"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."
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As much as possible try to follow the prices or whatever system/ method you have like the one "Mynac" has. Once in a while, you might get stopped out of your position.
I would watch the Weekly pivot @ 5087 for any support, failing which this correction may continue further down. For Bulls, the last support is 5005(Week ema) & in the very short term 5109(Day ema).
Trade light if you are uncomfortable. Markets all over are quite choppy with a narrow band. Let the band break for serious trading..Till then, just play...
12 comments:
hiii Ilango sir, plz tell where to start trade, you gave trade 5085--5130-50.It opened near 5110.Sud i wait for ORB or enter as soon as it moves above todays pivot? which method sud i take?
Gm sir
Sir NS open & high are same is it ok to go long with that?
Hi..Bizagra,
Hour close @ 10.00AM has closed below Hour ema -5131. Some weakness but it has taken support at Day ema-5109.
If one has gone long at the open at support mentioned, SL is 5110 and 5trail it up.
ORB seem to have broken on the upside. Watch the resistances @ 5150-5160.
hi..musti,
Actual open is 5117.60 and the high is 5141.
Nifty has bounced off from our support 5109(Day ema) as of now and heading to a resistances @ 5150-5160.
Remember, Nifty is in corrective mode of 5050-5180. Trade the points with small SL.
We now have an ORB of 5141 to 5112. Play this for small points.Break past these levels will offer 20-30 points.
Sir just small clarification Going to short if NS goes below 5112 & going long If NS above 5141.
Is I am anticipating right?
Either you trade the 5141 to 5112 or wait to trade the break out OR combine both.
My critic suggests writing a Call as long as it is stuck in a range.
dear illango and mynac sir;
can you please post something on openinterest. how to read it. how it is suggesting market will go up.
don't know any thing about it. will be helpfull for learner.
thank you.
Dear ilango,
Second thought. Despite bad global cue why our market is going up and will have to go up, because 50 days Future Nifty MA is 4995 to day i.e. @5000 and 200days MA is long below at @4218. Bulls are pulling it up for cushion and if it slips just 3% from here then at present there is no cushion, so normally it is observed that market try to keep cushion for this kind of moves for @300 points. So 5000 + 300= 5300 and then at 5300 if correction comes then 5000 can be create as a support. Otherwise below 5000 bulls will have to square off. Because it depends on, at that time circumstances. 5000 PE has added a huge open interest for this series so not only today but almost up to expiry bulls will have to keep this market above 5000.So naturally bulls will try hard to nullify 5000PE up to expiry and will try to force bears to square off their positions above 5200.I may be wrong because no one can predict the market, every time correctly
Hi..Mynac,
Well said.
I read an article of Swami Vivekananda and it says it all.
What you make of any of your attempts is within your capacity. Though external factors may affect our plans, they are not in our control and hence need not be bothered with.
If we can study our stuff well and act on it, nothing will stand in our way..That is one certainty.
Though I don't keep track of OI these days, I give good importance to them...like yours and then "Meghal's" at VFM forum and Dr.Shah's site(Nifty Doctor).
Hi to all as market is not doing anything so I think I should write something to relax everybody
Why market is trading in the range for last so many days, as market is divided in two part BULLS & BEARS both are having equal power as of now.Both are giving each other strong punches every day.Yesterday Bull gave strong punch to Bear, so Bear went home with and prepared for today's fighting, now today Bear hit punch to Bull lets see How Bull will react in 2nd half of trade.
If analysts all over the world are take into consideration then you can see that 50% are BULLS & 50% Bears thats why market is going Nowhere and trading in tight range. Whenever Majority peoples think that market will go UP/DOWN market always reacted the majority.
This time its different as its divided in 50-50, it seems market giving both party enough time to prove their stand for next major move in coming days. Any party falls in this party the 2nd Party will be declared as winner and will have upper hand for next move.
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