Let us see how it works.
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How far this rally can go..By sustaining 4910-4920 zone, it can go towards 4990-5030 zone. In the short term it is in "OB" with -ve div in only 5-minute time frame which can get corrected with just an intra day dip.
If it holds 4910-4920 , that is a signal of strength.
Watch the US dollar Index which has made a new low, suggesting more upsides to equities. And this down move in dollar could be the last move down.
It was a 5-day high(4853) reversal yesterday which was overlooked and that was a simple TA parameter and market is unforgiving.
19 comments:
sir...if those crucial levels are crossed then it could be a repeat of july shakeout and probably a new momentum line on the charts...maybe we have to be satisfied with 10% correction only...the bulls are relentless ...
hii Ilango sir , are conservative traders reversing from 4965??or waiting for above levels to short again?
Hi..
I feel I will stand aside with a SL 4965 and see in this 2 days to see what the market is indicating to take a fresh action.
As per TA, one can buy into some corrections in the coming days.
I want to see a correction and its type to figure out. Besides weekly close is important.
I will update.
I am holding my PUTS
Ilango, negative divergence in RSI on intraday chart, is it a shorting opportunity?
Hi..Ganesh,
For Intraday, yes it is. It opened at our resistance point..Aggressive short.
Then, at 10.15-10.20, it gives a "ORB" break down below 4931.
Hi Ilango, will it be a good idea for a conservative trader to exit shorts near 4900 and to re enter them near 4950? I am asking as my nifty lots average is 4795 which is a bit lower.
Hi..Bizagra,
Manage your positions as per your risk factor.
You may do that..
Hello Sir,
Reliance was strong in the morning and now slowly it is coming back and so nifty is. I want to go short.... can I go short now with 4935 S/L?
Also, Will you please post your views on Reliance on stock wealth blog.
Thank You.
Regards,
Abhishek
That was a profit booking zone(4905-4895) for the morning shorts..
As per TA, it is buy on dips. Or wait for it bounce to 4930+ & see the intra tech & do it as per indications.
I will post RIL tonight.
HI ILANGO,
CAN I BUY NIFTY NOW?
Hi..Dinesh,
Buy with a SL of 4895NS.
Hi Boss, shell i close my 4900 put.bcz dow is in new high if indian market makes new high then total investment becomes zero now already 50% gone
Hi..Raghavendra,
During this corrective down , you may close 50% of PUTS @ 4880-4900.
Remaining - have a SL @ 4965.
I am holding my Puts because of current Overbought conditions. This correction can go down upto 4830-4850..if 4965 is not crossed.
mr.Ilango,
We have discussed that we may see main correction wave in 3rd week of nov..
though the chances are light as of today due to strong US indices, can we still have the hope of downward correction in nov series considering low volume driven up move in our indices as well as in US indices...
with cheers
krish
Hi Boss, highiest open intrest buid up in 4600 put. maeket may come down up to this level wht is your view
Hi..assortz,
That view was based on the strong weekly sell in late Oct.09.
Now continuing that view will depend on this Friday's close. Below 4850-4865, bearish.
Let us see how it develops..
You are right about the low volume rally.
Hello Sir,
Nifty today 1st time below 55 min MA now... Showing weekness... and below 4865 (Pivot) we can go short.
Am I correct sir?
Thanks.
Hi..raghavendra,
Thank you for that info..
Though I do not follow OI, the implication is "4600" is taken by these writers as a strong support. It can change after a week or so to lower or higher.
That is a good news for Bears.
Hi..Abhishek,
"4865" may arrest this fall temporarily.
If it moves below it, then 4835 is a possibility.
These are places where a bounce is likely.."intra".
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