First attempt to move towards or below the Day High ema(5257).
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....
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5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ... -
Will not be available to intra update . Suggest one of our readers to update on DHEma-HHEma-HCEma & HLEma for possible support points fo...
53 comments:
Hi..Anandan,
I remember you sharing here that "when ever the stochastics-D goes above 90 mark, market comes off the highs or reverse direction."
Today is one such a day to add to that strategy.
I also remember suggesting that it is not 100% infallible but nevertheless a useful idea on many occasions. It adds to your other observations.
That is a good observation.
hi llango,
it seems mkt has completed its tgt at 5310 today. if it has reversed what cud be the likely tgt on the downside??
thanks,
ankit.
Ilango sir, i m not having any position at the moment and i m a conservative trader.As far as i have learnt about EW, we are still having pending 4th and 5th wave.we are waiting for ending 5th wave for shorting.We can even short if goes below 5175. M i taking it correctly? plz correct me if i m wrong.I m learning.
Thanks
Hi..ankitsolanki,
A possible support @ 5240-5260 can propel it higher again.
We need to see Nifty's behaviour @ 5180(the multi top)when ever it comes there.
Hi..bizagra,
That is quite a simplified view. Good.
Dear Ilangoji,
i had sent yesterday sensex weekly chart with trendline resistance in rsi and we have tested it so i have taken puts as positional short positions.
i feel we may see correction of upmove from 16210 to today's high. and it may be followed by last upmove till budget.
Pankaj Shah
ilango sir
for taking daily high ema we haveto take yesterdays level or todays 10 clock levels. little confusion
syamala
Sir as you have mentioned nifty has found some support at 5260. what are the chances that it will reach or breach todays high? are there any means to assess it?
Hi Pankaj ji, when you say last upmove till budget does it mean this new bull market/bear market rally will end after budget and we are going to see big fall?
satheesh
if nifty cut 5231 days high ema it willcome down
syamala
Hi Syamala, i think day high ema is 5257...
hi..Pankaj,
In Bank Nifty & its stocks, there seem to be a triangle consolidation with one down left. That coincides with your view. My Critic too pointed out the same.
Hi..satheesh,
There is a small bounce is on for the fall to 5260. If it gets resisted at 5285-5290, another round of fall may materialise.
Hi..Syamala,
I take the current day's High ema based on the highs of the day. That gives you a leading edge.
maruti has started showing weakness that may be an indicator of weakness to follow!
Reliance shows heavy total buyers and few sellers. anything significant?
Ilango sir, what is your view on Bank nifty ? I hve gone short at 9125.
Hi Rajagopal.s & Akash..
Yesterday you are joke on my view.. I say very clearly Nifty will start fall from today.. what more you want..
But I am not sure about after noon trade.. but today till now.. Nifty down..
Thanks.. Anandan.R
Dear Shr,
i feel post budget we can see good correction of total upmove from 8k
Hi..s,
If Bank Nifty closes below 9235 only, the weakness can set in.
Day High ema is @ 9158.
This to me looks like a false breakout, will wait for somemore time. No hurry.
Regards
Akash
Dear Anandan,
No i did not make fun of your message, i was trying to convey what our Govt is capable of doing.
Joke was on FM the way he will show up with bullish statement when market turns red
Akash
Dear Pankaj, thanks for info. If we read some of the expert's reports they say the big crash will be very bad and can go below the March lows. It is very scary.
Ilango sir and freinds buy Punj lyod at 217 for 20 days sl is 203 targets 250-265.Positinal call.
Ilango sir, u gave this up wave can be 3 sub-wave structure or a 5 sub-wave. But an impulsive wave is of 5 sub-waves.then why 3 also in possibility?
"Anandan said...
Hi Rajagopal.s & Akash..
Yesterday you are joke on my view.. "
No Joke Anandan. If you recall Ilango prohibited me from offering bribe. I seriously want your view to come true. (motive - still short)
Regards,
S Rajagopal
Hi All,
If we try to draw a suport/trend line through the recent low poins on the hourly fast macd chart, it seems the line has broken with the closing price at 12 noon (f - macd value 8.38).
Confirming this by more hourly closing below 5290. I feel this can be ashort term reversal.
regards
1.Fear and Greed are at maximum levels while trading intraday so always have less position when you are new to intraday trading as otherwise you will be mostly under tension.
2.Clever traders always use 'buy on every dips' strategy when positional trend(broader market) is up untill real sell signal emerges. Strategy is just opposite when positional trend(broader market) is down: 'sell on every high' untill real trend change happen.
Daily high ema 5, ema 5, low ema 5, ema 20, ema 50 & weekly pivots & historical support/resistances are most important levels to determine the trend change (with 5 real time indicators stoch,macd,rsi,wzr,bollinger band).
Maximising profit is the key to survive in the stock market and it is the toughest thing, it comes with experience only.
(for beginners from my experience 8+ yrs)
Best Regards.
Well said Indian. Could have emphasised on Stop Loss factor also - infant traders (like me) feel it a bad word !!!
Regards,
S Rajagopal
Ilango sir I have a request. Please consider a possiblity of conducting a TA class in person during any weekend. A personalised class will be of great help to all beginner traders like me. kindly consider the option.
Infacts can actually follow Ilango's trade like Brought at 5015" and sit tight untill Ilango reverses the trade.
Quite Easy/Focus right!
hi ilango
at 2 afternoon if nifty close above 5289 market become bullish?
syamala
Mr. manoj what you say is right. The problem is for people who missed the entry at the right time - like me!!!!!!!!!!
