At 1.40PM: Closed the shorts @ 5035 & Long
A close above 5050 @ 2.00PM is bullish for near term.
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Hour Low ema & High ema has given the first trade completion.
Pivot @ 5037 & week ema @ 5042 will be crucial tussle area.
29 comments:
hi ilango
nifty trade in narrow range please see this 5 day chart( http://nifty-amrendergill.blogspot.com/ ) i think we will wait for break out either side for intraday gain.
Thanks
Yes..amrender,
Similar views.
Sir, Nifty has been trading below todays pivot of 5037 for the past 10 min. Is it supposed to get support at 5025 levels as mentioned in your above charts? Can we go for an intraday long with those levels as stoploss if it sustains in 5025?
Hi..Satish,
It is clearly stated that 5048 & 5025 are the short term trend deciders.
1. One could sell @ 5048NS with a small SL as the trend is down.
2. One could buy @ 5025 with a S& R @ 5024.
5K is emerging as strong battle ..i guess due to heavy conc of puts there... meanwhile dollar index has rebounded quite strongly...eyeing 78 levels..but no fast drop in equities...market makers are squeezing out all the option premiums...
Sir,
Shall we take buy position above 5027 with stoploss of 5023?
hi..dare,
Consider buying only above the Pivot or if 5000 holds. Next support is @ 4980-4990 below which quite deep down @ 4920-4930.
what will be the stoploss for long??/
Keep it @ 5025NS
Hi Ilango sir,Can i still keep my shorts with sl 5098 as i was not able to exit at 1.40.??
A close above 5050 at 2.00PM will be short term reversal.
Hi..Bizagra,
As 5000-5020 area was holding well & the channel res. broke @ 5034, shorts were closed for the near term. Now to see the price action @ 5070-5085 zone.
Always book partially or when you see big profits when you trade during corrections.
Nifty will be entering resistances once above 5067 upto 5088. A move past 5092 or a daily close above 5075 will neutralise this correction.
Thanks Ilango sir, for yr help. Now i have no choice but to see price action @5070-85. I m keeping same SL as u gave in yr table ie 5098.
hi..bizagra,
I will post the hourly chart now. As per that, the channel resistance will come @ 5085-5088.From that point, a fall9the 5th wave down should unfold. If there is no 5th wave, then the correction is of "abc" kind. That is why , I have widened the SL for the shorts to 5098.
SL for the Longs raised to 5037(Pivot)
from option data ...there is OI shed at 5100 CE (2.2L shed ,total 67L)..and a lot of OI now added at 5000 PE(arnd 10L,total :61L)..so there is some shift towards higher movement now...or it cld just be short covering...have to see
Hi..Shaq,
Appreciate your continuous input.
liquidation of 3 lacs ( 7 lacs since morning ) in 5200CE & 2 lacs in 5100 CE....and 10 lacs addtion in 5000PE... since it break out at 1.40 PM..
Thanks ka.
I place importance on 5042(Weekly ema) now.Also a close @ 3.00PM - if it is below 5055, it is down again.
5000 PE is adding some serious OI ...13L added till now..and more is getting shed at 5100 CE and 5200 CE
where to see OI build up realtime shaq
sir,
Can we get the nifty with volume on intra day
there is http://oitracker.marketcalls.in/
but it doesnt show numbers in finer details...only option is to keep watching nse site for most active calls and notice changes in OI under a particular contract..
if anyone else has some better link please paste it..
thanks
5055 held at 3 PM !!..and it looks a convincing move to stay above 5055 !!
No ka,
It closed @ 5053.70 below 5056(Hour High ema).ence, weakness persists. Below 5045 & 5037 will fall more.
If it can hold 5045, a new high for the day possible.
S&R SELL triggered @ 5045.
Hi Ilango
RIL is the culprit coz of which we are not able to move higher today.Despite Nifty reached its intraday high RIL continue to move in 5 rs range b/w 1037-42.
Cheers
Akhil
Watch the IO at:
http://www.nse-india.com/ => Option Chain
NS Likely close 5043
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