A likely range would be 5010/5025 to 5065-5085
Staying above the Pivot, Nifty would easily get to R1 @ 5042 with +ve world cues. But the crucial resistances will come in from yesterday's high of 5059 to 5091(supposed to be a "i"st wave bottom. If it clears 5091, then Nifty is doing an "abc" correction with "b" targeting 5110+ before falling further down in "c".Closing below "5096" will keep the weekly momentum down and bears active into next week. Only a close below 4997 will be a major weekly "SELL" for this friday.
"Yogi" asked about Trendline(I missed your last comment): Software will accept all the freak quotes and hence it is possible the trendline in them could be different. I upload my data manually and all the freak quotes are deleted to get a correct view.
Square or rectangular??. I did not get that. But suffice to say that trendlines are those that connect critical pivot lows or highs. They are valid as per the time cycle price moves and lose their relevance later.
19 comments:
hi ilango ji,
is today`s rise to be considered as retracement to last four day`s fall or a fresh buying ?
as nifty has closed below 5 week ema we should go sell on rise ?
with best wishes
s.r. aathithya
should I continue to hold my nifty shorts with 5091 as stop loss and buy bank nifty at opening..1.to hedge my position and 2. as it is likely to see some short covering.
thanks
Minni
Hi..Aathihtya,
Week close is today's close. What is shown in the tech table is as of yesterday's close. Till the weekly close does not stay below the week ema, these kind of bounces or new upmove possibility exists.
To me, it looks like a retracement either to 5075-5085 or 5110+
hi..Minni,
Based on your "short entry" price, take your decisions. The conservative "short" was created @ 5140 and hence the SL @ 5120 won't hurt it.
If you are going long in Bank Nifty, play it as a retracement rally for the past 4 days of fall only. exit @ 9350+. As it has gapped up, allow for some retrecement down to initiate a long.
My critic never initiate a trade if his calculated rates do not come. He sits thru many days without trading. That is discipline.
SIR THX FOR YR SUPERB TEACHING.SIR I GET CONFUSED WHY PEOPLE ASKING U SO MANY QUESTION AFTER U GIVE YR CLEAR VIEW ON MARKET .I M LEARN PATIENCE IS KEY TO WIN IN THIS MARKET AND DO RIGHT THINGS IN RIGHT TIME AND AVOID OVERTRADING.U ALREADY GIVE LEVEL SO NO NEED TO CONFUSE MY FELLOW BLOG MEMBERS.CHEERS
Hi..Subrat,
Each person's experience, exposure, perceptions, time horizon of their trading cycles vary and hence "doubts' crop up.
Besides "questions" keep me on my toes, be honest in my observations, though I could go wrong at times.
Yes, one should have a clear view, definite plan before initiating a trade.
My Critic was not well last few days and hence he could not initiate any short trades. But yesterday at the closing hour, he initiated a long looking at the + ve div in the 5 minute chart. He is happy with few "very good trades" in a month.This way he stays focussed and makes very few mistakes. He traded this market "Big time" and has learned his lessons well, namely "Patience", "perseverance" and "Humility" and he gets never tired of talking about them as market has a way of erasing your memory and teach you the same lessons again..
can i buy nifty today sir wat is the right place to enter ...ur sugession sir ?and can u tell me intra day support also ?
Hi Ilangoji,
You promised to me a post on monthly scenarios. (just a gentle reminder).
Since you have been so generous to all of your followers, i am also requesting a small favour. Can you provide me your compilation of hourly values for last couple of months? My mail id is jabhijit@idea7.net
Regards
Abhijit
hi ..sixface,
I would prefer to initiate a long only @ 5015-5025 area with a SL of 4995 for a target of 5060-5085.
hi..Abhijit,
I will post the "monthly" scenario this week end.You were, definitely, not ignored intentionally.
I will send you the "Hourly data" now.
Sir may i know who is critic ?
Hello Ilango,
Can conservative buy at 4920 next week ? ( Fresh Buy not shortcover buy)
I know 4920 is far, Just wondering what EW says once 4920 taget is reached for present shorts.
Since trendline is broken what will be final tager for downside ( just asumption)...may be 4200 ?
Regards
Subra
Thanks a ton sir..
Received data.
Regards
Abhijit
Awesome work... I am loving it :-)
Hats off to u sirji...
Hope so many queries are not bugging you and you keep up this good show.
Patience is the key.. Another thing is to trade with trend; aggressive or conservative depends on the mkts and risk taking apetite. PLAY IT SAFE ;-)
Hi..Satya,
My critic's name is there in the blog..Mr.Shivaprasad.
Hi..sBhandarkar,
Conservative may not go long there but only book profits. Strictly speaking, conservative should hold the position till stopped out. It is the aggressive kind who moves in & out frequently.
Once 4935 gets retraced in 2 days time, we should allow for an "abc" correction up to reinitiate shorts. I can not forsee how the down move will unfold once 4935 is breached but staying short in conservative and playing short swings with aggressive will do well.
Hi Ilango sir, as a aggresive i was holding my shorts and hoped for full retracement till 4935, but today markets opened positive, what should i do now??Exit here or hold with any sl??If exit here where should i re-enter?
Hi Ilango,
Bought 1 lot MNF at 5033...before seeing your range of buying...
Shd I sqaure it off nw and wait for your level of buy..or hold it??
Hi..Bizagra,
I have updated my views.
Hi..Prabhanshu,
Trade as per the levels mentioned..in the new update.
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