If Oversold "Hang seng" has a relief rally, Nifty may continue its rally towards 5015 to 5035++ and drift lower there after.And if the weakness continues, Nifty too will slide down.
For option traders: Try to write options during extreme conditions in the first half of the series to benefit from both time decay as well as strong shorter term reversals.Do not buy Puts when Nifty is oversold but wait for your opportunity to enable you to hold your positions with lesser risk.
A sharp rebound after a "331" point fall. GOlden ratio 61.82% retracement comes @ 5012 which is "5-Day ema".
Today's low coincided with "Weekly low ema". Unable to close above "Day low ema"
6 comments:
hi
Ilango there is little mistake in tech table in day high 5005 but u put 4953 hourly high.pl corrcet it
thanks
Dear ilango,
In my view if nifty is to go down then it should not see 5005 again whatever Hangsen/Shanghai does. And for that another untraded gap of atleast 40 points is needed.
in the hourly table after 26th 16hrs
13.00hrs of 27th is posted if i am correct
pls check
Hi..Govind,
Thank you for pointing out the error. I have corrected them.
Hi..amrender,
I have often mentioned the importance of recording the correct high & low of the day to have an accurate High & Low ema and that is why i maintain a manual system.
For the day, nifty opened @ 4944.75 and it made its high 4952.55 towards the end of the day.
What is shown by NSE is the previous day's close. Compare it with BSE's Sensex, you will note the difference. Besides the future opened @ 4915. Then how could the spot be @ 5005. NSE takes previous day's close as open for the next day most often.
Hi..longshort,
Is there any valid point in supporting your view. Nifty's Thursday low is 4987 and today it gapped down @ 4944.75 and attempted to move into the gap at close around 4952.55. I would like to know your reasons..
I have noted on many occasions that whenever there is a huge difference between two days highs, Nifty try to move into the middle of the highs on the 3rd day while keeping the downtrend intact.
Best regards.
ilango
Hi ilango,
Many thanks for replying on my view.
Actually what I am taking is the closing of Thursday. Then there was an 100 points gap-down opening on Friday out of which 50 points have been traded and closed almost on that point. An 5 day yahoo chart will illucidate this thing very clearly.
Now as Nifty is in long term uptrend so if Nifty can trade the remaining untraded part and particularly close there then Nifty will negate the very short term downtrend created from Thursday.Then we have to review and rethink the situation.
So I opine if nifty have to fall then it should not see 5005, the closing of Thursday. It can also be treated as the stoploss of shorts created @ 5100 range.
Otherwise Nifty continue its bear rally as so called intraday'inverse correction' has already happened when nifty moved up from 4805 to 4950 continously on Friday itself. And if it catches the downtrend then world market should not make any impact.
Hope I have made my points clear.
Eagerly waiting for your view.
Best Regards,
hi Ilango sir,
(1) can u send me the Tech. Table & Pivot Table excel-sheet u created. my e-mail - shekhar373@gmail.com
(2) if u consider to send the same to me, then plz explain also that whether i should enter the data myself periodically or the data may be downloaded automatically. if i have to enter the data, tell me the procedure that how can i get weekly EMAs, because it is some old data which i think i won't be able to manage my own.
thanks
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