Hi, Rajagopal,
For simplest rule just see ema 5 for daily closing, closing above ema 5 always indicates strength(stop for ur short). similarly closing below ema 5 indicates weekness.
exception is range bound days (when nifty is range bound between some major resistance/support like ema20, ema50, near weekly pivot, historical major support/resistance like 5180, 5010,4920-35,4720-30, 4500-30, etc)
second important is weekly pivot for trend,
combine it with historical support/resistances: like 5180(long time resistance), first closing above 5180 indicates strength(stop for ur short that time if u shorted below 5180).
when market is making new high (in 2yrs) u have to see historical resistances from previous chart. For example if u see weekly/daily chart, from that chart highest closing after 2008 jan-feb fall was 5228. so if u have shorted near 5200 ur must exit it when nifty broke that resistance and close above it 5230. u see the next day huge gap up, still today nifty never test the gap up zone. It'll test it only when real sell signal emerges.
U can use closing above high ema 5(for strength) and closing below low ema 5(for weakness).
Best Regards.
hi
superb close near low ema
syamala
Indian(s are) Great.
Thanks for the guide. It makes greater sense when combined with your earlier post.
Thanks again.
Regards,
S Rajagopal
i am agree with sateesh.face to face classroom will be of greate help for beginners.please sir think about this option
(Sorry. Me again. Shows I am stuck with my positions)
Any news on GRASIM - why is the stock so bullish? I know it took a beating in the recent past. But why this sudden violent move ?
Anyone tracking it path - will it beat its 52W-High?
Regards,
S Rajagopal
"satheesh said...
Ilango sir I have a request. Please consider a possiblity of conducting a TA class in person during any weekend"
Decided on the time and venue Ilango ?
Regards,
S Rajagopal
Dear Ilango,
In hourly chart Nifty making a Head and shoulder pattern. Head is at 5309 and left shoulder support is at 5258. The right side so far not broken the support of 5258. If it breaks then we can breach the 5232 level. Otherwise we can trail the longs with TSL at 5258.
Yes..Vijay,
That is a possibility. The negative divergences are more pronounced now.
Hi..Rajagopal,
Cement stocks have come out of a big correction few weeks ago and on a big move up..see ACC too.
Thanx Ilango.
Regards,
S Rajagopal
Regarding RIL(Reliance)
There are 14.19 buyers and 4.14 sellers for the counter-almost thro the session. If demand to supply is a guide, then why is the stock unable to move up with such gap in supply ?
Am I missing something ? Is there a different view for this phenomena?
Regards,
S Rajagopal
Ilango sir can you give updates about reliance in your stockwealth blog? also what could be the next entry level for tatasteel?
I had asked the same question as Mr. Rajagopal earlier today regarding reliance!! If someone could answer it will be useful
umm been waiting since yesterday to open a trade lol, nor is it shooting up nor it can fall as most are waiting for it to fall lol.
Will wait for tomorrow to see if something comes up.
Good luck all
Akash
rajgopal;
i think no of buyer and sellers can be manipulated.
"rajnish kumar said...
rajgopal;
i think no of buyer and sellers can be manipulated"
I would dread to assume so. It is exchange data and reflecting across many broker terminals. There could only be a mistaken conception on my part of the effect.
Regards,
S Rajagopal
Rajgopal and Satheesh,
The answer to your question is that the number of buyers and sellers matters less. What matters is at what price are they willing to buy and at what price are they willing to sell.
Thus larger number of buyers may still not be able to push up the price..
GK
hi guys, we have to follow only Ilango sir's positional trade now as intraday is not yielding anything. Today i took short at 5297 in the morning but had to square at 5289 just now. six hours trading & only 8 points profit.
Ilango sir, Do consider my (our)request once again - as even few others were interested in TA classes
Hi Raj
You can also put 1000 Shares on price of 100 rs so that will add to the total number of buyers.
Seeing the last month fluctuation in reliance when Reliance touched 990 something from there it bounced almost 80rs in 4 days.Hence u see people want to catch it around that level again coz below which it starts getting emotional support of many retail investors.
As one of my friends says yaar 1k mein to aajkal jeans bhi nahi aati reliance mil raha hai :).
Cheers
Akhil
Reliance has big historical resistance @1120, if it closes above that level, u can see a big rally. It is just trying again & again to break 1120 since its split.
Best Regards.
Maybe the big guys are accumulating for the upcoming events - RIL vs RNRL judgment and Lyondell acquisition? Will it declare good results for the last quarter based on higher volume of gas sales? But it held up the market today very well.
Hi Guys,
RIL : Sold on bulk deal at 1035.. & taken Cash of 2500 crs..
It seems Supreme court case will give some negative news for RIL.. that is why management sold at less then market price.. Buyer is LIC..
LIC have too much fund for Investment that is just public money....
For RIL may be some setback going to come very soon.. : So this will tiger the downside move..of Nifty..
Be careful on long side.. keep SL...
Thanks. Anandan.R
@Anandan,
Your comment on RIL & LIC is really baseless and without reasoning...why we shld jump to conclusions and assume that the treasury guys sitting in RIL and LIC are stupid..
They have done it last time also before the october market crash...the reason can be to raise cash component levels of leondall buyout or anything for that matter...even if you consider the levels of 1035, it is not so bad level at all considering long term...
Technically i dont think reliance looks so bad compared to other scrips....
ON LIC, i know how LIC Invest public money and it is just a meagre percentage in equity and even for that it involves lot of analysis and lot of approval layers, they dont buy...
Ilango sir, these kind of loose comments without any knowledge on how institutions work is really not adding any value to the environment..
Normally i never comment on anything as it is upto the individual but this comment made me to write as it is increasing everyday....
sri
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