Immediate 3-5 days: A sideways move (See retracements)
Day traders: Make trading ranges for the day: 4620/4660/4680--4690/4720/4735.
Conservative: Sell one lot or write 4600 Call or Buy 4600Put.
Aggressive: Play the down first, then the up & then another down.
Only a Move above 4730 may lead to 4780/4810..etc..
23 comments:
Hi Boss,Can we go long at 4660 and 4620 levels .bcz ist has to retrace minimum 50 %
Yes..
You can do a long trade @ 4620-4630 and keep a 10 point SL.
HI.. ILANGO..
WHATS THE TARGET OF LONG..
MOHAN.K
These are corrective upmove..Difficult to say..4660 will become the resistance and then 4680..
Dear Ilango,
I had yesterday and today morning covered some of my 4400 put, now just left with 100 unhedged, can I carry that or cover that also. I ahve written 5000 calls and 4200 put, do you expect this 4200 to 5000 range getting violated in November ?
When should I cover this 4400 put or just hold for now as still 250 points to go.
Hi Ilango
I bought Infosys Nov 2100 Put at 33 Shall I add more of it or shall I exit from it and Buy when Infosys reaches higher level like 2300-2400.Kindly guide me.Thanks for posting the charts which I requested.
Regards
Amit
Hi..Kapil,
This is very importatnt:
Market will fall "big time"..How much it will bounce up, is difficult to say.
Anything above 4700 is ok as you are nearly 150 points away from low where market will fall below ultimately..may be to 4300.
So to take advantage of this:
1. Write big calls like 4600 & 4700.(aggressive can write 4500 call too).
How much would you make writing 5000 call & 4200 put.
I don't do any hedging at all as I try to figure out the direction and do it with some SL.
So as per retracements:
1. above 4690, write first
2. @ 4780, write next..
3. If you don't get above 4800, in the next 3 days, just write 4600 or even 45010 calls aggressively.
We are yet to see the US "Tumble" and that will be soon.
Buy a 4500 PUT @ 30 to 50, if you can get. You should get 200 in Nov.
This is how one should plan in stages.
Sometimes mkt may not retrace much higher, do time correction & fall and hence suggesting to write in stages..
Do these, if you are comfortable.
Exit all stock investments as they will fall again..
Hi..Amit,
Infosys will fall "big" if it breaks 2180-2170 zone.
Buy Puts every time it try to move to 2250 zone.
Above 2260, it can move up sharply..
Plan your trades accordingly as per your risk factor.
So watch these 2180 - 2260 levels..
Ilango,
can we short here? As its facing stiff resistence at 4660.
Hi Ilango Sir,
I had seen a chart of nifty EOD posted by u on 24th oct. Sir there u have shown in green caps wave A ending at 4693 and wave B ending at 3918.
Sir my question :
do u think that wave C of the same degree (of A and B as in chart) has ended at 5181, if yes then what do u think cud be the tgt of higher degree wave C we wud have jst started?
or is my wave count understanding completely wrong?
plz, if also u cud c chart of ashok leyland in hrly time frame n post wave counts at Stock Wealth.
and last but most important..... u r doing a gr8 work for beginers like me. plz keep posting.
thx.
Dilmesh Singh
Hi..Prabhanshu,
I want you to trade taking certain decisions based on the levels mentioned, Pivot of the day, sentiments, etc..
I hope you have sold there. The target is around 4580-4600.
Thank you Ilango, much appreciated.
Cheers
Kapil
Hi..Dilmesh singh,
This down move from 5181 is not over. Only the first down is over and the correction for the down may be a sideways one and then the next down will start soon..A 38% retracement to 4780 would be ideal but then markets are not perfect.
Regarding the 24th post of the "downmove scenario":
I would like to see this next down move to unfold towards 4300 zone or lower. The subsequent rally or a new uptrend is to be seen to take a final call.
World mkts are expected to correct down in a massive way. In such a scenario, "sentiment" which plays an important role in "investments/ trading" will play spoilsport to any bullish views.
So stay short...
thx Ilango sir, it wud be nice if u cud post daily n weekly wave counts of nifty this weekend.
regards
Dilmesh Singh.
Dear illango ji,
Looks like we have finished b of corrective wave n we are going up for c wave with target around 4750-4780.
HI.. ILANGO GI..
CAN I ENTER NIFTY LONG AGAIN.. AROUND 4620..
hi illango
i need to discuss certain personal investment problems and issues with u as i respect ur viewson markets a lot...can we communicate on messenger or mail once?
Hi..Enter with strict SL.
If spot moves past 4647, higher to 4665(Pivot) and above that 4680.
Lower down supports @ 4580 if 4647 is not taken out now..
Hi..renu,
It is possible 4600 holds and we see the "c" up..
Correctives are always difficult to pinpoint...so trade light here..
Just wanted to mention that the open interest of the 4700 call has gone up tremendously. It would mean that people don't see the Nifty trading/settling above 4700 mark. Simultaneously the 4600 put is seeing a reduction of open interest which would mean people don't see the level holding eventually.
There is definitely cash selling going on.. we are not responding to global cues, etc. So any bounces would probably be short covering. If going long, I would think it makes sense to have very tight SL and take profits if you see a 20-30 points upmove due to short covering.
Hi..Sridhar,
That info..nails the range and the possible bigger falls ahead.
Good one and sharp & focused..
Hi Ilango,
Your charts and explinations are very simple and spot on. Wish you had some time to teach lesser mortal like me.
Thanks for providing such a good portal for market.
Regards
Prakash
that was one huge candle sir..almost 50points!!!..wonder whats happening
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