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 ...
67 comments:
Dear Ilango,
Thanx for the table updation. Kindly make the hourly updation as before. The vital signs in the table, signal upward movement - am I right ? Does it suggest closing the "Shorts" or can I persist with my Short @ 5235 ?
Kindly advise.
Regards,
S Rajagopal
Dear Ilango sir,
happy pongal and Tamil New year greetings to you, ur family and all blog members....May this bring all the richy rich wealth to each and every one..
sri
Hi..Rajagoplal,
If you are active trader, you could trade yje intra bounces by booking out of shorts and reselling at higher levels.
OR Hold with a SL of 5260 for a target of 5150-5135 or lower. As the prices unfold, we will get clues..
I still expect one upmove post this correction based on a expected reversal from RIL, Banking stocks & metals.
Ilango sir, u told me that when dailt TA is bearish,try to short near hourly high ema ie 5228 now.
According to EW ,shorts sud be taken near 5240+ for the C wave down.
M i learning correctly sir.
Dear Ilango,
1. Will hold my Short, since you feel 5150 is possible.
2. Regarding "upmove" - give us a signal, to enable us to enter RIL,SBI.
3. Metals are already flying - expect further height or correction down ?
(will come to pongal later - read some interesting story - will share at EOD).
Kindly advise.
Regards,
S Rajagopal
Hi, Nifty sure can test : 5150..
Metals and Banking & Infra.. + Housing stocks are to be under pressure.., Because Interest Rate & CRR.. revisions from RBI,
Sale on any Intraday bounce...
Thanks ;... Anandan.R
Hi...Sriganessh,
Tamil New year comes in April..same as Gudi Padwa, Baisakhi..
Hi..Bizagra,
Your understanding is correct.
Hi..RajaGopal,
The hourly channel resistance is roughly at 5260+.
Regarding SBI & RIL, I have updated the same in Stockwealth blog.
http://wealthinnifty.blogspot.com/
Sir, Happy Pongal to you & your family and all our blog mates.
Thanx Ilango - I do check stockwealth regularly. Will check again.
Tamil New Year is on Pongal Day only. Changed by the Government of TN since last year. (Thai poranthal vazhi pirakkum - varushamum pirakkum)
Regards,
S Rajagopal
HAPPY PONGAL TO ALL.
Ilango sir,
The government of tamilnadu has ordered to celebrate "THAI PONGAL" as tamil new year day as it is supposed to be "Tamilar Thirunal" Even special pujas are conducted at Govt temples for Tamil new year day on
the day ofpongal and not on "Chitthirai"
Ohhh...SO they have stopped renaming the roads and started changing the calender.... :)
This is news to me.
Govt. employees must have been the saddest lot missing on one extra holiday.
sir, u hv diversified knwldg(biasakhi)..
plz send me chart of unitech
manunidhi21@gmail.com or paste on stockwealth..
regards
manu
Ilango - we are very smart. Do you know who was the other person who changed the calender -as we follow today (jan the first month)? - Julius Ceasar.
Regarding roads, they are found missing - hence naming will start once found/laid.
April 14 continues to be a holiday "Dr Ambedkar birth day" - Govt emploees haven't lost.
CARRYING MY NIFTY SHORT.
Regards,
S Rajagopal
@ Ilango - u r 100% right.. still we are celebrating tamil new year in April only.. "Thai" new year is only for "Politicians" Y should be leave our culture?
@ Rajagopal/satheesh - "Thai mazhai thavittukum udhavadhu" one more proverb..
Just for political sense "CM" made this amendment.. no use and sense in that... as everybody knows "tamil Panchang" is printed every "Chitharai" not in "Thai".as per yearly prediction of Chithirai only everybody is following... Just for information.
Regards
Sir,
Tamil New Year day (14th Apr,) declared as Ambedkahar day and declared as holiday. Only they will loose holiday in leap year viz once in four years.
Bala
IMPT - forgot to add - Jayalalitha already told that "if she comes to power" she will remove this from G.O. hahaha :) "Idhu ellam Kazhaga Vilayattu" :(
Regards
Ilango sir, I actually wanted to enter tatasteel at 615-620 levels as you had mentined earlier that these are good support levels. Today actually the stock has made a low of 615 and bounced back to 637. I missed the entry today as I logged in late. Where can I reenter? please guide
Sujatha even we celebrate tamil new years day only on Chitthirai 1st. I gave for the sake of information
Poor Ilango must be biting his nails - has he opened the pandora's box on this New Year?
