This slow correction will resolve once the boundary on either side is breached. Nifty's sideways move within this Broader channel suggests strength.
Follow up selling is not severe enough to damage the uptrend. Trend continues with a sideways bias. Hourly 9-rsi chart would show the picture perfectly.(Will upload in the morning).
10 comments:
Illango,
Your hourly 9-rsi chart was prophetic in it's interpretation today. Will wait for that chart...
Value areas for today are :
Nifty : 5129.5- 5118- 5110
BN : 9135-9120-9104.
Illango,
I have a suggestion for your tech table.
When you are plotting your hourly high-lows and you see that The previous high-low has been left behind by a lot of points, I will like to suggest that you mark that particular low/ high with a different color.
In the example of today, 5093 was the low of the first hour which was followed by the low at 11.00 of 5129, which is quite a big difference, if you consider the hourly range.
This in MP is called a 'buying tail' or a 'selling tail' (buying tail in our case) which represents mostly price rejection at that level for the day (as seen in the action today)
Rajagopal sir,
One request. Please Freeze the top row & first column of your nifty 50 stocks so that when the excel sheet isscrolled we get to know the scrip without scrolling back again to view the scrip. It is very simple procedure Click on the column marked A. the entrie column will be selected. Then from the menu choose Window and from the drop down menu choose freeze panes. It is done.
Done Satheesh.
oh rajgopal. i think i missed ur file from where can i get it..
prakash
@rajagopal,
going through intraday comments..seen urs on bank of rajasthan. It is quite a high risk gamble.
Just go through past private bank mergers with PSU's, RBI valued the share capital plus reserves at nil and shareholders has not got anything..fyi.
@anuj
1. for amibroker data configuration including intraday, there are sufficient info on the official site of amibroker.
2. go through market calls blog with search for amibroker data setup..Mr.rajandran has given very clear write up earlier sometime in october.
best
sri
@sriganeshh
I am able to see the charts now...but as amibroker is trial version...I cannot able to save database...so it's not good for me...bottom line is I remain a swing trader!!!
anuj,
softwares as such are not so much helpful as it requires lot of technical configurations to be done regularly. Instead, u can see these links
1. www.stocksfortune.com
2. www.rupeeking.com
these two provide lot of technical filtering with charts. rupeeking is comparatively better.
further icharts also provides in excel sheet technical info for entire stocks list of nse and bse...as screener.
NSE India has also nifty sparklings wherein u can see the chart and other technical info..
Plus ilango's tech file and what more one want man...
best
sri
Hello Ilango and other blogmates,
GOOD MORNING.................
HELLO ILANGO
u are telling about 5 day low and high to know the change of trend. when this is taken should include todays low high also or last 5 days only?
syamala
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