Either this market has completed the correction for the downfall from 5309 to 4675 and it is in the process of commencing the downward journey or
It would consolidate around 5000 or 4960 and start the next leg of the upmove.
For the short term, the negative divergences and the rising wedges(bearish) in the overbought zone have put the pressure on the Nifty and it has closed below the "Hour low ema".
The immediate support would be 5-ema @ 5079 or the Day Low ema @ 5060(would rise).Ema ,being very dynamic, going below sma is considered weakness and accordingly the 5-ema went below 5-sma yesterday and has resulted in today's weakness. In the medium term, the 55-ema is still below 55-sma (You can see these at the bottom of the tech. table.
11 comments:
See my luck today..
1) shorted telco @769 at around 9.10 am. Had to book loss at 779 at lunch.
2) bought it again @779 which got settled @773 at 3.15.
Glanced upon this article from the web...
http://kara.allthingsd.com/20100309/what-is-cisco-announcing-this-morning-to-forever-change-the-internet-a-foursquare-enabled-jet-pack/?reflink=ATD_mktw_quotes
Changing internet experience forever...I want ot know what this will be...
hi CYBER CRIME TEAM - SEBI, why r u being Ilango sir? R u really from SEBI or a body double?
Get lost from this blog...
Illango,
Nifty Value areas:
5114.4-5110.2-5104
BN value areas
9131-9120-9104.
hi..Paresh,
From the trades that you have been mentioning here, it is assumed you are chasing the prices. Also you are reacting to markets.
Take a step back.
Choose two to three stocks.
Have their Support/ resistances ready.
Initiate a sell only at the desired resistances.
Initiate buy only at the support levels.
Have a clear plan and keep your expectations reasonable. Once you get into a winning habit, your experience will take you further provided you keep a low profile.
Thank you, Viren.
I will put those values in my PreMarket view.
When you get such low spread between VAH & VAL, the significance is lost..?? Can you share your experiences of such narrow bands.
Looking at today's FII cash market figures and 5000 PE O.I.(addition of 900000 O.I.)figures, as FII are huge buyers in market since budget,they might provide support around 5000 (around 50 DMA)to market, if,if it shall try to go below it.Correction will be a part of market at this level,it shall provide strength,and shall be healthy for market.Obviously the over night cues shall be observed keenly.
Paresh,
Watch Telco (TMF now) next time. Always bounces 40 - 50% up from day low. I use it both sides for day trading. Please don't short,unless it is a tech-call both TMF and TISCO at day low. They get bought at lows mostly. Next time if you want to short TMF short at day high for Rs 5-7 for sure. Retracement is certain.But both are due for down side. I would have gone short in April futures and waited.
Just how a kid plays. Do consider.
5022 is the 50 DMA for Nifty future today. If it shall break in coming days then one will tempt to go short, but as mentioned above by Dear Ilango," It would consolidate around 5000 or 4960 and start the next leg of the up move.” Means, it shall be a trap for opportunist below 5022 to 4960 range.So will be observed carefully,if .......
Illango,
The lower price band is due to the lower range today.We had a 15 point move btw 5100 and 5115 all day today.
Significance wise, if this happened after a big move the prev day, it was understandable and would have been construed as a traditional 'inside day'.
For today, it showed the tussle btw buyers at 5100 and sellers at 5115.
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