Let's hold our views - since it is getting political.
Just note the "Ceasar" point - that is the motive.
Regards,
S Rajagopal
Ethu ellam arasiyalla sagajampa. athuvum thamil naattu arasialla romba sagajampa. we have to search for a service motivated politicians now a days.
Regards
ilango sir, can you tell your idea about tatasteel?
Happy Pongal to you Dear Ilango. Just added myself as follower. Thanks & regards.
aha,
Illango has attracted a bunch of tamil gang here :) Well, i thought today was Bhogi and tomorrow was Pongal. If I am mistaken, then best wishes to all on this festive day from Nellai.
OFF THE TOPIC
@sujatha,
New year is usually based on entry of sun in Aries around mid april with variations as per local practice....if u see tamil and malayalam new year comes at the same time around mid april but kannada, telugu and maharashtra new year comes around end of march or beginning of april...
i believe this is purely due to their panchang following some longitude and latitude difference in entry point...as surya siddhanta is open for interpretation..
Respected Dr.Karunanidhi, has taken this cue and trying to create a new system of panchang for the future generations based on sun's uttarayana entry point in makar rasi, which is Thai (or) in north indian parlance, pushya masha...
considering the way in which old tamil scripts and dialects has been out of vogue, soon his system may become routine...though one hope the panchang makers never succumbs to his pressure politics...
sri
Hi Ilango Sir,
You have said: - Ideal level to initiate longs is @ 5135.
You mean this downmove will end at 5135 or it was intra day call if the nifty would have open or touch this level in first hour of opening.
Regards,
Ashutosh Agarwal.
@nifty
u r right bhogi and tom is pongal..but u know ilango sir is always ahead ...
sri
sir...the ventura link for tracking OI which you have put on blog..is the data correct..bcz i see option OI different from nse site...like
5300 call is showing OI of only 1.1L...whereas it is actually 54L..
hi saif
i too saw the difference at ventura.
Why not go to nse directly:
Most Active Puts:
http://www.nseindia.com/content/fo/MostActiveAllPuts.htm
Most Active Calls:
http://www.nseindia.com/content/fo/MostActiveAllCalls.htm
Or, the Myiris site:
http://www.myiris.com/nse_fno/index/index.php
with regards
Moh
yes i usually refer it from nse only..was just checking this link since its put up for everyone's reference
dear sir,
today bank nifty highema @8945 and low ema @8903 so if bank nifty trade abv 8903 and settel there so this is buying zone or not ?
5135 is the target for this down move.(Channel support). It could be today or tomorrow.
Ventura OI page - Is it live or is it of EOD kind..??
Check whole option chain IO at: nse-india.com->Option Chain (right down)
Sir does NS face good support at 5180 levels? Can we close the shorts initiated today at 5205 levels I took it based on low ema.
@ hi ilangoji,
ventura oi page is EOD base
its supposed to be live(have to manually refresh) but still data is mismatching
ventura page says
As on Jan 13 2010, 12:14:00 PM
meaning current.
The OI may be number of contracts, not volume.
But then even that differs.
nse: 91000 ventura: 61000
nifty future is shuttling between the upper & lower bands of bolinger in 4min timeframe.
@ Ilango - Ventura OI intra page is also there "OI Dashboard" we have to refresh.. which is showing details of intraday index futures/stock futures both options and individual stocks too.(T/O values)
Sorry.. today wasted your blog's space :( Thanks for tolerating us :) amazing patience..
Regards
plz tell me abt hdfc ,ashok leyland
even if it mean no of contracts and considering EOD,still there is big mismatch btw data on nse and here..
dear sir,
today bank nifty highema @8945 and low ema @8903 so if bank nifty trade abv 8903 and settel there so this is buying zone or not ?
Hi..Satheesh,
Most of the reversals happen with a sharp rebound. That is not happening. At the same time 5180 has been holding well. The downside possibility is initially 5135..if serious could be upto 5110 or a bit more lower. Based on these, one need to take a view.
Sitting tight is the difficult part.
One could always book out and enjoy the festivities and initiate a trade once 5135 reaches or 5260 is crossed.
Thanks Ilango sir, I have decided to sit tight with my stoploss
hi..Alpesh,
I have given a supporting zone for Bank Nifty. Buy closer to that. Then, your SL will be easy to maintain & hold.
It is poised to go lower..So 8750-8800 is a buy area.
@ Ilango - Nifty still not in "OS" levels? not bouncing back yet, but big brother RIL is holding it's level... hence is there any chance for dead cat bounce?
