1. Short term trend continues to be up inspite of yesterday's intra sell off as Nifty stays above 5ema/sma & stochastics too trending up. Hence, it is presumed that the "B" wave is still unfolding as shown in the chart.(Will be confirmed when 5342 is crossed).
2.I have also marked an alternative "B" ending at yesterday's peak and market may retrace part of the fall upto 5295-5315 & may resume the correction.
I have also marked in two "circles", a likely repeat of the correction but with higher volatility. The smaller circle had 5220 to 5260(40 points) while this one may have 5250 to 5330(80 pts).
In the larger EW possibility, I have two possibilities:
1. Nifty has done the 4th wave @ 5165 and is in its 5th wave (Stocks such as Tata motors, banks are doing it)
2. Nifty has completed a 5-waves @ 5400 and correcting the entire upmove from 4675 to 5400 in an "ABC" correction wherein the "A" is done @ 5165 and the "B" wave is on (Or done @ 5340..??) and after completing the "B", the "C" wave will unfold targeting 5090 or 4960 which will provide a good "Buying opportunity". (However, we'll reserve that decision looking at the TA positioning as well as other internals at that time).
The S&R @ 5258 suggested yesterday may be reversed as it has not affected the TA set up yet.
38 comments:
Good morning ilango sir and others
It seems nifty may get some support from reliance
industries if what i have seen in the chart is correct.
I have drawn a falling wedge kind of pattern in daily
chart. i am posting the charts here please check it out.
http://niftychartsandpatterns.blogspot.com/2010/04/reliance-industries-falling-wedge.html
thank you sir
Dear Ilango,
Good Morning,
We all witnessed the “Nifty Drama” yesterday. In spite of bad global clues a day before, the abnormal O.I. addition in NF in the morning lesser than Hr. has shown the fact in later trading Hrs that the GOOD news was leaked ( What I felt) in the market prior to market Hrs for Only Smart Market Players who could take the advantage. Any way this is/was the part and parcel of the game.
So as usual on impartial day like today, (Up to this moment what I feel so) I shall watch only one figure 5261 from your Tech.Table just for a curiosity, because it was High Ema yesterday at 12 (Before the rally) and was Low Ema at the end’s ( After the rally)which was the same i.e. 5261.
April 23, 2010 7:57 AM
P.S. Thanks. got the answer.
"The S&R @ 5258 suggested yesterday may be reversed as it has not affected the TA set up yet."
Ilango Sir,
Good morning Ilango Sir and All blog mates.
Sir,
I have short position in Nifty future at 5250 yesterday. Pl. give stop loss.
Thank you
Hi everyone...good morning
Expecting 1 percent return per trade while day trading is it too much?
What is the approximate average return of day trader per trade ?
Can any body help....Ilango?
Cheers
Good Morning ilango sir and other blogmates
-arpit
Good Morning all.
I think we can get all kind of possibilities by considering waves during different time periods. So how can this elliott wave is helping in TA?? I'm too confused.
@ Mynac,
Notice the day ema as well as week ema. Both are @5257 & 5259. Weekly TA remains up if closes above 5259 today. So that could be a struggle area.
@ Prabhakar,
I expect the Nifty to trade in a broader trading range(I could go wrong). Asia is trading mixed. If hang send trades below 21300, you may get 5235-5250 to exit. As Nifty was OS at the close, it could target 5285 to 5293(Weekly pivot in the morning).
It is , once again, getting murkier...As I get some clearer view, I will update.
regarding nifty and many other stocks very useful site hats off to the person doing this yomen service without any charges
@ anuj,
We have gone through the % returns as well as compounding returns and many such "impressive" discussions with our fellow traders & friends.
I believe, one should trade & invest with the sole criteria of the Merits of the trade or Investments and once those merits disappear, they should exit. Following this principle will take care of your success. Never count your winnings is what I believe in...learnt it from my "Uncle".
The dynamic markets give you all kinds of return. If we can identify the nature of the market...trending or sideways, we can temper our expectations and this would form a critical part of your trading & investment plan.
@ san,
Nice charts. I would suggest, you draw the lines as much as possible connecting more points for the pattern to be more reliable & effective.
Thank you ilango sir thanks for the guidance.
very good morning to ilango sir, and the blog mates, have a safe and great profitable day.
@Ilango sir,
GM,
Thanks for all the efforts u have put in for a detailed reply to my query (yesterday EOD).
It will definetly help positional and 'option'al traders like me as well as intraday traders.
The situation is best summedup by u in one word 'murkier'.
Thanks again for all the help and guidance.
Good morning all,
what is today's
VAH, POC, VAL
Dear Anyone,
Today ril result???
gm all
anuj
i read somewhere (probably markowitz) that day trading is not
daily trading. so ideally targets shud be monthly or weekly.
but honestly my understaning is everything depend on what
market does and how we respond. at times targets
become meaningless
GM all! Yes Small Trader, today it is..
Gm all Blogmates & Illango Sirjee
regards
vikram
Gm Illango sir,
Part booking of long taken Yeaterday @5310
level will be a good strategy or wait for
higher levels?
looks like ril is holding nifty up. See steel stocks, falling for last 3 days.
sir in nifty 5 min hs in formation 5277 neckline
Thank you Ilango Sir
GM ILango sir, as i m stuck in shorts, should i take todays high as SL or yesterdays high??
Thanks
@Bizagra
Sir message to my question
@ Prabhakar,
I expect the Nifty to trade in a broader trading range(I could go wrong). Asia is trading mixed. If hang send trades below 21300, you may get 5235-5250 to exit. As Nifty was OS at the close, it could target 5285 to 5293(Weekly pivot in the morning).
It is , once again, getting murkier...As I get some clearer view, I will update.
Hi blog mates!
My web pages are opening slowly. Is there any tip to solve this problem
Thank you.
i think it will be prudent to track reliance also besides nifty for today to get trend
i think it will be prudent to track reliance also besides nifty for today to get trend
Sir,
Stop loss hit for Bajaj sughar. Is that 130 SL on closing basis ?
i think it will be prudent to track reliance also besides nifty for today to get trend
tisco is continous falling mode
ORB given intraday SELL.
I will update the table soon.
@prabhakar,
I think I can help you, before that we need to discuss something like connection, cache,browser, disk issues. If you have YM, please chat with me, my yahoo messenger id is jaadugar1985.
NEW POST DONE
As per NF, 5292 to 5274 range still intact. ORB signal has still not come.
Hi blog mates!
My web pages are opening slowly. Is there any tip to solve this problem
Thank you.
1. Depends on computer and internet access. Is ur internet access and service provider up to the mark , does speed is a problem.
2. If computer is Ok than usually RAM is important.
3 I am writing this because i stll have several P3 in my office and RAM is problem.
Faced this problem several times.
4. Min 256 is important for proper surfing but one may be using 2 x128 and we might not know when one starts giving problem. So check RAMS.
5. Internet access , which is speed of data is important, need 50 KBPS for proper surfing, which is kilo bytes per second. So how do u check it, Google speedometer and than go to site and check ur internet speed.
There are other problems too, but that are associated with Window 7 if you are using WIN7 than let me know and i will answer same.
6. Also divide your HDD in atleast 2 and keep all programmes in one and keep main vacant for Surfing and speed increases.
If you are able to send me details of your computer and intenet access than i may able to pinpoint some of the problems.
Regards
Sapna
Thank you Mr.Pisreport. I have no yahoo messenger at present
Thank you RADHA IT SOLUTIONS FROM RADHA PRODUCTS
i think it will be prudent to track reliance also besides nifty for today to get trend
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