I remember initiating a "minor sell" @ 5135 10 days ago for a target of 5035 but Nifty did a shallow correction till 5090 and moved higher. In a similar fashion, another "mild sell" was initiated @ 5257 for a target of 5150 or 5100 but Nifty seems to be basing 5190-5205 as a new support.
Though the daily continues to be in the "OB" area, hourly time correction done with a shallow trading and the "14-Rsi" gave an indication of the impending move higher and Nifty followed it up accordingly.
And finally, by closing above 5240, Nifty gets its momentum back for higher levels.
World markets have been moving higher quite steeply for 30 days now, typical of a terminal burst. AD chart is yet to develop a broader negative divergence for caution.
9 comments:
@ mynac,
Your OI interpretations has made me to search for OI data and learn about it. Please continue your contributions as Ilango sir mentioned - either as EOD or Pre-mkt. Your contributions was helpful and the best part I liked it is it coincided very well with TA also. Do continue your service.
one more request - kindly provide any material/link regarding the OI interpretations/usage.
Nifty and the world markets are showing definite signs of Mutual fund "NAV Management".
Mutual fund managers in India will definitely not like to give up on one of their best year on year performances.
So whilst the fund managers play till next wednesday, bears will be advised to keep their "puts" away.
Mynac,
Echo Illango's views.
Please do not neglect this talent you have.You will be missed.
mynac pa ji..
just logged oin now ..i will miss mangoose shorts now..
mailme at manunidhi21@gmail.com
and keep in touch or gv ur id:)
Dear all Ilango,
By Heart,I am very thankful to everyone. “Do spare some time during the evenings & continue your contributions.”Dear Ilango ,I will spare my time and will continue my contribution”.This is just like “Guru Adnya” for me. I must confess that after 40 I realized that Market is my first passion, my love but due to lack of proper guidance or I should say “Guru” I could not took it as a full time business. Now after exact 12 years later, I realized that I have got the “Guru” in the form of Dear Ilango.His selfless guidance, impartial market views; meaningful comments inspired me to start the study again. Along with Dear Ilango, Dear aarvee9,Rajagopal,manu, satheesh , Viren, sundar,Anuj,navneet singhal,assortZ, arpitg345,both Babus, bizagra, piyush sharda,rm, BALA, jay , manojag, mok,shreeganesh, and many others ( I know,I have missed many others) have and are contributing and guiding me time to time. I have and going to learn lots more from them too. Every one has his own quality and specialty. Thanks. Thanks again Dear Ilango, for giving us this wonderful platform to share our views.
Mynac - You will be missed. You are obligated to feed us since you kindled the hunger.
All the Best. Please be in touch.
Friday may not allow us to rest so easy for the week end.(Just a feel).
Hi Ilango, Pls. see this and confirm, since E-waves are something I dont understand.
Impulsive Wave Pattern
Wave Name Construction Termination
Wave 1 5203 5227.45
Wave 2 5227.45 5212.34
Wave 3 5212.34 5243.44
Wave 4 5243.44 5224.22
Wave 5 5224.22 5263.78
Wave-5 Expansion will continue till 5274.54
Corrective Wave Pattern
Wave Name Construction Termination
Wave -A 5267 5227.45
Wave- B 5227.45 5251.89
Wave- C 5251.89 5220.8
Wave-c Expansion will continue till 5212.34
Current Price is In the Impulsive Cycle . Impusive cycle will Fail if price fall to 5235
Buying is Advisable at 5227.45 with stoploss 5212.34 for Target 5263.78
Rgds-Navnit (This is based on Elliot Wave Calculator.)
hi mynac
the chorus is growing louder ... sayz "keep in touch with us ,,,, during - & if not, after market hours". And my voice is also there in that chorus.
Hope after your holidays you would be pursuing positional trading. And, may be daytrade too, thro mobile or mailchat with your broker/ RM.
[RG would be able to guide you on practicality of chat trade]
All the best. You come up rarely to post, and all meaningful posts.
with regards
Dear Ilango,
Good morning,
After giving new high U.S.market fell from its top yesterday. Whether it will shatter our market or not? I don’t know the answer. But on this background, for our market some interesting observations and the importance of 5300. On 27/02/2008, two years back this was the last date for Nifty Future, when it traded above 5300 convincingly. (Pl.forget the latest top 5303.25 for a while, because it was a flash). On that day the Fut.Nifty top was 5375 and just after 3 trading days then ,on 3/3/2008 Nifty Future O.I.was 44400050.The highest closing O.I. I have seen for Nifty Future. From that 27/02/2008 day Nifty Future has never traded above 5300. On 18/02/2008 Nifty Fut.top was 5313.40 and on 19/02/2008 the top was 5367.50. Today if Nifty will try to trade above 5313.40, these three figures should be watched very carefully during today’s trading hours. If we will add 1% in yesterday’s settlement figure which is 5260.40, it comes to 5313. Is this a just coincidence or else? I have no answer for this question also. We all will try to find out it during or in coming days if Nifty shall cross 5300… Have a good day and happy trading to all. Thanks.
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