Regards
At NSE site, an interesting link at a glance the status of scrips & market.
[Similar maps are available also at Moneycontrol, BuzzingStock, and some more sites.
http://www.nseindia.com/marketinfo/marketmap/NseMaps.jsp
hi sir,
if spot nifty low @5169 break then can be short nifty or not for tgt 5135 ?
Ilango,
Read reports that RIL and Infosys together contribute 22% of NIFTY movement. Today BB is holding and Infy is flying. If these two are taken out, by now we must be looking at the bottom of this cycle @ 5140 levels ?
Please explain : EMA close is indicating negative trend - accepted. But oversold sign is not emerging in the "D"s - 5D @ 14 is slipping into bear zone. How do we smell a trend reversal ?
Regards,
S Rajagopal
One wonder why these stupid IT stocks are creating fresh all time highs every day. And that too they all go up 4% when market is going down - hence stupid. I thought Ilango said these stocks are in the final wave. Last week I hoped it was the end of the wave, now we have a fresh one ?
Any update on the final wave on IT stocks ILANGO ?
sir can we go for short now with 5240 sl??
Dear Sir,
Is still we are in downtrend as 2.00pm close is 5210 and nifty bounced from 5170?
confuse to take position i.e. sell on rise or buy on dips?
Please guide
hi nifty,
in IT stocks u mst also consider $ movmnt..as these get revnue hedged with $ price..IT is showing first revival in west and em too..so they r making fresh high ..jst track china it stocks frm march onwards they r gvng almost 900 % return..
Infy may be doing the 5th of the 5th wave which was also suggested that if holding above 2450, it can move up.
I feel there will be a role reversal between IT & Banks soon.
Yes. One can sell @ 5230-5235 with a SL of 5250.
sir you say that
I feel there will be a role reversal between IT & Banks soon.
whats meanning of that
Dear Sir,
thanks for ur guidence..
manu,
$ is a loser for the last 10 months. So $ has been a poor hedge vs the rupee. Whatever these IT stocks earn in $ is getting converted to lesser and lesser rupees.
Revival in west is a big joke. Once "Osama the Economic Terrorist" stops the stimulus, we'll see what happens to growth. None of the companies in the West has shown Revenue growth. Cost cutting can take you only so far.
By the way, Infy posted numbers that had an average of 12% growth. Going forward they might make 15%.....and this is considered to be such a great recovery. PEG for these IT stocks are now 2.
whatz the role reversal mean?
5200 calls are adding some significant OI..so 5240-5250 shld be a good SL
sir you say that
I feel there will be a role reversal between IT & Banks soon.
whats meanning of that ? sir
means bank taken u turn (upside ) ?
New post with updated Tech table posted.
Yes..Alpesh,
I expect the Bank Nifty to do a reversal from down to up.
I suppose ROLE REVERSAL means exchange of trend..
IT is in Uptrend & Banks are in Downtrend... ROLE REVERSAL will be IT in Downtrend & Banks in UPTrend.
I hope I am right...
Ilango sir can confirm it.
thnks indian ,
but jst go to dow index and c hw IT co. has performed frn march onwards comparedto other index..wht i ws suggesting tht em nations IT co. are more in radar of fii..e.g one of my frnd wrks in a hedge fund in UK..in thr portfolio only one indian co. thy wr investing..that is sasken comm..i also bought when he told me @ 48..still holding..that fund has more exposure to chinese and taiwanese IT co's..sorry sir jst fr sharing nothing technical
The corrections in NIFTY are getting more and more peculiar these days.
Back in Nov (20th I think) everybody thought Nifty was going to 4800 or so and it suddenly shot up.
Back in Dec (23rd I think) everybody thought Nifty was going to 4900 and lower and it suddenly shot up.
Now, everybody is expecting 5160/5130/5100 etc...and here we are, we had a 60 point correction. What is the use of TECHNICALS just to grab 60 points (1%) in NIFTY ? You could have grabbed 1% everyday by simply buying HCLTECH every morning for the last 6 months.
ILLANGO:
"Yes. One can sell @ 5230-5235 with a SL of 5250."
Is this NIFTY SPOT or NIFTY FUTURES >
ILANGO Sir,
You told Nifty Stop Loss at 5250. Is this Nifty Feature of Nifty Spot ? Pl. Clarify.
Thanks.
Ilango Sir,
Pl. Give me reply.
Thanks.
sir wht would u suggest to carry forward the short taken @5238 or quit
regards
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