Nifty is trading closer to the support range but below 5DMA(5118).
Positional trader - go long closer to the supports 5050-5080 range.
Positional shorts - if played the intra long, cover the shorts if closes above 5118.
Any hourly close above "Hour high ema" @ 5142-5145, exit shorts & go long.
Between 12.00 - 1.00PM, Nifty touched the "Day High ema" & the 12.00PM Close ema and managed to close above Hour ema again.
At 2.00PM, Hour closed below "Hour high ema" cautioning the longs.
19 comments:
HII Ilango sir, can we reverse our position as it is at 5150, or sud we wait for hourly closing?
As a day trader, reverse on clearing day's high.
Actually, there can not be a positional short as the trend still remains "UP".
Hence, advising to trade the short positions.
A day trader can sell near the top of this true range of 5090-5180 with a small SL.& trade. Hold only on a break of this range. Downside holding is not confirmed by TA>
Avinash,
Don't waste your time on NOISE
Hi..Avinash,
My experience: the buyers & sellers are not accurate as there is undisclosed qty involved. Hence, don't give much importance.
Similarly, Premium/discount happens for various reasons. We should simply follow Nifty TA.Other factors may have a marginal impact.
Ilango sir, i m a conservative trader, and not able to adjust to trade intraday,so can i wait in sidelines? what levels sud i look for a positional trades?
hi ilangoji,
what`s the status of conservative short should we wait till 5183 or close @cmp
there is a huge unwinding in calls and addition of puts
regards
rajamani
Hi..Rajamani,
Use any dips to reduce shorts as there cannot be a Conservative short when the trend remains up. Trade within the range.
We created the short anticipating a fall but that turning out to be of a corrective nature.
Now that range too is getting contracted.
hello ilango
what is the high ema at 2 clock? how to see able low high of every hour?so only t have to wait for your hourly update
syamala
Hi..Syamala,
In this following link, you can get the rates.
http://www.nseindia.com/marketinfo/charting/OnlineContractIndexChart.jsp?instrument=FUTIDX&symbol=NIFTY&expirydate=29OCT2009&optiontype=&strikeprice=&indexname=S%26P+CNX+NIFTY&charttype=ONLINE_CONTRACT_INDEX&series=EQ&mkttype=N&key=&segment=FO&symb=&flag=0
ilango sir can we hav positional long now according to 5080-5180 range?
Hi..Bizagra,
If you are taking 2 lots of Nifty, take one @ 5060-5080 zone. One more lot if 5045 holds.
should we still opt for longs specially when the hourly trend is down and all short term time frames are in a short mode?
massive addition of over 15L in 5200 CE in OI today...5200 CE strike has crossed 70L ...some heavy writing going on
Is NIFTY now a "Blind man gropping for the black cat in the dark alley?"
Nice to read somany inter-active quips.
Thanks for your thoughts.
Regards,
S Rajagopal
Thanks shaq for that info.
Hi..Rajagopal,
All the corrections are as per your descriptions only.Some are orderly that one can figure it out and most are choppy.
Dear Ilango,
I am both long in current and short in Jan Nifty - not sure. Also, i have developed an infatuation to go short on highest gainers for the day. I have gone short on Infosys & BHEL today. Just based on the logic "all that goes up must come down". I find coming down is a certainity than going up.
Am I right?
Regards,
S Rajagopal
always a pleasure ilango sir...Thank you
I agree that we are in a range, but option built up (CA addition) is pointing more towards breakdown to 5040-5005 rather breakout to 5240.
My position holding Jan fut short @5161 , Dec 5000PE @68.90 and 4300CA @ 30.10.PE:CA 2:1.
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