How high this upmove will take Nifty to is debatable with many valid targets but it will be the "Last upmove" based on EW, weekly "OB" as well as Monthly OB. Play along the current trend till warning bells ring in the form of "Negative divergences" & Completed wave forms.
A redrawn Hourly channel gave a break out above the "Day's high till 1.30PM(5107).
"Day Low ema" gave a perfect support. By closing above "Day High ema", the momentum is back in Nifty to make new highs.Hour macd is back into +ve territory.
13 comments:
Ilango ....
have identified 3 fractals very similar to each other in NIFTY charts. This is the third one .... price wise and time wise is bigger than the last one by a factor of 4-5x. Fractals tells me that there is not much of an upside - maybe 3-5% max. Then a correction is imminent for 15% roughly - maybe more than that.... let us see if I have identified the right fractal
hello firtzroyre
able to send the charts with your comments? my id is radesyam1@dataone.in
syamala
"Positive global cues...." may not be there.SGX trading @5092, expect a gap down tomorrow.
hello ilango
dow is trading weak.our market follow this tomorrow ?it seems if our market close good alos we should not take any position nowadays overnight. only intra day trading seems good
what is your opinion?
syamala
I second with MS. syamala. When global markets exhibit a trend opposite to the position held it really creates tension. Though a stoploss is there for every trade, the thought that missing out profits to book a loss really puts off my mind for the next day's trade.
Sir
SGX nifty (F) closing shows 5087.Is it correct any body guide However spot show 5147
Bala
Hi ilango,
Apart from technical these are few observations from today’s market action. Today 12 lac shares added in nifty open interest. From 4800PE to 5200PE Addition in Put open interest = 18.5 lac and from 5000CE to 5400CE Addition in Call open interest just 3.25 lac, as well as there is a decrease in OI in 5100CE 2.1lac and 5200CE 2.4lac.These figure clearly suggest that from here market wants to go further up. Only overnight and morning cues from global markets will be important.
From 2.40 pm. to 3.30 pm Future Nifty went up from 5090 to 5160, and there was spikes in volume at 5120, 5130, 5140 and 5150.Keep these things in mind when we trade tomorrow.
Syamala Madem
While agreeing with your view, my mind is pondering ,how and what reason, when SGX and our nifty are up to 3.30P.M in synchronous with each other , now closing is shown as 5091, Usually ,in blogs , brokerage houses while sending their reports in the morning they are mentioning this .Any material development has taken place between our closing and SGX closing. I also came to know that FIIs buy here and sell there ,like that play to deceive the small investors etc. Any body has studies this point etc may write a note
hello firtzroyre
will you post the fractal analysis
Thanks
Bala
hi bala,
singapore nifty opens for extended trading in evening 7.15 p.m -11.55p.m...singapore time...so the difference in price as later news fro US markets factored in.
c.m
hi all
fed meeting is on 16th of this month. there was a rumor because job market is good now they are going to increse the interest rate in this meeting. suddenly our indian time afternoon 1 fed chairman gave a statement fed wont rise interest rate in near future. i think after the news fii bought hevily and market went up.
why they increse rate before chrismas and spoil their holiday enjoyment?
syamala
How can fed chairman give a statement on our time afternoon 1-- from his bed??
symala madam,
My observation is that sudden surge was due to SC observations which has been intrepreted or considered to be favorable for RIL. If you see the sudden jump in reliance, u can see the upward movement on the nifty..
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