taking support @ the day's S1 @ 5107..It is likely to be a small bounce upto 5130-5140..I would like to hold "PUTS" or write calls only presently.
thanks for your quick response :)
ok sir thank you
Hi..Krish,
No sell signals yet..It is my aggressive stance and hence such a view.
Pure technicals would suggest to buy here or upto 5085 with a SL @ 5077.
great..thanks for your follo-up and care
krish
excellent reading Ilango sir nf has bounced upto 5140 again . Can we positionally short here?
Ilango, any change or updated view???
Hi..Jay shah,
"positional Shorts" should be on a close below 5110 or on a break of 5077..
Hi..Rishi,
"Intra shorts" may be closed here...
Ilango, waiting till closing time....high probability of the markets closing below 5110 Spot.
Hi Ilango
NS has made a new low but intraday RSI is not dipping that much.What does this signify.Is it bullish divergence.
Regards
Akhil
Hi..Rishi,
It can go to the S2 @ 5089..Possible..
Hi..Akhil,
As the intra trend is down, it may also be construed as more falls to come ..since it is midway..
My suggestion to close the intra shorts was due to EW counting 5 waves down from the top..
SIR IS IT IS WISE TO CLOSE ALL POSITIONS FOR TOMM AND TAKE A FRESH VIEW?
hi ilango ji
can we carry forward positional shorts open?
regards
rajamani
hi llango,
could you send the pivot calculation sheet to me too at ankitsolanki@in.com
regards,
ankit
Hi..
It is possible for a bounce tomorrow before heading lower. Nifty is still above the short term averages.
"Sold Calls" may be kept. Naked shorts may be closed, atleast partially.
hello illango if possible can u send me the xls file on my gmial id rggoel@gmail.com
thanks in advance
rahul goel
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