Tuesday, December 29, 2009
Nifty PreMarket View
Expecting a sideways move after the sharp short term up move of last three days in an "abc" form. If it makes a new high in the first hour, then that could be counted as part of the "5". The negative divergence in 5-minute chart suggests of a short term correction. Positional Longs may be initiated during this correction to 5060 or 5040 or 5110. For aggressive traders, some trading range of 5100-5130 to 5190 to 5220.
Elliot's Impulse waves.(Part-5)
IMPULSE WAVES :- The Basics Waves that move the market in the direction of its main trend either up or down are called Impulse waves. 1....
-
5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ...
14 comments:
Sir, Last Traded in Conservative Chart should be 5178?
Good Morning Sir
As negative divergence is seen in 5 min chart can we expect the correction within this months expiry?
Hi Ilango Sir,
Market is trading +ve ahead of RBI Meet. Is it good to go short for target 5150-5130-20 Stoploss 5210.
Hi..Krishna,
I have corrected the "Last traded". Thank you.
Hi..Satheesh,
As per the charts & EW, the correction is expected. Market may sustain this 5180 to 5215 area for some more time before going down. This trade is only for the day traders.
Hi..Ashtosh,
A break of 5180 may give some 20 odd points or sell above 5200-5210 with an appropriate SL. Is it good..? It depends on your profile and the type of trader you are. This trade is only for the day traders.
As per ORB, a decisive move of 5205 to 5180 range with a proper sl will be appropriate. As per TA weakness in 5 minute & EW possibility, I should sell near 5200-5210 zone.
Sir yesterday night when I saw SGX Nifty futures it showed a high of 5300 and low of 5000 and close at 5185. Was it weekly levelsor intraday? I was confused!
Sir yt sl should be maitain for short taken at 5200-5210 level?
5225 or 5230 Is this level will be right?
Hi..Satheesh,
Do not give importance to these freak quotes. Our own study should be of prime importance to us.
Hi..Musti,
Yes. That SL is ok.
Illango sir
Is there a rising wedge on Nifty 5 day charts
Simple Charts
Sir,
You have given above pivot levels based on 23rd nov. close and not 24th nov close.
Hi..Avinash,
5 wave completed at 5202:
23.6 % retracement comes @ 5141.
38.0 % retracement comes @ 5104.
Hi..Shatakshi,
I do not see any rising wedges.
Hi..dare,
Sorry. I will correct them.I have a file in the office and one at home. The earlier one was correct. But when I changed the "Last traded", it got mixed up. Thank you.
Hi..Avinash,
I am talking about "5 waves completion" from the low of 4944 to 5202.
You are pointing out the 5th wave of that "5 waves". Markets correct the entire 5 waves unless there is a 5th wave extension. Then, your retracement may work.
The 5th started from 5129.30 NS.
sir, whr u nifty ths expiry
Hi..Manu,
A most likely closer to the Highs.....5200+
Illango,
Can i go long at 5210 for 20-25 points with 20 pts SL
Post a Comment